HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: October 18, 2021 Disposition: Accepted report Agenda Item No: 5.f Meeting Date: October 18, 2021 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance 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 SEPTEMBER 30, 2021 RECOMMENDATION: Accept investment report for the quarter ending September 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 September 30, 2021, the primary LAIF account had a balance of $39,477,427. Portfolio returns on LAIF deposits were 0.21% for the quarter ending September 30, 2021. The remaining investment assets included the $1,159,300 balance of Pt. San Pedro Assessment District bonds, and $32,179,415 in government agency securities and corporate bonds (including Pfizer Inc., American Express, JP Morgan Chase, Walmart Inc., Apple Inc., American Honda Finance, 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 September 30, 2021, were 0.58%. The City’s Westamerica general operating bank account had a balance of $8,825,904 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three, monthly investment reports from Insight Investment for the quarter. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending September 30, 2021, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, July through September 2021 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 39,477,427$ 97.7%0.21% LAIF - RDA 155,068$ 0.4%0.21% LAIF - RDA 02 TARB 769,451$ 1.9%0.21% Total Internally Managed 40,401,946$ 54.7% Weighted Average Yield 0.21% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 106,899$ 0.3%0.02% Treasury Securities 6,202,242$ 18.5%0.69% Instrumentality Securities 12,058,266$ 36.1%1.23% Corporate Notes 13,918,907$ 41.6%0.66% Municipal 1,159,300$ 3.5%5.25% Total Externally Managed 33,445,614$ 45.3% Weighted Average Yield 1.03% Years Effective Average Duration - External 1.91 Weighted Average Maturity - External 2.26 Total Portfolio Assets %Return LAIF 40,401,946$ 54.7%0.21% Cash 106,899$ 0.1%0.02% Treasury Securities 6,202,242$ 8.4%0.69% Instrumentality Securities 12,058,266$ 16.3%1.23% Corporate Notes 13,918,907$ 18.8%0.66% Municipal 1,159,300$ 1.6%5.25% Total Portfolio Assets 73,847,561$ Weighted Average Yield 0.58% Years Effective Average Duration - Total 0.87 Weighted Average Maturity - Total 1.03 Based on Market Values September 30, 2021 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 97.7% LAIF -RDA, 0.4% LAIF -RDA 02 TARB, 1.9% Cash , 0.3%Treasury Securities, 18.5% Instrumentality Securities, 36.1% Corporate Notes, 41.6% Municipal, 3.5% LAIF 55% Cash 0% Treasury Securities 8% Instrumentality Securities 16% Corporate Notes 19%Municipal 2% Exhibit A Internally Managed Assets %Return %Return %Return %Return %Return %Return LAIF 40,246,878$ 99.6% 0.21% 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% LAIF - Housing 155,068$ 0.4% 0.21% 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% Total Internally Managed 40,401,946$ 54.7%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% Weighted Average Yield 0.21% 0.26% 0.36% 0.54% 0.68% 1.22% Externally Managed Assets %Return %Return %Return %Return %Return %Return Cash 106,899$ 9.2%0.02%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% Treasury Securities 6,202,242$ 18.5% 0.69% 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% Instrumentality Securities 12,058,266$ 36.1% 1.23% 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% Corporate Notes 13,918,907$ 41.6% 0.66% 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% Municipal/Assessment District 1,159,300$ 3.5% 5.25% 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% Total Externally Managed 33,445,614$ 45.3%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% Weighted Average Yield 1.03% 1.07% 1.69% 1.90% 1.97% 1.94% Years Years Years Years Years Years Effective Average Duration - External 1.91 2.02 1.90 1.91 1.91 1.83 Weighted Average Maturity - External 2.26 2.39 2.32 2.22 2.22 2.07 Total Portfolio Assets %Return %Return %Return %Return %Return %Return LAIF 40,401,946$ 54.7% 0.21% 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% Cash 106,899$ 0.1% 0.02% 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% Treasury Securities 6,202,242$ 8.4% 0.69% 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% Instrumentality Securities 12,058,266$ 16.3% 1.23% 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% Corporate Notes 13,918,907$ 18.8% 0.66% 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% Municipal/Assessment District 1,159,300$ 1.6% 5.25% 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% 73,847,559$ 78,847,170$ 61,868,840$ 57,333,369$ 45,252,454$ 57,661,778$ Total Portfolio Assets Weighted Average Yield 0.58% 0.60% 0.82% 1.06% 1.31% 1.53% Years Years Years Years Years Years Effective Average Duration - Total 0.87 0.86 0.66 0.74 0.93 0.78 Weighted Average Maturity - Total 1.03 1.02 0.81 0.86 1.08 0.88 Performance Recap -The weighted average quarterly portfolio yield decreased from 0.60% to 0.58% during the past quarter. The yield has decreased over the past year, from 1.31% in the quarter ended September 30, 2020 to 0.58% 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 0.86 to 0.87 years since last quarter. -The total portfolio assets decreased by approximately $5 million during the quarter. This is due to the draw down of funds to support operations. City of San Rafael Historical Activity-By Quarter September 30, 2020December 31, 2020March 31, 2021September 30, 2021 June 30, 2021 June 30, 2020 W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21-22\03 - September 2021\Insight-Quarterly Report combined 09-30-21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJuly 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 12Detail of return and interest received 16Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of July 31, 2021SAN RAFAELChart 1: Used cars drive inflation, but may moderateSource: Bloomberg,July 31, 2021.Chart 2: Economic data strong, but fewer upside surprisesSource:Citi, Bloomberg,July 31,2021.Economic Indicators and Monetary PolicyThe Federal Reserve kept its statement largely unchanged at its policy meeting andmade no formal communications around ‘tapering’ its asset purchases. Its statementretainedthe reference to “substantial further progress” being required before alteringpolicy. Chair Powell also noted the labor market is “some ways away” from hitting thatbenchmark, albeit acknowledging that significant progress has been made since thestart of the year.CPI surprised again to the upside in June, rising by 0.9% on a monthly basis and 5.4%year-on-year. However, ‘transitory’ inflation drivers were still the culprits, particularlyused cars (which may moderate given leading indicators – see Chart 1) as well asairfares, lodging and rental cars. ‘Stickier’ items, such as rents and owner-equivalentrents rose a trend-like 0.25%, while medical service prices, another bellwether ofpersistent inflation, was unchanged.Elsewhere, economic data continued to be strong on an absolute basis but was lesslikely to outperform expectations (Chart 2). Real GDP in Q2 rose by 6.5% pa, a softer-than-expected increase but with consumption and business equipment investmentstill rising notably with a larger-than-expected drag from net exports and inventories.The ISM manufacturing PMI fell 0.6pt, to 60.6, in June on mixed readings across themajor components. The US economy added 850,000 jobs in June, moderately aboveconsensus of 720,000.Although close to 60% of the US population was fully vaccinated by the end of themonth, the spread of the delta COVID-19 variant caused some market jitters andresulted in the CDC recommending indoor mask mandates be re-implemented oncecertain hospitalization metrics are breached and some areas implemented suchmeasures.Interest Rate SummaryYields generally fell at longer maturities. At the end of July, the 3-month US Treasurybill yielded 0.05%, the 6-month US Treasury bill yielded 0.05%, the 2-year US Treasurynote yielded 0.19%, the 5-year US Treasury note yielded 0.69% and the 10-year USTreasury note yielded 1.47%.Data above consensus on averageData below consensus on average315% 10% 5% 0% -5% -10% -15% LO LO <D <D <D ,._ ,._ ,._ CX) ..... ..... ..... ..... ..... ..... ..... ..... ..... I .,!. I c .,!. I I .,!. I C u ..0 u ..0 C u ..0 :J 0 Q) :J 0 Q) :J 0 Q) -, LL -, LL -, LL -----Used Car CPI (month-on-month) --Manheim Used Cars Index (month-on-month) 100 80 60 Q) > 40 ~ X Q) 20 -0 C 0 -20 -40 Dec-20 Jan-21 Fel:r21 Mar-21 Apr-21 May-21 Jun-21 --Citi Economic Surprise Index ACTIVITY AND PERFORMANCE SUMMARYFor the period July 1, 2021 - July 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,271,648.57Opening balance52,696.04Income received52,696.04Total receipts(201.50)Expenses paid(201.50)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(28,579.69)Total amortization expense129.20Total OID/MKT accretion income0.00Return of capitalClosing balance33,295,692.62Ending fair value33,531,406.65235,714.03Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.06 0.01 0.00Merrill Lynch 3m US Treas Bill 0.05 0.01 0.00Merrill Lynch 6m US Treas Bill 0.05 0.01 0.00ML 1 Year US Treasury Note 0.09 0.03 0.01ML 2 Year US Treasury Note 0.16 0.08 0.02ML 5 Year US Treasury Note 0.56 0.39 0.06* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned59,614.62Accretion (amortization)(28,450.49)Realized gain (loss) on sales0.00Total income on portfolio31,164.13Average daily amortized cost33,283,049.99Period return (%)Weighted average final maturity in days841YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 2.29 0.00 2.290.00Corporate Bonds 33,144.77 (24,391.46) 8,753.310.00Government Agencies 17,686.13 (3,509.58) 14,176.550.00Government Bonds 3,179.22 (549.45) 2,629.770.00Municipal/Provincial Bonds 5,602.21 0.00 5,602.21Total 59,614.62 (28,450.49) 0.00 31,164.130.090.924 ACTIVITY AND PERFORMANCE SUMMARYFor the period July 1, 2021 - July 31, 2021SAN RAFAELFair Value Basis Activity Summary33,478,588.38Opening balance52,696.04Income received52,696.04Total receipts(201.50)Expenses paid(201.50)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 period323.73Ending fair value33,531,406.65Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.06 0.01 0.00ICE Bofa 3 Months US T-BILL 0.08 0.02 0.01ICE Bofa 6m US Treas Bill 0.13 0.05 0.01ICE Bofa 1 Yr US Treasury Note 0.20 0.10 0.03ICE BofA US Treasury 1-3 0.14 0.07 0.17ICE BofA US Treasury 1-5 (0.08) (0.02) 0.35* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 2.29 0.00 2.29Corporate Bonds 33,144.77 (14,510.91) 18,633.86Government Agencies 17,686.13 5,938.16 23,624.29Government Bonds 3,179.22 8,896.48 12,075.70Municipal/Provincial Bonds 5,602.21 0.00 5,602.21Total59,614.62 323.73 59,938.35Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned59,614.62Total income on portfolio59,938.35Average daily total value *33,700,401.87Period return (%)0.18Weighted average final maturity in days841Change in fair value323.73YTD return (%)0.26* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of July 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents108,582.83 108,582.83 108,582.830.000.320.001Corporate Bonds14,098,295.00 13,979,659.66 14,033,765.00 54,105.34776 42.081.86Government Agencies13,639,611.07 13,557,721.44 13,701,780.70 144,059.26618 40.711.25Government Bonds4,421,776.46 4,410,528.69 4,448,078.12 37,549.43855 13.202.32Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,052 3.708.45Total33,507,465.36 33,295,692.62 33,531,406.65 235,714.03 841 100.001.91Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.32Corporate Bonds42.08Government Agencies40.71Government Bonds13.20Municipal/Provincial Bonds3.70Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of July 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,810,330.83 8.3990 to 179 days2,180,249.30 6.51180 days to 1 year3,346,137.00 9.991 to 2 years7,102,483.83 21.202 to 3 years16,829,064.40 50.233 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,239,200.00 3.7033,507,465.36 100.00Maturity 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 July 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000108,582.83 108,582.83 0.00 0.00 0.32108,582.83108,582.83Cash and Cash EquivalentsTotal Cash and Cash Equivalents108,582.83 108,582.83 108,582.83 0.00 0.320.00108,582.83Corporate Bonds717081DZ32.200 12/15/2021 503,615.00 500,678.76 3,270.72 1,405.561.50503,949.48500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 708,538.60 341.62 7,770.0001/31/20222.13708,880.22700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 611,409.78 67.54 6,414.0004/01/20221.84611,477.32600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 503,991.43 13,348.03 3,895.8301/11/20231.52517,339.46500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,332.09 15,134.54 2,933.33 1.51518,466.63500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,027,701.10 912.39 4,387.50 3.081,028,613.491,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202394988J5R43.550 08/14/2023 1,074,350.00 1,062,475.11 888.95 16,468.0607/14/20233.211,063,364.061,000,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)89236THA61.350 08/25/2023 714,959.00 713,188.70 283.45 4,095.00 2.13713,472.15700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,078,144.53 (88.67) 6,979.17 3.241,078,055.861,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 516,409.03 1,162.97 1,710.6112/20/20221.57517,572.00500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)8 SECURITIES HELDAs of July 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,001,118.98 (631.80) 175.00 2.991,000,487.181,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 538,194.89 (539.38) 405.5612/23/20231.62537,655.51500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 944,039.18 20,963.60 700.0012/24/20232.86965,002.78900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,071,757.64 (989.06) 16,500.0001/05/20243.221,070,768.581,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,079,252.80 (2,242.98) 17,017.36 3.241,077,009.821,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 535,204.69 (840.98) 7,538.1901/14/20241.62534,363.71500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 535,763.98 1,998.14 7,500.0012/01/20231.60537,762.12500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 521,524.63 2,220.21 7,198.6103/05/20231.60523,744.84500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 526,933.74 (1,153.95) 4,844.1904/23/20231.59525,779.79500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds14,098,295.00 13,979,659.66 14,033,765.00 54,105.34 42.08117,937.9713,400,000.00Government Agencies313378JP72.375 09/10/2021 602,430.00 600,116.27 1,367.86 5,581.251.80601,484.13600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,923.59 2,736.91 4,789.58 3.281,102,660.501,100,000.00FANNIE MAE 1.375% 07OCT20219 SECURITIES HELDAs of July 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3137EADB22.375 01/13/2022 1,676,634.30 1,655,301.00 11,721.44 1,959.38 5.001,667,022.441,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,003,649.07 11,076.95 9,722.22 3.031,014,726.021,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,624.94 12,614.17 3,866.67 1.80613,239.11600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,008,382.86 23,321.21 3,611.11 3.051,031,704.071,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 117.06 1,300.0008/25/20212.981,000,117.061,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)3135G0U432.875 09/12/2023 1,047,553.22 1,025,357.28 30,908.58 11,100.69 3.131,056,265.861,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 612,454.91 21,056.51 7,333.33 1.85633,511.42600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 544.24 962.502.981,000,544.241,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (373.83) 369.4412/23/20212.98999,626.171,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC21)3136G46B40.350 04/26/2024 1,199,700.00 1,199,764.44 (586.60) 1,108.3310/26/20213.581,199,177.841,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 733.06 885.4205/06/20222.981,000,733.061,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)10 SECURITIES HELDAs of July 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0V751.750 07/02/2024 753,426.75 752,147.08 28,821.70 1,057.29 2.25780,968.78750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies13,639,611.07 13,557,721.44 13,701,780.70 144,059.26 40.7153,647.2113,500,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 755,664.23 13,144.36 2,500.00 2.27768,808.59750,000.00USA TREASURY 2% 30NOV202291282CAW10.250 11/15/2023 1,000,120.54 1,000,108.60 438.28 523.102.981,000,546.881,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 656,575.07 21,913.21 2,302.08 1.97678,488.28650,000.00USA TREASURY 2.125% 30NOV202391282CBV20.375 04/15/2024 1,001,175.22 1,001,075.20 956.05 1,096.31 2.991,002,031.251,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,105.59 1,097.53 523.10 2.98998,203.121,000,000.00USA TREASURY 0.25% 15MAY2024Total Government Bonds4,421,776.46 4,410,528.69 4,448,078.12 37,549.43 13.206,944.594,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 26,926.78 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 3.7026,926.781,239,200.00Grand total33,507,465.36 33,295,692.62 235,714.0332,647,782.83100.00205,456.5533,531,406.6511 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 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 3.28 1,102,660.50 3.29 0.193135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.80 613,239.11 1.83 1.163135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.13 1,056,265.86 3.15 2.053135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 633,511.42 1.89 2.433136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 3.58 1,199,177.84 3.58 1.263135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.25 780,968.78 2.33 2.86Issuer total5,250,000.00 5,322,976.77 15.89 5,385,823.51 16.06 1.55United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.27 768,808.59 2.29 1.3291282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.98 1,000,546.88 2.98 2.28912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 678,488.28 2.02 2.2891282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.99 1,002,031.25 2.99 2.6991282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.98 998,203.12 2.98 2.78Issuer total4,400,000.00 4,421,776.46 13.20 4,448,078.12 13.27 2.32Federal Home Loan Banks313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 1.80 601,484.13 1.79 0.12313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.03 1,014,726.02 3.03 0.613130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.05 1,031,704.07 3.08 1.343130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 999,626.17 2.98 1.36Issuer total3,600,000.00 3,640,000.00 10.86 3,647,540.39 10.88 0.94Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 5.00 1,667,022.44 4.97 0.4612 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 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 2.98 1,000,117.06 2.98 0.30Issuer total2,650,000.00 2,676,634.30 7.99 2,667,139.50 7.95 0.40Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 1,000,544.24 2.98 2.713133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 1,000,733.06 2.98 1.55Issuer total2,000,000.00 2,000,000.00 5.97 2,001,277.30 5.97 2.13PT. 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 8.45Issuer total1,239,200.00 1,239,200.00 3.70 1,239,200.00 3.70 8.45JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.84 611,477.32 1.82 0.6646647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.59 525,779.79 1.57 1.67Issuer total1,100,000.00 1,149,816.00 3.43 1,137,257.11 3.39 1.13Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.24 1,078,055.86 3.22 2.23Issuer total1,000,000.00 1,086,390.00 3.24 1,078,055.86 3.22 2.23International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A2 1,000,000.00 1,086,900.00 3.24 1,077,009.82 3.21 2.41Issuer total1,000,000.00 1,086,900.00 3.24 1,077,009.82 3.21 2.41US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 3.22 1,070,768.58 3.19 2.32Issuer total1,000,000.00 1,079,130.00 3.22 1,070,768.58 3.19 2.3213 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 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 1,063,364.06 3.17 1.87Issuer total1,000,000.00 1,074,350.00 3.21 1,063,364.06 3.17 1.87Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 517,572.00 1.54 1.3606051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.60 523,744.84 1.56 1.53Issuer total1,000,000.00 1,061,320.00 3.17 1,041,316.84 3.11 1.45American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.08 1,028,613.49 3.07 1.74Issuer total1,000,000.00 1,031,510.00 3.08 1,028,613.49 3.07 1.74John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.99 1,000,487.18 2.98 2.45Issuer total1,000,000.00 1,001,230.00 2.99 1,000,487.18 2.98 2.45PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.86 965,002.78 2.88 2.32Issuer total900,000.00 957,939.00 2.86 965,002.78 2.88 2.32Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.13 713,472.15 2.13 2.03Issuer total700,000.00 714,959.00 2.13 713,472.15 2.13 2.03American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.13 708,880.22 2.11 0.50Issuer total700,000.00 714,231.00 2.13 708,880.22 2.11 0.5014 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.60 537,762.12 1.60 2.24Issuer total500,000.00 537,465.00 1.60 537,762.12 1.60 2.24Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.62 537,655.51 1.60 2.32Issuer total500,000.00 541,470.00 1.62 537,655.51 1.60 2.323M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.62 534,363.71 1.59 2.35Issuer total500,000.00 541,935.00 1.62 534,363.71 1.59 2.35Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 518,466.63 1.55 1.71Issuer total500,000.00 506,880.00 1.51 518,466.63 1.55 1.71Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 517,339.46 1.54 1.42Issuer total500,000.00 509,155.00 1.52 517,339.46 1.54 1.42Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 503,949.48 1.50 0.38Issuer total500,000.00 503,615.00 1.50 503,949.48 1.50 0.38Cash and Cash EquivalentsINVESTED CASH 0.000108,582.83 108,582.83 0.00 108,582.83 0.32 0.00Issuer total108,582.83 108,582.83 0.00 108,582.83 0.32 0.00Grand total32,647,782.83 33,507,465.36 100.00 33,531,406.65 100.001.9115 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2021 - July 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents2.290.000.002.290.00Total Cash2.290.000.002.290.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.30(1,194.73)(1,157.58)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,627.50(1,375.66)(1,323.03)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.49)(1,378.74)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)(473.37)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.39(984.55)(602.06)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.03)(1,593.51)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,229.17(2,810.96)(1,666.14)0.000.0014912L5X5CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.75)(323.96)9,125.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.53(2,607.00)(361.58)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.85)1,603.941,662.500.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,656.95(1,420.30)(1,545.64)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.34(1,296.97)(1,449.58)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.76)341.560.000.00713448CM8PFIZER INC 2.2% 15DEC2021947.23(150.83)(520.83)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.91)(1,089.87)15,750.000.00693475AV7TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)(395.46)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.54)(207.87)0.000.0091159HHV516 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2021 - July 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsWALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)(1,125.91)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)3,056.95(2,662.29)(1,241.28)0.000.0094988J5R4Total Corporate Bonds33,144.77(24,391.46) (14,510.91) 26,537.500.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)361.666.923,656.770.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,302.4334.22(1,195.53)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,130.21(61.22)1,242.536,562.500.003135G0V75FANNIE MAE 2% 05OCT20221,033.34(44.11)(574.55)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)625.620.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.32)(732.86)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.003,045.500.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)322.920.004,589.090.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21)301.380.001,313.820.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.375% 10SEP20211,227.08(87.20)(1,160.96)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.78(514.28)(1,615.60)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,152.78(495.35)(2,054.98)0.000.00313378WG2FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)258.330.001,972.870.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,374.48(937.37)(3,173.56)19,593.750.003137EADB2Total Government Agencies17,686.13(3,509.58)5,938.16 26,156.250.0017 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2021 - July 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.25% 15MAY2024210.6088.063,671.870.000.0091282CCC3USA TREASURY 0.25% 15NOV2023210.60(4.03)2,226.570.000.0091282CAW1USA TREASURY 0.375% 15APR2024317.62(33.70)3,203.130.000.0091282CBV2USA TREASURY 2% 30NOV20221,270.49(360.55)(585.95)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,169.91(239.23)380.860.000.00912828U57Total Government Bonds3,179.22(549.45)8,896.480.000.00Municipal/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 total59,614.62(28,450.49)323.73 52,696.040.0018 TRANSACTION REPORTFor the period July 1, 2021 - July 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,562.5007/02/202107/02/2021Income3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2024 07/02/2024 750,000.00 0.00 6,562.500.0019,593.7507/13/202107/13/2021Income3137EADB2 Government Agencies FREDDIE MAC 2.375% 01/13/2022 1,650,000.00 0.00 19,593.750.001,662.5007/17/202107/17/2021Income24422EVN6 Corporate Bonds JOHN DEERE CAPITAL CORP 01/17/2024 1,000,000.00 0.00 1,662.500.009,125.0007/23/202107/23/2021Income17325FAS7 Corporate Bonds CITIBANK NA 3.65% 23JAN202401/23/2024 500,000.00 0.00 9,125.000.0015,750.0007/23/202107/23/2021Income693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 900,000.00 0.00 15,750.000.002.29Income Cash and Cash Equivalents Cash2.290.00 0.000.0007/31/202119 ADDITIONAL INFORMATIONAs of July 31, 2021SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.20 ADDITIONAL INFORMATIONAs of July 31, 2021SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved.21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELAugust 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 August 31, 2021SAN RAFAELChart 1: Inflation high once again but still limited to ‘flexible’ categoriesSource: FRED, August 31, 2021Chart 2: Unemployment rate enjoys a faster fallSource: Citi, Bloomberg, August 31, 2021Economic Indicators and Monetary PolicyFederal Reserve (Fed) Chair Powell’s Jackson Hole testimony provided little newinformation or guidance on its trajectory for ‘tapering’ its asset purchases, outside acomment that tapering “could” be appropriate before the end of the year. Powellstated that key thresholds have been met for inflation, but not for employment, albeitacknowledging there has been clear progress regarding the labor market.Earlier in the month, the minutes of the July FOMC meeting similarly provided littlenew information. The committee changed its post-meeting statement to reflect that itwould assess progress toward tapering at “upcoming meetings”. It mentioned thespread of the delta variant as increasing uncertainty around its base case forecastsbut not changing them.The delta COVID-19 variant spread aggressively in the US, causing hospital systems instates with lower rates of vaccination to come under pressure. The wave of cases didnot, however, appear to result in a retrenchment in leisure spending over thesummer, as hotel bookings returned to their pre-pandemic trend.Data-wise, inflation held ground at 5.4%, the same as last month’s post-2008 high andbroadly in line with market expectations. Core inflation did, however, soften slightlyfrom 4.5% to 4.3%. On a month-on-month basis, CPI rose 0.5%, the slowest increasesince February. Once again, inflation was dominated by ‘flexible’ categories (such ashotel prices) but limited in ‘stickier’ categories such as rents (see Chart 1).Elsewhere, payrolls rose by 943,000, with a further positive 2-month net revision,beating expectations. The unemployment rate fell to 5.3% from 5.9% (Chart 2) andwages rose 4% pa. Q2 GDP growth was revised higher by 0.1 percentage points, to6.6% with upward revisions to non-residential fixed investment and exports, partlyoffset by downward revisions to private inventory, residential investment, and federalgovernment spending.Interest Rate SummaryYields generally fell at longer maturities. At the end of July, the 3-month US Treasurybill yielded 0.05%, the 6-month US Treasury bill yielded 0.06%, the 2-year US Treasurynote yielded 0.21%, the 5-year US Treasury note yielded 0.78% and the 10-year USTreasury note yielded 1.31%.0246810121416Jul-17Jul-18Jul-19Jul-20Jul-21Unemployment rate (%)325 20 15 10 5 ro 0 a. ~ 0 -5 -10 -15 -20 --Hotel inflation (flexible) --Owner's equivalent rent inflation (sticky) ACTIVITY AND PERFORMANCE SUMMARYFor the period August 1, 2021 - August 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,295,692.62Opening balance66,065.58Income received66,065.58Total receipts(201.83)Expenses paid(201.83)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(29,287.61)Total amortization expense129.42Total OID/MKT accretion income0.00Return of capitalClosing balance33,332,398.18Ending fair value33,542,976.53210,578.35Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.06 0.01 0.00Merrill Lynch 3m US Treas Bill 0.04 0.01 0.00Merrill Lynch 6m US Treas Bill 0.05 0.01 0.00ML 1 Year US Treasury Note 0.09 0.03 0.01ML 2 Year US Treasury Note 0.16 0.09 0.02ML 5 Year US Treasury Note 0.60 0.41 0.07* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned58,090.73Accretion (amortization)(29,158.19)Realized gain (loss) on sales0.00Total income on portfolio28,932.54Average daily amortized cost33,324,680.26Period return (%)Weighted average final maturity in days824YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.42 0.00 0.420.00Corporate Bonds 32,075.58 (24,520.80) 7,554.780.00Government Agencies 17,065.64 (3,541.70) 13,523.940.00Government Bonds 3,527.59 (1,095.69) 2,431.900.00Municipal/Provincial Bonds 5,421.50 0.00 5,421.50Total 58,090.73 (29,158.19) 0.00 28,932.540.091.014 ACTIVITY AND PERFORMANCE SUMMARYFor the period August 1, 2021 - August 31, 2021SAN RAFAELFair Value Basis Activity Summary33,531,406.65Opening balance66,065.58Income received66,065.58Total receipts(201.83)Expenses paid(201.83)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(54,293.87)Ending fair value33,542,976.53Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.06 0.01 0.00ICE Bofa 3 Months US T-BILL 0.08 0.02 0.00ICE Bofa 6m US Treas Bill 0.14 0.04 0.01ICE Bofa 1 Yr US Treasury Note 0.22 0.08 0.00ICE BofA US Treasury 1-3 0.16 0.14 (0.01)ICE BofA US Treasury 1-5 (0.09) 0.30 (0.06)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.42 0.00 0.42Corporate Bonds 32,075.58 (30,808.67) 1,266.91Government Agencies 17,065.64 (18,958.41) (1,892.77)Government Bonds 3,527.59 (4,526.79) (999.20)Municipal/Provincial Bonds 5,421.50 0.00 5,421.50Total58,090.73 (54,293.87) 3,796.86Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned58,090.73Total income on portfolio3,796.86Average daily total value *33,717,717.23Period return (%)0.01Weighted average final maturity in days824Change in fair value(54,293.87)YTD return (%)0.27* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of August 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents122,646.35 122,646.35 122,646.350.000.370.001Corporate Bonds14,098,295.00 13,955,138.86 14,002,956.33 47,817.47744 41.991.79Government Agencies12,639,611.07 12,554,179.74 12,682,822.29 128,642.55583 37.651.23Government Bonds5,473,576.69 5,461,233.23 5,495,351.56 34,118.33882 16.302.38Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,020 3.698.35Total33,573,329.11 33,332,398.18 33,542,976.53 210,578.35 824 100.001.91Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.37Corporate Bonds41.99Government Agencies37.65Government Bonds16.30Municipal/Provincial Bonds3.69Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of August 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,824,394.35 5.4390 to 179 days2,894,480.30 8.62180 days to 1 year1,631,906.00 4.861 to 2 years7,817,442.83 23.292 to 3 years17,114,105.40 50.983 to 4 years1,051,800.23 3.134 to 5 years0.00 0.00Over 5 years1,239,200.00 3.6933,573,329.11 100.00Maturity 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 August 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000122,646.35 122,646.35 0.00 0.00 0.37122,646.35122,646.35Cash and Cash EquivalentsTotal Cash and Cash Equivalents122,646.35 122,646.35 122,646.35 0.00 0.370.00122,646.35Corporate Bonds717081DZ32.200 12/15/2021 503,615.00 500,527.92 2,507.95 2,322.221.50503,035.87500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 707,115.50 174.92 9,345.0001/31/20222.13707,290.42700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 609,989.47 (64.02) 8,017.5004/01/20221.83609,925.45600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 503,761.59 12,321.05 4,958.3301/11/20231.52516,082.64500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,174.17 14,660.83 3,933.33 1.51517,835.00500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,026,402.61 390.57 6,012.50 3.071,026,793.181,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202394988J5R43.550 08/14/2023 1,074,350.00 1,059,812.82 457.18 1,676.3907/14/20233.201,060,270.001,000,000.00WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE14JUL23)89236THA61.350 08/25/2023 714,959.00 712,657.62 766.49 157.50 2.13713,424.11700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,075,333.58 2,292.64 10,104.17 3.241,077,626.221,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 515,424.49 825.51 2,962.2812/20/20221.57516,250.00500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)8 SECURITIES HELDAs of August 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,001,081.14 (559.70) 550.00 2.981,000,521.441,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 536,867.14 (874.51) 1,926.3912/23/20231.61535,992.63500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 942,508.27 19,619.83 3,325.0012/24/20232.85962,128.10900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,069,300.19 (2,734.64) 2,437.5001/05/20243.211,066,565.551,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,076,645.80 (2,419.55) 1,913.19 3.241,074,226.251,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 534,009.96 (1,648.70) 767.3601/14/20241.61532,361.26500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 534,488.21 1,074.59 9,000.0012/01/20231.60535,562.80500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 520,401.61 1,736.86 8,677.7803/05/20231.60522,138.47500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 525,636.77 (709.83) 6,327.1104/23/20231.59524,926.94500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)Total Corporate Bonds14,098,295.00 13,955,138.86 14,002,956.33 47,817.47 41.9984,413.5513,400,000.00Government Agencies313378JP72.375 09/10/2021 602,430.00 600,029.07 319.58 6,768.75 1.79600,348.65600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,957.80 1,491.66 6,050.00 3.271,101,449.461,100,000.00FANNIE MAE 1.375% 07OCT20219 SECURITIES HELDAs of August 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3137EADB22.375 01/13/2022 1,676,634.30 1,654,331.31 9,198.69 5,225.00 4.991,663,530.001,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,003,153.72 9,627.94 11,805.56 3.031,012,781.661,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,580.82 11,736.98 4,866.67 1.79612,317.80600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,007,868.57 22,534.25 5,694.44 3.041,030,402.821,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223135G0U432.875 09/12/2023 1,047,553.22 1,024,358.96 29,276.05 13,496.53 3.121,053,635.011,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 612,042.04 20,226.43 1,083.33 1.85632,268.47600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (251.29) 1,254.17 2.98999,748.711,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (619.19) 661.1112/23/20212.98999,380.811,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC21)3136G46B40.350 04/26/2024 1,199,700.00 1,199,771.60 (739.02) 1,458.3310/26/20213.571,199,032.581,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (860.21) 1,197.9205/06/20222.98999,139.791,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 752,085.85 26,700.68 2,151.04 2.24778,786.53750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies12,639,611.07 12,554,179.74 12,682,822.29 128,642.55 37.6561,712.8512,500,000.0010 SECURITIES HELDAs of August 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828M802.000 11/30/2022 762,072.83 755,303.67 12,333.05 3,770.49 2.27767,636.72750,000.00USA TREASURY 2% 30NOV202291282CAW10.250 11/15/2023 1,000,120.54 1,000,104.58 (65.52) 733.70 2.981,000,039.061,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 656,335.83 20,832.14 3,472.00 1.97677,167.97650,000.00USA TREASURY 2.125% 30NOV202391282CBV20.375 04/15/2024 1,001,175.22 1,001,041.50 (25.88) 1,413.93 2.981,001,015.621,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,193.64 111.05 733.70 2.97997,304.691,000,000.00USA TREASURY 0.25% 15MAY20249128282Y52.125 09/30/2024 1,051,800.23 1,051,254.01 933.49 8,883.20 3.131,052,187.501,000,000.00USA TREASURY 2.125% 30SEP2024Total Government Bonds5,473,576.69 5,461,233.23 5,495,351.56 34,118.33 16.3019,007.025,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 32,348.28 3.691,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 3.6932,348.281,239,200.00Grand total33,573,329.11 33,332,398.18 210,578.3532,661,846.35100.00197,481.7033,542,976.5311 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.27 767,636.72 2.29 1.2391282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.98 1,000,039.06 2.98 2.20912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 677,167.97 2.02 2.2091282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.98 1,001,015.62 2.98 2.6191282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.97 997,304.69 2.97 2.699128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 3.13 1,052,187.50 3.14 2.98Issuer total5,400,000.00 5,473,576.69 16.30 5,495,351.56 16.38 2.38Federal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 3.27 1,101,449.46 3.28 0.103135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.79 612,317.80 1.83 1.083135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.12 1,053,635.01 3.14 1.963135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 632,268.47 1.88 2.373136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 3.57 1,199,032.58 3.57 1.153135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.24 778,786.53 2.32 2.77Issuer total5,250,000.00 5,322,976.77 15.85 5,377,489.85 16.03 1.46Federal Home Loan Banks313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 1.79 600,348.65 1.79 0.03313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.03 1,012,781.66 3.02 0.523130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.04 1,030,402.82 3.07 1.253130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 999,380.81 2.98 1.27Issuer total3,600,000.00 3,640,000.00 10.84 3,642,913.94 10.86 0.85Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 999,748.71 2.98 2.6312 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 999,139.79 2.98 1.45Issuer total2,000,000.00 2,000,000.00 5.96 1,998,888.50 5.96 2.04Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 4.99 1,663,530.00 4.96 0.37Issuer total1,650,000.00 1,676,634.30 4.99 1,663,530.00 4.96 0.37PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 3.69 1,239,200.00 3.69 8.35Issuer total1,239,200.00 1,239,200.00 3.69 1,239,200.00 3.69 8.35JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.83 609,925.45 1.82 0.5846647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.59 524,926.94 1.56 1.59Issuer total1,100,000.00 1,149,816.00 3.42 1,134,852.39 3.38 1.05Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.24 1,077,626.22 3.21 2.14Issuer total1,000,000.00 1,086,390.00 3.24 1,077,626.22 3.21 2.14International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A2 1,000,000.00 1,086,900.00 3.24 1,074,226.25 3.20 2.36Issuer total1,000,000.00 1,086,900.00 3.24 1,074,226.25 3.20 2.36US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 3.21 1,066,565.55 3.18 2.28Issuer total1,000,000.00 1,079,130.00 3.21 1,066,565.55 3.18 2.2813 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 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 3.20 1,060,270.00 3.16 1.82Issuer total1,000,000.00 1,074,350.00 3.20 1,060,270.00 3.16 1.82Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 516,250.00 1.54 1.2806051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.60 522,138.47 1.56 1.46Issuer total1,000,000.00 1,061,320.00 3.16 1,038,388.47 3.10 1.37American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.07 1,026,793.18 3.06 1.66Issuer total1,000,000.00 1,031,510.00 3.07 1,026,793.18 3.06 1.66John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.98 1,000,521.44 2.98 2.36Issuer total1,000,000.00 1,001,230.00 2.98 1,000,521.44 2.98 2.36PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.85 962,128.10 2.87 2.24Issuer total900,000.00 957,939.00 2.85 962,128.10 2.87 2.24Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.13 713,424.11 2.13 1.96Issuer total700,000.00 714,959.00 2.13 713,424.11 2.13 1.96American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.13 707,290.42 2.11 0.41Issuer total700,000.00 714,231.00 2.13 707,290.42 2.11 0.4114 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 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 1.61 535,992.63 1.60 2.23Issuer total500,000.00 541,470.00 1.61 535,992.63 1.60 2.23PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.60 535,562.80 1.60 2.20Issuer total500,000.00 537,465.00 1.60 535,562.80 1.60 2.203M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.61 532,361.26 1.59 2.30Issuer total500,000.00 541,935.00 1.61 532,361.26 1.59 2.30Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 517,835.00 1.54 1.64Issuer total500,000.00 506,880.00 1.51 517,835.00 1.54 1.64Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 516,082.64 1.54 1.34Issuer total500,000.00 509,155.00 1.52 516,082.64 1.54 1.34Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 503,035.87 1.50 0.29Issuer total500,000.00 503,615.00 1.50 503,035.87 1.50 0.29Cash and Cash EquivalentsINVESTED CASH 0.000122,646.35 122,646.35 0.00 122,646.35 0.37 0.00Issuer total122,646.35 122,646.35 0.00 122,646.35 0.37 0.00Grand total32,661,846.35 33,573,329.11 100.00 33,542,976.53 100.001.9115 SECURITIES PURCHASEDFor the period August 1, 2021 - August 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds9128282Y52.12508/19/2021 09/30/2024 1,000,000.00 105.18 (1,051,800.23) (8,534.84)08/25/2021USA TREASURY 2.125% 30SEP2024HSBC SECURITIES (USA) INC.1,000,000.00 (1,051,800.23) (8,534.84)Total Government BondsGrand totalGrand total1,000,000.00 (1,051,800.23) (8,534.84)16 SECURITIES SOLD AND MATUREDFor the period August 1, 2021 - August 31, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Agencies3134GW2F20.30008/25/2021 (1,000,000.00) 1,000,000.00 1,000,000.0011/25/20210.00 1,000,000.00 0.00 0.0008/25/2021FREDDIE MAC 0.3% 25MAY2023CALLABLE(1,000,000.00)0.001,000,000.00 1,000,000.00 1,000,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,000,000.00)0.001,000,000.00 1,000,000.00 1,000,000.00 0.0017 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2021 - August 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.420.000.000.420.00Total Cash0.420.000.000.420.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,354.17(1,194.73)(2,002.45)8,125.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,575.00(1,423.10)(1,589.80)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,625.00(1,298.49)(1,820.31)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,000.00(157.92)(631.63)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,251.67(984.54)(1,322.00)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,479.17(1,123.02)(1,606.37)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,125.00(2,810.95)(429.64)0.000.0014912L5X5CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,520.83(1,327.75)(1,662.88)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,020.83(2,607.00)(2,783.57)18,125.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024375.00(37.84)34.260.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,603.50(1,420.31)(1,551.87)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,482.92(1,296.97)(852.85)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,500.00(1,275.77)(2,199.32)0.000.00713448CM8PFIZER INC 2.2% 15DEC2021916.66(150.84)(913.61)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,625.00(1,530.91)(2,874.68)0.000.00693475AV7TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023787.50(531.08)(48.04)4,725.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,812.50(2,457.45)(4,203.03)16,875.000.0091159HHV518 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2021 - August 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsWALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,062.50(229.84)(1,256.82)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 14JUL23)2,958.33(2,662.29)(3,094.06)17,750.000.0094988J5R4Total Corporate Bonds32,075.58(24,520.80) (30,808.67) 65,600.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)350.007.16(145.26)0.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,260.4234.21(1,211.04)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,093.75(61.23)(2,182.25)0.000.003135G0V75FANNIE MAE 2% 05OCT20221,000.00(44.12)(921.31)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,250.00(412.87)(1,242.95)7,500.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,395.84(998.32)(2,630.85)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024291.670.00(795.53)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)312.500.00(1,593.27)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21)291.670.00(245.36)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.375% 10SEP20211,187.50(87.20)(1,135.48)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,083.33(514.29)(1,301.25)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,083.34(495.35)(1,944.36)0.000.00313378WG2FREDDIE MAC 0.3% 25MAY2023 CALLABLE200.000.00(117.06)1,500.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,265.62(969.69)(3,492.44)0.000.003137EADB2Total Government Agencies17,065.64(3,541.70) (18,958.41) 9,000.000.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2021 - August 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.25% 15MAY2024210.6088.05(898.43)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023210.60(4.02)(507.82)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024317.62(33.70)(1,015.63)0.000.0091282CBV2USA TREASURY 2% 30NOV20221,270.49(360.56)(1,171.87)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,169.92(239.24)(1,320.31)0.000.00912828U57USA TREASURY 2.125% 30SEP2024348.36(546.22)387.270.000.009128282Y5Total Government Bonds3,527.59(1,095.69)(4,526.79)0.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,421.500.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,421.500.000.000.000.00Grand total58,090.73(29,158.19) (54,293.87) 74,600.420.0020 TRANSACTION REPORTFor the period August 1, 2021 - August 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,500.0008/05/202108/05/2021Income3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB2024 02/05/2024 600,000.00 0.00 7,500.000.0016,875.0008/05/202108/05/2021Income91159HHV5 Corporate Bonds US BANCORP 3.375% 02/05/20241,000,000.00 0.00 16,875.000.0018,125.0008/12/202108/12/2021Income459200HU8 Corporate Bonds IBM CORP 3.625% 12FEB2024 02/12/2024 1,000,000.00 0.00 18,125.000.008,125.0008/14/202108/14/2021Income88579YBB6 Corporate Bonds 3M COMPANY 3.25% 02/14/2024 500,000.00 0.00 8,125.000.0017,750.0008/14/202108/14/2021Income94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 1,000,000.00 0.00 17,750.000.00(8,534.84)08/19/202108/25/2021Bought9128282Y5 Government Bonds USA TREASURY 2.125% 09/30/2024 1,000,000.00 (1,051,800.23) (1,060,335.07)0.001,500.0008/25/202108/25/2021Income3134GW2F2 Government Agencies FREDDIE MAC 0.3% 25MAY2023 05/25/2023 1,000,000.00 0.00 1,500.000.000.0008/25/202108/25/2021Capital Change3134GW2F2 Government Agencies FREDDIE MAC 0.3% 25MAY2023 05/25/2023 (1,000,000.00) 1,000,000.00 1,000,000.000.004,725.0008/25/202108/25/2021Income89236THA6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 08/25/2023 700,000.00 0.00 4,725.000.000.42Income Cash and Cash Equivalents Cash0.420.00 0.000.0008/31/202121 ADDITIONAL INFORMATIONAs of August 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 August 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 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELSeptember 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 September 30, 2021SAN RAFAELChart 1: Inflation high once again but still limited to ‘flexible’ categoriesSource: FRED, September 30, 2021Chart 2: Payrolls heavily disappoint but wage growth outperformsSource: Bloomberg, September 30, 2021Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) opened the door to announcing a taper in November,stating “moderation in the pace of asset purchase may soon be warranted”. TheFed raised its inflation forecast from 3.4% to 4.2% for 2021 and from 2.1% to2.2% for 2022, and above its 2% target through 2024. Nonetheless, thecommittee’s ‘dot plot’ still reflected a majority expectation of no rate hikes until2023.Headline CPI came in at 5.3% and core CPI came at 4%, beginning to descendfrom their recent peak. For the first time since the start of the year, monthly CPIand core CPI came in at levels in line with pre-pandemic norms of 0.3% and0.1%. Areas with ‘flexible’ and COVID-sensitive pricing, such as used cars,airfare and hotels began to moderate, while ‘sticky’ sectors such as rents andmedical services remained muted.Payrolls materially missed expectations, rising by just 235,000 versus consensusat 733,000. There was a net 2-month upward revision of 134,000. However, theunemployment rate continued to fall, reaching 5.2% from 5.4%. Wage growthwas also strong, with average hourly earnings up 0.6% month-on-month and4.3% year-on-year. While the leisure and hospitality sector was the main sourceof weak hiring, it was also the main source of strong wage growth.At the end of the month, Congress voted to avert a shutdown with a spending billuntil 3 December. However, politicians remained in deadlock around theproposed $3.5trn reconciliation package and debt ceiling extension, withuncertainty in negotiations set to continue.The delta COVID-19 variant’s spread appeared to peak in the US, althoughdeath rates remained high given the lag between cases and fatalities.Interest Rate SummaryYields generally fell at longer maturities. At the end of July, the 3-month USTreasury bill yielded 0.04%, the 6-month US Treasury bill yielded 0.05%, the 2-year US Treasury note yielded 0.28%, the 5-year US Treasury note yielded0.97% and the 10-year US Treasury note yielded 1.49%.31.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 -0.8 19.5 19 18.5 ,._ 18 ~ _g17 .5 ~ 17 <1>16.5 16 15.5 CX) CX) CX) CX) CX) CX) 0) 0) 0) 0) T""" T""" T""" T""" T""" T""" T""" T""" T""" T""" C ~ >-. ...!. 6.. > C: ~ >-. ...!. ro ro ro ~ ~ o ro ro ro ~ ,22'Cf)z,22' ■CPI 15 Jul-17 Jul-18 0) 0) 0 0 ..... ..... N N I I I .!. a. > C ~ 0 ro ro Cf) z -, 2 ■Core CPI Jul-19 0 0 0 0 N N N N I ...!. I I >, a. > ro ~ ~ 0 2 -, Cf) z Jul-20 --Average hourly earnings -leisure and hospitality ..... ..... ..... N N N N I .!. I ...!. C >, ro ro ro ~ -, 2 2 -, Jul-21 ACTIVITY AND PERFORMANCE SUMMARYFor the period September 1, 2021 - September 30, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,332,398.18Opening balance156,374.78Income received156,374.78Total receipts(112,429.00)Participant withdrawals(201.90)Expenses paid(112,630.90)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers(57,949.21)Realized gain (loss)0.00Change in accruals from security movement(30,111.21)Total amortization expense133.18Total OID/MKT accretion income0.00Return of capitalClosing balance33,288,214.82Ending fair value33,445,614.45157,399.63Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.06 0.02 0.00Merrill Lynch 3m US Treas Bill 0.04 0.01 0.00Merrill Lynch 6m US Treas Bill 0.04 0.01 0.00ML 1 Year US Treasury Note 0.08 0.03 0.01ML 2 Year US Treasury Note 0.17 0.10 0.02ML 5 Year US Treasury Note 0.65 0.41 0.07* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned113,959.82Accretion (amortization)(29,978.03)Realized gain (loss) on sales(57,949.21)Total income on portfolio26,032.58Average daily amortized cost33,283,475.38Period return (%)Weighted average final maturity in days816YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.84 0.00 0.84(57,949.21)Corporate Bonds 88,140.46 (24,157.07) 6,034.180.00Government Agencies 15,511.76 (3,515.63) 11,996.130.00Government Bonds 5,392.23 (2,305.33) 3,086.900.00Municipal/Provincial Bonds 4,914.53 0.00 4,914.53Total 113,959.82 (29,978.03) (57,949.21) 26,032.580.081.094 ACTIVITY AND PERFORMANCE SUMMARYFor the period September 1, 2021 - September 30, 2021SAN RAFAELFair Value Basis Activity Summary33,542,976.53Opening balance156,374.78Income received156,374.78Total receipts(112,429.00)Participant withdrawals(201.90)Expenses paid(112,630.90)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(141,105.96)Ending fair value33,445,614.45Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.06 0.02 0.00ICE Bofa 3 Months US T-BILL 0.07 0.01 0.01ICE Bofa 6m US Treas Bill 0.13 0.03 0.01ICE Bofa 1 Yr US Treasury Note 0.17 0.04 (0.01)ICE BofA US Treasury 1-3 0.03 0.02 (0.10)ICE BofA US Treasury 1-5 (0.40) 0.10 (0.29)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.84 0.00 0.84Corporate Bonds 88,140.46 (100,551.71) (12,411.25)Government Agencies 15,511.76 (24,555.81) (9,044.05)Government Bonds 5,392.23 (15,998.44) (10,606.21)Municipal/Provincial Bonds 4,914.53 0.00 4,914.53Total113,959.82 (141,105.96) (27,146.14)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned113,959.82Total income on portfolio(27,146.14)Average daily total value *33,618,503.94Period return (%)(0.08)Weighted average final maturity in days816Change in fair value(141,105.96)YTD return (%)0.19* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of September 30, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents106,898.77 106,898.77 106,898.770.000.320.001Corporate Bonds14,040,447.40 13,889,534.98 13,918,907.02 29,372.04730 41.861.75Government Agencies12,037,181.07 11,950,664.11 12,058,266.48 107,602.37581 35.891.24Government Bonds6,196,465.75 6,181,816.96 6,202,242.18 20,425.22887 18.472.39Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,990 3.468.48Total33,540,292.99 33,288,214.82 33,445,614.45 157,399.63816 100.001.91Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.32Corporate Bonds41.86Government Agencies35.89Government Bonds18.47Municipal/Provincial Bonds3.46Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of September 30, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,709,831.77 5.1090 to 179 days3,407,195.30 10.16180 days to 1 year615,576.00 1.841 to 2 years7,790,646.05 23.232 to 3 years17,083,054.58 50.933 to 4 years1,774,689.29 5.294 to 5 years0.00 0.00Over 5 years1,159,300.00 3.4633,540,292.99 100.00Maturity 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 September 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000106,898.77 106,898.77 0.00 0.00 0.32106,898.77106,898.77Cash and Cash EquivalentsTotal Cash and Cash Equivalents106,898.77 106,898.77 106,898.77 0.00 0.320.00106,898.77Corporate Bonds717081DZ32.200 12/15/2021 503,615.00 500,377.09 1,646.33 3,208.331.50502,023.42500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 705,644.96 46.74 1,417.5001/31/20222.13705,691.70700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 608,569.17 (181.53) 9,567.5504/01/20221.84608,387.64600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 503,531.76 10,970.34 5,985.4201/11/20231.52514,502.10500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 503,016.25 13,172.44 4,900.00 1.51516,188.69500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,025,104.12 (966.30) 7,583.33 3.081,024,137.821,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202389236THA61.350 08/25/2023 714,959.00 712,126.53 794.18 918.75 2.13712,920.71700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,072,522.62 (68.66) 13,125.00 3.241,072,453.961,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 514,439.95 845.05 4,172.2212/20/20221.57515,285.00500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,348.75 (472.49) 474.00 1.43478,876.26480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of September 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 1,001,043.29 (1,116.43) 912.50 2.99999,926.861,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 535,539.39 (1,576.36) 3,396.5312/23/20231.61533,963.03500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 940,977.36 15,864.01 5,862.5012/24/20232.86956,841.37900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,066,760.82 (3,798.73) 5,156.2501/05/20243.221,062,962.091,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,074,038.80 (4,437.50) 4,833.33 3.241,069,601.301,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 532,815.23 (2,053.62) 2,076.3901/14/20241.62530,761.61500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 533,212.45 92.58 1,450.0012/01/20231.60533,305.03500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 519,278.58 1,943.07 1,232.6403/05/20231.60521,221.65500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 524,339.80 (893.47) 7,760.6004/23/20231.59523,446.33500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 536,848.06 (437.61) 6,375.001.60536,410.45500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,040,447.40 13,889,534.98 13,918,907.02 29,372.04 41.8690,407.8413,380,000.00Government Agencies3135G0Q891.375 10/07/2021 1,099,318.00 1,099,992.02 252.65 7,268.40 3.281,100,244.671,100,000.00FANNIE MAE 1.375% 07OCT20219 SECURITIES HELDAs of September 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 1,653,329.29 7,461.71 8,381.77 5.001,660,791.001,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,002,658.37 8,257.88 1,319.44 3.031,010,916.251,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,536.71 11,041.49 5,833.33 1.79611,578.20600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,007,354.29 20,096.01 7,708.33 3.041,027,450.301,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223135G0U432.875 09/12/2023 1,047,553.22 1,023,360.64 27,347.92 1,437.50 3.121,050,708.561,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 611,629.17 18,541.20 2,291.67 1.85630,170.37600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (3,061.22) 1,536.11 2.98996,938.781,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (1,337.95) 943.0612/23/20212.98998,662.051,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC21)3136G46B40.350 04/26/2024 1,199,700.00 1,199,779.00 (3,272.51) 1,796.6710/26/20213.581,196,506.491,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (1,985.77) 1,500.0005/06/20222.98998,014.231,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 752,024.62 24,260.96 3,208.33 2.25776,285.58750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies12,037,181.07 11,950,664.11 12,058,266.48 107,602.37 35.8943,224.6111,900,000.0010 SECURITIES HELDAs of September 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828M802.000 11/30/2022 762,072.83 754,954.75 11,334.31 5,000.00 2.27766,289.06750,000.00USA TREASURY 2% 30NOV202291282CAW10.250 11/15/2023 1,000,120.54 1,000,100.69 (1,506.94) 937.50 2.98998,593.751,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 656,104.32 19,133.96 4,604.17 1.97675,238.28650,000.00USA TREASURY 2.125% 30NOV202391282CBV20.375 04/15/2024 1,001,175.22 1,001,008.88 (2,141.69) 1,721.31 2.98998,867.191,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,278.85 (2,083.54) 937.502.97995,195.311,000,000.00USA TREASURY 0.25% 15MAY20249128282Y52.125 09/30/2024 1,051,800.23 1,049,888.45 (2,310.33) 0.00 3.141,047,578.121,000,000.00USA TREASURY 2.125% 30SEP2024912828YV61.500 11/30/2024 722,889.06 722,481.02 (2,000.55) 3,500.00 2.16720,480.47700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds6,196,465.75 6,181,816.96 6,202,242.18 20,425.22 18.4716,700.486,100,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 4,733.813.461,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 3.464,733.811,159,300.00Grand total33,540,292.99 33,288,214.82 157,399.6332,646,198.77100.00155,066.7433,445,614.4511 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.27 766,289.06 2.29 1.1591282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.98 998,593.75 2.99 2.12912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 675,238.28 2.02 2.1191282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.98 998,867.19 2.99 2.5391282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.97 995,195.31 2.98 2.619128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 3.14 1,047,578.12 3.13 2.92912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 2.16 720,480.47 2.15 3.09Issuer total6,100,000.00 6,196,465.75 18.47 6,202,242.18 18.54 2.39Federal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 3.28 1,100,244.67 3.29 0.023135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.79 611,578.20 1.83 1.003135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.12 1,050,708.56 3.14 1.913135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 630,170.37 1.88 2.293136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 3.58 1,196,506.49 3.58 1.163135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.25 776,285.58 2.32 2.69Issuer total5,250,000.00 5,322,976.77 15.87 5,365,493.87 16.04 1.40Federal Home Loan Banks313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.03 1,010,916.25 3.02 0.443130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.04 1,027,450.30 3.07 1.173130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 998,662.05 2.99 1.23Issuer total3,000,000.00 3,037,570.00 9.06 3,037,028.60 9.08 0.95Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 996,938.78 2.98 2.5412 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 998,014.23 2.98 1.55Issuer total2,000,000.00 2,000,000.00 5.96 1,994,953.01 5.96 2.05Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 5.00 1,660,791.00 4.97 0.29Issuer total1,650,000.00 1,676,634.30 5.00 1,660,791.00 4.97 0.29Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.13 712,920.71 2.13 1.8889236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.43 478,876.26 1.43 2.27Issuer total1,180,000.00 1,194,301.40 3.56 1,191,796.97 3.56 2.04PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 3.46 1,159,300.00 3.47 8.48Issuer total1,159,300.00 1,159,300.00 3.46 1,159,300.00 3.47 8.48JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.84 608,387.64 1.82 0.4946647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.59 523,446.33 1.57 1.51Issuer total1,100,000.00 1,149,816.00 3.43 1,131,833.97 3.38 0.96Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.24 1,072,453.96 3.21 2.06Issuer total1,000,000.00 1,086,390.00 3.24 1,072,453.96 3.21 2.06International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A2 1,000,000.00 1,086,900.00 3.24 1,069,601.30 3.20 2.28Issuer total1,000,000.00 1,086,900.00 3.24 1,069,601.30 3.20 2.2813 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUS Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 3.22 1,062,962.09 3.18 2.20Issuer total1,000,000.00 1,079,130.00 3.22 1,062,962.09 3.18 2.20Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 502,023.42 1.50 0.21717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.60 536,410.45 1.60 2.50Issuer total1,000,000.00 1,040,775.00 3.10 1,038,433.87 3.10 1.39Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 515,285.00 1.54 1.1906051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.60 521,221.65 1.56 1.40Issuer total1,000,000.00 1,061,320.00 3.16 1,036,506.65 3.10 1.30American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.08 1,024,137.82 3.06 1.58Issuer total1,000,000.00 1,031,510.00 3.08 1,024,137.82 3.06 1.58John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.99 999,926.86 2.99 2.28Issuer total1,000,000.00 1,001,230.00 2.99 999,926.86 2.99 2.28PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.86 956,841.37 2.86 2.16Issuer total900,000.00 957,939.00 2.86 956,841.37 2.86 2.16American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.13 705,691.70 2.11 0.34Issuer total700,000.00 714,231.00 2.13 705,691.70 2.11 0.3414 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 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 1.61 533,963.03 1.60 2.15Issuer total500,000.00 541,470.00 1.61 533,963.03 1.60 2.15PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.60 533,305.03 1.59 2.12Issuer total500,000.00 537,465.00 1.60 533,305.03 1.59 2.123M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.62 530,761.61 1.59 2.22Issuer total500,000.00 541,935.00 1.62 530,761.61 1.59 2.22Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 516,188.69 1.54 1.55Issuer total500,000.00 506,880.00 1.51 516,188.69 1.54 1.55Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 514,502.10 1.54 1.26Issuer total500,000.00 509,155.00 1.52 514,502.10 1.54 1.26Cash and Cash EquivalentsINVESTED CASH 0.000106,898.77 106,898.77 0.00 106,898.77 0.32 0.00Issuer total106,898.77 106,898.77 0.00 106,898.77 0.32 0.00Grand total32,646,198.77 33,540,292.99 100.00 33,445,614.45 100.001.9115 SECURITIES PURCHASEDFor the period September 1, 2021 - September 30, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds89236THU20.45009/23/2021 01/11/2024 480,000.00 99.86 (479,342.40) (456.00)09/27/2021TOYOTA MOTOR CREDIT CORP 0.45%CITIGROUP GLOBAL MARKETS INC.717081DM23.40009/23/2021 05/15/2024 500,000.00 107.43 (537,160.00) (6,233.33)09/27/2021PFIZER INC 3.4% 15MAY2024CITIGROUP GLOBAL MARKETS INC.980,000.00 (1,016,502.40) (6,689.33)Total Corporate BondsGovernment Bonds912828YV61.50009/09/2021 11/30/2024 700,000.00 103.27 (722,889.06) (2,926.23)09/10/2021USA TREASURY 1.5% 30NOV2024HSBC SECURITIES (USA) INC.700,000.00 (722,889.06) (2,926.23)Total Government BondsGrand totalGrand total1,680,000.00 (1,739,391.46) (9,615.56)16 SECURITIES SOLD AND MATUREDFor the period September 1, 2021 - September 30, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds94988J5R43.55009/21/2021 (1,000,000.00) 1,074,350.00 1,057,949.2107/14/20230.00 1,000,000.00 (57,949.21) 0.0009/21/2021WELLS FARGO BANK NA 3.55%14AUG2023 (CALLABLE 21SEP21)(1,000,000.00)0.001,074,350.00 1,057,949.21 1,000,000.00 (57,949.21)Total (Corporate Bonds)Government Agencies313378JP72.37509/10/2021 (600,000.00) 602,430.00 600,000.00 0.00 600,000.00 0.00 0.0009/10/2021FEDERAL HOME LN BKS CONS BD2.375 DUE 09-10-2021(600,000.00)0.00602,430.00 600,000.00 600,000.00 0.00Total (Government Agencies)Municipal/Provincial Bonds888599LS45.25009/01/2021 09/02/2032 (79,900.00) 79,900.00 79,900.00 100.00 79,900.00 0.00 0.0009/02/2021PT. SAN ASSESS DISTRICT 5.25% 144A02SEP2032 SANRAF$01CORPORATE ACTIONS IOO(79,900.00)0.0079,900.00 79,900.00 79,900.00 0.00Total (Municipal/Provincial Bonds)Grand totalGrand total(1,679,900.00)0.001,756,680.00 1,737,849.21 1,679,900.00 (57,949.21)17 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2021 - September 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.840.000.000.840.00Total Cash0.840.000.000.840.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(1,599.65)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,522.50(1,470.54)(1,598.72)9,450.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)(2,655.36)0.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)(1,646.31)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.94(984.54)(965.00)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.03)(916.82)8,875.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,020.83(2,810.96)(5,172.26)0.000.0014912L5X5CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.14(1,327.75)(2,029.60)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)(4,624.95)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.85)(594.58)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,550.05(1,420.30)(1,537.81)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.49(1,296.97)(1,480.61)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,450.00(1,275.76)(2,257.77)9,000.000.00713448CM8PFIZER INC 2.2% 15DEC2021886.11(150.83)(1,012.45)0.000.00717081DZ3PFIZER INC 3.4% 15MAY2024141.67(311.94)(749.55)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.91)(5,286.73)0.000.00693475AV7TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202418.006.35(466.14)0.000.0089236THU218 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2021 - September 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.09)(503.40)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)(3,603.46)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.83)(1,580.54)0.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 (CALLABLE 21SEP21)59,834.11(1,863.61)(60,270.00)61,510.50(57,949.21)94988J5R4Total Corporate Bonds88,140.46(24,157.07) (100,551.71) 88,835.50(57,949.21)Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)338.347.40(2,526.09)0.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,218.4034.22(1,204.79)0.000.003135G0Q89FANNIE MAE 1.75% 02JUL20241,057.29(61.23)(2,500.95)0.000.003135G0V75FANNIE MAE 2% 05OCT2022966.66(44.11)(739.60)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(2,098.10)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.97(998.32)(2,926.45)14,375.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.940.00(2,809.93)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)302.080.00(1,125.56)0.000.003133EMYR7FEDERAL HOME LN BKS CONS BD 2.375 DUE 09-10-2021356.25(29.07)(348.65)7,125.000.00313378JP7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21)281.950.00(718.76)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.28)(2,952.52)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,013.88(495.35)(1,865.41)12,500.000.00313378WG2FREDDIE MAC 2.375% 13JAN20223,156.77(1,002.02)(2,739.00)0.000.003137EADB2Total Government Agencies15,511.76(3,515.63) (24,555.81) 34,000.000.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2021 - September 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.25% 15MAY2024203.8085.21(2,109.38)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023203.80(3.89)(1,445.31)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024307.38(32.62)(2,148.43)0.000.0091282CBV2USA TREASURY 1.5% 30NOV2024573.77(408.04)(2,408.59)0.000.00912828YV6USA TREASURY 2% 30NOV20221,229.51(348.92)(1,347.66)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.51)(1,929.69)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,741.80(1,365.56)(4,609.38)10,625.000.009128282Y5Total Government Bonds5,392.23(2,305.33) (15,998.44) 10,625.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,914.530.000.0032,529.000.00888599LS4Total Municipal/Provincial Bonds4,914.530.000.00 32,529.000.00Grand total113,959.82(29,978.03) (141,105.96) 165,990.34(57,949.21)20 TRANSACTION REPORTFor the period September 1, 2021 - September 30, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)9,000.0009/01/202109/01/2021Income713448CM8 Corporate Bonds PEPSICO INC 3.6% 01MAR2024 03/01/2024 500,000.00 0.00 9,000.000.000.0009/01/202109/02/2021Principal Paydowns888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 (79,900.00) 79,900.00 79,900.000.0032,529.0009/02/202109/02/2021Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,239,200.00 0.00 32,529.000.009,450.0009/03/202109/03/2021Income0258M0EG0 Corporate Bonds AMERICAN EXPRESS CREDIT 03/03/2022 700,000.00 0.00 9,450.000.008,875.0009/05/202109/05/2021Income06051GHF9 Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 500,000.00 0.00 8,875.000.00(2,926.23)09/09/202109/10/2021Bought912828YV6 Government Bonds USA TREASURY 1.5% 11/30/2024 700,000.00 (722,889.06) (725,815.29)0.007,125.0009/10/202109/10/2021Income313378JP7 Government Agencies FEDERAL HOME LN BKS CONS 09/10/2021 600,000.00 0.00 7,125.000.000.0009/10/202109/10/2021Capital Change313378JP7 Government Agencies FEDERAL HOME LN BKS CONS 09/10/2021 (600,000.00) 600,000.00 600,000.000.0012,500.0009/11/202109/11/2021Income313378WG2 Government Agencies FEDERAL HOME LOAN BANK 03/11/2022 1,000,000.00 0.00 12,500.000.0014,375.0009/12/202109/12/2021Income3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 0.00 14,375.000.0061,510.5009/21/202109/21/2021Income94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 1,000,000.00 0.00 61,510.500.000.0009/21/202109/21/2021Capital Change94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 (1,000,000.00) 1,000,000.00 1,000,000.00(57,949.21)(6,233.33)09/23/202109/27/2021Bought717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05/15/2024 500,000.00 (537,160.00) (543,393.33)0.00(456.00)09/23/202109/27/2021Bought89236THU2 Corporate Bonds TOYOTA MOTOR CREDIT CORP 01/11/2024 480,000.00 (479,342.40) (479,798.40)0.0010,625.0009/30/202109/30/2021Income9128282Y5 Government Bonds USA TREASURY 2.125% 09/30/2024 1,000,000.00 0.00 10,625.000.000.84Income Cash and Cash Equivalents Cash0.840.00 0.000.0009/30/202121 ADDITIONAL INFORMATIONAs of September 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 September 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