HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: June 21, 2022 Disposition: Accepted report Agenda Item No: 4.h Meeting Date: June 21, 2022 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 MARCH 31, 2022 RECOMMENDATION: Accept investment report for the quarter ending March 31, 2022, 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 with a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency. The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment. ANALYSIS: As of March 31, 2022, the primary LAIF account had a balance of $36,525,312. Portfolio returns on LAIF deposits were 0.37% for the quarter ending March 31, 2022. The remaining investment assets include the $1,159,300 balance of Pt. San Pedro Assessment District bonds, and $43,887,630 in government agency securities and corporate bonds (including JP Morgan Chase, Walmart Inc., Apple Inc., American Honda Finance, Chevron, Procter Gamble Co., Toyota, Caterpillar, Bank of America, Toyota, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, and Pfizer). The overall total portfolio returns for the quarter ending March 31, 2022 were 0.55%. The City’s Westamerica general operating bank account had a balance of $8,121,649 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending March 31, 2022, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, January through March 2022 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 36,525,312$      97.5% 0.37% LAIF ‐ RDA 155,252$            0.4% 0.37% LAIF ‐ RDA 02 TARB 770,363$            2.1% 0.37% Total Internally Managed 37,450,927$      45.4% Weighted Average Yield 0.37% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 34,607$              0.1% 0.02% Treasury Securities 19,322,375$      42.9% 0.54% Instrumentality Securities 11,081,069$      24.6% 0.95% Corporate Notes 13,449,548$      29.9% 0.69% Municipal 1,159,300$         2.6% 5.25% Total Externally Managed 45,046,900$      54.6% Weighted Average Yield 0.81% Years Effective Average Duration ‐ External 1.56 Weighted Average Maturity ‐ External 1.72 Total Portfolio Assets %Return LAIF 37,450,927$      45.4% 0.37% Cash 34,607$              0.0% 0.02% Treasury Securities 19,322,375$      23.4% 0.54% Instrumentality Securities 11,081,069$      13.4% 0.95% Corporate Notes 13,449,548$      16.3% 0.69% Municipal 1,159,300$         1.4% 5.25%   Total Portfolio Assets 82,497,827$       Weighted Average Yield 0.61% Years Effective Average Duration ‐ Total 0.85 Weighted Average Maturity ‐ Total 0.94 Based on Market Values March 31, 2022 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 97.5% LAIF ‐RDA, 0.4% LAIF ‐RDA 02  TARB, 2.1% Cash , 0.1% Treasury  Securities,  42.9% Instrumentality  Securities,  24.6% Corporate  Notes, 29.9%Municipal, 2.6% LAIF 45% Cash 0% Treasury  Securities 24% Instrumentality  Securities 14% Corporate Notes 16%Municipal 1% Exhibit AInternally Managed Assets%Return %Return %Return %Return %Return %ReturnLAIF 37,295,675$   99.6% 0.37% 37,272,941$        99.6% 0.21% 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%LAIF ‐ Housing 155,252$         0.4% 0.37% 155,163$              0.4% 0.21% 155,068$         0.4% 0.21% 154,942$              0.3% 0.26% 154,773$         0.4% 0.36% 154,528$              0.4% 0.54%Total Internally Managed 37,450,927$   45.4%37,428,104$        45.0%40,401,946$   54.7%45,368,583$        57.5%40,326,102$   65.2%35,284,009$        61.5%Weighted Average Yield 0.37% 0.21% 0.21% 0.26% 0.36% 0.54%Externally Managed Assets%Return %Return %Return %Return %Return %ReturnCash 34,607$           3.0% 0.02% 160,462$              0.4% 0.02% 106,899$         9.2% 0.02% 56,088$                 0.2% 0.01% 260,338$         21.0% 0.01% 278,791$              22.5% 0.01%Treasury Securities 19,322,375$   42.9% 0.54% 17,936,293$        39.2% 0.51% 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%Instrumentality Securities 11,081,069$   24.6% 0.95% 12,774,395$        27.9% 1.09% 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%Corporate Notes 13,449,548$   29.9% 0.69% 13,782,838$        30.1% 0.65% 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%Municipal/Assessment District 1,159,300$     2.6% 5.25% 1,159,300$           2.5% 5.25% 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%Total Externally Managed 45,046,900$   54.6%45,813,288$        55.0%33,445,614$   45.3%33,478,588$        42.5%21,542,739$   34.8%22,049,361$        38.5%Weighted Average Yield 0.81% 0.83% 1.03% 1.07% 1.69% 1.90%Years Years Years Years Years YearsEffective Average Duration ‐ External 1.56 1.68 1.91 2.02 1.90 1.91Weighted Average Maturity ‐ External 1.72 1.87 2.26 2.39 2.32 2.22Total Portfolio Assets%Return %Return %Return %Return %Return %ReturnLAIF 37,450,927$   45.4% 0.37% 37,428,104$        45.0% 0.21% 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%Cash 34,607$           0.0% 0.02% 160,462$              0.2% 0.02% 106,899$         0.1% 0.02% 56,088$                 0.1% 0.01% 260,338$         0.4% 0.01% 278,791$              0.5% 0.01%Treasury Securities 19,322,375$   23.4% 0.54% 17,936,293$        21.5% 0.51% 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%Instrumentality Securities 11,081,069$   13.4% 0.95% 12,774,395$        15.3% 1.09% 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%Corporate Notes 13,449,548$   16.3% 0.69% 13,782,838$        16.6% 0.65% 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%Municipal/Assessment District 1,159,300$     1.4% 5.25% 1,159,300$           1.4% 5.25% 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%82,497,826$   83,241,391$        73,847,559$   78,847,170$        61,868,840$   57,333,369$          Total Portfolio AssetsWeighted Average Yield 0.61% 0.55% 0.58% 0.60% 0.82% 1.06%Years Years Years Years Years YearsEffective Average Duration ‐ Total 0.85 0.93 0.87 0.86 0.66 0.74Weighted Average Maturity ‐ Total 0.94 1.03 1.03 1.02 0.81 0.86Performance Recap‐The weighted average quarterly portfolio yield increased from 0.55% to 0.61% during the past quarter. Yields are beginning to rise as the Federal Reserve increases interest rates to combat inflation.‐The effective average duration decreased, from 0.93 to 0.85 years since last quarter.  ‐The total portfolio assets decreased by approximately $744 thousand during the quarter. This is reflective of losses on the fair value of fixed income securities purchased in December, when interest rates were at their lowest.March 31, 2022City of San RafaelHistorical Activity‐By QuarterDecember 31, 2020March 31, 2021December 31, 2021 September 30, 2021 June 30, 2021W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21‐22\09 ‐ March 2022\Insight‐Quarterly Report combined 03‐31‐22 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJanuary 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased18Securities sold and matured 19Detail of return and interest received 20Transaction report24Additional information25 FIXED INCOME MARKET REVIEWAs of January 31, 2022SAN RAFAELChart 1: Inflationhits another multi-decade highSource:Bloomberg, January31, 2022Chart 2: Unemployment rate is back around pre-pandemic lowsSource:Bloomberg, January31, 2022Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) consolidated its hawkish pivot despite a volatile start to theyear for risk assets. It guided heavily toward a policy rate ‘lift off’ in March. ChairPowell also made clear the central bank’s intent to be ‘nimble’, indicating the hikingcycle will be implemented dynamically based on economic data with potentially lessclear forward guidance.The Fed also released principles for reducing the size of its balance sheet. Although itdid not provide a concrete timeframe for this quantitative tightening, it indicated thatgiven the sheer size of its balance sheet, it will allow assets to roll off its balance sheetfaster in absolute terms than it did in the last cycle. The Fed also indicated its policywill be to roll off its mortgage-backed securities (MBS) holdings faster than itsTreasury holdings.Headline CPI reached 7%, the highest since 1982 (Chart 1) and core inflation onceagain set a new post-1991 high at 5.5%. Although energy prices had reversedsomewhat, supply chains remained a factor, with used and new car price inflationremaining high. In terms of ‘sticky’ categories, shelter inflation was 0.4% month-on-month, a significant level, but not an acceleration over the previous month.The labor market continued to tighten, with the Fed characterizing it as havingreached ‘maximum employment’ levels. The unemployment rate unexpectedly fellbelow 4% for the first time since the pandemic, leaving it comparable with pre-pandemic levels (Chart 2). Payrolls were below expectations for 450,000 at 199,000,but this was partially offset by 141,000 upward revisions to the prior two months.Wage growth was also stronger than expected, at 4.7% pa and broad-based, unlike inprevious months when it was more concentrated within the leisure and hospitalitysector.Interest Rate SummaryYields rose across the curve, particularly at the front end. At the end of December, the3-month US Treasury bill yielded 0.19%, the 6-month US Treasury bill yielded 0.47%,the 2-year US Treasury note yielded 1.18%, the 5-year US Treasury note yielded 1.61%and the 10-year US Treasury note yielded 1.78%.3~ 10 8 6 4 2 0 -2 -4 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 --CPI ---Current level 16 14 12 10 8 6 4 2 0 2015 2016 2017 2018 2019 2020 2021 ---Unemployment rate{%) ---Current level ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2022 - January 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary45,887,530.59Opening balance78,309.22Income received78,309.22Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(37,518.81)Total amortization expense1,217.92Total OID/MKT accretion income0.00Return of capitalClosing balance45,929,288.92Ending fair value45,559,662.52(369,626.40)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.04 0.02 0.00Merrill Lynch 3m US Treas Bill 0.03 0.02 0.01Merrill Lynch 6m US Treas Bill 0.06 0.04 0.02ML 1 Year US Treasury Note 0.14 0.11 0.05ML 2 Year US Treasury Note 0.34 0.25 0.08ML 5 Year US Treasury Note 0.95 0.56 0.13* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned67,105.83Accretion (amortization)(36,300.89)Realized gain (loss) on sales0.00Total income on portfolio30,804.94Average daily amortized cost45,902,677.76Period return (%)Weighted average final maturity in days677YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 10.98 0.00 10.980.00Corporate Bonds 31,088.91 (24,094.16) 6,994.750.00Government Agencies 13,932.28 (3,797.88) 10,134.400.00Government Bonds 17,001.73 (8,408.85) 8,592.880.00Municipal/Provincial Bonds 5,071.93 0.00 5,071.93Total 67,105.83 (36,300.89) 0.00 30,804.940.070.074 ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2022 - January 31, 2022SAN RAFAELFair Value Basis Activity Summary45,813,287.78Opening balance78,309.22Income received78,309.22Total receipts(250.00)Expenses paid(250.00)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(331,684.48)Ending fair value45,559,662.52Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.04 0.02 0.00ICE Bofa 3 Months US T-BILL 0.04 0.01 0.00ICE Bofa 6m US Treas Bill 0.03 (0.02) (0.05)ICE Bofa 1 Yr US Treasury Note (0.36) (0.46) (0.26)ICE BofA US Treasury 1-3 (1.22) (1.29) (0.65)ICE BofA US Treasury 1-5 (1.94) (1.92) (0.89)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 10.98 0.00 10.98Corporate Bonds 31,088.91 (126,802.96) (95,714.05)Government Agencies 13,932.28 (81,943.88) (68,011.60)Government Bonds 17,001.73 (122,937.64) (105,935.91)Municipal/Provincial Bonds 5,071.93 0.00 5,071.93Total67,105.83 (331,684.48) (264,578.65)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned67,105.83Total income on portfolio(264,578.65)Average daily total value *45,914,807.68Period return (%)(0.57)Weighted average final maturity in days677Change in fair value(331,684.48)YTD return (%)(0.57)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of January 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents87,085.56 87,085.56 87,085.560.000.190.001Corporate Bonds14,061,812.40 13,835,233.23 13,674,816.36 (160,416.87)653 30.401.54Government Agencies11,168,172.27 11,093,292.05 11,042,450.80 (50,841.25)572 24.141.49Government Bonds19,785,860.59 19,754,378.08 19,596,009.80 (158,368.28)569 42.771.54Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,867 2.518.07Total46,262,230.82 45,929,288.92 45,559,662.52 (369,626.40)677 100.001.69Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.19Corporate Bonds30.40Government Agencies24.14Government Bonds42.77Municipal/Provincial Bonds2.51Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of January 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,718,991.56 3.7290 to 179 days2,260,896.21 4.89180 days to 1 year6,846,832.80 14.801 to 2 years21,252,081.45 45.942 to 3 years13,024,128.80 28.153 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,159,300.00 2.5146,262,230.82 100.00Maturity distribution0.005.0010.0015.0020.0025.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of January 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00087,085.56 87,085.56 0.00 0.00 0.1987,085.5687,085.56Cash and Cash EquivalentsTotal Cash and Cash Equivalents87,085.56 87,085.56 87,085.56 0.00 0.190.0087,085.56Corporate Bonds46647PBB13.207 04/01/2023 615,576.00 602,887.95 (919.85) 6,414.0004/01/20221.33601,968.10600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 502,612.43 4,461.69 3,895.8301/11/20231.10507,074.12500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 502,384.58 5,555.79 2,933.331.10507,940.37500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,019,910.16 (13,016.23) 4,387.50 2.231,006,893.931,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023166764AH33.191 06/24/2023 718,781.00 718,556.88 (1,713.70) 2,295.7503/24/20231.55716,843.18700,000.00CHEVRON CORP 3.191% 24JUN2023 (CALLABLE24MAR23)742718EB13.100 08/15/2023 520,430.00 518,803.73 (4,207.05) 7,147.22 1.12514,596.68500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 710,002.17 (8,991.33) 4,095.00 1.55701,010.84700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,061,278.81 (18,092.38) 6,979.17 2.351,043,186.431,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 510,501.78 (2,909.44) 1,710.6112/20/20221.14507,592.34500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,443.94 (8,419.83) 120.001.04471,024.11480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of January 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,000,891.91 (18,257.88) 175.00 2.16982,634.031,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 530,228.40 (9,660.45) 405.5612/23/20231.17520,567.95500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 934,853.72 (3,008.70) 700.0012/24/20232.07931,845.02900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,057,012.92 (21,439.10) 16,500.0001/05/20242.331,035,573.821,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,063,610.80 (23,810.97) 17,017.36 2.351,039,799.831,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 528,036.32 (8,563.18) 7,538.1901/14/20241.17519,473.14500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 528,109.38 (7,911.15) 7,500.0012/01/20231.16520,198.23500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 514,786.49 (3,618.82) 7,198.6103/05/20231.16511,167.67500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 519,151.92 (6,151.91) 4,844.1904/23/20231.15513,000.01500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 532,168.94 (9,742.38) 3,588.89 1.16522,426.56500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,061,812.40 13,835,233.23 13,674,816.36 (160,416.87)30.40105,446.2113,380,000.00Government Agencies313378WG22.500 03/11/2022 1,016,330.00 1,000,676.98 2,254.22 9,722.22 2.201,002,931.201,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20229 SECURITIES HELDAs of January 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,258,017.39 3,897.19 8,055.56 2.721,261,914.581,250,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,005,297.14 7,811.58 3,611.11 2.211,013,108.721,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223137EAEQ80.375 04/20/2023 1,248,223.75 1,248,368.37 (6,802.04) 1,315.10 2.701,241,566.331,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,019,367.37 9,145.98 11,100.69 2.261,028,513.351,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 609,977.69 5,791.30 7,333.331.34615,768.99600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (19,225.13) 962.50 2.16980,774.871,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (15,900.35) 369.4403/23/20222.16984,099.651,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23MAR22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,807.40 (24,239.16) 1,108.3304/26/20222.591,175,568.241,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (19,595.67) 885.4205/06/20222.16980,404.331,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 751,779.71 6,020.83 1,057.291.63757,800.54750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,168,172.27 11,093,292.05 11,042,450.80 (50,841.25) 24.1445,520.9911,050,000.00Government Bonds912828ZX10.125 06/30/2022 999,808.04 999,844.36 (977.17) 107.04 2.16998,867.191,000,000.00USA TREASURY 0.125% 30JUN202210 SECURITIES HELDAs of January 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128287C81.750 07/15/2022 1,261,088.17 1,258,924.62 (1,600.39) 966.85 2.731,257,324.231,250,000.00USA TREASURY 1.75% 15JUL202291282CAN10.125 09/30/2022 1,248,929.97 1,249,081.75 (2,695.02) 527.99 2.701,246,386.731,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,260,406.61 2,728.15 4,258.24 2.741,263,134.761,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,010,476.17 (3,835.55) 662.98 2.191,006,640.621,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,262,594.47 (5,270.24) 7,893.17 2.731,257,324.231,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,290.90 (4,197.15) 1,906.08 2.16996,093.751,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 793,113.85 (2,863.85) 85.64 1.71790,250.00800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 990,168.18 (3,683.80) 0.00 2.14986,484.381,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,264,935.58 (8,783.23) 7,264.33 2.741,256,152.351,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,084.73 (15,553.48) 531.77 2.16984,531.251,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 655,155.10 6,372.25 2,352.681.43661,527.35650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,195,366.96 (18,007.59) 193.68 2.581,177,359.371,200,000.00USA TREASURY 0.125% 15DEC202311 SECURITIES HELDAs of January 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CBV20.375 04/15/2024 1,001,175.22 1,000,875.16 (19,312.66) 1,112.64 2.16981,562.501,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,628.23 (20,128.23) 531.77 2.15977,500.001,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,036,628.22 (9,753.22) 10,906.93 2.241,026,875.001,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,044,289.65 (23,274.03) 7,180.63 2.271,021,015.621,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,014,422.46 (10,203.71) 3,812.16 2.191,004,218.751,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 720,091.08 (17,329.36) 1,788.46 1.56702,761.72700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds19,785,860.59 19,754,378.08 19,596,009.80 (158,368.28)42.7752,083.0419,600,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 25,190.62 2.511,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.5125,190.621,159,300.00Grand total46,262,230.82 45,929,288.92 (369,626.40)45,276,385.56100.00228,240.8645,559,662.5212 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828ZX1USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.16 998,867.19 2.19 0.419128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.73 1,257,324.23 2.76 0.4591282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.70 1,246,386.73 2.74 0.66912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,263,134.76 2.77 0.82912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.19 1,006,640.62 2.21 0.96912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.73 1,257,324.23 2.76 1.03912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 996,093.75 2.19 1.1191282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 790,250.00 1.73 1.4191282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.14 986,484.38 2.17 1.499128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.74 1,256,152.35 2.76 1.5691282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.16 984,531.25 2.16 1.78912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 661,527.35 1.45 1.7991282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.58 1,177,359.37 2.58 1.8691282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 981,562.50 2.15 2.1991282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.15 977,500.00 2.15 2.27912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 1,026,875.00 2.25 2.449128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 1,021,015.62 2.24 2.58912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 1,004,218.75 2.20 2.68912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 702,761.72 1.54 2.76Issuer total19,600,000.00 19,785,860.59 42.77 19,596,009.80 43.01 1.54Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,261,914.58 2.77 0.673135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,028,513.35 2.26 1.573135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 615,768.99 1.35 1.9413 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 04/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.59 1,175,568.24 2.58 2.063135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.63 757,800.54 1.66 2.36Issuer total4,800,000.00 4,882,378.52 10.55 4,839,565.70 10.62 1.63Federal Home Loan Banks313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 2.20 1,002,931.20 2.20 0.113130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.21 1,013,108.72 2.22 0.853130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 03/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 984,099.65 2.16 2.00Issuer total3,000,000.00 3,037,570.00 6.57 3,000,139.57 6.59 0.98Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 980,774.87 2.15 2.203133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 980,404.33 2.15 2.05Issuer total2,000,000.00 2,000,000.00 4.32 1,961,179.20 4.30 2.13Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.70 1,241,566.33 2.73 1.21Issuer total1,250,000.00 1,248,223.75 2.70 1,241,566.33 2.73 1.21Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.55 701,010.84 1.54 1.5489236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.04 471,024.11 1.03 1.93Issuer total1,180,000.00 1,194,301.40 2.58 1,172,034.95 2.57 1.70PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.51 1,159,300.00 2.54 8.07Issuer total1,159,300.00 1,159,300.00 2.51 1,159,300.00 2.54 8.0714 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.33 601,968.10 1.32 0.1646647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 513,000.01 1.13 1.19Issuer total1,100,000.00 1,149,816.00 2.49 1,114,968.11 2.45 0.64Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 2.35 1,043,186.43 2.29 1.75Issuer total1,000,000.00 1,086,390.00 2.35 1,043,186.43 2.29 1.75International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.35 1,039,799.83 2.28 1.93Issuer total1,000,000.00 1,086,900.00 2.35 1,039,799.83 2.28 1.93US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.33 1,035,573.82 2.27 1.86Issuer total1,000,000.00 1,079,130.00 2.33 1,035,573.82 2.27 1.86Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.14 507,592.34 1.11 0.8806051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.16 511,167.67 1.12 1.06Issuer total1,000,000.00 1,061,320.00 2.29 1,018,760.01 2.24 0.97American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.23 1,006,893.93 2.21 1.25Issuer total1,000,000.00 1,031,510.00 2.23 1,006,893.93 2.21 1.25John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 982,634.03 2.16 1.94Issuer total1,000,000.00 1,001,230.00 2.16 982,634.03 2.16 1.9415 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.07 931,845.02 2.05 1.85Issuer total900,000.00 957,939.00 2.07 931,845.02 2.05 1.85Chevron Corp166764AH3CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 716,843.18 1.57 1.15Issuer total700,000.00 718,781.00 1.55 716,843.18 1.57 1.15Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 522,426.56 1.15 2.19Issuer total500,000.00 537,160.00 1.16 522,426.56 1.15 2.19Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 520,567.95 1.14 1.85Issuer total500,000.00 541,470.00 1.17 520,567.95 1.14 1.85PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 520,198.23 1.14 1.80Issuer total500,000.00 537,465.00 1.16 520,198.23 1.14 1.803M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 519,473.14 1.14 1.89Issuer total500,000.00 541,935.00 1.17 519,473.14 1.14 1.89Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 514,596.68 1.13 1.49Issuer total500,000.00 520,430.00 1.12 514,596.68 1.13 1.4916 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesApple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.10 507,940.37 1.11 1.23Issuer total500,000.00 506,880.00 1.10 507,940.37 1.11 1.23Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 507,074.12 1.11 0.97Issuer total500,000.00 509,155.00 1.10 507,074.12 1.11 0.97Cash and Cash EquivalentsINVESTED CASH 0.00087,085.56 87,085.56 0.00 87,085.56 0.19 0.00Issuer total87,085.56 87,085.56 0.00 87,085.56 0.19 0.00Grand total45,276,385.56 46,262,230.82 100.00 45,559,662.52 100.001.6917 SECURITIES PURCHASEDFor the period January 1, 2022 - January 31, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds166764AH33.19101/26/2022 06/24/2023 700,000.00 102.68 (718,781.00) (2,295.75)03/24/202301/31/2022CHEVRON CORP 3.191% 24JUN2023GOLDMAN, SACHS AND CO.700,000.00 (718,781.00) (2,295.75)Total Corporate BondsGovernment Bonds91282CCK50.12501/11/2022 06/30/2023 800,000.00 99.11 (792,846.43) (35.90)01/13/2022USA TREASURY 0.125% 30JUN2023HSBC SECURITIES (USA) INC.91282CCN90.12501/11/2022 07/31/2023 1,000,000.00 98.98 (989,808.04) (563.86)01/13/2022USA TREASURY 0.125% 31JUL2023HSBC SECURITIES (USA) INC.1,800,000.00 (1,782,654.47) (599.76)Total Government BondsGrand totalGrand total2,500,000.00 (2,501,435.47) (2,895.51)18 SECURITIES SOLD AND MATUREDFor the period January 1, 2022 - January 31, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds0258M0EG02.70001/31/2022 (700,000.00) 714,231.00 700,000.00 0.00 700,000.00 0.00 0.0001/31/2022AMERICAN EXPRESS CREDIT 2.7%03MAR2022 (CALLABLE 31JAN22)(700,000.00)0.00714,231.00 700,000.00 700,000.00 0.00Total (Corporate Bonds)Government Agencies3137EADB22.37501/13/2022 (1,650,000.00) 1,676,634.30 1,650,000.00 0.00 1,650,000.00 0.00 0.0001/13/2022FHLMC PREASSIGN 00074 2.37501-13-2022(1,650,000.00)0.001,676,634.30 1,650,000.00 1,650,000.00 0.00Total (Government Agencies)Grand totalGrand total(2,350,000.00)0.002,390,865.30 2,350,000.00 2,350,000.00 0.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2022 - January 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents10.980.000.0010.980.00Total Cash10.980.000.0010.980.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,354.16(1,194.72)(3,242.72)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,575.00(1,423.10)(1,185.04)7,770.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,625.00(1,298.49)(8,959.76)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,000.00(157.91)(4,024.40)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,251.67(984.54)(2,772.56)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,479.17(1,123.02)(3,730.21)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,125.00(2,810.95)(10,816.78)0.000.0014912L5X5CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 24MAR23)0.00(224.12)(1,937.82)0.000.00166764AH3CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,520.84(1,327.75)(5,451.36)9,125.000.0017325FAS7IBM CORP 3.625% 12FEB20243,020.83(2,607.00)(14,492.64)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024375.00(37.84)(7,857.28)2,250.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,603.50(1,420.31)(1,615.62)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,482.91(1,296.97)(3,734.89)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,500.00(1,275.77)(6,798.61)0.000.00713448CM8PFIZER INC 3.4% 15MAY20241,416.67(1,169.78)(7,252.05)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,625.00(1,530.90)(10,677.94)15,750.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,291.66(1,016.42)(5,232.00)0.000.00742718EB120 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2022 - January 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024180.0023.80(4,981.77)1,080.000.0089236THU2TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023787.50(531.09)(5,249.93)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,812.50(2,457.45)(12,851.10)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,062.50(229.83)(3,938.48)0.000.00931142DH3Total Corporate Bonds31,088.91(24,094.16) (126,802.96) 35,975.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22)350.007.16(10,102.54)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,093.75(61.22)(8,781.46)6,562.500.003135G0V75FANNIE MAE 2% 05OCT20222,083.34(981.72)(3,968.65)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,250.00(412.87)(5,579.19)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,395.83(998.32)(8,464.52)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024291.670.00(13,344.88)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)312.500.00(8,417.66)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR22)291.660.00(8,231.59)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.5% 09DEC20222,083.33(514.29)(6,738.74)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,083.33(495.35)(1,603.43)0.000.00313378WG2FHLMC PREASSIGN 00074 2.375 01-13-20221,306.25(452.52)(1,070.77)19,593.750.003137EADB2FREDDIE MAC 0.375% 20APR2023390.62111.25(5,640.45)0.000.003137EAEQ8Total Government Agencies13,932.28(3,797.88) (81,943.88) 26,156.250.0021 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2022 - January 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 15DEC2023127.75210.29(9,000.00)0.000.0091282CBA8USA TREASURY 0.125% 30JUN2022107.0432.17(742.19)0.000.00912828ZX1USA TREASURY 0.125% 30JUN202349.74267.42(2,596.43)0.000.0091282CCK5USA TREASURY 0.125% 30SEP2022133.07117.63(1,953.12)0.000.0091282CAN1USA TREASURY 0.125% 31JUL202361.14360.14(3,323.66)625.000.0091282CCN9USA TREASURY 0.25% 15MAY2024214.0988.06(9,062.50)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023214.09(4.02)(7,343.75)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024319.37(33.71)(8,593.75)0.000.0091282CBV2USA TREASURY 0.5% 15MAR2023428.18(22.10)(4,296.87)0.000.00912828ZD5USA TREASURY 1.375% 15FEB20231,447.86(1,027.44)(5,712.88)0.000.00912828Z86USA TREASURY 1.375% 31AUG20231,471.86(802.44)(8,740.23)0.000.009128282D1USA TREASURY 1.5% 15JAN20231,274.39(930.55)(4,257.82)7,500.000.00912828Z29USA TREASURY 1.5% 30NOV2024894.23(602.34)(8,421.87)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,284.54(445.31)(11,679.69)0.000.00912828YM6USA TREASURY 1.75% 15JUL20221,858.49(1,676.75)(2,685.53)10,937.500.009128287C8USA TREASURY 2% 30NOV20222,129.12(1,064.70)(4,980.48)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.23)(5,992.18)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,809.75(1,411.08)(11,875.00)0.000.009128282Y5USA TREASURY 2.375% 15AUG20242,000.68(1,224.89)(11,679.69)0.000.00912828D56Total Government Bonds17,001.73(8,408.85) (122,937.64) 19,062.500.0022 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period January 1, 2022 - January 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,071.930.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,071.930.000.000.000.00Grand total67,105.83(36,300.89) (331,684.48) 81,204.730.0023 TRANSACTION REPORTFor the period January 1, 2022 - January 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,562.5001/02/202201/02/2022Income3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2024 07/02/2024 750,000.00 0.00 6,562.500.001,080.0001/11/202201/11/2022Income89236THU2 Corporate Bonds TOYOTA MOTOR CREDIT CORP 01/11/2024 480,000.00 0.00 1,080.000.00(35.90)01/11/202201/13/2022Bought91282CCK5 Government Bonds USA TREASURY 0.125% 06/30/2023 800,000.00 (792,846.43) (792,882.33)0.00(563.86)01/11/202201/13/2022Bought91282CCN9 Government Bonds USA TREASURY 0.125% 07/31/2023 1,000,000.00 (989,808.04) (990,371.90)0.0019,593.7501/13/202201/13/2022Income3137EADB2 Government Agencies FHLMC PREASSIGN 00074 01/13/2022 1,650,000.00 0.00 19,593.750.000.0001/13/202201/13/2022Capital Change3137EADB2 Government Agencies FHLMC PREASSIGN 00074 01/13/2022 (1,650,000.00) 1,650,000.00 1,650,000.000.0010,937.5001/15/202201/15/2022Income9128287C8 Government Bonds USA TREASURY 1.75% 07/15/2022 1,250,000.00 0.00 10,937.500.007,500.0001/15/202201/15/2022Income912828Z29 Government Bonds USA TREASURY 1.5% 01/15/2023 1,000,000.00 0.00 7,500.000.002,250.0001/17/202201/17/2022Income24422EVN6 Corporate Bonds JOHN DEERE CAPITAL CORP 01/17/2024 1,000,000.00 0.00 2,250.000.009,125.0001/23/202201/23/2022Income17325FAS7 Corporate Bonds CITIBANK NA 3.65% 23JAN202401/23/2024 500,000.00 0.00 9,125.000.0015,750.0001/23/202201/23/2022Income693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 900,000.00 0.00 15,750.000.00(2,295.75)01/26/202201/31/2022Bought166764AH3 Corporate Bonds CHEVRON CORP 3.191% 06/24/2023 700,000.00 (718,781.00) (721,076.75)0.007,770.0001/31/202201/31/2022Income0258M0EG0 Corporate Bonds AMERICAN EXPRESS CREDIT 03/03/2022 700,000.00 0.00 7,770.000.000.0001/31/202201/31/2022Capital Change0258M0EG0 Corporate Bonds AMERICAN EXPRESS CREDIT 03/03/2022 (700,000.00) 700,000.00 700,000.000.00625.0001/31/202201/31/2022Income91282CCN9 Government Bonds USA TREASURY 0.125% 07/31/2023 1,000,000.00 0.00 625.000.0010.98Income Cash and Cash Equivalents Cash10.980.00 0.000.0001/31/202224 ADDITIONAL INFORMATIONAs of January 31, 2022SAN 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.25 ADDITIONAL INFORMATIONAs of January 31, 2022SAN 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.© 2022 Insight Investment. All rights reserved.26 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELFebruary 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Detail of return and interest received 18Transaction report22Additional information23 FIXED INCOME MARKET REVIEWAs of February 28, 2022SAN RAFAELChart 1: Oil spikes in response to the crisis in UkraineSource: Bloomberg,February28, 2022Chart 2: Inflation reaches another multi-decade highSource: Bloomberg,February 28, 2022Economic Indicators and Monetary PolicyGeopolitical uncertainty increased substantially as Russia began a full-scale invasion ofUkraine, to the surprise of many geopolitical experts. By the end of the month Russiahad not taken over the capital of Kyiv, facing a greater degree of resistance thanexpected, prompting Russia to deploy additional troops and equipment.Worldwide governments implemented sanctions on Russia, including a freeze onRussian central bank foreign reserve assets. Certain companies also divested ofRussian assets and international sporting and other events in Russia were cancelled.Commodity prices rose with Oil spiking above $100 per barrel (Chart 1).US CPI accelerated yet again with headline and core both up 0.6% in January or 7.5%and 6% annualized respectively, both higher than expected (Chart 2). Importantly, therelatively “sticky” healthcare segment was one of the sectors responsible for the rise,while less sticky airfare and used car segments also had a large impact.The US labor market report defied expectations. Disruption from the Omicron COVID-19 variant had been expected to take its toll. However, payrolls rose by 467,000, andwage growth was increasingly broad-based at 5.7% pa. The unemployment rate tickedup from 3.9% to 4% but, this was due to 1.4m returning to the workforce, pushing theparticipation rate up from 61.9% to 62.2%.Elsewhere, total orders for durable goods rose 1.6% with strong gains in core capitalgoods orders and core capital goods shipments. Nonetheless, shipments continuedto be outstripped by new orders, indicating some lingering supply chain disruptions.The market continued to be primed for a ‘lift off’ in policy interest rates in March, witha range of Federal Reserve speakers endorsing a rate hike.Interest Rate SummaryYields rose slightly at the front end. At the end of February, the 3-month US Treasurybill yielded 0.32%, the 6-month US Treasury bill yielded 0.66%, the 2-year US Treasurynote yielded 1.44%, the 5-year US Treasury note yielded 1.72% and the 10-year USTreasury note yielded 1.83%.3~ "' .n ..... -v,. 110 100 90 80 70 60 50 40 Jan-21 10 8 6 4 2 0 -2 -4 1982 Mar-21 May-21 Jul-21 Sep-21 --WTI Crude oil Nov-21 Jan-22 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022 ---CPI ---Current level ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2022 - February 28, 2022SAN RAFAELAmortized Cost Basis Activity Summary45,929,288.92Opening balance92,163.07Income received92,163.07Total receipts0.00Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(35,927.88)Total amortization expense1,425.79Total OID/MKT accretion income0.00Return of capitalClosing balance45,986,949.90Ending fair value45,452,855.81(534,094.09)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.03 0.02 0.00Merrill Lynch 3m US Treas Bill 0.05 0.04 0.02Merrill Lynch 6m US Treas Bill 0.09 0.08 0.04ML 1 Year US Treasury Note 0.21 0.18 0.08ML 2 Year US Treasury Note 0.44 0.35 0.11ML 5 Year US Treasury Note 1.05 0.64 0.14* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned59,643.33Accretion (amortization)(34,502.09)Realized gain (loss) on sales0.00Total income on portfolio25,141.24Average daily amortized cost45,961,059.93Period return (%)Weighted average final maturity in days648YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.57 0.00 0.570.00Corporate Bonds 28,237.80 (23,873.60) 4,364.200.00Government Agencies 11,363.45 (3,345.13) 8,018.320.00Government Bonds 15,476.76 (7,283.36) 8,193.400.00Municipal/Provincial Bonds 4,564.75 0.00 4,564.75Total 59,643.33 (34,502.09) 0.00 25,141.240.050.124 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2022 - February 28, 2022SAN RAFAELFair Value Basis Activity Summary45,559,662.52Opening balance92,163.07Income received92,163.07Total receipts0.00Total 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(198,969.78)Ending fair value45,452,855.81Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.03 0.02 0.00ICE Bofa 3 Months US T-BILL 0.04 0.02 0.01ICE Bofa 6m US Treas Bill 0.00 (0.04) (0.01)ICE Bofa 1 Yr US Treasury Note (0.53) (0.61) (0.16)ICE BofA US Treasury 1-3 (1.51) (1.65) (0.37)ICE BofA US Treasury 1-5 (1.99) (2.28) (0.43)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.57 0.00 0.57Corporate Bonds 28,237.80 (73,440.80) (45,203.00)Government Agencies 11,363.45 (48,948.86) (37,585.41)Government Bonds 15,476.76 (76,580.12) (61,103.36)Municipal/Provincial Bonds 4,564.75 0.00 4,564.75Total59,643.33 (198,969.78) (139,326.45)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned59,643.33Total income on portfolio(139,326.45)Average daily total value *45,635,852.88Period return (%)(0.30)Weighted average final maturity in days648Change in fair value(198,969.78)YTD return (%)(0.88)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of February 28, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents179,248.63 179,248.63 179,248.630.000.390.001Corporate Bonds14,061,812.40 13,811,359.63 13,601,375.56 (209,984.07)625 30.341.47Government Agencies11,168,172.27 11,089,946.92 10,993,501.94 (96,444.98)544 24.091.43Government Bonds19,785,860.59 19,747,094.72 19,519,429.68 (227,665.04)541 42.681.46Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,839 2.507.97Total46,354,393.89 45,986,949.90 45,452,855.81 (534,094.09)648 100.001.61Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.39Corporate Bonds30.34Government Agencies24.09Government Bonds42.68Municipal/Provincial Bonds2.50Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of February 28, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,811,154.63 3.9190 to 179 days2,260,896.21 4.88180 days to 1 year8,110,753.00 17.501 to 2 years21,696,324.05 46.812 to 3 years11,315,966.00 24.413 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,159,300.00 2.5046,354,393.89 100.00Maturity distribution0.005.0010.0015.0020.0025.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of February 28, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000179,248.63 179,248.63 0.00 0.00 0.39179,248.63179,248.63Cash and Cash EquivalentsTotal Cash and Cash Equivalents179,248.63 179,248.63 179,248.63 0.00 0.390.00179,248.63Corporate Bonds46647PBB13.207 04/01/2023 615,576.00 601,467.65 (583.69) 7,857.1504/01/20221.33600,883.96600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 502,382.60 3,093.78 4,852.0801/11/20231.10505,476.38500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 502,226.66 3,992.00 3,833.331.09506,218.66500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,018,611.68 (13,863.87) 5,850.00 2.231,004,747.811,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023166764AH33.191 06/24/2023 718,781.00 717,212.18 (3,852.85) 3,971.0203/24/20231.55713,359.33700,000.00CHEVRON CORP 3.191% 24JUN2023 (CALLABLE24MAR23)742718EB13.100 08/15/2023 520,430.00 517,787.31 (6,287.99) 559.721.12511,499.32500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 709,471.08 (11,910.71) 78.751.54697,560.37700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,058,467.85 (21,524.03) 9,791.67 2.341,036,943.821,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 509,517.24 (5,073.55) 2,837.1112/20/20221.13504,443.69500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,467.73 (10,844.44) 282.00 1.03468,623.29480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of February 28, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,000,854.06 (23,083.81) 512.50 2.16977,770.251,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 528,900.65 (12,016.02) 1,774.3112/23/20231.17516,884.63500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 933,322.81 (6,877.50) 3,062.5012/24/20232.07926,445.31900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,054,473.55 (26,971.18) 2,156.2501/05/20242.331,027,502.371,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,061,003.80 (24,260.76) 1,611.11 2.341,036,743.041,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 526,841.59 (12,428.42) 631.9401/14/20241.17514,413.17500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 526,833.62 (9,922.02) 8,850.0012/01/20231.16516,911.60500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 513,663.46 (5,743.44) 8,529.8603/05/20231.16507,920.02500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 517,854.95 (8,456.74) 6,178.8204/23/20231.15509,398.21500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 530,999.16 (13,368.83) 4,863.89 1.16517,630.33500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,061,812.40 13,811,359.63 13,601,375.56 (209,984.07)30.3478,084.0113,380,000.00Government Agencies313378WG22.500 03/11/2022 1,016,330.00 1,000,181.63 514.14 11,597.22 2.191,000,695.771,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20229 SECURITIES HELDAs of February 28, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,257,035.66 1,542.27 9,930.56 2.721,258,577.931,250,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,004,782.86 6,614.85 5,486.11 2.201,011,397.711,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223137EAEQ80.375 04/20/2023 1,248,223.75 1,248,479.62 (9,759.02) 1,666.67 2.691,238,720.601,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,018,369.05 4,130.55 13,256.94 2.261,022,499.601,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 609,564.82 1,916.04 958.33 1.34611,480.86600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (24,529.00) 1,225.00 2.16975,471.001,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (21,213.58) 631.9403/23/20222.16978,786.421,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23MAR22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,814.80 (31,369.76) 1,423.3304/26/20222.591,168,445.041,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (24,951.23) 1,166.6705/06/20222.16975,048.771,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 751,718.48 659.76 2,041.67 1.63752,378.24750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,168,172.27 11,089,946.92 10,993,501.94 (96,444.98) 24.0949,384.4411,050,000.00Government Bonds912828ZX10.125 06/30/2022 999,808.04 999,873.41 (1,191.78) 203.732.16998,681.631,000,000.00USA TREASURY 0.125% 30JUN202210 SECURITIES HELDAs of February 28, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128287C81.750 07/15/2022 1,261,088.17 1,257,410.14 (1,843.74) 2,658.84 2.721,255,566.401,250,000.00USA TREASURY 1.75% 15JUL202291282CAN10.125 09/30/2022 1,248,929.97 1,249,187.99 (3,826.66) 648.18 2.691,245,361.331,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,259,444.94 320.69 6,181.32 2.741,259,765.631,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,009,635.68 (5,768.49) 1,823.20 2.181,003,867.191,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,261,666.45 (8,199.65) 617.23 2.731,253,466.801,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,270.93 (6,638.12) 2,292.82 2.16993,632.811,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 793,488.25 (5,457.00) 162.981.71788,031.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 990,672.38 (7,117.69) 96.69 2.14983,554.691,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,264,210.81 (13,576.05) 0.00 2.731,250,634.761,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,081.10 (19,495.16) 725.14 2.16980,585.941,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 654,939.02 2,932.08 3,415.181.43657,871.10650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,195,556.89 (23,119.39) 309.07 2.581,172,437.501,200,000.00USA TREASURY 0.125% 15DEC202311 SECURITIES HELDAs of February 28, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CBV20.375 04/15/2024 1,001,175.22 1,000,844.72 (24,633.78) 1,401.10 2.16976,210.941,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,707.76 (25,481.20) 725.14 2.15972,226.561,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,035,521.86 (16,381.24) 852.90 2.241,019,140.621,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,043,015.13 (29,577.63) 8,815.25 2.271,013,437.501,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,014,020.24 (16,793.68) 4,972.38 2.19997,226.561,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 719,547.02 (21,816.55) 2,596.15 1.56697,730.47700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds19,785,860.59 19,747,094.72 19,519,429.68 (227,665.04)42.6838,497.3019,600,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 29,755.37 2.501,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.5029,755.371,159,300.00Grand total46,354,393.89 45,986,949.90 (534,094.09)45,368,548.63100.00195,721.1245,452,855.8112 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828ZX1USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.16 998,681.63 2.20 0.339128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.72 1,255,566.40 2.76 0.3791282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,245,361.33 2.74 0.58912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,259,765.63 2.77 0.75912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 1,003,867.19 2.21 0.87912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.73 1,253,466.80 2.76 0.96912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 993,632.81 2.19 1.0391282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 788,031.25 1.73 1.3291282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.14 983,554.69 2.16 1.419128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.73 1,250,634.76 2.75 1.4891282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.16 980,585.94 2.16 1.69912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 657,871.10 1.45 1.7191282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.58 1,172,437.50 2.58 1.7891282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 976,210.94 2.15 2.1091282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.15 972,226.56 2.14 2.19912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 1,019,140.62 2.24 2.399128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 1,013,437.50 2.23 2.49912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 997,226.56 2.19 2.60912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 697,730.47 1.54 2.68Issuer total19,600,000.00 19,785,860.59 42.68 19,519,429.68 42.94 1.46Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,258,577.93 2.77 0.593135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,022,499.60 2.25 1.483135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 611,480.86 1.35 1.8813 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 04/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.59 1,168,445.04 2.57 2.053135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.63 752,378.24 1.66 2.28Issuer total4,800,000.00 4,882,378.52 10.53 4,813,381.67 10.59 1.56Federal Home Loan Banks313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 2.19 1,000,695.77 2.20 0.033130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,011,397.71 2.23 0.773130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 03/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 978,786.42 2.15 1.97Issuer total3,000,000.00 3,037,570.00 6.55 2,990,879.90 6.58 0.92Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 975,471.00 2.15 2.123133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 975,048.77 2.15 2.06Issuer total2,000,000.00 2,000,000.00 4.31 1,950,519.77 4.29 2.09Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.69 1,238,720.60 2.73 1.13Issuer total1,250,000.00 1,248,223.75 2.69 1,238,720.60 2.73 1.13Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 697,560.37 1.53 1.4789236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 468,623.29 1.03 1.84Issuer total1,180,000.00 1,194,301.40 2.58 1,166,183.66 2.57 1.62PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.55 7.97Issuer total1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.55 7.9714 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.33 600,883.96 1.32 0.0946647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 509,398.21 1.12 1.11Issuer total1,100,000.00 1,149,816.00 2.48 1,110,282.17 2.44 0.56Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 2.34 1,036,943.82 2.28 1.67Issuer total1,000,000.00 1,086,390.00 2.34 1,036,943.82 2.28 1.67International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,036,743.04 2.28 1.89Issuer total1,000,000.00 1,086,900.00 2.34 1,036,743.04 2.28 1.89US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.33 1,027,502.37 2.26 1.81Issuer total1,000,000.00 1,079,130.00 2.33 1,027,502.37 2.26 1.81Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 504,443.69 1.11 0.8006051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.16 507,920.02 1.12 0.98Issuer total1,000,000.00 1,061,320.00 2.29 1,012,363.71 2.23 0.89American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.23 1,004,747.81 2.21 1.17Issuer total1,000,000.00 1,031,510.00 2.23 1,004,747.81 2.21 1.17John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 977,770.25 2.15 1.86Issuer total1,000,000.00 1,001,230.00 2.16 977,770.25 2.15 1.8615 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.07 926,445.31 2.04 1.77Issuer total900,000.00 957,939.00 2.07 926,445.31 2.04 1.77Chevron Corp166764AH3CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 713,359.33 1.57 1.08Issuer total700,000.00 718,781.00 1.55 713,359.33 1.57 1.08Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 517,630.33 1.14 2.11Issuer total500,000.00 537,160.00 1.16 517,630.33 1.14 2.11PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 516,911.60 1.14 1.75Issuer total500,000.00 537,465.00 1.16 516,911.60 1.14 1.75Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 516,884.63 1.14 1.77Issuer total500,000.00 541,470.00 1.17 516,884.63 1.14 1.773M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 514,413.17 1.13 1.84Issuer total500,000.00 541,935.00 1.17 514,413.17 1.13 1.84Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 511,499.32 1.13 1.43Issuer total500,000.00 520,430.00 1.12 511,499.32 1.13 1.4316 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesApple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 506,218.66 1.11 1.15Issuer total500,000.00 506,880.00 1.09 506,218.66 1.11 1.15Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 505,476.38 1.11 0.91Issuer total500,000.00 509,155.00 1.10 505,476.38 1.11 0.91Cash and Cash EquivalentsINVESTED CASH 0.000179,248.63 179,248.63 0.00 179,248.63 0.39 0.00Issuer total179,248.63 179,248.63 0.00 179,248.63 0.39 0.00Grand total45,368,548.63 46,354,393.89 100.00 45,452,855.81 100.001.6117 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2022 - February 28, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.570.000.000.570.00Total Cash0.570.000.000.570.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,218.75(1,194.73)(5,059.97)8,125.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,462.50(1,298.48)(2,146.12)0.000.0002665WDH1APPLE INC 2.4% 03MAY2023900.00(157.92)(1,721.71)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,126.50(984.54)(3,148.65)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,331.25(1,123.03)(3,247.65)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20232,812.50(2,810.96)(6,242.61)0.000.0014912L5X5CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 24MAR23)1,675.27(1,344.70)(3,483.85)0.000.00166764AH3CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,368.75(1,327.75)(3,683.32)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,718.75(2,607.00)(3,056.79)18,125.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024337.50(37.85)(4,863.78)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,443.15(1,420.30)(1,084.14)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,334.63(1,296.97)(3,601.80)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,350.00(1,275.76)(3,286.63)0.000.00713448CM8PFIZER INC 3.4% 15MAY20241,275.00(1,169.78)(4,796.23)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,362.50(1,530.91)(5,399.71)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,162.50(1,016.42)(3,097.36)7,750.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024162.0023.79(2,400.82)0.000.0089236THU218 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2022 - February 28, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023708.75(531.09)(3,450.47)4,725.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,531.25(2,539.37)(8,071.45)16,875.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)956.25(229.83)(1,597.74)0.000.00931142DH3Total Corporate Bonds28,237.80(23,873.60) (73,440.80) 55,600.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22)315.007.40(7,123.20)0.000.003136G46B4FANNIE MAE 1.75% 02JUL2024984.38(61.23)(5,422.30)0.000.003135G0V75FANNIE MAE 2% 05OCT20221,875.00(981.73)(3,336.65)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,125.00(412.87)(4,288.13)7,500.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,156.25(998.32)(6,013.75)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024262.500.00(5,303.87)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)281.250.00(5,355.56)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR22)262.500.00(5,313.23)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.5% 09DEC20221,875.00(514.28)(1,711.01)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20221,875.00(495.35)(2,235.43)0.000.00313378WG2FREDDIE MAC 0.375% 20APR2023351.57111.25(2,845.73)0.000.003137EAEQ8Total Government Agencies11,363.45(3,345.13) (48,948.86) 7,500.000.00Government BondsUSA TREASURY 0.125% 15DEC2023115.39189.93(4,921.87)0.000.0091282CBA8USA TREASURY 0.125% 30JUN202296.6929.05(185.56)0.000.00912828ZX119 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2022 - February 28, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30JUN202377.34374.40(2,218.75)0.000.0091282CCK5USA TREASURY 0.125% 30SEP2022120.19106.24(1,025.40)0.000.0091282CAN1USA TREASURY 0.125% 31JUL202396.69504.20(2,929.69)0.000.0091282CCN9USA TREASURY 0.25% 15MAY2024193.3779.53(5,273.44)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023193.37(3.63)(3,945.31)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024288.46(30.44)(5,351.56)0.000.0091282CBV2USA TREASURY 0.5% 15MAR2023386.74(19.97)(2,460.94)0.000.00912828ZD5USA TREASURY 1.375% 15FEB20231,317.81(928.02)(3,857.43)8,593.750.00912828Z86USA TREASURY 1.375% 31AUG20231,329.42(724.77)(5,517.59)8,593.750.009128282D1USA TREASURY 1.5% 15JAN20231,160.22(840.49)(2,773.43)0.000.00912828Z29USA TREASURY 1.5% 30NOV2024807.69(544.06)(5,031.25)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,160.22(402.22)(6,992.19)0.000.00912828YM6USA TREASURY 1.75% 15JUL20221,691.99(1,514.48)(1,757.83)0.000.009128287C8USA TREASURY 2% 30NOV20221,923.08(961.67)(3,369.13)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,062.50(216.08)(3,656.25)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,634.62(1,274.52)(7,578.12)0.000.009128282Y5USA TREASURY 2.375% 15AUG20241,820.97(1,106.36)(7,734.38)11,875.000.00912828D56Total Government Bonds15,476.76(7,283.36) (76,580.12) 29,062.500.0020 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period February 1, 2022 - February 28, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,564.750.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,564.750.000.000.000.00Grand total59,643.33(34,502.09) (198,969.78) 92,163.070.0021 TRANSACTION REPORTFor the period February 1, 2022 - February 28, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,500.0002/05/202202/05/2022Income3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB2024 02/05/2024 600,000.00 0.00 7,500.000.0016,875.0002/07/202202/07/2022Income91159HHV5 Corporate Bonds US BANCORP 3.375% 02/05/20241,000,000.00 0.00 16,875.000.0018,125.0002/12/202202/12/2022Income459200HU8 Corporate Bonds IBM CORP 3.625% 12FEB2024 02/12/2024 1,000,000.00 0.00 18,125.000.008,125.0002/14/202202/14/2022Income88579YBB6 Corporate Bonds 3M COMPANY 3.25% 02/14/2024 500,000.00 0.00 8,125.000.007,750.0002/15/202202/15/2022Income742718EB1 Corporate Bonds PROCTER & GAMBLE CO/THE 08/15/2023 500,000.00 0.00 7,750.000.0011,875.0002/15/202202/15/2022Income912828D56 Government Bonds USA TREASURY 2.375% 08/15/2024 1,000,000.00 0.00 11,875.000.008,593.7502/15/202202/15/2022Income912828Z86 Government Bonds USA TREASURY 1.375% 02/15/2023 1,250,000.00 0.00 8,593.750.004,725.0002/25/202202/25/2022Income89236THA6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 08/25/2023 700,000.00 0.00 4,725.000.008,593.7502/28/202202/28/2022Income9128282D1 Government Bonds USA TREASURY 1.375% 08/31/2023 1,250,000.00 0.00 8,593.750.000.57Income Cash and Cash Equivalents Cash0.570.00 0.000.0002/28/202222 ADDITIONAL INFORMATIONAs of February 28, 2022SAN 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.23 ADDITIONAL INFORMATIONAs of February 28, 2022SAN 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.© 2022 Insight Investment. All rights reserved.24 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELMarch 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased18Securities sold and matured 19Detail of return and interest received 20Transaction report24Additional information25 FIXED INCOME MARKET REVIEWAs of March 31, 2022SAN RAFAELChart 1: Commodity prices become increasingly volatileSource: Bloomberg,March 31, 2022Chart 2: Short-end Treasury yields rise as the Fed becomes more hawkishSource: Bloomberg, March 31, 2022Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) kicked-off its rate hiking cycle, with its first rate rise since2018. The Fed’s quarterlydot plotwas increasingly hawkish for the third straightmeeting. The median projection rose to seven rate hikes this year, up from four inDecember. This implies one 25bp hike at every remaining meeting this year. Sevenmembers were even more hawkish than this, pointing to openness toward 50bpmoves.CPI recorded another multi-decade high, albeit this time in line with expectations at7.9% year-on-year, while Core CPI was 6.4%. Within the “sticky” categories, Notably,healthcare inflation moderated. In the shelter categories, owners’ equivalent rentmaintained its recent pace at 0.4%, while rents accelerated to 0.6%.Employment growth continued its strong run, with nonfarm jobs up 678,000, wellabove consensus estimates for ~500,000. The unemployment rate fell to 3.8% from4%, further than expected even as the participation rate ticked up to 62.3%, a newcycle high. Average hourly earnings, the most anticipated element of the employmentreport, underwhelmed however, by remaining unchanged. However, idiosyncraticissues likely played a part following disruptions relating to the Omicron Covid-19variant.The war in Ukraine continued with Russia failing to take control of Kyiv and toward theend of the month, appearing to concentrate on Ukraine’s Eastern regions. Tentativepeace talks began by the end of the month, albeit terms of an agreement still far off.The US announced a ban of imports on Russian oil and gas and the release of up to180m barrels of domestic oil reserves over six months. This is the largest releasesince the reserve was created in 1974. Commodity prices continued to be volatile,particularly oil, gas, wheat and other agricultural commodities (Chart 1).Interest Rate SummaryYields rose materially across the curve, particularly the short end (Chart 2). At the endof March, the 3-month US Treasury bill yielded 0.51%, the 6-month US Treasury billyielded 1.03%, the 2-year US Treasury note yielded 2.34%, the 5-year US Treasury noteyielded 2.46% and the 10-year US Treasury note yielded 2.34%.3130 120 110 = 100 ~ ro 90 Ll ~ 80 70 60 50 Jan-21 3.0% 2.5% -02.0% -.; ·5, i;1.5% U) "' ~ 1-1.0% 0.5% ...... Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 Russia full scale invasion of Ukraine --WTI Crude oil .... .... .... .... .... .... .... .... .... .... ----------------------------0.0% --------~---~-----------~---~ 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y --Mar-22 -----Feb-22 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2022 - March 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary45,986,949.90Opening balance87,988.50Income received87,988.50Total receipts(30,431.63)Participant withdrawals(500.00)Expenses paid(30,931.63)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(36,521.00)Total amortization expense1,562.82Total OID/MKT accretion income0.00Return of capitalClosing balance46,009,048.59Ending fair value45,046,899.59(962,149.00)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.09 0.05 0.02Overnight Repo0.05 0.03 0.01Merrill Lynch 3m US Treas Bill 0.09 0.08 0.03Merrill Lynch 6m US Treas Bill 0.16 0.14 0.06ML 1 Year US Treasury Note 0.32 0.29 0.11ML 2 Year US Treasury Note 0.59 0.49 0.16ML 5 Year US Treasury Note 1.16 0.74 0.18* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned70,647.04Accretion (amortization)(34,958.18)Realized gain (loss) on sales0.00Total income on portfolio35,688.86Average daily amortized cost46,002,490.17Period return (%)Weighted average final maturity in days625YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.62 0.00 0.620.00Corporate Bonds 34,512.87 (23,757.09) 10,755.780.00Government Agencies 13,416.42 (3,137.38) 10,279.040.00Government Bonds 17,138.00 (8,063.71) 9,074.290.00Municipal/Provincial Bonds 5,579.13 0.00 5,579.13Total 70,647.04 (34,958.18) 0.00 35,688.860.080.204 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2022 - March 31, 2022SAN RAFAELFair Value Basis Activity Summary45,452,855.81Opening balance87,988.50Income received87,988.50Total receipts(30,431.63)Participant withdrawals(500.00)Expenses paid(30,931.63)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(463,013.09)Ending fair value45,046,899.59Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.09 0.05 0.02Overnight Repo0.05 0.03 0.01ICE Bofa 3 Months US T-BILL 0.06 0.05 0.03ICE Bofa 6m US Treas Bill (0.05) (0.08) (0.03)ICE Bofa 1 Yr US Treasury Note (0.94) (0.98) (0.38)ICE BofA US Treasury 1-3 (2.84) (2.86) (1.33)ICE BofA US Treasury 1-5 (3.72) (3.82) (1.86)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.62 0.00 0.62Corporate Bonds 34,512.87 (151,827.47) (117,314.60)Government Agencies 13,416.42 (114,130.94) (100,714.52)Government Bonds 17,138.00 (197,054.68) (179,916.68)Municipal/Provincial Bonds 5,579.13 0.00 5,579.13Total70,647.04 (463,013.09) (392,366.05)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned70,647.04Total income on portfolio(392,366.05)Average daily total value *45,390,282.27Period return (%)(0.86)Weighted average final maturity in days625Change in fair value(463,013.09)YTD return (%)(1.73)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of March 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents34,607.41 34,607.41 34,607.410.000.070.001Corporate Bonds14,061,812.40 13,787,602.54 13,449,548.09 (338,054.45)594 30.311.40Government Agencies11,353,540.36 11,288,507.63 11,081,069.09 (207,438.54)541 24.471.45Government Bonds19,785,860.59 19,739,031.01 19,322,375.00 (416,656.01)510 42.651.37Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,808 2.508.03Total46,395,120.76 46,009,048.59 45,046,899.59 (962,149.00)625 100.001.56Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.07Corporate Bonds30.31Government Agencies24.47Government Bonds42.65Municipal/Provincial Bonds2.50Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of March 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days34,607.41 0.0890 to 179 days2,260,896.21 4.87180 days to 1 year11,567,072.94 24.931 to 2 years20,057,278.20 43.232 to 3 years11,315,966.00 24.393 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,159,300.00 2.5046,395,120.76 100.00Maturity distribution0.005.0010.0015.0020.0025.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of March 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00034,607.41 34,607.41 0.00 0.00 0.0734,607.4134,607.41Cash and Cash EquivalentsTotal Cash and Cash Equivalents34,607.41 34,607.41 34,607.41 0.00 0.070.0034,607.41Corporate Bonds46647PBB13.207 04/01/2023 615,576.00 600,000.00 0.00 9,621.0003/01/20231.33600,000.00600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 502,152.77 842.28 6,020.8301/11/20231.10502,995.05500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 502,068.74 630.41 4,933.33 1.09502,699.15500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,017,313.19 (22,021.05) 7,637.50 2.22995,292.141,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023166764AH33.191 06/24/2023 718,781.00 715,867.48 (8,277.48) 6,018.5803/24/20231.55707,590.00700,000.00CHEVRON CORP 3.191% 24JUN2023 (CALLABLE24MAR23)742718EB13.100 08/15/2023 520,430.00 516,770.90 (11,445.00) 1,980.56 1.12505,325.90500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 708,939.99 (17,569.21) 945.00 1.54691,370.78700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,055,656.90 (30,893.38) 13,229.17 2.341,024,763.521,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 508,532.70 (7,270.26) 4,213.9412/20/20221.13501,262.44500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,491.53 (15,920.44) 480.00 1.03463,571.09480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of March 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,000,816.22 (34,672.79) 925.00 2.16966,143.431,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 527,572.90 (18,774.19) 3,447.2212/23/20231.17508,798.71500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 931,791.90 (19,102.09) 5,950.0012/24/20232.06912,689.81900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,052,098.01 (38,347.92) 5,250.0001/05/20242.331,013,750.091,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,058,396.80 (40,313.45) 4,934.03 2.341,018,083.351,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 525,646.86 (19,108.38) 2,121.5301/14/20241.17506,538.48500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 525,557.85 (14,299.43) 1,500.0012/01/20231.16511,258.42500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 512,540.44 (9,685.80) 1,281.9403/05/20231.15502,854.64500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 516,557.98 (11,914.18) 7,810.0304/23/20231.15504,643.80500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 529,829.38 (19,912.09) 6,422.22 1.16509,917.29500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,061,812.40 13,787,602.54 13,449,548.09 (338,054.45)30.3194,721.8813,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,256,053.94 (751.56) 12,222.22 2.721,255,302.381,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of March 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3130A3KM52.500 12/09/2022 1,021,240.00 1,004,268.57 3,366.81 7,777.78 2.201,007,635.381,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,201,592.59 (3,923.40) 2,016.67 2.591,197,669.191,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,248,590.87 (16,646.83) 2,096.35 2.691,231,944.041,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,017,370.74 (7,226.94) 1,517.36 2.261,010,143.801,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 609,151.95 (6,531.11) 2,333.33 1.34602,620.84600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (37,379.63) 1,545.83 2.16962,620.371,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (36,488.81) 952.7806/23/20222.16963,511.191,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23JUN22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,821.72 (49,542.28) 1,808.3304/26/20222.591,150,279.441,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (40,334.32) 1,510.4205/06/20222.16959,665.681,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 751,657.25 (11,980.47) 3,244.79 1.62739,676.78750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,288,507.63 11,081,069.09 (207,438.54)24.4737,025.8611,250,000.00Government Bonds912828ZX10.125 06/30/2022 999,808.04 999,905.58 (1,038.39) 310.772.15998,867.191,000,000.00USA TREASURY 0.125% 30JUN202210 SECURITIES HELDAs of March 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128287C81.750 07/15/2022 1,261,088.17 1,255,733.40 (1,924.80) 4,532.11 2.721,253,808.601,250,000.00USA TREASURY 1.75% 15JUL202291282CAN10.125 09/30/2022 1,248,929.97 1,249,305.62 (5,018.51) 0.00 2.691,244,287.111,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,258,380.24 (2,911.49) 8,310.44 2.741,255,468.751,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,008,705.13 (8,822.32) 3,107.74 2.18999,882.811,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,260,639.01 (12,933.93) 2,089.09 2.721,247,705.081,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,248.83 (11,186.33) 217.39 2.16989,062.501,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 793,902.75 (11,934.00) 248.62 1.71781,968.75800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 991,230.59 (16,425.90) 203.73 2.13974,804.691,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,263,408.38 (25,810.73) 1,447.86 2.731,237,597.651,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,077.07 (31,092.69) 939.23 2.16968,984.381,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 654,699.78 (5,613.84) 4,591.52 1.43649,085.94650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,195,767.18 (38,142.18) 436.81 2.571,157,625.001,200,000.00USA TREASURY 0.125% 15DEC202311 SECURITIES HELDAs of March 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CBV20.375 04/15/2024 1,001,175.22 1,000,811.02 (40,264.14) 1,720.47 2.16960,546.881,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,795.81 (41,975.50) 939.23 2.15955,820.311,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,034,296.97 (36,601.66) 2,886.74 2.24997,695.311,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,041,604.05 (49,963.43) 0.00 2.27991,640.621,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,013,574.92 (37,949.92) 6,256.91 2.19975,625.001,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 718,944.68 (37,046.25) 3,490.39 1.56681,898.43700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds19,785,860.59 19,739,031.01 19,322,375.00 (416,656.01)42.6541,729.0519,600,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 4,902.872.501,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.504,902.871,159,300.00Grand total46,395,120.76 46,009,048.59 (962,149.00)45,423,907.41100.00178,379.6645,046,899.5912 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828ZX1USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.15 998,867.19 2.22 0.259128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.72 1,253,808.60 2.78 0.2991282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,244,287.11 2.76 0.50912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,255,468.75 2.79 0.66912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 999,882.81 2.22 0.79912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,247,705.08 2.77 0.87912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 989,062.50 2.20 0.9591282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 781,968.75 1.74 1.2491282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 974,804.69 2.16 1.329128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.73 1,237,597.65 2.75 1.4091282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.16 968,984.38 2.15 1.61912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 649,085.94 1.44 1.6291282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,157,625.00 2.57 1.6991282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 960,546.88 2.13 2.0191282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.15 955,820.31 2.12 2.10912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 997,695.31 2.21 2.309128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 991,640.62 2.20 2.43912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 975,625.00 2.17 2.51912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 681,898.43 1.51 2.59Issuer total19,600,000.00 19,785,860.59 42.65 19,322,375.00 42.89 1.37Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,255,302.38 2.79 0.513135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,010,143.80 2.24 1.423135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 602,620.84 1.34 1.8013 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 04/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.59 1,150,279.44 2.55 2.023135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 739,676.78 1.64 2.19Issuer total4,800,000.00 4,882,378.52 10.52 4,758,023.24 10.56 1.50Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,007,635.38 2.24 0.683130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.59 1,197,669.19 2.66 0.883130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 06/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 963,511.19 2.14 2.01Issuer total3,200,000.00 3,222,938.09 6.95 3,168,815.76 7.03 1.17Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 962,620.37 2.14 2.033133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 959,665.68 2.13 2.04Issuer total2,000,000.00 2,000,000.00 4.31 1,922,286.05 4.27 2.04Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.69 1,231,944.04 2.73 1.04Issuer total1,250,000.00 1,248,223.75 2.69 1,231,944.04 2.73 1.04PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.57 8.03Issuer total1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.57 8.03Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 691,370.78 1.53 1.3889236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 463,571.09 1.03 1.76Issuer total1,180,000.00 1,194,301.40 2.57 1,154,941.87 2.56 1.5314 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 03/01/2023 A- A2 600,000.00 615,576.00 1.33 600,000.00 1.33 0.0046647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 504,643.80 1.12 1.02Issuer total1,100,000.00 1,149,816.00 2.48 1,104,643.80 2.45 0.47Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 2.34 1,024,763.52 2.27 1.58Issuer total1,000,000.00 1,086,390.00 2.34 1,024,763.52 2.27 1.58International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,018,083.35 2.26 1.80Issuer total1,000,000.00 1,086,900.00 2.34 1,018,083.35 2.26 1.80US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.33 1,013,750.09 2.25 1.74Issuer total1,000,000.00 1,079,130.00 2.33 1,013,750.09 2.25 1.74Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 501,262.44 1.11 0.7106051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 502,854.64 1.12 0.91Issuer total1,000,000.00 1,061,320.00 2.29 1,004,117.08 2.23 0.81American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 995,292.14 2.21 1.08Issuer total1,000,000.00 1,031,510.00 2.22 995,292.14 2.21 1.08John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 966,143.43 2.14 1.78Issuer total1,000,000.00 1,001,230.00 2.16 966,143.43 2.14 1.7815 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 912,689.81 2.03 1.70Issuer total900,000.00 957,939.00 2.06 912,689.81 2.03 1.70Chevron Corp166764AH3CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 707,590.00 1.57 1.08Issuer total700,000.00 718,781.00 1.55 707,590.00 1.57 1.08PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 511,258.42 1.13 1.71Issuer total500,000.00 537,465.00 1.16 511,258.42 1.13 1.71Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 509,917.29 1.13 2.02Issuer total500,000.00 537,160.00 1.16 509,917.29 1.13 2.02Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 508,798.71 1.13 1.70Issuer total500,000.00 541,470.00 1.17 508,798.71 1.13 1.703M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 506,538.48 1.12 1.77Issuer total500,000.00 541,935.00 1.17 506,538.48 1.12 1.77Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 505,325.90 1.12 1.34Issuer total500,000.00 520,430.00 1.12 505,325.90 1.12 1.3416 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWalmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 502,995.05 1.12 0.90Issuer total500,000.00 509,155.00 1.10 502,995.05 1.12 0.90Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 502,699.15 1.12 1.06Issuer total500,000.00 506,880.00 1.09 502,699.15 1.12 1.06Cash and Cash EquivalentsINVESTED CASH 0.00034,607.41 34,607.41 0.00 34,607.41 0.08 0.00Issuer total34,607.41 34,607.41 0.00 34,607.41 0.08 0.00Grand total45,423,907.41 46,395,120.76 100.00 45,046,899.59 100.001.5617 SECURITIES PURCHASEDFor the period March 1, 2022 - March 31, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Agencies3130AJ7E31.37503/10/2022 02/17/2023 1,200,000.00 100.14 (1,201,698.09) (1,100.00)03/11/2022FEDERAL HOME LOAN BANK 1.375%NATWEST MARKETS PLC1,200,000.00 (1,201,698.09) (1,100.00)Total Government AgenciesGrand totalGrand total1,200,000.00 (1,201,698.09) (1,100.00)18 SECURITIES SOLD AND MATUREDFor the period March 1, 2022 - March 31, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Agencies313378WG22.50003/11/2022 (1,000,000.00) 1,016,330.00 1,000,000.00 0.00 1,000,000.00 0.00 0.0003/11/2022FEDERAL HOME LN BKS CONS BD DTD2.5 DUE 03-11-2022(1,000,000.00)0.001,016,330.00 1,000,000.00 1,000,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,000,000.00)0.001,016,330.00 1,000,000.00 1,000,000.00 0.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period March 1, 2022 - March 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.620.000.000.620.00Total Cash0.620.000.000.620.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,489.59(1,194.73)(7,874.69)0.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,787.50(1,298.49)(9,455.67)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,100.00(157.92)(3,519.51)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,376.83(984.54)(3,181.25)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,627.08(1,123.02)(5,065.38)8,875.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,437.50(2,810.95)(12,180.30)0.000.0014912L5X5CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 24MAR23)2,047.56(1,344.70)(5,769.33)0.000.00166764AH3CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,672.91(1,327.75)(8,085.92)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,322.92(2,607.00)(18,659.69)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024412.50(37.84)(11,626.82)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,763.85(1,467.65)(883.96)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,631.21(1,296.97)(4,754.41)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,650.00(1,275.77)(5,653.18)9,000.000.00713448CM8PFIZER INC 3.4% 15MAY20241,558.33(1,169.78)(7,713.04)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,887.50(1,530.91)(13,755.50)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,420.84(1,016.41)(6,173.42)0.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024198.0023.80(5,052.20)0.000.0089236THU220 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period March 1, 2022 - March 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023866.25(531.09)(6,189.59)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)3,093.75(2,375.54)(13,752.28)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,168.75(229.83)(2,481.33)0.000.00931142DH3Total Corporate Bonds34,512.87(23,757.09) (151,827.47) 17,875.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22)385.006.92(18,165.60)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,203.12(61.23)(12,701.46)0.000.003135G0V75FANNIE MAE 2% 05OCT20222,291.66(981.72)(3,275.55)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,375.00(412.87)(8,860.02)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,635.42(998.31)(12,355.80)14,375.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024320.830.00(12,850.63)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)343.750.00(15,383.09)0.000.003133EMYR7FEDERAL HOME LN BKS CONS BD DTD 2.5 DUE 03-11-2022902.78(181.63)(695.77)12,500.000.00313378WG2FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23JUN22)320.840.00(15,275.23)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB2023916.67(105.50)(4,028.90)0.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,291.67(514.29)(3,762.33)0.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023429.68111.25(6,776.56)0.000.003137EAEQ8Total Government Agencies13,416.42(3,137.38) (114,130.94) 26,875.000.00Government BondsUSA TREASURY 0.125% 15DEC2023127.74210.29(14,812.50)0.000.0091282CBA821 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period March 1, 2022 - March 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30JUN2022107.0432.17185.560.000.00912828ZX1USA TREASURY 0.125% 30JUN202385.64414.50(6,062.50)0.000.0091282CCK5USA TREASURY 0.125% 30SEP2022133.07117.63(1,074.22)781.250.0091282CAN1USA TREASURY 0.125% 31JUL2023107.04558.21(8,750.00)0.000.0091282CCN9USA TREASURY 0.25% 15MAY2024214.0988.05(16,406.25)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023214.09(4.03)(11,601.56)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024319.37(33.70)(15,664.06)0.000.0091282CBV2USA TREASURY 0.5% 15MAR2023424.57(22.10)(4,570.31)2,500.000.00912828ZD5USA TREASURY 1.375% 15FEB20231,471.86(1,027.44)(5,761.72)0.000.00912828Z86USA TREASURY 1.375% 31AUG20231,447.86(802.43)(13,037.11)0.000.009128282D1USA TREASURY 1.5% 15JAN20231,284.54(930.55)(3,984.38)0.000.00912828Z29USA TREASURY 1.5% 30NOV2024894.24(602.34)(15,832.04)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,284.53(445.32)(21,601.56)0.000.00912828YM6USA TREASURY 1.75% 15JUL20221,873.27(1,676.74)(1,757.80)0.000.009128287C8USA TREASURY 2% 30NOV20222,129.12(1,064.70)(4,296.88)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.24)(8,785.16)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,809.75(1,411.08)(21,796.88)10,625.000.009128282Y5USA TREASURY 2.375% 15AUG20242,033.84(1,224.89)(21,445.31)0.000.00912828D56Total Government Bonds17,138.00(8,063.71) (197,054.68) 13,906.250.0022 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period March 1, 2022 - March 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,579.130.000.0030,431.630.00888599LS4Total Municipal/Provincial Bonds5,579.130.000.00 30,431.630.00Grand total70,647.04(34,958.18) (463,013.09) 89,088.500.0023 TRANSACTION REPORTFor the period March 1, 2022 - March 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)9,000.0003/01/202203/01/2022Income713448CM8 Corporate Bonds PEPSICO INC 3.6% 01MAR2024 03/01/2024 500,000.00 0.00 9,000.000.0030,431.6303/02/202203/02/2022Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,159,300.00 0.00 30,431.630.008,875.0003/05/202203/05/2022Income06051GHF9 Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 500,000.00 0.00 8,875.000.00(1,100.00)03/10/202203/11/2022Bought3130AJ7E3 Government Agencies FEDERAL HOME LOAN BANK 02/17/2023 1,200,000.00 (1,201,698.09) (1,202,798.09)0.0012,500.0003/11/202203/11/2022Income313378WG2 Government Agencies FEDERAL HOME LN BKS CONS 03/11/2022 1,000,000.00 0.00 12,500.000.000.0003/11/202203/11/2022Capital Change313378WG2 Government Agencies FEDERAL HOME LN BKS CONS 03/11/2022 (1,000,000.00) 1,000,000.00 1,000,000.000.0014,375.0003/12/202203/12/2022Income3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 0.00 14,375.000.002,500.0003/15/202203/15/2022Income912828ZD5 Government Bonds USA TREASURY 0.5% 03/15/2023 1,000,000.00 0.00 2,500.000.0010,625.0003/31/202203/31/2022Income9128282Y5 Government Bonds USA TREASURY 2.125% 09/30/2024 1,000,000.00 0.00 10,625.000.00781.2503/31/202203/31/2022Income91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2022 1,250,000.00 0.00 781.250.000.62Income Cash and Cash Equivalents Cash0.620.00 0.000.0003/31/202224 ADDITIONAL INFORMATIONAs of March 31, 2022SAN 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.25 ADDITIONAL INFORMATIONAs of March 31, 2022SAN 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.© 2022 Insight Investment. All rights reserved.26