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Fin City Quarterly Investment Report
____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: July 19. 2021 Disposition: Accepted Report Agenda Item No: 5.c Meeting Date: July 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 JUNE 30, 2021 RECOMMENDATION: Accept investment report for the quarter ending June 30, 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 7, 2021, 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 June 30, 2021, the primary LAIF account had a balance of $44,444,817. Portfolio returns on LAIF deposits were 0.26% for the quarter ending June 30, 2021. The remaining investment assets included the $1,239,200 balance of Pt. San Pedro Assessment District bonds, and $32,183,300 in government agency securities and corporate bonds (including Pfizer Inc., American Express, JP Morgan Chase, Walmart Inc., Apple Inc., American Honda Finance, Wells Fargo, Toyota, Caterpillar, Bank of America, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, and PepsiCo). The overall total portfolio returns for the quarter ended June 30, 2021, were 0.60%. The City’s Westamerica general operating bank account had a balance of $9,187,784 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending June 30, 2021, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, April through June 2021 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 44,444,817$ 98.0% 0.26% LAIF ‐ RDA 154,942$ 0.3% 0.26% LAIF ‐ RDA 02 TARB 768,824$ 1.7% 0.26% Total Internally Managed 45,368,583$ 57.5% Weighted Average Yield 0.26% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 56,088$ 0.2% 0.01% Treasury Securities 4,439,182$ 13.3% 0.70% Instrumentality Securities 13,695,843$ 40.9% 1.21% Corporate Notes 14,048,276$ 42.0% 0.68% Municipal 1,239,200$ 3.7% 5.25% Total Externally Managed 33,478,588$ 42.5% Weighted Average Yield 1.07% Years Effective Average Duration ‐ External 2.02 Weighted Average Maturity ‐ External 2.39 Total Portfolio Assets %Return LAIF 45,368,583$ 57.5% 0.26% Cash 56,088$ 0.1% 0.01% Treasury Securities 4,439,182$ 5.6% 0.70% Instrumentality Securities 13,695,843$ 17.4% 1.21% Corporate Notes 14,048,276$ 17.8% 0.68% Municipal 1,239,200$ 1.6% 5.25% Total Portfolio Assets 78,847,171$ Weighted Average Yield 0.60% Years Effective Average Duration ‐ Total 0.86 Weighted Average Maturity ‐ Total 1.02 Based on Market Values June 30, 2021 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 98.0% LAIF ‐RDA, 0.3% LAIF ‐RDA 02 TARB, 1.7% Cash , 0.2%Treasury Securities, 13.3% Instrumentality Securities, 40.9% Corporate Notes, 42.0% Municipal, 3.7% LAIF 57% Cash 0% Treasury Securities 6% Instrumentality Securities 17% Corporate Notes 18%Municipal 2% Exhibit AInternally Managed Assets%Return %Return %Return %Return %Return %ReturnLAIF 45,213,641$ 99.7% 0.26% 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%LAIF ‐ Housing 154,942$ 0.3% 0.26% 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%Total Internally Managed 45,368,583$ 57.5%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%Weighted Average Yield 0.26% 0.36% 0.54% 0.68% 1.22% 1.78%Externally Managed Assets%Return %Return %Return %Return %Return %ReturnCash 56,088$ 0.2% 0.01% 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%Treasury Securities 4,439,182$ 13.3% 0.70% 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%Instrumentality Securities 13,695,843$ 40.9% 1.21% 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%Corporate Notes 14,048,276$ 42.0% 0.68% 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%Municipal/Assessment District 1,239,200$ 3.7% 5.25% 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%Total Externally Managed 33,478,588$ 42.5%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%Weighted Average Yield 1.07% 1.69% 1.90% 1.97% 1.94% 2.07%Years Years Years Years Years YearsEffective Average Duration ‐ External 2.02 1.90 1.91 1.91 1.83 2.07Weighted Average Maturity ‐ External 2.39 2.32 2.22 2.22 2.07 2.32Total Portfolio Assets%Return %Return %Return %Return %Return %ReturnLAIF 45,368,583$ 57.5% 0.26% 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%Cash 56,088$ 0.1% 0.01% 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%Treasury Securities 4,439,182$ 5.6% 0.70% 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%Instrumentality Securities 13,695,843$ 17.4% 1.21% 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%Corporate Notes 14,048,276$ 17.8% 0.68% 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%Municipal/Assessment District 1,239,200$ 1.6% 5.25% 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%78,847,170$ 61,868,840$ 57,333,369$ 45,252,454$ 57,661,778$ 47,321,697$ Total Portfolio AssetsWeighted Average Yield 0.60% 0.82% 1.06% 1.31% 1.53% 1.93%Years Years Years Years Years YearsEffective Average Duration ‐ Total 0.86 0.66 0.74 0.93 0.78 1.07Weighted Average Maturity ‐ Total 1.02 0.81 0.86 1.08 0.88 1.19Performance Recap‐The weighted average quarterly portfolio yield decreased from 0.82% to 0.60% during the past quarter. The yield has decreased over the past year, from 1.53% in the quarter ended June 30, 2020 to 0.60% in the most recent quarter. This trend is reflective of the general decrease in interest rates during the period.‐The effective average duration increased, from 0.66 to 0.86 years since last quarter due to an increase in bond holdings. ‐The total portfolio assets increased by approximately $17 million during the quarter. This is due to the receipt of ARPA funds as well as property tax and ERAF remittancesCity of San RafaelHistorical Activity‐By QuarterMarch 31, 2020September 30, 2020December 31, 2020March 31, 2021June 30, 2021June 30, 2020W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\20‐21\12 ‐ June 2021\Insight‐Quarterly Report combined 06‐30‐21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELApril 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 12Securities purchased16Securities sold and matured 17Detail of return and interest received 18Transaction report21Additional information22 FIXED INCOME MARKET REVIEWAs of April 30, 2021SAN RAFAELChart 1: Fiscal stimulus per capital is already higher than the New DealSource:Federal Reserve, April 30, 2021.Chart 2: Pace of daily vaccinations begins to slowSource: Federal Reserve, April 30, 2021.Economic Indicators and Monetary PolicyFed Chairman Jay Powell reiterated that the Fed will wait formore fundamentaleconomic data to arrive (rather than relying on forecasts) before scaling back thecentral bank’s current monetary easing measures. He also continued to emphasizethat the Fed sees the inevitable acceleration in inflation to be transitory. He reiteratedthe Fed will be prepared to look throughnear-term inflationfigures.President Biden, addressing a joint session of Congress to mark his first 100 days inoffice, proposed “The American Families Plan”, incorporating $1.8trn of socialspending for middle- and lower-income families, against $2trn in tax increases oncorporations and wealthier, higher-income Americans. Together, these proposals arethe broadest and largest spending measures since the LyndonB. JohnsonAdministration and on a cost per capita basis has already surpassed Franklin DRoosevelt’s New Deal (Chart 1).Data wise, real GDP grew by 6.4% pa in Q1 2021, a slightly softer increase than the6.7% consensus expectation, but moving the economy closer to entirely recoveringthe hit taken from the pandemic. Consumption rose a strong 10.7% while businessinvestment rose 9.9% and residential investment rose 10.8%. Inventories weighed onQ1 GDP by -2.6 percentage points (pp) and net exports contributed -0.9pp. Core PCEinflation rose 2.31% pa and the overall GDP deflator rose 4.1%, the strongest quarterlyincrease since 2007. Strength was led by rising prices for exports, residentialinvestment, and components of government spending.The US continued to ramp up COVID-19 vaccinations at the start of the month, but thepace of vaccinations began to slow materially (Chart 2), with demand rather thansupply appearing to be the main factor, perhaps influenced by a pause in thedisbursement of the Johnson and Johnson vaccine given questions over rare bloodclots. Nonetheless, restrictions continued to ease, with New York notably targetingJuly for a full reopening.Interest Rate SummaryThe Treasury yield curve modestly retraced some of its recent steepening. At the endof April, the 3-month US Treasury bill yielded 0.02%, the 6-month US Treasury billyielded 0.04%, the 2-year US Treasury note yielded 0.16%, the 5-year US Treasury noteyielded 0.85% and the 10-year US Treasury note yielded 1.63%.Decemberrelief billCARESActAmericanRescuePlan3 ACTIVITY AND PERFORMANCE SUMMARYFor the period April 1, 2021 - April 30, 2021SAN RAFAELAmortized Cost Basis Activity Summary21,256,082.33Opening balance34,115.90Income received34,115.90Total receipts(126.91)Expenses paid(126.91)Total disbursements12,000,000.00Interportfolio transfers12,000,000.00Total Interportfolio transfers5,052.45Realized gain (loss)0.00Change in accruals from security movement(15,781.10)Total amortization expense41.62Total OID/MKT accretion income0.00Return of capitalClosing balance33,279,384.29Ending fair value33,555,870.03276,485.74Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.08 0.03 0.00Merrill Lynch 3m US Treas Bill 0.07 0.02 0.00Merrill Lynch 6m US Treas Bill 0.08 0.03 0.00ML 1 Year US Treasury Note 0.12 0.04 0.01ML 2 Year US Treasury Note 0.15 0.07 0.01ML 5 Year US Treasury Note 0.44 0.28 0.07* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned42,859.74Accretion (amortization)(15,739.48)Realized gain (loss) on sales5,052.45Total income on portfolio32,172.71Average daily amortized cost25,074,901.58Period return (%)Weighted average final maturity in days662YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.48 0.00 1.485,052.45Corporate Bonds 16,643.53 (10,700.36) 10,995.620.00Government Agencies 18,599.28 (4,458.68) 14,140.600.00Government Bonds 2,374.66 (580.44) 1,794.220.00Municipal/Provincial Bonds 5,240.79 0.00 5,240.79Total 42,859.74 (15,739.48) 5,052.45 32,172.710.140.654 ACTIVITY AND PERFORMANCE SUMMARYFor the period April 1, 2021 - April 30, 2021SAN RAFAELFair Value Basis Activity Summary21,542,739.17Opening balance34,115.90Income received34,115.90Total receipts(126.91)Expenses paid(126.91)Total disbursements12,000,000.00Interportfolio transfers12,000,000.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(20,858.13)Ending fair value33,555,870.03Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.08 0.03 0.00ICE Bofa 3 Months US T-BILL 0.11 0.05 0.00ICE Bofa 6m US Treas Bill 0.16 0.09 0.01ICE Bofa 1 Yr US Treasury Note 0.25 0.15 0.03ICE BofA US Treasury 1-3 0.24 0.09 0.05ICE BofA US Treasury 1-5 (0.01) (0.22) 0.16* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.48 0.00 1.48Corporate Bonds 16,643.53 (8,684.09) 7,959.44Government Agencies 18,599.28 (10,532.57) 8,066.71Government Bonds 2,374.66 (1,641.47) 733.19Municipal/Provincial Bonds 5,240.79 0.00 5,240.79Total42,859.74 (20,858.13) 22,001.61Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned42,859.74Total income on portfolio22,001.61Average daily total value *25,473,434.92Period return (%)0.09Weighted average final maturity in days662Change in fair value(20,858.13)YTD return (%)0.11* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of April 30, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 7,940,940.32 7,940,940.32 7,940,940.32 0.00 23.75 0.001Corporate Bonds 8,169,969.00 8,114,405.12 8,174,342.5659,937.44 785 24.43 1.84Government Agencies 12,663,651.07 12,569,523.77 12,746,680.12 177,156.35 594 37.87 1.37Government Bonds 3,424,898.11 3,415,315.08 3,454,707.03 39,391.95 898 10.24 2.43Municipal/Provincial Bonds 1,239,200.00 1,239,200.00 1,239,200.00 0.00 4,143 3.71 8.73Total33,438,658.50 33,279,384.29 33,555,870.03 276,485.74 662 100.00 1.54Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 23.75Corporate Bonds 24.43Government Agencies 37.87Government Bonds 10.24Municipal/Provincial Bonds 3.71Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of April 30, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days9,472,010.32 28.3390 to 179 days2,701,748.00 8.08180 days to 1 year3,910,810.30 11.701 to 2 years4,489,743.83 13.432 to 3 years10,871,719.30 32.513 to 4 years753,426.75 2.254 to 5 years0.00 0.00Over 5 years1,239,200.00 3.7133,438,658.50 100.00Maturity distribution0.002.004.006.008.0010.0012.00Historical 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 April 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.0007,940,940.32 7,940,940.32 0.00 0.00 23.757,940,940.327,940,940.32Cash and Cash EquivalentsTotal Cash and Cash Equivalents7,940,940.32 7,940,940.32 7,940,940.32 0.00 23.750.007,940,940.32Corporate Bonds17325FAQ13.400 07/23/2021 507,030.00 500,500.12 1,678.78 4,580.5606/23/20211.52502,178.90500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)717081DZ32.200 12/15/2021 503,615.00 501,131.26 4,730.22 4,125.001.51505,861.48500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 712,760.46 251.19 2,992.5001/31/20222.14713,011.65700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)931142DH32.550 04/11/2023 509,155.00 504,680.92 14,996.95 672.9201/11/20231.52519,677.87500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,805.85 17,290.09 5,900.00 1.52521,095.94500,000.00APPLE INC 2.4% 03MAY202394988J5R43.550 08/14/2023 539,535.00 535,112.74 (7.74) 3,747.2207/14/20231.61535,105.00500,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)89236THA61.350 08/25/2023 714,959.00 714,781.97 569.28 1,706.25 2.14715,351.25700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202306051GHC63.004 12/20/2023 525,795.00 519,362.66 412.34 5,423.8912/20/20221.57519,775.00500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)693475AV73.500 01/23/2024 957,939.00 948,631.91 21,116.26 8,487.5012/24/20232.86969,748.17900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,079,130.00 (527.42) 8,343.7501/05/20243.231,078,602.581,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)8 SECURITIES HELDAs of April 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds88579YBB63.250 02/14/2024 541,935.00 538,788.88 (1,527.99) 3,430.5601/14/20241.62537,260.89500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)06051GHF93.550 03/05/2024 535,525.00 524,893.70 1,774.89 2,711.8103/05/20231.60526,668.59500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 530,824.65 (819.41) 346.0104/23/20231.60530,005.24500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds8,169,969.00 8,114,405.12 8,174,342.56 59,937.44 24.4352,467.977,800,000.00Government Agencies313373ZY13.625 06/11/2021 1,024,040.00 1,001,209.37 2,483.53 13,996.53 3.061,003,692.901,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,377.87 4,460.26 1,979.171.80604,838.13600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,820.95 6,476.33 966.32 3.291,106,297.281,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,658,177.76 18,555.41 11,647.40 5.011,676,733.171,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,005,135.12 15,686.46 3,402.78 3.041,020,821.581,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,757.28 15,377.42 833.33 1.80616,134.70600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,009,925.71 27,222.82 9,791.67 3.051,037,148.531,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 316.31 541.6708/25/20212.991,000,316.311,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)9 SECURITIES HELDAs of April 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0U432.875 09/12/2023 1,047,553.22 1,028,352.23 34,455.98 3,833.33 3.131,062,808.211,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 613,693.52 22,678.39 3,541.67 1.86636,371.91600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (285.19) 106.94 2.99999,714.811,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243136G46B40.350 04/26/2024 1,199,700.00 1,199,743.20 (1,039.99) 46.6710/26/20213.591,198,703.211,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3135G0V751.750 07/02/2024 753,426.75 752,330.76 30,768.62 4,302.08 2.25783,099.38750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies12,663,651.07 12,569,523.77 12,746,680.12 177,156.35 37.8754,989.5612,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 756,734.27 15,414.17 6,222.53 2.28772,148.44750,000.00USA TREASURY 2% 30NOV202291282CAW10.250 11/15/2023 1,000,120.54 1,000,120.54 (42.42) 1,167.13 2.991,000,078.121,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 657,285.05 23,945.42 5,729.91 1.98681,230.47650,000.00USA TREASURY 2.125% 30NOV202391282CBV20.375 04/15/2024 1,001,175.22 1,001,175.22 74.78 184.43 2.991,001,250.001,000,000.00USA TREASURY 0.375% 15APR2024Total Government Bonds3,424,898.11 3,415,315.08 3,454,707.03 39,391.95 10.2413,304.003,400,000.0010 SECURITIES HELDAs of April 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionMunicipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 10,481.57 3.711,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 3.7110,481.571,239,200.00Grand total33,438,658.50 33,279,384.29 276,485.7432,880,140.32100.00131,243.1033,555,870.0311 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCash and Cash EquivalentsINVESTED CASH 0.00012,031,168.33 12,031,168.33 0.00 12,031,168.33 35.85 0.00PENDING TRADE 0.0000.00 (4,090,228.01) 0.00 (4,090,228.01) (12.19) 0.00Issuer total12,031,168.33 7,940,940.32 0.00 7,940,940.32 23.66 0.00Federal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 3.29 1,106,297.28 3.30 0.443135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.80 616,134.70 1.84 1.423135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.13 1,062,808.21 3.17 2.303135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.86 636,371.91 1.90 2.683136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 3.59 1,198,703.21 3.57 1.533135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.25 783,099.38 2.33 3.09Issuer total5,250,000.00 5,322,976.77 15.92 5,403,414.69 16.10 1.80Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 3.06 1,003,692.90 2.99 0.12313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 1.80 604,838.13 1.80 0.36313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.04 1,020,821.58 3.04 0.863130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.05 1,037,148.53 3.09 1.57Issuer total3,600,000.00 3,664,040.00 10.96 3,666,501.14 10.93 0.77United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.28 772,148.44 2.30 1.5591282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.99 1,000,078.12 2.98 2.53912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.98 681,230.47 2.03 2.5191282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.99 1,001,250.00 2.98 2.94Issuer total3,400,000.00 3,424,898.11 10.24 3,454,707.03 10.30 2.4312 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 5.01 1,676,733.17 5.00 0.703134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 1,000,316.31 2.98 0.76Issuer total2,650,000.00 2,676,634.30 8.00 2,677,049.48 7.98 0.72PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 3.71 1,239,200.00 3.69 8.73Issuer total1,239,200.00 1,239,200.00 3.71 1,239,200.00 3.69 8.73US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A1 1,000,000.00 1,079,130.00 3.23 1,078,602.58 3.21 2.58Issuer total1,000,000.00 1,079,130.00 3.23 1,078,602.58 3.21 2.58Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 519,775.00 1.55 1.5906051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.60 526,668.59 1.57 1.79Issuer total1,000,000.00 1,061,320.00 3.17 1,046,443.59 3.12 1.69Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 999,714.81 2.98 2.96Issuer total1,000,000.00 1,000,000.00 2.99 999,714.81 2.98 2.96PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.86 969,748.17 2.89 2.54Issuer total900,000.00 957,939.00 2.86 969,748.17 2.89 2.54Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.14 715,351.25 2.13 2.28Issuer total700,000.00 714,959.00 2.14 715,351.25 2.13 2.2813 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 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 2.14 713,011.65 2.12 0.75Issuer total700,000.00 714,231.00 2.14 713,011.65 2.12 0.753M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.62 537,260.89 1.60 2.61Issuer total500,000.00 541,935.00 1.62 537,260.89 1.60 2.61Wells Fargo Bank NA94988J5R4WELLS FARGO BANK NA 3.550 08/14/2023 07/14/2023 A+ Aa2 500,000.00 539,535.00 1.61 535,105.00 1.59 2.13Issuer total500,000.00 539,535.00 1.61 535,105.00 1.59 2.13JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.60 530,005.24 1.58 1.92Issuer total500,000.00 534,240.00 1.60 530,005.24 1.58 1.92Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.52 521,095.94 1.55 1.95Issuer total500,000.00 506,880.00 1.52 521,095.94 1.55 1.95Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 519,677.87 1.55 1.68Issuer total500,000.00 509,155.00 1.52 519,677.87 1.55 1.68Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.51 505,861.48 1.51 0.62Issuer total500,000.00 503,615.00 1.51 505,861.48 1.51 0.6214 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCitibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 1.52 502,178.90 1.50 0.15Issuer total500,000.00 507,030.00 1.52 502,178.90 1.50 0.15Grand total36,970,368.33 33,438,658.50 100.00 33,555,870.03 100.001.5415 SECURITIES PURCHASEDFor the period April 1, 2021 - April 30, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds89236THA61.35004/21/2021 08/25/2023 700,000.00 102.14 (714,959.00) (1,522.50)04/23/2021TOYOTA MOTOR CREDIT CORP 1.35%DEUTSCHE BANK SECURITIES INC.91159HHV53.37504/30/2021 02/05/2024 1,000,000.00 107.91 (1,079,130.00) (8,343.75)01/05/202405/04/2021US BANCORP 3.375% 05FEB2024MERRILL LYNCH, PIERCE,1,700,000.00 (1,794,089.00) (9,866.25)Total Corporate BondsGovernment Agencies3133EMWV00.35004/30/2021 04/22/2024 1,000,000.00 100.00 (1,000,000.00) (106.94)05/03/2021FEDERAL FARM CREDIT BANK 0.35%DAIWA CAPITAL MARKETS AMERICA1,000,000.00 (1,000,000.00) (106.94)Total Government AgenciesGovernment Bonds91282CAW10.25004/30/2021 11/15/2023 1,000,000.00 100.01 (1,000,120.54) (1,167.13)05/03/2021USA TREASURY 0.25% 15NOV2023CITIGROUP GLOBAL MARKETS LIMITED91282CBV20.37504/30/2021 04/15/2024 1,000,000.00 100.12 (1,001,175.22) (184.43)05/03/2021USA TREASURY 0.375% 15APR2024WELLS FARGO BANK, N.A.2,000,000.00 (2,001,295.76) (1,351.56)Total Government BondsGrand totalGrand total4,700,000.00 (4,795,384.76) (11,324.75)16 SECURITIES SOLD AND MATUREDFor the period April 1, 2021 - April 30, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds0258M0EB12.25004/05/2021 (550,000.00) 552,667.50 550,000.00 0.00 550,000.00 0.00 0.0004/05/2021AMERICAN EXPRESS CREDIT 2.25%05MAY2021 (CALLABLE 05APR21)693475AV73.50004/16/2021 01/23/2024 (100,000.00) 104,691.00 102,856.5512/24/2023107.91 107,909.00 5,052.45 845.8304/20/2021PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE 23DEC23)J.P. MORGAN SECURITIES LLC91159HHA14.12504/23/2021 (500,000.00) 514,880.00 500,000.00 0.00 500,000.00 0.00 0.0004/23/2021US BANCORP 4.125% 24MAY2021(CALLABLE 23APR21)(1,150,000.00)845.831,172,238.50 1,152,856.55 1,157,909.00 5,052.45Total (Corporate Bonds)Grand totalGrand total(1,150,000.00)845.831,172,238.50 1,152,856.55 1,157,909.00 5,052.4517 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2021 - April 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.480.000.001.480.00Total Cash1.480.000.001.480.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(703.82)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 05APR21)103.13(22.80)0.005,121.880.000258M0EB1AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,312.50(1,470.54)(1,162.76)0.000.000258M0EG0APPLE INC 2.4% 03MAY2023966.67(157.91)(1,232.32)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.95(984.54)(230.38)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.87(1,123.03)(879.07)0.000.0006051GHF9CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,369.45(283.09)(1,286.10)0.000.0017325FAQ1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.48(1,296.97)180.178,897.500.0046647PAP1PFIZER INC 2.2% 15DEC2021886.11(150.83)(771.08)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,722.22(1,578.17)(637.89)0.005,052.45693475AV7TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023183.75(177.03)392.250.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)0.000.00(527.42)0.000.0091159HHV5US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)1,260.42(704.20)(977.13)8,536.460.0091159HHA1WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.84)(844.78)6,375.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)1,429.86(1,326.68)(3.76)0.000.0094988J5R4Total Corporate Bonds16,643.53(10,700.36)(8,684.09) 28,930.845,052.4518 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2021 - April 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)338.347.403,699.492,100.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,218.4034.22(1,084.18)7,562.500.003135G0Q89FANNIE MAE 1.75% 02JUL20241,057.29(61.23)927.720.000.003135G0V75FANNIE MAE 2% 05OCT2022966.66(44.11)(590.67)6,000.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(914.72)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.97(998.32)(1,215.02)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR20240.000.00(285.19)0.000.003133EMWV0FEDERAL HOME LOAN BANK 2.375% 10SEP20211,147.92(87.20)(1,260.83)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.29)(1,804.09)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,013.89(495.35)(1,801.82)0.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20212,920.14(884.91)(3,176.21)0.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)241.670.00(70.99)0.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,156.77(1,002.02)(2,956.06)0.000.003137EADB2Total Government Agencies18,599.28(4,458.68) (10,532.57) 15,662.500.00Government BondsUSA TREASURY 0.25% 15NOV20230.000.00(42.42)0.000.0091282CAW1USA TREASURY 0.375% 15APR20240.000.0074.780.000.0091282CBV2USA TREASURY 2% 30NOV20221,236.27(348.92)(937.50)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,138.39(231.52)(736.33)0.000.00912828U57Total Government Bonds2,374.66(580.44)(1,641.47)0.000.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2021 - April 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,240.790.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,240.790.000.000.000.00Grand total42,859.74(15,739.48) (20,858.13) 44,594.825,052.4520 TRANSACTION REPORTFor the period April 1, 2021 - April 30, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)5,121.8804/05/202104/05/2021Income0258M0EB1 Corporate Bonds AMERICAN EXPRESS CREDIT 05/05/2021 550,000.00 0.00 5,121.880.000.0004/05/202104/05/2021Capital Change0258M0EB1 Corporate Bonds AMERICAN EXPRESS CREDIT 05/05/2021 (550,000.00) 550,000.00 550,000.000.006,000.0004/05/202104/05/2021Income3135G0T78 Government Agencies FANNIE MAE 2% 05OCT202210/05/2022 600,000.00 0.00 6,000.000.007,562.5004/07/202104/07/2021Income3135G0Q89 Government Agencies FANNIE MAE 1.375% 10/07/2021 1,100,000.00 0.00 7,562.500.006,375.0004/11/202104/11/2021Income931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023500,000.00 0.00 6,375.000.00845.8304/16/202104/20/2021Sold693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 (100,000.00) 107,909.00 108,754.835,052.45(1,522.50)04/21/202104/23/2021Bought89236THA6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 08/25/2023 700,000.00 (714,959.00) (716,481.50)0.008,897.5004/23/202104/23/2021Income46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/2024 500,000.00 0.00 8,897.500.008,536.4604/23/202104/23/2021Income91159HHA1 Corporate Bonds US BANCORP 4.125% 05/24/2021500,000.00 0.00 8,536.460.000.0004/23/202104/23/2021Capital Change91159HHA1 Corporate Bonds US BANCORP 4.125% 05/24/2021(500,000.00) 500,000.00 500,000.000.002,100.0004/26/202104/26/2021Income3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2024 04/26/2024 1,200,000.00 0.00 2,100.000.00(106.94)04/30/202105/03/2021Bought3133EMWV0 Government Agencies FEDERAL FARM CREDIT BANK 04/22/2024 1,000,000.00 (1,000,000.00) (1,000,106.94)0.00(8,343.75)04/30/202105/04/2021Bought91159HHV5 Corporate Bonds US BANCORP 3.375% 02/05/20241,000,000.00 (1,079,130.00) (1,087,473.75)0.00(1,167.13)04/30/202105/03/2021Bought91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/2023 1,000,000.00 (1,000,120.54) (1,001,287.67)0.00(184.43)04/30/202105/03/2021Bought91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2024 1,000,000.00 (1,001,175.22) (1,001,359.65)0.001.48Income Cash and Cash Equivalents Cash1.480.00 0.000.0004/30/202121 ADDITIONAL INFORMATIONAs of April 30, 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.22 ADDITIONAL INFORMATIONAs of April 30, 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.23 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJune 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 12Securities purchased16Securities sold and matured 17Detail of return and interest received 18Transaction report21Additional information22 FIXED INCOME MARKET REVIEWAs of June 30, 2021SAN RAFAELChart 1: CPI rises but is driven by ‘transitory’ categoriesSource:Federal Reserve, June30,2021.Chart 2: Unemployment edges lowerSource: Federal Reserve, June 30, 2021.Economic Indicators and Monetary PolicyHeadline CPI rose 0.6% month-on-month to hit 5% year-on-year, the fastest since 2008.Core CPI also substantially beat expectations at 3.8%, the fastest since 1992.However, it was largely driven by ‘transitory’ inflation categories. Chiefly, used carprices surged, rising 7.3% (up nearly 30% from last year – seeChart 1). Car rental pricesrose 12% and have risen 45% in just the past three months. Elsewhere, airfare andapparel prices also rose significantly, benefitting from the continued economicreopening.The Fed released its latest ‘dot plot’ projections of futureinterest rate policy. Aswidely expected, the committee’s median estimate continued to reflect no rate hike in2021 or 2022. However, its estimate of two rate hikes in 2023 was taken as a hawkishsurprise by markets. There was a wide range of views on the committee with fivedoves predicting no hikes in 2023, and two hawks predicting six hikes.As we expected, the Fed avoided any direct ‘taper talk’. Although, during the pressconference, Chair Powell noted the committee was at the ‘talking about talking aboutit’ stage, discussing the framework around a future taper but with no formal guidanceas to when to pull the trigger. The Fed also revealed its quarterly economic forecasts.It slightly updated its median PCE estimate to just above 2% in 2022 from 2% lastquarter.Payrolls data fell below expectations at 559,000, versus the 800,000 expected. Theleisure and hospitality sector added 292K jobs, close to thetrend over the last threemonths. The participation rate fell as 160,000 workers leftthe labor force. The neteffect was a drop in the unemployment rate from 6.1% from 5.8%. Notably ClevelandFed President Mester characterizedit as “solid” but falling short of “substantial furtherprogress” adding we are "not anywhere near a wage-price spiral".The pace of US reopening continued with New York state, the hardest hit at the startof the pandemic, fully reopening.Interest Rate SummaryAt the end of June, the 3-month US Treasury bill yielded 0.05%, the 6-month USTreasury bill yielded 0.06%, the 2-year US Treasury note yielded 0.25%, the 5-year USTreasury note yielded 0.89% and the 10-year US Treasury noteyielded 1.5%.AmericanRescuePlan3 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2021 - June 30, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,240,761.44Opening balance59,535.57Income received59,535.57Total receipts(201.78)Expenses paid(201.78)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(28,573.48)Total amortization expense126.82Total OID/MKT accretion income0.00Return of capitalClosing balance33,271,648.57Ending fair value33,478,588.38206,939.81Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.07 0.02 0.00Merrill Lynch 3m US Treas Bill 0.05 0.01 0.00Merrill Lynch 6m US Treas Bill 0.06 0.02 0.00ML 1 Year US Treasury Note 0.10 0.04 0.01ML 2 Year US Treasury Note 0.15 0.08 0.02ML 5 Year US Treasury Note 0.52 0.36 0.07* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned56,611.88Accretion (amortization)(28,446.66)Realized gain (loss) on sales0.00Total income on portfolio28,165.22Average daily amortized cost33,267,454.39Period return (%)Weighted average final maturity in days872YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 10.98 0.00 10.980.00Corporate Bonds 30,945.30 (24,016.66) 6,928.640.00Government Agencies 17,338.15 (3,898.25) 13,439.900.00Government Bonds 3,076.66 (531.75) 2,544.910.00Municipal/Provincial Bonds 5,240.79 0.00 5,240.79Total 56,611.88 (28,446.66) 0.00 28,165.220.080.834 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2021 - June 30, 2021SAN RAFAELFair Value Basis Activity Summary33,522,484.13Opening balance59,535.57Income received59,535.57Total receipts(201.78)Expenses paid(201.78)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(103,229.54)Ending fair value33,478,588.38Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.07 0.02 0.00ICE Bofa 3 Months US T-BILL 0.09 0.02 0.00ICE Bofa 6m US Treas Bill 0.17 0.05 (0.01)ICE Bofa 1 Yr US Treasury Note 0.22 0.09 (0.01)ICE BofA US Treasury 1-3 0.07 (0.08) (0.15)ICE BofA US Treasury 1-5 (0.27) (0.42) (0.22)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 10.98 0.00 10.98Corporate Bonds 30,945.30 (51,629.11) (20,683.81)Government Agencies 17,338.15 (36,555.51) (19,217.36)Government Bonds 3,076.66 (15,044.92) (11,968.26)Municipal/Provincial Bonds 5,240.79 0.00 5,240.79Total56,611.88 (103,229.54) (46,617.66)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned56,611.88Total income on portfolio(46,617.66)Average daily total value *33,689,327.29Period return (%)(0.14)Weighted average final maturity in days872Change in fair value(103,229.54)YTD return (%)0.08* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of June 30, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 56,088.29 56,088.29 56,088.29 0.00 0.17 0.001Corporate Bonds 14,098,295.00 14,004,051.12 14,048,275.91 44,224.79 806 42.14 1.94Government Agencies 13,639,611.07 13,561,231.02 13,695,842.54 134,611.52 648 40.77 1.39Government Bonds 4,421,776.46 4,411,078.14 4,439,181.64 28,103.50 885 13.22 2.40Municipal/Provincial Bonds 1,239,200.00 1,239,200.00 1,239,200.00 0.00 4,082 3.70 8.53Total33,454,970.82 33,271,648.57 33,478,588.38 206,939.81 872 100.00 2.02Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.17Corporate Bonds 42.14Government Agencies 40.77Government Bonds 13.22Municipal/Provincial Bonds 3.70Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of June 30, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days658,518.29 1.9790 to 179 days1,602,933.00 4.79180 days to 1 year4,022,771.30 12.021 to 2 years7,028,133.83 21.012 to 3 years18,149,987.65 54.253 to 4 years753,426.75 2.254 to 5 years0.00 0.00Over 5 years1,239,200.00 3.7033,454,970.82 100.00Maturity distribution0.005.0010.0015.0020.00Historical 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 June 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00056,088.29 56,088.29 0.00 0.00 0.1756,088.2956,088.29Cash and Cash EquivalentsTotal Cash and Cash Equivalents56,088.29 56,088.29 56,088.29 0.00 0.170.0056,088.29Corporate Bonds717081DZ32.200 12/15/2021 503,615.00 500,829.59 3,640.72 458.33 1.51504,470.31500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 709,914.26 288.99 6,142.5001/31/20222.13710,203.25700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 612,830.08 192.88 4,757.0504/01/20221.84613,022.96600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 504,221.26 14,244.11 2,797.9201/11/20231.52518,465.37500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,490.01 15,449.99 1,900.00 1.52518,940.00500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,028,999.59 992.64 2,708.33 3.081,029,992.231,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202394988J5R43.550 08/14/2023 1,074,350.00 1,065,137.40 (532.06) 13,411.1107/14/20233.211,064,605.341,000,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)89236THA61.350 08/25/2023 714,959.00 713,719.79 147.82 3,281.25 2.14713,867.61700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,080,955.49 (1,233.49) 3,750.00 3.251,079,722.001,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 517,393.58 780.48 417.2212/20/20221.57518,174.06500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)8 SECURITIES HELDAs of June 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,001,156.83 (2,273.59) 1,450.00 2.99998,883.241,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 539,522.64 (1,543.17) 7,959.0312/23/20231.62537,979.47500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 945,570.09 20,522.56 13,737.5012/24/20232.86966,092.65900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,074,133.18 (3,156.73) 13,593.7501/05/20243.231,070,976.451,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,081,859.80 (4,488.40) 13,895.83 3.251,077,371.401,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 536,399.42 (878.13) 6,138.8901/14/20241.62535,521.29500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 537,039.74 380.82 5,950.0012/01/20231.61537,420.56500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 522,647.66 2,690.69 5,670.1403/05/20231.60525,338.35500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 528,230.71 (1,001.34) 3,311.8504/23/20231.60527,229.37500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds14,098,295.00 14,004,051.12 14,048,275.91 44,224.79 42.14111,330.7013,400,000.00Government Agencies313378JP72.375 09/10/2021 602,430.00 600,203.47 2,441.62 4,354.171.80602,645.09600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,889.37 3,966.66 3,487.15 3.291,103,856.031,100,000.00FANNIE MAE 1.375% 07OCT20219 SECURITIES HELDAs of June 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3137EADB22.375 01/13/2022 1,676,634.30 1,656,238.37 13,957.63 18,178.65 5.011,670,196.001,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,004,144.42 12,636.58 7,569.44 3.041,016,781.001,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,669.05 13,144.61 2,833.33 1.80613,813.66600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,008,897.14 24,422.53 1,458.33 3.051,033,319.671,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 (1,855.81) 1,041.6708/25/20212.99998,144.191,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)3135G0U432.875 09/12/2023 1,047,553.22 1,026,355.60 30,643.12 8,625.00 3.131,056,998.721,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 612,867.78 20,018.02 6,041.67 1.86632,885.80600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (2,501.26) 661.11 2.99997,498.741,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (1,687.65) 68.0612/23/20212.99998,312.351,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC21)3136G46B40.350 04/26/2024 1,199,700.00 1,199,757.52 (4,236.45) 746.6710/26/20213.591,195,521.071,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (3,856.03) 562.5005/06/20222.99996,143.971,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)10 SECURITIES HELDAs of June 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0V751.750 07/02/2024 753,426.75 752,208.30 27,517.95 6,489.58 2.25779,726.25750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies13,639,611.07 13,561,231.02 13,695,842.54 134,611.52 40.7762,117.3313,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 756,024.78 13,369.76 1,229.51 2.28769,394.54750,000.00USA TREASURY 2% 30NOV202291282CAW10.250 11/15/2023 1,000,120.54 1,000,112.63 (1,792.32) 312.50 2.99998,320.311,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 656,814.30 21,293.12 1,132.17 1.98678,107.42650,000.00USA TREASURY 2.125% 30NOV202391282CBV20.375 04/15/2024 1,001,175.22 1,001,108.90 (2,280.78) 778.69 2.99998,828.121,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,017.53 (2,486.28) 312.502.98994,531.251,000,000.00USA TREASURY 0.25% 15MAY2024Total Government Bonds4,421,776.46 4,411,078.14 4,439,181.64 28,103.50 13.223,765.374,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 21,324.57 3.701,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 3.7021,324.571,239,200.00Grand total33,454,970.82 33,271,648.57 206,939.8132,595,288.29100.00198,537.9733,478,588.3811 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 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 3.29 1,103,856.03 3.30 0.273135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.80 613,813.66 1.83 1.253135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.13 1,056,998.72 3.16 2.133135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.86 632,885.80 1.89 2.513136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 3.59 1,195,521.07 3.57 1.423135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.25 779,726.25 2.33 2.92Issuer total5,250,000.00 5,322,976.77 15.91 5,382,801.53 16.08 1.64United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.28 769,394.54 2.30 1.4091282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.99 998,320.31 2.98 2.37912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.98 678,107.42 2.03 2.3691282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.99 998,828.12 2.98 2.7891282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.98 994,531.25 2.97 2.86Issuer total4,400,000.00 4,421,776.46 13.22 4,439,181.64 13.26 2.40Federal Home Loan Banks313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 1.80 602,645.09 1.80 0.20313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.04 1,016,781.00 3.04 0.693130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.05 1,033,319.67 3.09 1.423130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 998,312.35 2.98 1.48Issuer total3,600,000.00 3,640,000.00 10.88 3,651,058.11 10.91 1.03Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 5.01 1,670,196.00 4.99 0.5312 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 998,144.19 2.98 0.88Issuer total2,650,000.00 2,676,634.30 8.00 2,668,340.19 7.97 0.66Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 997,498.74 2.98 2.803133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 996,143.97 2.98 1.96Issuer total2,000,000.00 2,000,000.00 5.98 1,993,642.71 5.95 2.38PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 3.70 1,239,200.00 3.70 8.53Issuer total1,239,200.00 1,239,200.00 3.70 1,239,200.00 3.70 8.53JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.84 613,022.96 1.83 0.7546647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.60 527,229.37 1.57 1.75Issuer total1,100,000.00 1,149,816.00 3.44 1,140,252.33 3.41 1.21Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.25 1,079,722.00 3.23 2.31Issuer total1,000,000.00 1,086,390.00 3.25 1,079,722.00 3.23 2.31International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A2 1,000,000.00 1,086,900.00 3.25 1,077,371.40 3.22 2.49Issuer total1,000,000.00 1,086,900.00 3.25 1,077,371.40 3.22 2.49US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A1 1,000,000.00 1,079,130.00 3.23 1,070,976.45 3.20 2.41Issuer total1,000,000.00 1,079,130.00 3.23 1,070,976.45 3.20 2.4113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWells Fargo Bank NA94988J5R4WELLS FARGO BANK NA 3.550 08/14/2023 07/14/2023 A+ Aa2 1,000,000.00 1,074,350.00 3.21 1,064,605.34 3.18 1.96Issuer total1,000,000.00 1,074,350.00 3.21 1,064,605.34 3.18 1.96Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 518,174.06 1.55 1.4506051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.60 525,338.35 1.57 1.62Issuer total1,000,000.00 1,061,320.00 3.17 1,043,512.41 3.12 1.54American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.08 1,029,992.23 3.08 1.82Issuer total1,000,000.00 1,031,510.00 3.08 1,029,992.23 3.08 1.82John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.99 998,883.24 2.98 2.53Issuer total1,000,000.00 1,001,230.00 2.99 998,883.24 2.98 2.53PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.86 966,092.65 2.89 2.37Issuer total900,000.00 957,939.00 2.86 966,092.65 2.89 2.37Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.14 713,867.61 2.13 2.12Issuer total700,000.00 714,959.00 2.14 713,867.61 2.13 2.12American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.13 710,203.25 2.12 0.58Issuer total700,000.00 714,231.00 2.13 710,203.25 2.12 0.5814 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCitibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.62 537,979.47 1.61 2.36Issuer total500,000.00 541,470.00 1.62 537,979.47 1.61 2.36PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.61 537,420.56 1.61 2.33Issuer total500,000.00 537,465.00 1.61 537,420.56 1.61 2.333M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.62 535,521.29 1.60 2.44Issuer total500,000.00 541,935.00 1.62 535,521.29 1.60 2.44Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.52 518,940.00 1.55 1.80Issuer total500,000.00 506,880.00 1.52 518,940.00 1.55 1.80Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 518,465.37 1.55 1.51Issuer total500,000.00 509,155.00 1.52 518,465.37 1.55 1.51Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.51 504,470.31 1.51 0.46Issuer total500,000.00 503,615.00 1.51 504,470.31 1.51 0.46Cash and Cash EquivalentsINVESTED CASH 0.00056,088.29 56,088.29 0.00 56,088.29 0.17 0.00Issuer total56,088.29 56,088.29 0.00 56,088.29 0.17 0.00Grand total32,595,288.29 33,454,970.82 100.00 33,478,588.38 100.002.0215 SECURITIES PURCHASEDFor the period June 1, 2021 - June 30, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds713448CM83.60006/21/2021 03/01/2024 500,000.00 107.49 (537,465.00) (5,600.00)12/01/202306/23/2021PEPSICO INC 3.6% 01MAR2024CITIGROUP GLOBAL MARKETS INC.500,000.00 (537,465.00) (5,600.00)Total Corporate BondsGovernment Agencies3130AMQQ80.35006/09/2021 04/23/2024 1,000,000.00 100.00 (1,000,000.00) 0.0012/23/202106/23/2021FEDERAL HOME LOAN BANK 0.35%WELLS FARGO SECURITIES, LLC1,000,000.00 (1,000,000.00) 0.00Total Government AgenciesGrand totalGrand total1,500,000.00 (1,537,465.00) (5,600.00)16 SECURITIES SOLD AND MATUREDFor the period June 1, 2021 - June 30, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds17325FAQ13.40006/23/2021 (500,000.00) 507,030.00 500,000.00 0.00 500,000.00 0.00 0.0006/23/2021CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)(500,000.00)0.00507,030.00 500,000.00 500,000.00 0.00Total (Corporate Bonds)Government Agencies313373ZY13.62506/11/2021 (1,000,000.00) 1,024,040.00 1,000,000.00 0.00 1,000,000.00 0.00 0.0006/11/2021FHLB BD 3.625 06-11-2021(1,000,000.00)0.001,024,040.00 1,000,000.00 1,000,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,500,000.00)0.001,531,070.00 1,500,000.00 1,500,000.00 0.0017 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2021 - June 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents10.980.000.0010.980.00Total Cash10.980.000.0010.980.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(1,626.18)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,522.50(1,470.54)(1,635.16)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)(2,178.69)0.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)(1,024.89)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.94(984.54)(2,079.72)7,510.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.02)(2,044.81)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,020.83(2,810.95)(6,359.28)0.000.0014912L5X5CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,038.90(217.03)(953.76)7,083.340.0017325FAQ1CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.14(1,327.74)(3,808.88)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)(6,914.73)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.85)(2,203.30)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,550.05(1,420.30)(1,531.93)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.49(1,296.97)(1,840.16)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)350.00(425.26)(44.44)0.000.00713448CM8PFIZER INC 2.2% 15DEC2021886.11(150.83)(1,372.09)5,500.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.91)(3,753.19)0.000.00693475AV7TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.09)(1,231.53)0.000.0089236THA618 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2021 - June 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsUS BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)(5,174.49)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.83)(812.25)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)2,859.72(2,662.29)(5,039.63)0.000.0094988J5R4Total Corporate Bonds30,945.30(24,016.66) (51,629.11) 20,093.340.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)338.347.40(4,436.07)0.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,218.4034.21(1,313.97)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,057.29(61.23)(2,400.27)0.000.003135G0V75FANNIE MAE 2% 05OCT2022966.66(44.11)(1,264.02)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(3,066.28)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.97(998.32)(3,212.11)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.940.00(2,529.99)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)302.080.00(3,864.33)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21)68.060.00(1,687.65)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.375% 10SEP20211,147.92(87.20)(1,157.49)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.29)(2,640.25)12,500.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,013.88(495.35)(2,265.59)0.000.00313378WG2FHLB BD 3.625 06-11-20211,006.94(324.47)(1,012.74)18,125.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)241.670.00(2,144.81)0.000.003134GW2F219 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2021 - June 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFREDDIE MAC 2.375% 13JAN20223,156.77(1,002.02)(3,559.94)0.000.003137EADB2Total Government Agencies17,338.15(3,898.25) (36,555.51) 30,625.000.00Government BondsUSA TREASURY 0.25% 15MAY2024203.8085.21(3,906.25)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023203.80(3.89)(2,890.63)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024307.38(32.62)(3,671.88)0.000.0091282CBV2USA TREASURY 2% 30NOV20221,229.51(348.93)(1,757.80)7,500.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.52)(2,818.36)6,906.250.00912828U57Total Government Bonds3,076.66(531.75) (15,044.92) 14,406.250.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,240.790.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,240.790.000.000.000.00Grand total56,611.88(28,446.66) (103,229.54) 65,135.570.0020 TRANSACTION REPORTFor the period June 1, 2021 - June 30, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,500.0005/31/202105/31/2021Income912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 750,000.00 0.00 7,500.000.006,906.2505/31/202105/31/2021Income912828U57 Government Bonds USA TREASURY 2.125% 11/30/2023 650,000.00 0.00 6,906.250.0012,500.0006/09/202106/09/2021Income3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 12/09/2022 1,000,000.00 0.00 12,500.000.000.0006/09/202106/23/2021Bought3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 04/23/2024 1,000,000.00 (1,000,000.00) (1,000,000.00)0.0018,125.0006/11/202106/11/2021Income313373ZY1 Government Agencies FHLB BD 3.625 06-11-2021 06/11/2021 1,000,000.00 0.00 18,125.000.000.0006/11/202106/11/2021Capital Change313373ZY1 Government Agencies FHLB BD 3.625 06-11-2021 06/11/2021 (1,000,000.00) 1,000,000.00 1,000,000.000.005,500.0006/15/202106/15/2021Income717081DZ3 Corporate Bonds PFIZER INC 2.2% 15DEC2021 12/15/2021 500,000.00 0.00 5,500.000.007,510.0006/20/202106/20/2021Income06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2023 500,000.00 0.00 7,510.000.00(5,600.00)06/21/202106/23/2021Bought713448CM8 Corporate Bonds PEPSICO INC 3.6% 01MAR2024 03/01/2024 500,000.00 (537,465.00) (543,065.00)0.007,083.3406/23/202106/23/2021Income17325FAQ1 Corporate Bonds CITIBANK NA 3.4% 23JUL2021 07/23/2021 500,000.00 0.00 7,083.340.000.0006/23/202106/23/2021Capital Change17325FAQ1 Corporate Bonds CITIBANK NA 3.4% 23JUL2021 07/23/2021 (500,000.00) 500,000.00 500,000.000.0010.98Income Cash and Cash Equivalents Cash10.980.00 0.000.0006/30/202121 ADDITIONAL INFORMATIONAs of June 30, 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.22 ADDITIONAL INFORMATIONAs of June 30, 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.23 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELMay 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 12Securities purchased16Detail of return and interest received 18Transaction report21Additional information22 FIXED INCOME MARKET REVIEWAs of May 31, 2021SAN RAFAELChart 1: CPI recovers to pre-COVID trend levelSource:Federal Reserve,May 31, 2021.Chart 2: Unemployment rate ticks up slightlySource: Federal Reserve, May 31, 2021.Economic Indicators and Monetary PolicyEconomic data was generally mixed over the month. CPI came inat 4.2%, significantlyfaster than the 3.6% expected by markets. Much of this was attributable to a surge inused car prices, which increased by 10% in April alone, and 21% over the last year.Hotel prices rising 10% in April were also notable. However,signs of persistentinflation were absent as the ‘shelter’ and ‘healthcare’ components did not significantlyaccelerate. CPI has now largely recovered to its pre-COVID trend (Chart 1).Treasury Secretary Janet Yellen noted that if expansionaryfiscal policy were to causeinflation, Fed officials ‘have the tools’ to address it and needed to subsequently clarifythat she was not predicting or calling for a rate hike following a bout of marketvolatility.The employment report disappointed. The US economy added 266,000 jobs in April,well below the one million expected. The previous month was revised down from916,000 to 770,000. Manufacturing jobs notably fell modestly, perhaps related toreduced auto production on chip shortages. Leisure and hospitality increased331,000, consistent with rehiring in those sectors given economic reopening. Theunemployment rate unexpectedly increased slightly to 6.1%from 6% (Chart 2) with theparticipation rate rising to 61.7% from 61.5%. Wage growth increased 0.7% with astrong 1.65% increase in leisure and hospitality wages.Elsewhere, April retail sales were flat after a solid 10.7% increase in March, reflectingnormalization after an unsustainable jump. New home sales fell 5.9%, belowexpectations.The pace of US vaccinations continued to slow, with demand rather than supplyappearing to be the main factor. Nonetheless, restrictionscontinued to ease acrossthe US.Interest Rate SummaryAt the end of May, the 3-month US Treasury bill yielded 0.02%,the 6-month USTreasury bill yielded 0.04%, the 2-year US Treasury note yielded 0.15%, the 5-year USTreasury note yielded 0.80% and the 10-year US Treasury noteyielded 1.60%.3 ACTIVITY AND PERFORMANCE SUMMARYFor the period May 1, 2021 - May 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,279,384.29Opening balance(11,749.43)Income received(11,749.43)Total receipts(202.04)Expenses paid(202.04)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(26,766.48)Total amortization expense95.10Total OID/MKT accretion income0.00Return of capitalClosing balance33,240,761.44Ending fair value33,522,484.13281,722.69Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.08 0.02 0.00Merrill Lynch 3m US Treas Bill 0.06 0.01 0.00Merrill Lynch 6m US Treas Bill 0.07 0.02 0.00ML 1 Year US Treasury Note 0.11 0.04 0.00ML 2 Year US Treasury Note 0.15 0.07 0.01ML 5 Year US Treasury Note 0.48 0.32 0.07* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned58,469.13Accretion (amortization)(26,671.38)Realized gain (loss) on sales0.00Total income on portfolio31,797.75Average daily amortized cost33,243,644.76Period return (%)Weighted average final maturity in days856YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 19.66 0.00 19.660.00Corporate Bonds 29,405.27 (21,693.34) 7,711.930.00Government Agencies 20,414.62 (4,394.50) 16,020.120.00Government Bonds 3,027.37 (583.54) 2,443.830.00Municipal/Provincial Bonds 5,602.21 0.00 5,602.21Total 58,469.13 (26,671.38) 0.00 31,797.750.100.744 ACTIVITY AND PERFORMANCE SUMMARYFor the period May 1, 2021 - May 31, 2021SAN RAFAELFair Value Basis Activity Summary33,555,870.03Opening balance(11,749.43)Income received(11,749.43)Total receipts(202.04)Expenses paid(202.04)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(21,434.43)Ending fair value33,522,484.13Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.08 0.02 0.00ICE Bofa 3 Months US T-BILL 0.11 0.04 0.00ICE Bofa 6m US Treas Bill 0.19 0.08 0.01ICE Bofa 1 Yr US Treasury Note 0.28 0.11 0.01ICE BofA US Treasury 1-3 0.25 0.12 0.08ICE BofA US Treasury 1-5 0.02 (0.12) 0.17* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 19.66 0.00 19.66Corporate Bonds 29,405.27 (9,793.54) 19,611.73Government Agencies 20,414.62 (14,282.07) 6,132.55Government Bonds 3,027.37 2,641.18 5,668.55Municipal/Provincial Bonds 5,602.21 0.00 5,602.21Total58,469.13 (21,434.43) 37,034.70Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned58,469.13Total income on portfolio37,034.70Average daily total value *33,702,801.98Period return (%)0.11Weighted average final maturity in days856Change in fair value(21,434.43)YTD return (%)0.22* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of May 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 34,219.50 34,219.50 34,219.50 0.00 0.10 0.001Corporate Bonds 14,067,860.00 13,990,602.78 14,062,440.02 71,837.24 802 42.09 1.97Government Agencies 13,663,651.07 13,565,129.27 13,732,398.05 167,268.78 601 40.88 1.29Government Bonds 4,421,776.46 4,411,609.89 4,454,226.56 42,616.67 915 13.23 2.49Municipal/Provincial Bonds 1,239,200.00 1,239,200.00 1,239,200.00 0.00 4,112 3.71 8.65Total33,426,707.03 33,240,761.44 33,522,484.13 281,722.69 856 100.00 2.00Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.10Corporate Bonds 42.09Government Agencies 40.88Government Bonds 13.23Municipal/Provincial Bonds 3.71Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of May 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,565,289.50 7.6790 to 179 days1,701,748.00 5.09180 days to 1 year5,526,386.30 16.531 to 2 years6,028,133.83 18.032 to 3 years15,612,522.65 46.713 to 4 years753,426.75 2.254 to 5 years0.00 0.00Over 5 years1,239,200.00 3.7133,426,707.03 100.00Maturity distribution0.005.0010.0015.0020.00Historical 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 May 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00034,219.50 34,219.50 0.00 0.00 0.1034,219.5034,219.50Cash and Cash EquivalentsTotal Cash and Cash Equivalents34,219.50 34,219.50 34,219.50 0.00 0.100.0034,219.50Corporate Bonds17325FAQ13.400 07/23/2021 507,030.00 500,217.03 736.73 6,044.4406/23/20211.52500,953.76500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 06JUL21)717081DZ32.200 12/15/2021 503,615.00 500,980.42 4,861.98 5,072.221.51505,842.40500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 711,384.80 453.61 4,620.0001/31/20222.14711,838.41700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 614,250.38 304.51 3,207.0004/01/20221.84614,554.89600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 504,451.09 14,826.53 1,770.8301/11/20231.52519,277.62500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,647.93 16,316.96 933.33 1.52519,964.89500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,030,298.08 1,872.84 1,137.50 3.091,032,170.921,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202394988J5R43.550 08/14/2023 1,074,350.00 1,067,799.69 1,845.28 10,551.3907/14/20233.211,069,644.971,000,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)89236THA61.350 08/25/2023 714,959.00 714,250.88 848.26 2,520.00 2.14715,099.14700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,083,766.44 2,314.84 729.17 3.251,086,081.281,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV20238 SECURITIES HELDAs of May 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds06051GHC63.004 12/20/2023 525,795.00 518,378.12 1,875.66 6,717.2812/20/20221.57520,253.78500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)24422EVN60.450 01/17/2024 1,001,230.00 1,001,194.68 (108.14) 1,087.50 3.001,001,086.541,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 540,850.38 937.97 6,488.8912/23/20231.62541,788.35500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 947,101.00 22,744.84 11,200.0012/24/20232.87969,845.84900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,076,672.55 (521.61) 10,875.0001/05/20243.231,076,150.941,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,084,466.80 (180.67) 10,975.69 3.251,084,286.131,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 537,594.15 (446.68) 4,829.8601/14/20241.62537,147.47500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)06051GHF93.550 03/05/2024 535,525.00 523,770.68 3,612.48 4,240.2803/05/20231.60527,383.16500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 529,527.68 (458.15) 1,878.3604/23/20231.60529,069.53500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds14,067,860.00 13,990,602.78 14,062,440.02 71,837.24 42.0994,878.7413,400,000.00Government Agencies313373ZY13.625 06/11/2021 1,024,040.00 1,000,324.47 688.27 17,118.06 3.061,001,012.741,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,290.67 3,511.91 3,206.251.80603,802.58600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20219 SECURITIES HELDAs of May 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0Q891.375 10/07/2021 1,099,318.00 1,099,855.16 5,314.84 2,268.75 3.291,105,170.001,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,657,240.39 16,515.55 15,021.88 5.021,673,755.941,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,004,639.77 14,406.82 5,555.56 3.041,019,046.591,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,713.16 14,364.52 1,866.67 1.80615,077.68600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,009,411.43 26,548.49 11,944.44 3.061,035,959.921,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 289.00 800.0008/25/20212.991,000,289.001,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)3135G0U432.875 09/12/2023 1,047,553.22 1,027,353.92 32,856.91 6,309.03 3.131,060,210.831,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 613,280.65 22,671.43 4,833.33 1.86635,952.08600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 28.73 379.17 2.991,000,028.731,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243136G46B40.350 04/26/2024 1,199,700.00 1,199,750.12 207.02 408.3310/26/20213.591,199,957.141,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 8.30 260.4205/06/20222.991,000,008.301,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)10 SECURITIES HELDAs of May 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0V751.750 07/02/2024 753,426.75 752,269.53 29,856.99 5,432.29 2.25782,126.52750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies13,663,651.07 13,565,129.27 13,732,398.05 167,268.78 40.8875,404.1813,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 756,373.71 14,778.63 7,500.00 2.28771,152.34750,000.00USA TREASURY 2% 30NOV202291282CAW10.250 11/15/2023 1,000,120.54 1,000,116.52 1,094.42 108.70 2.991,001,210.941,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 657,045.82 23,879.96 6,906.25 1.98680,925.78650,000.00USA TREASURY 2.125% 30NOV202391282CBV20.375 04/15/2024 1,001,175.22 1,001,141.52 1,358.48 471.31 3.001,002,500.001,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 996,932.32 1,505.18 108.70 2.98998,437.501,000,000.00USA TREASURY 0.25% 15MAY2024Total Government Bonds4,421,776.46 4,411,609.89 4,454,226.56 42,616.67 13.2315,094.964,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 16,083.78 3.711,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 3.7116,083.781,239,200.00Grand total33,426,707.03 33,240,761.44 281,722.6932,573,419.50100.00201,461.6633,522,484.1311 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 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 3.29 1,105,170.00 3.30 0.353135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.80 615,077.68 1.83 1.333135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.13 1,060,210.83 3.16 2.213135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.86 635,952.08 1.90 2.593136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 3.59 1,199,957.14 3.58 1.193135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.25 782,126.52 2.33 3.00Issuer total5,250,000.00 5,322,976.77 15.92 5,398,494.25 16.10 1.65United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.28 771,152.34 2.30 1.4891282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.99 1,001,210.94 2.99 2.45912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.98 680,925.78 2.03 2.4591282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 3.00 1,002,500.00 2.99 2.8691282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.98 998,437.50 2.98 2.95Issuer total4,400,000.00 4,421,776.46 13.23 4,454,226.56 13.29 2.49Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 3.06 1,001,012.74 2.99 0.03313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 1.80 603,802.58 1.80 0.28313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.04 1,019,046.59 3.04 0.773130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.06 1,035,959.92 3.09 1.48Issuer total3,600,000.00 3,664,040.00 10.96 3,659,821.83 10.92 0.68Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 5.02 1,673,755.94 4.99 0.6212 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 1,000,289.00 2.98 0.61Issuer total2,650,000.00 2,676,634.30 8.01 2,674,044.94 7.98 0.62Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 1,000,028.73 2.98 2.883133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.99 1,000,008.30 2.98 1.74Issuer total2,000,000.00 2,000,000.00 5.98 2,000,037.03 5.97 2.31PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 3.71 1,239,200.00 3.70 8.65Issuer total1,239,200.00 1,239,200.00 3.71 1,239,200.00 3.70 8.65JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.84 614,554.89 1.83 1.1746647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.60 529,069.53 1.58 1.84Issuer total1,100,000.00 1,149,816.00 3.44 1,143,624.42 3.41 1.48Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.25 1,086,081.28 3.24 2.39Issuer total1,000,000.00 1,086,390.00 3.25 1,086,081.28 3.24 2.39International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A2 1,000,000.00 1,086,900.00 3.25 1,084,286.13 3.23 2.57Issuer total1,000,000.00 1,086,900.00 3.25 1,084,286.13 3.23 2.57US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A1 1,000,000.00 1,079,130.00 3.23 1,076,150.94 3.21 2.49Issuer total1,000,000.00 1,079,130.00 3.23 1,076,150.94 3.21 2.4913 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWells Fargo Bank NA94988J5R4WELLS FARGO BANK NA 3.550 08/14/2023 07/14/2023 A+ Aa2 1,000,000.00 1,074,350.00 3.21 1,069,644.97 3.19 2.04Issuer total1,000,000.00 1,074,350.00 3.21 1,069,644.97 3.19 2.04Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 520,253.78 1.55 1.5006051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.60 527,383.16 1.57 1.70Issuer total1,000,000.00 1,061,320.00 3.18 1,047,636.94 3.13 1.60Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 1.52 500,953.76 1.49 0.0817325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.62 541,788.35 1.62 2.45Issuer total1,000,000.00 1,048,500.00 3.14 1,042,742.11 3.11 1.30American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.09 1,032,170.92 3.08 1.91Issuer total1,000,000.00 1,031,510.00 3.09 1,032,170.92 3.08 1.91John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 3.00 1,001,086.54 2.99 2.61Issuer total1,000,000.00 1,001,230.00 3.00 1,001,086.54 2.99 2.61PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.87 969,845.84 2.89 2.45Issuer total900,000.00 957,939.00 2.87 969,845.84 2.89 2.45Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.14 715,099.14 2.13 2.20Issuer total700,000.00 714,959.00 2.14 715,099.14 2.13 2.2014 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 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 2.14 711,838.41 2.12 1.01Issuer total700,000.00 714,231.00 2.14 711,838.41 2.12 1.013M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.62 537,147.47 1.60 2.52Issuer total500,000.00 541,935.00 1.62 537,147.47 1.60 2.52Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.52 519,964.89 1.55 1.88Issuer total500,000.00 506,880.00 1.52 519,964.89 1.55 1.88Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 519,277.62 1.55 1.59Issuer total500,000.00 509,155.00 1.52 519,277.62 1.55 1.59Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.51 505,842.40 1.51 0.54Issuer total500,000.00 503,615.00 1.51 505,842.40 1.51 0.54Cash and Cash EquivalentsINVESTED CASH 0.00034,219.50 34,219.50 0.00 34,219.50 0.10 0.00Issuer total34,219.50 34,219.50 0.00 34,219.50 0.10 0.00Grand total32,573,419.50 33,426,707.03 100.00 33,522,484.13 100.002.0015 SECURITIES PURCHASEDFor the period May 1, 2021 - May 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds46647PBB13.20705/03/2021 04/01/2023 600,000.00 102.60 (615,576.00) (1,817.30)04/01/202205/05/2021JPMORGAN CHASE & CO 3.207%WELLS FARGO SECURITIES, LLC02665WDH11.95005/03/2021 05/10/2023 1,000,000.00 103.15 (1,031,510.00) (9,479.17)05/05/2021AMERICAN HONDA FINANCE 1.95%STIFEL NICOLAUS & CO,INCORORATED14912L5X53.75005/03/2021 11/24/2023 1,000,000.00 108.64 (1,086,390.00) (16,770.83)05/05/2021CATERPILLAR FINANCIAL SE 3.75%CITIGROUP GLOBAL MARKETS INC.24422EVN60.45005/03/2021 01/17/2024 1,000,000.00 100.12 (1,001,230.00) (762.50)05/05/2021JOHN DEERE CAPITAL CORP 0.45%MITSUBISHI UFJ SECURITIES (USA),INC459200HU83.62505/03/2021 02/12/2024 1,000,000.00 108.69 (1,086,900.00) (8,357.64)05/05/2021IBM CORP 3.625% 12FEB2024GOLDMAN, SACHS AND CO.94988J5R43.55005/13/2021 08/14/2023 500,000.00 106.96 (534,815.00) (4,437.50)07/14/202305/14/2021WELLS FARGO BANK NA 3.55%WELLS FARGO SECURITIES, LLC17325FAS73.65005/17/2021 01/23/2024 500,000.00 108.29 (541,470.00) (5,880.56)12/23/202305/19/2021CITIBANK NA 3.65% 23JAN2024MORGAN STANLEY AND CO., LLC5,600,000.00 (5,897,891.00) (47,505.50)Total Corporate BondsGovernment Agencies3133EMYR70.37505/03/2021 05/06/2024 1,000,000.00 100.00 (1,000,000.00) 0.0005/06/202205/06/2021FEDERAL FARM CREDIT BANK 0.375%MORGAN STANLEY AND CO., LLC1,000,000.00 (1,000,000.00) 0.00Total Government Agencies16 SECURITIES PURCHASEDFor the period May 1, 2021 - May 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds91282CBV20.37504/30/2021 04/15/2024 1,000,000.00 100.12 (1,001,175.22) (184.43)05/03/2021USA TREASURY 0.375% 15APR2024WELLS FARGO BANK, N.A.91282CBV20.37504/30/2021 04/15/2024 (1,000,000.00) 100.12 1,001,175.22 184.4305/03/2021USA TREASURY 0.375% 15APR2024WELLS FARGO BANK, N.A.91282CCC30.25005/12/2021 05/15/2024 1,000,000.00 99.69 (996,878.35) (13.59)05/17/2021USA TREASURY 0.25% 15MAY2024BARCLAYS CAPITAL1,000,000.00 (996,878.35) (13.59)Total Government BondsGrand totalGrand total7,600,000.00 (7,894,769.35) (47,519.09)17 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2021 - May 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents19.660.000.0019.660.00Total Cash19.660.000.0019.660.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.30(1,194.73)(113.42)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,627.50(1,375.66)(1,173.24)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,408.33(1,211.92)660.929,750.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)(1,131.05)6,000.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.39(984.54)478.780.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)714.570.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20232,708.34(2,623.56)(308.72)18,750.000.0014912L5X5CITIBANK NA 3.4% 23JUL2021 (CALLABLE 06JUL21)1,463.88(283.09)(1,225.14)0.000.0017325FAQ1CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)608.33(619.62)318.350.000.0017325FAS7IBM CORP 3.625% 12FEB20242,618.05(2,433.20)(2,613.87)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024325.00(35.32)(143.46)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,389.70(1,325.62)(1,021.11)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.35(1,296.97)(935.71)0.000.0046647PAP1PFIZER INC 2.2% 15DEC2021947.22(150.84)(19.08)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.91)97.670.000.00693475AV7TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)(252.11)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,531.25(2,457.45)(2,451.64)0.000.0091159HHV518 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2021 - May 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsWALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)(400.25)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)2,366.67(2,128.05)(275.03)0.000.0094988J5R4Total Corporate Bonds29,405.27(21,693.34)(9,793.54) 34,500.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)361.666.921,253.930.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,302.4334.21(1,127.28)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,130.21(61.23)(972.86)0.000.003135G0V75FANNIE MAE 2% 05OCT20221,033.34(44.12)(1,057.02)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)(419.83)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.70(998.31)(2,597.38)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024272.230.00313.920.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)260.420.008.300.000.003133EMYR7FEDERAL HOME LOAN BANK 2.375% 10SEP20211,227.08(87.20)(1,035.55)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.77(514.28)(1,188.61)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,152.78(495.35)(1,774.99)0.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20213,121.53(884.90)(2,680.16)0.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)258.330.00(27.31)0.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,374.48(937.37)(2,977.23)0.000.003137EADB2Total Government Agencies20,414.62(4,394.50) (14,282.07)0.000.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2021 - May 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.25% 15MAY202495.1153.971,559.150.000.0091282CCC3USA TREASURY 0.25% 15NOV2023191.57(4.02)1,132.821,250.000.0091282CAW1USA TREASURY 0.375% 15APR2024286.88(33.70)1,250.000.000.0091282CBV2USA TREASURY 2% 30NOV20221,277.47(360.56)(996.10)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.23)(304.69)0.000.00912828U57Total Government Bonds3,027.37(583.54)2,641.181,250.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,602.210.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,602.210.000.000.000.00Grand total58,469.13(26,671.38) (21,434.43) 35,769.660.0020 TRANSACTION REPORTFor the period May 1, 2021 - May 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)(184.43)04/30/202105/03/2021Bought91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2024 1,000,000.00 (1,001,175.22) (1,001,359.65)0.00184.4304/30/202105/03/2021Bought91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2024 (1,000,000.00) 1,001,175.22 1,001,359.650.00(9,479.17)05/03/202105/05/2021Bought02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10/2023 1,000,000.00 (1,031,510.00) (1,040,989.17)0.006,000.0005/03/202105/03/2021Income037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 0.00 6,000.000.00(16,770.83)05/03/202105/05/2021Bought14912L5X5 Corporate Bonds CATERPILLAR FINANCIAL SE 11/24/2023 1,000,000.00 (1,086,390.00) (1,103,160.83)0.00(762.50)05/03/202105/05/2021Bought24422EVN6 Corporate Bonds JOHN DEERE CAPITAL CORP 01/17/2024 1,000,000.00 (1,001,230.00) (1,001,992.50)0.000.0005/03/202105/06/2021Bought3133EMYR7 Government Agencies FEDERAL FARM CREDIT BANK 05/06/2024 1,000,000.00 (1,000,000.00) (1,000,000.00)0.00(8,357.64)05/03/202105/05/2021Bought459200HU8 Corporate Bonds IBM CORP 3.625% 12FEB2024 02/12/2024 1,000,000.00 (1,086,900.00) (1,095,257.64)0.00(1,817.30)05/03/202105/05/2021Bought46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/2023 600,000.00 (615,576.00) (617,393.30)0.009,750.0005/10/202105/10/2021Income02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10/2023 1,000,000.00 0.00 9,750.000.00(13.59)05/12/202105/17/2021Bought91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/2024 1,000,000.00 (996,878.35) (996,891.94)0.00(4,437.50)05/13/202105/14/2021Bought94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 500,000.00 (534,815.00) (539,252.50)0.001,250.0005/15/202105/15/2021Income91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/2023 1,000,000.00 0.00 1,250.000.00(5,880.56)05/17/202105/19/2021Bought17325FAS7 Corporate Bonds CITIBANK NA 3.65% 23JAN202401/23/2024 500,000.00 (541,470.00) (547,350.56)0.0018,750.0005/24/202105/24/2021Income14912L5X5 Corporate Bonds CATERPILLAR FINANCIAL SE 11/24/2023 1,000,000.00 0.00 18,750.000.0019.66Income Cash and Cash Equivalents Cash19.660.00 0.000.0005/31/202121 ADDITIONAL INFORMATIONAs of May 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.22 ADDITIONAL INFORMATIONAs of May 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.23