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FIN City Quarterly Investment Report
____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: April 20, 2020 Disposition: Accepted report Agenda Item No: 4.c Meeting Date: April 20, 2020 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Nadine Atieh Hade Finance Director City Manager Approval: __________ TOPIC: CITY QUARTERLY INVESTMENT REPORT SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31, 2020 RECOMMENDATION: Accept investment report for the quarter ending March 31, 2020, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601, and the City’s investment policy, last approved by the City Council on June 17, 2019, staff provides the City Council a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency. The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment. In addition to operational funds the City manages, the City is also directing the investment of funds held by a Trustee for the Essential Public Safety Facilities. As of March 31, 2020, the balance was $14,969,388 and the portfolio had a yield of 1.50 percent. ANALYSIS: As of March 31, 2020, the primary LAIF account had a balance of $22,847,933. The other LAIF account holding housing funds for future administrative expenses contained $152,871. Portfolio returns on LAIF deposits were 1.78% for the quarter ending March 31, 2020. The remaining investment assets included the $1,315,100 balance of Pt. San Pedro Assessment District bonds, and $23,005,836 in government agency securities and corporate bonds (including American Honda Finance, Bank of America, Wells Fargo, Walt Disney, JP Morgan Chase, American Express, US Bancorp, Citibank, Pfizer Inc., Caterpillar Inc., Walmart Inc., Apple Inc., and PNC Bank). The overall total portfolio returns for the quarter ended March 31, 2020 were 1.93%. The City’s Westamerica general operating bank account had a balance of $4,436,241 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending March 2020. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending March 31, 2020, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, January through March 2020 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending March 31, 2020 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR Exhibit A %Return LAIF 22,089,385$ 96.0% 1.78% LAIF - RDA 152,871$ 0.7% 1.78% LAIF - RDA 02 TARB 758,548$ 3.3% 1.78% Total Internally Managed 23,000,804$ 48.6% Weighted Average Yield 1.78% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 57,810$ 0.2% 0.00% Treasury Securities 3,083,104$ 12.7% 1.54% Instrumentality Securities 13,227,918$ 54.4% 1.81% Corporate Notes 6,636,962$ 27.3% 2.23% Municipal 1,315,100$ 5.4% 5.25% Total Externally Managed 24,320,894$ 51.4% Weighted Average Yield 2.07% Years Effective Average Duration - External 2.07 Weighted Average Maturity - External 2.32 Total Portfolio Assets %Return LAIF 23,000,804$ 48.6% 1.78% Cash 57,810$ 0.1% 0.00% Treasury Securities 3,083,104$ 6.5% 1.54% Instrumentality Securities 13,227,918$ 28.0% 1.81% Corporate Notes 6,636,962$ 14.0% 2.23% Municipal 1,315,100$ 2.8% 5.25% Total Portfolio Assets 47,321,698$ Weighted Average Yield 1.93% Years Effective Average Duration - Total 1.07 Weighted Average Maturity - Total 1.19 Based on Market Values March 31, 2020 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 96.0% LAIF - RDA, 0.7% LAIF - RDA 02 TARB, 3.3% Cash , 0.2%Treasury Securities, 12.7% Instrumentality Securities, 54.4% Corporate Notes, 27.3% Municipal, 5.4% LAIF 49% Cash 0% Treasury Securities 6% Instrumentality Securities 28% Corporate Notes 14%Municipal 3% Exhibit AInternally Managed Assets% Return % Return % Return % Return % Return % ReturnLAIF 22,847,933$ 99.3% 1.78% 22,767,096$ 99.3% 2.04% 12,680,946$ 98.8% 2.28% 17,597,984$ 99.2% 2.43% 12,519,411$ 98.8% 2.44% 12,486,014$ 98.8% 2.29%LAIF - Housing 152,871$ 0.7% 1.78% 151,998$ 0.7% 2.04% 151,067$ 1.2% 2.28% 150,108$ 0.8% 2.43% 149,172$ 1.2% 2.44% 148,276$ 1.2% 2.29%Total Internally Managed 23,000,804$ 48.6%22,919,094$ 49.0%12,832,013$ 34.9%17,748,092$ 42.8%12,668,583$ 35.0%12,634,290$ 35.1%Weighted Average Yield 1.78% 2.04% 2.28% 2.43% 2.44% 2.29%Externally Managed Assets% Return % Return % Return % Return % Return % ReturnCash 57,810$ 0.2% 0.00% 39,382$ 0.2% 0.00% -$ 0.0% 0.00% 52,950$ 0.2% 0.00% 137,947$ 0.6% 0.00% 26,052$ 0.1% 0.00%Commercial Paper -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00%Treasury Securities 3,083,104$ 12.7% 1.54% 3,010,993$ 12.6% 1.55% 4,569,064$ 19.1% 1.47% 4,064,551$ 17.1% 1.64% 4,469,213$ 19.0% 1.61% 4,452,549$ 19.1% 1.61%Instrumentality Securities 13,227,918$ 54.4% 1.81% 13,379,064$ 56.0% 1.80% 15,010,194$ 62.8% 1.83% 14,234,066$ 60.0% 1.68% 14,048,805$ 59.6% 1.70% 14,469,316$ 61.9% 1.50%Corporate Notes 6,636,962$ 27.3% 2.23% 6,157,409$ 25.8% 2.25% 2,994,607$ 12.5% 2.51% 3,988,410$ 16.8% 2.68% 3,534,412$ 15.0% 2.52% 3,029,558$ 13.0% 2.21%Municipal/Assessment District 1,315,100$ 5.4% 5.25% 1,315,100$ 5.5% 5.25% 1,315,100$ 5.5% 5.25% 1,387,200$ 5.8% 5.25% 1,387,200$ 5.9% 5.25% 1,387,200$ 5.9% 5.25%Total Externally Managed 24,320,894$ 51.4%23,901,948$ 51.0%23,888,965$ 65.1%23,727,176$ 57.2%23,577,577$ 65.0%23,364,674$ 64.9%Weighted Average Yield 2.07% 2.07% 2.03% 2.05% 2.00% 1.83%Years Years Years Years Years YearsEffective Average Duration - External 2.07 2.10 1.86 1.34 1.34 1.34Weighted Average Maturity - External 2.32 2.39 2.13 1.60 1.60 1.60Total Portfolio Assets% Return % Return % Return % Return % Return % ReturnLAIF 23,000,804$ 48.6% 1.78% 22,919,094$ 49.0% 2.04% 12,832,013$ 34.9% 2.28% 17,748,092$ 42.8% 2.43% 12,668,583$ 35.0% 2.44% 12,634,290$ 35.1% 2.29%Cash 57,810$ 0.1% 0.00% 39,382$ 0.1% 0.00% -$ 0.0% 0.00% 52,950$ 0.1% 0.00% 137,947$ 0.4% 0.00% 26,052$ 0.1% 0.00%Treasury Securities 3,083,104$ 6.5% 1.54% 3,010,993$ 6.4% 1.55% 4,569,064$ 12.4% 1.47% 4,064,551$ 9.8% 1.64% 4,469,213$ 12.3% 1.61% 4,452,549$ 12.4% 1.61%Instrumentality Securities 13,227,918$ 28.0% 1.81% 13,379,064$ 28.6% 1.80% 15,010,194$ 40.9% 1.83% 14,234,066$ 34.3% 1.68% 14,048,805$ 38.8% 1.70% 14,469,316$ 40.2% 1.50%Corporate Notes 6,636,962$ 14.0% 2.23% 6,157,409$ 13.2% 2.25% 2,994,607$ 8.2% 2.51% 3,988,410$ 9.6% 2.68% 3,534,412$ 9.8% 2.52% 3,029,558$ 8.4% 2.21%Municipal/Assessment District 1,315,100$ 2.8% 5.25% 1,315,100$ 2.8% 5.25% 1,315,100$ 3.6% 5.25% 1,387,200$ 3.3% 5.25% 1,387,200$ 3.8% 5.25% 1,387,200$ 3.9% 5.25%47,321,698$ 46,821,041$ 36,720,977$ 41,475,267$ 36,246,160$ 35,998,964$ Total Portfolio AssetsWeighted Average Yield 1.93% 2.06% 2.12% 2.21% 2.16% 1.99%Years Years Years Years Years YearsEffective Average Duration - Total 1.07 1.07 1.21 0.77 0.87 0.87Weighted Average Maturity - Total 1.19 1.22 1.39 0.92 1.04 1.04Performance Recap-The weighted average quarterly portfolio yield decreased slightly from 2.06% to 1.93% during the past quarter. This is reflective of a decline in interest rates during the period.City of San RafaelHistorical Activity-By QuarterDecember 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018March 31, 2020T:\CITY COUNCIL AGENDA ITEMS\Agenda Item Approval Process\2020-04-20\FIN - City Quarterly Investment Report\Attachment 2 - Historical Activity by Quarter Rep 03-31-20 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJanuary 2020 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased17Securities sold and matured 18Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of January 31, 2020SAN RAFAELChart 1: Housing starts surge to a 14-year highSource:BloombergFinanceLP, January 31, 2020.Chart 2: Coronavirus scare causes longer-datedyields to fallSource: BloombergFinanceLP, January31, 2020.Economic Indicators and Monetary PolicyIt was a heavy month for political newsflow. US-Iran tensions escalated after the USassassinated Iran’s top military commander Qassem Soleimani. Brent crude oil pricesreached $69/bbl. However, they quickly returned to prior levels around $65/bbl aftertensions somewhat eased. Elsewhere, the US and China formally signed the narrow‘phase one’ trade deal that was agreed in December. China promised to spend atleast $200bn on US goods and services over the next two years, stricter rules on theftof American intellectual property and a pledge by China not to manipulate itscurrency.Towards the end of the month, a new form of coronavirus spread from the ChineseHubei province, leading to concerns about a potential pandemic, similar to the relatedSARS coronavirus crisis in 2003. Chinese authorities locked down the city of Wuhanand other regions as part of a large-scale effort to contain the disease. A number ofcountries restricted travel to China. The number of infected people worldwidereached 11,000, and a handful of cases were recorded outside of mainland China.Brent crude oil prices fell below $60/bbl and risk assets suffered an increase involatility.Economic data-wise payrolls increased by 145,000 in December and unemploymentmaintained a 50-year low at 3.5%. The services purchasing managers’ index (PMI) wasrevised up to 52.8, the highest reading since July. US housing starts were strong,coming in at a seasonally-adjusted annual rate of 1,608,000, far higher than expectedand the highest levelsince December 2006 (Chart 1). The Federal Reserve left rates onhold in January, continuing to deem policy as “appropriate”.InterestRateSummaryTreasury yields declined mostly across the curve during the month, largely driven byuncertainty around the coronavirus outbreak. The effect was most significant atlonger-dated maturities. At the end of January, the 3-month US Treasury bill yielded1.56%, the 6-month US Treasury bill yielded 1.54%, the 2-year US Treasury note yielded1.32%, the 5-year US Treasury note yielded 1.32% and the 10-year US Treasury noteyielded1.51%.050010001500200025002006 2008 2010 2012 2014 2016 2018 2020Housing starts (thousands)1.00%1.50%2.00%3M 6M 1Y 2Y 3Y 5Y 7Y 10Y1/31/202012/31/20193i L I r ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2020 - January 31, 2020SAN RAFAELAmortized Cost Basis Activity Summary23,828,278.28Opening balance65,707.01Income received65,707.01Total receipts(141.17)Expenses paid(141.17)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(8,692.96)Total amortization expense1,084.28Total OID/MKT accretion income0.00Return of capitalClosing balance23,886,235.44Ending fair value24,049,591.22163,355.78Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.09 0.89 0.13Overnight Repo2.14 0.90 0.13Merrill Lynch 3m US Treas Bill 1.96 0.82 0.13Merrill Lynch 6m US Treas Bill 1.94 0.81 0.13ML 1 Year US Treasury Note 1.97 0.82 0.13ML 2 Year US Treasury Note 1.89 0.80 0.13ML 5 Year US Treasury Note 1.88 0.79 0.13* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned49,522.60Accretion (amortization)(7,608.68)Realized gain (loss) on sales0.00Total income on portfolio41,913.92Average daily amortized cost23,854,056.33Period return (%)Weighted average final maturity in days871YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 997.99 0.00 997.990.00Corporate Bonds 14,333.33 (2,981.82) 11,351.510.00Government Agencies 24,342.69 (4,424.65) 19,918.040.00Government Bonds 4,095.03 (202.21) 3,892.820.00Municipal/Provincial Bonds 5,753.56 0.00 5,753.56Total 49,522.60 (7,608.68) 0.00 41,913.920.170.174 ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2020 - January 31, 2020SAN RAFAELFair Value Basis Activity Summary23,901,948.42Opening balance65,707.01Income received65,707.01Total receipts(141.17)Expenses paid(141.17)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period82,076.96Ending fair value24,049,591.22Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.09 0.89 0.13Overnight Repo2.14 0.90 0.13ICE BofAML 3 Months US T-BILL 2.22 0.98 0.13ICE ML 6m US Treas Bill 2.49 1.13 0.15ICE ML 1 Year US Treasury Note 2.90 1.33 0.24ICE ML US Treasury 1-3 3.83 1.76 0.54ICE ML US Treasury 1-5 4.77 2.17 0.87* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 997.99 0.00 997.99Corporate Bonds 14,333.33 20,286.69 34,620.02Government Agencies 24,342.69 51,014.43 75,357.12Government Bonds 4,095.03 10,775.84 14,870.87Municipal/Provincial Bonds 5,753.56 0.00 5,753.56Total49,522.60 82,076.96 131,599.56Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned49,522.60Total income on portfolio131,599.56Average daily total value *24,103,751.79Period return (%)0.55Weighted average final maturity in days871Change in fair value82,076.96YTD return (%)0.55* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of January 31, 2020SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents92,875.08 92,875.08 92,875.080.000.390.001Corporate Bonds6,124,782.50 6,118,124.35 6,177,696.11 59,571.76655 25.601.65Government Agencies13,364,622.07 13,336,726.53 13,430,078.22 93,351.69660 55.861.74Government Bonds3,025,899.23 3,023,409.48 3,033,841.81 10,432.33647 12.651.71Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.000.004,598 5.508.98Total23,923,278.88 23,886,235.44 24,049,591.22 163,355.78871 100.002.10Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.39Corporate Bonds25.60Government Agencies55.86Government Bonds12.65Municipal/Provincial Bonds5.50Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of January 31, 2020SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,098,839.08 8.7790 to 179 days2,085,764.69 8.72180 days to 1 year3,507,442.19 14.661 to 2 years6,391,211.80 26.722 to 3 years4,410,813.83 18.443 to 4 years2,739,417.74 11.454 to 5 years1,374,689.55 5.75Over 5 years1,315,100.00 5.5023,923,278.88 100.00Maturity distribution0.002.004.006.008.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of January 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.00092,875.08 92,875.080.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.3992,875.0892,875.08Total Cash and Cash Equivalents92,875.08 92,875.08 92,875.08 0.00 0.00 0.000.00 0.000.390.000.0092,875.08Corporate Bonds89236TCF0 2.150 03/12/2020 504,545.00 500,211.86118.5037.19 0.00 895.83 4,150.690.00 (151.34)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.11500,249.05500,000.0002665WBT7 1.950 07/20/2020 492,340.00 497,670.48264.072,855.34 4,875.00 812.50 297.920.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.06500,525.82500,000.00254687CK0 4.500 02/15/2021 515,190.00 513,594.87(710.60)968.97 0.00 1,875.00 10,375.000.00 (1,087.59)WALT DISNEY COMPANY/THE4.5% 15FEB20212.15514,563.84500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 497,275.40704.237,296.31 0.00 1,062.50 5,312.5002/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.07504,571.71500,000.000258M0EB1 2.250 05/05/2021 552,667.50 552,416.711,543.371,777.18 0.00 1,031.25 2,956.2504/04/2021 0.00 (170.99)AMERICAN EXPRESS CREDIT2.25% 05MAY2021 (CALLABLE04APR21)2.31554,193.89550,000.0091159HHA1 4.125 05/24/2021 514,880.00 513,563.46541.501,699.81 0.00 1,718.75 3,838.5404/23/2021 0.00 (918.52)US BANCORP 4.125%24MAY2021 (CALLABLE23APR21)2.15515,263.27500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 504,746.431,128.807,119.81 8,500.00 1,416.67 377.7806/23/2021 0.00 (283.09)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.12511,866.24500,000.008 SECURITIES HELDAs of January 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds717081DZ3 2.200 12/15/2021 503,615.00 503,393.781,526.853,033.16 0.00 916.67 1,405.560.00 (150.83)PFIZER INC 2.2% 15DEC20212.11506,426.94500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,225.801,281.999,922.54 0.00 1,083.33 1,263.8903/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.09510,148.34500,000.00931142DH3 2.550 04/11/2023 509,155.00 508,128.413,728.026,467.04 0.00 1,062.50 3,895.8301/11/2023 0.00 (229.84)WALMART INC 2.55%11APR2023 (CALLABLE11JAN23)2.13514,595.45500,000.00037833AK6 2.400 05/03/2023 506,880.00 506,174.633,538.935,896.05 0.00 1,000.00 2,933.330.00 (157.92)APPLE INC 2.4% 03MAY20232.12512,070.68500,000.00693475AV7 3.500 01/23/2024 523,455.00 520,722.526,621.0312,498.36 8,750.00 1,458.33 388.8912/24/2023 0.00 (443.11)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.19533,220.88500,000.00Total Corporate Bonds6,124,782.50 6,118,124.35 6,177,696.11 59,571.76 22,125.00 14,333.330.00 (2,981.82)25.6037,196.1820,286.696,050,000.00Government Agencies3133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,029.48136.07(51.95) 0.00 1,208.33 6,847.220.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.19999,977.531,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,918.52148.0541.04 0.00 625.00 2,750.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.08499,959.56500,000.00313383HU8 1.750 06/12/2020 996,870.00 999,548.95413.371,145.07 0.00 1,458.33 2,381.940.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.171,000,694.021,000,000.009 SECURITIES HELDAs of January 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3133EHVX8 1.500 08/24/2020 999,190.00 999,844.55178.3769.83 0.00 1,250.00 6,541.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.18999,914.381,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,000,807.63576.14(952.11) 0.00 1,358.33 4,075.000.00 (89.74)FANNIE MAE 1.63%30OCT2020 CALLABLE4.19999,855.521,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,565.91(270.97)5,141.06 6,375.00 1,062.50 708.330.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.09504,706.97500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,014,482.99793.5614,918.72 0.00 3,020.83 5,034.720.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.281,029,401.711,000,000.00313378JP7 2.375 09/10/2021 602,430.00 601,685.89420.746,506.51 0.00 1,187.50 5,581.250.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.52608,192.40600,000.003137EADB2 2.375 01/13/2022 1,676,634.30 1,672,755.525,953.648,632.31 19,593.75 3,265.63 1,959.380.00 (969.69)FREDDIE MAC 2.375%13JAN20227.011,681,387.831,650,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,012,565.354,366.7710,572.80 0.00 2,083.33 9,722.220.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.251,023,138.151,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,418.973,866.598,899.97 0.00 1,000.00 3,866.670.00 (44.11)FANNIE MAE 2% 05OCT20222.52610,318.94600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,017,640.006,970.1914,155.17 0.00 2,083.33 3,611.110.00 (514.29)FEDERAL HOME LOAN BANK2.5% 09DEC20224.271,031,795.171,000,000.003135G0U43 2.875 09/12/2023 1,047,553.22 1,043,327.019,086.999,617.09 0.00 2,395.83 11,100.690.00 (998.31)FANNIE MAE 2.875%12SEP20234.381,052,944.101,000,000.0010 SECURITIES HELDAs of January 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0V34 2.500 02/05/2024 621,262.80 619,886.577,236.805,912.21 0.00 1,250.00 7,333.330.00 (412.87)FANNIE MAE 2.5% 05FEB20242.60625,798.78600,000.003135G0V75 1.750 07/02/2024 753,426.75 753,249.1911,138.128,743.97 6,343.75 1,093.75 1,057.290.00 (61.23)FANNIE MAE 1.75% 02JUL20243.15761,993.16750,000.00Total Government Agencies13,364,622.07 13,336,726.53 13,430,078.22 93,351.69 32,312.50 24,342.690.00 (4,424.65)55.8672,570.8251,014.4313,200,000.00Government Bonds912828X96 1.500 05/15/2020 596,554.69 599,605.5070.32160.13 0.00 766.49 1,903.850.00 116.47USA TREASURY 1.5%15MAY20202.49599,765.63600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,000,981.29195.31(825.04) 8,125.00 1,368.89 0.000.00 (167.15)USA TREASURY 1.625%31JUL20204.201,000,156.251,000,000.00912828M80 2.000 11/30/2022 762,072.83 762,026.312,194.752,241.27 0.00 0.00 2,540.98(2,540.98) (46.52)USA TREASURY 2%30NOV20223.19764,267.58750,000.00912828U57 2.125 11/30/2023 661,529.52 660,796.388,074.228,855.97 0.00 1,169.91 2,339.820.00 (239.24)USA TREASURY 2.125%30NOV20232.77669,652.35650,000.00Total Government Bonds3,025,899.23 3,023,409.48 3,033,841.81 10,432.33 8,125.00 3,305.29(2,540.98) (336.44)12.656,784.6510,534.603,000,000.0011 SECURITIES HELDAs of January 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesMunicipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.000.000.00 0.00 5,753.56 28,576.030.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.501,315,100.001,315,100.00Total Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.00 0.00 0.00 5,753.560.00 0.005.5028,576.030.001,315,100.00Grand total23,923,278.88 23,886,235.4481,835.72163,355.78 62,562.50 47,734.8723,657,975.08(2,540.98) (7,742.91)100.00145,127.6824,049,591.2212 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.17 1,000,694.02 4.16 0.36313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.28 1,029,401.71 4.28 1.32313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.52 608,192.40 2.53 1.56313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.25 1,023,138.15 4.25 2.033130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.27 1,031,795.17 4.29 2.74Issuer total4,600,000.00 4,660,910.00 19.48 4,693,221.45 19.51 1.61Federal National Mortgage Association3135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.19 999,855.52 4.16 0.743135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.52 610,318.94 2.54 2.583135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.38 1,052,944.10 4.38 3.403135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.60 625,798.78 2.60 3.773135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.15 761,993.16 3.17 4.23Issuer total3,950,000.00 4,027,368.77 16.83 4,050,910.50 16.84 2.83United States Treasury Note/Bond912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.49 599,765.63 2.49 0.29912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.20 1,000,156.25 4.16 0.49912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.19 764,267.58 3.18 2.73912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 2.77 669,652.35 2.78 3.66Issuer total3,000,000.00 3,025,899.23 12.65 3,033,841.81 12.61 1.71Federal Farm Credit Banks Funding Corp3133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.19 999,977.53 4.16 0.033133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.18 999,914.38 4.16 0.5613 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.09 504,706.97 2.10 0.93Issuer total2,500,000.00 2,501,420.00 10.46 2,504,598.88 10.41 0.42Federal Home Loan Mortgage Corp3134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.08 499,959.56 2.08 0.133137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.01 1,681,387.83 6.99 1.90Issuer total2,150,000.00 2,174,923.30 9.09 2,181,347.39 9.07 1.49PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,315,100.00 1,315,100.00 5.50 1,315,100.00 5.47 8.98Issuer total1,315,100.00 1,315,100.00 5.50 1,315,100.00 5.47 8.98American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.31 554,193.89 2.30 1.15Issuer total550,000.00 552,667.50 2.31 554,193.89 2.30 1.15PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.19 533,220.88 2.22 3.65Issuer total500,000.00 523,455.00 2.19 533,220.88 2.22 3.65US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.15 515,263.27 2.14 1.19Issuer total500,000.00 514,880.00 2.15 515,263.27 2.14 1.19Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.13 514,595.45 2.14 2.86Issuer total500,000.00 509,155.00 2.13 514,595.45 2.14 2.8614 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWalt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 A A2 500,000.00 515,190.00 2.15 514,563.84 2.14 1.00Issuer total500,000.00 515,190.00 2.15 514,563.84 2.14 1.00Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.12 512,070.68 2.13 3.10Issuer total500,000.00 506,880.00 2.12 512,070.68 2.13 3.10Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.12 511,866.24 2.13 1.36Issuer total500,000.00 507,030.00 2.12 511,866.24 2.13 1.36Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.09 510,148.34 2.12 2.11Issuer total500,000.00 500,300.00 2.09 510,148.34 2.12 2.11Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 AA- A1 500,000.00 503,615.00 2.11 506,426.94 2.11 1.82Issuer total500,000.00 503,615.00 2.11 506,426.94 2.11 1.82JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.07 504,571.71 2.10 0.98Issuer total500,000.00 494,725.00 2.07 504,571.71 2.10 0.98American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.06 500,525.82 2.08 0.46Issuer total500,000.00 492,340.00 2.06 500,525.82 2.08 0.4615 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.11 500,249.05 2.08 0.11Issuer total500,000.00 504,545.00 2.11 500,249.05 2.08 0.11Cash and Cash EquivalentsINVESTED CASH 0.00092,875.08 92,875.08 0.00 92,875.08 0.39 0.00Issuer total92,875.08 92,875.08 0.00 92,875.08 0.39 0.00Grand total23,657,975.08 23,923,278.88 100.00 24,049,591.22 100.002.1016 SECURITIES PURCHASEDFor the period January 1, 2020 - January 31, 2020SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerGovernment Bonds912828M802.00001/27/2020 11/30/2022 750,000.00 101.61 (762,072.83) (2,540.98)USA TREASURY 2% 30NOV202201/31/2020HSBC SECURITIES (USA) INC.750,000.00 (762,072.83) (2,540.98)Total Government BondsGrand totalGrand total750,000.00 (762,072.83) (2,540.98)17 SECURITIES SOLD AND MATUREDFor the period January 1, 2020 - January 31, 2020SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedGovernment Bonds912828H52USA TREASURY 1.25%31JAN20201.25001/31/2020 (750,000.00) 745,869.14 750,000.00134.230.00241.24750,000.00 0.00 0.00 4,687.50 789.7401/31/2020(750,000.00)0.00745,869.14134.23750,000.00241.24750,000.00 0.00 4,687.50 789.74Total (Government Bonds)Grand totalGrand total(750,000.00)0.00745,869.14134.23750,000.00 750,000.00 0.00 4,687.50 789.74241.2418 TRANSACTION REPORTFor the period January 1, 2020 - January 31, 2020SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,343.7501/02/202001/02/2020Income3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2024 07/02/2024 750,000.00 0.00 6,343.750.006,375.0001/11/202001/11/2020Income3133EJ4Q9 Government Agencies FEDERAL FARM CREDIT BANK 01/11/2021 500,000.00 0.00 6,375.000.0019,593.7501/13/202001/13/2020Income3137EADB2 Government Agencies FREDDIE MAC 2.375% 01/13/2022 1,650,000.00 0.00 19,593.750.004,875.0001/21/202001/21/2020Income02665WBT7 Corporate Bonds AMERICAN HONDA FINANCE 07/20/2020 500,000.00 0.00 4,875.000.008,500.0001/23/202001/23/2020Income17325FAQ1 Corporate Bonds CITIBANK NA 3.4% 23JUL2021 07/23/2021 500,000.00 0.00 8,500.000.008,750.0001/23/202001/23/2020Income693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 500,000.00 0.00 8,750.000.00(2,540.98)01/27/202001/31/2020Bought912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 750,000.00 (762,072.83) (764,613.81)0.004,687.5001/31/202001/31/2020Income912828H52 Government Bonds USA TREASURY 1.25% 01/31/2020 750,000.00 0.00 4,687.500.000.0001/31/202001/31/2020Capital Change912828H52 Government Bonds USA TREASURY 1.25% 01/31/2020 (750,000.00) 750,000.00 750,000.000.008,125.0001/31/202001/31/2020Income912828XM7 Government Bonds USA TREASURY 1.625% 07/31/2020 1,000,000.00 0.00 8,125.000.00997.99Income Cash and Cash Equivalents Cash997.990.00 0.000.0001/31/202019 ADDITIONAL INFORMATIONAs of January 31, 2020SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoodys, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoodys and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.20 ADDITIONAL INFORMATIONAs of January 31, 2020SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2020 Insight Investment. All rights reserved.21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELFebruary 2020 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased17Securities sold and matured 18Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of February 29, 2020SAN RAFAELChart 1: Economic data was solid before virus concerns escalatedSource:BloombergFinanceLP, February29, 2020.Chart 2: Coronavirus scare causes longer-datedyields to fallSource: Bloomberg Finance LP, February 29, 2020.Economic Indicators and Monetary PolicyDuring the last week of the month, concerns around novel coronavirus spreadingoutside China increased following outbreaks in South Korea, Northern Italy and Iran.The estimated number of global cases outside China increased from 153 to around6,800. The rate of new cases within China slowed significantly by the end of themonth. The market reaction was severe, with US equities seeing their worst weeksince the global financial crisis.US economic data releases were generally robust. The non-manufacturing ISM camein at 55.5, its highest reading since August and at the higher end of the range it hasbeen tracking since last spring. US initial jobless claims came in at 205,000 (versus210,000 expected). Meanwhile, US CPI rose to 2.5%, its highest level since October2018. US Q4 GDP remained unchanged at 2.1%. The US jobs report showed nonfarmpayrolls grow by 225,000 jobs (versus 164,000 expected), although theunemployment rate edged up to 3.6%.Trade tensions were moderated as Chinese authorities dealt with the coronavirusoutbreak. China’s Ministry of Finance announced it will halve tariffs on $75bn worth ofUS imports. Elsewhere in politics, Senator Bernie Sanders become the favorite to winthe nomination (betting odds showed the Senator at 88%), following the third primaryin Nevada.Interest Rate SummaryAt the end of the month, the Treasury curve aggressively bull-steepened with 2-yearyields falling by 40bp. Longer-dated yields fell by over 30bp with 10-year and 30-yearyields hitting record lows.At the end of February, the 3-month US Treasury bill yielded 1.30%, the 6-month USTreasury bill yielded 1.17%, the 2-year US Treasury note yielded 0.92%, the 5-year USTreasury note yielded 0.94% and the 10-year US Treasury note yielded 1.15%.365 (,() ~ 55 -g >. -5 50 0 :::E 45 40 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 ---Manufacruring ---1 on-manufacruring -----)<eutral level 1.75% 1.25% 0.75% +----~---~---~---~--~~--~---~ 3M 6M lY 2Y 3Y 5Y 7Y lOY --2129/2(]20 --1131/2(]20 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2020 - February 29, 2020SAN RAFAELAmortized Cost Basis Activity Summary23,886,235.44Opening balance28,360.02Income received28,360.02Total receipts(142.09)Expenses paid(142.09)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(8,941.90)Total amortization expense966.50Total OID/MKT accretion income0.00Return of capitalClosing balance23,906,477.97Ending fair value24,200,143.15293,665.18Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.03 0.84 0.12Overnight Repo2.07 0.85 0.13Merrill Lynch 3m US Treas Bill 1.90 0.78 0.12Merrill Lynch 6m US Treas Bill 1.87 0.77 0.11ML 1 Year US Treasury Note 1.88 0.78 0.11ML 2 Year US Treasury Note 1.80 0.77 0.11ML 5 Year US Treasury Note 1.79 0.77 0.10* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned45,908.58Accretion (amortization)(7,975.40)Realized gain (loss) on sales0.00Total income on portfolio37,933.18Average daily amortized cost23,896,175.32Period return (%)Weighted average final maturity in days870YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 69.74 0.00 69.740.00Corporate Bonds 13,377.79 (2,981.80) 10,395.990.00Government Agencies 22,796.42 (4,385.11) 18,411.310.00Government Bonds 4,294.64 (608.49) 3,686.150.00Municipal/Provincial Bonds 5,369.99 0.00 5,369.99Total 45,908.58 (7,975.40) 0.00 37,933.180.160.334 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2020 - February 29, 2020SAN RAFAELFair Value Basis Activity Summary24,049,591.22Opening balance28,360.02Income received28,360.02Total receipts(142.09)Expenses paid(142.09)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period122,334.00Ending fair value24,200,143.15Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.03 0.84 0.12Overnight Repo2.07 0.85 0.13ICE BofAML 3 Months US T-BILL 2.18 0.92 0.15ICE ML 6m US Treas Bill 2.57 1.13 0.26ICE ML 1 Year US Treasury Note 3.18 1.43 0.48ICE ML US Treasury 1-3 4.63 1.82 0.87ICE ML US Treasury 1-5 5.96 2.16 1.17* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 69.74 0.00 69.74Corporate Bonds 13,377.79 10,988.35 24,366.14Government Agencies 22,796.42 91,939.41 114,735.83Government Bonds 4,294.64 19,406.24 23,700.88Municipal/Provincial Bonds 5,369.99 0.00 5,369.99Total45,908.58 122,334.00 168,242.58Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned45,908.58Total income on portfolio168,242.58Average daily total value *24,210,913.73Period return (%)0.70Weighted average final maturity in days870Change in fair value122,334.00YTD return (%)1.25* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of February 29, 2020SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents21,775.01 21,775.01 21,775.010.000.090.001Corporate Bonds6,124,782.50 6,115,142.55 6,188,684.46 73,541.91627 25.571.58Government Agencies13,460,810.07 13,431,659.42 13,621,335.63 189,676.21677 56.211.78Government Bonds3,025,899.23 3,022,800.99 3,053,248.05 30,447.06619 12.641.64Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.000.004,570 5.498.91Total23,948,366.81 23,906,477.97 24,200,143.15 293,665.18870 100.002.10Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.09Corporate Bonds25.57Government Agencies56.21Government Bonds12.64Municipal/Provincial Bonds5.49Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of February 29, 2020SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,621,163.70 6.7790 to 179 days3,494,142.19 14.59180 days to 1 year2,512,425.00 10.491 to 2 years6,480,614.80 27.062 to 3 years4,410,813.83 18.423 to 4 years3,360,680.54 14.034 to 5 years753,426.75 3.15Over 5 years1,315,100.00 5.4923,948,366.81 100.00Maturity distribution0.002.004.006.008.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of February 29, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.00021,775.01 21,775.010.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.0921,775.0121,775.01Total Cash and Cash Equivalents21,775.01 21,775.01 21,775.01 0.00 0.00 0.000.00 0.000.090.000.0021,775.01Corporate Bonds89236TCF0 2.150 03/12/2020 504,545.00 500,060.53(186.86)1.66 0.00 836.12 4,986.810.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.11500,062.19500,000.0002665WBT7 1.950 07/20/2020 492,340.00 498,081.57305.432,749.68 0.00 758.33 1,056.250.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.06500,831.25500,000.00254687CK0 4.500 02/15/2021 515,190.00 512,507.28(307.52)1,749.04 11,250.00 1,750.00 875.000.00 (1,087.59)WALT DISNEY COMPANY/THE4.5% 15FEB20212.15514,256.32500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 497,484.45(277.36)6,809.90 0.00 991.67 6,304.1702/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.07504,294.35500,000.000258M0EB1 2.250 05/05/2021 552,667.50 552,245.72561.612,509.78 0.00 962.50 3,918.7504/04/2021 0.00 (170.99)AMERICAN EXPRESS CREDIT2.25% 05MAY2021 (CALLABLE04APR21)2.31554,755.50550,000.0091159HHA1 4.125 05/24/2021 514,880.00 512,644.94(154.20)2,464.13 0.00 1,604.17 5,442.7104/23/2021 0.00 (918.52)US BANCORP 4.125%24MAY2021 (CALLABLE23APR21)2.15515,109.07500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 504,463.34(646.09)6,756.81 0.00 1,322.22 1,700.0006/23/2021 0.00 (283.09)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.12511,220.15500,000.008 SECURITIES HELDAs of February 29, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds717081DZ3 2.200 12/15/2021 503,615.00 503,242.941,626.424,810.42 0.00 855.55 2,261.110.00 (150.84)PFIZER INC 2.2% 15DEC20212.10508,053.36500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,217.072,026.8011,958.07 0.00 1,011.11 2,275.0003/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.09512,175.14500,000.00931142DH3 2.550 04/11/2023 509,155.00 507,898.583,261.859,958.72 0.00 991.67 4,887.5001/11/2023 0.00 (229.83)WALMART INC 2.55%11APR2023 (CALLABLE11JAN23)2.13517,857.30500,000.00037833AK6 2.400 05/03/2023 506,880.00 506,016.714,213.8610,267.83 0.00 933.34 3,866.670.00 (157.92)APPLE INC 2.4% 03MAY20232.12516,284.54500,000.00693475AV7 3.500 01/23/2024 523,455.00 520,279.42564.4113,505.87 0.00 1,361.11 1,750.0012/24/2023 0.00 (443.10)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.19533,785.29500,000.00Total Corporate Bonds6,124,782.50 6,115,142.55 6,188,684.46 73,541.91 11,250.00 13,377.790.00 (2,981.80)25.5739,323.9710,988.356,050,000.00Government Agencies3134G3K58 1.500 03/19/2020 498,289.00 499,968.4149.3840.53 0.00 583.33 3,333.330.00 49.89FREDDIE MAC 1.5%19MAR2020 CALLABLE2.08500,008.94500,000.00313383HU8 1.750 06/12/2020 996,870.00 999,651.46135.401,177.96 0.00 1,361.12 3,743.060.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.161,000,829.421,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,867.412,035.052,082.02 7,500.00 1,166.66 208.330.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.171,001,949.431,000,000.009 SECURITIES HELDAs of February 29, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0RM7 1.630 10/30/2020 1,003,410.00 1,000,714.902,791.871,932.49 0.00 1,313.06 5,388.060.00 (92.73)FANNIE MAE 1.63%30OCT2020 CALLABLE4.191,002,647.391,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,604.101,417.326,520.19 0.00 991.67 1,700.000.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.08506,124.29500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,013,598.093,760.8719,564.49 0.00 2,819.45 7,854.170.00 (884.90)FEDERAL HOME LOAN BANK3.625% 11JUN20214.281,033,162.581,000,000.00313378JP7 2.375 09/10/2021 602,430.00 601,598.684,427.7311,021.45 0.00 1,108.33 6,689.580.00 (87.21)FEDERAL HOME LOAN BANK2.375% 10SEP20212.52612,620.13600,000.003135G0Q89 1.375 10/07/2021 1,099,318.00 1,099,341.957,619.217,595.26 0.00 756.25 5,965.97(5,209.72) 23.95FANNIE MAE 1.375%07OCT20214.591,106,937.211,100,000.003137EADB2 2.375 01/13/2022 1,676,634.30 1,671,753.5011,299.0220,933.35 0.00 3,047.91 5,007.290.00 (1,002.02)FREDDIE MAC 2.375%13JAN20227.001,692,686.851,650,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,012,070.007,885.4518,953.60 0.00 1,944.45 11,666.670.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.241,031,023.601,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,374.864,793.8913,737.97 0.00 933.33 4,800.000.00 (44.11)FANNIE MAE 2% 05OCT20222.51615,112.83600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,017,125.7110,106.5024,775.96 0.00 1,944.45 5,555.560.00 (514.29)FEDERAL HOME LOAN BANK2.5% 09DEC20224.261,041,901.671,000,000.003135G0U43 2.875 09/12/2023 1,047,553.22 1,042,328.6914,056.8924,672.30 0.00 2,236.12 13,336.810.00 (998.32)FANNIE MAE 2.875%12SEP20234.371,067,000.991,000,000.0010 SECURITIES HELDAs of February 29, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0V34 2.500 02/05/2024 621,262.80 619,473.709,281.1515,606.23 7,500.00 1,166.67 1,000.000.00 (412.87)FANNIE MAE 2.5% 05FEB20242.59635,079.93600,000.003135G0V75 1.750 07/02/2024 753,426.75 753,187.9612,257.2121,062.41 0.00 1,020.84 2,078.130.00 (61.23)FANNIE MAE 1.75% 02JUL20243.15774,250.37750,000.00Total Government Agencies13,460,810.07 13,431,659.42 13,621,335.63 189,676.21 15,000.00 22,393.64(5,209.72) (4,355.63)56.2178,326.9691,916.9413,300,000.00Government Bonds912828X96 1.500 05/15/2020 596,554.69 599,714.46210.93262.10 0.00 717.03 2,620.880.00 108.96USA TREASURY 1.5%15MAY20202.49599,976.56600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,000,824.931,328.13659.45 0.00 1,294.64 1,294.640.00 (156.36)USA TREASURY 1.625%31JUL20204.201,001,484.381,000,000.00912828M80 2.000 11/30/2022 762,072.83 761,689.018,320.3110,898.88 0.00 1,188.53 3,729.510.00 (337.30)USA TREASURY 2%30NOV20223.18772,587.89750,000.00912828U57 2.125 11/30/2023 661,529.52 660,572.599,546.8718,626.63 0.00 1,094.44 3,434.260.00 (223.79)USA TREASURY 2.125%30NOV20232.76679,199.22650,000.00Total Government Bonds3,025,899.23 3,022,800.99 3,053,248.05 30,447.06 0.00 4,294.640.00 (608.49)12.6411,079.2919,406.243,000,000.0011 SECURITIES HELDAs of February 29, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesMunicipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.000.000.00 0.00 5,369.99 33,946.020.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.491,315,100.001,315,100.00Total Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.00 0.00 0.00 5,369.990.00 0.005.4933,946.020.001,315,100.00Grand total23,948,366.81 23,906,477.97122,311.53293,665.18 26,250.00 45,436.0623,686,875.01(5,209.72) (7,945.92)100.00162,676.2424,200,143.1512 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 29, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.19 1,002,647.39 4.14 0.663135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 4.59 1,106,937.21 4.57 1.573135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.51 615,112.83 2.54 2.513135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.37 1,067,000.99 4.41 3.333135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.59 635,079.93 2.62 3.753135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.15 774,250.37 3.20 4.17Issuer total5,050,000.00 5,126,686.77 21.41 5,201,028.72 21.49 2.51Federal Home Loan Banks313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.16 1,000,829.42 4.14 0.29313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.28 1,033,162.58 4.27 1.24313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.52 612,620.13 2.53 1.49313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.24 1,031,023.60 4.26 1.953130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.26 1,041,901.67 4.31 2.67Issuer total4,600,000.00 4,660,910.00 19.46 4,719,537.40 19.50 1.54United States Treasury Note/Bond912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.49 599,976.56 2.48 0.21912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.20 1,001,484.38 4.14 0.42912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.18 772,587.89 3.19 2.66912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 2.76 679,199.22 2.81 3.59Issuer total3,000,000.00 3,025,899.23 12.64 3,053,248.05 12.62 1.64Federal Home Loan Mortgage Corp3134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.08 500,008.94 2.07 0.0513 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 29, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.00 1,692,686.85 6.99 1.83Issuer total2,150,000.00 2,174,923.30 9.08 2,192,695.79 9.06 1.42Federal Farm Credit Banks Funding Corp3133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.17 1,001,949.43 4.14 0.483133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.08 506,124.29 2.09 0.86Issuer total1,500,000.00 1,498,290.00 6.26 1,508,073.72 6.23 0.61PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,315,100.00 1,315,100.00 5.49 1,315,100.00 5.43 8.91Issuer total1,315,100.00 1,315,100.00 5.49 1,315,100.00 5.43 8.91American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.31 554,755.50 2.29 1.07Issuer total550,000.00 552,667.50 2.31 554,755.50 2.29 1.07PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.19 533,785.29 2.21 3.58Issuer total500,000.00 523,455.00 2.19 533,785.29 2.21 3.58Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.13 517,857.30 2.14 2.77Issuer total500,000.00 509,155.00 2.13 517,857.30 2.14 2.77Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.12 516,284.54 2.13 3.03Issuer total500,000.00 506,880.00 2.12 516,284.54 2.13 3.0314 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 29, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUS Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.15 515,109.07 2.13 1.11Issuer total500,000.00 514,880.00 2.15 515,109.07 2.13 1.11Walt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 A A2 500,000.00 515,190.00 2.15 514,256.32 2.13 0.95Issuer total500,000.00 515,190.00 2.15 514,256.32 2.13 0.95Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.09 512,175.14 2.12 2.03Issuer total500,000.00 500,300.00 2.09 512,175.14 2.12 2.03Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.12 511,220.15 2.11 1.28Issuer total500,000.00 507,030.00 2.12 511,220.15 2.11 1.28Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 AA- A1 500,000.00 503,615.00 2.10 508,053.36 2.10 1.75Issuer total500,000.00 503,615.00 2.10 508,053.36 2.10 1.75JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.07 504,294.35 2.08 0.91Issuer total500,000.00 494,725.00 2.07 504,294.35 2.08 0.91American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.06 500,831.25 2.07 0.39Issuer total500,000.00 492,340.00 2.06 500,831.25 2.07 0.3915 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 29, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.11 500,062.19 2.07 0.04Issuer total500,000.00 504,545.00 2.11 500,062.19 2.07 0.04Cash and Cash EquivalentsINVESTED CASH 0.00021,775.01 21,775.01 0.00 21,775.01 0.09 0.00Issuer total21,775.01 21,775.01 0.00 21,775.01 0.09 0.00Grand total23,686,875.01 23,948,366.81 100.00 24,200,143.15 100.002.1016 SECURITIES PURCHASEDFor the period February 1, 2020 - February 29, 2020SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerGovernment Agencies3135G0Q891.37502/10/2020 10/07/2021 1,100,000.00 99.94 (1,099,318.00)(5,209.72)FANNIE MAE 1.375% 07OCT202102/11/2020MORGAN STANLEY AND CO., LLC1,100,000.00 (1,099,318.00) (5,209.72)Total Government AgenciesGrand totalGrand total1,100,000.00 (1,099,318.00) (5,209.72)17 SECURITIES SOLD AND MATUREDFor the period February 1, 2020 - February 29, 2020SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedGovernment Agencies3133ECEY6FFCB DTD 1.45 02-11-20201.45002/11/2020 (1,000,000.00) 1,003,130.00 1,000,000.00(29.48)0.0022.471,000,000.00 0.00 0.00 7,250.00 402.7802/11/2020(1,000,000.00)0.001,003,130.00(29.48)1,000,000.0022.471,000,000.00 0.00 7,250.00 402.78Total (Government Agencies)Grand totalGrand total(1,000,000.00)0.001,003,130.00(29.48)1,000,000.00 1,000,000.00 0.00 7,250.00 402.7822.4718 TRANSACTION REPORTFor the period February 1, 2020 - February 29, 2020SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,500.0002/05/202002/05/2020Income3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB2024 02/05/2024 600,000.00 0.00 7,500.000.00(5,209.72)02/10/202002/11/2020Bought3135G0Q89 Government Agencies FANNIE MAE 1.375% 10/07/2021 1,100,000.00 (1,099,318.00) (1,104,527.72)0.007,250.0002/11/202002/11/2020Income3133ECEY6 Government Agencies FFCB DTD 1.45 02-11-2020 02/11/2020 1,000,000.00 0.00 7,250.000.000.0002/11/202002/11/2020Capital Change3133ECEY6 Government Agencies FFCB DTD 1.45 02-11-2020 02/11/2020 (1,000,000.00) 1,000,000.00 1,000,000.000.0011,250.0002/15/202002/15/2020Income254687CK0 Corporate Bonds WALT DISNEY COMPANY/THE 02/15/2021 500,000.00 0.00 11,250.000.007,500.0002/24/202002/24/2020Income3133EHVX8 Government Agencies FEDERAL FARM CREDIT BANK 08/24/2020 1,000,000.00 0.00 7,500.000.0069.74Income Cash and Cash Equivalents Cash69.740.00 0.000.0002/29/202019 ADDITIONAL INFORMATIONAs of February 29, 2020SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.20 ADDITIONAL INFORMATIONAs of February 29, 2020SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2020 Insight Investment. All rights reserved.21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELMarch 2020 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased17Securities sold and matured 18Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of March 31, 2020SAN RAFAELChart 1: Jobless claims skyrocket to entirely unprecedented levels amid coronavirus crisisSource:BloombergFinanceLP, March 31, 2020.Chart 2: The FederalReserve aggressively expands its balance sheet to combat the crisisSource: Bloomberg Finance LP March 31, 2020.Economic Indicators and Monetary PolicyThe coronavirus crisis took hold in March and the US saw more cases than any othercountry at almost 190,000. A number of states enforced‘lockdown’ measures, closingbusinesses such as bars and restaurants, schools and banning other publicgatherings. Global sporting events were cancelled, as was travel between the US andEurope and the US and Canada. US jobless claims surged to an unprecedented 3m(Chart 1)US equities entered the sharpest bear market ever, twice delivering record low dailyreturns outside Black Tuesday 1929 and Black Monday 1987. Selling to meet margincalls and corporations drawing down revolving credit facilities created a liquiditycrisis.The Federal Reserve (Fed) enacted an emergency 50bp rate cut early in the month,and later followed with a 100bp cut, bringing the fed funds rate to a range of 0 - .25%.To address the liquidity crisis, the Fed announced $3.5trn of repo market operationsin March alone and lowered its discount rate for member banks by 50bp.The Fed also reintroduced quantitative easing (QE), initially at $700bn, but then lateramended to an unlimited program. During a single week, the Fed purchased over$600bn of Treasuries and agency MBS, larger than the entire 2010QE2program.The Fed also brought back the 2008-era Term Asset-Backed Securities Loan Facility(TALF) and announced two new programs for purchasing corporate debt. (Chart 2)This was followed by a $2trn fiscal stimulus package including direct one-timepayments to individuals, $500bn of funding to the economy, $350bn of loans to smallbusinesses (forgivable if workers are retained) and $150bn in hospital aid.Interest Rate SummaryYields fell dramatically during the month. At one point the entire yield curve yieldedless than 1%. Longer-dated yields later retraced, particularly when liquidity concernsabated within the longer-dated Treasury market.At the end of March, the 3-month US Treasury bill yielded 0.12%, the 6-month USTreasury bill yielded 0.16%, the 2-year US Treasury note yielded 0.25%, the 5-year USTreasury note yielded 0.38% and the 10-year US Treasury note yielded 0.67%.33.5 3 2.5 (/) 2 C 0 ~1.5 0.5 0 1967 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1974 1982 1989 1997 2004 2012 --Initial jobless claims 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 --Fed balance sheet as a% of GDP 2020 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2020 - March 31, 2020SAN RAFAELAmortized Cost Basis Activity Summary23,906,477.97Opening balance76,394.27Income received76,394.27Total receipts(34,521.38)Participant withdrawals(143.03)Expenses paid(34,664.41)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(9,263.08)Total amortization expense965.97Total OID/MKT accretion income0.00Return of capitalClosing balance23,939,910.72Ending fair value24,320,893.95380,983.23Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.88 0.72 0.05Overnight Repo1.92 0.73 0.06Merrill Lynch 3m US Treas Bill 1.72 0.65 0.02Merrill Lynch 6m US Treas Bill 1.68 0.64 0.02ML 1 Year US Treasury Note 1.70 0.66 0.03ML 2 Year US Treasury Note 1.63 0.67 0.04ML 5 Year US Treasury Note 1.64 0.69 0.05* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned52,329.44Accretion (amortization)(8,297.11)Realized gain (loss) on sales0.00Total income on portfolio44,032.33Average daily amortized cost23,932,720.97Period return (%)Weighted average final maturity in days848YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 39.56 0.00 39.560.00Corporate Bonds 15,836.10 (3,353.63) 12,482.470.00Government Agencies 25,725.83 (4,293.02) 21,432.810.00Government Bonds 4,590.81 (650.46) 3,940.350.00Municipal/Provincial Bonds 6,137.14 0.00 6,137.14Total 52,329.44 (8,297.11) 0.00 44,032.330.180.524 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2020 - March 31, 2020SAN RAFAELFair Value Basis Activity Summary24,200,143.15Opening balance76,394.27Income received76,394.27Total receipts(34,521.38)Participant withdrawals(143.03)Expenses paid(34,664.41)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period79,020.94Ending fair value24,320,893.95Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.88 0.72 0.05Overnight Repo1.92 0.73 0.06ICE BofAML 3 Months US T-BILL 2.25 1.04 0.29ICE ML 6m US Treas Bill 2.85 1.48 0.52ICE ML 1 Year US Treasury Note 3.85 2.31 0.99ICE ML US Treasury 1-3 5.42 3.33 1.37ICE ML US Treasury 1-5 6.86 4.16 1.71* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 39.56 0.00 39.56Corporate Bonds 15,836.10 (57,417.82) (41,581.72)Government Agencies 25,725.83 106,582.82 132,308.65Government Bonds 4,590.81 29,855.94 34,446.75Municipal/Provincial Bonds 6,137.14 0.00 6,137.14Total52,329.44 79,020.94 131,350.38Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned52,329.44Total income on portfolio131,350.38Average daily total value *24,357,334.03Period return (%)0.54Weighted average final maturity in days848Change in fair value79,020.94YTD return (%)1.79* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of March 31, 2020SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents57,809.87 57,809.87 57,809.870.000.240.001Corporate Bonds6,625,932.50 6,617,483.92 6,636,961.64 19,477.72589 27.621.50Government Agencies12,962,521.07 12,927,366.40 13,227,918.45 300,552.05670 54.041.78Government Bonds3,025,899.23 3,022,150.53 3,083,103.99 60,953.46587 12.611.56Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.000.004,538 5.489.09Total23,987,262.67 23,939,910.72 24,320,893.95 380,983.23848 100.002.07Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.24Corporate Bonds27.62Government Agencies54.04Government Bonds12.61Municipal/Provincial Bonds5.48Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of March 31, 2020SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,651,234.56 6.8890 to 179 days2,497,272.19 10.41180 days to 1 year3,518,120.00 14.671 to 2 years7,997,244.80 33.342 to 3 years2,894,183.83 12.073 to 4 years3,360,680.54 14.014 to 5 years753,426.75 3.14Over 5 years1,315,100.00 5.4823,987,262.67 100.00Maturity distribution0.002.004.006.008.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of March 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.00057,809.87 57,809.870.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.2457,809.8757,809.87Total Cash and Cash Equivalents57,809.87 57,809.87 57,809.87 0.00 0.00 0.000.00 0.000.240.000.0057,809.87Corporate Bonds02665WBT7 1.950 07/20/2020 492,340.00 498,492.67(2,894.12)(555.54) 0.00 866.67 1,922.920.00 411.10AMERICAN HONDA FINANCE1.95% 20JUL20202.05497,937.13500,000.0006051GFT1 2.625 10/19/2020 504,515.00 504,102.67(3,736.76)(3,324.43) 0.00 656.25 5,906.25(5,250.00) (412.33)BANK OF AMERICA CORP2.625% 19OCT20202.10500,778.24500,000.0094974BFR6 3.000 01/22/2021 501,180.00 501,129.703,431.063,481.36 0.00 458.33 2,875.00(2,416.67) (50.30)WELLS FARGO & COMPANY 3%22JAN20212.09504,611.06500,000.00254687CK0 4.500 02/15/2021 515,190.00 511,419.69(1,601.55)1,235.08 0.00 2,000.00 2,875.000.00 (1,087.59)WALT DISNEY COMPANY/THE4.5% 15FEB20212.15512,654.77500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 497,693.49(3,098.56)3,502.30 6,375.00 1,133.33 1,062.5002/01/2021 0.00 209.04JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.06501,195.79500,000.000258M0EB1 2.250 05/05/2021 552,667.50 552,074.72(3,307.87)(627.09) 0.00 1,100.00 5,018.7504/04/2021 0.00 (171.00)AMERICAN EXPRESS CREDIT2.25% 05MAY2021 (CALLABLE04APR21)2.30551,447.63550,000.0091159HHA1 4.125 05/24/2021 514,880.00 511,726.42(3,136.02)246.63 0.00 1,833.33 7,276.0404/23/2021 0.00 (918.52)US BANCORP 4.125%24MAY2021 (CALLABLE23APR21)2.15511,973.05500,000.008 SECURITIES HELDAs of March 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds17325FAQ1 3.400 07/23/2021 507,030.00 504,180.26(972.67)6,067.22 0.00 1,511.11 3,211.1106/23/2021 0.00 (283.08)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.11510,247.48500,000.00717081DZ3 2.200 12/15/2021 503,615.00 503,092.11(6,575.39)(1,614.14) 0.00 977.78 3,238.890.00 (150.83)PFIZER INC 2.2% 15DEC20212.10501,477.97500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,208.34(8,142.12)3,824.68 0.00 1,155.56 3,430.5603/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.09504,033.02500,000.00931142DH3 2.550 04/11/2023 509,155.00 507,668.75(1,364.86)8,823.69 0.00 1,133.33 6,020.8301/11/2023 0.00 (229.83)WALMART INC 2.55%11APR2023 (CALLABLE11JAN23)2.12516,492.44500,000.00037833AK6 2.400 05/03/2023 506,880.00 505,858.794,990.7115,416.46 0.00 1,066.66 4,933.330.00 (157.92)APPLE INC 2.4% 03MAY20232.11521,275.25500,000.00693475AV7 3.500 01/23/2024 523,455.00 519,836.31(30,947.48)(16,998.50) 0.00 1,555.56 3,305.5612/24/2023 0.00 (443.11)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.18502,837.81500,000.00Total Corporate Bonds6,625,932.50 6,617,483.92 6,636,961.64 19,477.72 6,375.00 15,447.91(7,666.67) (3,293.10)27.6251,076.74(57,355.63)6,550,000.00Government Agencies313383HU8 1.750 06/12/2020 996,870.00 999,753.971,925.483,000.93 0.00 1,555.55 5,298.610.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.161,002,754.901,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,890.274,086.606,145.76 0.00 1,333.34 1,541.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.171,006,036.031,000,000.009 SECURITIES HELDAs of March 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0RM7 1.630 10/30/2020 1,003,410.00 1,000,628.163,587.145,606.37 0.00 1,403.61 6,791.670.00 (86.74)FANNIE MAE 1.63%30OCT2020 CALLABLE4.181,006,234.531,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,642.292,032.358,514.35 0.00 1,133.33 2,833.330.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.08508,156.64500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,012,713.186,182.1026,631.50 0.00 3,222.22 11,076.390.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.271,039,344.681,000,000.00313378JP7 2.375 09/10/2021 602,430.00 601,511.483,786.5914,895.24 7,125.00 1,266.67 831.250.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.51616,406.72600,000.003135G0Q89 1.375 10/07/2021 1,099,318.00 1,099,376.169,062.9216,623.97 0.00 1,344.45 7,310.420.00 34.21FANNIE MAE 1.375%07OCT20214.581,116,000.131,100,000.003137EADB2 2.375 01/13/2022 1,676,634.30 1,670,816.1315,170.9637,041.68 0.00 3,483.34 8,490.630.00 (937.37)FREDDIE MAC 2.375%13JAN20226.991,707,857.811,650,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,011,574.6510,493.8329,942.78 12,500.00 2,222.22 1,388.890.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.241,041,517.431,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,330.756,557.8720,339.95 0.00 1,066.67 5,866.670.00 (44.11)FANNIE MAE 2% 05OCT20222.51621,670.70600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,016,611.4312,179.2737,469.51 0.00 2,222.22 7,777.780.00 (514.28)FEDERAL HOME LOAN BANK2.5% 09DEC20224.261,054,080.941,000,000.003135G0U43 2.875 09/12/2023 1,047,553.22 1,041,330.3710,998.4736,669.09 14,375.00 2,555.55 1,517.360.00 (998.32)FANNIE MAE 2.875%12SEP20234.371,077,999.461,000,000.0010 SECURITIES HELDAs of March 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0V34 2.500 02/05/2024 621,262.80 619,060.8310,322.9526,342.05 0.00 1,333.33 2,333.330.00 (412.87)FANNIE MAE 2.5% 05FEB20242.59645,402.88600,000.003135G0V75 1.750 07/02/2024 753,426.75 753,126.7310,205.2331,328.87 0.00 1,166.66 3,244.790.00 (61.23)FANNIE MAE 1.75% 02JUL20243.14784,455.60750,000.00Total Government Agencies12,962,521.07 12,927,366.40 13,227,918.45 300,552.05 34,000.00 25,309.160.00 (4,324.61)54.0466,302.79106,591.7612,800,000.00Government Bonds912828X96 1.500 05/15/2020 596,554.69 599,830.931,045.591,191.22 0.00 766.48 3,387.360.00 116.47USA TREASURY 1.5%15MAY20202.49601,022.15600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,000,657.793,515.424,342.01 0.00 1,383.93 2,678.570.00 (167.14)USA TREASURY 1.625%31JUL20204.191,004,999.801,000,000.00912828M80 2.000 11/30/2022 762,072.83 761,328.4611,660.1622,919.59 0.00 1,270.49 5,000.000.00 (360.55)USA TREASURY 2%30NOV20223.18784,248.05750,000.00912828U57 2.125 11/30/2023 661,529.52 660,333.3513,634.7732,500.64 0.00 1,169.91 4,604.170.00 (239.24)USA TREASURY 2.125%30NOV20232.76692,833.99650,000.00Total Government Bonds3,025,899.23 3,022,150.53 3,083,103.99 60,953.46 0.00 4,590.810.00 (650.46)12.6115,670.1029,855.943,000,000.0011 SECURITIES HELDAs of March 31, 2020SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesMunicipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.000.000.00 34,521.38 6,137.14 5,561.780.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.481,315,100.001,315,100.00Total Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.00 0.00 34,521.38 6,137.140.00 0.005.485,561.780.001,315,100.00Grand total23,987,262.67 23,939,910.7279,092.07380,983.23 74,896.38 51,485.0223,722,909.87(7,666.67) (8,268.17)100.00138,611.4124,320,893.9512 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.18 1,006,234.53 4.14 0.583135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 4.58 1,116,000.13 4.59 1.493135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.51 621,670.70 2.56 2.443135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.37 1,077,999.46 4.43 3.303135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.59 645,402.88 2.65 3.683135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.14 784,455.60 3.23 4.10Issuer total5,050,000.00 5,126,686.77 21.37 5,251,763.30 21.59 2.44Federal Home Loan Banks313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.16 1,002,754.90 4.12 0.20313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.27 1,039,344.68 4.27 1.17313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.51 616,406.72 2.53 1.42313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.24 1,041,517.43 4.28 1.903130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.26 1,054,080.94 4.33 2.60Issuer total4,600,000.00 4,660,910.00 19.43 4,754,104.67 19.55 1.47United States Treasury Note/Bond912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.49 601,022.15 2.47 0.12912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.19 1,004,999.80 4.13 0.33912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.18 784,248.05 3.22 2.59912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 2.76 692,833.99 2.85 3.52Issuer total3,000,000.00 3,025,899.23 12.61 3,083,103.99 12.68 1.56Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 6.99 1,707,857.81 7.02 1.75Issuer total1,650,000.00 1,676,634.30 6.99 1,707,857.81 7.02 1.7513 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.17 1,006,036.03 4.14 0.403133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.08 508,156.64 2.09 0.78Issuer total1,500,000.00 1,498,290.00 6.25 1,514,192.67 6.23 0.53PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,315,100.00 1,315,100.00 5.48 1,315,100.00 5.41 9.09Issuer total1,315,100.00 1,315,100.00 5.48 1,315,100.00 5.41 9.09American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.30 551,447.63 2.27 1.02Issuer total550,000.00 552,667.50 2.30 551,447.63 2.27 1.02Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.11 521,275.25 2.14 2.96Issuer total500,000.00 506,880.00 2.11 521,275.25 2.14 2.96Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.12 516,492.44 2.12 2.71Issuer total500,000.00 509,155.00 2.12 516,492.44 2.12 2.71Walt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 A A2 500,000.00 515,190.00 2.15 512,654.77 2.11 0.86Issuer total500,000.00 515,190.00 2.15 512,654.77 2.11 0.86US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.15 511,973.05 2.11 1.03Issuer total500,000.00 514,880.00 2.15 511,973.05 2.11 1.0314 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCitibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.11 510,247.48 2.10 1.21Issuer total500,000.00 507,030.00 2.11 510,247.48 2.10 1.21Wells Fargo & Co94974BFR6WELLS FARGO & 3.000 01/22/2021 A- A2 500,000.00 501,180.00 2.09 504,611.06 2.07 0.80Issuer total500,000.00 501,180.00 2.09 504,611.06 2.07 0.80Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.09 504,033.02 2.07 2.01Issuer total500,000.00 500,300.00 2.09 504,033.02 2.07 2.01PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.18 502,837.81 2.07 3.49Issuer total500,000.00 523,455.00 2.18 502,837.81 2.07 3.49Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 AA- A1 500,000.00 503,615.00 2.10 501,477.97 2.06 1.66Issuer total500,000.00 503,615.00 2.10 501,477.97 2.06 1.66JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.06 501,195.79 2.06 0.85Issuer total500,000.00 494,725.00 2.06 501,195.79 2.06 0.85Bank of America Corp06051GFT1BANK OF AMERICA CORP 2.625 10/19/2020 A- A2 500,000.00 504,515.00 2.10 500,778.24 2.06 0.54Issuer total500,000.00 504,515.00 2.10 500,778.24 2.06 0.5415 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesAmerican Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A3 500,000.00 492,340.00 2.05 497,937.13 2.05 0.30Issuer total500,000.00 492,340.00 2.05 497,937.13 2.05 0.30Cash and Cash EquivalentsINVESTED CASH 0.00057,809.87 57,809.87 0.00 57,809.87 0.24 0.00Issuer total57,809.87 57,809.87 0.00 57,809.87 0.24 0.00Grand total23,722,909.87 23,987,262.67 100.00 24,320,893.95 100.002.0716 SECURITIES PURCHASEDFor the period March 1, 2020 - March 31, 2020SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds06051GFT12.62503/11/2020 10/19/2020 500,000.00 100.90 (504,515.00) (5,250.00)BANK OF AMERICA CORP 2.625% 19OCT2020 03/13/2020J.P. MORGAN SECURITIES LLC94974BFR63.00003/18/2020 01/22/2021 500,000.00 100.24 (501,180.00) (2,416.67)WELLS FARGO & COMPANY 3% 22JAN2021 03/20/2020RBS SECURITIES INC.1,000,000.00 (1,005,695.00) (7,666.67)Total Corporate BondsGrand totalGrand total1,000,000.00 (1,005,695.00) (7,666.67)17 SECURITIES SOLD AND MATUREDFor the period March 1, 2020 - March 31, 2020SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedCorporate Bonds89236TCF0TOYOTA MTR CR CORPMEDIUM TERM NTS BOOK2.15% DUE 03-12-20202.15003/12/2020 (500,000.00) 504,545.00 500,000.00(60.53)0.00(62.19)500,000.00 0.00 0.00 5,375.00 388.1903/12/2020(500,000.00)0.00504,545.00(60.53)500,000.00(62.19)500,000.00 0.00 5,375.00 388.19Total (Corporate Bonds)Government Agencies3134G3K58FEDERAL HOME LN MTGCORP TRANCHE # TR 006521.5 03-19-20201.50003/19/2020 (500,000.00) 498,289.00 500,000.0031.590.00(8.94)500,000.00 0.00 0.00 3,750.00 416.6703/19/2020(500,000.00)0.00498,289.0031.59500,000.00(8.94)500,000.00 0.00 3,750.00 416.67Total (Government Agencies)Grand totalGrand total(1,000,000.00)0.001,002,834.00(28.94)1,000,000.00 1,000,000.00 0.00 9,125.00 804.86(71.13)18 TRANSACTION REPORTFor the period March 1, 2020 - March 31, 2020SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,375.0003/01/202003/01/2020Income46625HQJ2 Corporate Bonds JPMORGAN CHASE & CO 2.55% 03/01/2021 500,000.00 0.00 6,375.000.0034,521.3803/02/202003/02/2020Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,315,100.00 0.00 34,521.380.007,125.0003/10/202003/10/2020Income313378JP7 Government Agencies FEDERAL HOME LOAN BANK 09/10/2021 600,000.00 0.00 7,125.000.00(5,250.00)03/11/202003/13/2020Bought06051GFT1 Corporate Bonds BANK OF AMERICA CORP 10/19/2020 500,000.00 (504,515.00) (509,765.00)0.0012,500.0003/11/202003/11/2020Income313378WG2 Government Agencies FEDERAL HOME LOAN BANK 03/11/2022 1,000,000.00 0.00 12,500.000.0014,375.0003/12/202003/12/2020Income3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 0.00 14,375.000.005,375.0003/12/202003/12/2020Income89236TCF0 Corporate Bonds TOYOTA MTR CR CORP 03/12/2020 500,000.00 0.00 5,375.000.000.0003/12/202003/12/2020Capital Change89236TCF0 Corporate Bonds TOYOTA MTR CR CORP 03/12/2020 (500,000.00) 500,000.00 500,000.000.00(2,416.67)03/18/202003/20/2020Bought94974BFR6 Corporate Bonds WELLS FARGO & COMPANY 3% 01/22/2021 500,000.00 (501,180.00) (503,596.67)0.003,750.0003/19/202003/19/2020Income3134G3K58 Government Agencies FEDERAL HOME LN MTG CORP 03/19/2020 500,000.00 0.00 3,750.000.000.0003/19/202003/19/2020Capital Change3134G3K58 Government Agencies FEDERAL HOME LN MTG CORP 03/19/2020 (500,000.00) 500,000.00 500,000.000.0039.56Income Cash and Cash Equivalents Cash39.560.00 0.000.0003/31/202019 ADDITIONAL INFORMATIONAs of March 31, 2020SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.20 ADDITIONAL INFORMATIONAs of March 31, 2020SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2020 Insight Investment. All rights reserved.21 City of San Rafael ACCOUNT STATEMENT For the Month Ending March 31, 2020 Customer Service PO Box 11813 Harrisburg, PA 17108-1813 Contents Cover/Disclosures Summary Statement Individual Accounts CITY OF SAN RAFAEL NADINE HADE 1400 FIFTH AVENUE SAN RAFAEL, CA 94901 Client Management Team Accounts included in Statement 7023-001 Lease Revenue Bonds Series 2018 Project Fund 7023-002 Lease Revenue Bonds Series 2018 Capitalized Intere www.camponline.comOnline Access 1-800-729-7665Customer Service Important Messages CAMP will be closed on 04/10/2020 for Good Friday. Monique Spyke Managing Director 50 California Street, Suite 2300 San Francisco, CA 94111 415-982-5544 spykem@pfm.com Jeremy King Key Account Manager 213 Market Street Harrisburg, PA 17101-2141 1-800-729-7665 kingj@pfm.com Rachael Miller Client Consultant 213 Market Street Harrisburg, PA 17101-2141 1-800-729-7665 millerr@pfm.com For the Month Ending March 31, 2020 Account Statement Important Disclosures Important Disclosures 365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed. Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called. Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month. YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis. YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis. Managed Account A portfolio of investments managed discretely by PFM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian. Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFM within 60 days of receipt. If you have other concerns or questions regarding your account you should contact a member of your client management team or PFM Service Operations at the address below. PFM Asset Management LLC Attn: Service Operations 213 Market Street Harrisburg, PA 17101 This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC (“PFM”) is an investment advisor registered with the Securities and Exchange Commission, and is required to maintain a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below. Proxy Voting PFM does not normally receive proxies to vote on behalf of its clients. However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below. Questions About an Account PFM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFM statement should be reconciled and differences resolved. Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference. Account Control PFM does not have the authority to withdraw funds from or deposit funds to the custodian. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions. Market Value Generally, PFM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv or Bloomberg. Where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFM believes the prices to be reliable, the values of the securities do not always represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company, local government investment program,or TERM funds is contained in the appropriate fund offering documentation or information statement. Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis. Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities. Financial Situation In order to better serve you, PFM should be promptly notified of any material change in your investment objective or financial situation. Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented. Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values. Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed. Shares of some money market and TERM funds are marketed through representatives of PFM's wholly owned subsidiary, PFM Fund Distributors, Inc. PFM Fund Distributors, Inc. is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Regulator Public Disclosure Hotline at 1-888-289-9999 or at the FINRA Regulation Internet website address www.nasd.com. A brochure describing the FINRA Regulation Public Disclosure Program is also available from the FINRA upon request. Key Terms and Definitions Dividends on money market funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date. Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by For the Month Ending March 31, 2020 Account Statement Consolidated Summary Statement City of San Rafael Investment Allocation Investment Type Closing Market Value Percent 2,366,590.02 15.81 Certificate of Deposit 903,835.27 6.04 Commercial Paper 910,155.61 6.08 Corporate Note 1,513,888.78 10.11 Federal Agency Bond / Note 5,655,360.78 37.78 Money Market Mutual Fund 3,619,557.12 24.18 U.S. Treasury Bond / Note $14,969,387.58 Total 100.00% Portfolio Summary and Income Closing Market Value Current Portfolio Holdings Cash Dividends Yield CAMP Pool 9,132.02 5,655,360.78 1.22 % CAMP Managed Account 37,323.65 9,314,026.80 * N/A $46,455.67 $14,969,387.58 Total * Not Applicable Maturity Distribution (Fixed Income Holdings) Portfolio Holdings Closing Market Value Percent 7,961,853.03 2,927,429.66 1,151,976.62 2,928,128.27 0.00 0.00 0.00 0.00 0.00 0.00 53.18 19.56 7.70 19.56 0.00 0.00 0.00 0.00 0.00 0.00 Under 30 days 31 to 60 days 61 to 90 days 91 to 180 days 181 days to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total $14,969,387.58 35 100.00% Weighted Average Days to Maturity Sector Allocation 15.81% Cert of Deposit 6.04% Commercial Paper 6.08% Corporate Note 10.11% Fed Agy Bond / Note 37.78% Mny Mkt Fund 24.18% US TSY Bond / Note Summary Page 1IPFM Asset Management IULC For the Month Ending March 31, 2020 Account Statement Consolidated Summary Statement City of San Rafael and Income Closing Market Value Change in Value Trades MaturitiesDeposits ValueAccount Name Account Number Cash DividendsUnsettled Redemptions / Sales/Purchases /Opening Market 7023-001 16,002,388.89 1,938,312.56 (4,910,982.15) 7,660.06 13,037,379.36 0.00 45,418.66 Lease Revenue Bonds Series 2018 Project Fund 7023-002 1,930,743.65 1,037.01 (113.21) 340.77 1,932,008.22 0.00 1,037.01 Lease Revenue Bonds Series 2018 Capitalized Intere $17,933,132.54 $1,939,349.57 ($4,911,095.36)$8,000.83 $14,969,387.58 $46,455.67 Total $0.00 Summary Page 2IPFM Asset Management IULC For the Month Ending March 31, 2020Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 5,899,460.93 1,938,312.56 (3,000,982.15) 0.00 $4,836,791.34 CAMP Pool Unsettled Trades 0.00 8,095.01 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 10,102,927.96 0.00 (1,910,000.00) 7,660.06 $8,200,588.02 CAMP Managed Account Unsettled Trades 0.00 37,323.65 Cash Dividends and Income March 31, 2020 February 29, 2020 Asset Summary CAMP Pool 4,836,791.34 5,899,460.93 CAMP Managed Account 8,200,588.02 10,102,927.96 $13,037,379.36 $16,002,388.89 Total Asset Allocation 37.10% CAMP Pool 62.90% CAMP Managed Account Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $5,899,460.93 1,938,312.56 (3,000,982.15) $4,836,791.34 8,095.01 $10,102,927.96 (1,910,000.00) 0.00 0.00 0.00 7,660.06 $8,200,588.02 $16,002,388.89 $13,037,379.36 20,217.55 0.00 17,106.10 $37,323.65 1,910,000.00 0.00 20,217.55 0.00 0.00 (1,930,217.55) 0.00 Managed Account Total 8,183,735.60 13,020,526.94 52,777.53 0.00 1,910,000.00 20,217.55 0.00 (10,091,477.65) (60,013.46) 0.00 52,777.53 3,000,982.15 1,910,000.00 20,217.55 (1,938,312.56) (15,990,938.58) (60,013.46) 8,095.01 Total Accrual Basis Earnings $15,239.57 $23,334.58 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-001 Page 2IPF M Asset Management ILJLC For the Month Ending March 31, 2020Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 3,605,000.00 3,619,557.12 27.76 Federal Agency Bond / Note 400,000.00 400,450.00 3.07 Corporate Note 910,000.00 910,155.61 6.98 Commercial Paper 905,000.00 903,835.27 6.93 Certificate of Deposit 2,365,000.00 2,366,590.02 18.15 Managed Account Sub-Total 8,185,000.00 8,200,588.02 62.89% Accrued Interest 52,777.53 Total Portfolio 8,185,000.00 8,253,365.55 CAMP Pool 4,836,791.34 4,836,791.34 37.11 Total Investments 13,021,791.34 13,090,156.89 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 18.15% Cert of Deposit 6.93% Commercial Paper 6.98% Corporate Note 3.07% Fed Agy Bond / Note 37.11% Mny Mkt Fund 27.76% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 100.00% 0.00%0.00%0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.15 56 2.09% 0.85% Account 7023-001 Page 3IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 14.62% A-1 10.47% A-1+ 37.81% AA+ 37.10% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 910,155.61 6.98 APPLE INC 4,836,791.34 37.11 CAMP Pool 400,450.00 3.07 FREDDIE MAC 800,489.20 6.14 MITSUBISHI UFJ FINANCIAL GROUP INC 1,105,553.05 8.48 NORINCHUKIN BANK 460,547.77 3.53 TORONTO-DOMINION BANK 903,835.27 6.93 TOYOTA MOTOR CORP 3,619,557.12 27.76 UNITED STATES TREASURY $13,037,379.36 Total 100.00% Account 7023-001 Page 4IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1,151,976.62 1,147,635.19 5,314.04 1,123,810.55 07/26/1807/25/18AaaAA+ 1,150,000.00 912828VF4 2.65 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 607,174.25 603,497.79 2,484.82 593,490.82 07/26/1807/25/18AaaAA+ 605,000.00 912828XH8 2.64 UNITED STATES TREASURY NOTES DTD 07/02/2018 2.500% 06/30/2020 1,860,406.25 1,854,877.93 11,689.56 1,856,720.70 02/27/2002/27/20AaaAA+ 1,850,000.00 912828XY1 1.42 19,488.42 3,619,557.12 3,606,010.91 2.02 3,574,022.07 3,605,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 400,450.00 399,956.51 4,388.89 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 4,388.89 400,450.00 399,956.51 2.68 398,772.40 400,000.00 Security Type Sub-Total Corporate Note APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 910,155.61 909,344.12 6,976.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 6,976.67 910,155.61 909,344.12 2.75 898,224.60 910,000.00 Security Type Sub-Total Commercial Paper TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 11/22/2019 0.000% 05/05/2020 903,835.27 903,410.21 0.00 897,284.88 11/22/1911/22/19P-1A-1+ 905,000.00 89233GE51 1.88 0.00 903,835.27 903,410.21 1.88 897,284.88 905,000.00 Security Type Sub-Total Certificate of Deposit NORINCHUKIN BANK NY CERT DEPOS DTD 10/29/2019 1.940% 04/24/2020 1,105,553.05 1,105,013.85 9,229.82 1,105,105.93 10/31/1910/30/19P-1A-1 1,105,000.00 65602VTG1 1.92 MUFG BANK LTD/NY CERT DEPOS DTD 08/22/2019 2.000% 04/30/2020 800,489.20 800,000.00 9,911.11 800,000.00 08/22/1908/21/19P-1A-1 800,000.00 55379WY75 2.00 Account 7023-001 Page 5IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Certificate of Deposit TORONTO DOMINION BANK NY CERT DEPOS DTD 12/04/2019 1.830% 06/30/2020 460,547.77 460,000.00 2,782.62 460,000.00 12/04/1912/04/19P-1A-1+ 460,000.00 89114NC52 1.83 21,923.55 2,366,590.02 2,365,013.85 1.93 2,365,105.93 2,365,000.00 Security Type Sub-Total 8,185,000.00 8,133,409.88 2.09 52,777.53 8,183,735.60 8,200,588.02 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 4,836,791.34 4,836,791.34 0.00 4,836,791.34 NRAAAm 4,836,791.34 4,836,791.34 4,836,791.34 0.00 4,836,791.34 4,836,791.34 Money Market Sub-Total $13,021,791.34 $12,970,201.22 $52,777.53 $13,020,526.94 $13,037,379.36 2.09% $13,090,156.89 $52,777.53 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 6IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.17 4,341.43 28,166.07 1,151,976.62 100.17 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 0.34 0.17 0.25 3,676.46 13,683.43 607,174.25 100.36 JPM_CHAS 605,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 0.19 0.25 0.25 5,528.32 3,685.55 1,860,406.25 100.56 CITIGRP 1,850,000.00 912828XY1UNITED STATES TREASURY NOTES DTD 07/02/2018 2.500% 06/30/2020 0.25 0.25 45,535.05 0.27 0.22 13,546.21 3,619,557.12 3,605,000.00 Security Type Sub-Total 0.22 Federal Agency Bond / Note 0.06 493.49 1,677.60 400,450.00 100.11 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 0.62 0.06 1,677.60 0.62 0.06 493.49 400,450.00 400,000.00 Security Type Sub-Total 0.06 Corporate Note 0.10 811.49 11,931.01 910,155.61 100.02 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 1.76 0.10 11,931.01 1.76 0.10 811.49 910,155.61 910,000.00 Security Type Sub-Total 0.10 Commercial Paper 0.10 425.06 6,550.39 903,835.27 99.87 TOYOTA 905,000.00 89233GE51TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 11/22/2019 0.000% 05/05/2020 1.33 0.10 6,550.39 1.33 0.10 425.06 903,835.27 905,000.00 Security Type Sub-Total 0.10 Certificate of Deposit 0.07 539.20 447.12 1,105,553.05 100.05 MERRILL 1,105,000.00 65602VTG1NORINCHUKIN BANK NY CERT DEPOS DTD 10/29/2019 1.940% 04/24/2020 1.18 0.07 0.08 489.20 489.20 800,489.20 100.06 MITSU 800,000.00 55379WY75MUFG BANK LTD/NY CERT DEPOS DTD 08/22/2019 2.000% 04/30/2020 1.25 0.08 Account 7023-001 Page 7IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Certificate of Deposit 0.25 547.77 547.77 460,547.77 100.12 TD 460,000.00 89114NC52TORONTO DOMINION BANK NY CERT DEPOS DTD 12/04/2019 1.830% 06/30/2020 1.35 0.25 1,484.09 1.24 0.11 1,576.17 2,366,590.02 2,365,000.00 Security Type Sub-Total 0.11 8,185,000.00 8,200,588.02 67,178.14 16,852.42 0.15 0.85 Managed Account Sub-Total 0.15 Money Market Mutual Fund 0.00 0.00 0.00 4,836,791.34 1.00 4,836,791.34 CAMP Pool 0.00 4,836,791.34 4,836,791.34 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $13,090,156.89 $52,777.53 $13,037,379.36 Accrued Interest Securities Sub-Total $13,021,791.34 $67,178.14 $16,852.42 0.15 0.85% 0.15 Account 7023-001 Page 8IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Security Transactions & Interest City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 03/03/20 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 166764AR1 0.00 8,922.55 8,922.55 910,000.00 03/03/20 03/05/20 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 40428HPR7 0.00 1,997.50 1,997.50 170,000.00 03/05/20 03/05/20 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 40428HPR7 0.00 4,406.25 4,406.25 375,000.00 03/05/20 03/13/20 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 02665WAU5 0.00 4,891.25 4,891.25 455,000.00 03/13/20 20,217.55 20,217.55 0.00 1,910,000.00 Transaction Type Sub-Total MATURITY 03/03/20 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 166764AR1 910,000.00 0.00 910,000.00 12,075.70 0.00 910,000.00 03/03/20 03/05/20 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 40428HPR7 375,000.00 0.00 375,000.00 (510.00) 0.00 375,000.00 03/05/20 03/05/20 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 40428HPR7 170,000.00 0.00 170,000.00 (210.80) 0.00 170,000.00 03/05/20 03/13/20 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 02665WAU5 455,000.00 0.00 455,000.00 5,751.20 0.00 455,000.00 03/13/20 0.00 0.00 17,106.10 1,910,000.00 1,910,000.00 1,910,000.00 Transaction Type Sub-Total 1,910,000.00 20,217.55 1,930,217.55 17,106.10 0.00 Managed Account Sub-Total Total Security Transactions $17,106.10 $1,930,217.55 $20,217.55 $1,910,000.00 $0.00 Account 7023-001 Page 9IPF M Asset Management ILJLC For the Month Ending March 31, 2020Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 5,899,460.93 Opening Balance 03/03/20 03/03/20 Purchase - Interest 166764AR1 1.00 8,922.55 5,908,383.48 03/03/20 03/03/20 Purchase - Principal 166764AR1 1.00 910,000.00 6,818,383.48 03/05/20 03/05/20 Purchase - Interest 40428HPR7 1.00 4,406.25 6,822,789.73 03/05/20 03/05/20 Purchase - Interest 40428HPR7 1.00 1,997.50 6,824,787.23 03/05/20 03/05/20 Purchase - Principal 40428HPR7 1.00 375,000.00 7,199,787.23 03/05/20 03/05/20 Purchase - Principal 40428HPR7 1.00 170,000.00 7,369,787.23 03/13/20 03/13/20 Purchase - Interest 02665WAU5 1.00 4,891.25 7,374,678.48 03/13/20 03/13/20 Purchase - Principal 02665WAU5 1.00 455,000.00 7,829,678.48 03/19/20 03/19/20 Redemption - Outgoing Wires 1.00 (3,000,000.00) 4,829,678.48 03/25/20 03/25/20 IP Fees February 2020 1.00 (901.80) 4,828,776.68 03/25/20 03/25/20 U.S. Bank Fees January 2020 1.00 (80.35) 4,828,696.33 03/31/20 04/01/20 Accrual Income Div Reinvestment - Distributions 1.00 8,095.01 4,836,791.34 Account 7023-001 Page 10IPF M Asset Management ILJLC For the Month Ending March 31, 2020Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate 4,836,791.34 4,836,791.34 4,836,791.34 6,263,196.70 157,344.76 0.00 (30,635,544.06) 20,303,655.21 15,168,680.19 8,095.01 4,836,791.34 0.00 (3,000,982.15) 1,938,312.56 5,899,460.93 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance March July-March 1.50% Account 7023-001 Page 11IPF M Asset Management ILJLC For the Month Ending March 31, 2020Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 817,645.64 1,037.01 (113.21) 0.00 $818,569.44 CAMP Pool Unsettled Trades 0.00 1,037.01 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 1,113,098.01 0.00 0.00 340.77 $1,113,438.78 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income March 31, 2020 February 29, 2020 Asset Summary CAMP Pool 818,569.44 817,645.64 CAMP Managed Account 1,113,438.78 1,113,098.01 $1,932,008.22 $1,930,743.65 Total Asset Allocation 42.37% CAMP Pool 57.63% CAMP Managed Account Account 7023-002 Page 1IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $817,645.64 1,037.01 (113.21) $818,569.44 1,037.01 $1,113,098.01 0.00 0.00 0.00 0.00 340.77 $1,113,438.78 $1,930,743.65 $1,932,008.22 0.00 0.00 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Managed Account Total 1,110,003.98 1,928,573.42 9,955.31 0.00 0.00 0.00 0.00 (1,110,006.07) (7,527.19) 0.00 9,955.31 113.21 0.00 0.00 (1,037.01) (1,927,651.71) (7,527.19) 1,037.01 Total Accrual Basis Earnings $2,426.03 $3,463.04 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-002 Page 2IPF M Asset Management ILJLC For the Month Ending March 31, 2020Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Account Summary Percent Par Value Market ValueDescription Federal Agency Bond / Note 1,110,000.00 1,113,438.78 57.63 Managed Account Sub-Total 1,110,000.00 1,113,438.78 57.63% Accrued Interest 9,955.31 Total Portfolio 1,110,000.00 1,123,394.09 CAMP Pool 818,569.44 818,569.44 42.37 Total Investments 1,928,569.44 1,941,963.53 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 57.63% Fed Agy Bond / Note 42.37% Mny Mkt Fund 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 100.00% 0.00%0.00%0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.16 58 2.62% 0.65% Account 7023-002 Page 3IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 57.63% AA+ 42.37% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 818,569.44 42.37 CAMP Pool 1,113,438.78 57.63 FEDERAL HOME LOAN BANKS $1,932,008.22 Total 100.00% Account 7023-002 Page 4IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Bond / Note FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1,113,438.78 1,110,003.98 9,955.31 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 9,955.31 1,113,438.78 1,110,003.98 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 1,110,000.00 1,110,028.86 2.62 9,955.31 1,110,003.98 1,113,438.78 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 818,569.44 818,569.44 0.00 818,569.44 NRAAAm 818,569.44 818,569.44 818,569.44 0.00 818,569.44 818,569.44 Money Market Sub-Total $1,928,569.44 $1,928,598.30 $9,955.31 $1,928,573.42 $1,932,008.22 2.62% $1,941,963.53 $9,955.31 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5IPF M Asset Management ILJLC For the Month Ending March 31, 2020Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Federal Agency Bond / Note 0.16 3,434.80 3,409.92 1,113,438.78 100.31 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 0.65 0.16 3,409.92 0.65 0.16 3,434.80 1,113,438.78 1,110,000.00 Security Type Sub-Total 0.16 1,110,000.00 1,113,438.78 3,409.92 3,434.80 0.16 0.65 Managed Account Sub-Total 0.16 Money Market Mutual Fund 0.00 0.00 0.00 818,569.44 1.00 818,569.44 CAMP Pool 0.00 818,569.44 818,569.44 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $1,941,963.53 $9,955.31 $1,932,008.22 Accrued Interest Securities Sub-Total $1,928,569.44 $3,409.92 $3,434.80 0.16 0.65% 0.16 Account 7023-002 Page 6IPF M Asset Management ILJLC For the Month Ending March 31, 2020Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 817,645.64 Opening Balance 03/25/20 03/25/20 IP Fees February 2020 1.00 (88.45) 817,557.19 03/25/20 03/25/20 U.S. Bank Fees January 2020 1.00 (24.76) 817,532.43 03/31/20 04/01/20 Accrual Income Div Reinvestment - Distributions 1.00 1,037.01 818,569.44 818,569.44 818,569.44 818,569.44 817,653.53 11,783.55 0.00 (1,118,688.41) 1,156,122.89 781,134.96 1,037.01 818,569.44 0.00 (113.21) 1,037.01 817,645.64 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance March July-March 1.50% Account 7023-002 Page 7IPF M Asset Management ILJLC