HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: October 17, 2022 Disposition: Accepted report Agenda Item No: 4.e Meeting Date: October 17, 2022 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Prepared by: Nadine Atieh Hade, Administrative Services Director City Manager Approval: ______________ TOPIC: CITY QUARTERLY INVESTMENT REPORT SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2022 RECOMMENDATION: Accept investment report for the quarter ending September 30, 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 21, 2022, 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 September 30, 2022, the primary LAIF account had a balance of $32,563,203. Portfolio returns on LAIF deposits were 1.51% for the quarter ending September 30, 2022. The remaining investment assets include the $1,075,200 balance of Pt. San Pedro Assessment District bonds, and $43,393,448 in government agency securities and corporate bonds (including Walmart Inc., Apple Inc., American Honda Finance, Procter Gamble Co., Toyota, Caterpillar, Bank of America, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, JP Morgan Chase, Pfizer, and Chevron). The overall total portfolio returns for the quarter ending September 30, 2022, were 1.30%. The City’s Westamerica general operating bank account had a balance of $14,447,629 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity, yield, and diversification. The portfolio remains conservatively invested and sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending September 30, 2022, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, July through September 2022 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 32,635,124$      97.2% 1.51% LAIF ‐ RDA 155,665$            0.5% 1.51% LAIF ‐ RDA 02 TARB 772,414$            2.3% 1.51% Total Internally Managed 33,563,203$      43.0% Weighted Average Yield 1.51% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 94,380$              0.2% 1.00% Treasury Securities 19,352,963$      43.5% 1.20% Instrumentality Securities 10,891,851$      24.5% 0.95% Corporate Notes 13,054,253$      29.4% 0.90% Municipal 1,075,200$         2.4% 5.25% Total Externally Managed 44,468,648$      57.0% Weighted Average Yield 1.15% Years Effective Average Duration ‐ External 1.39 Weighted Average Maturity ‐ External 1.53 Total Portfolio Assets %Return LAIF 33,563,203$      43.0% 1.51% Cash 94,380$              0.1% 1.00% Treasury Securities 19,352,963$      24.8% 1.20% Instrumentality Securities 10,891,851$      14.0% 0.95% Corporate Notes 13,054,253$      16.7% 0.90% Municipal 1,075,200$         1.4% 5.25%   Total Portfolio Assets 78,031,851$       Weighted Average Yield 1.30% Years Effective Average Duration ‐ Total 0.79 Weighted Average Maturity ‐ Total 0.87 Based on Market Values September 30, 2022 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 97.2% LAIF ‐RDA, 0.5% LAIF ‐RDA 02  TARB, 2.3% Cash , 0.2% Treasury  Securities,  43.5% Instrumentality  Securities,  24.5% Corporate  Notes, 29.4%Municipal, 2.4% LAIF 43% Cash 0% Treasury  Securities 25% Instrumentality  Securities 14% Corporate Notes 17%Municipal 1% Exhibit AInternally Managed Assets%Return %Return %Return %Return %Return %ReturnLAIF 33,407,538$        99.5% 1.51% 49,325,065$        99.7% 0.86% 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%LAIF ‐ Housing 155,665$              0.5% 1.51% 155,374$              0.3% 0.86% 155,252$              0.4% 0.37% 155,163$         0.4% 0.21% 155,068$              0.4% 0.21% 154,942$         0.3% 0.26%Total Internally Managed 33,563,203$        43.0%49,480,439$        52.5%37,450,927$        45.4%37,428,104$   45.0%40,401,946$        54.7%45,368,583$   57.5%Weighted Average Yield 1.51% 0.86% 0.37% 0.21% 0.21% 0.26%Externally Managed Assets%Return %Return %Return %Return %Return %ReturnCash 94,380$                0.2% 1.00% 155,858$              0.3% 0.02% 34,607$                0.1% 0.02% 160,462$         0.4% 0.02% 106,899$              0.3% 0.02% 56,088$           0.2% 0.01%Treasury Securities 19,352,963$        43.5% 1.20% 19,307,642$        43.0% 0.70% 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%Instrumentality Securities 10,891,851$        24.5% 0.95% 11,004,000$        24.5% 0.96% 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%Corporate Notes 13,054,253$        29.4% 0.90% 13,224,805$        29.5% 0.90% 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%Municipal/Assessment District 1,075,200$           2.4% 5.25% 1,159,300$           2.6% 5.25% 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%Total Externally Managed 44,468,648$        57.0%44,851,605$        47.5%45,046,900$        54.6%45,813,288$   55.0%33,445,614$        45.3%33,478,588$   42.5%Weighted Average Yield 1.15% 0.94% 0.81% 0.83% 1.03% 1.07%Years Years Years Years Years YearsEffective Average Duration ‐ External 1.39 1.45 1.56 1.68 1.91 2.02Weighted Average Maturity ‐ External 1.53 1.60 1.72 1.87 2.26 2.39Total Portfolio Assets%Return %Return %Return %Return %Return %ReturnLAIF 33,563,203$        43.0% 1.51% 49,480,439$        52.5% 0.86% 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%Cash 94,380$                0.1% 1.00% 155,858$              0.2% 0.02% 34,607$                0.0% 0.02% 160,462$         0.2% 0.02% 106,899$              0.1% 0.02% 56,088$           0.1% 0.01%Treasury Securities 19,352,963$        24.8% 1.20% 19,307,642$        20.5% 0.70% 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%Instrumentality Securities 10,891,851$        14.0% 0.95% 11,004,000$        11.7% 0.96% 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%Corporate Notes 13,054,253$        16.7% 0.90% 13,224,805$        14.0% 0.90% 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%Municipal/Assessment District 1,075,200$           1.4% 5.25% 1,159,300$           1.2% 5.25% 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%  Total Portfolio Assets 78,031,850$        94,332,045$        82,497,826$        83,241,391$   73,847,559$        78,847,170$   Weighted Average Yield 1.30% 0.90% 0.61% 0.55% 0.58% 0.60%Years Years Years Years Years YearsEffective Average Duration ‐ Total 0.79 0.69 0.85 0.93 0.87 0.86Weighted Average Maturity ‐ Total 0.87 0.76 0.94 1.03 1.03 1.02Performance Recap‐The weighted average quarterly portfolio yield increased from 0.90% to 1.30% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation.‐The effective average duration increased, from 0.69 to 0.79 years since last quarter, this is a result of the decrease from 52.5% to 43% of the portfolio's assets being held in LAIF, which is highly liquid.‐The total portfolio assets decreased by approximately $16.3 million during the quarter. This is reflective of transfers to support operating activities during the first quarter when property taxes are not received.September 30, 2022City of San RafaelHistorical Activity‐By QuarterJune 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021T:\CITY COUNCIL AGENDA ITEMS\Agenda Item Approval Process\2022‐10‐17\FIN ‐ Quarterly Investment Report\Insight‐Quarterly Report combined 09‐30‐22 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJuly 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased18Securities sold and matured 19Detail of return and interest received 20Transaction report24Additional information25 FIXED INCOME MARKET REVIEWAs of July 31, 2022SAN RAFAELChart 1: Federal Reserve brings policy rates back to its estimate of “neutral”Source:Bloomberg, July 31, 2022Chart 2: Treasury yields largely edge down from their highsSource:Bloomberg, July 31, 2022Economic Indicators and Monetary PolicyHeadline CPI set yet another 40-year record, breaching 9%, more than the expected8.8%. Core CPI did decline for the second straight month, however, albeit remainingwell above target at 5.9%. Energy CPI was once again the largest driver, although“sticky” sectors such as rents and healthcare prices also continued to accelerate.The Federal Reserve (Fed) raised policy rates by 75bps for the second meeting in arow. This took the Fed Funds rate to a range of 2.25% to 2.50%. This reaches many ofthe committee’s estimates of the long-term “neutral” rate (Chart 1). In Chair Powell’swords, this was an “expeditious” move from the “zero bound” just four months ago,signalling that it will hike rates at a slower pace from now.Labor market indicators continued to be strong. Nonfarm payrolls rose by 372,000,stronger than expected. It showed solid job growth across the board with goodsindustries adding 48,000 jobs and services adding 333,000.Wage growth slightlyslowed but remained historically strong at 5.1%. The unemployment rate wasunchanged at 3.6%, around pre-pandemic lows.However, concerns of recession continued to build, and other indicators were lesspositive. The Conference Board consumer confidence index declined from 98.4 inJune to 95.7, below expectations. The manufacturing PMI declined from 52.7 in Juneto 52.3 and the services PMI fell from 52.7 to 47.0 (contractionary territory). ThePhiladelphia Fed manufacturing survey fell from -3.3 to -12.3, disappointingexpectations. Existing home sales dropped 5.4%, where a modest decline wasexpected. On the positive side, nominal retail sales increased 1%, slightly aboveexpectations.Interest Rate SummaryThe yield curve inverted during the month, with maturities above 2-years generallyfalling by up to 40bp while yields rose at the front end (Chart2). At the end of July, the3-month US Treasury bill yielded 2.41%, the 6-month US Treasury bill yielded 2.88%,the 2-year US Treasury note yielded 2.89%, the 5-year US Treasury note yielded 2.68%and the 10-year US Treasury note yielded 2.65%.3 ACTIVITY AND PERFORMANCE SUMMARYFor the period July 1, 2022 - July 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,063,045.93Opening balance50,283.09Income received50,283.09Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(32,706.84)Total amortization expense6,999.12Total OID/MKT accretion income0.00Return of capitalClosing balance46,087,371.30Ending fair value45,012,618.06(1,074,753.24)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.39 0.35 0.14Overnight Repo0.35 0.33 0.14Merrill Lynch 3m US Treas Bill 0.51 0.49 0.18Merrill Lynch 6m US Treas Bill 0.73 0.68 0.21ML 1 Year US Treasury Note 1.10 0.99 0.25ML 2 Year US Treasury Note 1.46 1.20 0.25ML 5 Year US Treasury Note 1.87 1.30 0.25* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned65,536.61Accretion (amortization)(25,707.72)Realized gain (loss) on sales0.00Total income on portfolio39,828.89Average daily amortized cost46,070,651.49Period return (%)Weighted average final maturity in days591YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 138.24 0.00 138.240.00Corporate Bonds 30,813.38 (19,567.19) 11,246.190.00Government Agencies 12,314.95 (3,000.95) 9,314.000.00Government Bonds 17,029.04 (3,139.58) 13,889.460.00Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total 65,536.61 (25,707.72) 0.00 39,828.890.090.484 ACTIVITY AND PERFORMANCE SUMMARYFor the period July 1, 2022 - July 31, 2022SAN RAFAELFair Value Basis Activity Summary44,851,605.48Opening balance50,283.09Income received50,283.09Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period110,979.49Ending fair value45,012,618.06Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.39 0.35 0.14Overnight Repo0.35 0.33 0.14ICE Bofa 3 Months US T-BILL 0.21 0.20 0.05ICE Bofa 6m US Treas Bill 0.10 0.13 0.09ICE Bofa 1 Yr US Treasury Note (1.30) (0.85) 0.17ICE BofA US Treasury 1-3 (3.13) (1.87) 0.34ICE BofA US Treasury 1-5 (4.30) (2.43) 0.67* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 138.24 0.00 138.24Corporate Bonds 30,813.38 45,094.76 75,908.14Government Agencies 12,314.95 11,387.92 23,702.87Government Bonds 17,029.04 54,496.81 71,525.85Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total65,536.61 110,979.49 176,516.10Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned65,536.61Total income on portfolio176,516.10Average daily total value *45,109,754.53Period return (%)0.39Weighted average final maturity in days591Change in fair value110,979.49YTD return (%)(1.69)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of July 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 47,393.46 47,393.46 47,393.46 0.00 0.10 0.001Corporate Bonds 13,972,353.40 13,636,892.06 13,269,899.67 (366,992.39) 553 30.01 1.28Government Agencies 11,353,540.36 11,276,504.70 11,015,388.09 (261,116.61) 421 24.38 1.11Government Bonds 20,029,399.64 19,967,281.08 19,520,636.84 (446,644.24) 536 43.02 1.43Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,688 2.49 7.71Total46,561,986.86 46,087,371.30 45,012,618.06 (1,074,753.24) 591 100.00 1.46Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.10Corporate Bonds 30.01Government Agencies 24.38Government Bonds 43.02Municipal/Provincial Bonds 2.49Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of July 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,556,759.18 5.4990 to 179 days3,302,517.08 7.09180 days to 1 year7,554,549.32 16.231 to 2 years24,411,902.34 52.432 to 3 years4,495,005.68 9.653 to 4 years3,081,953.26 6.624 to 5 years0.00 0.00Over 5 years1,159,300.00 2.4946,561,986.86 100.00Maturity distribution0.005.0010.0015.0020.0025.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of July 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00047,393.46 47,393.46 0.00 0.00 0.1047,393.4647,393.46Cash and Cash EquivalentsTotal Cash and Cash Equivalents47,393.46 47,393.46 47,393.46 0.00 0.100.0047,393.46Corporate Bonds931142DH32.550 04/11/2023 509,155.00 501,233.44 (2,495.70) 3,895.8301/11/20231.09498,737.74500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 501,437.06 (3,636.25) 2,933.33 1.09497,800.81500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,012,119.23 (20,617.37) 4,387.50 2.22991,501.861,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 512,705.22 (12,510.31) 7,147.22 1.12500,194.91500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 706,815.64 (19,193.99) 4,095.00 1.54687,621.65700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,044,413.08 (35,555.02) 6,979.17 2.331,008,858.061,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 504,594.53 (5,923.75) 1,710.6112/20/20221.13498,670.78500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,586.72 (18,140.14) 120.00 1.03461,446.58480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,664.83 (36,645.36) 175.00 2.15964,019.471,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 522,261.91 (19,614.82) 405.5612/23/20231.16502,647.09500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of July 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 925,668.26 (22,521.51) 700.0012/24/20232.06903,146.75900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,042,268.20 (39,189.92) 16,500.0001/05/20242.321,003,078.281,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,047,968.80 (43,871.78) 17,017.36 2.331,004,097.021,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 520,867.94 (19,894.14) 7,538.1901/14/20241.16500,973.80500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 520,454.78 (16,660.98) 7,500.0012/01/20231.15503,793.80500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 508,048.34 (8,929.83) 7,198.6103/05/20231.15499,118.51500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 511,370.10 (12,255.02) 4,844.1904/23/20231.15499,115.08500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 525,150.26 (20,885.00) 3,588.89 1.15504,265.26500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 669,849.84 3,563.43 2,417.3304/11/20251.43673,413.27700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 579,413.88 (12,014.93) 4,611.5003/13/20251.24567,398.95600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,636,892.06 13,269,899.67 (366,992.39)30.01103,765.2913,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,252,127.06 (3,173.67) 8,055.56 2.711,248,953.391,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of July 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3130A3KM52.500 12/09/2022 1,021,240.00 1,002,211.43 (3,988.83) 3,611.11 2.19998,222.601,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,200,989.72 (11,104.23) 7,516.67 2.581,189,885.491,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,249,035.86 (22,403.87) 1,315.10 2.681,226,631.991,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,013,377.46 (14,088.20) 11,100.69 2.25999,289.261,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 607,500.47 (10,802.47) 7,333.33 1.33596,698.00600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (40,966.89) 962.50 2.15959,033.111,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (40,331.52) 369.4409/23/20222.15959,668.481,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23SEP22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,850.36 (54,108.44) 1,108.3310/26/20222.581,145,741.921,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (43,717.63) 885.42 2.15956,282.371,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 05AUG22)3135G0V751.750 07/02/2024 753,426.75 751,412.34 (16,430.86) 1,057.29 1.62734,981.48750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,276,504.70 11,015,388.09 (261,116.61)24.3843,315.4411,250,000.00Government Bonds91282CAN10.125 09/30/2022 1,248,929.97 1,249,768.54 (4,043.84) 520.83 2.681,245,724.701,250,000.00USA TREASURY 0.125% 30SEP202210 SECURITIES HELDAs of July 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828M802.000 11/30/2022 1,269,750.29 1,254,190.11 (7,119.80) 4,166.67 2.731,247,070.311,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,005,042.97 (11,332.03) 652.17 2.17993,710.941,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,256,595.52 (16,702.94) 7,881.56 2.711,239,892.581,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,161.85 (15,239.97) 1,875.00 2.15984,921.881,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 795,534.03 (16,002.78) 84.241.70779,531.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 993,427.45 (21,396.20) 625.00 2.13972,031.251,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,260,250.42 (31,295.34) 7,145.89 2.721,228,955.081,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,061.24 (33,811.24) 523.10 2.15966,250.001,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 653,758.28 (10,689.92) 2,302.08 1.42643,068.36650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,196,594.75 (42,344.75) 188.53 2.571,154,250.001,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,678.39 (43,334.64) 1,096.31 2.15957,343.751,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 998,142.35 (44,626.73) 523.10 2.14953,515.621,000,000.00USA TREASURY 0.25% 15MAY202411 SECURITIES HELDAs of July 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828D562.375 08/15/2024 1,038,011.16 1,029,476.43 (40,101.43) 10,890.88 2.23989,375.001,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,036,050.78 (51,675.78) 7,083.33 2.26984,375.001,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,011,822.39 (41,548.95) 3,750.00 2.18970,273.441,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 716,574.17 (38,257.76) 1,750.00 1.55678,316.41700,000.00USA TREASURY 1.5% 30NOV202491282CAJ00.250 08/31/2025 1,095,937.50 1,099,331.81 9,496.32 1,247.28 2.351,108,828.131,200,000.00USA TREASURY 0.25% 31AUG202591282CAM30.250 09/30/2025 456,445.31 457,112.53 4,078.88 416.67 0.98461,191.41500,000.00USA TREASURY 0.25% 30SEP20259128285N62.875 11/30/2025 496,212.61 496,267.77 4,591.61 2,395.831.07500,859.38500,000.00USA TREASURY 2.875% 30NOV202591282CBQ30.500 02/28/2026 455,839.84 456,439.30 4,713.05 1,039.400.98461,152.35500,000.00USA TREASURY 0.5% 28FEB2026Total Government Bonds20,029,399.64 19,967,281.08 19,520,636.84 (446,644.24)43.0256,157.8720,050,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 25,190.62 2.491,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.4925,190.621,159,300.00Grand total46,561,986.86 46,087,371.30 (1,074,753.24)45,886,693.46100.00228,429.2245,012,618.0612 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond91282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.68 1,245,724.70 2.77 0.17912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.73 1,247,070.31 2.77 0.34912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 993,710.94 2.21 0.47912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,892.58 2.75 0.54912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 984,921.88 2.19 0.6291282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 779,531.25 1.73 0.9191282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 972,031.25 2.16 0.999128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.72 1,228,955.08 2.73 1.0691282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.15 966,250.00 2.15 1.27912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 643,068.36 1.43 1.3091282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,154,250.00 2.56 1.3591282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 957,343.75 2.13 1.6791282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.14 953,515.62 2.12 1.76912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 989,375.00 2.20 1.959128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 984,375.00 2.19 2.08912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 970,273.44 2.16 2.18912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 678,316.41 1.51 2.2691282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.35 1,108,828.13 2.46 3.0291282CAM3USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 461,191.41 1.02 3.109128285N6USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.07 500,859.38 1.11 3.1491282CBQ3USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 461,152.35 1.02 3.49Issuer total20,050,000.00 20,029,399.64 43.02 19,520,636.84 43.37 1.43Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.71 1,248,953.39 2.77 0.1913 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 999,289.26 2.22 1.083135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 596,698.00 1.33 1.453136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,145,741.92 2.55 1.683135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 734,981.48 1.63 1.86Issuer total4,800,000.00 4,882,378.52 10.49 4,725,664.05 10.50 1.17Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,222.60 2.22 0.363130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,189,885.49 2.64 0.553130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 09/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 959,668.48 2.13 1.66Issuer total3,200,000.00 3,222,938.09 6.92 3,147,776.57 6.99 0.83Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 959,033.11 2.13 1.693133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 956,282.37 2.12 1.69Issuer total2,000,000.00 2,000,000.00 4.30 1,915,315.48 4.26 1.69Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.68 1,226,631.99 2.73 0.71Issuer total1,250,000.00 1,248,223.75 2.68 1,226,631.99 2.73 0.71PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.58 7.71Issuer total1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.58 7.71Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 687,621.65 1.53 1.0414 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 461,446.58 1.03 1.42Issuer total1,180,000.00 1,194,301.40 2.56 1,149,068.23 2.55 1.19JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 499,115.08 1.11 0.7246647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 567,398.95 1.26 2.48Issuer total1,100,000.00 1,111,758.00 2.39 1,066,514.03 2.37 1.63Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 1,008,858.06 2.24 1.27Issuer total1,000,000.00 1,086,390.00 2.33 1,008,858.06 2.24 1.27International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 1,004,097.02 2.23 1.45Issuer total1,000,000.00 1,086,900.00 2.33 1,004,097.02 2.23 1.45US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 1,003,078.28 2.23 1.39Issuer total1,000,000.00 1,079,130.00 2.32 1,003,078.28 2.23 1.39Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,670.78 1.11 0.3906051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 499,118.51 1.11 0.59Issuer total1,000,000.00 1,061,320.00 2.28 997,789.29 2.22 0.49American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 991,501.86 2.20 0.77Issuer total1,000,000.00 1,031,510.00 2.22 991,501.86 2.20 0.7715 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJohn Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 964,019.47 2.14 1.43Issuer total1,000,000.00 1,001,230.00 2.15 964,019.47 2.14 1.43PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 903,146.75 2.01 1.38Issuer total900,000.00 957,939.00 2.06 903,146.75 2.01 1.38Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 673,413.27 1.50 2.65Issuer total700,000.00 667,380.00 1.43 673,413.27 1.50 2.65Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 504,265.26 1.12 1.71Issuer total500,000.00 537,160.00 1.15 504,265.26 1.12 1.71PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 503,793.80 1.12 1.35Issuer total500,000.00 537,465.00 1.15 503,793.80 1.12 1.35Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 502,647.09 1.12 1.38Issuer total500,000.00 541,470.00 1.16 502,647.09 1.12 1.383M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 500,973.80 1.11 1.42Issuer total500,000.00 541,935.00 1.16 500,973.80 1.11 1.4216 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesProcter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 500,194.91 1.11 1.00Issuer total500,000.00 520,430.00 1.12 500,194.91 1.11 1.00Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 498,737.74 1.11 0.61Issuer total500,000.00 509,155.00 1.09 498,737.74 1.11 0.61Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 497,800.81 1.11 0.75Issuer total500,000.00 506,880.00 1.09 497,800.81 1.11 0.75Cash and Cash EquivalentsINVESTED CASH 0.00047,393.46 47,393.46 0.00 47,393.46 0.11 0.00Issuer total47,393.46 47,393.46 0.00 47,393.46 0.11 0.00Grand total45,886,693.46 46,561,986.86 100.00 45,012,618.06 100.001.4617 SECURITIES PURCHASEDFor the period July 1, 2022 - July 31, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds91282CAM30.25007/13/2022 09/30/2025 500,000.00 91.29 (456,445.31) (362.02)07/15/2022USA TREASURY 0.25% 30SEP2025BNP PARIBAS PARIS9128285N62.87507/13/2022 11/30/2025 500,000.00 99.24 (496,212.61) (1,767.42)07/15/2022USA TREASURY 2.875% 30NOV2025RBC CAPITAL MARKETS, LLC91282CBQ30.50007/13/2022 02/28/2026 500,000.00 91.17 (455,839.84) (930.71)07/15/2022USA TREASURY 0.5% 28FEB2026CREDIT AGRICOLE CIB1,500,000.00 (1,408,497.76) (3,060.15)Total Government BondsGrand totalGrand total1,500,000.00 (1,408,497.76) (3,060.15)18 SECURITIES SOLD AND MATUREDFor the period July 1, 2022 - July 31, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Bonds9128287C81.75007/15/2022 (1,250,000.00) 1,261,088.17 1,250,000.00 0.00 1,250,000.00 0.00 0.0007/15/2022WI TREASURY SEC WI TREASURY SEC1.75% DUE 07-15-2022 REG(1,250,000.00)0.001,261,088.17 1,250,000.00 1,250,000.00 0.00Total (Government Bonds)Grand totalGrand total(1,250,000.00)0.001,261,088.17 1,250,000.00 1,250,000.00 0.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2022 - July 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents138.240.000.00138.240.00Total Cash138.240.000.00138.240.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.30(1,194.73)1,862.550.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.49)1,972.590.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)692.780.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.39(984.54)309.840.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)724.530.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,229.17(2,810.95)1,586.340.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)936.71903.609,668.890.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.75)1,199.709,125.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.53(2,607.00)1,980.560.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.85)5,118.262,250.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)1,035.92473.975,533.230.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.34(1,296.97)652.130.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.77)555.670.000.00713448CM8PFIZER INC 3.4% 15MAY20241,463.89(1,169.78)3,548.760.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.91)3,020.7515,750.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,334.72(1,016.42)(2,601.77)0.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024186.0023.801,915.261,080.000.0089236THU220 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2022 - July 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)3,246.920.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.54)5,354.850.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)(1,247.08)0.000.00931142DH3Total Corporate Bonds30,813.38(19,567.19)45,094.76 28,205.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)361.666.922,752.840.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,130.21(61.22)1,927.166,562.500.003135G0V75FANNIE MAE 2% 05OCT20222,152.78(981.72)(462.02)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)954.570.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.32)(619.86)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.002,776.400.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 05AUG22)322.920.002,819.280.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23SEP22)301.380.002,631.830.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,420.84(150.71)(228.65)0.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.78(514.28)(2,636.77)0.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023403.64111.251,473.140.000.003137EAEQ8Total Government Agencies12,314.95(3,000.95)11,387.926,562.500.00Government BondsUSA TREASURY 0.125% 15DEC2023127.05210.292,812.500.000.0091282CBA8USA TREASURY 0.125% 30JUN202384.24414.501,375.000.000.0091282CCK521 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2022 - July 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30SEP2022132.34117.63927.520.000.0091282CAN1USA TREASURY 0.125% 31JUL2023107.04558.222,031.250.000.0091282CCN9USA TREASURY 0.25% 15MAY2024210.6088.063,085.930.000.0091282CCC3USA TREASURY 0.25% 15NOV2023210.60(4.03)2,578.120.000.0091282CAW1USA TREASURY 0.25% 30SEP202554.65667.224,746.100.000.0091282CAM3USA TREASURY 0.25% 31AUG2025252.712,769.0410,078.130.000.0091282CAJ0USA TREASURY 0.375% 15APR2024317.62(33.70)2,734.370.000.0091282CBV2USA TREASURY 0.5% 15MAR2023421.20(22.10)468.760.000.00912828ZD5USA TREASURY 0.5% 28FEB2026108.69599.465,312.510.000.0091282CBQ3USA TREASURY 1.375% 15FEB20231,471.86(1,027.45)(439.45)0.000.00912828Z86USA TREASURY 1.375% 31AUG20231,447.86(802.43)2,050.780.000.009128282D1USA TREASURY 1.5% 15JAN20231,273.72(930.55)(39.06)7,500.000.00912828Z29USA TREASURY 1.5% 30NOV2024889.34(602.34)3,062.500.000.00912828YV6USA TREASURY 1.5% 31OCT20241,263.59(445.32)4,140.630.000.00912828YM6USA TREASURY 2% 30NOV20222,117.49(1,064.71)(976.57)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,169.91(239.24)533.210.000.00912828U57USA TREASURY 2.125% 30SEP20241,799.86(1,411.07)3,007.810.000.009128282Y5USA TREASURY 2.375% 15AUG20242,033.84(1,224.89)2,617.190.000.00912828D56USA TREASURY 2.875% 30NOV2025628.4155.164,646.770.000.009128285N622 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period July 1, 2022 - July 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsWI TREASURY SEC WI TREASURY SEC 1.75% DUE 07-15-2022 REG906.42(811.33)(257.19)10,937.500.009128287C8Total Government Bonds17,029.04(3,139.58)54,496.81 18,437.500.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,241.000.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,241.000.000.000.000.00Grand total65,536.61(25,707.72) 110,979.49 53,343.240.0023 TRANSACTION REPORTFor the period July 1, 2022 - July 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,562.5007/02/202207/02/2022Income3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2024 07/02/2024 750,000.00 0.00 6,562.500.001,080.0007/11/202207/11/2022Income89236THU2 Corporate Bonds TOYOTA MOTOR CREDIT CORP 01/11/2024 480,000.00 0.00 1,080.000.00(1,767.42)07/13/202207/15/2022Bought9128285N6 Government Bonds USA TREASURY 2.875% 11/30/2025 500,000.00 (496,212.61) (497,980.03)0.00(362.02)07/13/202207/15/2022Bought91282CAM3 Government Bonds USA TREASURY 0.25% 09/30/2025 500,000.00 (456,445.31) (456,807.33)0.00(930.71)07/13/202207/15/2022Bought91282CBQ3 Government Bonds USA TREASURY 0.5% 02/28/2026 500,000.00 (455,839.84) (456,770.55)0.0010,937.5007/15/202207/15/2022Income9128287C8 Government Bonds WI TREASURY SEC WI 07/15/2022 1,250,000.00 0.00 10,937.500.000.0007/15/202207/15/2022Capital Change9128287C8 Government Bonds WI TREASURY SEC WI 07/15/2022 (1,250,000.00) 1,250,000.00 1,250,000.000.007,500.0007/15/202207/15/2022Income912828Z29 Government Bonds USA TREASURY 1.5% 01/15/2023 1,000,000.00 0.00 7,500.000.002,250.0007/17/202207/17/2022Income24422EVN6 Corporate Bonds JOHN DEERE CAPITAL CORP 01/17/2024 1,000,000.00 0.00 2,250.000.009,125.0007/23/202207/23/2022Income17325FAS7 Corporate Bonds CITIBANK NA 3.65% 23JAN202401/23/2024 500,000.00 0.00 9,125.000.0015,750.0007/23/202207/23/2022Income693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 900,000.00 0.00 15,750.000.00138.24Income Cash and Cash Equivalents Cash138.240.00 0.000.0007/31/202224 ADDITIONAL INFORMATIONAs of July 31, 2022SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.25 ADDITIONAL INFORMATIONAs of July 31, 2022SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2022 Insight Investment. All rights reserved.26 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELAugust 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Detail of return and interest received 18Transaction report22Additional information23 FIXED INCOME MARKET REVIEWAs of August 31, 2022SAN RAFAELChart 1: CPI shows signs of peakingSource: Bloomberg,August 31, 2022Chart 2: Treasury yields rise in response to central bank rhetoricSource: Bloomberg,August 31, 2022Economic Indicators and Monetary PolicyHeadline CPI fell to 8.5% from the previous month’s 40-year record of 9.1% and camein lower than expected. Core CPI was unchanged at 5.9% (Chart1). Energy CPIretraced, falling -4.6% month-on-month as did other commodity-based sectors,outside of food inflation. However, sticky sectors such as rents, medical services andeducation continued to be relatively high.Labor market data was strong again. The US economy added 528,000 jobs in July,more than double the consensus for 250,000. The leisure and hospitality sector wasparticularly strong with 96,000 new jobs created. The unemployment rateunexpectedly fell to 3.5% from 3.6%, equalling pre-pandemic lows. Wage growthremained unchanged at 5.2%Federal Reserve (Fed) Chair Powell emphasized the central bank’s resolve to bringinflation back down to the 2% target at the annual Jackson Hole Economic Symposium,even at the cost of lower equity prices and slower economic growth. Powell stated,conditions “likely require maintaining a restrictive policy stance for some time.” Healso reiterated his hawkish message, saying that “the employment costs of bringingdown inflation are likely to increase with delay”.On the political front, Congress passed the Inflation Reduction Act (IRA) of 2022,which is expected to narrowly lower the deficit and is focused on provisions for cleanenergy, health care spending, health care savings and revenue provisions, including a15% minimum tax for corporations with more than $1bn in revenue, and a 1% excisetax on stock buybacks.Elsewhere, the ISM manufacturing composite edged down from53.0 to 52.8, thelowest since summer 2020. The ISM services index surprisingly rose to 56.7 where adecline was expected.Interest Rate SummaryYields generally rose during the month, given the Federal Reserve’s rhetoric onpersisting with its hiking cycle (Chart 2). At the end of August, the 3-month USTreasury bill yielded 2.95%, the 6-month US Treasury bill yielded 3.36%, the 2-year USTreasury note yielded 3.50%, the 5-year US Treasury note yielded 3.35% and the 10-year US Treasury note yielded 3.20%.3 ACTIVITY AND PERFORMANCE SUMMARYFor the period August 1, 2022 - August 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,087,371.30Opening balance103,872.66Income received103,872.66Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(31,977.40)Total amortization expense7,953.99Total OID/MKT accretion income0.00Return of capitalClosing balance46,166,970.55Ending fair value44,849,886.64(1,317,083.91)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.58 0.54 0.20Overnight Repo0.54 0.52 0.19Merrill Lynch 3m US Treas Bill 0.73 0.68 0.21Merrill Lynch 6m US Treas Bill 0.97 0.88 0.24ML 1 Year US Treasury Note 1.37 1.19 0.27ML 2 Year US Treasury Note 1.71 1.36 0.27ML 5 Year US Treasury Note 2.06 1.41 0.25* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned63,717.80Accretion (amortization)(24,023.41)Realized gain (loss) on sales0.00Total income on portfolio39,694.39Average daily amortized cost46,133,772.13Period return (%)Weighted average final maturity in days557YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 85.16 0.00 85.160.00Corporate Bonds 29,819.43 (19,649.09) 10,170.340.00Government Agencies 11,917.72 (3,000.74) 8,916.980.00Government Bonds 16,823.55 (1,373.58) 15,449.970.00Municipal/Provincial Bonds 5,071.94 0.00 5,071.94Total 63,717.80 (24,023.41) 0.00 39,694.390.090.574 ACTIVITY AND PERFORMANCE SUMMARYFor the period August 1, 2022 - August 31, 2022SAN RAFAELFair Value Basis Activity Summary45,012,618.06Opening balance103,872.66Income received103,872.66Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(266,354.08)Ending fair value44,849,886.64Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.58 0.54 0.20Overnight Repo0.54 0.52 0.19ICE Bofa 3 Months US T-BILL 0.37 0.35 0.16ICE Bofa 6m US Treas Bill 0.24 0.28 0.14ICE Bofa 1 Yr US Treasury Note (1.53) (0.92) (0.23)ICE BofA US Treasury 1-3 (3.82) (2.21) (0.72)ICE BofA US Treasury 1-5 (5.44) (3.23) (1.25)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 85.16 0.00 85.16Corporate Bonds 29,819.43 (89,399.41) (59,579.98)Government Agencies 11,917.72 (60,707.58) (48,789.86)Government Bonds 16,823.55 (116,247.09) (99,423.54)Municipal/Provincial Bonds 5,071.94 0.00 5,071.94Total63,717.80 (266,354.08) (202,636.28)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned63,717.80Total income on portfolio(202,636.28)Average daily total value *45,103,145.98Period return (%)(0.45)Weighted average final maturity in days557Change in fair value(266,354.08)YTD return (%)(2.13)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of August 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 151,016.12 151,016.12 151,016.12 0.00 0.32 0.001Corporate Bonds 13,972,353.40 13,617,242.97 13,180,500.26 (436,742.71) 520 29.94 1.21Government Agencies 11,353,540.36 11,273,503.96 10,954,680.51 (318,823.45) 388 24.33 1.04Government Bonds 20,029,399.64 19,965,907.50 19,404,389.75 (561,517.75) 503 42.92 1.34Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,655 2.48 7.57Total46,665,609.52 46,166,970.55 44,849,886.64 (1,317,083.91) 557 100.00 1.38Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.32Corporate Bonds 29.94Government Agencies 24.33Government Bonds 42.92Municipal/Provincial Bonds 2.48Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of August 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,660,381.84 5.7090 to 179 days5,768,135.37 12.36180 days to 1 year7,314,128.07 15.671 to 2 years23,224,716.46 49.772 to 3 years3,456,994.52 7.413 to 4 years3,081,953.26 6.604 to 5 years0.00 0.00Over 5 years1,159,300.00 2.4846,665,609.52 100.00Maturity distribution0.005.0010.0015.0020.0025.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of August 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000151,016.12 151,016.12 0.00 0.00 0.32151,016.12151,016.12Cash and Cash EquivalentsTotal Cash and Cash Equivalents151,016.12 151,016.12 151,016.12 0.00 0.320.00151,016.12Corporate Bonds931142DH32.550 04/11/2023 509,155.00 501,003.60 (3,992.60) 4,958.3301/11/20231.09497,011.00500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 501,279.14 (4,722.85) 3,933.33 1.09496,556.29500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,010,820.74 (24,981.94) 6,012.50 2.21985,838.801,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 511,688.81 (13,853.94) 688.89 1.12497,834.87500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 706,284.55 (22,958.38) 157.50 1.53683,326.17700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,041,602.13 (39,679.41) 10,104.17 2.331,001,922.721,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 503,609.99 (5,457.11) 2,962.2812/20/20221.13498,152.88500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,610.52 (19,986.29) 300.00 1.03459,624.23480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,626.98 (43,220.24) 550.00 2.15957,406.741,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 520,934.16 (21,759.38) 1,926.3912/23/20231.16499,174.78500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of August 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 924,137.35 (26,958.41) 3,325.0012/24/20232.05897,178.94900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,039,810.75 (44,682.74) 2,437.5001/05/20242.31995,128.011,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,045,361.80 (47,878.00) 1,913.19 2.33997,483.801,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 519,673.21 (23,050.47) 767.3601/14/20241.16496,622.74500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 519,179.02 (18,720.71) 9,000.0012/01/20231.15500,458.31500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 506,925.32 (8,947.79) 8,677.7803/05/20231.15497,977.53500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 510,073.13 (12,638.92) 6,327.1104/23/20231.14497,434.21500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 523,980.48 (25,802.90) 5,005.56 1.15498,177.58500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 670,753.44 (10,232.84) 3,323.8304/11/20251.43660,520.60700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 579,887.85 (17,217.79) 5,614.0003/13/20251.24562,670.06600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,617,242.97 13,180,500.26 (436,742.71)29.9477,984.7213,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,251,145.35 (1,785.54) 10,138.89 2.701,249,359.811,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of August 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3130A3KM52.500 12/09/2022 1,021,240.00 1,001,697.14 (2,864.51) 5,694.44 2.19998,832.631,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,200,839.00 (9,842.40) 641.67 2.581,190,996.601,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,249,147.10 (23,893.64) 1,705.73 2.671,225,253.461,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,012,379.14 (19,750.98) 13,496.53 2.24992,628.161,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 607,087.60 (14,840.88) 1,083.33 1.33592,246.72600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (47,904.88) 1,254.17 2.14952,095.121,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (54,728.38) 661.1109/23/20222.14945,271.621,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23SEP22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,857.52 (64,902.64) 1,458.3310/26/20222.571,134,954.881,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (54,603.83) 1,197.92 2.14945,396.171,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 12SEP22)3135G0V751.750 07/02/2024 753,426.75 751,351.11 (23,705.77) 2,151.04 1.61727,645.34750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,273,503.96 10,954,680.51 (318,823.45)24.3339,483.1611,250,000.00Government Bonds91282CAN10.125 09/30/2022 1,248,929.97 1,249,886.17 (2,010.98) 653.18 2.681,247,875.191,250,000.00USA TREASURY 0.125% 30SEP202210 SECURITIES HELDAs of August 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828M802.000 11/30/2022 1,269,750.29 1,253,125.42 (5,696.79) 6,284.15 2.721,247,428.631,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,004,112.42 (9,932.73) 1,915.76 2.17994,179.691,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,255,568.08 (16,066.13) 747.28 2.711,239,501.951,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,139.74 (14,553.80) 2,296.20 2.14985,585.941,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 795,948.54 (17,542.29) 168.48 1.70778,406.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 993,985.66 (23,985.66) 105.30 2.12970,000.001,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,259,447.99 (35,326.89) 0.00 2.711,224,121.101,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,057.22 (37,479.10) 733.70 2.14962,578.121,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 653,519.05 (14,005.38) 3,472.00 1.42639,513.67650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,196,805.03 (46,773.77) 315.57 2.561,150,031.261,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,644.69 (49,629.07) 1,413.93 2.15951,015.621,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 998,230.40 (51,277.28) 733.70 2.14946,953.121,000,000.00USA TREASURY 0.25% 15MAY202411 SECURITIES HELDAs of August 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828D562.375 08/15/2024 1,038,011.16 1,028,251.54 (48,798.42) 1,032.61 2.22979,453.121,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,034,639.70 (61,085.01) 8,883.20 2.25973,554.691,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,011,377.08 (52,002.08) 5,013.59 2.17959,375.001,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 715,971.82 (45,667.14) 2,639.34 1.55670,304.68700,000.00USA TREASURY 1.5% 30NOV202491282CAJ00.250 08/31/2025 1,095,937.50 1,102,100.86 (12,491.49) 0.00 2.351,089,609.371,200,000.00USA TREASURY 0.25% 31AUG202591282CAM30.250 09/30/2025 456,445.31 458,261.63 (5,175.69) 522.540.98453,085.94500,000.00USA TREASURY 0.25% 30SEP20259128285N62.875 11/30/2025 496,212.61 496,362.76 (5,679.16) 3,613.39 1.06490,683.60500,000.00USA TREASURY 2.875% 30NOV202591282CBQ30.500 02/28/2026 455,839.84 457,471.70 (6,338.89) 0.00 0.98451,132.81500,000.00USA TREASURY 0.5% 28FEB2026Total Government Bonds20,029,399.64 19,965,907.50 19,404,389.75 (561,517.75)42.9240,543.9220,050,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 30,262.56 2.481,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.4830,262.561,159,300.00Grand total46,665,609.52 46,166,970.55 (1,317,083.91)45,990,316.12100.00188,274.3644,849,886.6412 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond91282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.68 1,247,875.19 2.78 0.08912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.72 1,247,428.63 2.78 0.25912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 994,179.69 2.22 0.38912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,501.95 2.76 0.45912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 985,585.94 2.20 0.5391282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 778,406.25 1.74 0.8291282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 970,000.00 2.16 0.909128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,224,121.10 2.73 0.9891282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.14 962,578.12 2.15 1.19912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 639,513.67 1.43 1.2191282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,150,031.26 2.56 1.2791282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 951,015.62 2.12 1.5991282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.14 946,953.12 2.11 1.67912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 979,453.12 2.18 1.899128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 973,554.69 2.17 1.99912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.17 959,375.00 2.14 2.09912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 670,304.68 1.49 2.1791282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.35 1,089,609.37 2.43 2.9491282CAM3USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 453,085.94 1.01 3.019128285N6USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 490,683.60 1.09 3.0591282CBQ3USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 451,132.81 1.01 3.41Issuer total20,050,000.00 20,029,399.64 42.92 19,404,389.75 43.27 1.34Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.70 1,249,359.81 2.79 0.1013 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 992,628.16 2.21 0.993135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 592,246.72 1.32 1.393136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,134,954.88 2.53 1.623135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 727,645.34 1.62 1.78Issuer total4,800,000.00 4,882,378.52 10.46 4,696,834.91 10.47 1.09Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,832.63 2.23 0.273130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,190,996.60 2.66 0.463130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 09/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 945,271.62 2.11 1.61Issuer total3,200,000.00 3,222,938.09 6.91 3,135,100.85 6.99 0.76Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 952,095.12 2.12 1.613133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 945,396.17 2.11 1.64Issuer total2,000,000.00 2,000,000.00 4.29 1,897,491.29 4.23 1.63Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.67 1,225,253.46 2.73 0.62Issuer total1,250,000.00 1,248,223.75 2.67 1,225,253.46 2.73 0.62PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.48 1,159,300.00 2.58 7.57Issuer total1,159,300.00 1,159,300.00 2.48 1,159,300.00 2.58 7.57Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 683,326.17 1.52 0.9614 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 459,624.23 1.02 1.34Issuer total1,180,000.00 1,194,301.40 2.56 1,142,950.40 2.55 1.11JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.14 497,434.21 1.11 0.6346647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 562,670.06 1.25 2.40Issuer total1,100,000.00 1,111,758.00 2.38 1,060,104.27 2.36 1.55Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 1,001,922.72 2.23 1.18Issuer total1,000,000.00 1,086,390.00 2.33 1,001,922.72 2.23 1.18International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 997,483.80 2.22 1.40Issuer total1,000,000.00 1,086,900.00 2.33 997,483.80 2.22 1.40Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,152.88 1.11 0.3006051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 497,977.53 1.11 0.50Issuer total1,000,000.00 1,061,320.00 2.27 996,130.41 2.22 0.40US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 995,128.01 2.22 1.35Issuer total1,000,000.00 1,079,130.00 2.31 995,128.01 2.22 1.35American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 985,838.80 2.20 0.67Issuer total1,000,000.00 1,031,510.00 2.21 985,838.80 2.20 0.6715 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJohn Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 957,406.74 2.13 1.35Issuer total1,000,000.00 1,001,230.00 2.15 957,406.74 2.13 1.35PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 897,178.94 2.00 1.31Issuer total900,000.00 957,939.00 2.05 897,178.94 2.00 1.31Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 660,520.60 1.47 2.57Issuer total700,000.00 667,380.00 1.43 660,520.60 1.47 2.57PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 500,458.31 1.12 1.32Issuer total500,000.00 537,465.00 1.15 500,458.31 1.12 1.32Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 499,174.78 1.11 1.31Issuer total500,000.00 541,470.00 1.16 499,174.78 1.11 1.31Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 498,177.58 1.11 1.63Issuer total500,000.00 537,160.00 1.15 498,177.58 1.11 1.63Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 497,834.87 1.11 0.93Issuer total500,000.00 520,430.00 1.12 497,834.87 1.11 0.9316 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWalmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 497,011.00 1.11 0.57Issuer total500,000.00 509,155.00 1.09 497,011.00 1.11 0.573M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 496,622.74 1.11 1.38Issuer total500,000.00 541,935.00 1.16 496,622.74 1.11 1.38Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 496,556.29 1.11 0.66Issuer total500,000.00 506,880.00 1.09 496,556.29 1.11 0.66Cash and Cash EquivalentsINVESTED CASH 0.000151,016.12 151,016.12 0.00 151,016.12 0.34 0.00Issuer total151,016.12 151,016.12 0.00 151,016.12 0.34 0.00Grand total45,990,316.12 46,665,609.52 100.00 44,849,886.64 100.001.3817 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2022 - August 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents85.160.000.0085.160.00Total Cash85.160.000.0085.160.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,354.17(1,194.73)(4,351.06)8,125.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,625.00(1,298.49)(5,663.06)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,000.00(157.92)(1,244.52)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,251.67(984.54)(517.90)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,479.17(1,123.02)(1,140.98)0.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,125.00(2,810.95)(6,935.34)0.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)906.50903.60(12,892.67)0.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,520.83(1,327.75)(3,472.31)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,020.83(2,607.00)(6,613.22)18,125.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024375.00(37.85)(6,612.73)0.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)1,002.50473.97(4,728.89)0.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,482.92(1,296.97)(1,680.87)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,500.00(1,275.76)(3,335.49)0.000.00713448CM8PFIZER INC 3.4% 15MAY20241,416.67(1,169.78)(6,087.68)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,625.00(1,530.91)(5,967.81)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,291.67(1,016.41)(2,360.04)7,750.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024180.0023.80(1,822.35)0.000.0089236THU218 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2022 - August 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023787.50(531.09)(4,295.48)4,725.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,812.50(2,457.45)(7,950.27)16,875.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,062.50(229.84)(1,726.74)0.000.00931142DH3Total Corporate Bonds29,819.43(19,649.09) (89,399.41) 55,600.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)350.007.16(10,787.04)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,093.75(61.23)(7,336.14)0.000.003135G0V75FANNIE MAE 2% 05OCT20222,083.33(981.71)406.420.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,250.00(412.87)(4,451.28)7,500.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,395.84(998.32)(6,661.10)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024291.670.00(6,937.99)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 12SEP22)312.500.00(10,886.20)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23SEP22)291.670.00(14,396.86)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,375.00(150.72)1,111.118,250.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,083.33(514.29)610.030.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023390.63111.24(1,378.53)0.000.003137EAEQ8Total Government Agencies11,917.72(3,000.74) (60,707.58) 15,750.000.00Government BondsUSA TREASURY 0.125% 15DEC2023127.04210.28(4,218.74)0.000.0091282CBA8USA TREASURY 0.125% 30JUN202384.24414.51(1,125.00)0.000.0091282CCK519 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2022 - August 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30SEP2022132.35117.632,150.490.000.0091282CAN1USA TREASURY 0.125% 31JUL2023105.30558.21(2,031.25)625.000.0091282CCN9USA TREASURY 0.25% 15MAY2024210.6088.05(6,562.50)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023210.60(4.02)(3,671.88)0.000.0091282CAW1USA TREASURY 0.25% 30SEP2025105.871,149.10(8,105.47)0.000.0091282CAM3USA TREASURY 0.25% 31AUG2025252.722,769.05(19,218.76)1,500.000.0091282CAJ0USA TREASURY 0.375% 15APR2024317.62(33.70)(6,328.13)0.000.0091282CBV2USA TREASURY 0.5% 15MAR2023421.20(22.11)664.060.000.00912828ZD5USA TREASURY 0.5% 28FEB2026210.601,032.40(10,019.54)1,250.000.0091282CBQ3USA TREASURY 1.375% 15FEB20231,459.47(1,027.44)(390.63)8,593.750.00912828Z86USA TREASURY 1.375% 31AUG20231,447.86(802.43)(4,833.98)8,593.750.009128282D1USA TREASURY 1.5% 15JAN20231,263.59(930.55)468.750.000.00912828Z29USA TREASURY 1.5% 30NOV2024889.34(602.35)(8,011.73)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,263.59(445.31)(10,898.44)0.000.00912828YM6USA TREASURY 2% 30NOV20222,117.48(1,064.69)358.320.000.00912828M80USA TREASURY 2.125% 30NOV20231,169.92(239.23)(3,554.69)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,799.87(1,411.08)(10,820.31)0.000.009128282Y5USA TREASURY 2.375% 15AUG20242,016.73(1,224.89)(9,921.88)11,875.000.00912828D56USA TREASURY 2.875% 30NOV20251,217.5694.99(10,175.78)0.000.009128285N6Total Government Bonds16,823.55(1,373.58) (116,247.09) 32,437.500.0020 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period August 1, 2022 - August 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,071.940.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,071.940.000.000.000.00Grand total63,717.80(24,023.41) (266,354.08) 103,872.660.0021 TRANSACTION REPORTFor the period August 1, 2022 - August 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)625.0007/31/202207/31/2022Income91282CCN9 Government Bonds USA TREASURY 0.125% 07/31/2023 1,000,000.00 0.00 625.000.007,500.0008/05/202208/05/2022Income3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB2024 02/05/2024 600,000.00 0.00 7,500.000.0016,875.0008/05/202208/05/2022Income91159HHV5 Corporate Bonds US BANCORP 3.375% 02/05/20241,000,000.00 0.00 16,875.000.0018,125.0008/12/202208/12/2022Income459200HU8 Corporate Bonds IBM CORP 3.625% 12FEB2024 02/12/2024 1,000,000.00 0.00 18,125.000.008,125.0008/14/202208/14/2022Income88579YBB6 Corporate Bonds 3M COMPANY 3.25% 02/14/2024 500,000.00 0.00 8,125.000.007,750.0008/15/202208/15/2022Income742718EB1 Corporate Bonds PROCTER & GAMBLE CO/THE 08/15/2023 500,000.00 0.00 7,750.000.0011,875.0008/15/202208/15/2022Income912828D56 Government Bonds USA TREASURY 2.375% 08/15/2024 1,000,000.00 0.00 11,875.000.008,593.7508/15/202208/15/2022Income912828Z86 Government Bonds USA TREASURY 1.375% 02/15/2023 1,250,000.00 0.00 8,593.750.008,250.0008/17/202208/17/2022Income3130AJ7E3 Government Agencies FEDERAL HOME LOAN BANK 02/17/2023 1,200,000.00 0.00 8,250.000.004,725.0008/25/202208/25/2022Income89236THA6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 08/25/2023 700,000.00 0.00 4,725.000.008,593.7508/31/202208/31/2022Income9128282D1 Government Bonds USA TREASURY 1.375% 08/31/2023 1,250,000.00 0.00 8,593.750.001,500.0008/31/202208/31/2022Income91282CAJ0 Government Bonds USA TREASURY 0.25% 08/31/2025 1,200,000.00 0.00 1,500.000.001,250.0008/31/202208/31/2022Income91282CBQ3 Government Bonds USA TREASURY 0.5% 02/28/2026 500,000.00 0.00 1,250.000.0085.16Income Cash and Cash Equivalents Cash85.160.00 0.000.0008/31/202222 ADDITIONAL INFORMATIONAs of August 31, 2022SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.23 ADDITIONAL INFORMATIONAs of August 31, 2022SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2022 Insight Investment. All rights reserved.24 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELSeptember 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 14Securities purchased19Securities sold and matured 20Detail of return and interest received 21Transaction report25Additional information26 FIXED INCOME MARKET REVIEWAs of September 30, 2022SAN RAFAELChart 1: The Fed’s rate projections were revisedup againSource:Federal Reserve,September 30, 2022Chart 2: Labor market remains robustSource: Bloomberg,September 30, 2022Economic Indicators and Monetary PolicyThe Fed announced a third consecutive 75bp rate hike, bringing the fed funds rate toa range of 3% to 3.25% and it continued to set a hawkish tone. It raised its dot plot toreflect policy rates at 4.375% by year-end (up 88bp from the projection in June and188bp higher than in March – see Chart 1). This implies another 125bp of hikes yet forthe final two meetings of the year. The Fed materially cut its growthforecasts for 2022and 2023 to 0.2% and 1.2% from 1.7% and 1.7%, respectively. It also projects theunemployment rate will rise to 4.4% by the end of next year from 3.7% today.Inflation made less progress than markets had hoped, falling from 8.5% to only 8.3%(where ~8.1% was expected). Core CPI was particularly disappointing, rising from 5.9%to 6.3%, narrowly below the recent peak of 6.5% in March. ‘Flexible’ categories likegasoline continued to reverse, but ‘sticky’ services sectors like rents and medicalprices continued to be high.Labor market data remained robust. The economy added 315,000 jobs, close toconsensus estimates with broad-based gains, albeit the previous two months wererevised down. Wage growth was largely in line with expectations at 5.2%. Theunemployment rate ticked up to 3.7% from 3.5%, more than expected, but this waspartly a result of the labor participation rate rising from 62.1% from 62.4%. Initialjobless claims reached the lowest levels since April on a seasonally adjusted basis, at193,000 at the end of the month. Continuing jobless claims saw four straight weeks ofdeclines (Chart 2).Real GDP for Q2 2022 was unrevised at -0.6%, albeit the mix changed with realconsumer spending revised up from 1.5% pa to 2% pa. Revisions back to 2017 showedthe economy growing 3.5% since 2019, above the 2.9% previously estimated,indicating a significantly hotter economy than previously indicated.Interest Rate SummaryYields generally rose sharply during the month, given the Federal Reserve’s hawkishprojections. At the end of September, the 3-month US Treasury bill yielded 3.29%, the6-month US Treasury bill yielded 3.97%, the 2-year US Treasury note yielded 4.28%, the5-year US Treasury note yielded 4.09% and the 10-year US Treasury note yielded3.84%.3;F. 25 20 .,, 15 C -~ ~ 10 5 5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 0 Sep-18 ................... . . . . . . . ..... ................. ... .. ... ... ... ··········· ····· ............ ... Jan-22 Jan-23 Jan-24 • • • • • • Fed dots December 2021 • • • • • • Fed Dots March 2022 Jan-25 • • • • • • Fed Dots June 2022 ---Fed Dots September 2022 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 --Continuing jobless claims (seasonally adjusted) --Initial jobless claims (seasonally adjusted) Sep-22 ACTIVITY AND PERFORMANCE SUMMARYFor the period September 1, 2022 - September 30, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,166,970.55Opening balance77,195.53Income received77,195.53Total receipts(114,531.63)Participant withdrawals(250.00)Expenses paid(114,781.63)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(31,807.50)Total amortization expense7,965.85Total OID/MKT accretion income0.00Return of capitalClosing balance46,105,542.80Ending fair value44,468,647.81(1,636,894.99)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.79 0.74 0.21Overnight Repo0.74 0.71 0.20Merrill Lynch 3m US Treas Bill 0.97 0.89 0.24Merrill Lynch 6m US Treas Bill 1.25 1.10 0.28ML 1 Year US Treasury Note 1.68 1.39 0.31ML 2 Year US Treasury Note 2.01 1.52 0.31ML 5 Year US Treasury Note 2.24 1.49 0.25* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned61,355.62Accretion (amortization)(23,841.65)Realized gain (loss) on sales0.00Total income on portfolio37,513.97Average daily amortized cost46,103,878.10Period return (%)Weighted average final maturity in days560YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 162.17 0.00 162.170.00Corporate Bonds 28,825.44 (19,731.03) 9,094.410.00Government Agencies 11,520.45 (3,000.49) 8,519.960.00Government Bonds 16,288.09 (1,110.13) 15,177.960.00Municipal/Provincial Bonds 4,559.47 0.00 4,559.47Total 61,355.62 (23,841.65) 0.00 37,513.970.080.654 ACTIVITY AND PERFORMANCE SUMMARYFor the period September 1, 2022 - September 30, 2022SAN RAFAELFair Value Basis Activity Summary44,849,886.64Opening balance77,195.53Income received77,195.53Total receipts(114,531.63)Participant withdrawals(250.00)Expenses paid(114,781.63)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(343,652.73)Ending fair value44,468,647.81Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.79 0.74 0.21Overnight Repo0.74 0.71 0.20ICE Bofa 3 Months US T-BILL 0.62 0.57 0.25ICE Bofa 6m US Treas Bill 0.39 0.47 0.15ICE Bofa 1 Yr US Treasury Note (1.95) (0.97) (0.44)ICE BofA US Treasury 1-3 (4.86) (2.06) (1.18)ICE BofA US Treasury 1-5 (6.78) (3.07) (1.70)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 162.17 0.00 162.17Corporate Bonds 28,825.44 (126,247.32) (97,421.88)Government Agencies 11,520.45 (62,829.22) (51,308.77)Government Bonds 16,288.09 (154,576.19) (138,288.10)Municipal/Provincial Bonds 4,559.47 0.00 4,559.47Total61,355.62 (343,652.73) (282,297.11)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned61,355.62Total income on portfolio(282,297.11)Average daily total value *44,801,465.30Period return (%)(0.63)Weighted average final maturity in days560Change in fair value(343,652.73)YTD return (%)(2.75)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of September 30, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents94,380.45 94,380.45 94,380.450.000.200.001Corporate Bonds13,972,353.40 13,597,511.94 13,054,252.94 (543,259.00)490 29.961.13Government Agencies11,353,540.36 11,270,503.47 10,891,851.29 (378,652.18)358 24.350.95Government Bonds20,133,619.24 20,067,946.94 19,352,963.13 (714,983.81)561 43.181.48Municipal/Provincial Bonds1,075,200.00 1,075,200.00 1,075,200.000.003,625 2.317.66Total46,629,093.45 46,105,542.80 44,468,647.81 (1,636,894.99)560 100.001.39Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.20Corporate Bonds29.96Government Agencies24.35Government Bonds43.18Municipal/Provincial Bonds2.31Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of September 30, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days3,645,806.49 7.8290 to 179 days4,477,460.93 9.60180 days to 1 year8,627,336.42 18.501 to 2 years20,911,192.26 44.852 to 3 years4,552,932.02 9.763 to 4 years3,339,165.33 7.164 to 5 years0.00 0.00Over 5 years1,075,200.00 2.3146,629,093.45 100.00Maturity distribution0.005.0010.0015.0020.0025.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of September 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00094,380.45 94,380.45 0.00 0.00 0.2094,380.4594,380.45Cash and Cash EquivalentsTotal Cash and Cash Equivalents94,380.45 94,380.45 94,380.45 0.00 0.200.0094,380.45Corporate Bonds931142DH32.550 04/11/2023 509,155.00 500,773.77 (5,284.79) 5,985.4201/11/20231.09495,488.98500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 501,121.22 (6,585.80) 4,900.00 1.09494,535.42500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,009,522.25 (22,992.28) 7,583.33 2.21986,529.971,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 510,672.39 (15,346.21) 1,937.50 1.12495,326.18500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 705,753.46 (26,095.46) 918.75 1.53679,658.00700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,038,791.17 (48,121.76) 13,125.00 2.33990,669.411,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 502,625.45 (5,280.18) 4,172.2212/20/20221.13497,345.27500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,634.31 (24,227.80) 474.00 1.03455,406.51480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,589.14 (52,438.88) 912.50 2.15948,150.261,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 519,606.41 (26,461.65) 3,396.5312/23/20231.16493,144.76500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of September 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 922,606.44 (36,913.02) 5,862.5012/24/20232.05885,693.42900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,037,271.38 (54,478.72) 5,156.2501/05/20242.31982,792.661,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,042,754.80 (56,210.71) 4,833.33 2.33986,544.091,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 518,478.48 (28,295.48) 2,076.3901/14/20241.16490,183.00500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 517,903.25 (23,358.71) 1,450.0012/01/20231.15494,544.54500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 505,802.29 (9,736.60) 1,232.6403/05/20231.15496,065.69500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 508,776.16 (13,881.16) 7,760.6004/23/20231.15494,895.00500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 522,810.70 (31,757.39) 6,375.00 1.15491,053.31500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 671,657.05 (24,908.44) 4,200.1204/11/20251.43646,748.61700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 580,361.82 (30,883.96) 568.0803/13/20251.24549,477.86600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,597,511.94 13,054,252.94 (543,259.00)29.9682,920.1613,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,250,163.62 (267.44) 12,152.78 2.701,249,896.181,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of September 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3130A3KM52.500 12/09/2022 1,021,240.00 1,001,182.86 (3,011.65) 7,708.33 2.19998,171.211,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,200,688.28 (11,201.85) 1,970.83 2.581,189,486.431,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,249,258.35 (24,199.70) 2,083.33 2.681,225,058.651,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,011,380.83 (25,709.15) 1,437.50 2.25985,671.681,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 606,674.73 (21,235.33) 2,291.67 1.33585,439.40600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (56,951.48) 1,536.11 2.14943,048.521,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (63,501.92) 943.0612/23/20222.14936,498.081,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,864.92 (75,553.59) 1,796.6710/26/20222.571,124,311.331,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (63,795.75) 1,500.00 2.14936,204.251,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 07OCT22)3135G0V751.750 07/02/2024 753,426.75 751,289.88 (33,224.32) 3,208.33 1.62718,065.56750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,270,503.47 10,891,851.29 (378,652.18)24.3536,628.6111,250,000.00Government Bonds912828M802.000 11/30/2022 1,269,750.29 1,252,095.06 (4,485.37) 8,333.33 2.721,247,609.691,250,000.00USA TREASURY 2% 30NOV202210 SECURITIES HELDAs of September 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828Z291.500 01/15/2023 1,011,526.79 1,003,211.89 (8,776.43) 3,138.59 2.17994,435.461,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,254,573.78 (15,511.28) 2,148.44 2.711,239,062.501,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,118.35 (15,235.54) 207.18 2.15984,882.811,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 796,349.67 (19,599.67) 250.00 1.70776,750.00800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 994,525.87 (27,963.37) 207.20 2.12966,562.501,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,258,671.44 (41,288.63) 1,424.38 2.711,217,382.811,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,053.33 (44,193.95) 937.50 2.14955,859.381,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 653,287.53 (19,029.72) 4,604.17 1.42634,257.81650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,197,008.53 (55,133.53) 438.53 2.561,141,875.001,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,612.07 (59,088.63) 1,721.31 2.15941,523.441,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 998,315.62 (61,518.74) 937.50 2.14936,796.881,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,027,066.16 (61,402.10) 2,968.75 2.23965,664.061,000,000.00USA TREASURY 2.375% 15AUG202411 SECURITIES HELDAs of September 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128282Y52.125 09/30/2024 1,051,800.23 1,033,274.14 (73,586.64) 0.00 2.26959,687.501,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,010,946.13 (65,321.13) 6,236.41 2.18945,625.001,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 715,388.91 (55,010.00) 3,500.00 1.55660,378.91700,000.00USA TREASURY 1.5% 30NOV202491282CAJ00.250 08/31/2025 1,095,937.50 1,104,780.58 (35,796.21) 248.62 2.351,068,984.371,200,000.00USA TREASURY 0.25% 31AUG202591282CAM30.250 09/30/2025 456,445.31 459,373.67 (14,998.67) 0.00 0.98444,375.00500,000.00USA TREASURY 0.25% 30SEP20259128285N62.875 11/30/2025 496,212.61 496,454.68 (16,630.46) 4,791.67 1.06479,824.22500,000.00USA TREASURY 2.875% 30NOV202591282CBQ30.500 02/28/2026 455,839.84 458,470.80 (17,279.39) 207.18 0.98441,191.41500,000.00USA TREASURY 0.5% 28FEB202691282CBW00.750 04/30/2026 443,595.43 443,681.54 (927.63) 1,559.100.95442,753.91500,000.00USA TREASURY 0.75% 30APR20269128286X32.125 05/31/2026 465,958.71 466,009.48 (1,185.26) 3,541.67 1.00464,824.22500,000.00USA TREASURY 2.125% 31MAY202691282CCJ80.875 06/30/2026 443,595.43 443,677.71 (1,021.46) 1,093.75 0.95442,656.25500,000.00USA TREASURY 0.875% 30JUN2026Total Government Bonds20,133,619.24 20,067,946.94 19,352,963.13 (714,983.81)43.1848,495.2820,300,000.0012 SECURITIES HELDAs of September 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionMunicipal/Provincial Bonds888599LS45.250 09/02/2032 1,075,200.00 1,075,200.00 0.00 4,390.402.311,075,200.001,075,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.314,390.401,075,200.00Grand total46,629,093.45 46,105,542.80 (1,636,894.99)46,099,580.45100.00172,434.4544,468,647.8113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.72 1,247,609.69 2.81 0.17912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 994,435.46 2.24 0.30912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,062.50 2.79 0.37912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 984,882.81 2.21 0.4591282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 776,750.00 1.75 0.7391282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 966,562.50 2.17 0.829128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,217,382.81 2.74 0.9091282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.14 955,859.38 2.15 1.10912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 634,257.81 1.43 1.1391282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,141,875.00 2.57 1.1891282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 941,523.44 2.12 1.5091282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.14 936,796.88 2.11 1.58912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 965,664.06 2.17 1.809128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 959,687.50 2.16 1.92912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 945,625.00 2.13 2.00912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 660,378.91 1.49 2.0891282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.35 1,068,984.37 2.40 2.8491282CAM3USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 444,375.00 1.00 2.929128285N6USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 479,824.22 1.08 2.9591282CBQ3USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 441,191.41 0.99 3.3191282CBW0USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 442,753.91 1.00 3.459128286X3USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 464,824.22 1.05 3.4491282CCJ8USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 442,656.25 1.00 3.60Issuer total20,300,000.00 20,133,619.24 43.18 19,352,963.13 43.52 1.4814 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.70 1,249,896.18 2.81 0.013135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 985,671.68 2.22 0.923135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 585,439.40 1.32 1.303136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,124,311.33 2.53 1.533135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 718,065.56 1.61 1.69Issuer total4,800,000.00 4,882,378.52 10.47 4,663,384.15 10.49 1.00Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,171.21 2.24 0.193130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,189,486.43 2.67 0.383130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 936,498.08 2.11 1.53Issuer total3,200,000.00 3,222,938.09 6.91 3,124,155.72 7.03 0.68Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 943,048.52 2.12 1.523133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 936,204.25 2.11 1.56Issuer total2,000,000.00 2,000,000.00 4.29 1,879,252.77 4.23 1.54Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.68 1,225,058.65 2.75 0.54Issuer total1,250,000.00 1,248,223.75 2.68 1,225,058.65 2.75 0.54Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 679,658.00 1.53 0.8889236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 455,406.51 1.02 1.25Issuer total1,180,000.00 1,194,301.40 2.56 1,135,064.51 2.55 1.0315 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.31 1,075,200.00 2.42 7.66Issuer total1,075,200.00 1,075,200.00 2.31 1,075,200.00 2.42 7.66JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.15 494,895.00 1.11 0.5446647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 549,477.86 1.24 2.33Issuer total1,100,000.00 1,111,758.00 2.38 1,044,372.86 2.35 1.47Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 497,345.27 1.12 0.2206051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 496,065.69 1.12 0.42Issuer total1,000,000.00 1,061,320.00 2.28 993,410.96 2.23 0.32Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 990,669.41 2.23 1.10Issuer total1,000,000.00 1,086,390.00 2.33 990,669.41 2.23 1.10International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 986,544.09 2.22 1.31Issuer total1,000,000.00 1,086,900.00 2.33 986,544.09 2.22 1.31American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 986,529.97 2.22 0.59Issuer total1,000,000.00 1,031,510.00 2.21 986,529.97 2.22 0.59US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 982,792.66 2.21 1.28Issuer total1,000,000.00 1,079,130.00 2.31 982,792.66 2.21 1.2816 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJohn Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 948,150.26 2.13 1.27Issuer total1,000,000.00 1,001,230.00 2.15 948,150.26 2.13 1.27PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 885,693.42 1.99 1.24Issuer total900,000.00 957,939.00 2.05 885,693.42 1.99 1.24Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 646,748.61 1.45 2.48Issuer total700,000.00 667,380.00 1.43 646,748.61 1.45 2.48Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 495,488.98 1.11 0.51Issuer total500,000.00 509,155.00 1.09 495,488.98 1.11 0.51Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 495,326.18 1.11 0.85Issuer total500,000.00 520,430.00 1.12 495,326.18 1.11 0.85PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 494,544.54 1.11 1.28Issuer total500,000.00 537,465.00 1.15 494,544.54 1.11 1.28Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 494,535.42 1.11 0.57Issuer total500,000.00 506,880.00 1.09 494,535.42 1.11 0.5717 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCitibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 493,144.76 1.11 1.24Issuer total500,000.00 541,470.00 1.16 493,144.76 1.11 1.24Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 491,053.31 1.10 1.54Issuer total500,000.00 537,160.00 1.15 491,053.31 1.10 1.543M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 490,183.00 1.10 1.30Issuer total500,000.00 541,935.00 1.16 490,183.00 1.10 1.30Cash and Cash EquivalentsINVESTED CASH 0.00094,380.45 94,380.45 0.00 94,380.45 0.21 0.00Issuer total94,380.45 94,380.45 0.00 94,380.45 0.21 0.00Grand total46,099,580.45 46,629,093.45 100.00 44,468,647.81 100.001.3918 SECURITIES PURCHASEDFor the period September 1, 2022 - September 30, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds91282CBW00.75009/28/2022 04/30/2026 500,000.00 88.72 (443,595.43) (1,559.10)09/30/2022USA TREASURY 0.75% 30APR2026J.P. MORGAN SECURITIES LLC9128286X32.12509/28/2022 05/31/2026 500,000.00 93.19 (465,958.71) (3,541.67)09/30/2022USA TREASURY 2.125% 31MAY2026GOLDMAN, SACHS AND CO.91282CCJ80.87509/28/2022 06/30/2026 500,000.00 88.72 (443,595.43) (1,093.75)09/30/2022USA TREASURY 0.875% 30JUN2026BMO CAPITAL MARKETS LIMITED1,500,000.00 (1,353,149.57) (6,194.52)Total Government BondsGrand totalGrand total1,500,000.00 (1,353,149.57) (6,194.52)19 SECURITIES SOLD AND MATUREDFor the period September 1, 2022 - September 30, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Bonds91282CAN10.12509/30/2022 (1,250,000.00) 1,248,929.97 1,250,000.00 0.00 1,250,000.00 0.00 0.0009/30/2022USA TREASURY 0.125% 30SEP2022(1,250,000.00)0.001,248,929.97 1,250,000.00 1,250,000.00 0.00Total (Government Bonds)Municipal/Provincial Bonds888599LS45.25009/01/2022 09/02/2032 (84,100.00) 84,100.00 84,100.00 100.00 84,100.00 0.00 0.0009/02/2022PT. SAN ASSESS DISTRICT 5.25% 144A02SEP2032 SANRAF$01CORPORATE ACTIONS IOO(84,100.00)0.0084,100.00 84,100.00 84,100.00 0.00Total (Municipal/Provincial Bonds)Grand totalGrand total(1,334,100.00)0.001,333,029.97 1,334,100.00 1,334,100.00 0.0020 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2022 - September 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents162.170.000.00162.170.00Total Cash162.170.000.00162.170.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(6,439.74)0.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)691.170.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)(2,020.87)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.94(984.54)(807.61)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.03)(1,911.84)8,875.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,020.83(2,810.96)(11,253.31)0.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)876.29903.61(13,771.99)0.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.14(1,327.75)(6,030.02)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)(10,939.71)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.84)(9,256.48)0.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)969.08473.97(13,192.20)6,015.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.49(1,296.97)(2,539.21)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,450.00(1,275.77)(5,913.77)9,000.000.00713448CM8PFIZER INC 3.4% 15MAY20241,369.44(1,169.78)(7,124.27)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.91)(11,485.52)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,248.61(1,016.42)(2,508.69)0.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024174.0023.79(4,217.72)0.000.0089236THU221 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2022 - September 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.09)(3,668.17)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)(12,335.35)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.83)(1,522.02)0.000.00931142DH3Total Corporate Bonds28,825.44(19,731.03) (126,247.32) 23,890.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)338.347.40(10,643.55)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,057.29(61.23)(9,579.78)0.000.003135G0V75FANNIE MAE 2% 05OCT20222,013.89(981.73)536.370.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(6,807.32)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.97(998.31)(6,956.48)14,375.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.940.00(9,046.60)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 07OCT22)302.080.00(9,191.92)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC22)281.950.00(8,773.54)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,329.16(150.72)(1,510.17)0.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.28)(661.42)0.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023377.60111.25(194.81)0.000.003137EAEQ8Total Government Agencies11,520.45(3,000.49) (62,829.22) 14,375.000.00Government BondsUSA TREASURY 0.125% 15DEC2023122.96203.50(8,156.26)0.000.0091282CBA8USA TREASURY 0.125% 30JUN202381.52401.13(1,656.25)0.000.0091282CCK522 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2022 - September 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30SEP2022128.07113.832,124.81781.250.0091282CAN1USA TREASURY 0.125% 31JUL2023101.90540.21(3,437.50)0.000.0091282CCN9USA TREASURY 0.25% 15MAY2024203.8085.22(10,156.24)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023203.80(3.89)(6,718.74)0.000.0091282CAW1USA TREASURY 0.25% 30SEP2025102.461,112.04(8,710.94)625.000.0091282CAM3USA TREASURY 0.25% 31AUG2025248.622,679.72(20,625.00)0.000.0091282CAJ0USA TREASURY 0.375% 15APR2024307.38(32.62)(9,492.18)0.000.0091282CBV2USA TREASURY 0.5% 15MAR2023410.98(21.39)(703.13)2,500.000.00912828ZD5USA TREASURY 0.5% 28FEB2026207.18999.10(9,941.40)0.000.0091282CBQ3USA TREASURY 0.75% 30APR20260.0086.11(841.52)0.000.0091282CBW0USA TREASURY 0.875% 30JUN20260.0082.28(939.18)0.000.0091282CCJ8USA TREASURY 1.375% 15FEB20231,401.16(994.30)(439.45)0.000.00912828Z86USA TREASURY 1.375% 31AUG20231,424.38(776.55)(6,738.29)0.000.009128282D1USA TREASURY 1.5% 15JAN20231,222.83(900.53)255.770.000.00912828Z29USA TREASURY 1.5% 30NOV2024860.66(582.91)(9,925.77)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,222.82(430.95)(13,750.00)0.000.00912828YM6USA TREASURY 2% 30NOV20222,049.18(1,030.36)181.060.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.52)(5,255.86)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,741.80(1,365.56)(13,867.19)10,625.000.009128282Y5USA TREASURY 2.125% 31MAY20260.0050.77(1,134.49)0.000.009128286X323 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period September 1, 2022 - September 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 2.375% 15AUG20241,936.14(1,185.38)(13,789.06)0.000.00912828D56USA TREASURY 2.875% 30NOV20251,178.2891.92(10,859.38)0.000.009128285N6Total Government Bonds16,288.09(1,110.13) (154,576.19) 14,531.250.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,559.470.000.0030,431.630.00888599LS4Total Municipal/Provincial Bonds4,559.470.000.00 30,431.630.00Grand total61,355.62(23,841.65) (343,652.73) 83,390.050.0024 TRANSACTION REPORTFor the period September 1, 2022 - September 30, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)9,000.0009/01/202209/01/2022Income713448CM8 Corporate Bonds PEPSICO INC 3.6% 01MAR2024 03/01/2024 500,000.00 0.00 9,000.000.000.0009/01/202209/02/2022Principal Paydowns888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 (84,100.00) 84,100.00 84,100.000.0030,431.6309/02/202209/02/2022Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,159,300.00 0.00 30,431.630.008,875.0009/05/202209/05/2022Income06051GHF9 Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 500,000.00 0.00 8,875.000.0014,375.0009/12/202209/12/2022Income3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 0.00 14,375.000.006,015.0009/13/202209/13/2022Income46647PBH8 Corporate Bonds JPMORGAN CHASE & CO 03/13/2026 600,000.00 0.00 6,015.000.002,500.0009/15/202209/15/2022Income912828ZD5 Government Bonds USA TREASURY 0.5% 03/15/2023 1,000,000.00 0.00 2,500.000.00(3,541.67)09/28/202209/30/2022Bought9128286X3 Government Bonds USA TREASURY 2.125% 05/31/2026 500,000.00 (465,958.71) (469,500.38)0.00(1,559.10)09/28/202209/30/2022Bought91282CBW0 Government Bonds USA TREASURY 0.75% 04/30/2026 500,000.00 (443,595.43) (445,154.53)0.00(1,093.75)09/28/202209/30/2022Bought91282CCJ8 Government Bonds USA TREASURY 0.875% 06/30/2026 500,000.00 (443,595.43) (444,689.18)0.0010,625.0009/30/202209/30/2022Income9128282Y5 Government Bonds USA TREASURY 2.125% 09/30/2024 1,000,000.00 0.00 10,625.000.00625.0009/30/202209/30/2022Income91282CAM3 Government Bonds USA TREASURY 0.25% 09/30/2025 500,000.00 0.00 625.000.00781.2509/30/202209/30/2022Income91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2022 1,250,000.00 0.00 781.250.000.0009/30/202209/30/2022Capital Change91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2022 (1,250,000.00) 1,250,000.00 1,250,000.000.00162.17Income Cash and Cash Equivalents Cash162.170.00 0.000.0009/30/202225 ADDITIONAL INFORMATIONAs of September 30, 2022SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.26 ADDITIONAL INFORMATIONAs of September 30, 2022SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2022 Insight Investment. All rights reserved.27