San Rafael City Council
June 21, 2022

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

Agenda Item No: 4.h
Meeting Date: June 21, 2022

SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Nadine Atieh Hade,
Finance Director
City Manager Approval: ______________
TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31, 2022
RECOMMENDATION: Accept investment report for the quarter ending March 31, 2022, as presented.

BACKGROUND: Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 7, 2021, staff provides the City Council with a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency.

The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment.

ANALYSIS: As of March 31, 2022, the primary LAIF account had a balance of $36,525,312. Portfolio returns on LAIF deposits were 0.37% for the quarter ending March 31, 2022. The remaining investment assets include the $1,159,300 balance of Pt. San Pedro Assessment District bonds, and $43,887,630 in government agency securities and corporate bonds (including JP Morgan Chase, Walmart Inc., Apple Inc., American Honda Finance, Chevron, Procter Gamble Co., Toyota, Caterpillar, Bank of America, Toyota, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, and Pfizer). The overall total portfolio returns for the quarter ending March 31, 2022 were 0.55%.

The City’s Westamerica general operating bank account had a balance of $8,121,649 at quarter end.

Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter.

FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest.

RECOMMENDATION: Accept investment report for the quarter ending March 31, 2022, as presented.

ATTACHMENTS:

Exhibit A:

1. Quarterly Investment Portfolio Report

2. Historical Activity by Quarter Report

3. Insight Investment Statements, January through March 2022 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT

LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD.

NADINE ATIEH HADE

FINANCE DIRECTOR
% Return
LAIF 36,525,312 $       97.5% 0.37%
LAIF ‐ RDA 155,252 $             0.4% 0.37%
LAIF ‐ RDA 02 TARB 770,363 $             2.1% 0.37%
Total Internally Managed 37,450,927 $       45.4%
Weighted Average Yield 0.37%
Days
Effective Average Duration ‐ Internal 1
Weighted Average Maturity ‐ Internal 1
% Return
Cash $              34,607 0.1% 0.02%
Treasury Securities 19,322,375 $       42.9% 0.54%
Instrumentality Securities 11,081,069 $       24.6% 0.95% Corporate Notes 13,449,548 $       29.9% 0.69%
Municipal 1,159,300 $          2.6% 5.25%
Total Externally Managed 45,046,900 $       54.6%
Weighted Average Yield 0.81%
Years
Effective Average Duration ‐ External 1.56
Weighted Average Maturity ‐ External 1.72
Total Portfolio Assets % Return
LAIF 37,450,927 $       45.4% 0.37%
Cash 34,607 $               0.0% 0.02%
Treasury Securities 19,322,375 $       23.4% 0.54%
Instrumentality Securities 11,081,069 $       13.4% 0.95% Corporate Notes 13,449,548 $       16.3% 0.69%
Municipal 1,159,300 $          1.4% 5.25%
Total Portfolio Assets 82,497,827 $
Weighted Average Yield 0.61%
Years
Effective Average Duration ‐ Total 0.85
Weighted Average Maturity ‐ Total 0.94
Based on Market Values
March 31, 2022
City of Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF, 97.5%
LAIF ‐ RDA, 0.4%
LAIF ‐ RDA 02
TARB, 2.1%
Cash , 0.1%
Treasury
Securities,

42.9%
Instrumentality
Securities,

24.6%
Corporate
Notes, 29.9% Municipal, 2.6%
LAIF
45%
Cash
0%
Treasury
Securities
24%
Instrumentality
Securities
14%
Corporate Notes
16% Municipal
1%
Exhibit A
Internally Managed Assets % Return % Return % Return % Return % Return % Return LAIF 37,295,675 $ 99.6% 0.37% 37,272,941 $ 99.6% 0.21% 40,246,878 $ 99.6% 0.21% 45,213,641 $ 99.7% 0.26% 40,171,329 $ 99.6% 0.36% 35,129,481 $ 99.6% 0.54% LAIF ‐ Housing 155,252 $ 0.4% 0.37% 155,163 $ 0.4% 0.21% 155,068 $ 0.4% 0.21% 154,942 $ 0.3% 0.26% 154,773 $ 0.4% 0.36% 154,528 $ 0.4% 0.54% Total Internally Managed 37,450,927 $ 45.4% $ 37,428,104 45.0% $ 40,401,946 54.7% $ 45,368,583 57.5% $ 40,326,102 65.2% $ 35,284,009 61.5% Weighted Average Yield 0.37% 0.21% 0.21% 0.26% 0.36% 0.54% Externally Managed Assets % Return % Return % Return % Return % Return % Return Cash $ 34,607 3.0% 0.02% 160,462 $ 0.4% 0.02% 106,899 $ 9.2% 0.02% 56,088 $ 0.2% 0.01% 260,338 $ 21.0% 0.01% 278,791 $ 22.5% 0.01% Treasury Securities 19,322,375 $ 42.9% 0.54% 17,936,293 $ 39.2% 0.51% 6,202,242 $ 18.5% 0.69% 4,439,182 $ 13.3% 0.70% 1,455,053 $ 6.8% 1.54% 1,464,113 $ 6.6% 1.54% Instrumentality Securities 11,081,069 $ 24.6% 0.95% 12,774,395 $ 27.9% 1.09% 12,058,266 $ 36.1% 1.23% 13,695,843 $ 40.9% 1.21% 11,757,213 $ 54.6% 1.54% 12,320,155 $ 55.9% 1.58% Corporate Notes 13,449,548 $ 29.9% 0.69% 13,782,838 $ 30.1% 0.65% 13,918,907 $ 41.6% 0.66% 14,048,276 $ 42.0% 0.68% 6,830,936 $ 31.7% 1.40% 6,747,102 $ 30.6% 2.02%Municipal/Assessment District 1,159,300 $ 2.6% 5.25% 1,159,300 $ 2.5% 5.25% 1,159,300 $ 3.5% 5.25% 1,239,200 $ 3.7% 5.25% 1,239,200 $ 5.8% 5.25% 1,239,200 $ 5.6% 5.25% Total Externally Managed 45,046,900 $ 54.6% $ 45,813,288 55.0% $ 33,445,614 45.3% $ 33,478,588 42.5% $ 21,542,739 34.8% $ 22,049,361 38.5% Weighted Average Yield 0.81% 0.83% 1.03% 1.07% 1.69% 1.90% Years Years Years Years Years Years
Effective Average Duration ‐ External 1.56 1.68 1.91 2.02 1.90 1.91 Weighted Average Maturity ‐ External 1.72 1.87 2.26 2.39 2.32 2.22 Total Portfolio Assets % Return % Return % Return % Return % Return % Return LAIF 37,450,927 $ 45.4% 0.37% 37,428,104 $ 45.0% 0.21% 40,401,946 $ 54.7% 0.21% 45,368,583 $ 57.5% 0.26% 40,326,102 $ 65.2% 0.36% 35,284,009 $ 61.5% 0.54% Cash 34,607 $ 0.0% 0.02% 160,462 $ 0.2% 0.02% 106,899 $ 0.1% 0.02% 56,088 $ 0.1% 0.01% 260,338 $ 0.4% 0.01% 278,791 $ 0.5% 0.01% Treasury Securities 19,322,375 $ 23.4% 0.54% 17,936,293 $ 21.5% 0.51% 6,202,242 $ 8.4% 0.69% 4,439,182 $ 5.6% 0.70% 1,455,053 $ 2.4% 1.54% 1,464,113 $ 2.6% 1.54% Instrumentality Securities 11,081,069 $ 13.4% 0.95% 12,774,395 $ 15.3% 1.09% 12,058,266 $ 16.3% 1.23% 13,695,843 $ 17.4% 1.21% 11,757,213 $ 19.0% 1.54% 12,320,155 $ 21.5% 1.58% Corporate Notes 13,449,548 $ 16.3% 0.69% 13,782,838 $ 16.6% 0.65% 13,918,907 $ 18.8% 0.66% 14,048,276 $ 17.8% 0.68% 6,830,936 $ 11.0% 1.40% 6,747,102 $ 11.8% 2.02% Municipal/Assessment District 1,159,300 $ 1.4% 5.25% 1,159,300 $ 1.4% 5.25% 1,159,300 $ 1.6% 5.25% 1,239,200 $ 1.6% 5.25% 1,239,200 $ 2.0% 5.25% 1,239,200 $ 2.2% 5.25% $ 82,497,826 $ 83,241,391 $ 73,847,559 $ 78,847,170 $ 61,868,840 $ 57,333,369 Total Portfolio Assets
Weighted Average Yield 0.61% 0.55% 0.58% 0.60% 0.82% 1.06% Years Years Years Years Years Years
Effective Average Duration ‐ Total 0.85 0.93 0.87 0.86 0.66 0.74 Weighted Average Maturity ‐ Total 0.94 1.03 1.03 1.02 0.81 0.86 Performance Recap‐The weighted average quarterly portfolio yield increased from 0.55% to 0.61% during the past quarter. Yields are beginning to rise as the Federal Reserve increases interest rates to combat inflation. ‐The effective average duration decreased, from 0.93 to 0.85 years since last quarter. ‐The total portfolio assets decreased by approximately $744 thousand during the quarter. This is reflective of losses on the fair value of fixed income securities purchased in December, when interest rates were at their lowest.

March 31, 2022
City of San Rafael
Historical Activity‐By Quarter
December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21‐22\09 ‐ March 2022\Insight‐Quarterly Report combined 03‐31‐22

FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJanuary 2022 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 19Detail of return and interest received 20Transaction report 24Additional information 25

FIXED INCOME MARKET REVIEW
As of January 31, 2022

SAN RAFAEL
Chart 1: Inflation hits another multi-decade highSource: Bloomberg, January 31, 2022Chart 2: Unemployment rate is back around pre-pandemic lowsSource: Bloomberg, January 31, 2022 Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) consolidated its hawkish pivot despite a volatile start to theyear for risk assets. It guided heavily toward a policy rate ‘lift off’ in March. ChairPowell also made clear the central bank’s intent to be ‘nimble’, indicating the hikingcycle will be implemented dynamically based on economic data with potentially lessclear forward guidance.The Fed also released principles for reducing the size of its balance sheet. Although itdid not provide a concrete timeframe for this quantitative tightening, it indicated thatgiven the sheer size of its balance sheet, it will allow assets to roll off its balance sheetfaster in absolute terms than it did in the last cycle. The Fed also indicated its policywill be to roll off its mortgage-backed securities (MBS) holdings faster than itsTreasury holdings.Headline CPI reached 7%, the highest since 1982 (Chart 1) and core inflation onceagain set a new post-1991 high at 5.5%. Although energy prices had reversedsomewhat, supply chains remained a factor, with used and new car price inflationremaining high. In terms of ‘sticky’ categories, shelter inflation was 0.4% month-onmonth, a significant level, but not an acceleration over the previous month.The labor market continued to tighten, with the Fed characterizing it as havingreached ‘maximum employment’ levels. The unemployment rate unexpectedly fellbelow 4% for the first time since the pandemic, leaving it comparable with prepandemic levels (Chart 2). Payrolls were below expectations for 450,000 at 199,000,but this was partially offset by 141,000 upward revisions to the prior two months.Wage growth was also stronger than expected, at 4.7% pa and broad-based, unlike inprevious months when it was more concentrated within the leisure and hospitalitysector.Interest Rate SummaryYields rose across the curve, particularly at the front end. At the end of December, the3-month US Treasury bill yielded 0.19%, the 6-month US Treasury bill yielded 0.47%,the 2-year US Treasury note yielded 1.18%, the 5-year US Treasury note yielded 1.61%and the 10-year US Treasury note yielded 1.78%. 3 10
8 6
4 2
0 -2
-4
1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 --CPI - - - Current level
16 14
12 10
8 6
4 2
0 2015 2016 2017 2018 2019 2020 2021
---Unemployment rate{%) - - - Current level

ACTIVITY AND PERFORMANCE SUMMARY
For the period January 1, 2022 - January 31, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 45,887,530.59
Income received 78,309.22
Total receipts 78,309.22
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (37,518.81)Total OID/MKT accretion income 1,217.92 Return of capital 0.00
Closing balance 45,929,288.92Ending fair value 45,559,662.52 Unrealized gain (loss) (369,626.40)
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 0.01Merrill Lynch 6m US Treas Bill 0.06 0.04 0.02ML 1 Year US Treasury Note 0.14 0.11 0.05ML 2 Year US Treasury Note 0.34 0.25 0.08ML 5 Year US Treasury Note 0.95 0.56 0.13 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 67,105.83Accretion (amortization) (36,300.89)Realized gain (loss) on sales 0.00Total income on portfolio 30,804.94Average daily amortized cost 45,902,677.76Period return (%)Weighted average final maturity in days 677YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 10.98 0.00 10.98 0.00Corporate Bonds 31,088.91 (24,094.16) 6,994.75 0.00Government Agencies 13,932.28 (3,797.88) 10,134.40 0.00Government Bonds 17,001.73 (8,408.85) 8,592.88 0.00Municipal/Provincial Bonds 5,071.93 0.00 5,071.93 0.00Total 67,105.83 (36,300.89) 0.00 30,804.94

0.070.07
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period January 1, 2022 - January 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 45,813,287.78
Income received 78,309.22
Total receipts 78,309.22
Expenses paid (250.00)
Total disbursements (250.00)
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 (331,684.48) Ending fair value 45,559,662.52
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 0.04 0.01 0.00ICE Bofa 6m US Treas Bill 0.03 (0.02) (0.05)ICE Bofa 1 Yr US Treasury Note (0.36) (0.46) (0.26)ICE BofA US Treasury 1-3 (1.22) (1.29) (0.65)ICE BofA US Treasury 1-5 (1.94) (1.92) (0.89) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 10.98 0.00 10.98Corporate Bonds 31,088.91 (126,802.96) (95,714.05)Government Agencies 13,932.28 (81,943.88) (68,011.60)Government Bonds 17,001.73 (122,937.64) (105,935.91)Municipal/Provincial Bonds 5,071.93 0.00 5,071.93Total 67,105.83 (331,684.48) (264,578.65) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 67,105.83Total income on portfolio (264,578.65)Average daily total value * 45,914,807.68Period return (%) (0.57)Weighted average final maturity in days 677Change in fair value (331,684.48)YTD return (%) (0.57)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of January 31, 2022

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 87,085.56 87,085.56 87,085.56 0.00 1 0.19 0.00Corporate Bonds 14,061,812.40 13,835,233.23 13,674,816.36 (160,416.87) 653 30.40 1.54Government Agencies 11,168,172.27 11,093,292.05 11,042,450.80 (50,841.25) 572 24.14 1.49Government Bonds 19,785,860.59 19,754,378.08 19,596,009.80 (158,368.28) 569 42.77 1.54Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,867 2.51 8.07Total 46,262,230.82 45,929,288.92 45,559,662.52 (369,626.40) 677 100.00 1.69 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.19Corporate Bonds 30.40Government Agencies 24.14Government Bonds 42.77Municipal/Provincial Bonds 2.51 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of January 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 1,718,991.56 3.7290 to 179 days 2,260,896.21 4.89180 days to 1 year 6,846,832.80 14.801 to 2 years 21,252,081.45 45.942 to 3 years 13,024,128.80 28.153 to 4 years 0.00 0.004 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.51 46,262,230.82 100.00
Maturity distribution

0.005.00

10.0015.0020.0025.00
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 January 31, 2022

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 87,085.56 87,085.56 87,085.56 0.00 0.00 0.19 87,085.56 Total Cash and Cash Equivalents 87,085.56 87,085.56 87,085.56 87,085.56 0.00 0.19 0.00Corporate Bonds46647PBB1 3.207 04/01/2023 615,576.00 602,887.95 (919.85) 6,414.00 04/01/2022
JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 600,000.00 601,968.10 1.3301APR22) 931142DH3 2.550 04/11/2023 509,155.00 502,612.43 4,461.69 3,895.83 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 507,074.12 1.10 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 502,384.58 5,555.79 2,933.33 500,000.00 507,940.37 1.10 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,019,910.16 (13,016.23) 4 1,000,000.00 1,006,893.93 ,387.50 2.23 166764AH3 3.191 06/24/2023 718,781.00 718,556.88 (1,713.70) 2,295.75 03/24/2023
CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 700,000.00 716,843.18 1.5524MAR23) 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 518,803.73 (4,207.05) 7,147. 500,000.00 514,596.68 22 1.12 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 710,002.17 (8,991.33) 4,095. 700,000.00 701,010.84 00 1.55 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,061,278.81 (18,092.38) 6 1,000,000.00 1,043,186.43 ,979.17 2.35 06051GHC6 3.004 12/20/2023 525,795.00 510,501.78 (2,909.44) 1,710.61 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 507,592.34 1.14(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,443.94 (8,419.83) 120.00 480,000.00 471,024.11 1.04 8 SECURITIES HELD
As of January 31, 2022

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 1,000,891.91 (18,257.88) 1 1,000,000.00 982,634.03 75.00 2.16 17325FAS7 3.650 01/23/2024 541,470.00 530,228.40 (9,660.45) 405.56 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 520,567.95 1.17 693475AV7 3.500 01/23/2024 957,939.00 934,853.72 (3,008.70) 700.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 931,845.02 2.0723DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,057,012.92 (21,439.10) 16,500.00 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,035,573.82 2.33 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,063,610.80 (23,810.97) 1 1,000,000.00 1,039,799.83 7,017.36 2.3588579YBB6 3.250 02/14/2024 541,935.00 528,036.32 (8,563.18) 7,538.19 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 519,473.14 1.17 713448CM8 3.600 03/01/2024 537,465.00 528,109.38 (7,911.15) 7,500.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 520,198.23 1.16 06051GHF9 3.550 03/05/2024 535,525.00 514,786.49 (3,618.82) 7,198.61 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 511,167.67 1.1605MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 519,151.92 (6,151.91) 4,844.19 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 513,000.01 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 532,168.94 (9,742.38) 3,588. 500,000.00 522,426.56 89 1.16 Total Corporate Bonds 13,380,000.00 14,061,812.40 13,835,233.23 13,674,816.36 (160,416.87) 105,446.21 30.40Government Agencies313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 2.500 03/11/2022 1,016,330.00 1,000,676.98 2,254.22 9,72 1,000,000.00 1,002,931.20 2.22 2.20 9 SECURITIES HELD
As of January 31, 2022

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 Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,258,017.39 3,897.19 8,05 1,250,000.00 1,261,914.58 5.56 2.72 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,005,297.14 7,811.58 3,61 1,000,000.00 1,013,108.72 1.11 2.213137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,368.37 (6,802.04) 1, 1,250,000.00 1,241,566.33 315.10 2.703135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,019,367.37 9,145.98 11,1 1,000,000.00 1,028,513.35 00.69 2.26 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 609,977.69 5,791.30 7,333.33 600,000.00 615,768.99 1.34 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (19,225.13) 9 1,000,000.00 980,774.87 62.50 2.16 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (15,900.35) 369.44 03/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 984,099.65 2.16(CALLABLE 23MAR22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,807.40 (24,239.16) 1,108.33 04/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22) 1,200,000.00 1,175,568.24 2.59 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (19,595.67) 885.42 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 980,404.33 2.16(CALLABLE 06MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,779.71 6,020.83 1,057.29 750,000.00 757,800.54 1.63 Total Government Agencies 11,050,000.00 11,168,172.27 11,093,292.05 11,042,450.80 (50,841.25) 2 45,520.99 4.14Government Bonds912828ZX1 USA TREASURY 0.125% 30JUN2022 0.125 06/30/2022 999,808.04 999,844.36 (977.17) 107.04 2. 1,000,000.00 998,867.19 16 10 SECURITIES HELD
As of January 31, 2022

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 Bonds9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,258,924.62 (1,600.39) 96 1,250,000.00 1,257,324.23 6.85 2.73 91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,081.75 (2,695.02) 52 1,250,000.00 1,246,386.73 7.99 2.70912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,260,406.61 2,728.15 4,25 1,250,000.00 1,263,134.76 8.24 2.74912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,010,476.17 (3,835.55) 66 1,000,000.00 1,006,640.62 2.98 2.19912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,262,594.47 (5,270.24) 7, 1,250,000.00 1,257,324.23 893.17 2.73912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,290.90 (4,197.15) 1, 1,000,000.00 996,093.75 906.08 2.16 91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 793,113.85 (2,863.85) 85.64 1 800,000.00 790,250.00 .71 91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 990,168.18 (3,683.80) 0.00 2. 1,000,000.00 986,484.38 14 9128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,264,935.58 (8,783.23) 7, 1,250,000.00 1,256,152.35 264.33 2.7491282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,084.73 (15,553.48) 5 1,000,000.00 984,531.25 31.77 2.16912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 655,155.10 6,372.25 2,352.68 650,000.00 661,527.35 1.43 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,195,366.96 (18,007.59) 1 1,200,000.00 1,177,359.37 93.68 2.58 11 SECURITIES HELD
As of January 31, 2022

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 Bonds91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,875.16 (19,312.66) 1 1,000,000.00 981,562.50 ,112.64 2.16 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,628.23 (20,128.23) 531.7 1,000,000.00 977,500.00 7 2.15 912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,036,628.22 (9,753.22) 10 1,000,000.00 1,026,875.00 ,906.93 2.249128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,044,289.65 (23,274.03) 7 1,000,000.00 1,021,015.62 ,180.63 2.27912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,014,422.46 (10,203.71) 3 1,000,000.00 1,004,218.75 ,812.16 2.19912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 720,091.08 (17,329.36) 1,788 700,000.00 702,761.72 .46 1.56 Total Government Bonds 19,600,000.00 19,785,860.59 19,754,378.08 19,596,009.80 (158,368.28) 52,083.04 42.77Municipal/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 25,190.6 1,159,300.00 1,159,300.00 2 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 25,190.62Grand total 45,276,385.56 46,262,230.82 45,929,288.92 (369,626.40) 45,559,662.52 228,240.86 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of January 31, 2022

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 2.16 998,867.19 2.19 0.419128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.73 1,257,324.23 2.76 0.4591282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.70 1,246,386.73 2.74 0.66912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,263,134.76 2.77 0.82912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.19 1,006,640.62 2.21 0.96912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.73 1,257,324.23 2.76 1.03912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 996,093.75 2.19 1.1191282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 790,250.00 1.73 1.4191282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.14 986,484.38 2.17 1.499128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.74 1,256,152.35 2.76 1.5691282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.16 984,531.25 2.16 1.78912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 661,527.35 1.45 1.7991282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.58 1,177,359.37 2.58 1.8691282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 981,562.50 2.15 2.1991282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.15 977,500.00 2.15 2.27912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 1,026,875.00 2.25 2.449128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 1,021,015.62 2.24 2.58912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 1,004,218.75 2.20 2.68912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 702,761.72 1.54 2.76Issuer total 19,600,000.00 19,785,860.59 42.77 19,596,009.80 43.01 1.54Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,261,914.58 2.77 0.673135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,028,513.35 2.26 1.573135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 615,768.99 1.35 1.94 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of January 31, 2022

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 Association3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 04/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.59 1,175,568.24 2.58 2.063135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.63 757,800.54 1.66 2.36Issuer total 4,800,000.00 4,882,378.52 10.55 4,839,565.70 10.62 1.63Federal Home Loan Banks313378WG2 FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 2.20 1,002,931.20 2.20 0.113130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.21 1,013,108.72 2.22 0.853130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 03/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 984,099.65 2.16 2.00Issuer total 3,000,000.00 3,037,570.00 6.57 3,000,139.57 6.59 0.98Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 980,774.87 2.15 2.203133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 980,404.33 2.15 2.05 Issuer total 2,000,000.00 2,000,000.00 4.32 1,961,179.20 4.30 2.13 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.70 1,241,566.33 2.73 1.21 Issuer total 1,250,000.00 1,248,223.75 2.70 1,241,566.33 2.73 1.21 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.55 701,010.84 1.54 1.5489236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.04 471,024.11 1.03 1.93 Issuer total 1,180,000.00 1,194,301.40 2.58 1,172,034.95 2.57 1.70 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 2.54 8.07 Issuer total 1,159,300.00 1,159,300.00 2.51 1,159,300.00 2.54 8.07 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of January 31, 2022

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 1.33 601,968.10 1.32 0.1646647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 513,000.01 1.13 1.19 Issuer total 1,100,000.00 1,149,816.00 2.49 1,114,968.11 2.45 0.64 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.35 1,043,186.43 2.29 1.75 Issuer total 1,000,000.00 1,086,390.00 2.35 1,043,186.43 2.29 1.75 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 1,039,799.83 2.28 1.93 Issuer total 1,000,000.00 1,086,900.00 2.35 1,039,799.83 2.28 1.93 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 1,035,573.82 2.27 1.86 Issuer total 1,000,000.00 1,079,130.00 2.33 1,035,573.82 2.27 1.86 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.14 507,592.34 1.11 0.8806051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.16 511,167.67 1.12 1.06 Issuer total 1,000,000.00 1,061,320.00 2.29 1,018,760.01 2.24 0.97 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.23 1,006,893.93 2.21 1.25 Issuer total 1,000,000.00 1,031,510.00 2.23 1,006,893.93 2.21 1.25 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 982,634.03 2.16 1.94 Issuer total 1,000,000.00 1,001,230.00 2.16 982,634.03 2.16 1.94 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of January 31, 2022

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 2.07 931,845.02 2.05 1.85 Issuer total 900,000.00 957,939.00 2.07 931,845.02 2.05 1.85 Chevron Corp166764AH3 CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 716,843.18 1.57 1.15 Issuer total 700,000.00 718,781.00 1.55 716,843.18 1.57 1.15 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 522,426.56 1.15 2.19 Issuer total 500,000.00 537,160.00 1.16 522,426.56 1.15 2.19 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 520,567.95 1.14 1.85 Issuer total 500,000.00 541,470.00 1.17 520,567.95 1.14 1.85 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 520,198.23 1.14 1.80 Issuer total 500,000.00 537,465.00 1.16 520,198.23 1.14 1.80 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 519,473.14 1.14 1.89 Issuer total 500,000.00 541,935.00 1.17 519,473.14 1.14 1.89 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 514,596.68 1.13 1.49 Issuer total 500,000.00 520,430.00 1.12 514,596.68 1.13 1.49 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of January 31, 2022

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 1.10 507,940.37 1.11 1.23 Issuer total 500,000.00 506,880.00 1.10 507,940.37 1.11 1.23 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 507,074.12 1.11 0.97 Issuer total 500,000.00 509,155.00 1.10 507,074.12 1.11 0.97 Cash and Cash Equivalents
INVESTED CASH 0.000 87,085.56 87,085.56 0.00 87,085.56 0.19 0.00 Issuer total 87,085.56 87,085.56 0.00 87,085.56 0.19 0.00 Grand total 45,276,385.56 46,262,230.82 100.00 45,559,662.52 100.00 1.69 17 SECURITIES PURCHASED
For the period January 1, 2022 - January 31, 2022

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds166764AH3 01/26/2022 06/24/2023 700,000.00 102.68 (718,781.00) (2, 3.191 295.75) 01/31/2022 03/24/2023
CHEVRON CORP 3.191% 24JUN2023GOLDMAN, SACHS AND CO.

Total Corporate Bonds 700,000.00 (718,781.00) (2,295.75) Government Bonds91282CCK5 01/11/2022 06/30/2023 800,000.00 99.11 (792,846.43) (35. 0.125 90) 01/13/2022
USA TREASURY 0.125% 30JUN2023HSBC SECURITIES (USA) INC. 91282CCN9 01/11/2022 07/31/2023 1,000,000.00 98.98 (989,808.04) (5 0.125 63.86) 01/13/2022
USA TREASURY 0.125% 31JUL2023HSBC SECURITIES (USA) INC.

Total Government Bonds 1,800,000.00 (1,782,654.47) (599.76) Grand total Grand total 2,500,000.00 (2,501,435.47) (2,895.51) 18 SECURITIES SOLD AND MATURED
For the period January 1, 2022 - January 31, 2022

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 Bonds0258M0EG0 01/31/2022 (700,000.00) 714,231.00 700,000.00 0.00 700,0 2.700 00.00 0.00 0.00 01/31/2022
AMERICAN EXPRESS CREDIT 2.7%03MAR2022 (CALLABLE 31JAN22) Total (Corporate Bonds) (700,000.00) 714,231.00 700,000.00 700,000.00 0.00 0.00 Government Agencies3137EADB2 01/13/2022 (1,650,000.00) 1,676,634.30 1,650,000.00 0.0 2.375 0 1,650,000.00 0.00 0.00 01/13/2022
FHLMC PREASSIGN 00074 2.37501-13-2022
Total (Government Agencies) (1,650,000.00) 1,676,634.30 1,650,000.00 1,650,000.00 0.00 0.00 Grand total (2,350,000.00) 2,390,865.30 2,350,000.00 2,350,000.00 0.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period January 1, 2022 - January 31, 2022

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 10.98 10.98
Total Cash 0.00 0.00 0.00 10.98 10.98Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.72) 0.00 (3,242.72) 1,354.16 0.00 0258M0EG0 AMERICAN EXPRESS CREDIT 2.7% 03MAR2022 (CALLABLE 31JAN22) (1,423.10) 0.00 (1,185.04) 1,575.00 7,770.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (8,959.76) 1,625.00 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.91) 0.00 (4,024.40) 1,000.00 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (2,772.56) 1,251.67 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 (3,730.21) 1,479.17 0.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.95) 0.00 (10,816.78) 3,125.00 0.00 166764AH3 CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 24MAR23) (224.12) 0.00 (1,937.82) 0.00 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (5,451.36) 1,520.84 9,125.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (14,492.64) 3,020.83 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.84) 0.00 (7,857.28) 375.00 2,250.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) (1,420.31) 0.00 (1,615.62) 1,603.50 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (3,734.89) 1,482.91 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (6,798.61) 1,500.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (7,252.05) 1,416.67 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.90) 0.00 (10,677.94) 2,625.00 15,750.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (5,232.00) 1,291.66 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period January 1, 2022 - January 31, 2022

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 (4,981.77) 180.00 1,080.00 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 (5,249.93) 787.50 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,457.45) 0.00 (12,851.10) 2,812.50 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (3,938.48) 1,062.50 0.00 Total Corporate Bonds (24,094.16) (126,802.96) 35,975.00 0.00 31,088.91Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22) 7.16 0.00 (10,102.54) 350.00 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.22) 0.00 (8,781.46) 1,093.75 6,562.50 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.72) 0.00 (3,968.65) 2,083.34 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (5,579.19) 1,250.00 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (8,464.52) 2,395.83 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (13,344.88) 291.67 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22) 0.00 0.00 (8,417.66) 312.50 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR22) 0.00 0.00 (8,231.59) 291.66 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 (6,738.74) 2,083.33 0.00 313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 (495.35) 0.00 (1,603.43) 2,083.33 0.00 3137EADB2 FHLMC PREASSIGN 00074 2.375 01-13-2022 (452.52) 0.00 (1,070.77) 1,306.25 19,593.75 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 (5,640.45) 390.62 0.00 Total Government Agencies (3,797.88) (81,943.88) 26,156.25 0.00 13,932.28 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period January 1, 2022 - January 31, 2022

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 210.29 0.00 (9,000.00) 127.75 0.00 912828ZX1 USA TREASURY 0.125% 30JUN2022 32.17 0.00 (742.19) 107.04 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 267.42 0.00 (2,596.43) 49.74 0.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 117.63 0.00 (1,953.12) 133.07 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 360.14 0.00 (3,323.66) 61.14 625.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.06 0.00 (9,062.50) 214.09 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 (7,343.75) 214.09 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.71) 0.00 (8,593.75) 319.37 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.10) 0.00 (4,296.87) 428.18 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.44) 0.00 (5,712.88) 1,447.86 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.44) 0.00 (8,740.23) 1,471.86 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.55) 0.00 (4,257.82) 1,274.39 7,500.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 (8,421.87) 894.23 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.31) 0.00 (11,679.69) 1,284.54 0.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (1,676.75) 0.00 (2,685.53) 1,858.49 10,937.50 912828M80 USA TREASURY 2% 30NOV2022 (1,064.70) 0.00 (4,980.48) 2,129.12 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.23) 0.00 (5,992.18) 1,176.34 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 (11,875.00) 1,809.75 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,224.89) 0.00 (11,679.69) 2,000.68 0.00 Total Government Bonds (8,408.85) (122,937.64) 19,062.50 0.00 17,001.73 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period January 1, 2022 - January 31, 2022

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 5,071.93 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 5,071.93 0.00Grand total (36,300.89) (331,684.48) 81,204.73 0.00 67,105.83 23 TRANSACTION REPORT
For the period January 1, 2022 - January 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
01/02/2022 6,562.5001/02/2022
3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2 Income 024 07/02/2024 750,000.00 0.00 6,562.50 0.00 01/11/2022 1,080.0001/11/2022
89236THU2 Corporate Bonds TOYOTA MOTOR CREDIT CORP 01/ Income 11/2024 480,000.00 0.00 1,080.00 0.00 01/11/2022 (35.90)01/13/2022
91282CCK5 Government Bonds USA TREASURY 0.125% 06/30/2 Bought 023 800,000.00 (792,846.43) (792,882.33) 0.00 01/11/2022 (563.86)01/13/2022
91282CCN9 Government Bonds USA TREASURY 0.125% 07/31/2 Bought 023 1,000,000.00 (989,808.04) (990,371.90) 0.00 01/13/2022 19,593.7501/13/2022
3137EADB2 Government Agencies FHLMC PREASSIGN 00074 01 Income /13/2022 1,650,000.00 0.00 19,593.75 0.00 01/13/2022 0.0001/13/2022
3137EADB2 Government Agencies FHLMC PREASSIGN 00074 01 Capital Change /13/2022 (1,650,000.00) 1,650,000.00 1,650,000.00 0.00 01/15/2022 10,937.5001/15/2022
9128287C8 Government Bonds USA TREASURY 1.75% 07/15/20 Income 22 1,250,000.00 0.00 10,937.50 0.00 01/15/2022 7,500.0001/15/2022
912828Z29 Government Bonds USA TREASURY 1.5% 01/15/202 Income 3 1,000,000.00 0.00 7,500.00 0.00 01/17/2022 2,250.0001/17/2022
24422EVN6 Corporate Bonds JOHN DEERE CAPITAL CORP 01/1 Income 7/2024 1,000,000.00 0.00 2,250.00 0.00 01/23/2022 9,125.0001/23/2022
17325FAS7 Corporate Bonds CITIBANK NA 3.65% 23JAN2024 Income 01/23/2024 500,000.00 0.00 9,125.00 0.00 01/23/2022 15,750.0001/23/2022
693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5% Income 01/23/2024 900,000.00 0.00 15,750.00 0.00 01/26/2022 (2,295.75)01/31/2022
166764AH3 Corporate Bonds CHEVRON CORP 3.191% 06/24/20 Bought 23 700,000.00 (718,781.00) (721,076.75) 0.00 01/31/2022 7,770.0001/31/2022
0258M0EG0 Corporate Bonds AMERICAN EXPRESS CREDIT 03/0 Income 3/2022 700,000.00 0.00 7,770.00 0.00 01/31/2022 0.0001/31/2022
0258M0EG0 Corporate Bonds AMERICAN EXPRESS CREDIT 03/0 Capital Change 3/2022 (700,000.00) 700,000.00 700,000.00 0.00 01/31/2022 625.0001/31/2022
91282CCN9 Government Bonds USA TREASURY 0.125% 07/31/2 Income 023 1,000,000.00 0.00 625.00 0.00 01/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 10.98 10.98 24 ADDITIONAL INFORMATION
As of January 31, 2022

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. 25 ADDITIONAL INFORMATION
As of January 31, 2022

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.© 2022 Insight Investment. All rights reserved. 26 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELFebruary 2022 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 13Detail of return and interest received 18Transaction report 22Additional information 23

FIXED INCOME MARKET REVIEW
As of February 28, 2022

SAN RAFAEL
Chart 1: Oil spikes in response to the crisis in UkraineSource: Bloomberg, February 28, 2022Chart 2: Inflation reaches another multi-decade highSource: Bloomberg, February 28, 2022 Economic Indicators and Monetary PolicyGeopolitical uncertainty increased substantially as Russia began a full-scale invasion ofUkraine, to the surprise of many geopolitical experts. By the end of the month Russiahad not taken over the capital of Kyiv, facing a greater degree of resistance thanexpected, prompting Russia to deploy additional troops and equipment.Worldwide governments implemented sanctions on Russia, including a freeze onRussian central bank foreign reserve assets. Certain companies also divested ofRussian assets and international sporting and other events in Russia were cancelled.Commodity prices rose with Oil spiking above $100 per barrel (Chart 1).US CPI accelerated yet again with headline and core both up 0.6% in January or 7.5%and 6% annualized respectively, both higher than expected (Chart 2). Importantly, therelatively “sticky” healthcare segment was one of the sectors responsible for the rise,while less sticky airfare and used car segments also had a large impact.The US labor market report defied expectations. Disruption from the Omicron COVID19 variant had been expected to take its toll. However, payrolls rose by 467,000, andwage growth was increasingly broad-based at 5.7% pa. The unemployment rate tickedup from 3.9% to 4% but, this was due to 1.4m returning to the workforce, pushing theparticipation rate up from 61.9% to 62.2%.Elsewhere, total orders for durable goods rose 1.6% with strong gains in core capitalgoods orders and core capital goods shipments. Nonetheless, shipments continuedto be outstripped by new orders, indicating some lingering supply chain disruptions.The market continued to be primed for a ‘lift off’ in policy interest rates in March, witha range of Federal Reserve speakers endorsing a rate hike.Interest Rate SummaryYields rose slightly at the front end. At the end of February, the 3-month US Treasurybill yielded 0.32%, the 6-month US Treasury bill yielded 0.66%, the 2-year US Treasurynote yielded 1.44%, the 5-year US Treasury note yielded 1.72% and the 10-year USTreasury note yielded 1.83%. 3 .n "'
.....
-v,.
110 100
90 80 70
60 50
40 Jan-21
10 8
6 4
2 0
-2
-4
1982
Mar-21 May-21 Jul-21 Sep-21
--WTI Crude oil
Nov-21 Jan-22
1986 1990 1994 1998 2002 2006 2010 2014 2018 2022
---CPI - - - Current level

ACTIVITY AND PERFORMANCE SUMMARY
For the period February 1, 2022 - February 28, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 45,929,288.92
Income received 92,163.07
Total receipts 92,163.07Total disbursements 0.00
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (35,927.88)Total OID/MKT accretion income 1,425.79 Return of capital 0.00
Closing balance 45,986,949.90Ending fair value 45,452,855.81 Unrealized gain (loss) (534,094.09)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.03 0.02 0.00Merrill Lynch 3m US Treas Bill 0.05 0.04 0.02Merrill Lynch 6m US Treas Bill 0.09 0.08 0.04ML 1 Year US Treasury Note 0.21 0.18 0.08ML 2 Year US Treasury Note 0.44 0.35 0.11ML 5 Year US Treasury Note 1.05 0.64 0.14 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 59,643.33Accretion (amortization) (34,502.09)Realized gain (loss) on sales 0.00Total income on portfolio 25,141.24Average daily amortized cost 45,961,059.93Period return (%)Weighted average final maturity in days 648YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 0.57 0.00 0.57 0.00Corporate Bonds 28,237.80 (23,873.60) 4,364.20 0.00Government Agencies 11,363.45 (3,345.13) 8,018.32 0.00Government Bonds 15,476.76 (7,283.36) 8,193.40 0.00Municipal/Provincial Bonds 4,564.75 0.00 4,564.75 0.00Total 59,643.33 (34,502.09) 0.00 25,141.24

0.050.12
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period February 1, 2022 - February 28, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 45,559,662.52
Income received 92,163.07
Total receipts 92,163.07Total disbursements 0.00
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 (198,969.78) Ending fair value 45,452,855.81
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.08 0.04 0.01Overnight Repo 0.03 0.02 0.00ICE Bofa 3 Months US T-BILL 0.04 0.02 0.01ICE Bofa 6m US Treas Bill 0.00 (0.04) (0.01)ICE Bofa 1 Yr US Treasury Note (0.53) (0.61) (0.16)ICE BofA US Treasury 1-3 (1.51) (1.65) (0.37)ICE BofA US Treasury 1-5 (1.99) (2.28) (0.43) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 0.57 0.00 0.57Corporate Bonds 28,237.80 (73,440.80) (45,203.00)Government Agencies 11,363.45 (48,948.86) (37,585.41)Government Bonds 15,476.76 (76,580.12) (61,103.36)Municipal/Provincial Bonds 4,564.75 0.00 4,564.75Total 59,643.33 (198,969.78) (139,326.45) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 59,643.33Total income on portfolio (139,326.45)Average daily total value * 45,635,852.88Period return (%) (0.30)Weighted average final maturity in days 648Change in fair value (198,969.78)YTD return (%) (0.88)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of February 28, 2022

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 179,248.63 179,248.63 179,248.63 0.00 1 0.39 0.00Corporate Bonds 14,061,812.40 13,811,359.63 13,601,375.56 (209,984.07) 625 30.34 1.47Government Agencies 11,168,172.27 11,089,946.92 10,993,501.94 (96,444.98) 544 24.09 1.43Government Bonds 19,785,860.59 19,747,094.72 19,519,429.68 (227,665.04) 541 42.68 1.46Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,839 2.50 7.97Total 46,354,393.89 45,986,949.90 45,452,855.81 (534,094.09) 648 100.00 1.61 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.39Corporate Bonds 30.34Government Agencies 24.09Government Bonds 42.68Municipal/Provincial Bonds 2.50 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of February 28, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 1,811,154.63 3.9190 to 179 days 2,260,896.21 4.88180 days to 1 year 8,110,753.00 17.501 to 2 years 21,696,324.05 46.812 to 3 years 11,315,966.00 24.413 to 4 years 0.00 0.004 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.50 46,354,393.89 100.00
Maturity distribution

0.005.00

10.0015.0020.0025.00
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 February 28, 2022

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 0.000 179,248.63 179,248.63 179,248.63 0.00 0.00 0.39 179,248.63 Total Cash and Cash Equivalents 179,248.63 179,248.63 179,248.63 179,248.63 0.00 0.39 0.00Corporate Bonds46647PBB1 3.207 04/01/2023 615,576.00 601,467.65 (583.69) 7,857.15 04/01/2022
JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 600,000.00 600,883.96 1.3301APR22) 931142DH3 2.550 04/11/2023 509,155.00 502,382.60 3,093.78 4,852.08 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 505,476.38 1.10 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 502,226.66 3,992.00 3,833.33 500,000.00 506,218.66 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,018,611.68 (13,863.87) 5 1,000,000.00 1,004,747.81 ,850.00 2.23 166764AH3 3.191 06/24/2023 718,781.00 717,212.18 (3,852.85) 3,971.02 03/24/2023
CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 700,000.00 713,359.33 1.5524MAR23) 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 517,787.31 (6,287.99) 559.72 500,000.00 511,499.32 1.12 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 709,471.08 (11,910.71) 78.75 700,000.00 697,560.37 1.54 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,058,467.85 (21,524.03) 9 1,000,000.00 1,036,943.82 ,791.67 2.34 06051GHC6 3.004 12/20/2023 525,795.00 509,517.24 (5,073.55) 2,837.11 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 504,443.69 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,467.73 (10,844.44) 282.0 480,000.00 468,623.29 0 1.03 8 SECURITIES HELD
As of February 28, 2022

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 1,000,854.06 (23,083.81) 5 1,000,000.00 977,770.25 12.50 2.16 17325FAS7 3.650 01/23/2024 541,470.00 528,900.65 (12,016.02) 1,774.31 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 516,884.63 1.17 693475AV7 3.500 01/23/2024 957,939.00 933,322.81 (6,877.50) 3,062.50 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 926,445.31 2.0723DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,054,473.55 (26,971.18) 2,156.25 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,027,502.37 2.33 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,061,003.80 (24,260.76) 1 1,000,000.00 1,036,743.04 ,611.11 2.3488579YBB6 3.250 02/14/2024 541,935.00 526,841.59 (12,428.42) 631.94 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 514,413.17 1.17 713448CM8 3.600 03/01/2024 537,465.00 526,833.62 (9,922.02) 8,850.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 516,911.60 1.16 06051GHF9 3.550 03/05/2024 535,525.00 513,663.46 (5,743.44) 8,529.86 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 507,920.02 1.1605MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 517,854.95 (8,456.74) 6,178.82 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 509,398.21 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 530,999.16 (13,368.83) 4,863 500,000.00 517,630.33 .89 1.16 Total Corporate Bonds 13,380,000.00 14,061,812.40 13,811,359.63 13,601,375.56 (209,984.07) 78,084.01 30.34Government Agencies313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 2.500 03/11/2022 1,016,330.00 1,000,181.63 514.14 11,597 1,000,000.00 1,000,695.77 .22 2.19 9 SECURITIES HELD
As of February 28, 2022

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 Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,257,035.66 1,542.27 9,93 1,250,000.00 1,258,577.93 0.56 2.72 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,004,782.86 6,614.85 5,48 1,000,000.00 1,011,397.71 6.11 2.203137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,479.62 (9,759.02) 1, 1,250,000.00 1,238,720.60 666.67 2.693135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,018,369.05 4,130.55 13,2 1,000,000.00 1,022,499.60 56.94 2.26 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 609,564.82 1,916.04 958.33 1. 600,000.00 611,480.86 34 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (24,529.00) 1 1,000,000.00 975,471.00 ,225.00 2.16 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (21,213.58) 631.94 03/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 978,786.42 2.16(CALLABLE 23MAR22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,814.80 (31,369.76) 1,423.33 04/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22) 1,200,000.00 1,168,445.04 2.59 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (24,951.23) 1,166.67 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 975,048.77 2.16(CALLABLE 06MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,718.48 659.76 2,041.67 1. 750,000.00 752,378.24 63 Total Government Agencies 11,050,000.00 11,168,172.27 11,089,946.92 10,993,501.94 (96,444.98) 2 49,384.44 4.09Government Bonds912828ZX1 USA TREASURY 0.125% 30JUN2022 0.125 06/30/2022 999,808.04 999,873.41 (1,191.78) 203.73 1,000,000.00 998,681.63 2.16 10 SECURITIES HELD
As of February 28, 2022

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 Bonds9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,257,410.14 (1,843.74) 2, 1,250,000.00 1,255,566.40 658.84 2.72 91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,187.99 (3,826.66) 64 1,250,000.00 1,245,361.33 8.18 2.69 912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,259,444.94 320.69 6,181. 1,250,000.00 1,259,765.63 32 2.74912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,009,635.68 (5,768.49) 1, 1,000,000.00 1,003,867.19 823.20 2.18912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,261,666.45 (8,199.65) 61 1,250,000.00 1,253,466.80 7.23 2.73912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,270.93 (6,638.12) 2, 1,000,000.00 993,632.81 292.82 2.16 91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 793,488.25 (5,457.00) 162.98 800,000.00 788,031.25 1.71 91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 990,672.38 (7,117.69) 96.69 2 1,000,000.00 983,554.69 .14 9128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,264,210.81 (13,576.05) 0 1,250,000.00 1,250,634.76 .00 2.7391282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,081.10 (19,495.16) 7 1,000,000.00 980,585.94 25.14 2.16912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 654,939.02 2,932.08 3,415.18 650,000.00 657,871.10 1.43 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,195,556.89 (23,119.39) 3 1,200,000.00 1,172,437.50 09.07 2.58 11 SECURITIES HELD
As of February 28, 2022

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 Bonds91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,844.72 (24,633.78) 1 1,000,000.00 976,210.94 ,401.10 2.16 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,707.76 (25,481.20) 725.1 1,000,000.00 972,226.56 4 2.15 912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,035,521.86 (16,381.24) 8 1,000,000.00 1,019,140.62 52.90 2.24 9128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,043,015.13 (29,577.63) 8 1,000,000.00 1,013,437.50 ,815.25 2.27912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,014,020.24 (16,793.68) 4 1,000,000.00 997,226.56 ,972.38 2.19 912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 719,547.02 (21,816.55) 2,596 700,000.00 697,730.47 .15 1.56 Total Government Bonds 19,600,000.00 19,785,860.59 19,747,094.72 19,519,429.68 (227,665.04) 38,497.30 42.68Municipal/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 29,755.3 1,159,300.00 1,159,300.00 7 2.50 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.50 29,755.37Grand total 45,368,548.63 46,354,393.89 45,986,949.90 (534,094.09) 45,452,855.81 195,721.12 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of February 28, 2022

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 2.16 998,681.63 2.20 0.339128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.72 1,255,566.40 2.76 0.3791282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,245,361.33 2.74 0.58912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,259,765.63 2.77 0.75912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 1,003,867.19 2.21 0.87912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.73 1,253,466.80 2.76 0.96912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 993,632.81 2.19 1.0391282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 788,031.25 1.73 1.3291282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.14 983,554.69 2.16 1.419128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.73 1,250,634.76 2.75 1.4891282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.16 980,585.94 2.16 1.69912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 657,871.10 1.45 1.7191282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.58 1,172,437.50 2.58 1.7891282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 976,210.94 2.15 2.1091282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.15 972,226.56 2.14 2.19912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 1,019,140.62 2.24 2.399128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 1,013,437.50 2.23 2.49912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 997,226.56 2.19 2.60912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 697,730.47 1.54 2.68Issuer total 19,600,000.00 19,785,860.59 42.68 19,519,429.68 42.94 1.46Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,258,577.93 2.77 0.593135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,022,499.60 2.25 1.483135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 611,480.86 1.35 1.88 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of February 28, 2022

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 Association3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 04/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.59 1,168,445.04 2.57 2.053135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.63 752,378.24 1.66 2.28Issuer total 4,800,000.00 4,882,378.52 10.53 4,813,381.67 10.59 1.56Federal Home Loan Banks313378WG2 FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 2.19 1,000,695.77 2.20 0.033130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,011,397.71 2.23 0.773130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 03/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 978,786.42 2.15 1.97Issuer total 3,000,000.00 3,037,570.00 6.55 2,990,879.90 6.58 0.92Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 975,471.00 2.15 2.123133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 975,048.77 2.15 2.06 Issuer total 2,000,000.00 2,000,000.00 4.31 1,950,519.77 4.29 2.09 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.69 1,238,720.60 2.73 1.13 Issuer total 1,250,000.00 1,248,223.75 2.69 1,238,720.60 2.73 1.13 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 697,560.37 1.53 1.4789236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 468,623.29 1.03 1.84 Issuer total 1,180,000.00 1,194,301.40 2.58 1,166,183.66 2.57 1.62 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.55 7.97 Issuer total 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.55 7.97 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of February 28, 2022

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 1.33 600,883.96 1.32 0.0946647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 509,398.21 1.12 1.11 Issuer total 1,100,000.00 1,149,816.00 2.48 1,110,282.17 2.44 0.56 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,036,943.82 2.28 1.67 Issuer total 1,000,000.00 1,086,390.00 2.34 1,036,943.82 2.28 1.67 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,036,743.04 2.28 1.89 Issuer total 1,000,000.00 1,086,900.00 2.34 1,036,743.04 2.28 1.89 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 1,027,502.37 2.26 1.81 Issuer total 1,000,000.00 1,079,130.00 2.33 1,027,502.37 2.26 1.81 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 504,443.69 1.11 0.8006051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.16 507,920.02 1.12 0.98 Issuer total 1,000,000.00 1,061,320.00 2.29 1,012,363.71 2.23 0.89 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.23 1,004,747.81 2.21 1.17 Issuer total 1,000,000.00 1,031,510.00 2.23 1,004,747.81 2.21 1.17 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 977,770.25 2.15 1.86 Issuer total 1,000,000.00 1,001,230.00 2.16 977,770.25 2.15 1.86 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of February 28, 2022

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 2.07 926,445.31 2.04 1.77 Issuer total 900,000.00 957,939.00 2.07 926,445.31 2.04 1.77 Chevron Corp166764AH3 CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 713,359.33 1.57 1.08 Issuer total 700,000.00 718,781.00 1.55 713,359.33 1.57 1.08 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 517,630.33 1.14 2.11 Issuer total 500,000.00 537,160.00 1.16 517,630.33 1.14 2.11 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 516,911.60 1.14 1.75 Issuer total 500,000.00 537,465.00 1.16 516,911.60 1.14 1.75 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 516,884.63 1.14 1.77 Issuer total 500,000.00 541,470.00 1.17 516,884.63 1.14 1.77 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 514,413.17 1.13 1.84 Issuer total 500,000.00 541,935.00 1.17 514,413.17 1.13 1.84 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 511,499.32 1.13 1.43 Issuer total 500,000.00 520,430.00 1.12 511,499.32 1.13 1.43 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of February 28, 2022

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 1.09 506,218.66 1.11 1.15 Issuer total 500,000.00 506,880.00 1.09 506,218.66 1.11 1.15 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 505,476.38 1.11 0.91 Issuer total 500,000.00 509,155.00 1.10 505,476.38 1.11 0.91 Cash and Cash Equivalents
INVESTED CASH 0.000 179,248.63 179,248.63 0.00 179,248.63 0.39 0.00 Issuer total 179,248.63 179,248.63 0.00 179,248.63 0.39 0.00 Grand total 45,368,548.63 46,354,393.89 100.00 45,452,855.81 100.00 1.61 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period February 1, 2022 - February 28, 2022

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 0.57 0.57
Total Cash 0.00 0.00 0.00 0.57 0.57Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (5,059.97) 1,218.75 8,125.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.48) 0.00 (2,146.12) 1,462.50 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (1,721.71) 900.00 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (3,148.65) 1,126.50 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.03) 0.00 (3,247.65) 1,331.25 0.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.96) 0.00 (6,242.61) 2,812.50 0.00 166764AH3 CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 24MAR23) (1,344.70) 0.00 (3,483.85) 1,675.27 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (3,683.32) 1,368.75 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (3,056.79) 2,718.75 18,125.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 (4,863.78) 337.50 0.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) (1,420.30) 0.00 (1,084.14) 1,443.15 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (3,601.80) 1,334.63 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.76) 0.00 (3,286.63) 1,350.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (4,796.23) 1,275.00 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (5,399.71) 2,362.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (3,097.36) 1,162.50 7,750.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.79 0.00 (2,400.82) 162.00 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period February 1, 2022 - February 28, 2022

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 (3,450.47) 708.75 4,725.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,539.37) 0.00 (8,071.45) 2,531.25 16,875.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (1,597.74) 956.25 0.00 Total Corporate Bonds (23,873.60) (73,440.80) 55,600.00 0.00 28,237.80Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22) 7.40 0.00 (7,123.20) 315.00 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (5,422.30) 984.38 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.73) 0.00 (3,336.65) 1,875.00 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (4,288.13) 1,125.00 7,500.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (6,013.75) 2,156.25 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (5,303.87) 262.50 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22) 0.00 0.00 (5,355.56) 281.25 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR22) 0.00 0.00 (5,313.23) 262.50 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.28) 0.00 (1,711.01) 1,875.00 0.00 313378WG2 FEDERAL HOME LOAN BANK 2.5% 11MAR2022 (495.35) 0.00 (2,235.43) 1,875.00 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 (2,845.73) 351.57 0.00 Total Government Agencies (3,345.13) (48,948.86) 7,500.00 0.00 11,363.45Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 189.93 0.00 (4,921.87) 115.39 0.00 912828ZX1 USA TREASURY 0.125% 30JUN2022 29.05 0.00 (185.56) 96.69 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period February 1, 2022 - February 28, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CCK5 USA TREASURY 0.125% 30JUN2023 374.40 0.00 (2,218.75) 77.34 0.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 106.24 0.00 (1,025.40) 120.19 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 504.20 0.00 (2,929.69) 96.69 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 79.53 0.00 (5,273.44) 193.37 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (3.63) 0.00 (3,945.31) 193.37 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (30.44) 0.00 (5,351.56) 288.46 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (19.97) 0.00 (2,460.94) 386.74 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (928.02) 0.00 (3,857.43) 1,317.81 8,593.75 9128282D1 USA TREASURY 1.375% 31AUG2023 (724.77) 0.00 (5,517.59) 1,329.42 8,593.75 912828Z29 USA TREASURY 1.5% 15JAN2023 (840.49) 0.00 (2,773.43) 1,160.22 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (544.06) 0.00 (5,031.25) 807.69 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (402.22) 0.00 (6,992.19) 1,160.22 0.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (1,514.48) 0.00 (1,757.83) 1,691.99 0.00 912828M80 USA TREASURY 2% 30NOV2022 (961.67) 0.00 (3,369.13) 1,923.08 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (216.08) 0.00 (3,656.25) 1,062.50 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,274.52) 0.00 (7,578.12) 1,634.62 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,106.36) 0.00 (7,734.38) 1,820.97 11,875.00 Total Government Bonds (7,283.36) (76,580.12) 29,062.50 0.00 15,476.76 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period February 1, 2022 - February 28, 2022

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 4,564.75 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,564.75 0.00Grand total (34,502.09) (198,969.78) 92,163.07 0.00 59,643.33 21 TRANSACTION REPORT
For the period February 1, 2022 - February 28, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
02/05/2022 7,500.0002/05/2022
3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB20 Income 24 02/05/2024 600,000.00 0.00 7,500.00 0.00 02/07/2022 16,875.0002/07/2022
91159HHV5 Corporate Bonds US BANCORP 3.375% 02/05/2024 Income 1,000,000.00 0.00 16,875.00 0.00 02/12/2022 18,125.0002/12/2022
459200HU8 Corporate Bonds IBM CORP 3.625% 12FEB2024 02 Income /12/2024 1,000,000.00 0.00 18,125.00 0.00 02/14/2022 8,125.0002/14/2022
88579YBB6 Corporate Bonds 3M COMPANY 3.25% 02/14/2024 5 Income 00,000.00 0.00 8,125.00 0.00 02/15/2022 7,750.0002/15/2022
742718EB1 Corporate Bonds PROCTER & GAMBLE CO/THE 08/1 Income 5/2023 500,000.00 0.00 7,750.00 0.00 02/15/2022 11,875.0002/15/2022
912828D56 Government Bonds USA TREASURY 2.375% 08/15/2 Income 024 1,000,000.00 0.00 11,875.00 0.00 02/15/2022 8,593.7502/15/2022
912828Z86 Government Bonds USA TREASURY 1.375% 02/15/2 Income 023 1,250,000.00 0.00 8,593.75 0.00 02/25/2022 4,725.0002/25/2022
89236THA6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 08/ Income 25/2023 700,000.00 0.00 4,725.00 0.00 02/28/2022 8,593.7502/28/2022
9128282D1 Government Bonds USA TREASURY 1.375% 08/31/2 Income 023 1,250,000.00 0.00 8,593.75 0.00 02/28/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 0.57 0.57 22 ADDITIONAL INFORMATION
As of February 28, 2022

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. 23 ADDITIONAL INFORMATION
As of February 28, 2022

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.© 2022 Insight Investment. All rights reserved. 24 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELMarch 2022 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 19Detail of return and interest received 20Transaction report 24Additional information 25

FIXED INCOME MARKET REVIEW
As of March 31, 2022

SAN RAFAEL
Chart 1: Commodity prices become increasingly volatileSource: Bloomberg, March 31, 2022Chart 2: Short-end Treasury yields rise as the Fed becomes more hawkishSource: Bloomberg, March 31, 2022 Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) kicked-off its rate hiking cycle, with its first rate rise since2018. The Fed’s quarterly
dot plotwas increasingly hawkish for the third straight meeting. The median projection rose to seven rate hikes this year, up from four inDecember. This implies one 25bp hike at every remaining meeting this year. Sevenmembers were even more hawkish than this, pointing to openness toward 50bpmoves.CPI recorded another multi-decade high, albeit this time in line with expectations at7.9% year-on-year, while Core CPI was 6.4%. Within the “sticky” categories, Notably,healthcare inflation moderated. In the shelter categories, owners’ equivalent rentmaintained its recent pace at 0.4%, while rents accelerated to 0.6%.Employment growth continued its strong run, with nonfarm jobs up 678,000, wellabove consensus estimates for ~500,000. The unemployment rate fell to 3.8% from4%, further than expected even as the participation rate ticked up to 62.3%, a newcycle high. Average hourly earnings, the most anticipated element of the employmentreport, underwhelmed however, by remaining unchanged. However, idiosyncraticissues likely played a part following disruptions relating to the Omicron Covid-19variant.The war in Ukraine continued with Russia failing to take control of Kyiv and toward theend of the month, appearing to concentrate on Ukraine’s Eastern regions. Tentativepeace talks began by the end of the month, albeit terms of an agreement still far off.The US announced a ban of imports on Russian oil and gas and the release of up to180m barrels of domestic oil reserves over six months. This is the largest releasesince the reserve was created in 1974. Commodity prices continued to be volatile,particularly oil, gas, wheat and other agricultural commodities (Chart 1).Interest Rate Summary Yields rose materially across the curve, particularly the short end (Chart 2). At the endof March, the 3-month US Treasury bill yielded 0.51%, the 6-month US Treasury billyielded 1.03%, the 2-year US Treasury note yielded 2.34%, the 5-year US Treasury noteyielded 2.46% and the 10-year US Treasury note yielded 2.34%. 3 130 120 110
= 100
ro 90 Ll
80 70
60 50
Jan-21

3.0%

2.5%
-02.0%
-.;
·5,
i;1.5%
U)
"'
1-1.0%

0.5% ......

Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22
Russia full scale invasion of Ukraine --WTI Crude oil
....
....
....
....
....
....
....
....
....
....
-----------
-------------
----

0.0% --------~---~-----------~---~
3M 6M 1Y 2Y 3Y 5Y 7Y 10Y
--Mar-22 ----- Feb-22

ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2022 - March 31, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 45,986,949.90
Income received 87,988.50
Total receipts 87,988.50
Participant withdrawals (30,431.63)Expenses paid (500.00) Total disbursements (30,931.63)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (36,521.00)Total OID/MKT accretion income 1,562.82 Return of capital 0.00
Closing balance 46,009,048.59Ending fair value 45,046,899.59 Unrealized gain (loss) (962,149.00)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.09 0.05 0.02Overnight Repo 0.05 0.03 0.01Merrill Lynch 3m US Treas Bill 0.09 0.08 0.03Merrill Lynch 6m US Treas Bill 0.16 0.14 0.06ML 1 Year US Treasury Note 0.32 0.29 0.11ML 2 Year US Treasury Note 0.59 0.49 0.16ML 5 Year US Treasury Note 1.16 0.74 0.18 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 70,647.04Accretion (amortization) (34,958.18)Realized gain (loss) on sales 0.00Total income on portfolio 35,688.86Average daily amortized cost 46,002,490.17Period return (%)Weighted average final maturity in days 625YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 0.62 0.00 0.62 0.00Corporate Bonds 34,512.87 (23,757.09) 10,755.78 0.00Government Agencies 13,416.42 (3,137.38) 10,279.04 0.00Government Bonds 17,138.00 (8,063.71) 9,074.29 0.00Municipal/Provincial Bonds 5,579.13 0.00 5,579.13 0.00Total 70,647.04 (34,958.18) 0.00 35,688.86

0.080.20
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2022 - March 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 45,452,855.81
Income received 87,988.50
Total receipts 87,988.50
Participant withdrawals (30,431.63)Expenses paid (500.00) Total disbursements (30,931.63)
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 (463,013.09) Ending fair value 45,046,899.59
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.09 0.05 0.02Overnight Repo 0.05 0.03 0.01ICE Bofa 3 Months US T-BILL 0.06 0.05 0.03ICE Bofa 6m US Treas Bill (0.05) (0.08) (0.03)ICE Bofa 1 Yr US Treasury Note (0.94) (0.98) (0.38)ICE BofA US Treasury 1-3 (2.84) (2.86) (1.33)ICE BofA US Treasury 1-5 (3.72) (3.82) (1.86) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 0.62 0.00 0.62Corporate Bonds 34,512.87 (151,827.47) (117,314.60)Government Agencies 13,416.42 (114,130.94) (100,714.52)Government Bonds 17,138.00 (197,054.68) (179,916.68)Municipal/Provincial Bonds 5,579.13 0.00 5,579.13Total 70,647.04 (463,013.09) (392,366.05) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 70,647.04Total income on portfolio (392,366.05)Average daily total value * 45,390,282.27Period return (%) (0.86)Weighted average final maturity in days 625Change in fair value (463,013.09)YTD return (%) (1.73)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of March 31, 2022

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 34,607.41 34,607.41 34,607.41 0.00 1 0.07 0.00 Corporate Bonds 14,061,812.40 13,787,602.54 13,449,548.09 (338,054.45) 594 30.31 1.40Government Agencies 11,353,540.36 11,288,507.63 11,081,069.09 (207,438.54) 541 24.47 1.45Government Bonds 19,785,860.59 19,739,031.01 19,322,375.00 (416,656.01) 510 42.65 1.37 Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,808 2.50 8.03 Total 46,395,120.76 46,009,048.59 45,046,899.59 (962,149.00) 625 100.00 1.56 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.07Corporate Bonds 30.31Government Agencies 24.47Government Bonds 42.65Municipal/Provincial Bonds 2.50 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 34,607.41 0.0890 to 179 days 2,260,896.21 4.87180 days to 1 year 11,567,072.94 24.931 to 2 years 20,057,278.20 43.232 to 3 years 11,315,966.00 24.393 to 4 years 0.00 0.004 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.50 46,395,120.76 100.00
Maturity distribution

0.005.00

10.0015.0020.0025.00
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 March 31, 2022

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 34,607.41 34,607.41 34,607.41 0.00 0.00 0.07 34,607.41 Total Cash and Cash Equivalents 34,607.41 34,607.41 34,607.41 34,607.41 0.00 0.07 0.00Corporate Bonds46647PBB1 3.207 04/01/2023 615,576.00 600,000.00 0.00 9,621.00 03/01/2023
JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 600,000.00 600,000.00 1.3301APR22) 931142DH3 2.550 04/11/2023 509,155.00 502,152.77 842.28 6,020.83 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 502,995.05 1.10 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 502,068.74 630.41 4,933.33 1. 500,000.00 502,699.15 09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,017,313.19 (22,021.05) 7 1,000,000.00 995,292.14 ,637.50 2.22166764AH3 3.191 06/24/2023 718,781.00 715,867.48 (8,277.48) 6,018.58 03/24/2023
CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 700,000.00 707,590.00 1.5524MAR23) 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 516,770.90 (11,445.00) 1,980 500,000.00 505,325.90 .56 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 708,939.99 (17,569.21) 945.0 700,000.00 691,370.78 0 1.5414912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,055,656.90 (30,893.38) 1 1,000,000.00 1,024,763.52 3,229.17 2.34 06051GHC6 3.004 12/20/2023 525,795.00 508,532.70 (7,270.26) 4,213.94 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 501,262.44 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,491.53 (15,920.44) 480.0 480,000.00 463,571.09 0 1.03 8 SECURITIES HELD
As of March 31, 2022

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 1,000,816.22 (34,672.79) 9 1,000,000.00 966,143.43 25.00 2.16 17325FAS7 3.650 01/23/2024 541,470.00 527,572.90 (18,774.19) 3,447.22 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 508,798.71 1.17 693475AV7 3.500 01/23/2024 957,939.00 931,791.90 (19,102.09) 5,950.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 912,689.81 2.0623DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,052,098.01 (38,347.92) 5,250.00 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,013,750.09 2.33 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,058,396.80 (40,313.45) 4 1,000,000.00 1,018,083.35 ,934.03 2.3488579YBB6 3.250 02/14/2024 541,935.00 525,646.86 (19,108.38) 2,121.53 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 506,538.48 1.17 713448CM8 3.600 03/01/2024 537,465.00 525,557.85 (14,299.43) 1,500.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 511,258.42 1.16 06051GHF9 3.550 03/05/2024 535,525.00 512,540.44 (9,685.80) 1,281.94 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 502,854.64 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 516,557.98 (11,914.18) 7,810.03 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 504,643.80 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 529,829.38 (19,912.09) 6,422 500,000.00 509,917.29 .22 1.16 Total Corporate Bonds 13,380,000.00 14,061,812.40 13,787,602.54 13,449,548.09 (338,054.45) 94,721.88 30.31Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,256,053.94 (751.56) 12,2 1,250,000.00 1,255,302.38 22.22 2.72 9 SECURITIES HELD
As of March 31, 2022

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 Agencies3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,004,268.57 3,366.81 7,77 1,000,000.00 1,007,635.38 7.78 2.20 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,201,592.59 (3,923.40) 2, 1,200,000.00 1,197,669.19 016.67 2.59 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,590.87 (16,646.83) 2 1,250,000.00 1,231,944.04 ,096.35 2.693135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,017,370.74 (7,226.94) 1, 1,000,000.00 1,010,143.80 517.36 2.26 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 609,151.95 (6,531.11) 2,333. 600,000.00 602,620.84 33 1.34 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (37,379.63) 1 1,000,000.00 962,620.37 ,545.83 2.163130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (36,488.81) 952.78 06/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 963,511.19 2.16(CALLABLE 23JUN22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,821.72 (49,542.28) 1,808.33 04/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22) 1,200,000.00 1,150,279.44 2.59 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (40,334.32) 1,510.42 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 959,665.68 2.16(CALLABLE 06MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,657.25 (11,980.47) 3,244 750,000.00 739,676.78 .79 1.62 Total Government Agencies 11,250,000.00 11,353,540.36 11,288,507.63 11,081,069.09 (207,438.54) 37,025.86 24.47Government Bonds912828ZX1 USA TREASURY 0.125% 30JUN2022 0.125 06/30/2022 999,808.04 999,905.58 (1,038.39) 310.77 1,000,000.00 998,867.19 2.15 10 SECURITIES HELD
As of March 31, 2022

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 Bonds9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,255,733.40 (1,924.80) 4, 1,250,000.00 1,253,808.60 532.11 2.72 91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,305.62 (5,018.51) 0. 1,250,000.00 1,244,287.11 00 2.69 912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,258,380.24 (2,911.49) 8, 1,250,000.00 1,255,468.75 310.44 2.74 912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,008,705.13 (8,822.32) 3, 1,000,000.00 999,882.81 107.74 2.18 912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,260,639.01 (12,933.93) 2 1,250,000.00 1,247,705.08 ,089.09 2.72912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,248.83 (11,186.33) 2 1,000,000.00 989,062.50 17.39 2.16 91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 793,902.75 (11,934.00) 248.6 800,000.00 781,968.75 2 1.7191282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 991,230.59 (16,425.90) 203.7 1,000,000.00 974,804.69 3 2.139128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,263,408.38 (25,810.73) 1 1,250,000.00 1,237,597.65 ,447.86 2.7391282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,077.07 (31,092.69) 9 1,000,000.00 968,984.38 39.23 2.16 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 654,699.78 (5,613.84) 4,591. 650,000.00 649,085.94 52 1.43 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,195,767.18 (38,142.18) 4 1,200,000.00 1,157,625.00 36.81 2.57 11 SECURITIES HELD
As of March 31, 2022

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 Bonds91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,811.02 (40,264.14) 1 1,000,000.00 960,546.88 ,720.47 2.16 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,795.81 (41,975.50) 939.2 1,000,000.00 955,820.31 3 2.15912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,034,296.97 (36,601.66) 2 1,000,000.00 997,695.31 ,886.74 2.249128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,041,604.05 (49,963.43) 0 1,000,000.00 991,640.62 .00 2.27912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,013,574.92 (37,949.92) 6 1,000,000.00 975,625.00 ,256.91 2.19912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 718,944.68 (37,046.25) 3,490 700,000.00 681,898.43 .39 1.56 Total Government Bonds 19,600,000.00 19,785,860.59 19,739,031.01 19,322,375.00 (416,656.01) 41,729.05 42.65Municipal/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 4,902.87 1,159,300.00 1,159,300.00 2.50 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.50 4,902.87Grand total 45,423,907.41 46,395,120.76 46,009,048.59 (962,149.00) 45,046,899.59 178,379.66 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2022

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 2.15 998,867.19 2.22 0.259128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.72 1,253,808.60 2.78 0.2991282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,244,287.11 2.76 0.50912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,255,468.75 2.79 0.66912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 999,882.81 2.22 0.79912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,247,705.08 2.77 0.87912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.16 989,062.50 2.20 0.9591282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 781,968.75 1.74 1.2491282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 974,804.69 2.16 1.329128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.73 1,237,597.65 2.75 1.4091282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.16 968,984.38 2.15 1.61912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.43 649,085.94 1.44 1.6291282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,157,625.00 2.57 1.6991282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 960,546.88 2.13 2.0191282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.15 955,820.31 2.12 2.10912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 997,695.31 2.21 2.309128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 991,640.62 2.20 2.43912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 975,625.00 2.17 2.51912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 681,898.43 1.51 2.59Issuer total 19,600,000.00 19,785,860.59 42.65 19,322,375.00 42.89 1.37Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,255,302.38 2.79 0.513135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,010,143.80 2.24 1.423135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 602,620.84 1.34 1.80 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2022

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 Association3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 04/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.59 1,150,279.44 2.55 2.023135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 739,676.78 1.64 2.19Issuer total 4,800,000.00 4,882,378.52 10.52 4,758,023.24 10.56 1.50Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,007,635.38 2.24 0.683130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.59 1,197,669.19 2.66 0.883130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 06/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 963,511.19 2.14 2.01Issuer total 3,200,000.00 3,222,938.09 6.95 3,168,815.76 7.03 1.17Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 962,620.37 2.14 2.033133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.16 959,665.68 2.13 2.04 Issuer total 2,000,000.00 2,000,000.00 4.31 1,922,286.05 4.27 2.04 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.69 1,231,944.04 2.73 1.04 Issuer total 1,250,000.00 1,248,223.75 2.69 1,231,944.04 2.73 1.04 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.57 8.03 Issuer total 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.57 8.03 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 691,370.78 1.53 1.3889236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 463,571.09 1.03 1.76 Issuer total 1,180,000.00 1,194,301.40 2.57 1,154,941.87 2.56 1.53 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2022

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 03/01/2023 A- A2 600,000.00 615,576.00 1.33 600,000.00 1.33 0.0046647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 504,643.80 1.12 1.02 Issuer total 1,100,000.00 1,149,816.00 2.48 1,104,643.80 2.45 0.47 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,024,763.52 2.27 1.58 Issuer total 1,000,000.00 1,086,390.00 2.34 1,024,763.52 2.27 1.58 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,018,083.35 2.26 1.80 Issuer total 1,000,000.00 1,086,900.00 2.34 1,018,083.35 2.26 1.80 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 1,013,750.09 2.25 1.74 Issuer total 1,000,000.00 1,079,130.00 2.33 1,013,750.09 2.25 1.74 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 501,262.44 1.11 0.7106051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 502,854.64 1.12 0.91 Issuer total 1,000,000.00 1,061,320.00 2.29 1,004,117.08 2.23 0.81 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 995,292.14 2.21 1.08 Issuer total 1,000,000.00 1,031,510.00 2.22 995,292.14 2.21 1.08 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 966,143.43 2.14 1.78 Issuer total 1,000,000.00 1,001,230.00 2.16 966,143.43 2.14 1.78 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2022

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 2.06 912,689.81 2.03 1.70 Issuer total 900,000.00 957,939.00 2.06 912,689.81 2.03 1.70 Chevron Corp166764AH3 CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 707,590.00 1.57 1.08 Issuer total 700,000.00 718,781.00 1.55 707,590.00 1.57 1.08 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 511,258.42 1.13 1.71 Issuer total 500,000.00 537,465.00 1.16 511,258.42 1.13 1.71 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 509,917.29 1.13 2.02 Issuer total 500,000.00 537,160.00 1.16 509,917.29 1.13 2.02 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 508,798.71 1.13 1.70 Issuer total 500,000.00 541,470.00 1.17 508,798.71 1.13 1.70 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 506,538.48 1.12 1.77 Issuer total 500,000.00 541,935.00 1.17 506,538.48 1.12 1.77 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 505,325.90 1.12 1.34 Issuer total 500,000.00 520,430.00 1.12 505,325.90 1.12 1.34 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2022

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
Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 502,995.05 1.12 0.90 Issuer total 500,000.00 509,155.00 1.10 502,995.05 1.12 0.90 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 502,699.15 1.12 1.06 Issuer total 500,000.00 506,880.00 1.09 502,699.15 1.12 1.06 Cash and Cash Equivalents
INVESTED CASH 0.000 34,607.41 34,607.41 0.00 34,607.41 0.08 0.00 Issuer total 34,607.41 34,607.41 0.00 34,607.41 0.08 0.00 Grand total 45,423,907.41 46,395,120.76 100.00 45,046,899.59 100.00 1.56 17 SECURITIES PURCHASED
For the period March 1, 2022 - March 31, 2022

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Agencies3130AJ7E3 03/10/2022 02/17/2023 1,200,000.00 100.14 (1,201,698.09 1.375 ) (1,100.00) 03/11/2022
FEDERAL HOME LOAN BANK 1.375%NATWEST MARKETS PLC
Total Government Agencies 1,200,000.00 (1,201,698.09) (1,100.00) Grand total Grand total 1,200,000.00 (1,201,698.09) (1,100.00) 18 SECURITIES SOLD AND MATURED
For the period March 1, 2022 - March 31, 2022

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 Agencies313378WG2 03/11/2022 (1,000,000.00) 1,016,330.00 1,000,000.00 0.0 2.500 0 1,000,000.00 0.00 0.00 03/11/2022
FEDERAL HOME LN BKS CONS BD DTD2.5 DUE 03-11-2022
Total (Government Agencies) (1,000,000.00) 1,016,330.00 1,000,000.00 1,000,000.00 0.00 0.00 Grand total (1,000,000.00) 1,016,330.00 1,000,000.00 1,000,000.00 0.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2022 - March 31, 2022

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 0.62 0.62
Total Cash 0.00 0.00 0.00 0.62 0.62Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (7,874.69) 1,489.59 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (9,455.67) 1,787.50 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (3,519.51) 1,100.00 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (3,181.25) 1,376.83 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 (5,065.38) 1,627.08 8,875.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.95) 0.00 (12,180.30) 3,437.50 0.00 166764AH3 CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 24MAR23) (1,344.70) 0.00 (5,769.33) 2,047.56 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (8,085.92) 1,672.91 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (18,659.69) 3,322.92 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.84) 0.00 (11,626.82) 412.50 0.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) (1,467.65) 0.00 (883.96) 1,763.85 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (4,754.41) 1,631.21 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (5,653.18) 1,650.00 9,000.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (7,713.04) 1,558.33 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (13,755.50) 2,887.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.41) 0.00 (6,173.42) 1,420.84 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 (5,052.20) 198.00 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2022 - March 31, 2022

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 (6,189.59) 866.25 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.54) 0.00 (13,752.28) 3,093.75 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (2,481.33) 1,168.75 0.00 Total Corporate Bonds (23,757.09) (151,827.47) 17,875.00 0.00 34,512.87Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26APR22) 6.92 0.00 (18,165.60) 385.00 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (12,701.46) 1,203.12 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.72) 0.00 (3,275.55) 2,291.66 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (8,860.02) 1,375.00 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.31) 0.00 (12,355.80) 2,635.42 14,375.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (12,850.63) 320.83 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06MAY22) 0.00 0.00 (15,383.09) 343.75 0.00 313378WG2 FEDERAL HOME LN BKS CONS BD DTD 2.5 DUE 03-11-2022 (181.63) 0.00 (695.77) 902.78 12,500.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23JUN22) 0.00 0.00 (15,275.23) 320.84 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (105.50) 0.00 (4,028.90) 916.67 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 (3,762.33) 2,291.67 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 (6,776.56) 429.68 0.00 Total Government Agencies (3,137.38) (114,130.94) 26,875.00 0.00 13,416.42Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 210.29 0.00 (14,812.50) 127.74 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2022 - March 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
912828ZX1 USA TREASURY 0.125% 30JUN2022 32.17 0.00 185.56 107.04 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 414.50 0.00 (6,062.50) 85.64 0.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 117.63 0.00 (1,074.22) 133.07 781.25 91282CCN9 USA TREASURY 0.125% 31JUL2023 558.21 0.00 (8,750.00) 107.04 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.05 0.00 (16,406.25) 214.09 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.03) 0.00 (11,601.56) 214.09 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 (15,664.06) 319.37 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.10) 0.00 (4,570.31) 424.57 2,500.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.44) 0.00 (5,761.72) 1,471.86 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.43) 0.00 (13,037.11) 1,447.86 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.55) 0.00 (3,984.38) 1,284.54 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 (15,832.04) 894.24 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.32) 0.00 (21,601.56) 1,284.53 0.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (1,676.74) 0.00 (1,757.80) 1,873.27 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,064.70) 0.00 (4,296.88) 2,129.12 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.24) 0.00 (8,785.16) 1,176.34 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 (21,796.88) 1,809.75 10,625.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,224.89) 0.00 (21,445.31) 2,033.84 0.00 Total Government Bonds (8,063.71) (197,054.68) 13,906.25 0.00 17,138.00 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2022 - March 31, 2022

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 5,579.13 30,431.63 Total Municipal/Provincial Bonds 0.00 0.00 0.00 30,431.63 5,579.13Grand total (34,958.18) (463,013.09) 89,088.50 0.00 70,647.04 23 TRANSACTION REPORT
For the period March 1, 2022 - March 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
03/01/2022 9,000.0003/01/2022
713448CM8 Corporate Bonds PEPSICO INC 3.6% 01MAR2024 0 Income 3/01/2024 500,000.00 0.00 9,000.00 0.00 03/02/2022 30,431.6303/02/2022
888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS D Income ISTRICT 09/02/2032 1,159,300.00 0.00 30,431.63 0.00 03/05/2022 8,875.0003/05/2022
06051GHF9 Corporate Bonds BANK OF AMERICA CORP 3.55% 0 Income 3/05/2024 500,000.00 0.00 8,875.00 0.00 03/10/2022 (1,100.00)03/11/2022
3130AJ7E3 Government Agencies FEDERAL HOME LOAN BANK 0 Bought 2/17/2023 1,200,000.00 (1,201,698.09) (1,202,798.09) 0.00 03/11/2022 12,500.0003/11/2022
313378WG2 Government Agencies FEDERAL HOME LN BKS CON Income S 03/11/2022 1,000,000.00 0.00 12,500.00 0.00 03/11/2022 0.0003/11/2022
313378WG2 Government Agencies FEDERAL HOME LN BKS CON Capital Change S 03/11/2022 (1,000,000.00) 1,000,000.00 1,000,000.00 0.00 03/12/2022 14,375.0003/12/2022
3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/ Income 2023 1,000,000.00 0.00 14,375.00 0.00 03/15/2022 2,500.0003/15/2022
912828ZD5 Government Bonds USA TREASURY 0.5% 03/15/202 Income 3 1,000,000.00 0.00 2,500.00 0.00 03/31/2022 10,625.0003/31/2022
9128282Y5 Government Bonds USA TREASURY 2.125% 09/30/2 Income 024 1,000,000.00 0.00 10,625.00 0.00 03/31/2022 781.2503/31/2022
91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2 Income 022 1,250,000.00 0.00 781.25 0.00 03/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 0.62 0.62 24 ADDITIONAL INFORMATION
As of March 31, 2022

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. 25 ADDITIONAL INFORMATION
As of March 31, 2022

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.© 2022 Insight Investment. All rights reserved. 26