San Rafael City Council
January 18, 2022

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

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 A
Internally Managed Assets % Return % Return % Return % Return % Return % Return LAIF 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 % Return Cash $ 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 Years
Effective Average Duration ‐ External 1.68 1.91 2.02 1.90 1.91 1.91 Weighted Average Maturity ‐ External 1.87 2.26 2.39 2.32 2.22 2.22 Total Portfolio Assets % Return % Return % Return % Return % Return % Return LAIF 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 Assets
Weighted Average Yield 0.55% 0.58% 0.60% 0.82% 1.06% 1.31% Years Years Years Years Years Years
Effective Average Duration ‐ Total 0.93 0.87 0.86 0.66 0.74 0.93 Weighted Average Maturity ‐ Total 1.03 1.03 1.02 0.81 0.86 1.08 Performance 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, 2021
City of San Rafael
Historical Activity‐By Quarter
March 31, 2021 December 31, 2020 September 30, 2020
W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21‐22\06 ‐ December 2021\Insight‐Quarterly Report combined 12‐31‐21

FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELOctober 2021 Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 12Securities purchased 16Securities sold and matured 17Detail of return and interest received 18Transaction report 21Additional information 22

FIXED INCOME MARKET REVIEW
As of October 31, 2021

SAN RAFAEL
Chart 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, October 31, 2021 Economic 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 path
involving tapering Treasury purchases $10bn per month and 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 Summary Yields 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%. 3 80 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 SUMMARY
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 33,288,214.73
Income received 43,715.26
Total receipts 43,715.26
Expenses paid (201.79)
Total disbursements (201.79)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (29,013.41)Total OID/MKT accretion income 303.12 Return of capital 0.00
Closing balance 33,303,017.91Ending fair value 33,330,003.08 Unrealized gain (loss) 26,985.17
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.05 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 cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 58,150.15Accretion (amortization) (28,710.29)Realized gain (loss) on sales 0.00Total income on portfolio 29,439.86Average daily amortized cost 33,301,898.44Period return (%)Weighted average final maturity in days 815YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 1.47 0.00 1.47 0.00Corporate Bonds 31,737.71 (22,875.15) 8,862.56 0.00Government Agencies 15,192.39 (3,448.63) 11,743.76 0.00Government Bonds 5,977.58 (2,386.51) 3,591.07 0.00Municipal/Provincial Bonds 5,241.00 0.00 5,241.00 0.00Total 58,150.15 (28,710.29) 0.00 29,439.86

0.091.18
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 33,445,614.36
Income received 43,715.26
Total receipts 43,715.26
Expenses paid (201.79)
Total disbursements (201.79)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (159,124.75) Ending fair value 33,330,003.08
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.05 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 cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash 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 5,241.00Total 58,150.15 (159,124.75) (100,974.60) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 58,150.15Total income on portfolio (100,974.60)Average daily total value * 33,545,111.83Period return (%) (0.30)Weighted average final maturity in days 815Change in fair value (159,124.75)YTD return (%) (0.11)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of October 31, 2021

SAN RAFAEL
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Cash and Cash Equivalents 55,845.63 55,845.63 55,845.63 0.00 1 0.17 0.00Corporate Bonds 14,040,447.40 13,866,659.83 13,841,430.35 (25,229.48) 701 41.81 1.67Government Agencies 10,937,863.07 10,847,215.48 10,916,421.26 69,205.78 610 32.57 1.39Government Bonds 7,391,032.27 7,373,996.97 7,357,005.84 (16,991.13) 845 22.01 2.28Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,961 3.45 8.37Total 33,584,488.37 33,303,017.91 33,330,003.08 26,985.17 815 100.00 1.94 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.17Corporate Bonds 41.81Government Agencies 32.57Government Bonds 22.01Municipal/Provincial Bonds 3.45 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of October 31, 2021

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 2,236,094.93 6.6690 to 179 days 2,346,137.00 6.99180 days to 1 year 601,716.00 1.791 to 2 years 7,188,930.05 21.412 to 3 years 19,329,421.33 57.563 to 4 years 722,889.06 2.154 to 5 years 0.00 0.00Over 5 years 1,159,300.00 3.45 33,584,488.37 100.00
Maturity distribution

0.005.00

10.0015.0020.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of October 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 55,845.63 55,845.63 55,845.63 0.00 0.00 0.17 55,845.63 Total Cash and Cash Equivalents 55,845.63 55,845.63 55,845.63 55,845.63 0.00 0.17 0.00Corporate Bonds717081DZ3 PFIZER INC 2.2% 15DEC2021 2.200 12/15/2021 503,615.00 500,226.25 952.88 4,155.56 1. 500,000.00 501,179.13 500258M0EG0 2.700 03/03/2022 714,231.00 704,269.30 (158.90) 3,045.00 01/31/2022
AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 700,000.00 704,110.40 2.13(CALLABLE 31JAN22) 46647PBB1 3.207 04/01/2023 615,576.00 607,148.86 (537.32) 1,603.50 04/01/2022
JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 600,000.00 606,611.54 1.8301APR22) 931142DH3 2.550 04/11/2023 509,155.00 503,301.93 9,957.59 708.33 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 513,259.52 1.52 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 502,858.33 11,166.46 5,933.3 500,000.00 514,024.79 3 1.51 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,023,805.63 (3,259.19) 9, 1,000,000.00 1,020,546.44 262.50 3.07 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 711,595.44 (2,472.12) 1,732. 700,000.00 709,123.32 50 2.13 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,069,711.67 (5,477.28) 16 1,000,000.00 1,064,234.39 ,354.17 3.23 06051GHC6 3.004 12/20/2023 525,795.00 513,455.41 (366.24) 5,465.61 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 513,089.17 1.57(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,372.54 (2,980.45) 660.00 480,000.00 476,392.09 1.43 8 SECURITIES HELD
As of October 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Corporate Bonds24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,001,005.45 (6,355.03) 1, 1,000,000.00 994,650.42 300.00 2.98 17325FAS7 3.650 01/23/2024 541,470.00 534,211.64 (4,523.57) 4,968.06 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 529,688.07 1.61 693475AV7 3.500 01/23/2024 957,939.00 939,446.45 10,678.38 8,575.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 950,124.83 2.8523DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,064,385.28 (9,221.24) 8,062.50 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,055,164.04 3.21 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,071,431.80 (9,737.05) 7, 1,000,000.00 1,061,694.75 954.86 3.2488579YBB6 3.250 02/14/2024 541,935.00 531,620.50 (4,893.75) 3,475.69 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 526,726.75 1.61 713448CM8 3.600 03/01/2024 537,465.00 531,936.68 (2,407.24) 3,000.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 529,529.44 1.60 06051GHF9 3.550 03/05/2024 535,525.00 518,155.56 438.52 2,761.11 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 518,594.08 1.5905MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 523,042.83 (2,655.06) 395.44 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 520,387.77 1.5923APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 535,678.28 (3,378.87) 7,838. 500,000.00 532,299.41 89 1.60 Total Corporate Bonds 13,380,000.00 14,040,447.40 13,866,659.83 13,841,430.35 (25,229.48) 4 97,252.05 1.81Government Agencies3137EADB2 FREDDIE MAC 2.375% 13JAN2022 2.375 01/13/2022 1,676,634.30 1,652,391.92 4,924.84 11,7 1,650,000.00 1,657,316.76 56.25 4.99 9 SECURITIES HELD
As of October 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 2.500 03/11/2022 1,016,330.00 1,002,163.02 6,486.73 3,47 1,000,000.00 1,008,649.75 2.22 3.03 3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 601,716.00 600,492.60 9,680.21 866.67 1. 600,000.00 610,172.81 79 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,006,840.00 18,588.94 9,8 1,000,000.00 1,025,428.94 61.11 3.04 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,022,362.33 21,488.54 3,9 1,000,000.00 1,043,850.87 13.19 3.12 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 611,216.30 14,629.78 3,583.3 600,000.00 625,846.08 3 1.85 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (8,282.87) 87 1,000,000.00 991,717.13 .50 2.98 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (4,742.28) 1,244.44 12/23/2021
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 995,257.72 2.98(CALLABLE 23DEC21) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,785.92 (7,938.76) 58.33 01/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22) 1,200,000.00 1,191,847.16 3.57 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (4,558.58) 1,822.92 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 995,441.42 2.98(CALLABLE 06MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,963.39 18,929.23 4,338.5 750,000.00 770,892.62 4 2.24 Total Government Agencies 10,800,000.00 10,937,863.07 10,847,215.48 10,916,421.26 69,205.78 32. 41,004.50 57Government Bonds912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 762,072.83 754,594.19 10,200.73 6,270.4 750,000.00 764,794.92 9 2.27 10 SECURITIES HELD
As of October 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,096.67 (5,565.42) 1, 1,000,000.00 994,531.25 148.10 2.98 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 655,865.08 15,513.82 5,774.0 650,000.00 671,378.90 8 1.97 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,194,742.89 (5,524.15) 56 1,200,000.00 1,189,218.74 5.57 3.56 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,975.18 (7,811.12) 16 1,000,000.00 993,164.06 4.84 2.9891282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,366.91 (7,874.72) 1,148. 1,000,000.00 989,492.19 10 2.979128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,048,477.37 (9,063.31) 1, 1,000,000.00 1,039,414.06 809.75 3.13912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 721,878.68 (6,866.96) 4,389. 700,000.00 715,011.72 34 2.15 Total Government Bonds 7,300,000.00 7,391,032.27 7,373,996.97 7,357,005.84 (16,991.13) 22.0 21,270.27 1Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 9,974.81 1,159,300.00 1,159,300.00 3.45 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3.45 9,974.81Grand total 32,695,145.63 33,584,488.37 33,303,017.91 26,985.17 33,330,003.08 169,501.63 100.00 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.27 764,794.92 2.29 1.0691282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.98 994,531.25 2.98 2.03912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 671,378.90 2.01 2.0391282CBA8 USA 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 2.1291282CBV2 USA 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 2.4491282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.97 989,492.19 2.97 2.539128282Y5 USA 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 2.84912828YV6 USA 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 total 7,300,000.00 7,391,032.27 22.01 7,357,005.84 22.07 2.28Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.79 610,172.81 1.83 0.933135G0U43 FANNIE 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 1.823135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 625,846.08 1.88 2.203136G46B4 FANNIE 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 1.663135G0V75 FANNIE 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 total 4,150,000.00 4,223,658.77 12.58 4,242,609.54 12.73 1.84Federal Home Loan Banks313378WG2 FEDERAL 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 0.363130A3KM5 FEDERAL 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 1.093130AMQQ FEDERAL 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 total 3,000,000.00 3,037,570.00 9.04 3,029,336.41 9.09 0.97Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.98 991,717.13 2.98 2.46 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal Farm Credit Banks Funding Corp3133EMYR7 FEDERAL 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 total 2,000,000.00 2,000,000.00 5.96 1,987,158.55 5.96 2.07Federal Home Loan Mortgage Corp3137EADB2 FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.00 1,676,634.30 4.99 1,657,316.76 4.97 0.21 Issuer total 1,650,000.00 1,676,634.30 4.99 1,657,316.76 4.97 0.21 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.13 709,123.32 2.13 1.7989236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.43 476,392.09 1.43 2.18 Issuer total 1,180,000.00 1,194,301.40 3.56 1,185,515.41 3.56 1.95 PT. SAN ASSESS DISTRICT888599LS4 PT. 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 8.37 Issuer total 1,159,300.00 1,159,300.00 3.45 1,159,300.00 3.48 8.37 JPMorgan Chase & Co46647PBB1 JPMORGAN 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 0.4246647PAP1 JPMORGAN 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 1.45 Issuer total 1,100,000.00 1,149,816.00 3.42 1,126,999.31 3.38 0.90 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 3.23 1,064,234.39 3.19 1.97 Issuer total 1,000,000.00 1,086,390.00 3.23 1,064,234.39 3.19 1.97 International Business Machines Corp459200HU8 IBM 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 2.19 Issuer total 1,000,000.00 1,086,900.00 3.24 1,061,694.75 3.19 2.19 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
US Bancorp91159HHV5 US 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 2.12 Issuer total 1,000,000.00 1,079,130.00 3.21 1,055,164.04 3.17 2.12 Pfizer Inc717081DZ3 PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 501,179.13 1.50 0.13717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.60 532,299.41 1.60 2.42 Issuer total 1,000,000.00 1,040,775.00 3.10 1,033,478.54 3.10 1.31 Bank of America Corp06051GHC6 BANK 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 1.1106051GHF9 BANK 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 1.31 Issuer total 1,000,000.00 1,061,320.00 3.16 1,031,683.25 3.10 1.21 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.07 1,020,546.44 3.06 1.49 Issuer total 1,000,000.00 1,031,510.00 3.07 1,020,546.44 3.06 1.49 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.98 994,650.42 2.98 2.20 Issuer total 1,000,000.00 1,001,230.00 2.98 994,650.42 2.98 2.20 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.85 950,124.83 2.85 2.08 Issuer total 900,000.00 957,939.00 2.85 950,124.83 2.85 2.08 American Express Credit Corp0258M0EG0 AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.13 704,110.40 2.11 0.26 Issuer total 700,000.00 714,231.00 2.13 704,110.40 2.11 0.26 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Citibank NA17325FAS7 CITIBANK 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 2.07 Issuer total 500,000.00 541,470.00 1.61 529,688.07 1.59 2.07 PepsiCo Inc713448CM8 PEPSICO 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 2.04 Issuer total 500,000.00 537,465.00 1.60 529,529.44 1.59 2.04 3M Co88579YBB6 3M 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 2.14 Issuer total 500,000.00 541,935.00 1.61 526,726.75 1.58 2.14 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 514,024.79 1.54 1.47 Issuer total 500,000.00 506,880.00 1.51 514,024.79 1.54 1.47 Walmart Inc931142DH3 WALMART 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 1.20 Issuer total 500,000.00 509,155.00 1.52 513,259.52 1.54 1.20 Cash and Cash Equivalents
INVESTED CASH 0.000 55,845.63 55,845.63 0.00 55,845.63 0.17 0.00 Issuer total 55,845.63 55,845.63 0.00 55,845.63 0.17 0.00 Grand total 32,695,145.63 33,584,488.37 100.00 33,330,003.08 100.00 1.94 15 SECURITIES PURCHASED
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Bonds91282CBA8 10/05/2021 12/15/2023 1,200,000.00 99.55 (1,194,566.52) 0.125 (467.21) 10/07/2021
USA TREASURY 0.125% 15DEC2023J.P. MORGAN SECURITIES LLC Total Government Bonds 1,200,000.00 (1,194,566.52) (467.21) Grand total Grand total 1,200,000.00 (1,194,566.52) (467.21) 16 SECURITIES SOLD AND MATURED
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
Trade date Coupon Price
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Government Agencies3135G0Q89 10/07/2021 (1,100,000.00) 1,099,318.00 1,100,000.00 0.0 1.375 0 1,100,000.00 0.00 0.00 10/07/2021
FNMA FANNIE MAE 1.375% DUE10-07-2021 REG 1.375 10-07-2021 Total (Government Agencies) (1,100,000.00) 1,099,318.00 1,100,000.00 1,100,000.00 0.00 0.00 Grand total (1,100,000.00) 1,099,318.00 1,100,000.00 1,100,000.00 0.00 0.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 1.47 1.47
Total Cash 0.00 0.00 0.00 1.47 1.47Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (4,034.86) 1,399.30 0.00 0258M0EG0 AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22) (1,375.66) 0.00 (1,581.30) 1,627.50 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (3,591.38) 1,679.17 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (2,163.90) 1,033.33 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (2,195.83) 1,293.39 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 (2,627.57) 1,528.47 0.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.95) 0.00 (8,219.57) 3,229.17 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (4,274.96) 1,571.53 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (7,906.55) 3,121.53 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.84) 0.00 (5,276.44) 387.50 0.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) (1,420.31) 0.00 (1,776.10) 1,656.95 9,621.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (3,058.56) 1,532.34 8,897.50 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (3,775.59) 1,550.00 0.00 717081DZ3 PFIZER INC 2.2% 15DEC2021 (150.84) 0.00 (844.29) 947.23 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (4,111.04) 1,463.89 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (6,716.54) 2,712.50 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.79 0.00 (2,484.17) 186.00 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 (3,797.39) 813.75 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.54) 0.00 (7,798.05) 2,906.25 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (1,242.58) 1,097.91 6,375.00 94988J5R4 WELLS FARGO BANK NA 3.55% 14AUG2023 CALLABLE 0.00 0.00 0.00 0.00 0.00 Total Corporate Bonds (22,875.15) (77,476.67) 24,893.50 0.00 31,737.71Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22) 6.92 0.00 (4,659.33) 361.66 2,100.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (5,392.96) 1,130.21 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (44.11) 0.00 (1,405.39) 1,033.34 6,000.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (4,324.29) 1,291.66 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.31) 0.00 (6,857.69) 2,475.69 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (5,221.65) 301.39 1,750.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22) 0.00 0.00 (2,572.81) 322.92 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21) 0.00 0.00 (3,404.33) 301.38 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 (2,021.36) 2,152.78 0.00 313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 (495.35) 0.00 (2,266.50) 2,152.78 0.00 3135G0Q89 FNMA FANNIE MAE 1.375% DUE 10-07-2021 REG 1.375 10-07-2021 7.98 0.00 (244.67) 294.10 7,562.50 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 (937.37) 0.00 (3,474.24) 3,374.48 0.00 Total Government Agencies (3,448.63) (41,845.22) 17,412.50 0.00 15,192.39 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CBA8 USA TREASURY 0.125% 15DEC2023 176.37 0.00 (5,347.78) 98.36 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.06 0.00 (5,703.12) 210.60 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 (4,062.50) 210.60 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 (5,703.13) 318.53 1,875.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 (5,468.75) 889.34 0.00 912828M80 USA TREASURY 2% 30NOV2022 (360.56) 0.00 (1,494.14) 1,270.49 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.24) 0.00 (3,859.38) 1,169.91 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 (8,164.06) 1,809.75 0.00 Total Government Bonds (2,386.51) (39,802.86) 1,875.00 0.00 5,977.58Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 5,241.00 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 5,241.00 0.00Grand total (28,710.29) (159,124.75) 44,182.47 0.00 58,150.15 20 TRANSACTION REPORT
For the period October 1, 2021 - October 31, 2021

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
09/21/2021 0.0009/21/2021
94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08 Capital Change /14/2023 1,000,000.00 (1,057,861.80) (1,057,861.80) 156.97 09/21/2021 0.0009/21/2021
94988J5R4 Corporate Bonds WELLS FARGO BANK NA 3.55% 08 Capital Change /14/2023 (1,000,000.00) 1,057,861.80 1,057,861.80 (156.97) 10/01/2021 9,621.0010/01/2021
46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/20 Income 23 600,000.00 0.00 9,621.00 0.00 10/05/2021 6,000.0010/05/2021
3135G0T78 Government Agencies FANNIE MAE 2% 05OCT2022 Income 10/05/2022 600,000.00 0.00 6,000.00 0.00 10/05/2021 (467.21)10/07/2021
91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2 Bought 023 1,200,000.00 (1,194,566.52) (1,195,033.73) 0.00 10/07/2021 7,562.5010/07/2021
3135G0Q89 Government Agencies FNMA FANNIE MAE 1.375% Income DUE 10/07/2021 1,100,000.00 0.00 7,562.50 0.00 10/07/2021 0.0010/07/2021
3135G0Q89 Government Agencies FNMA FANNIE MAE 1.375% Capital Change DUE 10/07/2021 (1,100,000.00) 1,100,000.00 1,100,000.00 0.00 10/11/2021 6,375.0010/11/2021
931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023 Income 500,000.00 0.00 6,375.00 0.00 10/15/2021 1,875.0010/15/2021
91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2 Income 024 1,000,000.00 0.00 1,875.00 0.00 10/22/2021 1,750.0010/22/2021
3133EMWV0 Government Agencies FEDERAL FARM CREDIT BAN Income K 04/22/2024 1,000,000.00 0.00 1,750.00 0.00 10/23/2021 8,897.5010/23/2021
46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/20 Income 24 500,000.00 0.00 8,897.50 0.00 10/26/2021 2,100.0010/26/2021
3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2 Income 024 04/26/2024 1,200,000.00 0.00 2,100.00 0.00 10/31/2021 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 1.47 1.47 21 ADDITIONAL INFORMATION
As of October 31, 2021

SAN RAFAEL
Past 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 get back 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 for your 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 be duplicated, 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 clients Investment 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 be referred 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 of the 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 general information 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 account should 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 will remain 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 be profitable 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 of Moody’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 INFORMATION
As of October 31, 2021

SAN RAFAEL
Insight 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 reference the 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 York Mellon 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 and disclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved. 23 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELNovember 2021 Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 12Detail of return and interest received 16Transaction report 19Additional information 20

FIXED INCOME MARKET REVIEW
As of November 30, 2021

SAN RAFAEL
Chart 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, 2021 Economic 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 renomination, 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 education jobs 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 enacted precautionary travel bans 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 SUMMARY
For the period November 1, 2021 - November 30, 2021

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 33,303,017.91
Income received 67,031.64
Total receipts 67,031.64
Expenses paid (201.07)
Total disbursements (201.07)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (29,251.27)Total OID/MKT accretion income 319.91 Return of capital 0.00
Closing balance 33,340,917.12Ending fair value 33,309,481.21 Unrealized gain (loss) (31,435.91)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.05 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 cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 54,347.23Accretion (amortization) (28,931.36)Realized gain (loss) on sales 0.00Total income on portfolio 25,415.87Average daily amortized cost 33,313,088.46Period return (%)Weighted average final maturity in days 781YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 0.39 0.00 0.39 0.00Corporate Bonds 29,690.12 (23,133.84) 6,556.28 0.00Government Agencies 13,937.13 (3,520.80) 10,416.33 0.00Government Bonds 5,816.72 (2,276.72) 3,540.00 0.00Municipal/Provincial Bonds 4,902.87 0.00 4,902.87 0.00Total 54,347.23 (28,931.36) 0.00 25,415.87

0.081.25
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period November 1, 2021 - November 30, 2021

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 33,330,003.08
Income received 67,031.64
Total receipts 67,031.64
Expenses paid (201.07)
Total disbursements (201.07)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (87,352.44) Ending fair value 33,309,481.21
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.05 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 cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash 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 4,902.87Total 54,347.23 (87,352.44) (33,005.21) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 54,347.23Total income on portfolio (33,005.21)Average daily total value * 33,485,117.86Period return (%) (0.10)Weighted average final maturity in days 781Change in fair value (87,352.44)YTD return (%) (0.21)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of November 30, 2021

SAN RAFAEL
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Cash and Cash Equivalents 122,676.20 122,676.20 122,676.20 0.00 1 0.36 0.00Corporate Bonds 14,040,447.40 13,843,525.99 13,785,720.07 (57,805.92) 669 41.72 1.59Government Agencies 10,937,863.07 10,843,694.68 10,893,095.48 49,400.80 578 32.50 1.37Government Bonds 7,391,032.27 7,371,720.25 7,348,689.46 (23,030.79) 813 21.96 2.20Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,929 3.45 8.27Total 33,651,318.94 33,340,917.12 33,309,481.21 (31,435.91) 781 100.00 1.88 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.36Corporate Bonds 41.72Government Agencies 32.50Government Bonds 21.96Municipal/Provincial Bonds 3.45 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of November 30, 2021

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 3,017,156.50 8.9790 to 179 days 1,631,906.00 4.85180 days to 1 year 601,716.00 1.791 to 2 years 9,275,440.59 27.562 to 3 years 17,242,910.79 51.243 to 4 years 722,889.06 2.154 to 5 years 0.00 0.00Over 5 years 1,159,300.00 3.45 33,651,318.94 100.00
Maturity distribution

0.005.00

10.0015.0020.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of November 30, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 122,676.20 122,676.20 122,676.20 0.00 0.00 0.36 122,676.20 Total Cash and Cash Equivalents 122,676.20 122,676.20 122,676.20 122,676.20 0.00 0.36 0.00Corporate Bonds717081DZ3 PFIZER INC 2.2% 15DEC2021 2.200 12/15/2021 503,615.00 500,075.42 266.74 5,041.67 1. 500,000.00 500,342.16 500258M0EG0 2.700 03/03/2022 714,231.00 702,798.76 (138.42) 4,567.50 01/31/2022
AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 700,000.00 702,660.34 2.12(CALLABLE 31JAN22) 46647PBB1 3.207 04/01/2023 615,576.00 605,728.56 (554.70) 3,153.55 04/01/2022
JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 600,000.00 605,173.86 1.8301APR22) 931142DH3 2.550 04/11/2023 509,155.00 503,072.10 7,818.35 1,735.42 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 510,890.45 1.51 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 502,700.41 9,324.97 900.00 1. 500,000.00 512,025.38 5102665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,022,507.14 (5,930.48) 1, 1,000,000.00 1,016,576.66 083.33 3.07 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 711,064.35 (4,174.24) 2,493. 700,000.00 706,890.11 75 2.12 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,066,900.72 (10,988.90) 6 1,000,000.00 1,055,911.82 25.00 3.23 06051GHC6 3.004 12/20/2023 525,795.00 512,470.87 (1,205.91) 6,675.56 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 511,264.96 1.56(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,396.34 (4,147.65) 834.00 480,000.00 475,248.69 1.42 8 SECURITIES HELD
As of November 30, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Corporate Bonds24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,967.60 (9,442.67) 1, 1,000,000.00 991,524.93 662.50 2.98 17325FAS7 3.650 01/23/2024 541,470.00 532,883.90 (5,115.85) 6,438.19 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 527,768.05 1.61 693475AV7 3.500 01/23/2024 957,939.00 937,915.54 7,360.00 11,112.50 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 945,275.54 2.8523DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,061,845.91 (11,485.59) 10,781.25 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,050,360.32 3.21 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,068,824.80 (11,798.67) 1 1,000,000.00 1,057,026.13 0,875.00 3.2388579YBB6 3.250 02/14/2024 541,935.00 530,425.77 (5,539.62) 4,784.72 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 524,886.15 1.61 713448CM8 3.600 03/01/2024 537,465.00 530,660.91 (2,889.57) 4,450.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 527,771.34 1.60 06051GHF9 3.550 03/05/2024 535,525.00 517,032.53 (629.83) 4,190.97 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 516,402.70 1.5905MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 521,745.86 (3,339.84) 1,828.93 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 518,406.02 1.5923APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 534,508.50 (5,194.04) 708.33 500,000.00 529,314.46 1.60 Total Corporate Bonds 13,380,000.00 14,040,447.40 13,843,525.99 13,785,720.07 (57,805.92) 4 83,942.17 1.72Government Agencies3137EADB2 FREDDIE MAC 2.375% 13JAN2022 2.375 01/13/2022 1,676,634.30 1,651,389.90 3,023.21 14,9 1,650,000.00 1,654,413.11 13.02 4.98 9 SECURITIES HELD
As of November 30, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 2.500 03/11/2022 1,016,330.00 1,001,667.67 5,161.37 5,48 1,000,000.00 1,006,829.04 6.11 3.02 3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 601,716.00 600,448.48 8,426.23 1,833.33 600,000.00 608,874.71 1.79 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,006,325.71 15,903.26 11, 1,000,000.00 1,022,228.97 875.00 3.03 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,021,364.01 20,331.02 6,2 1,000,000.00 1,041,695.03 29.17 3.11 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 610,803.43 13,797.25 4,791.6 600,000.00 624,600.68 7 1.85 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (9,604.97) 36 1,000,000.00 990,395.03 9.44 2.97 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (5,928.46) 1,526.39 12/23/2021
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 994,071.54 2.97(CALLABLE 23DEC21) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,793.32 (9,379.11) 396.67 01/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22) 1,200,000.00 1,190,414.21 3.57 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (9,298.49) 250.00 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 990,701.51 2.97(CALLABLE 06MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,902.16 16,969.49 5,395.8 750,000.00 768,871.65 3 2.24 Total Government Agencies 10,800,000.00 10,937,863.07 10,843,694.68 10,893,095.48 49,400.80 32. 53,066.63 50Government Bonds912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 762,072.83 754,245.26 8,703.96 0.00 2.26 750,000.00 762,949.22 10 SECURITIES HELD
As of November 30, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,092.77 (5,952.15) 10 1,000,000.00 994,140.62 3.59 2.97 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 655,633.57 14,602.76 0.00 1.9 650,000.00 670,236.33 7 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,194,946.39 (6,055.76) 68 1,200,000.00 1,188,890.63 8.53 3.55 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,942.57 (8,169.13) 47 1,000,000.00 992,773.44 3.90 2.9891282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,452.12 (8,584.93) 103.59 1,000,000.00 988,867.19 2.969128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,047,111.81 (9,924.31) 3, 1,000,000.00 1,037,187.50 561.13 3.13912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 721,295.76 (7,651.23) 0.00 2. 700,000.00 713,644.53 15 Total Government Bonds 7,300,000.00 7,391,032.27 7,371,720.25 7,348,689.46 (23,030.79) 21.9 4,930.74 6Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 14,877.6 1,159,300.00 1,159,300.00 8 3.45 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3.45 14,877.68Grand total 32,761,976.20 33,651,318.94 33,340,917.12 (31,435.91) 33,309,481.21 156,817.22 100.00 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 30, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 2.26 762,949.22 2.29 0.9991282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.97 994,140.62 2.98 1.95912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.97 670,236.33 2.01 1.9691282CBA8 USA 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 2.0391282CBV2 USA 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 2.3691282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.96 988,867.19 2.97 2.459128282Y5 USA 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 2.75912828YV6 USA 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 total 7,300,000.00 7,391,032.27 21.96 7,348,689.46 22.06 2.20Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 1.79 608,874.71 1.83 0.843135G0U43 FANNIE 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 1.743135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.85 624,600.68 1.88 2.123136G46B4 FANNIE 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 1.693135G0V75 FANNIE 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 total 4,150,000.00 4,223,658.77 12.55 4,234,456.28 12.71 1.79Federal Home Loan Banks313378WG2 FEDERAL 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 0.283130A3KM5 FEDERAL 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 1.003130AMQQ FEDERAL 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 total 3,000,000.00 3,037,570.00 9.03 3,023,129.55 9.08 0.97Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.97 990,395.03 2.97 2.38 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 30, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal Farm Credit Banks Funding Corp3133EMYR7 FEDERAL 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 total 2,000,000.00 2,000,000.00 5.94 1,981,096.54 5.95 2.12Federal Home Loan Mortgage Corp3137EADB2 FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.00 1,676,634.30 4.98 1,654,413.11 4.97 0.12 Issuer total 1,650,000.00 1,676,634.30 4.98 1,654,413.11 4.97 0.12 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 2.12 706,890.11 2.12 1.7189236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.42 475,248.69 1.43 2.10 Issuer total 1,180,000.00 1,194,301.40 3.55 1,182,138.80 3.55 1.87 PT. SAN ASSESS DISTRICT888599LS4 PT. 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 8.27 Issuer total 1,159,300.00 1,159,300.00 3.45 1,159,300.00 3.48 8.27 JPMorgan Chase & Co46647PBB1 JPMORGAN 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 0.3346647PAP1 JPMORGAN 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 1.36 Issuer total 1,100,000.00 1,149,816.00 3.42 1,123,579.88 3.37 0.81 International Business Machines Corp459200HU8 IBM 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 2.11 Issuer total 1,000,000.00 1,086,900.00 3.23 1,057,026.13 3.17 2.11 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 3.23 1,055,911.82 3.17 1.92 Issuer total 1,000,000.00 1,086,390.00 3.23 1,055,911.82 3.17 1.92 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 30, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
US Bancorp91159HHV5 US 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 2.03 Issuer total 1,000,000.00 1,079,130.00 3.21 1,050,360.32 3.15 2.03 Pfizer Inc717081DZ3 PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 1.50 500,342.16 1.50 0.04717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.60 529,314.46 1.59 2.37 Issuer total 1,000,000.00 1,040,775.00 3.09 1,029,656.62 3.09 1.24 Bank of America Corp06051GHC6 BANK 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 1.0306051GHF9 BANK 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 1.23 Issuer total 1,000,000.00 1,061,320.00 3.15 1,027,667.66 3.09 1.13 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 3.07 1,016,576.66 3.05 1.42 Issuer total 1,000,000.00 1,031,510.00 3.07 1,016,576.66 3.05 1.42 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.98 991,524.93 2.98 2.11 Issuer total 1,000,000.00 1,001,230.00 2.98 991,524.93 2.98 2.11 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.85 945,275.54 2.84 1.99 Issuer total 900,000.00 957,939.00 2.85 945,275.54 2.84 1.99 American Express Credit Corp0258M0EG0 AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 2.12 702,660.34 2.11 0.17 Issuer total 700,000.00 714,231.00 2.12 702,660.34 2.11 0.17 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 30, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
PepsiCo Inc713448CM8 PEPSICO 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 1.97 Issuer total 500,000.00 537,465.00 1.60 527,771.34 1.58 1.97 Citibank NA17325FAS7 CITIBANK 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 1.99 Issuer total 500,000.00 541,470.00 1.61 527,768.05 1.58 1.99 3M Co88579YBB6 3M 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 2.06 Issuer total 500,000.00 541,935.00 1.61 524,886.15 1.58 2.06 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 1.51 512,025.38 1.54 1.40 Issuer total 500,000.00 506,880.00 1.51 512,025.38 1.54 1.40 Walmart Inc931142DH3 WALMART 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 1.12 Issuer total 500,000.00 509,155.00 1.51 510,890.45 1.53 1.12 Cash and Cash Equivalents
INVESTED CASH 0.000 122,676.20 122,676.20 0.00 122,676.20 0.37 0.00 Issuer total 122,676.20 122,676.20 0.00 122,676.20 0.37 0.00 Grand total 32,761,976.20 33,651,318.94 100.00 33,309,481.21 100.00 1.88 15 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2021 - November 30, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 0.39 0.39
Total Cash 0.00 0.00 0.00 0.39 0.39Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (1,840.60) 1,309.03 0.00 0258M0EG0 AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22) (1,470.54) 0.00 (1,450.06) 1,522.50 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (3,969.78) 1,570.83 9,750.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (1,999.41) 966.67 6,000.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (1,824.21) 1,209.95 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.03) 0.00 (2,191.38) 1,429.86 0.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.95) 0.00 (8,322.57) 3,020.83 18,750.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.74) 0.00 (1,920.02) 1,470.13 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (4,668.62) 2,920.14 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 (3,125.49) 362.50 0.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) (1,420.30) 0.00 (1,437.68) 1,550.05 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (1,981.75) 1,433.49 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (1,758.10) 1,450.00 0.00 717081DZ3 PFIZER INC 2.2% 15DEC2021 (150.83) 0.00 (836.97) 886.11 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (2,984.95) 1,369.44 8,500.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (4,849.29) 2,537.50 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 (1,143.40) 174.00 0.00 16 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2021 - November 30, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 (2,233.21) 761.25 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,539.37) 0.00 (4,803.72) 2,718.75 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (2,369.07) 1,027.09 0.00 Total Corporate Bonds (23,133.84) (55,710.28) 43,000.00 0.00 29,690.12Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22) 7.40 0.00 (1,432.95) 338.34 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (2,020.97) 1,057.29 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (44.12) 0.00 (1,298.10) 966.66 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (1,245.40) 1,208.34 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (2,155.84) 2,315.98 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (1,322.10) 281.94 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22) 0.00 0.00 (4,739.91) 302.08 1,875.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC21) 0.00 0.00 (1,186.18) 281.95 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 (3,199.97) 2,013.89 0.00 313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 (495.35) 0.00 (1,820.71) 2,013.89 0.00 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 (1,002.02) 0.00 (2,903.65) 3,156.77 0.00 Total Government Agencies (3,520.80) (23,325.78) 1,875.00 0.00 13,937.13Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 203.50 0.00 (328.11) 122.96 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 85.21 0.00 (625.00) 205.49 1,250.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2021 - November 30, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CAW1 USA TREASURY 0.25% 15NOV2023 (3.90) 0.00 (390.63) 205.49 1,250.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (32.61) 0.00 (390.62) 309.06 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (582.92) 0.00 (1,367.19) 860.66 5,250.00 912828M80 USA TREASURY 2% 30NOV2022 (348.93) 0.00 (1,845.70) 1,229.51 7,500.00 912828U57 USA TREASURY 2.125% 30NOV2023 (231.51) 0.00 (1,142.57) 1,132.17 6,906.25 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,365.56) 0.00 (2,226.56) 1,751.38 0.00 Total Government Bonds (2,276.72) 0.00 (8,316.38) 22,156.25 5,816.72Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,902.87 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,902.87 0.00Grand total (28,931.36) (87,352.44) 67,031.64 0.00 54,347.23 18 TRANSACTION REPORT
For the period November 1, 2021 - November 30, 2021

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
11/03/2021 6,000.0011/03/2021
037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/ Income 03/2023 500,000.00 0.00 6,000.00 0.00 11/06/2021 1,875.0011/06/2021
3133EMYR7 Government Agencies FEDERAL FARM CREDIT BAN Income K 05/06/2024 1,000,000.00 0.00 1,875.00 0.00 11/10/2021 9,750.0011/10/2021
02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10 Income /2023 1,000,000.00 0.00 9,750.00 0.00 11/15/2021 8,500.0011/15/2021
717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05 Income /15/2024 500,000.00 0.00 8,500.00 0.00 11/15/2021 1,250.0011/15/2021
91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/20 Income 23 1,000,000.00 0.00 1,250.00 0.00 11/15/2021 1,250.0011/15/2021
91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/20 Income 24 1,000,000.00 0.00 1,250.00 0.00 11/24/2021 18,750.0011/24/2021
14912L5X5 Corporate Bonds CATERPILLAR FINANCIAL SE 11/ Income 24/2023 1,000,000.00 0.00 18,750.00 0.00 11/30/2021 7,500.0011/30/2021
912828M80 Government Bonds USA TREASURY 2% 30NOV2022 1 Income 1/30/2022 750,000.00 0.00 7,500.00 0.00 11/30/2021 6,906.2511/30/2021
912828U57 Government Bonds USA TREASURY 2.125% 11/30/2 Income 023 650,000.00 0.00 6,906.25 0.00 11/30/2021 5,250.0011/30/2021
912828YV6 Government Bonds USA TREASURY 1.5% 11/30/202 Income 4 700,000.00 0.00 5,250.00 0.00 11/30/2021 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 0.39 0.39 19 ADDITIONAL INFORMATION
As of November 30, 2021

SAN RAFAEL
Past 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 get back 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 for your 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 be duplicated, 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 clients Investment 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 be referred 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 of the 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 general information 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 account should 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 will remain 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 be profitable 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 of Moody’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 INFORMATION
As of November 30, 2021

SAN RAFAEL
Insight 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 reference the 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 York Mellon 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 and disclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved. 21 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELDecember 2021 Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 13Securities purchased 18Securities sold and matured 20Detail of return and interest received 21Transaction report 25Additional information 27

FIXED INCOME MARKET REVIEW
As of December 31, 2021

SAN RAFAEL
Chart 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, 2021 Economic 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
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0 2021 2022 2023
Dec 2020 and March 2021 Meetings - June 2021 Meeting
- - - Septerrber 2021 Meeting --- Decerrber 2021 Meeting 16 14
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8 6
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0 2016 2017 2018 2019 2020
--Unemployment rate (%)
2024
2021

ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 33,340,917.12
Income received (22,466.10)
Total receipts (22,466.10)
Expenses paid (200.94)
Total disbursements (200.94)
Interportfolio transfers 12,600,000.00
Total Interportfolio transfers 12,600,000.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (31,120.21)Total OID/MKT accretion income 400.72 Return of capital 0.00
Closing balance 45,887,530.59Ending fair value 45,813,287.78 Unrealized gain (loss) (74,242.81)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.04 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 cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 60,160.93Accretion (amortization) (30,719.49)Realized gain (loss) on sales 0.00Total income on portfolio 29,441.44Average daily amortized cost 38,001,726.41Period return (%)Weighted average final maturity in days 680YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 1.04 0.00 1.04 0.00Corporate Bonds 31,937.71 (23,409.60) 8,528.11 0.00Government Agencies 15,110.80 (3,548.25) 11,562.55 0.00Government Bonds 7,870.37 (3,761.64) 4,108.73 0.00Municipal/Provincial Bonds 5,241.01 0.00 5,241.01 0.00Total 60,160.93 (30,719.49) 0.00 29,441.44

0.081.33
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 33,309,481.21
Income received (22,466.10)
Total receipts (22,466.10)
Expenses paid (200.94)
Total disbursements (200.94)
Interportfolio transfers 12,600,000.00
Total Interportfolio transfers 12,600,000.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (73,526.39) Ending fair value 45,813,287.78
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.04 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 cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash 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 5,241.01Total 60,160.93 (73,526.39) (13,365.46) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 60,160.93Total income on portfolio (13,365.46)Average daily total value * 38,114,492.10Period return (%) (0.04)Weighted average final maturity in days 680Change in fair value (73,526.39)YTD return (%) (0.25)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Cash and Cash Equivalents 160,461.81 160,461.81 160,461.81 0.00 1 0.35 0.00Corporate Bonds 14,057,262.40 13,840,546.39 13,782,838.32 (57,708.07) 660 30.41 1.57Government Agencies 12,844,806.57 12,747,089.93 12,774,394.68 27,304.75 526 27.79 1.31Government Bonds 18,003,206.12 17,980,132.46 17,936,292.97 (43,839.49) 604 38.95 1.63Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,898 2.51 8.18Total 46,225,036.90 45,887,530.59 45,813,287.78 (74,242.81) 680 100.00 1.68 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.35Corporate Bonds 30.41Government Agencies 27.79Government Bonds 38.95Municipal/Provincial Bonds 2.51 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 3,567,657.11 7.7290 to 179 days 615,576.00 1.33180 days to 1 year 7,587,047.22 16.411 to 2 years 17,169,690.37 37.142 to 3 years 16,125,766.20 34.893 to 4 years 0.00 0.004 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.51 46,225,036.90 100.00
Maturity distribution

0.005.00

10.0015.0020.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 160,461.81 160,461.81 160,461.81 0.00 0.00 0.35 160,461.81 Total Cash and Cash Equivalents 160,461.81 160,461.81 160,461.81 160,461.81 0.00 0.35 0.00Corporate Bonds0258M0EG0 2.700 03/03/2022 714,231.00 701,423.10 (238.06) 6,195.00 01/31/2022
AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 700,000.00 701,185.04 1.55(CALLABLE 31JAN22) 46647PBB1 3.207 04/01/2023 615,576.00 604,308.26 (724.54) 4,810.50 04/01/2022
JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 600,000.00 603,583.72 1.3301APR22) 931142DH3 2.550 04/11/2023 509,155.00 502,842.26 8,170.34 2,833.33 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 511,012.60 1.10 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 502,542.49 9,422.28 1,933.33 500,000.00 511,964.77 1.10 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,021,208.65 (5,354.96) 2, 1,000,000.00 1,015,853.69 762.50 2.23 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 519,820.15 8.53 5,855.56 1.13 500,000.00 519,828.68 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 710,533.26 (4,272.49) 3,307. 700,000.00 706,260.77 50 1.55 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,064,089.76 (10,086.55) 3 1,000,000.00 1,054,003.21 ,854.17 2.35 06051GHC6 3.004 12/20/2023 525,795.00 511,486.32 (1,121.42) 458.94 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 510,364.90 1.14(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,420.14 (3,414.26) 1,020. 480,000.00 476,005.88 00 1.04 8 SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Corporate Bonds24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,929.75 (10,438.44) 2 1,000,000.00 990,491.31 ,050.00 2.17 17325FAS7 3.650 01/23/2024 541,470.00 531,556.15 (5,536.84) 8,009.72 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 526,019.31 1.17 693475AV7 3.500 01/23/2024 957,939.00 936,384.62 6,138.34 13,825.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 942,522.96 2.0723DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,059,470.37 (11,045.45) 13,687.50 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,048,424.92 2.33 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,066,217.80 (11,925.33) 1 1,000,000.00 1,054,292.47 3,996.53 2.3588579YBB6 3.250 02/14/2024 541,935.00 529,231.04 (6,515.18) 6,184.03 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 522,715.86 1.17 713448CM8 3.600 03/01/2024 537,465.00 529,385.15 (2,388.31) 6,000.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 526,996.84 1.16 06051GHF9 3.550 03/05/2024 535,525.00 515,909.51 (1,011.63) 5,719.44 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 514,897.88 1.1605MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 520,448.89 (3,713.99) 3,361.28 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 516,734.90 1.1623APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 533,338.72 (3,660.11) 2,172. 500,000.00 529,678.61 22 1.16 Total Corporate Bonds 13,380,000.00 14,057,262.40 13,840,546.39 13,782,838.32 (57,708.07) 3 108,036.55 0.41Government Agencies3137EADB2 FREDDIE MAC 2.375% 13JAN2022 2.375 01/13/2022 1,676,634.30 1,650,452.52 618.25 18,287 1,650,000.00 1,651,070.77 .50 3.63 9 SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 2.500 03/11/2022 1,016,330.00 1,001,172.33 3,362.30 7,63 1,000,000.00 1,004,534.63 8.89 2.20 3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,258,999.11 6,884.12 5,97 1,250,000.00 1,265,883.23 2.22 2.733130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,005,811.43 14,036.03 1,5 1,000,000.00 1,019,847.46 27.78 2.21 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,257.12 (1,050.34) 92 1,250,000.00 1,247,206.78 4.48 2.703135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,020,365.69 16,612.18 8,7 1,000,000.00 1,036,977.87 04.86 2.27 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 610,390.56 10,957.62 6,083.3 600,000.00 621,348.18 3 1.34 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (5,880.25) 67 1,000,000.00 994,119.75 0.83 2.16 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (7,668.76) 77.78 03/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 992,331.24 2.16(CALLABLE 23MAR22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,800.24 (14,129.46) 758.33 01/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22) 1,200,000.00 1,185,670.78 2.60 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (11,178.01) 572.92 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 988,821.99 2.16(CALLABLE 06MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,840.93 14,741.07 6,526.0 750,000.00 766,582.00 4 1.63 Total Government Agencies 12,700,000.00 12,844,806.57 12,747,089.93 12,774,394.68 27,304.75 27. 57,744.96 79 10 SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds912828ZX1 USA TREASURY 0.125% 30JUN2022 0.125 06/30/2022 999,808.04 999,812.19 (202.81) 0.00 2.16 1,000,000.00 999,609.38 9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,260,601.37 (591.61) 10,0 1,250,000.00 1,260,009.76 45.86 2.73 91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,248,964.12 (624.27) 394. 1,250,000.00 1,248,339.85 92 2.70912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,261,471.31 6,643.93 2,12 1,250,000.00 1,268,115.24 9.12 2.75912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,011,406.72 (508.28) 6,88 1,000,000.00 1,010,898.44 8.59 2.19912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,263,621.91 (584.80) 6,44 1,250,000.00 1,263,037.11 5.31 2.73912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,313.00 77.62 1,477.9 1,000,000.00 1,000,390.62 0 2.169128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,265,738.02 (845.44) 5,79 1,250,000.00 1,264,892.58 2.47 2.7491282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,088.75 (8,213.75) 31 1,000,000.00 991,875.00 7.68 2.16912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 655,394.33 12,125.20 1,176.3 650,000.00 667,519.53 4 1.43 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,195,156.67 (8,797.30) 65 1,200,000.00 1,186,359.37 .93 2.58 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,908.87 (10,752.62) 7 1,000,000.00 990,156.25 93.27 2.17 11 SECURITIES HELD
As of December 31, 2021

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,540.17 (10,977.67) 317.6 1,000,000.00 986,562.50 8 2.16 912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,037,853.11 701.58 8,906. 1,000,000.00 1,038,554.69 25 2.259128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,045,700.73 (12,810.11) 5 1,000,000.00 1,032,890.62 ,370.88 2.28912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,014,867.77 1,030.67 2,52 1,000,000.00 1,015,898.44 7.62 2.20 912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 720,693.42 (9,509.83) 894.23 700,000.00 711,183.59 1.56 Total Government Bonds 17,800,000.00 18,003,206.12 17,980,132.46 17,936,292.97 (43,839.49) 3 53,544.05 8.95Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 20,118.6 1,159,300.00 1,159,300.00 9 2.51 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.51 20,118.69Grand total 45,199,761.81 46,225,036.90 45,887,530.59 (74,242.81) 45,813,287.78 239,444.25 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond912828ZX1 USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.16 999,609.38 2.18 0.509128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.73 1,260,009.76 2.75 0.5391282CAN1 USA 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 0.75912828M80 USA 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 0.91912828Z29 USA 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 1.03912828Z86 USA 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 1.11912828ZD5 USA 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 1.199128282D1 USA 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 1.6491282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.16 991,875.00 2.17 1.87912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 667,519.53 1.46 1.8891282CBA8 USA 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 1.9591282CBV2 USA 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 2.2791282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.16 986,562.50 2.15 2.36912828D56 USA 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 2.539128282Y5 USA 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 2.67912828YM6 USA 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 2.77912828YV6 USA 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 total 17,800,000.00 18,003,206.12 38.95 17,936,292.97 39.15 1.63Federal National Mortgage Association3135G0T78 FANNIE 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 0.763135G0U43 FANNIE 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 1.663135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 621,348.18 1.36 2.033136G46B4 FANNIE 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 1.93 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal National Mortgage Association3135G0V75 FANNIE 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 total 4,800,000.00 4,882,378.52 10.56 4,876,462.06 10.64 1.66Federal Home Loan Banks313378WG2 FEDERAL 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 0.193130A3KM5 FEDERAL 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 0.933130AMQQ FEDERAL 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 total 3,000,000.00 3,037,570.00 6.57 3,016,713.33 6.58 0.94Federal Home Loan Mortgage Corp3137EADB2 FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.00 1,676,634.30 3.63 1,651,070.77 3.60 0.043137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.70 1,247,206.78 2.72 1.29Issuer total 2,900,000.00 2,924,858.05 6.33 2,898,277.55 6.33 0.57Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 994,119.75 2.17 2.293133EMYR7 FEDERAL 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 1.89 Issuer total 2,000,000.00 2,000,000.00 4.33 1,982,941.74 4.33 2.09 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.55 706,260.77 1.54 1.6389236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.04 476,005.88 1.04 2.01 Issuer total 1,180,000.00 1,194,301.40 2.58 1,182,266.65 2.58 1.78 PT. SAN ASSESS DISTRICT888599LS4 PT. 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 8.18 Issuer total 1,159,300.00 1,159,300.00 2.51 1,159,300.00 2.53 8.18 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
JPMorgan Chase & Co46647PBB1 JPMORGAN 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 0.2546647PAP1 JPMORGAN 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 1.28 Issuer total 1,100,000.00 1,149,816.00 2.49 1,120,318.62 2.45 0.73 International Business Machines Corp459200HU8 IBM 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 2.02 Issuer total 1,000,000.00 1,086,900.00 2.35 1,054,292.47 2.30 2.02 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.35 1,054,003.21 2.30 1.84 Issuer total 1,000,000.00 1,086,390.00 2.35 1,054,003.21 2.30 1.84 US Bancorp91159HHV5 US 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 1.94 Issuer total 1,000,000.00 1,079,130.00 2.33 1,048,424.92 2.29 1.94 Bank of America Corp06051GHC6 BANK 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 0.9606051GHF9 BANK 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 1.14 Issuer total 1,000,000.00 1,061,320.00 2.30 1,025,262.78 2.24 1.05 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.23 1,015,853.69 2.22 1.34 Issuer total 1,000,000.00 1,031,510.00 2.23 1,015,853.69 2.22 1.34 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.17 990,491.31 2.16 2.03 Issuer total 1,000,000.00 1,001,230.00 2.17 990,491.31 2.16 2.03 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.07 942,522.96 2.06 1.91 Issuer total 900,000.00 957,939.00 2.07 942,522.96 2.06 1.91 American Express Credit Corp0258M0EG0 AMERICAN EXPRESS 2.700 03/03/2022 01/31/2022 A- A2 700,000.00 714,231.00 1.55 701,185.04 1.53 0.08 Issuer total 700,000.00 714,231.00 1.55 701,185.04 1.53 0.08 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 529,678.61 1.16 2.29 Issuer total 500,000.00 537,160.00 1.16 529,678.61 1.16 2.29 PepsiCo Inc713448CM8 PEPSICO 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 1.87 Issuer total 500,000.00 537,465.00 1.16 526,996.84 1.15 1.87 Citibank NA17325FAS7 CITIBANK 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 1.90 Issuer total 500,000.00 541,470.00 1.17 526,019.31 1.15 1.90 3M Co88579YBB6 3M 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 1.97 Issuer total 500,000.00 541,935.00 1.17 522,715.86 1.14 1.97 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.13 519,828.68 1.13 1.58 Issuer total 500,000.00 520,430.00 1.13 519,828.68 1.13 1.58 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2021

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.10 511,964.77 1.12 1.32 Issuer total 500,000.00 506,880.00 1.10 511,964.77 1.12 1.32 Walmart Inc931142DH3 WALMART 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 1.03 Issuer total 500,000.00 509,155.00 1.10 511,012.60 1.12 1.03 Cash and Cash Equivalents
INVESTED CASH 0.000 160,461.81 160,461.81 0.00 160,461.81 0.35 0.00 Issuer total 160,461.81 160,461.81 0.00 160,461.81 0.35 0.00 Grand total 45,199,761.81 46,225,036.90 100.00 45,813,287.78 100.00 1.68 17 SECURITIES PURCHASED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds742718EB1 12/13/2021 08/15/2023 500,000.00 104.09 (520,430.00) (5, 3.100 166.67) 12/15/2021
PROCTER & GAMBLE CO/THE 3.1%MERRILL LYNCH, PIERCE,
Total Corporate Bonds 500,000.00 (520,430.00) (5,166.67) Government Agencies3137EAEQ8 12/22/2021 04/20/2023 1,250,000.00 99.86 (1,248,223.75) 0.375 (820.31) 12/23/2021
FREDDIE MAC 0.375% 20APR2023NOMURA SECURITIES NEW YORK
3135G0T78 12/27/2021 10/05/2022 650,000.00 101.34 (658,719.75) (2, 2.000 997.22) 12/28/2021
FANNIE MAE 2% 05OCT2022WELLS FARGO BANK, N.A.

Total Government Agencies 1,900,000.00 (1,906,943.50) (3,817.53) Government Bonds9128287C8 12/22/2021 07/15/2022 1,250,000.00 100.89 (1,261,088.17 1.750 ) (9,570.31) 12/23/2021
USA TREASURY 1.75% 15JUL2022HSBC SECURITIES (USA) INC.
91282CAN1 12/22/2021 09/30/2022 1,250,000.00 99.91 (1,248,929.97) 0.125 (360.58) 12/23/2021
USA TREASURY 0.125% 30SEP2022HSBC SECURITIES (USA) INC. 912828Z86 12/22/2021 02/15/2023 1,250,000.00 101.11 (1,263,920.20 1.375 ) (6,071.67) 12/23/2021
USA TREASURY 1.375% 15FEB2023HSBC SECURITIES (USA) INC. 9128282D1 12/22/2021 08/31/2023 1,250,000.00 101.28 (1,265,970.98 1.375 ) (5,412.64) 12/23/2021
USA TREASURY 1.375% 31AUG2023HSBC SECURITIES (USA) INC. 912828ZX1 12/27/2021 06/30/2022 1,000,000.00 99.98 (999,808.04) (6 0.125 14.80) 12/28/2021
USA TREASURY 0.125% 30JUN2022NATWEST MARKETS PLC
912828M80 12/27/2021 11/30/2022 500,000.00 101.54 (507,677.46) (76 2.000 9.23) 12/28/2021
USA TREASURY 2% 30NOV2022MORGAN STANLEY AND CO., LLC
18 SECURITIES PURCHASED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Bonds912828Z29 12/27/2021 01/15/2023 1,000,000.00 101.15 (1,011,526.79 1.500 ) (6,766.30) 12/28/2021
USA TREASURY 1.5% 15JAN2023BARCLAYS CAPITAL
912828ZD5 12/27/2021 03/15/2023 1,000,000.00 100.03 (1,000,315.85 0.500 ) (1,436.46) 12/28/2021
USA TREASURY 0.5% 15MAR2023SOCIETE GENERALE
912828D56 12/27/2021 08/15/2024 1,000,000.00 103.80 (1,038,011.16 2.375 ) (8,712.64) 12/28/2021
USA TREASURY 2.375% 15AUG2024RBC DOMINION SECURITIES
912828YM6 12/27/2021 10/31/2024 1,000,000.00 101.49 (1,014,925.23 1.500 ) (2,403.31) 12/28/2021
USA TREASURY 1.5% 31OCT2024BNP PARIBAS PARIS
Total Government Bonds 10,500,000.00 (10,612,173.85) (42,117.94) Grand total Grand total 12,900,000.00 (13,039,547.35) (51,102.14) 19 SECURITIES SOLD AND MATURED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
Trade date Coupon Price
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Corporate Bonds717081DZ3 12/15/2021 (500,000.00) 503,615.00 500,000.00 0.00 500,0 2.200 00.00 0.00 0.00 12/15/2021
PFIZER INC 2.2% DUE 12-15-2021
Total (Corporate Bonds) (500,000.00) 503,615.00 500,000.00 500,000.00 0.00 0.00 Grand total (500,000.00) 503,615.00 500,000.00 500,000.00 0.00 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 1.04 1.04
Total Cash 0.00 0.00 0.00 1.04 1.04Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (2,170.29) 1,399.31 0.00 0258M0EG0 AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22) (1,375.66) 0.00 (1,475.30) 1,627.50 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (722.97) 1,679.17 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (60.61) 1,033.33 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.55) 0.00 (900.06) 1,293.38 7,510.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 (1,504.82) 1,528.47 0.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.96) 0.00 (1,908.61) 3,229.17 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (1,748.74) 1,571.53 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (2,733.66) 3,121.53 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 (1,033.62) 387.50 0.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) (1,420.30) 0.00 (1,590.14) 1,656.95 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (1,671.12) 1,532.35 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.76) 0.00 (774.50) 1,550.00 0.00 717081DZ3 PFIZER INC 2.2% DUE 12-15-2021 (75.42) 0.00 (342.16) 458.33 5,500.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 364.15 1,463.89 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.92) 0.00 (2,752.58) 2,712.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (609.85) 0.00 (601.32) 688.89 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 757.19 186.00 0.00 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 (629.34) 813.75 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.54) 0.00 (1,935.40) 2,906.25 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.84) 0.00 122.15 1,097.91 0.00 Total Corporate Bonds (23,409.60) (23,311.75) 13,010.00 0.00 31,937.71Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN22) 6.92 0.00 (4,743.43) 361.66 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (2,289.65) 1,130.21 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (169.12) 0.00 (1,711.23) 1,141.67 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (3,252.50) 1,291.66 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (4,717.16) 2,475.69 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 3,724.72 301.39 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22) 0.00 0.00 (1,879.52) 322.92 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR22) 0.00 0.00 (1,740.30) 301.39 1,750.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.28) 0.00 (2,381.51) 2,152.78 12,500.00 313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 (495.34) 0.00 (2,294.41) 2,152.78 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 33.37 0.00 (1,016.97) 104.17 0.00 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 (937.38) 0.00 (3,342.34) 3,374.48 0.00 Total Government Agencies (3,548.25) (25,644.30) 14,250.00 0.00 15,110.80 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CBA8 USA TREASURY 0.125% 15DEC2023 210.28 0.00 (2,531.26) 127.40 750.00 912828ZX1 USA TREASURY 0.125% 30JUN2022 4.15 0.00 (198.66) 10.20 625.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 34.15 0.00 (590.12) 34.34 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.05 0.00 (2,304.69) 214.09 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 (2,265.62) 214.09 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 (2,617.19) 319.37 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (2.85) 0.00 74.77 41.44 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (298.29) 0.00 (883.09) 373.64 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (232.96) 0.00 (1,078.40) 379.83 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (120.07) 0.00 (628.35) 122.29 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 (2,460.94) 894.23 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (57.46) 0.00 973.21 124.31 0.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (486.80) 0.00 (1,078.41) 475.55 0.00 912828M80 USA TREASURY 2% 30NOV2022 (451.41) 0.00 (2,511.44) 1,359.89 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.24) 0.00 (2,716.80) 1,176.34 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 (4,296.88) 1,809.75 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (158.05) 0.00 543.53 193.61 0.00 Total Government Bonds (3,761.64) (24,570.34) 1,375.00 0.00 7,870.37 23 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Municipal/Provincial Bonds
888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 5,241.01 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 5,241.01 0.00Grand total (30,719.49) (73,526.39) 28,636.04 0.00 60,160.93 24 TRANSACTION REPORT
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
12/09/2021 12,500.0012/09/2021
3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 1 Income 2/09/2022 1,000,000.00 0.00 12,500.00 0.00 12/13/2021 (5,166.67)12/15/2021
742718EB1 Corporate Bonds PROCTER & GAMBLE CO/THE 08/1 Bought 5/2023 500,000.00 (520,430.00) (525,596.67) 0.00 12/15/2021 5,500.0012/15/2021
717081DZ3 Corporate Bonds PFIZER INC 2.2% DUE 12/15/20 Income 21 500,000.00 0.00 5,500.00 0.00 12/15/2021 0.0012/15/2021
717081DZ3 Corporate Bonds PFIZER INC 2.2% DUE 12/15/20 Capital Change 21 (500,000.00) 500,000.00 500,000.00 0.00 12/15/2021 750.0012/15/2021
91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2 Income 023 1,200,000.00 0.00 750.00 0.00 12/20/2021 7,510.0012/20/2021
06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2 Income 023 500,000.00 0.00 7,510.00 0.00 12/22/2021 (820.31)12/23/2021
3137EAEQ8 Government Agencies FREDDIE MAC 0.375% 04/20 Bought /2023 1,250,000.00 (1,248,223.75) (1,249,044.06) 0.00 12/22/2021 (5,412.64)12/23/2021
9128282D1 Government Bonds USA TREASURY 1.375% 08/31/2 Bought 023 1,250,000.00 (1,265,970.98) (1,271,383.62) 0.00 12/22/2021 (9,570.31)12/23/2021
9128287C8 Government Bonds USA TREASURY 1.75% 07/15/20 Bought 22 1,250,000.00 (1,261,088.17) (1,270,658.48) 0.00 12/22/2021 (6,071.67)12/23/2021
912828Z86 Government Bonds USA TREASURY 1.375% 02/15/2 Bought 023 1,250,000.00 (1,263,920.20) (1,269,991.87) 0.00 12/22/2021 (360.58)12/23/2021
91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2 Bought 022 1,250,000.00 (1,248,929.97) (1,249,290.55) 0.00 12/23/2021 1,750.0012/23/2021
3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 0 Income 4/23/2024 1,000,000.00 0.00 1,750.00 0.00 12/27/2021 (2,997.22)12/28/2021
3135G0T78 Government Agencies FANNIE MAE 2% 05OCT2022 Bought 10/05/2022 650,000.00 (658,719.75) (661,716.97) 0.00 12/27/2021 (8,712.64)12/28/2021
912828D56 Government Bonds USA TREASURY 2.375% 08/15/2 Bought 024 1,000,000.00 (1,038,011.16) (1,046,723.80) 0.00 12/27/2021 (769.23)12/28/2021
912828M80 Government Bonds USA TREASURY 2% 30NOV2022 1 Bought 1/30/2022 500,000.00 (507,677.46) (508,446.69) 0.00 12/27/2021 (2,403.31)12/28/2021
912828YM6 Government Bonds USA TREASURY 1.5% 10/31/202 Bought 4 1,000,000.00 (1,014,925.23) (1,017,328.54) 0.00 12/27/2021 (6,766.30)12/28/2021
912828Z29 Government Bonds USA TREASURY 1.5% 01/15/202 Bought 3 1,000,000.00 (1,011,526.79) (1,018,293.09) 0.00 25 TRANSACTION REPORT
For the period December 1, 2021 - December 31, 2021

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
12/27/2021 (1,436.46)12/28/2021
912828ZD5 Government Bonds USA TREASURY 0.5% 03/15/202 Bought 3 1,000,000.00 (1,000,315.85) (1,001,752.31) 0.00 12/27/2021 (614.80)12/28/2021
912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2 Bought 022 1,000,000.00 (999,808.04) (1,000,422.84) 0.00 12/31/2021 625.0012/31/2021
912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2 Income 022 1,000,000.00 0.00 625.00 0.00 12/31/2021 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 1.04 1.04 26 ADDITIONAL INFORMATION
As of December 31, 2021

SAN RAFAEL
Past 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 get back 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 for your 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 be duplicated, 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 clients Investment 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 be referred 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 of the 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 general information 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 account should 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 will remain 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 be profitable 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 of Moody’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 INFORMATION
As of December 31, 2021

SAN RAFAEL
Insight 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 reference the 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 York Mellon 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 and disclaims all expressed or implied warranties in connection therewith.© 2021 Insight Investment. All rights reserved. 28