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Fin City Quarterly Investment Report
____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: January 18, 2022 Disposition: Accepted report Agenda Item No: 5.f Meeting Date: January 18, 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 DECEMBER 31, 2021 RECOMMENDATION: Accept investment report for the quarter ending December 31, 2021, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 7, 2021, staff provides the City Council a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency. The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment. ANALYSIS: As of December 31, 2021, the primary LAIF account had a balance of $36,503,021. Portfolio returns on LAIF deposits were 0.21% for the quarter ending December 31, 2021. The remaining investment assets include the $1,159,300 balance of Pt. San Pedro Assessment District bonds, and $44,493,526 in government agency securities and corporate bonds (including American Express, JP Morgan Chase, Walmart Inc., Apple Inc., American Honda Finance, Procter Gamble Co., Toyota, Caterpillar, Bank of America, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, and PepsiCo). The overall total portfolio returns for the quarter ended December 31, 2021, were 0.55%. The City’s Westamerica general operating bank account had a balance of $12,029,881 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending December 31, 2021, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, October through December 2021 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 36,503,021$ 97.5% 0.21% LAIF ‐ RDA 155,163$ 0.4% 0.21% LAIF ‐ RDA 02 TARB 769,920$ 2.1% 0.21% Total Internally Managed 37,428,104$ 45.0% Weighted Average Yield 0.21% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 160,462$ 0.4% 0.02% Treasury Securities 17,936,293$ 39.2% 0.51% Instrumentality Securities 12,774,395$ 27.9% 1.09% Corporate Notes 13,782,838$ 30.1% 0.65% Municipal 1,159,300$ 2.5% 5.25% Total Externally Managed 45,813,288$ 55.0% Weighted Average Yield 0.83% Years Effective Average Duration ‐ External 1.68 Weighted Average Maturity ‐ External 1.87 Total Portfolio Assets %Return LAIF 37,428,104$ 45.0% 0.21% Cash 160,462$ 0.2% 0.02% Treasury Securities 17,936,293$ 21.5% 0.51% Instrumentality Securities 12,774,395$ 15.3% 1.09% Corporate Notes 13,782,838$ 16.6% 0.65% Municipal 1,159,300$ 1.4% 5.25% Total Portfolio Assets 83,241,391$ Weighted Average Yield 0.55% Years Effective Average Duration ‐ Total 0.93 Weighted Average Maturity ‐ Total 1.03 Based on Market Values December 31, 2021 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 , 0.4% Treasury Securities, 39.2% Instrumentality Securities, 27.9% Corporate Notes, 30.1%Municipal, 2.5% LAIF 45% Cash 0% Treasury Securities 22% Instrumentality Securities 15% Corporate Notes 17%Municipal 1% Exhibit AInternally Managed Assets%Return %Return %Return %Return %Return %ReturnLAIF 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% 23,075,641$ 99.3% 0.68%LAIF ‐ Housing 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% 154,201$ 0.7% 0.68%Total Internally Managed 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%23,229,842$ 51.3%Weighted Average Yield 0.21% 0.21% 0.26% 0.36% 0.54% 0.68%Externally Managed Assets%Return %Return %Return %Return %Return %ReturnCash 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% 387,991$ 31.3% 0.00%Treasury Securities 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% 1,470,457$ 6.7% 1.54%Instrumentality Securities 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% 12,173,214$ 55.3% 1.70%Corporate Notes 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% 6,751,751$ 30.7% 2.06%Municipal/Assessment District 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% 1,239,200$ 5.6% 5.25%Total Externally Managed 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%22,022,613$ 48.7%Weighted Average Yield 0.83% 1.03% 1.07% 1.69% 1.90% 1.97%Years Years Years Years Years YearsEffective Average Duration ‐ External 1.68 1.91 2.02 1.90 1.91 1.91Weighted Average Maturity ‐ External 1.87 2.26 2.39 2.32 2.22 2.22Total Portfolio Assets%Return %Return %Return %Return %Return %ReturnLAIF 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% 23,229,842$ 51.3% 0.68%Cash 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% 387,991$ 0.9% 0.00%Treasury Securities 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% 1,470,457$ 3.2% 1.54%Instrumentality Securities 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% 12,173,214$ 26.9% 1.70%Corporate Notes 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% 6,751,751$ 14.9% 2.06%Municipal/Assessment District 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% 1,239,200$ 2.7% 5.25%83,241,391$ 73,847,559$ 78,847,170$ 61,868,840$ 57,333,369$ 45,252,454$ Total Portfolio AssetsWeighted Average Yield 0.55% 0.58% 0.60% 0.82% 1.06% 1.31%Years Years Years Years Years YearsEffective Average Duration ‐ Total 0.93 0.87 0.86 0.66 0.74 0.93Weighted Average Maturity ‐ Total 1.03 1.03 1.02 0.81 0.86 1.08Performance Recap‐The weighted average quarterly portfolio yield decreased from 0.58% to 0.55% during the past quarter. The yield has decreased over the past year, from 1.06% in the quarter ended December 31, 2020 to 0.55% in the most recent quarter. This trend is reflective of the general decrease in interest rates during the period.‐The effective average duration increased, from 0.87 to 0.93 years since last quarter. ‐The total portfolio assets decreased by approximately $9.5 million during the quarter. This is due to the receipt of property tax in December and subsequent transfer to investment accounts December 31, 2021 September 30, 2021 June 30, 2021City of San RafaelHistorical Activity‐By QuarterSeptember 30, 2020December 31, 2020March 31, 2021W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21‐22\06 ‐ December 2021\Insight‐Quarterly Report combined 12‐31‐21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELOctober 2021 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Securities purchased16Securities sold and matured 17Detail of return and interest received 18Transaction report21Additional information22 FIXED INCOME MARKET REVIEWAs of October 31, 2021SAN RAFAELChart 1: Fixed income market volatility rises partly on inflation concernsSource: Bloomberg,October 31, 2021Chart 2: Yields rise from 1-year to 10-year maturitiesSource: Bloomberg, October31, 2021Economic Indicators and Monetary PolicyVolatility increased in fixed income markets (Chart 1) as short-dated Treasury yieldsrose (Chart 2), partly given inflation concerns, although volatility within riskier assetsremained relatively muted.The minutes from the September 22 FOMC meeting revealed officials discussed an“illustrative tapering pathinvolving tapering Treasury purchases $10bn per monthand MBS purchases by $5bn per month, meaning tapering would end after eightmonths. This continued to leave the market anticipating a taper announcement at theNovember meeting.Headline CPI came in slightly higher than expected at 5.4% (versus 5.3%), while coreinflation was in line at 4%. This essentially displayed a stabilization of CPI, butstubbornly at an elevated level with monthly inflation relatively muted and in line withthe pre-pandemic trend. Notably, there was a slight pick-up in shelter inflation, withowners’ equivalent rent at 0.4%, opening up the possibility of more sustained inflationtrends.The September jobs report revealed that payrolls grew by 194,000, significantlyweaker than the expected 500,000. However, the previous two months were revisedup by 169,000, offsetting a large proportion of the miss.Meanwhile, the unemployment rate continued to fall, dropping from 5.2% to 4.8%,beating expectations of 5.1% because of falling participation and strongeremployment. Wage growth was stronger than expected up 0.6%, but this was offsetby a downward revision to the prior month. Leisure and hospitality wages were up0.5% and are now up 10.8% pa.Democratic and Republican Senators agreed to pass legislation to raise the ceiling byenough to get to early December ($480bn) in a 50-48 vote.Interest Rate SummaryYields rose sharply at shorter maturities, although longer-dated yields remainedanchored. At the end of October, the 3-month US Treasury bill yielded 0.06%, the 6-month US Treasury bill yielded 0.06%, the 2-year US Treasury note yielded 0.50%, the5-year US Treasury note yielded 1.19% and the 10-year US Treasury note yielded1.56%.380 75 70 65 v 60 a:; ~ 55 -0 50 ~ 45 40 35 30 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 --MOVE Index (Treasury bond volatility) 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% 3M 6M lY 2Y 3Y SY 7Y l0Y --Oct-21 --Sep-21 ACTIVITY AND PERFORMANCE SUMMARYFor the period October 1, 2021 - October 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,288,214.73Opening balance43,715.26Income received43,715.26Total receipts(201.79)Expenses paid(201.79)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(29,013.41)Total amortization expense303.12Total OID/MKT accretion income0.00Return of capitalClosing balance33,303,017.91Ending fair value33,330,003.0826,985.17Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.05 0.02 0.00Merrill Lynch 3m US Treas Bill 0.03 0.01 0.00Merrill Lynch 6m US Treas Bill 0.04 0.02 0.00ML 1 Year US Treasury Note 0.08 0.04 0.01ML 2 Year US Treasury Note 0.19 0.12 0.03ML 5 Year US Treasury Note 0.72 0.43 0.09* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned58,150.15Accretion (amortization)(28,710.29)Realized gain (loss) on sales0.00Total income on portfolio29,439.86Average daily amortized cost33,301,898.44Period return (%)Weighted average final maturity in days815YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.47 0.00 1.470.00Corporate Bonds 31,737.71 (22,875.15) 8,862.560.00Government Agencies 15,192.39 (3,448.63) 11,743.760.00Government Bonds 5,977.58 (2,386.51) 3,591.070.00Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total 58,150.15 (28,710.29) 0.00 29,439.860.091.184 ACTIVITY AND PERFORMANCE SUMMARYFor the period October 1, 2021 - October 31, 2021SAN RAFAELFair Value Basis Activity Summary33,445,614.36Opening balance43,715.26Income received43,715.26Total receipts(201.79)Expenses paid(201.79)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(159,124.75)Ending fair value33,330,003.08Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.05 0.02 0.00ICE Bofa 3 Months US T-BILL 0.06 0.01 0.00ICE Bofa 6m US Treas Bill 0.11 0.03 0.00ICE Bofa 1 Yr US Treasury Note 0.13 (0.02) (0.03)ICE BofA US Treasury 1-3 (0.23) (0.33) (0.30)ICE BofA US Treasury 1-5 (0.73) (0.52) (0.46)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.47 0.00 1.47Corporate Bonds 31,737.71 (77,476.67) (45,738.96)Government Agencies 15,192.39 (41,845.22) (26,652.83)Government Bonds 5,977.58 (39,802.86) (33,825.28)Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total58,150.15 (159,124.75) (100,974.60)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned58,150.15Total income on portfolio(100,974.60)Average daily total value *33,545,111.83Period return (%)(0.30)Weighted average final maturity in days815Change in fair value(159,124.75)YTD return (%)(0.11)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of October 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents55,845.63 55,845.63 55,845.630.000.170.001Corporate Bonds14,040,447.40 13,866,659.83 13,841,430.35 (25,229.48)701 41.811.67Government Agencies10,937,863.07 10,847,215.48 10,916,421.26 69,205.78610 32.571.39Government Bonds7,391,032.27 7,373,996.97 7,357,005.84 (16,991.13)845 22.012.28Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,961 3.458.37Total33,584,488.37 33,303,017.91 33,330,003.08 26,985.17815 100.001.94Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.17Corporate Bonds41.81Government Agencies32.57Government Bonds22.01Municipal/Provincial Bonds3.45Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of October 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,236,094.93 6.6690 to 179 days2,346,137.00 6.99180 days to 1 year601,716.00 1.791 to 2 years7,188,930.05 21.412 to 3 years19,329,421.33 57.563 to 4 years722,889.06 2.154 to 5 years0.00 0.00Over 5 years1,159,300.00 3.4533,584,488.37 100.00Maturity distribution0.005.0010.0015.0020.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of October 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00055,845.63 55,845.63 0.00 0.00 0.1755,845.6355,845.63Cash and Cash EquivalentsTotal Cash and Cash Equivalents55,845.63 55,845.63 55,845.63 0.00 0.170.0055,845.63Corporate Bonds717081DZ32.200 12/15/2021 503,615.00 500,226.25 952.88 4,155.56 1.50501,179.13500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 704,269.30 (158.90) 3,045.0001/31/20222.13704,110.40700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 607,148.86 (537.32) 1,603.5004/01/20221.83606,611.54600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 503,301.93 9,957.59 708.3301/11/20231.52513,259.52500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 502,858.33 11,166.46 5,933.33 1.51514,024.79500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,023,805.63 (3,259.19) 9,262.50 3.071,020,546.441,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202389236THA61.350 08/25/2023 714,959.00 711,595.44 (2,472.12) 1,732.50 2.13709,123.32700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,069,711.67 (5,477.28) 16,354.17 3.231,064,234.391,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 513,455.41 (366.24) 5,465.6112/20/20221.57513,089.17500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,372.54 (2,980.45) 660.001.43476,392.09480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of October 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,001,005.45 (6,355.03) 1,300.00 2.98994,650.421,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 534,211.64 (4,523.57) 4,968.0612/23/20231.61529,688.07500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 939,446.45 10,678.38 8,575.0012/24/20232.85950,124.83900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,064,385.28 (9,221.24) 8,062.5001/05/20243.211,055,164.041,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,071,431.80 (9,737.05) 7,954.86 3.241,061,694.751,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 531,620.50 (4,893.75) 3,475.6901/14/20241.61526,726.75500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 531,936.68 (2,407.24) 3,000.0012/01/20231.60529,529.44500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 518,155.56 438.52 2,761.1103/05/20231.59518,594.08500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 523,042.83 (2,655.06) 395.4404/23/20231.59520,387.77500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 535,678.28 (3,378.87) 7,838.89 1.60532,299.41500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,040,447.40 13,866,659.83 13,841,430.35 (25,229.48) 41.8197,252.0513,380,000.00Government Agencies3137EADB22.375 01/13/2022 1,676,634.30 1,652,391.92 4,924.84 11,756.25 4.991,657,316.761,650,000.00FREDDIE MAC 2.375% 13JAN20229 SECURITIES HELDAs of October 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies313378WG22.500 03/11/2022 1,016,330.00 1,002,163.02 6,486.73 3,472.22 3.031,008,649.751,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,492.60 9,680.21 866.67 1.79610,172.81600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,006,840.00 18,588.94 9,861.11 3.041,025,428.941,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223135G0U432.875 09/12/2023 1,047,553.22 1,022,362.33 21,488.54 3,913.19 3.121,043,850.871,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 611,216.30 14,629.78 3,583.33 1.85625,846.08600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (8,282.87) 87.50 2.98991,717.131,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (4,742.28) 1,244.4412/23/20212.98995,257.721,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC21)3136G46B40.350 04/26/2024 1,199,700.00 1,199,785.92 (7,938.76) 58.3301/26/20223.571,191,847.161,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (4,558.58) 1,822.9205/06/20222.98995,441.421,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 751,963.39 18,929.23 4,338.54 2.24770,892.62750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies10,937,863.07 10,847,215.48 10,916,421.26 69,205.78 32.5741,004.5010,800,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 754,594.19 10,200.73 6,270.49 2.27764,794.92750,000.00USA TREASURY 2% 30NOV202210 SECURITIES HELDAs of October 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CAW10.250 11/15/2023 1,000,120.54 1,000,096.67 (5,565.42) 1,148.10 2.98994,531.251,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 655,865.08 15,513.82 5,774.08 1.97671,378.90650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,194,742.89 (5,524.15) 565.57 3.561,189,218.741,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,975.18 (7,811.12) 164.84 2.98993,164.061,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,366.91 (7,874.72) 1,148.10 2.97989,492.191,000,000.00USA TREASURY 0.25% 15MAY20249128282Y52.125 09/30/2024 1,051,800.23 1,048,477.37 (9,063.31) 1,809.75 3.131,039,414.061,000,000.00USA TREASURY 2.125% 30SEP2024912828YV61.500 11/30/2024 722,889.06 721,878.68 (6,866.96) 4,389.34 2.15715,011.72700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds7,391,032.27 7,373,996.97 7,357,005.84 (16,991.13) 22.0121,270.277,300,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 9,974.813.451,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 3.459,974.811,159,300.00Grand total33,584,488.37 33,303,017.91 26,985.1732,695,145.63100.00169,501.6333,330,003.0811 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.27 764,794.92 2.29 1.0691282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.98 994,531.25 2.98 2.03912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 671,378.90 2.01 2.0391282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 3.56 1,189,218.74 3.57 2.1291282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.98 993,164.06 2.98 2.4491282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.97 989,492.19 2.97 2.539128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 3.13 1,039,414.06 3.12 2.84912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 2.15 715,011.72 2.15 3.00Issuer total7,300,000.00 7,391,032.27 22.01 7,357,005.84 22.07 2.28Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.79 610,172.81 1.83 0.933135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.12 1,043,850.87 3.13 1.823135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 625,846.08 1.88 2.203136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 3.57 1,191,847.16 3.58 1.663135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.24 770,892.62 2.31 2.60Issuer total4,150,000.00 4,223,658.77 12.58 4,242,609.54 12.73 1.84Federal Home Loan Banks313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.03 1,008,649.75 3.03 0.363130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.04 1,025,428.94 3.08 1.093130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 995,257.72 2.99 1.48Issuer total3,000,000.00 3,037,570.00 9.04 3,029,336.41 9.09 0.97Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 991,717.13 2.98 2.4612 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 995,441.42 2.99 1.67Issuer total2,000,000.00 2,000,000.00 5.96 1,987,158.55 5.96 2.07Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 4.99 1,657,316.76 4.97 0.21Issuer total1,650,000.00 1,676,634.30 4.99 1,657,316.76 4.97 0.21Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.13 709,123.32 2.13 1.7989236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.43 476,392.09 1.43 2.18Issuer total1,180,000.00 1,194,301.40 3.56 1,185,515.41 3.56 1.95PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 3.45 1,159,300.00 3.48 8.37Issuer total1,159,300.00 1,159,300.00 3.45 1,159,300.00 3.48 8.37JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.83 606,611.54 1.82 0.4246647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.59 520,387.77 1.56 1.45Issuer total1,100,000.00 1,149,816.00 3.42 1,126,999.31 3.38 0.90Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.23 1,064,234.39 3.19 1.97Issuer total1,000,000.00 1,086,390.00 3.23 1,064,234.39 3.19 1.97International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 3.24 1,061,694.75 3.19 2.19Issuer total1,000,000.00 1,086,900.00 3.24 1,061,694.75 3.19 2.1913 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUS Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 3.21 1,055,164.04 3.17 2.12Issuer total1,000,000.00 1,079,130.00 3.21 1,055,164.04 3.17 2.12Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 501,179.13 1.50 0.13717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.60 532,299.41 1.60 2.42Issuer total1,000,000.00 1,040,775.00 3.10 1,033,478.54 3.10 1.31Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.57 513,089.17 1.54 1.1106051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.59 518,594.08 1.56 1.31Issuer total1,000,000.00 1,061,320.00 3.16 1,031,683.25 3.10 1.21American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.07 1,020,546.44 3.06 1.49Issuer total1,000,000.00 1,031,510.00 3.07 1,020,546.44 3.06 1.49John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.98 994,650.42 2.98 2.20Issuer total1,000,000.00 1,001,230.00 2.98 994,650.42 2.98 2.20PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.85 950,124.83 2.85 2.08Issuer total900,000.00 957,939.00 2.85 950,124.83 2.85 2.08American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.13 704,110.40 2.11 0.26Issuer total700,000.00 714,231.00 2.13 704,110.40 2.11 0.2614 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCitibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.61 529,688.07 1.59 2.07Issuer total500,000.00 541,470.00 1.61 529,688.07 1.59 2.07PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.60 529,529.44 1.59 2.04Issuer total500,000.00 537,465.00 1.60 529,529.44 1.59 2.043M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.61 526,726.75 1.58 2.14Issuer total500,000.00 541,935.00 1.61 526,726.75 1.58 2.14Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 514,024.79 1.54 1.47Issuer total500,000.00 506,880.00 1.51 514,024.79 1.54 1.47Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.52 513,259.52 1.54 1.20Issuer total500,000.00 509,155.00 1.52 513,259.52 1.54 1.20Cash and Cash EquivalentsINVESTED CASH 0.00055,845.63 55,845.63 0.00 55,845.63 0.17 0.00Issuer total55,845.63 55,845.63 0.00 55,845.63 0.17 0.00Grand total32,695,145.63 33,584,488.37 100.00 33,330,003.08 100.001.9415 SECURITIES PURCHASEDFor the period October 1, 2021 - October 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds91282CBA80.12510/05/2021 12/15/2023 1,200,000.00 99.55 (1,194,566.52)(467.21)10/07/2021USA TREASURY 0.125% 15DEC2023J.P. MORGAN SECURITIES LLC1,200,000.00 (1,194,566.52) (467.21)Total Government BondsGrand totalGrand total1,200,000.00 (1,194,566.52) (467.21)16 SECURITIES SOLD AND MATUREDFor the period October 1, 2021 - October 31, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Agencies3135G0Q891.37510/07/2021 (1,100,000.00) 1,099,318.00 1,100,000.00 0.00 1,100,000.00 0.00 0.0010/07/2021FNMA FANNIE MAE 1.375% DUE10-07-2021 REG 1.375 10-07-2021(1,100,000.00)0.001,099,318.00 1,100,000.00 1,100,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,100,000.00)0.001,099,318.00 1,100,000.00 1,100,000.00 0.0017 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2021 - October 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.470.000.001.470.00Total Cash1.470.000.001.470.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.30(1,194.73)(4,034.86)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,627.50(1,375.66)(1,581.30)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.49)(3,591.38)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)(2,163.90)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.39(984.54)(2,195.83)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)(2,627.57)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,229.17(2,810.95)(8,219.57)0.000.0014912L5X5CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.75)(4,274.96)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.53(2,607.00)(7,906.55)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.84)(5,276.44)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,656.95(1,420.31)(1,776.10)9,621.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.34(1,296.97)(3,058.56)8,897.500.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.77)(3,775.59)0.000.00713448CM8PFIZER INC 2.2% 15DEC2021947.23(150.84)(844.29)0.000.00717081DZ3PFIZER INC 3.4% 15MAY20241,463.89(1,169.78)(4,111.04)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.91)(6,716.54)0.000.00693475AV7TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024186.0023.79(2,484.17)0.000.0089236THU218 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2021 - October 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)(3,797.39)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.54)(7,798.05)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)(1,242.58)6,375.000.00931142DH3WELLS FARGO BANK NA 3.55% 14AUG2023 CALLABLE0.000.000.000.000.0094988J5R4Total Corporate Bonds31,737.71(22,875.15) (77,476.67) 24,893.500.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22)361.666.92(4,659.33)2,100.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,130.21(61.23)(5,392.96)0.000.003135G0V75FANNIE MAE 2% 05OCT20221,033.34(44.11)(1,405.39)6,000.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)(4,324.29)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.31)(6,857.69)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.00(5,221.65)1,750.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)322.920.00(2,572.81)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21)301.380.00(3,404.33)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.78(514.29)(2,021.36)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,152.78(495.35)(2,266.50)0.000.00313378WG2FNMA FANNIE MAE 1.375% DUE 10-07-2021 REG 1.375 10-07-2021294.107.98(244.67)7,562.500.003135G0Q89FREDDIE MAC 2.375% 13JAN20223,374.48(937.37)(3,474.24)0.000.003137EADB2Total Government Agencies15,192.39(3,448.63) (41,845.22) 17,412.500.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2021 - October 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 15DEC202398.36176.37(5,347.78)0.000.0091282CBA8USA TREASURY 0.25% 15MAY2024210.6088.06(5,703.12)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023210.60(4.02)(4,062.50)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024318.53(33.70)(5,703.13)1,875.000.0091282CBV2USA TREASURY 1.5% 30NOV2024889.34(602.34)(5,468.75)0.000.00912828YV6USA TREASURY 2% 30NOV20221,270.49(360.56)(1,494.14)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,169.91(239.24)(3,859.38)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,809.75(1,411.08)(8,164.06)0.000.009128282Y5Total Government Bonds5,977.58(2,386.51) (39,802.86) 1,875.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,241.000.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,241.000.000.000.000.00Grand total58,150.15(28,710.29) (159,124.75) 44,182.470.0020 TRANSACTION REPORTFor the period October 1, 2021 - October 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)0.0009/21/202109/21/2021Capital Change94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 1,000,000.00 (1,057,861.80) (1,057,861.80)156.970.0009/21/202109/21/2021Capital Change94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08/14/2023 (1,000,000.00) 1,057,861.80 1,057,861.80(156.97)9,621.0010/01/202110/01/2021Income46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/2023 600,000.00 0.00 9,621.000.006,000.0010/05/202110/05/2021Income3135G0T78 Government Agencies FANNIE MAE 2% 05OCT202210/05/2022 600,000.00 0.00 6,000.000.00(467.21)10/05/202110/07/2021Bought91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2023 1,200,000.00 (1,194,566.52) (1,195,033.73)0.007,562.5010/07/202110/07/2021Income3135G0Q89 Government Agencies FNMA FANNIE MAE 1.375% DUE 10/07/2021 1,100,000.00 0.00 7,562.500.000.0010/07/202110/07/2021Capital Change3135G0Q89 Government Agencies FNMA FANNIE MAE 1.375% DUE 10/07/2021 (1,100,000.00) 1,100,000.00 1,100,000.000.006,375.0010/11/202110/11/2021Income931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023500,000.00 0.00 6,375.000.001,875.0010/15/202110/15/2021Income91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2024 1,000,000.00 0.00 1,875.000.001,750.0010/22/202110/22/2021Income3133EMWV0 Government Agencies FEDERAL FARM CREDIT BANK 04/22/2024 1,000,000.00 0.00 1,750.000.008,897.5010/23/202110/23/2021Income46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/2024 500,000.00 0.00 8,897.500.002,100.0010/26/202110/26/2021Income3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2024 04/26/2024 1,200,000.00 0.00 2,100.000.001.47Income Cash and Cash Equivalents Cash1.470.00 0.000.0010/31/202121 ADDITIONAL INFORMATIONAs of October 31, 2021SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.22 ADDITIONAL INFORMATIONAs of October 31, 2021SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved.23 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELNovember 2021 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Detail of return and interest received 16Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of November 30, 2021SAN RAFAELChart 1: The Fed’s balance sheet is set to stop expandingSource:Bloomberg, November 30,2021Chart 2: CPI reaches the highest levels since the early ninetiesSource: Bloomberg,November 30, 2021Economic Indicators and Monetary PolicyThe Fed announced it will reduce its monthly purchases by $15bn a month in total($10bn of which will be reduced Treasury purchases and the other $5bn in agencymortgage-backed securities). This puts it on schedule to finish tapering and ceaseexpanding its balance sheet in June 2022 (Chart 1). This timeline will be subject tochange ‘as conditions warrant’. President Biden announced Chair Powell’s re-nomination, amid speculation that Governor Lael Brainard (considered relativelydovish) would be picked.The CPI report was another upside surprise, with headline at 6.2% and core of 4.6%,both at their highest levels since the early nineties. Energy prices rose 4.8%, largelydriven by natural gas and oil shortages in Europe, which is pushing up global demand.Supply chain issues are now showing some signs of easing in some of the mostimpacted consumer sectors. For example, appliance prices fell 0.1%, and furnitureprices rose only a modest 0.3%. Rents and owners’ equivalent rents both rose 0.4% inOctober, or 2.7% and 3.1% respectively year-on-year.The US economy added 531,000 jobs in October, slightly stronger than the 450,000expected. The prior two months were revised up by 235,000. Government educationjobs disappointed (on a seasonally-adjusted basis) as private payrolls rose 604,000.The unemployment rate fell from 4.76% to 4.59%, below consensus for 4.7%.President Biden signed into law a bipartisan infrastructure bill which provides for$1.2trn of spending over the next five years.Towards, the end of the month, market volatility increased following the spread of anew Covid-19 variant with potentially greater transmissibility than previous variants. Anumber of countries enactedprecautionary travelbans as a result.Interest Rate SummaryYields rose sharply at shorter maturities, although longer-dated yields remainedanchored. At the end of November, the 3-month US Treasury bill yielded 0.05%, the 6-month US Treasury bill yielded 0.10%, the 2-year US Treasury note yielded 0.52%, the5-year US Treasury note yielded 1.15% and the 10-year US Treasury note yielded1.45%.3$10 $9 $8 $7 ~ $6 ~ $5 ~ $4 $3 $2 $1 $-m '<I" Lil <.O 0 0 0 0 C C C C ~ ~ ~ ~ ~ 00 ~ 0 M N rtl '<I" Lil <.O ~ 00 ~ 0 0 0 0 M M M M M M M M M M N C C C C C C C C C C C C C C ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ».--.... M N rtl N N N C: C: C: ~ ~ ~ -Federal Reserve Total Asets(LHS) -----Projected -Fed Assets as a Share of GDP (RHS) -----Projected ~ 0 7 6 5 4 3 2 1 0 -1 -2 -3 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 --CPI 40% 35% 30% 25% 20% 15% 10% 5% 0% ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2021 - November 30, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,303,017.91Opening balance67,031.64Income received67,031.64Total receipts(201.07)Expenses paid(201.07)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(29,251.27)Total amortization expense319.91Total OID/MKT accretion income0.00Return of capitalClosing balance33,340,917.12Ending fair value33,309,481.21(31,435.91)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.05 0.02 0.00Merrill Lynch 3m US Treas Bill 0.03 0.02 0.00Merrill Lynch 6m US Treas Bill 0.04 0.02 0.00ML 1 Year US Treasury Note 0.09 0.05 0.01ML 2 Year US Treasury Note 0.22 0.15 0.04ML 5 Year US Treasury Note 0.79 0.46 0.10* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned54,347.23Accretion (amortization)(28,931.36)Realized gain (loss) on sales0.00Total income on portfolio25,415.87Average daily amortized cost33,313,088.46Period return (%)Weighted average final maturity in days781YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.39 0.00 0.390.00Corporate Bonds 29,690.12 (23,133.84) 6,556.280.00Government Agencies 13,937.13 (3,520.80) 10,416.330.00Government Bonds 5,816.72 (2,276.72) 3,540.000.00Municipal/Provincial Bonds 4,902.87 0.00 4,902.87Total 54,347.23 (28,931.36) 0.00 25,415.870.081.254 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2021 - November 30, 2021SAN RAFAELFair Value Basis Activity Summary33,330,003.08Opening balance67,031.64Income received67,031.64Total receipts(201.07)Expenses paid(201.07)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(87,352.44)Ending fair value33,309,481.21Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.08 0.04 0.01Overnight Repo0.05 0.02 0.00ICE Bofa 3 Months US T-BILL 0.05 0.01 0.01ICE Bofa 6m US Treas Bill 0.09 0.02 0.00ICE Bofa 1 Yr US Treasury Note 0.04 (0.07) (0.05)ICE BofA US Treasury 1-3 (0.26) (0.38) 0.02ICE BofA US Treasury 1-5 (0.75) (0.63) 0.05* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.39 0.00 0.39Corporate Bonds 29,690.12 (55,710.28) (26,020.16)Government Agencies 13,937.13 (23,325.78) (9,388.65)Government Bonds 5,816.72 (8,316.38) (2,499.66)Municipal/Provincial Bonds 4,902.87 0.00 4,902.87Total54,347.23 (87,352.44) (33,005.21)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned54,347.23Total income on portfolio(33,005.21)Average daily total value *33,485,117.86Period return (%)(0.10)Weighted average final maturity in days781Change in fair value(87,352.44)YTD return (%)(0.21)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of November 30, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents122,676.20 122,676.20 122,676.200.000.360.001Corporate Bonds14,040,447.40 13,843,525.99 13,785,720.07 (57,805.92)669 41.721.59Government Agencies10,937,863.07 10,843,694.68 10,893,095.48 49,400.80578 32.501.37Government Bonds7,391,032.27 7,371,720.25 7,348,689.46 (23,030.79)813 21.962.20Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,929 3.458.27Total33,651,318.94 33,340,917.12 33,309,481.21 (31,435.91)781 100.001.88Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.36Corporate Bonds41.72Government Agencies32.50Government Bonds21.96Municipal/Provincial Bonds3.45Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of November 30, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days3,017,156.50 8.9790 to 179 days1,631,906.00 4.85180 days to 1 year601,716.00 1.791 to 2 years9,275,440.59 27.562 to 3 years17,242,910.79 51.243 to 4 years722,889.06 2.154 to 5 years0.00 0.00Over 5 years1,159,300.00 3.4533,651,318.94 100.00Maturity distribution0.005.0010.0015.0020.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of November 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000122,676.20 122,676.20 0.00 0.00 0.36122,676.20122,676.20Cash and Cash EquivalentsTotal Cash and Cash Equivalents122,676.20 122,676.20 122,676.20 0.00 0.360.00122,676.20Corporate Bonds717081DZ32.200 12/15/2021 503,615.00 500,075.42 266.74 5,041.67 1.50500,342.16500,000.00PFIZER INC 2.2% 15DEC20210258M0EG02.700 03/03/2022 714,231.00 702,798.76 (138.42) 4,567.5001/31/20222.12702,660.34700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 605,728.56 (554.70) 3,153.5504/01/20221.83605,173.86600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 503,072.10 7,818.35 1,735.4201/11/20231.51510,890.45500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 502,700.41 9,324.97 900.00 1.51512,025.38500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,022,507.14 (5,930.48) 1,083.33 3.071,016,576.661,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY202389236THA61.350 08/25/2023 714,959.00 711,064.35 (4,174.24) 2,493.75 2.12706,890.11700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,066,900.72 (10,988.90) 625.00 3.231,055,911.821,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 512,470.87 (1,205.91) 6,675.5612/20/20221.56511,264.96500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,396.34 (4,147.65) 834.001.42475,248.69480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of November 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,000,967.60 (9,442.67) 1,662.50 2.98991,524.931,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 532,883.90 (5,115.85) 6,438.1912/23/20231.61527,768.05500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 937,915.54 7,360.00 11,112.5012/24/20232.85945,275.54900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,061,845.91 (11,485.59) 10,781.2501/05/20243.211,050,360.321,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,068,824.80 (11,798.67) 10,875.00 3.231,057,026.131,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 530,425.77 (5,539.62) 4,784.7201/14/20241.61524,886.15500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 530,660.91 (2,889.57) 4,450.0012/01/20231.60527,771.34500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 517,032.53 (629.83) 4,190.9703/05/20231.59516,402.70500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 521,745.86 (3,339.84) 1,828.9304/23/20231.59518,406.02500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 534,508.50 (5,194.04) 708.331.60529,314.46500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,040,447.40 13,843,525.99 13,785,720.07 (57,805.92) 41.7283,942.1713,380,000.00Government Agencies3137EADB22.375 01/13/2022 1,676,634.30 1,651,389.90 3,023.21 14,913.02 4.981,654,413.111,650,000.00FREDDIE MAC 2.375% 13JAN20229 SECURITIES HELDAs of November 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies313378WG22.500 03/11/2022 1,016,330.00 1,001,667.67 5,161.37 5,486.11 3.021,006,829.041,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,448.48 8,426.23 1,833.331.79608,874.71600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,006,325.71 15,903.26 11,875.00 3.031,022,228.971,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223135G0U432.875 09/12/2023 1,047,553.22 1,021,364.01 20,331.02 6,229.17 3.111,041,695.031,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 610,803.43 13,797.25 4,791.67 1.85624,600.68600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (9,604.97) 369.44 2.97990,395.031,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (5,928.46) 1,526.3912/23/20212.97994,071.541,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC21)3136G46B40.350 04/26/2024 1,199,700.00 1,199,793.32 (9,379.11) 396.6701/26/20223.571,190,414.211,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (9,298.49) 250.0005/06/20222.97990,701.511,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 751,902.16 16,969.49 5,395.83 2.24768,871.65750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies10,937,863.07 10,843,694.68 10,893,095.48 49,400.80 32.5053,066.6310,800,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 754,245.26 8,703.96 0.00 2.26762,949.22750,000.00USA TREASURY 2% 30NOV202210 SECURITIES HELDAs of November 30, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CAW10.250 11/15/2023 1,000,120.54 1,000,092.77 (5,952.15) 103.59 2.97994,140.621,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 655,633.57 14,602.76 0.00 1.97670,236.33650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,194,946.39 (6,055.76) 688.53 3.551,188,890.631,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,942.57 (8,169.13) 473.90 2.98992,773.441,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,452.12 (8,584.93) 103.592.96988,867.191,000,000.00USA TREASURY 0.25% 15MAY20249128282Y52.125 09/30/2024 1,051,800.23 1,047,111.81 (9,924.31) 3,561.13 3.131,037,187.501,000,000.00USA TREASURY 2.125% 30SEP2024912828YV61.500 11/30/2024 722,889.06 721,295.76 (7,651.23) 0.00 2.15713,644.53700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds7,391,032.27 7,371,720.25 7,348,689.46 (23,030.79) 21.964,930.747,300,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 14,877.68 3.451,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 3.4514,877.681,159,300.00Grand total33,651,318.94 33,340,917.12 (31,435.91)32,761,976.20100.00156,817.2233,309,481.2111 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.26 762,949.22 2.29 0.9991282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.97 994,140.62 2.98 1.95912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 670,236.33 2.01 1.9691282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 3.55 1,188,890.63 3.57 2.0391282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.98 992,773.44 2.98 2.3691282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.96 988,867.19 2.97 2.459128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 3.13 1,037,187.50 3.11 2.75912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 2.15 713,644.53 2.14 2.94Issuer total7,300,000.00 7,391,032.27 21.96 7,348,689.46 22.06 2.20Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.79 608,874.71 1.83 0.843135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 3.11 1,041,695.03 3.13 1.743135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 624,600.68 1.88 2.123136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 3.57 1,190,414.21 3.57 1.693135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 2.24 768,871.65 2.31 2.52Issuer total4,150,000.00 4,223,658.77 12.55 4,234,456.28 12.71 1.79Federal Home Loan Banks313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 3.02 1,006,829.04 3.02 0.283130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 3.03 1,022,228.97 3.07 1.003130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2021 AA+ Aaa 1,000,000.00 1,000,000.00 2.97 994,071.54 2.98 1.63Issuer total3,000,000.00 3,037,570.00 9.03 3,023,129.55 9.08 0.97Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.97 990,395.03 2.97 2.3812 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.97 990,701.51 2.97 1.85Issuer total2,000,000.00 2,000,000.00 5.94 1,981,096.54 5.95 2.12Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 4.98 1,654,413.11 4.97 0.12Issuer total1,650,000.00 1,676,634.30 4.98 1,654,413.11 4.97 0.12Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.12 706,890.11 2.12 1.7189236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.42 475,248.69 1.43 2.10Issuer total1,180,000.00 1,194,301.40 3.55 1,182,138.80 3.55 1.87PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 3.45 1,159,300.00 3.48 8.27Issuer total1,159,300.00 1,159,300.00 3.45 1,159,300.00 3.48 8.27JPMorgan Chase & Co46647PBB1JPMORGAN CHASE & CO 3.207 04/01/2023 04/01/2022 A- A2 600,000.00 615,576.00 1.83 605,173.86 1.82 0.3346647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.59 518,406.02 1.56 1.36Issuer total1,100,000.00 1,149,816.00 3.42 1,123,579.88 3.37 0.81International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 3.23 1,057,026.13 3.17 2.11Issuer total1,000,000.00 1,086,900.00 3.23 1,057,026.13 3.17 2.11Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 3.23 1,055,911.82 3.17 1.92Issuer total1,000,000.00 1,086,390.00 3.23 1,055,911.82 3.17 1.9213 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUS Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 3.21 1,050,360.32 3.15 2.03Issuer total1,000,000.00 1,079,130.00 3.21 1,050,360.32 3.15 2.03Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 500,342.16 1.50 0.04717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.60 529,314.46 1.59 2.37Issuer total1,000,000.00 1,040,775.00 3.09 1,029,656.62 3.09 1.24Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.56 511,264.96 1.53 1.0306051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.59 516,402.70 1.55 1.23Issuer total1,000,000.00 1,061,320.00 3.15 1,027,667.66 3.09 1.13American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.07 1,016,576.66 3.05 1.42Issuer total1,000,000.00 1,031,510.00 3.07 1,016,576.66 3.05 1.42John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.98 991,524.93 2.98 2.11Issuer total1,000,000.00 1,001,230.00 2.98 991,524.93 2.98 2.11PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.85 945,275.54 2.84 1.99Issuer total900,000.00 957,939.00 2.85 945,275.54 2.84 1.99American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.12 702,660.34 2.11 0.17Issuer total700,000.00 714,231.00 2.12 702,660.34 2.11 0.1714 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.60 527,771.34 1.58 1.97Issuer total500,000.00 537,465.00 1.60 527,771.34 1.58 1.97Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.61 527,768.05 1.58 1.99Issuer total500,000.00 541,470.00 1.61 527,768.05 1.58 1.993M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.61 524,886.15 1.58 2.06Issuer total500,000.00 541,935.00 1.61 524,886.15 1.58 2.06Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 512,025.38 1.54 1.40Issuer total500,000.00 506,880.00 1.51 512,025.38 1.54 1.40Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.51 510,890.45 1.53 1.12Issuer total500,000.00 509,155.00 1.51 510,890.45 1.53 1.12Cash and Cash EquivalentsINVESTED CASH 0.000122,676.20 122,676.20 0.00 122,676.20 0.37 0.00Issuer total122,676.20 122,676.20 0.00 122,676.20 0.37 0.00Grand total32,761,976.20 33,651,318.94 100.00 33,309,481.21 100.001.8815 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2021 - November 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.390.000.000.390.00Total Cash0.390.000.000.390.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(1,840.60)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,522.50(1,470.54)(1,450.06)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)(3,969.78)9,750.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)(1,999.41)6,000.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.95(984.54)(1,824.21)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.03)(2,191.38)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,020.83(2,810.95)(8,322.57)18,750.000.0014912L5X5CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.13(1,327.74)(1,920.02)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)(4,668.62)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.85)(3,125.49)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,550.05(1,420.30)(1,437.68)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.49(1,296.97)(1,981.75)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,450.00(1,275.77)(1,758.10)0.000.00713448CM8PFIZER INC 2.2% 15DEC2021886.11(150.83)(836.97)0.000.00717081DZ3PFIZER INC 3.4% 15MAY20241,369.44(1,169.78)(2,984.95)8,500.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.91)(4,849.29)0.000.00693475AV7TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024174.0023.80(1,143.40)0.000.0089236THU216 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2021 - November 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.09)(2,233.21)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)(4,803.72)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.83)(2,369.07)0.000.00931142DH3Total Corporate Bonds29,690.12(23,133.84) (55,710.28) 43,000.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22)338.347.40(1,432.95)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,057.29(61.23)(2,020.97)0.000.003135G0V75FANNIE MAE 2% 05OCT2022966.66(44.12)(1,298.10)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(1,245.40)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.98(998.32)(2,155.84)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.940.00(1,322.10)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)302.080.00(4,739.91)1,875.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21)281.950.00(1,186.18)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.29)(3,199.97)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,013.89(495.35)(1,820.71)0.000.00313378WG2FREDDIE MAC 2.375% 13JAN20223,156.77(1,002.02)(2,903.65)0.000.003137EADB2Total Government Agencies13,937.13(3,520.80) (23,325.78) 1,875.000.00Government BondsUSA TREASURY 0.125% 15DEC2023122.96203.50(328.11)0.000.0091282CBA8USA TREASURY 0.25% 15MAY2024205.4985.21(625.00)1,250.000.0091282CCC317 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2021 - November 30, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.25% 15NOV2023205.49(3.90)(390.63)1,250.000.0091282CAW1USA TREASURY 0.375% 15APR2024309.06(32.61)(390.62)0.000.0091282CBV2USA TREASURY 1.5% 30NOV2024860.66(582.92)(1,367.19)5,250.000.00912828YV6USA TREASURY 2% 30NOV20221,229.51(348.93)(1,845.70)7,500.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.51)(1,142.57)6,906.250.00912828U57USA TREASURY 2.125% 30SEP20241,751.38(1,365.56)(2,226.56)0.000.009128282Y5Total Government Bonds5,816.72(2,276.72)(8,316.38) 22,156.250.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,902.870.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,902.870.000.000.000.00Grand total54,347.23(28,931.36) (87,352.44) 67,031.640.0018 TRANSACTION REPORTFor the period November 1, 2021 - November 30, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,000.0011/03/202111/03/2021Income037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 0.00 6,000.000.001,875.0011/06/202111/06/2021Income3133EMYR7 Government Agencies FEDERAL FARM CREDIT BANK 05/06/2024 1,000,000.00 0.00 1,875.000.009,750.0011/10/202111/10/2021Income02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10/2023 1,000,000.00 0.00 9,750.000.008,500.0011/15/202111/15/2021Income717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05/15/2024 500,000.00 0.00 8,500.000.001,250.0011/15/202111/15/2021Income91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/2023 1,000,000.00 0.00 1,250.000.001,250.0011/15/202111/15/2021Income91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/2024 1,000,000.00 0.00 1,250.000.0018,750.0011/24/202111/24/2021Income14912L5X5 Corporate Bonds CATERPILLAR FINANCIAL SE 11/24/2023 1,000,000.00 0.00 18,750.000.007,500.0011/30/202111/30/2021Income912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 750,000.00 0.00 7,500.000.006,906.2511/30/202111/30/2021Income912828U57 Government Bonds USA TREASURY 2.125% 11/30/2023 650,000.00 0.00 6,906.250.005,250.0011/30/202111/30/2021Income912828YV6 Government Bonds USA TREASURY 1.5% 11/30/2024 700,000.00 0.00 5,250.000.000.39Income Cash and Cash Equivalents Cash0.390.00 0.000.0011/30/202119 ADDITIONAL INFORMATIONAs of November 30, 2021SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.20 ADDITIONAL INFORMATIONAs of November 30, 2021SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved.21 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELDecember 2021 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased18Securities sold and matured 20Detail of return and interest received 21Transaction report25Additional information27 FIXED INCOME MARKET REVIEWAs of December 31, 2021SAN RAFAELChart 1: The Fed’s most significant recent upward policy rate forecast revisionSource: Bloomberg, December 31, 2021Chart 2: Unemployment rate continues to descendSource:Bloomberg, December 31, 2021Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) doubled its pace of ‘tapering’ to a rate of $30bn per month.This puts the Fed on course to cease expanding its balance sheet in March 2022. Itrevised its dot plot to reflects a median expectation of three hikes in 2022 (Chart 1).November’s CPI report came in at 6.8% for headline inflation (the highest since 1982,but modestly lower than market fears of 7%+) with core inflation reaching 4.9% (thehighest since 1991). Energy prices were a key factor, rising 33% pa. Regarding ‘sticky’inflation categories, rents ran at ~0.4% in November, pushing owners’ equivalent rentto 3.5% pa and medical prices showed a small but notable 2.1% pa rise.The US economy added 210,000 jobs in November, less than the 550,000 expected.However, the unemployment rate fell unexpectedly to 4.2% from 4.6%. Theparticipation rate increased to 61.8% from 61.6%. Wage data was close toexpectations with average hourly earnings up 4.8% pa. Leisure and hospitality wagescontinue to advance faster than other sectors – up 12.35% pa.The JOLTS report was further indicative of a tight labor market. Job openings rose4.1% to 11m, close to July’s record high. The number of layoffs declined 2.5% to1.361m, close to a record low.On the political front, President Joe Biden failed to secure Democratic Senator JoeManchin’s approval for the ‘American Families Plan’, the last component of the$1.75trn ‘Build Back Better’ fiscal program, forcing Congress to return to the drawingboard.In response to the global spread of the more transmissible but potentially less severeOmicron Covid-19 variant, a number of countries enacted precautionary restrictionsaround the holiday period, although such measures were relatively modest in the US.Risk assets enjoyed a strong end to the year.Interest Rate SummaryYields rose modestly across the curve. At the end of December, the 3-month USTreasury bill yielded 0.06%, the 6-month US Treasury bill yielded 0.19%, the 2-year USTreasury note yielded 0.74%, the 5-year US Treasury note yielded 1.27% and the 10-year US Treasury note yielded 1.51%.3~ -0 C ., .!. (0 ., >,. «i "' C 0 '.P u ., ·e a. ~ ~ 2.5 2 1.5 -~ 0.5 0 0.. "' 'o ~ 0 2021 2022 2023 Dec 2020 and March 2021 Meetings -June 2021 Meeting ---Septerrber 2021 Meeting ---Decerrber 2021 Meeting 16 14 12 10 8 6 4 2 0 2016 2017 2018 2019 2020 --Unemployment rate (%) 2024 2021 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2021 - December 31, 2021SAN RAFAELAmortized Cost Basis Activity Summary33,340,917.12Opening balance(22,466.10)Income received(22,466.10)Total receipts(200.94)Expenses paid(200.94)Total disbursements12,600,000.00Interportfolio transfers12,600,000.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(31,120.21)Total amortization expense400.72Total OID/MKT accretion income0.00Return of capitalClosing balance45,887,530.59Ending fair value45,813,287.78(74,242.81)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 0.00Merrill Lynch 6m US Treas Bill 0.04 0.02 0.01ML 1 Year US Treasury Note 0.10 0.07 0.03ML 2 Year US Treasury Note 0.27 0.19 0.06ML 5 Year US Treasury Note 0.86 0.50 0.10* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned60,160.93Accretion (amortization)(30,719.49)Realized gain (loss) on sales0.00Total income on portfolio29,441.44Average daily amortized cost38,001,726.41Period return (%)Weighted average final maturity in days680YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.04 0.00 1.040.00Corporate Bonds 31,937.71 (23,409.60) 8,528.110.00Government Agencies 15,110.80 (3,548.25) 11,562.550.00Government Bonds 7,870.37 (3,761.64) 4,108.730.00Municipal/Provincial Bonds 5,241.01 0.00 5,241.01Total 60,160.93 (30,719.49) 0.00 29,441.440.081.334 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2021 - December 31, 2021SAN RAFAELFair Value Basis Activity Summary33,309,481.21Opening balance(22,466.10)Income received(22,466.10)Total receipts(200.94)Expenses paid(200.94)Total disbursements12,600,000.00Interportfolio transfers12,600,000.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(73,526.39)Ending fair value45,813,287.78Comparative 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 0.05 0.02 0.01ICE Bofa 6m US Treas Bill 0.09 0.03 0.01ICE Bofa 1 Yr US Treasury Note (0.07) (0.16) (0.11)ICE BofA US Treasury 1-3 (0.55) (0.47) (0.25)ICE BofA US Treasury 1-5 (1.10) (0.69) (0.28)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.04 0.00 1.04Corporate Bonds 31,937.71 (23,311.75) 8,625.96Government Agencies 15,110.80 (25,644.30) (10,533.50)Government Bonds 7,870.37 (24,570.34) (16,699.97)Municipal/Provincial Bonds 5,241.01 0.00 5,241.01Total60,160.93 (73,526.39) (13,365.46)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned60,160.93Total income on portfolio(13,365.46)Average daily total value *38,114,492.10Period return (%)(0.04)Weighted average final maturity in days680Change in fair value(73,526.39)YTD return (%)(0.25)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of December 31, 2021SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents160,461.81 160,461.81 160,461.810.000.350.001Corporate Bonds14,057,262.40 13,840,546.39 13,782,838.32 (57,708.07)660 30.411.57Government Agencies12,844,806.57 12,747,089.93 12,774,394.68 27,304.75526 27.791.31Government Bonds18,003,206.12 17,980,132.46 17,936,292.97 (43,839.49)604 38.951.63Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,898 2.518.18Total46,225,036.90 45,887,530.59 45,813,287.78 (74,242.81) 680 100.001.68Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.35Corporate Bonds30.41Government Agencies27.79Government Bonds38.95Municipal/Provincial Bonds2.51Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of December 31, 2021SAN RAFAELMaturityHistoric cost PercentUnder 90 days3,567,657.11 7.7290 to 179 days615,576.00 1.33180 days to 1 year7,587,047.22 16.411 to 2 years17,169,690.37 37.142 to 3 years16,125,766.20 34.893 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,159,300.00 2.5146,225,036.90 100.00Maturity distribution0.005.0010.0015.0020.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of December 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000160,461.81 160,461.81 0.00 0.00 0.35160,461.81160,461.81Cash and Cash EquivalentsTotal Cash and Cash Equivalents160,461.81 160,461.81 160,461.81 0.00 0.350.00160,461.81Corporate Bonds0258M0EG02.700 03/03/2022 714,231.00 701,423.10 (238.06) 6,195.0001/31/20221.55701,185.04700,000.00AMERICAN EXPRESS CREDIT 2.7% 03MAR2022(CALLABLE 31JAN22)46647PBB13.207 04/01/2023 615,576.00 604,308.26 (724.54) 4,810.5004/01/20221.33603,583.72600,000.00JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE01APR22)931142DH32.550 04/11/2023 509,155.00 502,842.26 8,170.34 2,833.3301/11/20231.10511,012.60500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 502,542.49 9,422.28 1,933.331.10511,964.77500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,021,208.65 (5,354.96) 2,762.50 2.231,015,853.691,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 519,820.15 8.53 5,855.56 1.13519,828.68500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 710,533.26 (4,272.49) 3,307.50 1.55706,260.77700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,064,089.76 (10,086.55) 3,854.17 2.351,054,003.211,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 511,486.32 (1,121.42) 458.9412/20/20221.14510,364.90500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,420.14 (3,414.26) 1,020.00 1.04476,005.88480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN20248 SECURITIES HELDAs of December 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds24422EVN60.450 01/17/2024 1,001,230.00 1,000,929.75 (10,438.44) 2,050.00 2.17990,491.311,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 531,556.15 (5,536.84) 8,009.7212/23/20231.17526,019.31500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 936,384.62 6,138.34 13,825.0012/24/20232.07942,522.96900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,059,470.37 (11,045.45) 13,687.5001/05/20242.331,048,424.921,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,066,217.80 (11,925.33) 13,996.53 2.351,054,292.471,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 529,231.04 (6,515.18) 6,184.0301/14/20241.17522,715.86500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 529,385.15 (2,388.31) 6,000.0012/01/20231.16526,996.84500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 515,909.51 (1,011.63) 5,719.4403/05/20231.16514,897.88500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 520,448.89 (3,713.99) 3,361.2804/23/20231.16516,734.90500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 533,338.72 (3,660.11) 2,172.22 1.16529,678.61500,000.00PFIZER INC 3.4% 15MAY2024Total Corporate Bonds14,057,262.40 13,840,546.39 13,782,838.32 (57,708.07) 30.41108,036.5513,380,000.00Government Agencies3137EADB22.375 01/13/2022 1,676,634.30 1,650,452.52 618.25 18,287.50 3.631,651,070.771,650,000.00FREDDIE MAC 2.375% 13JAN20229 SECURITIES HELDAs of December 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies313378WG22.500 03/11/2022 1,016,330.00 1,001,172.33 3,362.30 7,638.89 2.201,004,534.631,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 1,260,435.75 1,258,999.11 6,884.12 5,972.22 2.731,265,883.231,250,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,005,811.43 14,036.03 1,527.78 2.211,019,847.461,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223137EAEQ80.375 04/20/2023 1,248,223.75 1,248,257.12 (1,050.34) 924.48 2.701,247,206.781,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,020,365.69 16,612.18 8,704.86 2.271,036,977.871,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 610,390.56 10,957.62 6,083.33 1.34621,348.18600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (5,880.25) 670.83 2.16994,119.751,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (7,668.76) 77.7803/23/20222.16992,331.241,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23MAR22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,800.24 (14,129.46) 758.3301/26/20222.601,185,670.781,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (11,178.01) 572.9205/06/20222.16988,821.991,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06MAY22)3135G0V751.750 07/02/2024 753,426.75 751,840.93 14,741.07 6,526.04 1.63766,582.00750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies12,844,806.57 12,747,089.93 12,774,394.68 27,304.75 27.7957,744.9612,700,000.0010 SECURITIES HELDAs of December 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828ZX10.125 06/30/2022 999,808.04 999,812.19 (202.81) 0.00 2.16999,609.381,000,000.00USA TREASURY 0.125% 30JUN20229128287C81.750 07/15/2022 1,261,088.17 1,260,601.37 (591.61) 10,045.86 2.731,260,009.761,250,000.00USA TREASURY 1.75% 15JUL202291282CAN10.125 09/30/2022 1,248,929.97 1,248,964.12 (624.27) 394.92 2.701,248,339.851,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,261,471.31 6,643.93 2,129.12 2.751,268,115.241,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,011,406.72 (508.28) 6,888.59 2.191,010,898.441,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,263,621.91 (584.80) 6,445.31 2.731,263,037.111,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,313.00 77.62 1,477.90 2.161,000,390.621,000,000.00USA TREASURY 0.5% 15MAR20239128282D11.375 08/31/2023 1,265,970.98 1,265,738.02 (845.44) 5,792.47 2.741,264,892.581,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,088.75 (8,213.75) 317.68 2.16991,875.001,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 655,394.33 12,125.20 1,176.34 1.43667,519.53650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,195,156.67 (8,797.30) 65.93 2.581,186,359.371,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,908.87 (10,752.62) 793.27 2.17990,156.251,000,000.00USA TREASURY 0.375% 15APR202411 SECURITIES HELDAs of December 31, 2021SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CCC30.250 05/15/2024 996,878.35 997,540.17 (10,977.67) 317.68 2.16986,562.501,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,037,853.11 701.58 8,906.25 2.251,038,554.691,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,045,700.73 (12,810.11) 5,370.88 2.281,032,890.621,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,014,867.77 1,030.67 2,527.62 2.201,015,898.441,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 720,693.42 (9,509.83) 894.231.56711,183.59700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds18,003,206.12 17,980,132.46 17,936,292.97 (43,839.49) 38.9553,544.0517,800,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 20,118.69 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 2.5120,118.691,159,300.00Grand total46,225,036.90 45,887,530.59 (74,242.81)45,199,761.81100.00239,444.2545,813,287.7812 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2021SAN 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 2.16 999,609.38 2.18 0.509128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.73 1,260,009.76 2.75 0.5391282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.70 1,248,339.85 2.72 0.75912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.75 1,268,115.24 2.77 0.91912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.19 1,010,898.44 2.21 1.03912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.73 1,263,037.11 2.76 1.11912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 1,000,390.62 2.18 1.199128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.74 1,264,892.58 2.76 1.6491282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.16 991,875.00 2.17 1.87912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 667,519.53 1.46 1.8891282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.58 1,186,359.37 2.59 1.9591282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.17 990,156.25 2.16 2.2791282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.16 986,562.50 2.15 2.36912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.25 1,038,554.69 2.27 2.539128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.28 1,032,890.62 2.25 2.67912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.20 1,015,898.44 2.22 2.77912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 711,183.59 1.55 2.85Issuer total17,800,000.00 18,003,206.12 38.95 17,936,292.97 39.15 1.63Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.73 1,265,883.23 2.76 0.763135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.27 1,036,977.87 2.26 1.663135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 621,348.18 1.36 2.033136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.60 1,185,670.78 2.59 1.9313 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.63 766,582.00 1.67 2.43Issuer total4,800,000.00 4,882,378.52 10.56 4,876,462.06 10.64 1.66Federal Home Loan Banks313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 2.20 1,004,534.63 2.19 0.193130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.21 1,019,847.46 2.23 0.933130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 03/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 992,331.24 2.17 1.70Issuer total3,000,000.00 3,037,570.00 6.57 3,016,713.33 6.58 0.94Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 3.63 1,651,070.77 3.60 0.043137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.70 1,247,206.78 2.72 1.29Issuer total2,900,000.00 2,924,858.05 6.33 2,898,277.55 6.33 0.57Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 994,119.75 2.17 2.293133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 988,821.99 2.16 1.89Issuer total2,000,000.00 2,000,000.00 4.33 1,982,941.74 4.33 2.09Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.55 706,260.77 1.54 1.6389236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.04 476,005.88 1.04 2.01Issuer total1,180,000.00 1,194,301.40 2.58 1,182,266.65 2.58 1.78PT. 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 2.53 8.18Issuer total1,159,300.00 1,159,300.00 2.51 1,159,300.00 2.53 8.1814 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2021SAN 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 1.33 603,583.72 1.32 0.2546647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.16 516,734.90 1.13 1.28Issuer total1,100,000.00 1,149,816.00 2.49 1,120,318.62 2.45 0.73International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.35 1,054,292.47 2.30 2.02Issuer total1,000,000.00 1,086,900.00 2.35 1,054,292.47 2.30 2.02Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 2.35 1,054,003.21 2.30 1.84Issuer total1,000,000.00 1,086,390.00 2.35 1,054,003.21 2.30 1.84US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.33 1,048,424.92 2.29 1.94Issuer total1,000,000.00 1,079,130.00 2.33 1,048,424.92 2.29 1.94Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.14 510,364.90 1.11 0.9606051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.16 514,897.88 1.12 1.14Issuer total1,000,000.00 1,061,320.00 2.30 1,025,262.78 2.24 1.05American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.23 1,015,853.69 2.22 1.34Issuer total1,000,000.00 1,031,510.00 2.23 1,015,853.69 2.22 1.34John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.17 990,491.31 2.16 2.03Issuer total1,000,000.00 1,001,230.00 2.17 990,491.31 2.16 2.0315 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2021SAN 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 2.07 942,522.96 2.06 1.91Issuer total900,000.00 957,939.00 2.07 942,522.96 2.06 1.91American Express Credit Corp0258M0EG0AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 1.55 701,185.04 1.53 0.08Issuer total700,000.00 714,231.00 1.55 701,185.04 1.53 0.08Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 529,678.61 1.16 2.29Issuer total500,000.00 537,160.00 1.16 529,678.61 1.16 2.29PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 526,996.84 1.15 1.87Issuer total500,000.00 537,465.00 1.16 526,996.84 1.15 1.87Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 526,019.31 1.15 1.90Issuer total500,000.00 541,470.00 1.17 526,019.31 1.15 1.903M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 522,715.86 1.14 1.97Issuer total500,000.00 541,935.00 1.17 522,715.86 1.14 1.97Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.13 519,828.68 1.13 1.58Issuer total500,000.00 520,430.00 1.13 519,828.68 1.13 1.5816 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2021SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesApple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.10 511,964.77 1.12 1.32Issuer total500,000.00 506,880.00 1.10 511,964.77 1.12 1.32Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 511,012.60 1.12 1.03Issuer total500,000.00 509,155.00 1.10 511,012.60 1.12 1.03Cash and Cash EquivalentsINVESTED CASH 0.000160,461.81 160,461.81 0.00 160,461.81 0.35 0.00Issuer total160,461.81 160,461.81 0.00 160,461.81 0.35 0.00Grand total45,199,761.81 46,225,036.90 100.00 45,813,287.78 100.001.6817 SECURITIES PURCHASEDFor the period December 1, 2021 - December 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds742718EB13.10012/13/2021 08/15/2023 500,000.00 104.09 (520,430.00) (5,166.67)12/15/2021PROCTER & GAMBLE CO/THE 3.1%MERRILL LYNCH, PIERCE,500,000.00 (520,430.00) (5,166.67)Total Corporate BondsGovernment Agencies3137EAEQ80.37512/22/2021 04/20/2023 1,250,000.00 99.86 (1,248,223.75)(820.31)12/23/2021FREDDIE MAC 0.375% 20APR2023NOMURA SECURITIES NEW YORK3135G0T782.00012/27/2021 10/05/2022 650,000.00 101.34 (658,719.75) (2,997.22)12/28/2021FANNIE MAE 2% 05OCT2022WELLS FARGO BANK, N.A.1,900,000.00 (1,906,943.50) (3,817.53)Total Government AgenciesGovernment Bonds9128287C81.75012/22/2021 07/15/2022 1,250,000.00 100.89 (1,261,088.17) (9,570.31)12/23/2021USA TREASURY 1.75% 15JUL2022HSBC SECURITIES (USA) INC.91282CAN10.12512/22/2021 09/30/2022 1,250,000.00 99.91 (1,248,929.97)(360.58)12/23/2021USA TREASURY 0.125% 30SEP2022HSBC SECURITIES (USA) INC.912828Z861.37512/22/2021 02/15/2023 1,250,000.00 101.11 (1,263,920.20) (6,071.67)12/23/2021USA TREASURY 1.375% 15FEB2023HSBC SECURITIES (USA) INC.9128282D11.37512/22/2021 08/31/2023 1,250,000.00 101.28 (1,265,970.98) (5,412.64)12/23/2021USA TREASURY 1.375% 31AUG2023HSBC SECURITIES (USA) INC.912828ZX10.12512/27/2021 06/30/2022 1,000,000.00 99.98 (999,808.04) (614.80)12/28/2021USA TREASURY 0.125% 30JUN2022NATWEST MARKETS PLC912828M802.00012/27/2021 11/30/2022 500,000.00 101.54 (507,677.46) (769.23)12/28/2021USA TREASURY 2% 30NOV2022MORGAN STANLEY AND CO., LLC18 SECURITIES PURCHASEDFor the period December 1, 2021 - December 31, 2021SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds912828Z291.50012/27/2021 01/15/2023 1,000,000.00 101.15 (1,011,526.79) (6,766.30)12/28/2021USA TREASURY 1.5% 15JAN2023BARCLAYS CAPITAL912828ZD50.50012/27/2021 03/15/2023 1,000,000.00 100.03 (1,000,315.85) (1,436.46)12/28/2021USA TREASURY 0.5% 15MAR2023SOCIETE GENERALE912828D562.37512/27/2021 08/15/2024 1,000,000.00 103.80 (1,038,011.16) (8,712.64)12/28/2021USA TREASURY 2.375% 15AUG2024RBC DOMINION SECURITIES912828YM61.50012/27/2021 10/31/2024 1,000,000.00 101.49 (1,014,925.23) (2,403.31)12/28/2021USA TREASURY 1.5% 31OCT2024BNP PARIBAS PARIS10,500,000.00 (10,612,173.85) (42,117.94)Total Government BondsGrand totalGrand total12,900,000.00 (13,039,547.35) (51,102.14)19 SECURITIES SOLD AND MATUREDFor the period December 1, 2021 - December 31, 2021SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds717081DZ32.20012/15/2021 (500,000.00) 503,615.00 500,000.00 0.00 500,000.00 0.00 0.0012/15/2021PFIZER INC 2.2% DUE 12-15-2021(500,000.00)0.00503,615.00 500,000.00 500,000.00 0.00Total (Corporate Bonds)Grand totalGrand total(500,000.00)0.00503,615.00 500,000.00 500,000.00 0.0020 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2021 - December 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.040.000.001.040.00Total Cash1.040.000.001.040.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.31(1,194.73)(2,170.29)0.000.0088579YBB6AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22)1,627.50(1,375.66)(1,475.30)0.000.000258M0EG0AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.49)(722.97)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)(60.61)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.38(984.55)(900.06)7,510.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)(1,504.82)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,229.17(2,810.96)(1,908.61)0.000.0014912L5X5CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.75)(1,748.74)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.53(2,607.00)(2,733.66)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.85)(1,033.62)0.000.0024422EVN6JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)1,656.95(1,420.30)(1,590.14)0.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.35(1,296.97)(1,671.12)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.76)(774.50)0.000.00713448CM8PFIZER INC 2.2% DUE 12-15-2021458.33(75.42)(342.16)5,500.000.00717081DZ3PFIZER INC 3.4% 15MAY20241,463.89(1,169.78)364.150.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.92)(2,752.58)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG2023688.89(609.85)(601.32)0.000.00742718EB121 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2021 - December 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024186.0023.80757.190.000.0089236THU2TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)(629.34)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.54)(1,935.40)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.84)122.150.000.00931142DH3Total Corporate Bonds31,937.71(23,409.60) (23,311.75) 13,010.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22)361.666.92(4,743.43)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,130.21(61.23)(2,289.65)0.000.003135G0V75FANNIE MAE 2% 05OCT20221,141.67(169.12)(1,711.23)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)(3,252.50)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.32)(4,717.16)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.003,724.720.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22)322.920.00(1,879.52)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR22)301.390.00(1,740.30)1,750.000.003130AMQQ8FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.78(514.28)(2,381.51)12,500.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,152.78(495.34)(2,294.41)0.000.00313378WG2FREDDIE MAC 0.375% 20APR2023104.1733.37(1,016.97)0.000.003137EAEQ8FREDDIE MAC 2.375% 13JAN20223,374.48(937.38)(3,342.34)0.000.003137EADB2Total Government Agencies15,110.80(3,548.25) (25,644.30) 14,250.000.0022 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2021 - December 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 15DEC2023127.40210.28(2,531.26)750.000.0091282CBA8USA TREASURY 0.125% 30JUN202210.204.15(198.66)625.000.00912828ZX1USA TREASURY 0.125% 30SEP202234.3434.15(590.12)0.000.0091282CAN1USA TREASURY 0.25% 15MAY2024214.0988.05(2,304.69)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023214.09(4.02)(2,265.62)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024319.37(33.70)(2,617.19)0.000.0091282CBV2USA TREASURY 0.5% 15MAR202341.44(2.85)74.770.000.00912828ZD5USA TREASURY 1.375% 15FEB2023373.64(298.29)(883.09)0.000.00912828Z86USA TREASURY 1.375% 31AUG2023379.83(232.96)(1,078.40)0.000.009128282D1USA TREASURY 1.5% 15JAN2023122.29(120.07)(628.35)0.000.00912828Z29USA TREASURY 1.5% 30NOV2024894.23(602.34)(2,460.94)0.000.00912828YV6USA TREASURY 1.5% 31OCT2024124.31(57.46)973.210.000.00912828YM6USA TREASURY 1.75% 15JUL2022475.55(486.80)(1,078.41)0.000.009128287C8USA TREASURY 2% 30NOV20221,359.89(451.41)(2,511.44)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.24)(2,716.80)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,809.75(1,411.08)(4,296.88)0.000.009128282Y5USA TREASURY 2.375% 15AUG2024193.61(158.05)543.530.000.00912828D56Total Government Bonds7,870.37(3,761.64) (24,570.34) 1,375.000.0023 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2021 - December 31, 2021SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,241.010.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,241.010.000.000.000.00Grand total60,160.93(30,719.49) (73,526.39) 28,636.040.0024 TRANSACTION REPORTFor the period December 1, 2021 - December 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)12,500.0012/09/202112/09/2021Income3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 12/09/2022 1,000,000.00 0.00 12,500.000.00(5,166.67)12/13/202112/15/2021Bought742718EB1 Corporate Bonds PROCTER & GAMBLE CO/THE 08/15/2023 500,000.00 (520,430.00) (525,596.67)0.005,500.0012/15/202112/15/2021Income717081DZ3 Corporate Bonds PFIZER INC 2.2% DUE 12/15/2021 500,000.00 0.00 5,500.000.000.0012/15/202112/15/2021Capital Change717081DZ3 Corporate Bonds PFIZER INC 2.2% DUE 12/15/2021 (500,000.00) 500,000.00 500,000.000.00750.0012/15/202112/15/2021Income91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2023 1,200,000.00 0.00 750.000.007,510.0012/20/202112/20/2021Income06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2023 500,000.00 0.00 7,510.000.00(820.31)12/22/202112/23/2021Bought3137EAEQ8 Government Agencies FREDDIE MAC 0.375% 04/20/2023 1,250,000.00 (1,248,223.75) (1,249,044.06)0.00(5,412.64)12/22/202112/23/2021Bought9128282D1 Government Bonds USA TREASURY 1.375% 08/31/2023 1,250,000.00 (1,265,970.98) (1,271,383.62)0.00(9,570.31)12/22/202112/23/2021Bought9128287C8 Government Bonds USA TREASURY 1.75% 07/15/2022 1,250,000.00 (1,261,088.17) (1,270,658.48)0.00(6,071.67)12/22/202112/23/2021Bought912828Z86 Government Bonds USA TREASURY 1.375% 02/15/2023 1,250,000.00 (1,263,920.20) (1,269,991.87)0.00(360.58)12/22/202112/23/2021Bought91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2022 1,250,000.00 (1,248,929.97) (1,249,290.55)0.001,750.0012/23/202112/23/2021Income3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 04/23/2024 1,000,000.00 0.00 1,750.000.00(2,997.22)12/27/202112/28/2021Bought3135G0T78 Government Agencies FANNIE MAE 2% 05OCT202210/05/2022 650,000.00 (658,719.75) (661,716.97)0.00(8,712.64)12/27/202112/28/2021Bought912828D56 Government Bonds USA TREASURY 2.375% 08/15/2024 1,000,000.00 (1,038,011.16) (1,046,723.80)0.00(769.23)12/27/202112/28/2021Bought912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 500,000.00 (507,677.46) (508,446.69)0.00(2,403.31)12/27/202112/28/2021Bought912828YM6 Government Bonds USA TREASURY 1.5% 10/31/2024 1,000,000.00 (1,014,925.23) (1,017,328.54)0.00(6,766.30)12/27/202112/28/2021Bought912828Z29 Government Bonds USA TREASURY 1.5% 01/15/2023 1,000,000.00 (1,011,526.79) (1,018,293.09)0.0025 TRANSACTION REPORTFor the period December 1, 2021 - December 31, 2021SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)(1,436.46)12/27/202112/28/2021Bought912828ZD5 Government Bonds USA TREASURY 0.5% 03/15/2023 1,000,000.00 (1,000,315.85) (1,001,752.31)0.00(614.80)12/27/202112/28/2021Bought912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2022 1,000,000.00 (999,808.04) (1,000,422.84)0.00625.0012/31/202112/31/2021Income912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2022 1,000,000.00 0.00 625.000.001.04Income Cash and Cash Equivalents Cash1.040.00 0.000.0012/31/202126 ADDITIONAL INFORMATIONAs of December 31, 2021SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.27 ADDITIONAL INFORMATIONAs of December 31, 2021SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved.28