HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: April 19, 2021 Disposition: Accepted report Agenda Item No: 5.e Meeting Date: April 19, 2021 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, 2021 RECOMMENDATION: Accept investment report for the quarter ending March 31, 2021, 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. ANALYSIS: As of March 31, 2021, the primary LAIF account had a balance of $39,403,344. The other LAIF account, holding housing funds for future administrative expenses contained $154,773. Portfolio returns on LAIF deposits were 0.36% for the quarter ending March 31, 2021. The remaining investment assets included the $1,239,200 balance of Pt. San Pedro Assessment District bonds, and $20,305,287 in government agency securities and corporate bonds (including American Express, US Bancorp, Citibank, Pfizer Inc., Walmart Inc., Apple Inc., Wells Fargo, PNC Bank, 3M Company, Bank of America, and JP Morgan Chase). The overall total portfolio returns for the quarter ended March 31, 2021 were 0.82%. The City’s Westamerica general operating bank account had a balance of $7,359,032 at quarter end. Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending March 31, 2021, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, January through March 2021 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 39,403,344$ 97.7% 0.36% LAIF - RDA 154,773$ 0.4% 0.36% LAIF - RDA 02 TARB 767,985$ 1.9% 0.36% Total Internally Managed 40,326,101$ 65.2% Weighted Average Yield 0.36% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 260,338$ 1.2% 0.01% Treasury Securities 1,455,053$ 6.8% 1.54% Instrumentality Securities 11,757,213$ 54.6% 1.54% Corporate Notes 6,830,936$ 31.7% 1.40% Municipal 1,239,200$ 5.8% 5.25% Total Externally Managed 21,542,739$ 34.8% Weighted Average Yield 1.69% Years Effective Average Duration - External 1.90 Weighted Average Maturity - External 2.32 Total Portfolio Assets %Return LAIF 40,326,101$ 65.2% 0.36% Cash 260,338$ 0.4% 0.01% Treasury Securities 1,455,053$ 2.4% 1.54% Instrumentality Securities 11,757,213$ 19.0% 1.54% Corporate Notes 6,830,936$ 11.0% 1.40% Municipal 1,239,200$ 2.0% 5.25% Total Portfolio Assets 61,868,841$ Weighted Average Yield 0.82% Years Effective Average Duration - Total 0.66 Weighted Average Maturity - Total 0.81 Based on Market Values March 31, 2021 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 97.7% LAIF - RDA, 0.4% LAIF - RDA 02 TARB, 1.9% Cash , 1.2%Treasury Securities, 6.8% Instrumentality Securities, 54.6% Corporate Notes, 31.7% Municipal, 5.8% LAIF 65% Cash 1% Treasury Securities 2% Instrumentality Securities 19% Corporate Notes 11%Municipal 2% Exhibit AInternally Managed Assets%Return %Return %Return %Return %Return %ReturnLAIF 40,171,329$ 99.6% 0.36% 35,129,481$ 99.6% 0.54% 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%LAIF - Housing 154,773$ 0.4% 0.36%154,528$ 0.4% 0.54% 154,201$ 0.7% 0.68% 153,640$ 0.5% 1.22%152,871$ 0.7% 1.78%151,998$ 0.7% 2.04%Total Internally Managed 40,326,102$ 65.2%35,284,009$ 61.5%23,229,842$ 51.3%33,116,601$ 57.4%23,000,804$ 48.6%22,919,094$ 49.0%Weighted Average Yield 0.36% 0.54% 0.68% 1.22% 1.78% 2.04%Externally Managed Assets%Return %Return %Return %Return %Return %ReturnCash 260,338$ 21.0% 0.01%278,791$ 22.5% 0.01% 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%Treasury Securities 1,455,053$ 6.8% 1.54% 1,464,113$ 6.6% 1.54% 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%Instrumentality Securities 11,757,213$ 54.6% 1.54% 12,320,155$ 55.9% 1.58% 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%Corporate Notes 6,830,936$ 31.7% 1.40% 6,747,102$ 30.6% 2.02% 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%Municipal/Assessment District 1,239,200$ 5.8% 5.25% 1,239,200$ 5.6% 5.25% 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%Total Externally Managed 21,542,739$ 34.8%22,049,361$ 38.5%22,022,613$ 48.7%24,545,178$ 42.6%24,320,894$ 51.4%23,901,948$ 51.0%Weighted Average Yield 1.69% 1.90% 1.97% 1.94% 2.07% 2.07%Years Years Years Years Years YearsEffective Average Duration - External 1.90 1.91 1.91 1.83 2.07 2.10Weighted Average Maturity - External 2.32 2.22 2.22 2.07 2.32 2.39Total Portfolio Assets%Return %Return %Return %Return %Return %ReturnLAIF 40,326,102$ 65.2% 0.36% 35,284,009$ 61.5% 0.54% 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%Cash 260,338$ 0.4% 0.01%278,791$ 0.5% 0.01% 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%Treasury Securities 1,455,053$ 2.4% 1.54% 1,464,113$ 2.6% 1.54% 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%Instrumentality Securities 11,757,213$ 19.0% 1.54% 12,320,155$ 21.5% 1.58% 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%Corporate Notes 6,830,936$ 11.0% 1.40% 6,747,102$ 11.8% 2.02% 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%Municipal/Assessment District 1,239,200$ 2.0% 5.25% 1,239,200$ 2.2% 5.25% 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%61,868,840$ 57,333,369$ 45,252,454$ 57,661,778$ 47,321,697$ 46,821,041$ Total Portfolio AssetsWeighted Average Yield 0.82% 1.06% 1.31% 1.53% 1.93% 2.06%Years Years Years Years Years YearsEffective Average Duration - Total 0.66 0.74 0.93 0.78 1.07 1.07Weighted Average Maturity - Total 0.81 0.86 1.08 0.88 1.19 1.22Performance Recap-The weighted average quarterly portfolio yield decreased from 1.06% to 0.82% during the past quarter. The yield has decreased over the past year, from 1.53% in the quarter ended March 31, 2020 to 0.82% in the most recent quarter. This trend is reflective of the general decrease in interest rates during the period-The effective average duration decreased, from 0.74 to 0.66 years since last quarter due to an increase in LAIF assets. -The total portfolio assets increased by approximately $4.5 million during the quarter. This is due to the receipt of VLF Backfill, CSA 19 and Excess ERAF payments from the County and their subequent transfer to LAIF.June 30, 2020City of San RafaelHistorical Activity-By QuarterMarch 31, 2020 December 31, 2019September 30, 2020December 31, 2020March 31, 2021W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\20-21\09 - March 2021\Insight-Quarterly Report combined 03-31-21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJanuary 2021 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 11Securities purchased14Securities sold and matured 15Detail of return and interest received 16Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of January 31, 2021SAN RAFAELChart 1: US GDP in 2020 was the lowest in a full calendar year since 1946Source:BloombergFinanceLP,January 31,2021.Chart 2: Yield curve continues to steepenSource: Bloomberg Finance LP, January 31, 2021.Economic Indicators and Monetary PolicyThe first Fed policy meeting of 2021, and the first meeting during the new Bidenadministration, was uneventful, with no major policy changes. Chairman Jay Powellreiterated that any such tapering is “some timeaway, noting that growth hasmoderated and that pandemic-exposed sectors still face challenges. Powell alsoexpressed muted concerns over inflation given secular disinflationary trends stating:“Frankly we welcome slightly higher inflation”.During the month COVID-19 deaths in the US were running at the highest levels sincethe start of the pandemic. On a more optimistic note, hospitalizations began to easeand the distribution of vaccines across the US accelerated significantly and a numberof states started to roll back economic restrictions.US GDP in Q4 grew at an annualized rate of 4%, slightly below expectations, withpersonal consumption spending and residential and business fixed investment thelargest contributors. This means GDP for the calendar year 2020 was -3.5%, the lowestsince 1946 (for comparison, 2009’s contraction was -2.5% - see Chart 1).Elsewhere, new durable goods orders flattened, rising 0.2% after a string of strongreadings. Home prices rose 1.4%, according to S&P/CS CoreLogic, while the FederalHousing Finance Agency (FHFA) reported a similar rise of 1%. Existing home saleswere stronger than expected at 6.76m in December. The jobs recovery continued toslow with payrolls showing the first fall in seven months given the winter resurgenceof COVID-19. The bulk of the decline came from the private services sector, focused inleisure and hospitality. Meanwhile, employment in the goods sector accelerated.Interest Rate SummaryThe Treasury yield curve continued to steepen over the month (Chart 2). At the end ofJanuary, the 3-month US Treasury bill yielded 0.06%, the 6-month US Treasury billyielded 0.07%, the 2-year US Treasury note yielded 0.11%, the 5-year US Treasury noteyielded 0.42% and the 10-year US Treasury note yielded 1.07%.325 20 15 l 10 Q. 5 a CJ C/l 0 ::, -5 -10 -15 1940 1.2% 1.0% 0.8% ~ 0.6% > > :5 0.4% VI ill ,= 0.2% 1960 1980 2000 2020 ■ US GDP by calendar year 0.0% +-----r-----r----r---~-----,-----,..-------, 3M 6M lY 2Y 3Y SY 7Y l0Y --1/31/2021 --12/31/2020 ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2021 - January 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary21,658,936.87Opening balance49,344.37Income received49,344.37Total receipts(130.06)Expenses paid(130.06)Total disbursements(500,000.00)Interportfolio transfers(500,000.00)Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(11,153.32)Total amortization expense264.42Total OID/MKT accretion income0.00Return of capitalClosing balance21,197,262.28Ending fair value21,564,783.07367,520.79Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.25 0.05 0.01Overnight Repo0.26 0.05 0.01Merrill Lynch 3m US Treas Bill 0.21 0.04 0.01Merrill Lynch 6m US Treas Bill 0.21 0.04 0.01ML 1 Year US Treasury Note 0.25 0.06 0.01ML 2 Year US Treasury Note 0.28 0.07 0.01ML 5 Year US Treasury Note 0.44 0.18 0.04* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned43,998.09Accretion (amortization)(10,888.90)Realized gain (loss) on sales0.00Total income on portfolio33,109.19Average daily amortized cost21,582,363.13Period return (%)Weighted average final maturity in days827YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.31 0.00 1.310.00Corporate Bonds 16,526.68 (5,876.48) 10,650.200.00Government Agencies 19,594.78 (4,412.62) 15,182.160.00Government Bonds 2,453.82 (599.80) 1,854.020.00Municipal/Provincial Bonds 5,421.50 0.00 5,421.50Total 43,998.09 (10,888.90) 0.00 33,109.190.150.154 ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2021 - January 31, 2021SAN RAFAELFair Value Basis Activity Summary22,049,360.95Opening balance49,344.37Income received49,344.37Total receipts(130.06)Expenses paid(130.06)Total disbursements(500,000.00)Interportfolio transfers(500,000.00)Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(33,792.19)Ending fair value21,564,783.07Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.25 0.05 0.01Overnight Repo0.26 0.05 0.01ICE Bofa 3 Months US T-BILL 0.54 0.06 0.01ICE Bofa 6m US Treas Bill 0.90 0.08 0.01ICE Bofa 1 Yr US Treasury Note 1.60 0.10 0.02ICE BofA US Treasury 1-3 2.56 0.07 0.02ICE BofA US Treasury 1-5 3.30 (0.06) (0.05)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.31 0.00 1.31Corporate Bonds 16,526.68 (17,088.06) (561.38)Government Agencies 19,594.78 (14,317.41) 5,277.37Government Bonds 2,453.82 (2,386.72) 67.10Municipal/Provincial Bonds 5,421.50 0.00 5,421.50Total43,998.09 (33,792.19) 10,205.90Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned43,998.09Total income on portfolio10,205.90Average daily total value *22,096,316.30Period return (%)0.05Weighted average final maturity in days827Change in fair value(33,792.19)YTD return (%)0.05* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of January 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents288,470.26 288,470.26 288,470.260.001.350.001Corporate Bonds6,728,752.50 6,671,015.10 6,769,548.92 98,533.82550 31.531.24Government Agencies11,663,651.07 11,582,835.63 11,805,837.33 223,001.70643 54.651.47Government Bonds1,423,602.35 1,415,741.29 1,461,726.56 45,985.27840 6.672.24Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,234 5.818.56Total21,343,676.18 21,197,262.28 21,564,783.07 367,520.79 827 100.001.84Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents1.35Corporate Bonds31.53Government Agencies54.65Government Bonds6.67Municipal/Provincial Bonds5.81Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of January 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,365,932.76 11.0990 to 179 days1,531,070.00 7.17180 days to 1 year3,881,997.30 18.191 to 2 years4,936,608.83 23.132 to 3 years4,814,477.74 22.563 to 4 years2,574,389.55 12.064 to 5 years0.00 0.00Over 5 years1,239,200.00 5.8121,343,676.18 100.00Maturity distribution0.001.002.003.004.005.00Historical 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, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000288,470.26 288,470.26 0.00 0.00 1.35288,470.26288,470.26Cash and Cash EquivalentsTotal Cash and Cash Equivalents288,470.26 288,470.26 288,470.26 0.00 1.350.00288,470.26Corporate Bonds254687CK04.500 02/15/2021 515,190.00 500,543.79 221.21 10,375.00 2.41500,765.00500,000.00WALT DISNEY COMPANY/THE 4.5% 15FEB202146625HQJ22.550 03/01/2021 494,725.00 499,783.98 716.02 5,312.50 2.32500,500.00500,000.00JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE18FEB21)0258M0EB12.250 05/05/2021 552,667.50 550,364.79 1,575.27 2,956.2504/04/20212.59551,940.06550,000.00AMERICAN EXPRESS CREDIT 2.25% 05MAY2021(CALLABLE 04APR21)91159HHA14.125 05/24/2021 514,880.00 502,541.23 1,752.88 3,838.5404/23/20212.41504,294.11500,000.00US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)17325FAQ13.400 07/23/2021 507,030.00 501,349.38 4,965.36 377.7806/23/20212.38506,314.74500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)717081DZ32.200 12/15/2021 503,615.00 501,583.76 6,898.96 1,405.562.36508,482.72500,000.00PFIZER INC 2.2% 15DEC2021149123BX82.600 06/26/2022 500,300.00 500,121.05 12,876.31 1,263.8903/26/20222.34512,997.36500,000.00CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE26MAR22)931142DH32.550 04/11/2023 509,155.00 505,370.42 17,070.49 3,895.8301/11/20232.39522,440.91500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 504,279.60 19,387.32 2,933.33 2.37523,666.92500,000.00APPLE INC 2.4% 03MAY202394988J5R43.550 08/14/2023 539,535.00 539,092.77 (323.15) 8,234.0307/14/20232.53538,769.62500,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)8 SECURITIES HELDAs of January 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds06051GHC63.004 12/20/2023 525,795.00 522,316.28 1,460.91 1,710.6112/20/20222.46523,777.19500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)693475AV73.500 01/23/2024 523,455.00 515,405.27 28,425.53 388.8912/24/20232.45543,830.80500,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)06051GHF93.550 03/05/2024 535,525.00 528,262.78 3,506.71 7,198.6103/05/20232.51531,769.49500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)Total Corporate Bonds6,728,752.50 6,671,015.10 6,769,548.92 98,533.82 31.5349,890.826,550,000.00Government Agencies313373ZY13.625 06/11/2021 1,024,040.00 1,003,864.10 8,887.92 5,034.72 4.801,012,752.021,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,639.47 7,634.42 5,581.252.82608,273.89600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,718.30 9,950.80 4,789.58 5.151,109,669.101,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,661,119.17 24,579.32 1,959.38 7.861,685,698.491,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,006,621.16 19,770.65 9,722.22 4.761,026,391.811,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,889.61 17,909.21 3,866.67 2.82618,798.82600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,011,468.57 33,281.84 3,611.11 4.781,044,750.411,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 (338.41) 1,300.0008/25/20214.69999,661.591,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)9 SECURITIES HELDAs of January 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0U432.875 09/12/2023 1,047,553.22 1,031,347.19 39,419.60 11,100.69 4.911,070,766.791,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 614,932.13 25,990.89 7,333.33 2.91640,923.02600,000.00FANNIE MAE 2.5% 05FEB20243136G46B40.350 04/26/2024 1,199,700.00 1,199,721.48 95.29 1,108.3310/26/20215.621,199,816.771,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3135G0V751.750 07/02/2024 753,426.75 752,514.45 35,820.17 1,057.29 3.53788,334.62750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,663,651.07 11,582,835.63 11,805,837.33 223,001.70 54.6556,464.5711,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 757,769.41 17,953.25 2,554.95 3.57775,722.66750,000.00USA TREASURY 2% 30NOV2022912828U572.125 11/30/2023 661,529.52 657,971.88 28,032.02 2,352.68 3.10686,003.90650,000.00USA TREASURY 2.125% 30NOV2023Total Government Bonds1,423,602.35 1,415,741.29 1,461,726.56 45,985.27 6.674,907.631,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 26,926.78 5.811,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 5.8126,926.781,239,200.00Grand total21,343,676.18 21,197,262.28 367,520.7920,977,670.26100.00138,189.8021,564,783.0710 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 5.15 1,109,669.10 5.15 0.683135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.82 618,798.82 2.87 1.653135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.91 1,070,766.79 4.97 2.513135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.91 640,923.02 2.97 2.893136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 5.62 1,199,816.77 5.56 1.613135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.53 788,334.62 3.66 3.33Issuer total5,250,000.00 5,322,976.77 24.94 5,428,309.12 25.17 1.99Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.80 1,012,752.02 4.70 0.36313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.82 608,273.89 2.82 0.61313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.76 1,026,391.81 4.76 1.093130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.78 1,044,750.41 4.84 1.82Issuer total3,600,000.00 3,664,040.00 17.17 3,692,168.13 17.12 1.01Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.86 1,685,698.49 7.82 0.953134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 4.69 999,661.59 4.64 1.19Issuer total2,650,000.00 2,676,634.30 12.54 2,685,360.08 12.45 1.04United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.57 775,722.66 3.60 1.80912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 3.10 686,003.90 3.18 2.75Issuer total1,400,000.00 1,423,602.35 6.67 1,461,726.56 6.78 2.2411 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 5.81 1,239,200.00 5.75 8.56Issuer total1,239,200.00 1,239,200.00 5.81 1,239,200.00 5.75 8.56Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 2.46 523,777.19 2.43 1.8406051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 2.51 531,769.49 2.47 2.00Issuer total1,000,000.00 1,061,320.00 4.97 1,055,546.68 4.89 1.92American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.59 551,940.06 2.56 0.18Issuer total550,000.00 552,667.50 2.59 551,940.06 2.56 0.18PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.45 543,830.80 2.52 2.78Issuer total500,000.00 523,455.00 2.45 543,830.80 2.52 2.78Wells Fargo Bank NA94988J5R4WELLS FARGO BANK NA 3.550 08/14/2023 07/14/2023 A+ Aa2 500,000.00 539,535.00 2.53 538,769.62 2.50 2.33Issuer total500,000.00 539,535.00 2.53 538,769.62 2.50 2.33Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.37 523,666.92 2.43 2.19Issuer total500,000.00 506,880.00 2.37 523,666.92 2.43 2.19Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.39 522,440.91 2.42 1.90Issuer total500,000.00 509,155.00 2.39 522,440.91 2.42 1.9012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCaterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.34 512,997.36 2.38 1.13Issuer total500,000.00 500,300.00 2.34 512,997.36 2.38 1.13Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 2.36 508,482.72 2.36 0.87Issuer total500,000.00 503,615.00 2.36 508,482.72 2.36 0.87Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.38 506,314.74 2.35 0.40Issuer total500,000.00 507,030.00 2.38 506,314.74 2.35 0.40US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.41 504,294.11 2.34 0.23Issuer total500,000.00 514,880.00 2.41 504,294.11 2.34 0.23Walt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 BBB+ A2 500,000.00 515,190.00 2.41 500,765.00 2.32 0.05Issuer total500,000.00 515,190.00 2.41 500,765.00 2.32 0.05JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 A- A2 500,000.00 494,725.00 2.32 500,500.00 2.32 0.08Issuer total500,000.00 494,725.00 2.32 500,500.00 2.32 0.08Cash and Cash EquivalentsINVESTED CASH 0.000288,470.26 288,470.26 0.00 288,470.26 1.34 0.00Issuer total288,470.26 288,470.26 0.00 288,470.26 1.34 0.00Grand total20,977,670.26 21,343,676.18 100.00 21,564,783.07 100.001.8413 SECURITIES PURCHASEDFor the period January 1, 2021 - January 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds94988J5R43.55001/21/2021 08/14/2023 500,000.00 107.91 (539,535.00) (7,938.19)07/14/202301/25/2021WELLS FARGO BANK NA 3.55%WELLS FARGO SECURITIES, LLC500,000.00 (539,535.00) (7,938.19)Total Corporate BondsGrand totalGrand total500,000.00 (539,535.00) (7,938.19)14 SECURITIES SOLD AND MATUREDFor the period January 1, 2021 - January 31, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds94974BFR63.00001/22/2021 (500,000.00) 501,180.00 500,000.00 0.00 500,000.00 0.00 0.0001/22/2021WELLS FARGO & CO NEW MEDIUMTERM SR NTS 3 DUE 01-22-2021(500,000.00)0.00501,180.00 500,000.00 500,000.00 0.00Total (Corporate Bonds)Government Agencies3133EJ4Q92.55001/11/2021 (500,000.00) 499,100.00 500,000.00 0.00 500,000.00 0.00 0.0001/11/2021FEDERAL FARM CREDIT BANK 2.55%DUE 01-11-2021(500,000.00)0.00499,100.00 500,000.00 500,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,000,000.00)0.001,000,280.00 1,000,000.00 1,000,000.00 0.0015 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2021 - January 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.310.000.001.310.00Total Cash1.310.000.001.310.00Corporate BondsAMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 04APR21)1,031.25(170.99)(866.56)0.000.000258M0EB1APPLE INC 2.4% 03MAY20231,000.00(157.92)(815.05)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,251.67(984.55)(2,477.81)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,479.17(1,123.02)(2,375.34)0.000.0006051GHF9CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE 26MAR22)1,083.33(8.73)(1,014.84)0.000.00149123BX8CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,416.67(283.09)(1,049.85)8,500.000.0017325FAQ1JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE 18FEB21)1,062.50209.05(296.48)0.000.0046625HQJ2PFIZER INC 2.2% 15DEC2021916.67(150.84)(1,229.76)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)1,458.33(443.10)(1,102.18)8,750.000.00693475AV7US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)1,718.75(918.52)(1,505.70)0.000.0091159HHA1WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,062.50(229.84)(1,371.02)0.000.00931142DH3WALT DISNEY COMPANY/THE 4.5% 15FEB20211,875.00(1,087.59)(1,568.34)0.000.00254687CK0WELLS FARGO & CO NEW MEDIUM TERM SR NTS 3 DUE 01-22-2021875.00(85.11)(649.75)7,500.000.0094974BFR6WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)295.84(442.23)(765.38)0.000.0094988J5R4Total Corporate Bonds16,526.68(5,876.48) (17,088.06) 24,750.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)350.007.16(34.55)0.000.003136G46B416 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2021 - January 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFANNIE MAE 1.375% 07OCT20211,260.4134.21(826.22)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,093.75(61.23)(1,349.18)6,562.500.003135G0V75FANNIE MAE 2% 05OCT20221,000.00(44.12)(779.18)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,250.00(412.87)(1,715.26)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,395.83(998.32)(737.33)0.000.003135G0U43FEDERAL FARM CREDIT BANK 2.55% DUE 01-11-2021354.1714.00(258.77)6,375.000.003133EJ4Q9FEDERAL HOME LOAN BANK 2.375% 10SEP20211,187.50(87.20)(849.22)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,083.33(514.29)(669.07)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,083.33(495.35)(1,909.72)0.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20213,020.83(884.91)(2,749.37)0.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)250.000.009.970.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,265.63(969.70)(2,449.51)19,593.750.003137EADB2Total Government Agencies19,594.78(4,412.62) (14,317.41) 32,531.250.00Government BondsUSA TREASURY 2% 30NOV20221,277.48(360.56)(1,142.57)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.24)(1,244.15)0.000.00912828U57Total Government Bonds2,453.82(599.80)(2,386.72)0.000.0017 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2021 - January 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,421.500.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,421.500.000.000.000.00Grand total43,998.09(10,888.90) (33,792.19) 57,282.560.0018 TRANSACTION REPORTFor the period January 1, 2021 - January 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,562.5001/02/202101/02/2021Income3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2024 07/02/2024 750,000.00 0.00 6,562.500.006,375.0001/11/202101/11/2021Income3133EJ4Q9 Government Agencies FEDERAL FARM CREDIT BANK 01/11/2021 500,000.00 0.00 6,375.000.000.0001/11/202101/11/2021Capital Change3133EJ4Q9 Government Agencies FEDERAL FARM CREDIT BANK 01/11/2021 (500,000.00) 500,000.00 500,000.000.0019,593.7501/13/202101/13/2021Income3137EADB2 Government Agencies FREDDIE MAC 2.375% 01/13/2022 1,650,000.00 0.00 19,593.750.00(7,938.19)01/21/202101/25/2021Bought94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 500,000.00 (539,535.00) (547,473.19)0.007,500.0001/22/202101/22/2021Income94974BFR6 Corporate Bonds WELLS FARGO & CO NEW 01/22/2021 500,000.00 0.00 7,500.000.000.0001/22/202101/22/2021Capital Change94974BFR6 Corporate Bonds WELLS FARGO & CO NEW 01/22/2021 (500,000.00) 500,000.00 500,000.000.008,500.0001/23/202101/23/2021Income17325FAQ1 Corporate Bonds CITIBANK NA 3.4% 23JUL2021 07/23/2021 500,000.00 0.00 8,500.000.008,750.0001/23/202101/23/2021Income693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 500,000.00 0.00 8,750.000.001.31Income Cash and Cash Equivalents Cash1.310.00 0.000.0001/31/202119 ADDITIONAL INFORMATIONAs of January 31, 2021SAN 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 ICE BofA 3 Month 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 ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 ICE BofA 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, 2021SAN 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.© 2021 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 2021 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 11Securities purchased14Securities sold and matured 15Detail of return and interest received 16Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of February 28, 2021SAN RAFAELChart 1: 10-year inflation ‘breakeven’ trades around 2-year highsSource:BloombergFinanceLP, February28, 2021.Chart 2: Yield curve steepens furtherSource: Bloomberg Finance LP, February 28, 2021.Economic Indicators and Monetary PolicyThe House of Representatives passed the Biden administration’s $1.9trn fiscalpandemic-relief plan by a margin of 219 to 212 votes. The package includes $1,400stimulus checks, enhanced jobless benefits and fresh funding for vaccines andtesting. It also includes a minimum-wage measure which has little prospect of passingin the Senate.The US passed a threshold of 500,000 COVID-19 deaths since the start of thepandemic. However, on a more positive note there was an encouraging accelerationin vaccinations, with the US performing almost 2.5m daily bythe end of the month.Hospitalization rates also continued to fall and as a result, social restrictionscontinued to be scaled back. New vaccine efficacy data released internationallypainted an increasingly encouraging picture of the effectiveness of vaccines.Fed Chair Jerome Powell emphasized the continued need for accommodation even asthe economic outlook improves, this helped 10-year inflation expectations tradearound 2-year highs (Chart 1). At the end of the month there was also a particularlysharp sell-off in longer-dated Treasuries (Chart 2), with 10-year yields reaching a 1-year high.Economic data was generally encouraging. Q4 real GDP was revised up to 4.1% from4.0% largely due to stronger residential and equipment investment. Personal incomesrose 10% (month-on-month), mostly reflecting the disbursement of the $600 stimuluschecks. Durable goods orders rose 3.4%, stronger than consensus expectations of1.1%, and leading to a pick-up in other industrial sector data.At the start of the month, payrolls data disappointed, with just 49,000 new jobs addedin January, versus 105,000 expected. The ISM manufacturingPMI slid 1.8pts to 58.7,reflecting some cooling of new orders and production amid intensifying supplypressures, albeit the index remained at strong levels.Interest Rate SummaryThe Treasury yield curve continued to steepen over the month, with long-dated yieldspushing higher (Chart 2). At the end of February, the 3-monthUS Treasury bill yielded0.04%, the 6-month US Treasury bill yielded 0.05%, the 2-year US Treasury note yielded0.13%, the 5-year US Treasury note yielded 0.73% and the 10-year US Treasury noteyielded 1.41%.0.50.70.91.11.31.51.71.92.12.32.5Feb14 Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21%US 10year inflation breakeven0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%3M 6M 1Y 2Y 3Y 5Y 7Y 10YFeb21Jan213 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2021 - February 28, 2021SAN RAFAELAmortized Cost Basis Activity Summary21,197,262.28Opening balance29,222.63Income received29,222.63Total receipts(127.03)Expenses paid(127.03)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers90.59Realized gain (loss)0.00Change in accruals from security movement(12,961.13)Total amortization expense167.05Total OID/MKT accretion income0.00Return of capitalClosing balance21,213,654.39Ending fair value21,537,538.52323,884.13Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.13 0.04 0.01Overnight Repo0.14 0.05 0.01Merrill Lynch 3m US Treas Bill 0.09 0.03 0.00Merrill Lynch 6m US Treas Bill 0.10 0.04 0.00ML 1 Year US Treasury Note 0.15 0.05 0.01ML 2 Year US Treasury Note 0.18 0.07 0.01ML 5 Year US Treasury Note 0.38 0.19 0.04* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned39,390.91Accretion (amortization)(12,794.08)Realized gain (loss) on sales90.59Total income on portfolio26,687.42Average daily amortized cost21,206,151.58Period return (%)Weighted average final maturity in days855YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 2.98 0.00 2.9890.59Corporate Bonds 14,975.67 (7,793.68) 7,272.580.00Government Agencies 17,316.57 (4,458.66) 12,857.910.00Government Bonds 2,216.34 (541.74) 1,674.600.00Municipal/Provincial Bonds 4,879.35 0.00 4,879.35Total 39,390.91 (12,794.08) 90.59 26,687.420.130.284 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2021 - February 28, 2021SAN RAFAELFair Value Basis Activity Summary21,564,783.07Opening balance29,222.63Income received29,222.63Total receipts(127.03)Expenses paid(127.03)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 period(56,340.15)Ending fair value21,537,538.52Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.13 0.04 0.01Overnight Repo0.14 0.05 0.01ICE Bofa 3 Months US T-BILL 0.40 0.06 0.01ICE Bofa 6m US Treas Bill 0.66 0.10 0.02ICE Bofa 1 Yr US Treasury Note 1.14 0.13 0.02ICE BofA US Treasury 1-3 1.60 0.01 (0.08)ICE BofA US Treasury 1-5 1.72 (0.38) (0.38)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 2.98 0.00 2.98Corporate Bonds 14,975.67 (20,354.24) (5,378.57)Government Agencies 17,316.57 (31,357.01) (14,040.44)Government Bonds 2,216.34 (4,628.90) (2,412.56)Municipal/Provincial Bonds 4,879.35 0.00 4,879.35Total39,390.91 (56,340.15) (16,949.24)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned39,390.91Total income on portfolio(16,949.24)Average daily total value *21,702,577.70Period return (%)(0.08)Weighted average final maturity in days855Change in fair value(56,340.15)YTD return (%)(0.03)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of February 28, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents241,390.86 241,390.86 241,390.860.001.130.001Corporate Bonds6,795,012.50 6,739,487.01 6,825,369.68 85,882.67694 31.811.54Government Agencies11,663,651.07 11,578,376.97 11,774,480.32 196,103.35615 54.601.40Government Bonds1,423,602.35 1,415,199.55 1,457,097.66 41,898.11812 6.662.17Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,206 5.808.67Total21,362,856.78 21,213,654.39 21,537,538.52 323,884.13 855 100.001.90Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents1.13Corporate Bonds31.81Government Agencies54.60Government Bonds6.66Municipal/Provincial Bonds5.80Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of February 28, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,308,938.36 6.1390 to 179 days2,531,070.00 11.85180 days to 1 year3,881,997.30 18.171 to 2 years4,936,608.83 23.112 to 3 years5,511,915.54 25.803 to 4 years1,953,126.75 9.144 to 5 years0.00 0.00Over 5 years1,239,200.00 5.8021,362,856.78 100.00Maturity distribution0.002.004.006.00Historical 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 28, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000241,390.86 241,390.86 0.00 0.00 1.13241,390.86241,390.86Cash and Cash EquivalentsTotal Cash and Cash Equivalents241,390.86 241,390.86 241,390.86 0.00 1.130.00241,390.86Corporate Bonds0258M0EB12.250 05/05/2021 552,667.50 550,193.79 851.21 3,884.3804/04/20212.59551,045.00550,000.00AMERICAN EXPRESS CREDIT 2.25% 05MAY2021(CALLABLE 05APR21)91159HHA14.125 05/24/2021 514,880.00 501,622.72 1,152.84 5,385.4204/23/20212.41502,775.56500,000.00US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)17325FAQ13.400 07/23/2021 507,030.00 501,066.30 3,833.50 1,652.7806/23/20212.37504,899.80500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)717081DZ32.200 12/15/2021 503,615.00 501,432.93 5,693.55 2,230.562.36507,126.48500,000.00PFIZER INC 2.2% 15DEC2021149123BX82.600 06/26/2022 500,300.00 500,112.32 11,823.99 2,238.8903/26/20222.34511,936.31500,000.00CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE15MAR21)931142DH32.550 04/11/2023 509,155.00 505,140.59 15,931.42 4,852.0801/11/20232.38521,072.01500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 504,121.68 18,240.42 3,833.33 2.37522,362.10500,000.00APPLE INC 2.4% 03MAY202394988J5R43.550 08/14/2023 539,535.00 537,766.10 294.28 690.2807/14/20232.53538,060.38500,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)06051GHC63.004 12/20/2023 525,795.00 521,331.74 688.30 2,837.1112/20/20222.46522,020.04500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)693475AV73.500 01/23/2024 523,455.00 514,962.16 27,127.43 1,701.3912/24/20232.45542,089.59500,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)8 SECURITIES HELDAs of February 28, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds88579YBB63.250 02/14/2024 541,935.00 541,178.34 (1,589.32) 631.9401/14/20242.54539,589.02500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)06051GHF93.550 03/05/2024 535,525.00 527,139.75 2,967.57 8,529.8603/05/20232.51530,107.32500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 533,418.59 (1,132.52) 6,178.8204/23/20232.50532,286.07500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds6,795,012.50 6,739,487.01 6,825,369.68 85,882.67 31.8144,646.846,550,000.00Government Agencies313373ZY13.625 06/11/2021 1,024,040.00 1,002,979.19 6,909.79 7,753.47 4.791,009,888.981,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,552.27 6,909.95 6,650.002.82607,462.22600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,752.52 8,773.55 5,923.96 5.151,108,526.071,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,660,117.16 22,417.47 4,898.44 7.851,682,534.631,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,006,125.81 18,344.78 11,597.22 4.761,024,470.591,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,845.50 16,931.01 4,766.67 2.82617,776.51600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,010,954.29 30,398.47 5,486.11 4.781,041,352.761,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 543.41 25.0008/25/20214.681,000,543.411,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)9 SECURITIES HELDAs of February 28, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0U432.875 09/12/2023 1,047,553.22 1,030,348.87 34,782.71 13,256.94 4.901,065,131.581,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 614,519.26 23,291.73 958.33 2.91637,810.99600,000.00FANNIE MAE 2.5% 05FEB20243136G46B40.350 04/26/2024 1,199,700.00 1,199,728.88 (4,246.00) 1,423.3310/26/20215.621,195,482.881,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3135G0V751.750 07/02/2024 753,426.75 752,453.22 31,046.48 2,041.67 3.53783,499.70750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,663,651.07 11,578,376.97 11,774,480.32 196,103.35 54.6064,781.1411,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 757,443.75 16,696.88 3,708.79 3.57774,140.63750,000.00USA TREASURY 2% 30NOV2022912828U572.125 11/30/2023 661,529.52 657,755.80 25,201.23 3,415.18 3.10682,957.03650,000.00USA TREASURY 2.125% 30NOV2023Total Government Bonds1,423,602.35 1,415,199.55 1,457,097.66 41,898.11 6.667,123.971,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 31,806.13 5.801,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 5.8031,806.131,239,200.00Grand total21,362,856.78 21,213,654.39 323,884.1320,930,590.86100.00148,358.0821,537,538.5210 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 5.15 1,108,526.07 5.15 0.613135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.82 617,776.51 2.87 1.573135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.90 1,065,131.58 4.95 2.433135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.91 637,810.99 2.96 2.853136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 5.62 1,195,482.88 5.55 1.763135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.53 783,499.70 3.64 3.26Issuer total5,250,000.00 5,322,976.77 24.92 5,408,227.73 25.11 1.97Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.79 1,009,888.98 4.69 0.29313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.82 607,462.22 2.82 0.53313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.76 1,024,470.59 4.76 1.013130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.78 1,041,352.76 4.84 1.74Issuer total3,600,000.00 3,664,040.00 17.15 3,683,174.55 17.10 0.93Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.85 1,682,534.63 7.81 0.873134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 4.68 1,000,543.41 4.65 0.99Issuer total2,650,000.00 2,676,634.30 12.53 2,683,078.04 12.46 0.91United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.57 774,140.63 3.59 1.72912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 3.10 682,957.03 3.17 2.68Issuer total1,400,000.00 1,423,602.35 6.66 1,457,097.66 6.77 2.1711 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 5.80 1,239,200.00 5.75 8.67Issuer total1,239,200.00 1,239,200.00 5.80 1,239,200.00 5.75 8.67Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 2.46 522,020.04 2.42 1.7606051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 2.51 530,107.32 2.46 1.93Issuer total1,000,000.00 1,061,320.00 4.97 1,052,127.36 4.89 1.85American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.59 551,045.00 2.56 0.10Issuer total550,000.00 552,667.50 2.59 551,045.00 2.56 0.10PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.45 542,089.59 2.52 2.70Issuer total500,000.00 523,455.00 2.45 542,089.59 2.52 2.703M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 2.54 539,589.02 2.51 2.77Issuer total500,000.00 541,935.00 2.54 539,589.02 2.51 2.77Wells Fargo Bank NA94988J5R4WELLS FARGO BANK NA 3.550 08/14/2023 07/14/2023 A+ Aa2 500,000.00 539,535.00 2.53 538,060.38 2.50 2.30Issuer total500,000.00 539,535.00 2.53 538,060.38 2.50 2.30JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 2.50 532,286.07 2.47 2.06Issuer total500,000.00 534,240.00 2.50 532,286.07 2.47 2.0612 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesApple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.37 522,362.10 2.43 2.11Issuer total500,000.00 506,880.00 2.37 522,362.10 2.43 2.11Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.38 521,072.01 2.42 1.83Issuer total500,000.00 509,155.00 2.38 521,072.01 2.42 1.83Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.34 511,936.31 2.38 1.06Issuer total500,000.00 500,300.00 2.34 511,936.31 2.38 1.06Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 2.36 507,126.48 2.35 0.79Issuer total500,000.00 503,615.00 2.36 507,126.48 2.35 0.79Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.37 504,899.80 2.34 0.32Issuer total500,000.00 507,030.00 2.37 504,899.80 2.34 0.32US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.41 502,775.56 2.33 0.15Issuer total500,000.00 514,880.00 2.41 502,775.56 2.33 0.15Cash and Cash EquivalentsINVESTED CASH 0.000241,390.86 241,390.86 0.00 241,390.86 1.12 0.00Issuer total241,390.86 241,390.86 0.00 241,390.86 1.12 0.00Grand total20,930,590.86 21,362,856.78 100.00 21,537,538.52 100.001.9013 SECURITIES PURCHASEDFor the period February 1, 2021 - February 28, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds88579YBB63.25002/12/2021 02/14/2024 500,000.00 108.39 (541,935.00) (135.42)01/14/202402/17/20213M COMPANY 3.25% 14FEB2024BARCLAYS CAPITAL46647PAP13.55902/12/2021 04/23/2024 500,000.00 106.85 (534,240.00) (5,684.51)04/23/202302/18/2021JPMORGAN CHASE & CO 3.559%J.P. MORGAN SECURITIES LLC1,000,000.00 (1,076,175.00) (5,819.93)Total Corporate BondsGrand totalGrand total1,000,000.00 (1,076,175.00) (5,819.93)14 SECURITIES SOLD AND MATUREDFor the period February 1, 2021 - February 28, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds254687CK04.50002/16/2021 (500,000.00) 515,190.00 500,000.00 0.00 500,000.00 0.00 0.0002/16/2021DISNEY WALT CO SR NT 4.5%02-15-202146625HQJ22.55002/18/2021 (500,000.00) 494,725.00 499,909.41 0.00 500,000.00 90.59 0.0002/18/2021JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE 18FEB21)(1,000,000.00)0.001,009,915.00 999,909.41 1,000,000.00 90.59Total (Corporate Bonds)Grand totalGrand total(1,000,000.00)0.001,009,915.00 999,909.41 1,000,000.00 90.5915 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2021 - February 28, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents2.980.000.002.980.00Total Cash2.980.000.002.980.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)496.52(756.66)(2,345.98)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 05APR21)928.13(171.00)(895.06)0.000.000258M0EB1APPLE INC 2.4% 03MAY2023900.00(157.92)(1,304.82)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,126.50(984.54)(1,757.15)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,331.25(1,123.03)(1,662.17)0.000.0006051GHF9CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE 15MAR21)975.00(8.73)(1,061.05)0.000.00149123BX8CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,275.00(283.08)(1,414.94)0.000.0017325FAQ1DISNEY WALT CO SR NT 4.5% 02-15-2021875.00(543.79)(765.00)11,250.000.00254687CK0JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE 18FEB21)602.08125.43(500.00)5,914.5890.5946625HQJ2JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)494.31(821.41)(1,953.93)0.000.0046647PAP1PFIZER INC 2.2% 15DEC2021825.00(150.83)(1,356.24)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)1,312.50(443.11)(1,741.21)0.000.00693475AV7US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)1,546.88(918.51)(1,518.55)0.000.0091159HHA1WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)956.25(229.83)(1,368.90)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)1,331.25(1,326.67)(709.24)8,875.000.0094988J5R4Total Corporate Bonds14,975.67(7,793.68) (20,354.24) 26,039.5890.5916 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2021 - February 28, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)315.007.40(4,333.89)0.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,134.3834.22(1,143.03)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL2024984.38(61.23)(4,834.92)0.000.003135G0V75FANNIE MAE 2% 05OCT2022900.00(44.11)(1,022.31)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,125.00(412.87)(3,112.03)7,500.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,156.25(998.32)(5,635.21)0.000.003135G0U43FEDERAL HOME LOAN BANK 2.375% 10SEP20211,068.75(87.20)(811.67)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20221,875.00(514.28)(3,397.65)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20221,875.00(495.35)(1,921.22)0.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20212,718.75(884.91)(2,863.04)0.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)225.000.00881.821,500.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20222,939.06(1,002.01)(3,163.86)0.000.003137EADB2Total Government Agencies17,316.57(4,458.66) (31,357.01) 9,000.000.00Government BondsUSA TREASURY 2% 30NOV20221,153.84(325.66)(1,582.03)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,062.50(216.08)(3,046.87)0.000.00912828U57Total Government Bonds2,216.34(541.74)(4,628.90)0.000.0017 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2021 - February 28, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,879.350.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,879.350.000.000.000.00Grand total39,390.91(12,794.08) (56,340.15) 35,042.5690.5918 TRANSACTION REPORTFor the period February 1, 2021 - February 28, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,500.0002/05/202102/05/2021Income3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB2024 02/05/2024 600,000.00 0.00 7,500.000.00(5,684.51)02/12/202102/18/2021Bought46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/2024 500,000.00 (534,240.00) (539,924.51)0.00(135.42)02/12/202102/17/2021Bought88579YBB6 Corporate Bonds 3M COMPANY 3.25% 02/14/2024 500,000.00 (541,935.00) (542,070.42)0.0011,250.0002/15/202102/15/2021Income254687CK0 Corporate Bonds DISNEY WALT CO SR NT 4.5% 02/15/2021 500,000.00 0.00 11,250.000.000.0002/16/202102/16/2021Capital Change254687CK0 Corporate Bonds DISNEY WALT CO SR NT 4.5% 02/15/2021 (500,000.00) 500,000.00 500,000.000.008,875.0002/16/202102/16/2021Income94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 500,000.00 0.00 8,875.000.005,914.5802/18/202102/18/2021Income46625HQJ2 Corporate Bonds JPMORGAN CHASE & CO 2.55% 03/01/2021 500,000.00 0.00 5,914.580.000.0002/18/202102/18/2021Capital Change46625HQJ2 Corporate Bonds JPMORGAN CHASE & CO 2.55% 03/01/2021 (500,000.00) 500,000.00 500,000.0090.591,500.0002/25/202102/25/2021Income3134GW2F2 Government Agencies FREDDIE MAC 0.3% 25MAY2023 05/25/2023 1,000,000.00 0.00 1,500.000.002.98Income Cash and Cash Equivalents Cash2.980.00 0.000.0002/28/202119 ADDITIONAL INFORMATIONAs of February 28, 2021SAN 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 ICE BofA 3 Month 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 ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 ICE BofA 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 28, 2021SAN 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.© 2021 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 2021 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 11Securities purchased14Securities sold and matured 15Detail of return and interest received 16Transaction report18Additional information19 FIXED INCOME MARKET REVIEWAs of March 31, 2021SAN RAFAELChart 1: The FederalReserve’s economic forecasts continue to riseSource:Federal Reserve, March31, 2021.Chart 2: The Federal Reserve’s unemployment forecasts continue to fallSource: Federal Reserve, March 31, 2021.Economic Indicators and Monetary PolicyAt perhaps the most anticipated FOMC meeting since last spring, the Fed significantlyrevised its economic projections to reflect the $1.9bn stimulus package signed byPresident Biden and the accelerating pace of US COVID-19 vaccinations.After the US economy performed significantly better than feared last year, the Fednow forecasts GDP growth at 6.5% this year (from 4.2% previously), unemploymentbelow 4% by the end of 2022 and perhaps most notably, core PCE at or above its 2%target over the next three years. The Fed’s closely watched dot plot was unchanged,reflectinga median expectationof no policy rate hikes through2023.The US continued to ramp up COVID-19 vaccinations, performing around ~3m perday. At the end of the month, close to 100 million American residents received atleast one dose of a vaccineclose to 40% of the adult population. Economicrestrictions continued to be scaled back as COVID cases, hospitalizations andmortalities declined. Business restrictions were even removed outright in Texas andMississippi.Economic data was generally encouraging. The Conference Board's index ofconsumer confidence rose to 109.7 in March, the highest reading in one year. Retailsales declined in February, but was more than forecast at -3%, and was fully offset bylarge upward revisions to prior months, particularly January at 7.6% from 5.3%. TheISM services index fell in February to 55.3 from 58.7, weaker than consensusexpectations but still in expansionary territory.At the start of the month, the February jobs report was strong: nonfarm payrollsincreased by an impressive 379,000 and the unemployment rate dropped to 6.2%. Butlabor market slack remains, and the economy is still far from maximum employment.Interest Rate SummaryThe Treasury yield curve continued to steepen over the month, with long-dated yieldspushing higher. At the end of February, the 3-month US Treasury bill yielded 0.02%,the 6-month US Treasury bill yielded 0.04%, the 2-year US Treasury note yielded 0.16%,the 5-year US Treasury note yielded 0.94% and the 10-year US Treasury note yielded1.74%.38% 6% 4% 2% 0% -2% -4% 7% 6% 5% 4% 3% 2% 1% 0% 7.4% -1.8% Fed forecast: YE 2021 cumulative GDP Fed forecast: YE 2022 cumulative GDP growth from YE 2019 level growth from YE 2019 level ■Jun-20 ■Sep-20 ■Dec-20 ■Mar-21 6.5% Fed forecast: YE 2021 unemployment rate Fed forecast: YE 2022 unemployment rate ■ Jun-20 ■ Sep-20 ■ Dec-20 • Mar-21 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2021 - March 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary21,213,654.39Opening balance73,953.09Income received73,953.09Total receipts(32,529.00)Participant withdrawals(126.86)Expenses paid(32,655.86)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers15,037.05Realized gain (loss)0.00Change in accruals from security movement(13,947.47)Total amortization expense41.13Total OID/MKT accretion income0.00Return of capitalClosing balance21,256,082.33Ending fair value21,542,739.17286,656.84Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.09 0.04 0.00Merrill Lynch 3m US Treas Bill 0.07 0.03 0.00Merrill Lynch 6m US Treas Bill 0.09 0.03 0.00ML 1 Year US Treasury Note 0.13 0.05 0.01ML 2 Year US Treasury Note 0.15 0.07 0.01ML 5 Year US Treasury Note 0.40 0.24 0.07* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned48,094.27Accretion (amortization)(13,906.34)Realized gain (loss) on sales15,037.05Total income on portfolio49,224.98Average daily amortized cost21,245,331.83Period return (%)Weighted average final maturity in days847YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.31 0.00 1.3115,037.05Corporate Bonds 18,510.80 (8,912.03) 24,635.820.00Government Agencies 21,164.70 (4,394.52) 16,770.180.00Government Bonds 2,453.81 (599.79) 1,854.020.00Municipal/Provincial Bonds 5,963.65 0.00 5,963.65Total 48,094.27 (13,906.34) 15,037.05 49,224.980.230.514 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2021 - March 31, 2021SAN RAFAELFair Value Basis Activity Summary21,537,538.52Opening balance73,953.09Income received73,953.09Total receipts(32,529.00)Participant withdrawals(126.86)Expenses paid(32,655.86)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 period(36,096.58)Ending fair value21,542,739.17Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.09 0.04 0.00ICE Bofa 3 Months US T-BILL 0.12 0.06 0.01ICE Bofa 6m US Treas Bill 0.16 0.09 0.02ICE Bofa 1 Yr US Treasury Note 0.17 0.12 0.02ICE BofA US Treasury 1-3 0.24 0.00 0.02ICE BofA US Treasury 1-5 (0.09) (0.50) (0.10)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.31 0.00 1.31Corporate Bonds 18,510.80 (16,784.03) 1,726.77Government Agencies 21,164.70 (17,267.63) 3,897.07Government Bonds 2,453.81 (2,044.92) 408.89Municipal/Provincial Bonds 5,963.65 0.00 5,963.65Total48,094.27 (36,096.58) 11,997.69Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned48,094.27Total income on portfolio11,997.69Average daily total value *21,659,069.27Period return (%)0.06Weighted average final maturity in days847Change in fair value(36,096.58)YTD return (%)0.02* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of March 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents(455,572.91) (455,572.91) (455,572.91)0.00(2.13)0.001Corporate Bonds7,548,118.50 7,483,873.03 7,546,846.65 62,973.62671 35.241.51Government Agencies11,663,651.07 11,573,982.45 11,757,212.69 183,230.24582 54.451.32Government Bonds1,423,602.35 1,414,599.76 1,455,052.74 40,452.98779 6.652.08Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,173 5.798.82Total21,418,999.01 21,256,082.33 21,542,739.17 286,656.84 847 100.001.90Corporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents(2.13)Corporate Bonds35.24Government Agencies54.45Government Bonds6.65Municipal/Provincial Bonds5.79Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of March 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,143,044.59 10.0190 to 179 days1,602,430.00 7.48180 days to 1 year5,010,128.30 23.391 to 2 years3,955,503.83 18.472 to 3 years5,515,565.54 25.753 to 4 years1,953,126.75 9.124 to 5 years0.00 0.00Over 5 years1,239,200.00 5.7921,418,999.01 100.00Maturity distribution0.002.004.006.00Historical 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, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000(455,572.91) (455,572.91) 0.00 0.00 (2.13)(455,572.91)(455,572.91)Cash and Cash EquivalentsTotal Cash and Cash Equivalents(455,572.91) (455,572.91) (455,572.91) 0.00 (2.13)0.00(455,572.91)Corporate Bonds0258M0EB12.250 05/05/2021 552,667.50 550,022.80 (22.80) 5,018.75 2.58550,000.00550,000.00AMERICAN EXPRESS CREDIT 2.25% 05MAY2021(CALLABLE 05APR21)91159HHA14.125 05/24/2021 514,880.00 500,704.20 272.93 7,276.0404/23/20212.40500,977.13500,000.00US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)17325FAQ13.400 07/23/2021 507,030.00 500,783.21 2,681.79 3,211.1106/23/20212.37503,465.00500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)717081DZ32.200 12/15/2021 503,615.00 501,282.09 5,350.47 3,238.892.35506,632.56500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 714,231.00 (56.59) 1,680.0001/31/20223.33714,174.41700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)931142DH32.550 04/11/2023 509,155.00 504,910.76 15,611.89 6,020.8301/11/20232.38520,522.65500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,963.76 18,364.50 4,933.33 2.37522,328.26500,000.00APPLE INC 2.4% 03MAY202394988J5R43.550 08/14/2023 539,535.00 536,439.42 (1,330.66) 2,317.3607/14/20232.52535,108.76500,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)06051GHC63.004 12/20/2023 525,795.00 520,347.20 (341.82) 4,213.9412/20/20222.45520,005.38500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)693475AV73.500 01/23/2024 1,062,630.00 1,053,066.63 25,228.43 6,611.1112/24/20234.961,078,295.061,000,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)8 SECURITIES HELDAs of March 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds88579YBB63.250 02/14/2024 541,935.00 539,983.61 (2,018.90) 2,121.5301/14/20242.53537,964.71500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)06051GHF93.550 03/05/2024 535,525.00 526,016.73 1,530.93 1,281.9403/05/20232.50527,547.66500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 532,121.62 (2,296.55) 7,810.0304/23/20232.49529,825.07500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds7,548,118.50 7,483,873.03 7,546,846.65 62,973.62 35.2455,734.867,250,000.00Government Agencies313373ZY13.625 06/11/2021 1,024,040.00 1,002,094.28 4,774.83 11,076.39 4.781,006,869.111,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,465.07 5,633.89 831.25 2.81606,098.96600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,786.73 7,594.73 7,310.42 5.131,107,381.461,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,659,179.78 20,509.45 8,490.63 7.831,679,689.231,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,005,630.47 16,992.93 1,388.89 4.741,022,623.401,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,801.39 15,923.98 5,866.67 2.81616,725.37600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,010,440.00 28,512.62 7,777.78 4.771,038,952.621,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 387.30 300.0008/25/20214.671,000,387.301,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)9 SECURITIES HELDAs of March 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0U432.875 09/12/2023 1,047,553.22 1,029,350.55 34,672.68 1,517.36 4.891,064,023.231,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 614,106.39 23,180.24 2,333.33 2.90637,286.63600,000.00FANNIE MAE 2.5% 05FEB20243136G46B40.350 04/26/2024 1,199,700.00 1,199,735.80 (4,732.08) 1,808.3310/26/20215.601,195,003.721,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3135G0V751.750 07/02/2024 753,426.75 752,391.99 29,779.67 3,244.79 3.52782,171.66750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,663,651.07 11,573,982.45 11,757,212.69 183,230.24 54.4551,945.8411,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 757,083.19 16,002.75 4,986.26 3.56773,085.94750,000.00USA TREASURY 2% 30NOV2022912828U572.125 11/30/2023 661,529.52 657,516.57 24,450.23 4,591.52 3.09681,966.80650,000.00USA TREASURY 2.125% 30NOV2023Total Government Bonds1,423,602.35 1,414,599.76 1,455,052.74 40,452.98 6.659,577.781,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 5,240.785.791,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 5.795,240.781,239,200.00Grand total21,418,999.01 21,256,082.33 286,656.8420,933,627.09100.00122,499.2621,542,739.1710 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 5.13 1,107,381.46 5.14 0.523135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.81 616,725.37 2.86 1.483135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.89 1,064,023.23 4.94 2.383135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.90 637,286.63 2.96 2.763136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 5.60 1,195,003.72 5.55 1.673135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.52 782,171.66 3.63 3.17Issuer total5,250,000.00 5,322,976.77 24.85 5,402,592.07 25.08 1.89Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.78 1,006,869.11 4.67 0.20313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.81 606,098.96 2.81 0.45313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.74 1,022,623.40 4.75 0.943130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.77 1,038,952.62 4.82 1.65Issuer total3,600,000.00 3,664,040.00 17.11 3,674,544.09 17.06 0.85Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.83 1,679,689.23 7.80 0.783134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 4.67 1,000,387.30 4.64 0.87Issuer total2,650,000.00 2,676,634.30 12.50 2,680,076.53 12.44 0.81United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.56 773,085.94 3.59 1.64912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 3.09 681,966.80 3.17 2.59Issuer total1,400,000.00 1,423,602.35 6.65 1,455,052.74 6.75 2.08American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 A- A2 550,000.00 552,667.50 2.58 550,000.00 2.55 0.0111 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesAmerican Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 3.33 714,174.41 3.32 0.83Issuer total1,250,000.00 1,266,898.50 5.91 1,264,174.41 5.87 0.47PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 5.79 1,239,200.00 5.75 8.82Issuer total1,239,200.00 1,239,200.00 5.79 1,239,200.00 5.75 8.82PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 1,000,000.00 1,062,630.00 4.96 1,078,295.06 5.01 2.62Issuer total1,000,000.00 1,062,630.00 4.96 1,078,295.06 5.01 2.62Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 2.45 520,005.38 2.41 1.6706051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 2.50 527,547.66 2.45 1.87Issuer total1,000,000.00 1,061,320.00 4.96 1,047,553.04 4.86 1.773M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 2.53 537,964.71 2.50 2.69Issuer total500,000.00 541,935.00 2.53 537,964.71 2.50 2.69Wells Fargo Bank NA94988J5R4WELLS FARGO BANK NA 3.550 08/14/2023 07/14/2023 A+ Aa2 500,000.00 539,535.00 2.52 535,108.76 2.48 2.21Issuer total500,000.00 539,535.00 2.52 535,108.76 2.48 2.21JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 2.49 529,825.07 2.46 1.97Issuer total500,000.00 534,240.00 2.49 529,825.07 2.46 1.9712 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesApple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.37 522,328.26 2.42 2.03Issuer total500,000.00 506,880.00 2.37 522,328.26 2.42 2.03Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.38 520,522.65 2.42 1.74Issuer total500,000.00 509,155.00 2.38 520,522.65 2.42 1.74Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 2.35 506,632.56 2.35 0.70Issuer total500,000.00 503,615.00 2.35 506,632.56 2.35 0.70Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.37 503,465.00 2.34 0.23Issuer total500,000.00 507,030.00 2.37 503,465.00 2.34 0.23US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.40 500,977.13 2.33 0.06Issuer total500,000.00 514,880.00 2.40 500,977.13 2.33 0.06Cash and Cash EquivalentsINVESTED CASH 0.000260,338.09 260,338.09 0.00 260,338.09 1.21 0.00PENDING TRADE 0.0000.00 (715,911.00) 0.00 (715,911.00) (3.32) 0.00Issuer total260,338.09 (455,572.91) 0.00 (455,572.91) (2.11) 0.00Grand total21,649,538.09 21,418,999.01 100.00 21,542,739.17 100.001.9013 SECURITIES PURCHASEDFor the period March 1, 2021 - March 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds693475AV73.50003/15/2021 01/23/2024 500,000.00 107.84 (539,175.00) (2,625.00)12/24/202303/17/2021PNC FINANCIAL SERVICES 3.5%WELLS FARGO SECURITIES, LLC0258M0EG02.70003/30/2021 03/03/2022 700,000.00 102.03 (714,231.00) (1,680.00)01/31/202204/05/2021AMERICAN EXPRESS CREDIT 2.7%BARCLAYS CAPITAL1,200,000.00 (1,253,406.00) (4,305.00)Total Corporate BondsGrand totalGrand total1,200,000.00 (1,253,406.00) (4,305.00)14 SECURITIES SOLD AND MATUREDFor the period March 1, 2021 - March 31, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds149123BX82.60003/15/2021 (500,000.00) 500,300.00 500,107.9503/26/20220.00 515,145.00 15,037.05 0.0003/15/2021CATERPILLAR INC 2.6% 26JUN2022(CALLABLE 15MAR21)(500,000.00)0.00500,300.00 500,107.95 515,145.00 15,037.05Total (Corporate Bonds)Grand totalGrand total(500,000.00)0.00500,300.00 500,107.95 515,145.00 15,037.0515 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period March 1, 2021 - March 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.310.000.001.310.00Total Cash1.310.000.001.310.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,489.59(1,194.73)(1,624.31)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 05APR21)1,134.37(170.99)(1,045.00)0.000.000258M0EB1AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)0.000.00(56.59)0.000.000258M0EG0APPLE INC 2.4% 03MAY20231,100.00(157.92)(33.84)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,376.83(984.54)(2,014.66)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,627.08(1,123.02)(2,559.66)8,875.000.0006051GHF9CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE 15MAR21)613.89(4.37)3,208.692,852.7815,037.05149123BX8CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,558.33(283.09)(1,434.80)0.000.0017325FAQ1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,631.21(1,296.97)(2,461.00)0.000.0046647PAP1PFIZER INC 2.2% 15DEC20211,008.33(150.84)(493.92)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,284.72(1,070.53)(2,969.53)0.000.00693475AV7US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)1,890.62(918.52)(1,798.43)0.000.0091159HHA1WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,168.75(229.83)(549.36)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)1,627.08(1,326.68)(2,951.62)0.000.0094988J5R4Total Corporate Bonds18,510.80(8,912.03) (16,784.03) 11,727.7815,037.05Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)385.006.92(479.16)0.000.003136G46B416 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period March 1, 2021 - March 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFANNIE MAE 1.375% 07OCT20211,386.4634.21(1,144.61)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,203.12(61.23)(1,328.04)0.000.003135G0V75FANNIE MAE 2% 05OCT20221,100.00(44.11)(1,051.14)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,375.00(412.87)(524.36)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,635.42(998.32)(1,108.35)14,375.000.003135G0U43FEDERAL HOME LOAN BANK 2.375% 10SEP20211,306.25(87.20)(1,363.26)7,125.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,291.67(514.29)(2,400.14)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,291.67(495.34)(1,847.19)12,500.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20213,322.92(884.91)(3,019.87)0.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)275.000.00(156.11)0.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,592.19(937.38)(2,845.40)0.000.003137EADB2Total Government Agencies21,164.70(4,394.52) (17,267.63) 34,000.000.00Government BondsUSA TREASURY 2% 30NOV20221,277.47(360.56)(1,054.69)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.23)(990.23)0.000.00912828U57Total Government Bonds2,453.81(599.79)(2,044.92)0.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,963.650.000.0032,529.000.00888599LS4Total Municipal/Provincial Bonds5,963.650.000.00 32,529.000.00Grand total48,094.27(13,906.34) (36,096.58) 78,258.0915,037.0517 TRANSACTION REPORTFor the period March 1, 2021 - March 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)32,529.0003/02/202103/02/2021Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,239,200.00 0.00 32,529.000.008,875.0003/05/202103/05/2021Income06051GHF9 Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 500,000.00 0.00 8,875.000.007,125.0003/10/202103/10/2021Income313378JP7 Government Agencies FEDERAL HOME LOAN BANK 09/10/2021 600,000.00 0.00 7,125.000.0012,500.0003/11/202103/11/2021Income313378WG2 Government Agencies FEDERAL HOME LOAN BANK 03/11/2022 1,000,000.00 0.00 12,500.000.0014,375.0003/12/202103/12/2021Income3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 0.00 14,375.000.002,852.7803/15/202103/15/2021Income149123BX8 Corporate Bonds CATERPILLAR INC 2.6% 06/26/2022 500,000.00 0.00 2,852.780.000.0003/15/202103/15/2021Capital Change149123BX8 Corporate Bonds CATERPILLAR INC 2.6% 06/26/2022 (500,000.00) 515,145.00 515,145.0015,037.05(2,625.00)03/15/202103/17/2021Bought693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 500,000.00 (539,175.00) (541,800.00)0.00(1,680.00)03/30/202104/05/2021Bought0258M0EG0 Corporate Bonds AMERICAN EXPRESS CREDIT 03/03/2022 700,000.00 (714,231.00) (715,911.00)0.001.31Income Cash and Cash Equivalents Cash1.310.00 0.000.0003/31/202118 ADDITIONAL INFORMATIONAs of March 31, 2021SAN 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 ICE BofA 3 Month 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 ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 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 ICE BofA 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.19 ADDITIONAL INFORMATIONAs of March 31, 2021SAN 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.© 2021 Insight Investment. All rights reserved.20