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Fin City Quarterly Investment Report
____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: October 19, 2020 Disposition: Accepted report Agenda Item No: 4.c Meeting Date: October 19, 2020 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Nadine Atieh Hade Finance Director City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2020 RECOMMENDATION: Accept investment report for the quarter ending September 30, 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 15, 2020, 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 September 30, 2020, the balance was $10,943,332 and the portfolio had a yield of 0.27 percent. ANALYSIS: As of September 30, 2020, the primary LAIF account had a balance of $22,310,493. The other LAIF account holding housing funds for future administrative expenses contained $154,201. Portfolio returns on LAIF deposits were 0.68% for the quarter ending September 30, 2020. The remaining investment assets included the $1,239,200 balance of Pt. San Pedro Assessment District bonds, and $20,783,413 in government agency securities and corporate bonds (including 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 September 30, 2020 were 1.31%. The City’s Westamerica general operating bank account had a balance of $5,268,223 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending September 2020. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending September 30, 2020, as presented. ATT ACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, July through September 2020 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending September 30, 2020 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 22,310,493$ 96.0% 0.68% LAIF - RDA 154,201$ 0.7% 0.68% LAIF - RDA 02 TARB 765,148$ 3.3% 0.68% Total Internally Managed 23,229,841$ 51.3% Weighted Average Yield 0.68% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 387,991$ 1.8% 0.00% Treasury Securities 1,470,457$ 6.7% 1.54% Instrumentality Securities 12,173,214$ 55.3% 1.70% Corporate Notes 6,751,751$ 30.7% 2.06% Municipal 1,239,200$ 5.6% 5.25% Total Externally Managed 22,022,613$ 48.7% Weighted Average Yield 1.97% Years Effective Average Duration - External 1.91 Weighted Average Maturity - External 2.22 Total Portfolio Assets %Return LAIF 23,229,841$ 51.3% 0.68% Cash 387,991$ 0.9% 0.00% Treasury Securities 1,470,457$ 3.2% 1.54% Instrumentality Securities 12,173,214$ 26.9% 1.70% Corporate Notes 6,751,751$ 14.9% 2.06% Municipal 1,239,200$ 2.7% 5.25% Total Portfolio Assets 45,252,454$ Weighted Average Yield 1.31% Years Effective Average Duration - Total 0.93 Weighted Average Maturity - Total 1.08 Based on Market Values September 30, 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 , 1.8%Treasury Securities, 6.7% Instrumentality Securities, 55.3% Corporate Notes, 30.7% Municipal, 5.6% LAIF 51% Cash 1% Treasury Securities 3% Instrumentality Securities 27% Corporate Notes 15%Municipal 3% Exhibit AInternally Managed Assets%Return %Return %Return %Return %Return %ReturnLAIF 23,075,641$ 99.3% 0.68% 32,962,961$ 99.5% 1.22% 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%LAIF - Housing 154,201$ 0.7% 0.68%153,640$ 0.5% 1.22%152,871$ 0.7% 1.78%151,998$ 0.7% 2.04%151,067$ 1.2% 2.28%150,108$ 0.8% 2.43%Total Internally Managed 23,229,842$ 51.3%33,116,601$ 57.4%23,000,804$ 48.6%22,919,094$ 49.0%12,832,013$ 34.9%17,748,092$ 42.8%Weighted Average Yield 0.68% 1.22% 1.78% 2.04% 2.28% 2.43%Externally Managed Assets%Return %Return %Return %Return %Return %ReturnCash 387,991$ 31.3% 0.00% 1,784,838$ 135.7% 0.00% 57,810$ 4.4% 0.00% 39,382$ 3.0% 0.00% -$ 0.0% 0.00% 52,950$ 3.8% 0.00%Treasury Securities 1,470,457$ 6.7% 1.54% 2,476,872$ 10.1% 1.49% 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%Instrumentality Securities 12,173,214$ 55.3% 1.70% 12,218,650$ 49.8% 1.80% 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%Corporate Notes 6,751,751$ 30.7% 2.06% 6,749,718$ 27.5% 2.23% 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%Municipal/Assessment District 1,239,200$ 5.6% 5.25% 1,315,100$ 5.4% 5.25% 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%Total Externally Managed 22,022,613$ 48.7%24,545,178$ 42.6%24,320,894$ 51.4%23,901,948$ 51.0%23,888,965$ 65.1%23,727,176$ 57.2%Weighted Average Yield 1.97% 1.94% 2.07% 2.07% 2.03% 2.05%Years Years Years Years Years YearsEffective Average Duration - External 1.91 1.83 2.07 2.10 1.86 1.34Weighted Average Maturity - External 2.22 2.07 2.32 2.39 2.13 1.60Total Portfolio Assets%Return %Return %Return %Return %Return %ReturnLAIF 23,229,842$ 51.3% 0.68% 33,116,601$ 57.4% 1.22% 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%Cash 387,991$ 0.9% 0.00% 1,784,838$ 3.1% 0.00% 57,810$ 0.1% 0.00% 39,382$ 0.1% 0.00% -$ 0.0% 0.00% 52,950$ 0.1% 0.00%Treasury Securities 1,470,457$ 3.2% 1.54% 2,476,872$ 4.3% 1.49% 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%Instrumentality Securities 12,173,214$ 26.9% 1.70% 12,218,650$ 21.2% 1.80% 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%Corporate Notes 6,751,751$ 14.9% 2.06% 6,749,718$ 11.7% 2.23% 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%Municipal/Assessment District 1,239,200$ 2.7% 5.25% 1,315,100$ 2.3% 5.25% 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%45,252,454$ 57,661,778$ 47,321,697$ 46,821,041$ 36,720,977$ 41,475,267$ Total Portfolio AssetsWeighted Average Yield 1.31% 1.53% 1.93% 2.06% 2.12% 2.21%Years Years Years Years Years YearsEffective Average Duration - Total 0.93 0.78 1.07 1.07 1.21 0.77Weighted Average Maturity - Total 1.08 0.88 1.19 1.22 1.39 0.92Performance Recap-The weighted average quarterly portfolio yield decreased from 1.53% to 1.31% during the past quarter. The yield has decreased over the past year, from 2.12% in the quarter ended September 30, 2019 to 1.31% in the most recent quarter. This trend is reflective of the general decrease in interest rates that occurred througout the year. -The effective average duration increased, from 0.78 to 0.93 years since last quarter due to a decrease in LAIF assets. -The total portfolio assets decreased by approximately $12.4 million during the quarter. This is due to the draw down of funds to support operations. June 30, 2020City of San RafaelHistorical Activity-By QuarterMarch 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019September 30, 2020W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\20-21\03 - September 2020\Insight-Quarterly Report combined 09-30-20 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJuly 2020 SECURITIES HELD Par value or Trade Purchase % Portfolio Cusip Description Coupon Maturity shares Historical cost date yield hist cost Cash and Cash Equivalents Cash and Cash Equivalents 2,812,750.68 2,812,750.68 11.63 Total Cash and Cash Equivalents 2,812,750.68 2,812,750.68 11.63 Corporate Bonds 06051GFT1 BANK OF AMERICA CORP - BOA 2.625 10/19/2020 500,000.00 504,515.00 03/11/2020 1.11 2.09 94974BFR6 WELLS FARGO AND CO 3.000 01/22/2021 500,000.00 501,180.00 03/18/2020 2.71 2.07 254687CK0 WALT DISNEY CO 4.500 02/15/2021 500,000.00 515,190.00 12/17/2019 1.83 2.13 46625HQJ2 JP MORGAN CHASE & CO 2.550 03/01/2021 500,000.00 494,725.00 01/25/2019 3.08 2.05 0258M0EB1 AMERICAN EXPRESS CREDIT CORP 2.250 05/05/2021 550,000.00 552,667.50 12/17/2019 1.89 2.29 91159HHA1 US BANCORP/MN 4.125 05/24/2021 500,000.00 514,880.00 12/18/2019 1.98 2.13 17325FAQ1 CITIBANK NA - CITIBANK 3.400 07/23/2021 500,000.00 507,030.00 05/29/2019 2.72 2.10 717081DZ3 PFIZER INC 2.200 12/15/2021 500,000.00 503,615.00 12/17/2019 1.83 2.08 149123BX8 CATERPILLAR INC 2.600 06/26/2022 500,000.00 500,300.00 05/16/2019 2.58 2.07 931142DH3 WAL-MART STORES INC 2.550 04/11/2023 500,000.00 509,155.00 09/17/2019 2.01 2.11 037833AK6 APPLE INC 2.400 05/03/2023 500,000.00 506,880.00 09/17/2019 2.00 2.10 693475AV7 PNC FINANCIAL SERVICES GROUP I 3.500 01/23/2024 500,000.00 523,455.00 07/26/2019 2.39 2.16 06051GHF9 BANK OF AMERICA CORP - BOA 3.550 03/05/2024 500,000.00 535,525.00 07/17/2020 0.81 2.21 Total Corporate Bonds 6,550,000.00 6,669,117.50 2.06 27.57 Government Agencies 3133EHVX8 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.500 08/24/2020 1,000,000.00 999,190.00 09/12/2017 1.53 4.13 3135G0RM7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.630 10/30/2020 1,000,000.00 1,003,410.00 08/31/2017 1.52 4.15 3133EJ4Q9 FEDERAL FARM CREDIT BANKS FUNDING CORP 2.550 01/11/2021 500,000.00 499,100.00 01/25/2019 2.64 2.06 313373ZY1 FEDERAL HOME LOAN BANKS 3.625 06/11/2021 1,000,000.00 1,024,040.00 03/07/2019 2.52 4.23 313378JP7 FEDERAL HOME LOAN BANKS 2.375 09/10/2021 600,000.00 602,430.00 05/15/2019 2.19 2.49 3135G0Q89 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.375 10/07/2021 1,100,000.00 1,099,318.00 02/10/2020 1.41 4.55 3137EADB2 FEDERAL HOME LOAN MORTGAGE COR 2.375 01/13/2022 1,650,000.00 1,676,634.30 09/30/2019 1.65 6.93 313378WG2 FEDERAL HOME LOAN BANKS 2.500 03/11/2022 1,000,000.00 1,016,330.00 06/13/2019 1.89 4.20 3135G0T78 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.000 10/05/2022 600,000.00 601,716.00 07/09/2019 1.91 2.49 3130A3KM5 FEDERAL HOME LOAN BANKS 2.500 12/09/2022 1,000,000.00 1,021,240.00 07/01/2019 1.86 4.22 3135G0U43 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.875 09/12/2023 1,000,000.00 1,047,553.22 09/24/2019 1.63 4.33 3135G0V34 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.500 02/05/2024 600,000.00 621,262.80 10/21/2019 1.64 2.57 3135G0V75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.750 07/02/2024 750,000.00 753,426.75 11/04/2019 1.65 3.12 Total Government Agencies 11,800,000.00 11,965,651.07 1.80 49.47 Government Bonds 912828M80 UNITED STATES TREASURY NOTE/BOND 2.000 11/30/2022 750,000.00 762,072.83 01/27/2020 1.42 3.15 912828U57 UNITED STATES TREASURY NOTE/BOND 2.125 11/30/2023 650,000.00 661,529.52 10/28/2019 1.67 2.74 SAN RAFAEL As of July 31, 2020 SECURITIES HELD Par value or Trade Purchase % Portfolio Cusip Description Coupon Maturity shares Historical cost date yield hist cost SAN RAFAEL As of July 31, 2020 Total Government Bonds 1,400,000.00 1,423,602.35 1.54 5.89 Municipal/Provincial Bonds 888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.00 03/01/2014 5.25 5.44 Total Municipal/Provincial Bonds 1,315,100.00 1,315,100.00 5.25 5.44 Grand Total 23,877,850.68 24,186,221.60 1.83 100.00 ADDITIONAL INFORMATIONAs of July 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. ADDITIONAL INFORMATIONAs of July 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. FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELAugust 2020 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costCash and Cash EquivalentsCash and Cash Equivalents338,864.61 338,864.611.56Total Cash and Cash Equivalents338,864.61338,864.611.56Corporate Bonds06051GFT1 BANK OF AMERICA CORP - BOA2.625 10/19/2020 500,000.00 504,515.00 03/11/2020 1.11 2.3294974BFR6 WELLS FARGO AND CO3.000 01/22/2021 500,000.00 501,180.00 03/18/2020 2.71 2.31254687CK0 WALT DISNEY CO4.500 02/15/2021 500,000.00 515,190.00 12/17/2019 1.83 2.3746625HQJ2 JP MORGAN CHASE & CO2.550 03/01/2021 500,000.00 494,725.00 01/25/2019 3.08 2.280258M0EB1 AMERICAN EXPRESS CREDIT CORP2.250 05/05/2021 550,000.00 552,667.50 12/17/2019 1.89 2.5591159HHA1 US BANCORP/MN4.125 05/24/2021 500,000.00 514,880.00 12/18/2019 1.98 2.3717325FAQ1 CITIBANK NA - CITIBANK3.400 07/23/2021 500,000.00 507,030.00 05/29/2019 2.72 2.34717081DZ3 PFIZER INC2.200 12/15/2021 500,000.00 503,615.00 12/17/2019 1.83 2.32149123BX8 CATERPILLAR INC2.600 06/26/2022 500,000.00 500,300.00 05/16/2019 2.58 2.30931142DH3 WAL-MART STORES INC2.550 04/11/2023 500,000.00 509,155.00 09/17/2019 2.01 2.34037833AK6 APPLE INC2.400 05/03/2023 500,000.00 506,880.00 09/17/2019 2.00 2.33693475AV7 PNC FINANCIAL SERVICES GROUP I3.500 01/23/2024 500,000.00 523,455.00 07/26/2019 2.39 2.4106051GHF9 BANK OF AMERICA CORP - BOA3.550 03/05/2024 500,000.00 535,525.00 07/17/2020 0.81 2.47Total Corporate Bonds6,550,000.006,669,117.502.0630.71Government Agencies3135G0RM7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.63010/30/2020 1,000,000.00 1,003,410.00 08/31/2017 1.52 4.623133EJ4Q9 FEDERAL FARM CREDIT BANKS FUNDING CORP 2.550 01/11/2021 500,000.00 499,100.00 01/25/2019 2.64 2.30313373ZY1 FEDERAL HOME LOAN BANKS3.625 06/11/2021 1,000,000.00 1,024,040.00 03/07/2019 2.52 4.72313378JP7 FEDERAL HOME LOAN BANKS2.375 09/10/2021 600,000.00 602,430.00 05/15/2019 2.19 2.773135G0Q89 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.37510/07/2021 1,100,000.00 1,099,318.00 02/10/2020 1.41 5.063137EADB2 FEDERAL HOME LOAN MORTGAGE COR2.375 01/13/2022 1,650,000.00 1,676,634.30 09/30/2019 1.65 7.72313378WG2 FEDERAL HOME LOAN BANKS2.500 03/11/2022 1,000,000.00 1,016,330.00 06/13/2019 1.89 4.683135G0T78 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.00010/05/2022 600,000.00 601,716.00 07/09/2019 1.91 2.773130A3KM5 FEDERAL HOME LOAN BANKS2.500 12/09/2022 1,000,000.00 1,021,240.00 07/01/2019 1.86 4.703134GW2F2 FEDERAL HOME LOAN MORTGAGE COR0.300 05/25/2023 1,000,000.00 1,000,000.00 08/24/2020 0.30 4.613135G0U43 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.87509/12/2023 1,000,000.00 1,047,553.22 09/24/2019 1.63 4.823135G0V34 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.500 02/05/2024 600,000.00 621,262.80 10/21/2019 1.64 2.863135G0V75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.750 07/02/2024 750,000.00 753,426.75 11/04/2019 1.65 3.47Total Government Agencies11,800,000.0011,966,461.071.7055.11Government Bonds912828M80 UNITED STATES TREASURY NOTE/BOND2.000 11/30/2022 750,000.00 762,072.83 01/27/2020 1.42 3.51SAN RAFAELAs of August 31, 2020 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costSAN RAFAELAs of August 31, 2020912828U57 UNITED STATES TREASURY NOTE/BOND2.125 11/30/2023 650,000.00 661,529.52 10/28/2019 1.67 3.05Total Government Bonds1,400,000.001,423,602.351.546.56Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,315,100.00 1,315,100.00 03/01/2014 5.25 6.06Total Municipal/Provincial Bonds1,315,100.001,315,100.005.256.06Grand Total21,403,964.6121,713,145.531.99100.00 ADDITIONAL INFORMATIONAs of August 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. ADDITIONAL INFORMATIONAs of August 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. FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELSeptember 2020 SECURITIES HELD Par value or Trade Purchase % Portfolio Cusip Description Coupon Maturity shares Historical cost date yield hist cost Cash and Cash Equivalents Cash and Cash Equivalents 387,991.11 387,991.11 1.79 Total Cash and Cash Equivalents 387,991.11 387,991.11 1.79 Corporate Bonds 06051GFT1 BANK OF AMERICA CORP - BOA 2.625 10/19/2020 500,000.00 504,515.00 03/11/2020 1.11 2.33 94974BFR6 WELLS FARGO AND CO 3.000 01/22/2021 500,000.00 501,180.00 03/18/2020 2.71 2.31 254687CK0 WALT DISNEY CO 4.500 02/15/2021 500,000.00 515,190.00 12/17/2019 1.83 2.38 46625HQJ2 JP MORGAN CHASE & CO 2.550 03/01/2021 500,000.00 494,725.00 01/25/2019 3.08 2.28 0258M0EB1 AMERICAN EXPRESS CREDIT CORP 2.250 05/05/2021 550,000.00 552,667.50 12/17/2019 1.89 2.55 91159HHA1 US BANCORP/MN 4.125 05/24/2021 500,000.00 514,880.00 12/18/2019 1.98 2.37 17325FAQ1 CITIBANK NA - CITIBANK 3.400 07/23/2021 500,000.00 507,030.00 05/29/2019 2.72 2.34 717081DZ3 PFIZER INC 2.200 12/15/2021 500,000.00 503,615.00 12/17/2019 1.83 2.32 149123BX8 CATERPILLAR INC 2.600 06/26/2022 500,000.00 500,300.00 05/16/2019 2.58 2.31 931142DH3 WAL-MART STORES INC 2.550 04/11/2023 500,000.00 509,155.00 09/17/2019 2.01 2.35 037833AK6 APPLE INC 2.400 05/03/2023 500,000.00 506,880.00 09/17/2019 2.00 2.34 693475AV7 PNC FINANCIAL SERVICES GROUP I 3.500 01/23/2024 500,000.00 523,455.00 07/26/2019 2.39 2.41 06051GHF9 BANK OF AMERICA CORP - BOA 3.550 03/05/2024 500,000.00 535,525.00 07/17/2020 0.81 2.47 Total Corporate Bonds 6,550,000.00 6,669,117.50 2.06 30.75 Government Agencies 3135G0RM7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.630 10/30/2020 1,000,000.00 1,003,410.00 08/31/2017 1.52 4.63 3133EJ4Q9 FEDERAL FARM CREDIT BANKS FUNDING CORP 2.550 01/11/2021 500,000.00 499,100.00 01/25/2019 2.64 2.30 313373ZY1 FEDERAL HOME LOAN BANKS 3.625 06/11/2021 1,000,000.00 1,024,040.00 03/07/2019 2.52 4.72 313378JP7 FEDERAL HOME LOAN BANKS 2.375 09/10/2021 600,000.00 602,430.00 05/15/2019 2.19 2.78 3135G0Q89 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.375 10/07/2021 1,100,000.00 1,099,318.00 02/10/2020 1.41 5.07 3137EADB2 FEDERAL HOME LOAN MORTGAGE COR 2.375 01/13/2022 1,650,000.00 1,676,634.30 09/30/2019 1.65 7.73 313378WG2 FEDERAL HOME LOAN BANKS 2.500 03/11/2022 1,000,000.00 1,016,330.00 06/13/2019 1.89 4.69 3135G0T78 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.000 10/05/2022 600,000.00 601,716.00 07/09/2019 1.91 2.77 3130A3KM5 FEDERAL HOME LOAN BANKS 2.500 12/09/2022 1,000,000.00 1,021,240.00 07/01/2019 1.86 4.71 3134GW2F2 FEDERAL HOME LOAN MORTGAGE COR 0.300 05/25/2023 1,000,000.00 1,000,000.00 08/24/2020 0.30 4.61 3135G0U43 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.875 09/12/2023 1,000,000.00 1,047,553.22 09/24/2019 1.63 4.83 3135G0V34 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.500 02/05/2024 600,000.00 621,262.80 10/21/2019 1.64 2.86 3135G0V75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.750 07/02/2024 750,000.00 753,426.75 11/04/2019 1.65 3.47 Total Government Agencies 11,800,000.00 11,966,461.07 1.70 55.18 Government Bonds 912828M80 UNITED STATES TREASURY NOTE/BOND 2.000 11/30/2022 750,000.00 762,072.83 01/27/2020 1.42 3.51 SAN RAFAEL As of September 30, 2020 SECURITIES HELD Par value or Trade Purchase % Portfolio Cusip Description Coupon Maturity shares Historical cost date yield hist cost SAN RAFAEL As of September 30, 2020 912828U57 UNITED STATES TREASURY NOTE/BOND 2.125 11/30/2023 650,000.00 661,529.52 10/28/2019 1.67 3.05 Total Government Bonds 1,400,000.00 1,423,602.35 1.54 6.56 Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.250 09/02/2032 1,239,200.00 1,239,200.00 03/01/2014 5.25 5.71 Total Municipal/Provincial Bonds 1,239,200.00 1,239,200.00 5.25 5.71 Grand Total 21,377,191.11 21,686,372.03 1.97 100.00 ADDITIONAL INFORMATIONAs of September 30, 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. ADDITIONAL INFORMATIONAs of September 30, 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. City of San Rafael ACCOUNT STATEMENT For the Month Ending September 30, 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 10/12/2020 for Columbus Day. CAMP will be closed on 11/11/2020 for Veterans Day. 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 September 30, 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 September 30, 2020 Account Statement Consolidated Summary Statement City of San Rafael Investment Allocation Investment Type Closing Market Value Percent 10,943,331.68 100.00 Money Market Mutual Fund $10,943,331.68 Total 100.00% Portfolio Summary and Income Closing Market Value Current Portfolio Holdings Cash Dividends Yield CAMP Pool 2,458.29 10,943,331.68 0.25 % $2,458.29 $10,943,331.68 Total Maturity Distribution (Fixed Income Holdings) Portfolio Holdings Closing Market Value Percent 10,943,331.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 0.00 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 $10,943,331.68 1 100.00% Weighted Average Days to Maturity Sector Allocation 100.00% Mny Mkt Fund Summary Page 1IPFM Asset Management IULC For the Month Ending September 30, 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 10,113,219.44 2,272.33 0.00 0.00 10,115,491.77 0.00 2,272.33 Lease Revenue Bonds Series 2018 Project Fund 7023-002 827,653.95 185.96 0.00 0.00 827,839.91 0.00 185.96 Lease Revenue Bonds Series 2018 Capitalized Intere $10,940,873.39 $2,458.29 $0.00 $0.00 $10,943,331.68 $2,458.29 Total $0.00 Summary Page 2IPFM Asset Management IULC For the Month Ending September 30, 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 10,113,219.44 2,272.33 0.00 0.00 $10,115,491.77 CAMP Pool Unsettled Trades 0.00 2,272.33 Cash Dividends and Income September 30, 2020 August 31, 2020 Asset Summary CAMP Pool 10,115,491.77 10,113,219.44 $10,115,491.77 $10,113,219.44 Total Asset Allocation 100.00% CAMP Pool Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending September 30, 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 10,113,219.44 Opening Balance 09/30/20 10/01/20 Accrual Income Div Reinvestment - Distributions 1.00 2,272.33 10,115,491.77 10,115,491.77 10,115,491.77 10,115,491.77 10,113,295.18 8,016.96 0.00 (358.05) 8,016.96 10,107,832.86 2,272.33 10,115,491.77 0.00 0.00 2,272.33 10,113,219.44 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 September July-September 0.27% Account 7023-001 Page 2IPF M Asset Management ILJLC For the Month Ending September 30, 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 827,653.95 185.96 0.00 0.00 $827,839.91 CAMP Pool Unsettled Trades 0.00 185.96 Cash Dividends and Income September 30, 2020 August 31, 2020 Asset Summary CAMP Pool 827,839.91 827,653.95 $827,839.91 $827,653.95 Total Asset Allocation 100.00% CAMP Pool Account 7023-002 Page 1IPF M Asset Management ILJLC For the Month Ending September 30, 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 827,653.95 Opening Balance 09/30/20 10/01/20 Accrual Income Div Reinvestment - Distributions 1.00 185.96 827,839.91 827,839.91 827,839.91 827,839.91 827,660.15 656.10 0.00 (53.34) 656.10 827,237.15 185.96 827,839.91 0.00 0.00 185.96 827,653.95 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 September July-September 0.27% Account 7023-002 Page 2IPF M Asset Management ILJLC