Loading...
HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: July 18, 2022 Disposition: City Quarterly Investment Report Agenda Item No: 4.d Meeting Date: July 18, 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 JUNE 30, 2022 RECOMMENDATION: Accept investment report for the quarter ending June 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 June 30, 2022, the primary LAIF account had a balance of $48,554,095. Portfolio returns on LAIF deposits were 0.86% for the quarter ending June 30, 2022. The remaining investment assets include the $1,159,300 balance of Pt. San Pedro Assessment District bonds, and $43,692,305 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 Co., Pfizer, and Chevron). The overall total portfolio returns for the quarter ending June 30, 2022 were 0.90%. The City’s Westamerica general operating bank account had a balance of $12,908,737 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield, in priority order. The portfolio remains SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending June 30, 2022, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, April through June 2022 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 48,554,095$      98.1% 0.86% LAIF ‐ RDA 155,374$            0.3% 0.86% LAIF ‐ RDA 02 TARB 770,970$            1.6% 0.86% Total Internally Managed 49,480,439$      52.5% Weighted Average Yield 0.86% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 155,858$            0.3% 0.02% Treasury Securities 19,307,642$      43.0% 0.70% Instrumentality Securities 11,004,000$      24.5% 0.96% Corporate Notes 13,224,805$      29.5% 0.90% Municipal 1,159,300$         2.6% 5.25% Total Externally Managed 44,851,605$      47.5% Weighted Average Yield 0.94% Years Effective Average Duration ‐ External 1.45 Weighted Average Maturity ‐ External 1.60 Total Portfolio Assets %Return LAIF 49,480,439$      52.5% 0.86% Cash 155,858$            0.2% 0.02% Treasury Securities 19,307,642$      20.5% 0.70% Instrumentality Securities 11,004,000$      11.7% 0.96% Corporate Notes 13,224,805$      14.0% 0.90% Municipal 1,159,300$         1.2% 5.25%   Total Portfolio Assets 94,332,045$       Weighted Average Yield 0.90% Years Effective Average Duration ‐ Total 0.69 Weighted Average Maturity ‐ Total 0.76 Based on Market Values June 30, 2022 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 98.1% LAIF ‐RDA, 0.3% LAIF ‐RDA 02  TARB, 1.6% Cash , 0.3% Treasury  Securities,  43.0% Instrumentality  Securities,  24.5% Corporate  Notes, 29.5%Municipal, 2.6% LAIF 52% Cash 0% Treasury  Securities 21% Instrumentality  Securities 12% Corporate Notes 14%Municipal 1% Exhibit AInternally Managed Assets% Return % Return % Return % Return % Return % ReturnLAIF 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% 40,171,329$        99.6% 0.36%LAIF ‐ Housing 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% 154,773$              0.4% 0.36%Total Internally Managed 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%40,326,102$        65.2%Weighted Average Yield 0.86% 0.37% 0.21% 0.21% 0.26% 0.36%Externally Managed Assets% Return % Return % Return % Return % Return % ReturnCash 155,858$              13.4% 0.02% 34,607$                3.0% 0.02% 160,462$         0.4% 0.02% 106,899$              9.2% 0.02% 56,088$           0.2% 0.01% 260,338$              21.0% 0.01%Treasury Securities 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% 1,455,053$           6.8% 1.54%Instrumentality Securities 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% 11,757,213$        54.6% 1.54%Corporate Notes 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% 6,830,936$           31.7% 1.40%Municipal/Assessment District 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% 1,239,200$           5.8% 5.25%Total Externally Managed 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%21,542,739$        34.8%Weighted Average Yield 0.94% 0.81% 0.83% 1.03% 1.07% 1.69%Years Years Years Years Years YearsEffective Average Duration ‐ External 1.45 1.56 1.68 1.91 2.02 1.90Weighted Average Maturity ‐ External 1.60 1.72 1.87 2.26 2.39 2.32Total Portfolio Assets% Return % Return % Return % Return % Return % ReturnLAIF 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% 40,326,102$        65.2% 0.36%Cash 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% 260,338$              0.4% 0.01%Treasury Securities 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% 1,455,053$           2.4% 1.54%Instrumentality Securities 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% 11,757,213$        19.0% 1.54%Corporate Notes 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% 6,830,936$           11.0% 1.40%Municipal/Assessment District 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% 1,239,200$           2.0% 5.25%  Total Portfolio Assets 94,332,045$        82,497,826$        83,241,391$   73,847,559$        78,847,170$   61,868,840$        Weighted Average Yield 0.90% 0.61% 0.55% 0.58% 0.60% 0.82%Years Years Years Years Years YearsEffective Average Duration ‐ Total 0.69 0.85 0.93 0.87 0.86 0.66Weighted Average Maturity ‐ Total 0.76 0.94 1.03 1.03 1.02 0.81Performance Recap‐The weighted average quarterly portfolio yield increased from 0.61% to 0.90% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation.‐The effective average duration decreased, from 0.85 to 0.69 years since last quarter, this is a result of an increase from 45.4% to 52.5% of the portfolio's assets being held in LAIF, which is highly liquid.‐The total portfolio assets increased by approximately $11.8 million during the quarter. This is reflective of transfers of property tax and other remittances to investment balances during the quarter.City of San RafaelHistorical Activity‐By QuarterJune 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21‐22\12 ‐ June 2022\Insight‐Quarterly Report combined 06‐30‐22 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELApril 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 April 30, 2022SAN RAFAELChart 1: CPI continues to accelerateSource: Bloomberg, April 30, 2022Chart 2: Short-endTreasury yields continue to rise, flatteningthe curveSource: Bloomberg, April 30, 2022Economic Indicators and Monetary PolicyThe US economy unexpectedly shrank 1.4% in Q1 2022, a large miss considering themarkets expected ~1% growth. The miss was due to falling inventories, trade andgovernment spending. However, on the positive side, consumer spending remainedin positive territory while business investment was also positive and in line withexpectations.CPI reached another 40-year high at 8.5% (Chart 1), slightly above consensus, withenergy CPI up 11% month-on-month, with food inflation also picking up (relating to thewar in Ukraine). Core CPI, which ignores food and energy prices, fared slightly betterat 6.5%, just below consensus albeit still another 40-year high, with used car pricesretracing.The economy added 431,000 workers in March, below expectations for the month,but closer to consensus when considering for net upward revisions to earlier monthsof 95,000. The household survey showed that job growth continued to strengthen,with 736,000 jobs added in March. The unemployment rate fell from 3.8% to 3.6%(below expectations for 3.7%) and close to the 3.5% rate set just before the pandemic.This was despite another tick up in the participation rate. Wage growth also continuedto be strong, with average hourly earnings increasing 0.4% in March and 5.3% pa overthe most recent six months.The minutes of the March FOMC meeting provided some details of the central bank’splans to reduce its balance sheet. It indicated that the Federal Reserve is consideringa terminal reduction pace of $95bn per month using a capped run-off structure, withthe run-off caps being $60bn for Treasuries and $35bn for mortgage-backedsecurities. This was in line with broader market expectations.Interest Rate SummaryYields rose materially again, particularly the short end (Chart 2) causing the curve toflatten, with maturities above 2-years trading at close to 3%. At the end of April, the 3-month US Treasury bill yielded 0.85%, the 6-month US Treasury bill yielded 1.41%, the2-year US Treasury note yielded 2.72%, the 5-year US Treasury note yielded 2.96% andthe 10-year US Treasury note yielded 2.94%.310 8 6 4 2 0 -2 -4 3.5% 3.0% 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022 ---CPI ---Current level -----------------------------.,, .,., __ .,,,,,' ·············· --·············· ....... ," .... •· ,, .. 1.0% 0.5% 0.0% ,,,' ...... . .,,' .... , ..... . .. 3M 6M lY 2Y 3Y SY 7Y lOY ---Apr-22 -----Mar-22 • • • • • • Feb-22 ACTIVITY AND PERFORMANCE SUMMARYFor the period April 1, 2022 - April 30, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,009,048.59Opening balance44,727.47Income received44,727.47Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(34,774.84)Total amortization expense1,991.44Total OID/MKT accretion income0.00Return of capitalClosing balance46,020,742.66Ending fair value44,872,078.84(1,148,663.82)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.11 0.07 0.03Overnight Repo0.07 0.05 0.02Merrill Lynch 3m US Treas Bill 0.14 0.13 0.06Merrill Lynch 6m US Treas Bill 0.25 0.23 0.09ML 1 Year US Treasury Note 0.47 0.43 0.15ML 2 Year US Treasury Note 0.78 0.66 0.21ML 5 Year US Treasury Note 1.31 0.88 0.23* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned62,609.36Accretion (amortization)(32,783.40)Realized gain (loss) on sales0.00Total income on portfolio29,825.96Average daily amortized cost46,020,947.20Period return (%)Weighted average final maturity in days609YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.39 0.00 0.390.00Corporate Bonds 29,614.87 (21,979.34) 7,635.530.00Government Agencies 11,520.46 (3,000.49) 8,519.970.00Government Bonds 16,570.76 (7,803.57) 8,767.190.00Municipal/Provincial Bonds 4,902.88 0.00 4,902.88Total 62,609.36 (32,783.40) 0.00 29,825.960.060.264 ACTIVITY AND PERFORMANCE SUMMARYFor the period April 1, 2022 - April 30, 2022SAN RAFAELFair Value Basis Activity Summary45,046,899.59Opening balance44,727.47Income received44,727.47Total 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(219,298.22)Ending fair value44,872,078.84Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.11 0.07 0.03Overnight Repo0.07 0.05 0.02ICE Bofa 3 Months US T-BILL 0.08 0.07 0.01ICE Bofa 6m US Treas Bill (0.03) (0.05) 0.03ICE Bofa 1 Yr US Treasury Note (1.16) (1.14) (0.19)ICE BofA US Treasury 1-3 (3.35) (3.03) (0.48)ICE BofA US Treasury 1-5 (4.69) (4.19) (0.84)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.39 0.00 0.39Corporate Bonds 29,614.87 (105,152.67) (75,537.80)Government Agencies 11,520.46 (43,176.09) (31,655.63)Government Bonds 16,570.76 (70,969.46) (54,398.70)Municipal/Provincial Bonds 4,902.88 0.00 4,902.88Total62,609.36 (219,298.22) (156,688.86)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned62,609.36Total income on portfolio(156,688.86)Average daily total value *45,131,213.60Period return (%)(0.35)Weighted average final maturity in days609Change in fair value(219,298.22)YTD return (%)(2.07)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of April 30, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents101,566.88 101,566.88 101,566.880.000.220.001Corporate Bonds14,023,754.40 13,743,141.20 13,321,913.42 (421,227.78)610 30.211.44Government Agencies11,353,540.36 11,285,507.14 11,037,893.00 (247,614.14)512 24.461.37Government Bonds19,785,860.59 19,731,227.44 19,251,405.54 (479,821.90)481 42.621.29Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,779 2.507.96Total46,424,022.23 46,020,742.66 44,872,078.84 (1,148,663.82)609 100.001.52Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.22Corporate Bonds30.21Government Agencies24.46Government Bonds42.62Municipal/Provincial Bonds2.50Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of April 30, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,362,463.09 5.0990 to 179 days2,509,365.72 5.41180 days to 1 year10,314,375.97 22.221 to 2 years22,385,908.67 48.222 to 3 years7,115,090.78 15.333 to 4 years577,518.00 1.244 to 5 years0.00 0.00Over 5 years1,159,300.00 2.5046,424,022.23 100.00Maturity 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 April 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000101,566.88 101,566.88 0.00 0.00 0.22101,566.88101,566.88Cash and Cash EquivalentsTotal Cash and Cash Equivalents101,566.88 101,566.88 101,566.88 0.00 0.220.00101,566.88Corporate Bonds931142DH32.550 04/11/2023 509,155.00 501,922.93 (764.93) 672.9201/11/20231.10501,158.00500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 501,910.82 (1,460.97) 5,900.00 1.09500,449.85500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,016,014.70 (23,836.32) 9,208.33 2.22992,178.381,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023166764AH33.191 06/24/2023 718,781.00 714,522.78 (11,300.34) 7,817.9503/24/20231.55703,222.44700,000.00CHEVRON CORP 3.191% 24JUN2023 (CALLABLE11MAY22)742718EB13.100 08/15/2023 520,430.00 515,754.48 (11,366.66) 3,229.17 1.12504,387.82500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 708,408.91 (20,767.67) 1,706.25 1.54687,641.24700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,052,845.94 (39,510.38) 16,250.00 2.341,013,335.561,000,000.00CATERPILLAR FINANCIAL SE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 507,548.16 (8,720.44) 5,423.8912/20/20221.13498,827.72500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,515.33 (18,905.32) 654.00 1.03460,610.01480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,778.37 (40,269.88) 1,287.50 2.16960,508.491,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN20248 SECURITIES HELDAs of April 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds17325FAS73.650 01/23/2024 541,470.00 526,245.15 (22,206.34) 4,917.3612/23/20231.17504,038.81500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 930,260.99 (24,720.38) 8,487.5012/24/20232.06905,540.61900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,049,558.64 (45,739.88) 7,968.7501/05/20242.321,003,818.761,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,055,789.80 (47,924.59) 7,854.17 2.341,007,865.211,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 524,452.13 (22,217.89) 3,430.5601/14/20241.17502,234.24500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 524,282.08 (19,048.10) 2,950.0012/01/20231.16505,233.98500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 511,417.41 (11,098.43) 2,711.8103/05/20231.15500,318.98500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 515,261.01 (15,166.11) 346.0104/23/20231.15500,094.90500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 528,659.60 (23,461.75) 7,791.67 1.16505,197.85500,000.00PFIZER INC 3.4% 15MAY202446647PBH82.005 03/13/2026 577,518.00 577,991.97 (12,741.40) 1,570.5803/13/20251.24565,250.57600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds14,023,754.40 13,743,141.20 13,321,913.42 (421,227.78)30.21100,178.4213,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,255,072.23 (1,567.27) 1,736.11 2.721,253,504.961,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of April 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 1,003,754.29 332.67 9,791.67 2.201,004,086.961,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,201,441.87 (6,305.59) 3,345.83 2.591,195,136.281,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,248,702.11 (20,145.86) 130.21 2.691,228,556.251,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,016,372.42 (11,063.31) 3,833.33 2.261,005,309.111,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 608,739.08 (9,208.30) 3,541.67 1.34599,530.78600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (42,446.70) 77.78 2.15957,553.301,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (41,560.14) 1,234.7206/23/20222.15958,439.861,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23JUN22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,829.12 (52,969.33) 46.6707/26/20222.581,146,859.791,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (45,516.22) 1,812.5005/06/20222.15954,483.781,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 11MAY22)3135G0V751.750 07/02/2024 753,426.75 751,596.02 (17,164.09) 4,302.08 1.62734,431.93750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,285,507.14 11,037,893.00 (247,614.14)24.4629,852.5711,250,000.00Government Bonds912828ZX10.125 06/30/2022 999,808.04 999,936.71 (816.32) 414.37 2.15999,120.391,000,000.00USA TREASURY 0.125% 30JUN202210 SECURITIES HELDAs of April 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128287C81.750 07/15/2022 1,261,088.17 1,254,110.74 (1,815.81) 6,344.96 2.721,252,294.931,250,000.00USA TREASURY 1.75% 15JUL202291282CAN10.125 09/30/2022 1,248,929.97 1,249,419.45 (5,522.96) 128.07 2.691,243,896.491,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,257,349.88 (4,469.02) 10,370.88 2.741,252,880.861,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,007,804.60 (10,109.29) 4,350.83 2.18997,695.311,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,259,644.71 (14,625.18) 3,513.47 2.721,245,019.531,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,227.44 (13,000.88) 625.00 2.15987,226.561,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 794,303.89 (14,303.89) 331.49 1.71780,000.00800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 991,770.80 (19,544.24) 307.32 2.13972,226.561,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,262,631.83 (29,916.98) 2,849.02 2.731,232,714.851,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,073.18 (34,643.49) 1,146.41 2.15965,429.691,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 654,468.27 (8,810.07) 5,729.91 1.42645,658.20650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,195,970.68 (42,751.94) 560.44 2.571,153,218.741,200,000.00USA TREASURY 0.125% 15DEC202311 SECURITIES HELDAs of April 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CBV20.375 04/15/2024 1,001,175.22 1,000,778.41 (45,075.29) 153.69 2.16955,703.121,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,881.03 (46,904.47) 1,146.41 2.15950,976.561,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,033,111.59 (43,345.97) 4,854.97 2.24989,765.621,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,040,238.49 (56,644.74) 1,741.80 2.27983,593.751,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,013,143.97 (45,643.97) 7,500.00 2.19967,500.001,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 718,361.77 (41,877.39) 4,355.77 1.56676,484.38700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds19,785,860.59 19,731,227.44 19,251,405.54 (479,821.90)42.6256,424.8119,600,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 9,805.752.501,159,300.001,159,300.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.509,805.751,159,300.00Grand total46,424,022.23 46,020,742.66 (1,148,663.82)45,490,866.88100.00196,261.5544,872,078.8412 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828ZX1USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.15 999,120.39 2.23 0.179128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.72 1,252,294.93 2.79 0.2191282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,243,896.49 2.77 0.42912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,252,880.86 2.79 0.58912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 997,695.31 2.22 0.71912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,245,019.53 2.77 0.79912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 987,226.56 2.20 0.8791282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 780,000.00 1.74 1.1591282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 972,226.56 2.17 1.249128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.73 1,232,714.85 2.75 1.3191282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.15 965,429.69 2.15 1.52912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 645,658.20 1.44 1.5491282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,153,218.74 2.57 1.6191282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 955,703.12 2.13 1.9391282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.15 950,976.56 2.12 2.01912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 989,765.62 2.21 2.219128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 983,593.75 2.19 2.34912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 967,500.00 2.16 2.44912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 676,484.38 1.51 2.50Issuer total19,600,000.00 19,785,860.59 42.62 19,251,405.54 42.90 1.29Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,253,504.96 2.79 0.433135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,005,309.11 2.24 1.333135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 599,530.78 1.34 1.7113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 07/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,146,859.79 2.56 1.953135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 734,431.93 1.64 2.11Issuer total4,800,000.00 4,882,378.52 10.52 4,739,636.57 10.56 1.42Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,004,086.96 2.24 0.603130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.59 1,195,136.28 2.66 0.803130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 06/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 958,439.86 2.14 1.94Issuer total3,200,000.00 3,222,938.09 6.94 3,157,663.10 7.04 1.09Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 957,553.30 2.13 1.953133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 954,483.78 2.13 1.96Issuer total2,000,000.00 2,000,000.00 4.31 1,912,037.08 4.26 1.96Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.69 1,228,556.25 2.74 0.97Issuer total1,250,000.00 1,248,223.75 2.69 1,228,556.25 2.74 0.97PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.58 7.96Issuer total1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.58 7.96Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 687,641.24 1.53 1.2989236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 460,610.01 1.03 1.67Issuer total1,180,000.00 1,194,301.40 2.57 1,148,251.25 2.56 1.4414 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 500,094.90 1.11 0.9746647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 565,250.57 1.26 2.74Issuer total1,100,000.00 1,111,758.00 2.39 1,065,345.47 2.37 1.89Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.001,086,390.00 2.34 1,013,335.56 2.26 1.50Issuer total1,000,000.00 1,086,390.00 2.34 1,013,335.56 2.26 1.50International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,007,865.21 2.25 1.71Issuer total1,000,000.00 1,086,900.00 2.34 1,007,865.21 2.25 1.71US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 1,003,818.76 2.24 1.66Issuer total1,000,000.00 1,079,130.00 2.32 1,003,818.76 2.24 1.66Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,827.72 1.11 0.6306051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 500,318.98 1.11 0.83Issuer total1,000,000.00 1,061,320.00 2.29 999,146.70 2.23 0.73American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 992,178.38 2.21 1.00Issuer total1,000,000.00 1,031,510.00 2.22 992,178.38 2.21 1.00John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 960,508.49 2.14 1.69Issuer total1,000,000.00 1,001,230.00 2.16 960,508.49 2.14 1.6915 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 905,540.61 2.02 1.63Issuer total900,000.00 957,939.00 2.06 905,540.61 2.02 1.63Chevron Corp166764AH3CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 703,222.44 1.57 1.00Issuer total700,000.00 718,781.00 1.55 703,222.44 1.57 1.00PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 505,233.98 1.13 1.64Issuer total500,000.00 537,465.00 1.16 505,233.98 1.13 1.64Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 505,197.85 1.13 1.94Issuer total500,000.00 537,160.00 1.16 505,197.85 1.13 1.94Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 504,387.82 1.12 1.26Issuer total500,000.00 520,430.00 1.12 504,387.82 1.12 1.26Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 504,038.81 1.12 1.62Issuer total500,000.00 541,470.00 1.17 504,038.81 1.12 1.623M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 502,234.24 1.12 1.69Issuer total500,000.00 541,935.00 1.17 502,234.24 1.12 1.6916 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of April 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWalmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 501,158.00 1.12 0.86Issuer total500,000.00 509,155.00 1.10 501,158.00 1.12 0.86Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 500,449.85 1.12 0.98Issuer total500,000.00 506,880.00 1.09 500,449.85 1.12 0.98Cash and Cash EquivalentsINVESTED CASH 0.000101,566.88 101,566.88 0.00 101,566.88 0.23 0.00Issuer total101,566.88 101,566.88 0.00 101,566.88 0.23 0.00Grand total45,490,866.88 46,424,022.23 100.00 44,872,078.84 100.001.5217 SECURITIES PURCHASEDFor the period April 1, 2022 - April 30, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds46647PBH82.00504/01/2022 03/13/2026 600,000.00 96.25 (577,518.00) (735.17)03/13/202504/05/2022JPMORGAN CHASE & CO 2.005%MERRILL LYNCH, PIERCE,600,000.00 (577,518.00) (735.17)Total Corporate BondsGrand totalGrand total600,000.00 (577,518.00) (735.17)18 SECURITIES SOLD AND MATUREDFor the period April 1, 2022 - April 30, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds46647PBB13.20704/01/2022 (600,000.00) 615,576.00 600,000.0003/01/20230.00 600,000.00 0.00 0.0004/01/2022JPMORGAN CHASE & CO 3.207%01APR2023 (CALLABLE 01APR22)(600,000.00)0.00615,576.00 600,000.00 600,000.00 0.00Total (Corporate Bonds)Grand totalGrand total(600,000.00)0.00615,576.00 600,000.00 600,000.00 0.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2022 - April 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.390.000.000.390.00Total Cash0.390.000.000.390.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(4,304.24)0.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)(3,113.76)0.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)(2,249.30)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.95(984.54)(2,434.72)0.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.87(1,123.03)(2,535.66)0.000.0006051GHF9CATERPILLAR FINANCIAL SE 3.75% 24NOV20233,020.83(2,810.96)(11,427.96)0.000.0014912L5X5CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 11MAY22)1,799.37(1,344.70)(4,367.56)0.000.00166764AH3CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.14(1,327.75)(4,759.90)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)(10,218.14)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.85)(5,634.94)0.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)835.41473.97(12,267.43)0.000.0046647PBH8JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22)0.000.000.009,621.000.0046647PBB1JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.48(1,296.97)(4,548.90)8,897.500.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,450.00(1,275.77)(6,024.44)0.000.00713448CM8PFIZER INC 3.4% 15MAY20241,369.45(1,169.78)(4,719.44)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.91)(7,149.20)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,248.61(1,016.42)(938.08)0.000.00742718EB120 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2022 - April 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024174.0023.80(2,961.08)0.000.0089236THU2TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.08)(3,729.54)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)(9,931.33)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.84)(1,837.05)6,375.000.00931142DH3Total Corporate Bonds29,614.87(21,979.34) (105,152.67) 24,893.500.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22)338.347.40(3,419.65)2,100.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,057.29(61.23)(5,244.85)0.000.003135G0V75FANNIE MAE 2% 05OCT20222,013.89(981.71)(1,797.42)12,500.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(3,090.06)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.97(998.32)(4,834.69)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.950.00(5,067.07)1,750.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 11MAY22)302.080.00(5,181.90)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23JUN22)281.940.00(5,071.33)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,329.16(150.72)(2,532.91)0.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.28)(3,548.42)0.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023377.61111.24(3,387.79)2,343.750.003137EAEQ8Total Government Agencies11,520.46(3,000.49) (43,176.09) 18,693.750.00Government BondsUSA TREASURY 0.125% 15DEC2023123.63203.50(4,406.26)0.000.0091282CBA821 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2022 - April 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30JUN2022103.6031.13253.200.000.00912828ZX1USA TREASURY 0.125% 30JUN202382.87401.14(1,968.75)0.000.0091282CCK5USA TREASURY 0.125% 30SEP2022128.07113.83(390.62)0.000.0091282CAN1USA TREASURY 0.125% 31JUL2023103.59540.21(2,578.13)0.000.0091282CCN9USA TREASURY 0.25% 15MAY2024207.1885.22(4,843.75)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023207.18(3.89)(3,554.69)0.000.0091282CAW1USA TREASURY 0.375% 15APR2024308.22(32.61)(4,843.76)1,875.000.0091282CBV2USA TREASURY 0.5% 15MAR2023407.61(21.39)(1,835.94)0.000.00912828ZD5USA TREASURY 1.375% 15FEB20231,424.38(994.30)(2,685.55)0.000.00912828Z86USA TREASURY 1.375% 31AUG20231,401.16(776.55)(4,882.80)0.000.009128282D1USA TREASURY 1.5% 15JAN20231,243.09(900.53)(2,187.50)0.000.00912828Z29USA TREASURY 1.5% 30NOV2024865.38(582.91)(5,414.05)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,243.09(430.95)(8,125.00)0.000.00912828YM6USA TREASURY 1.75% 15JUL20221,812.85(1,622.66)(1,513.67)0.000.009128287C8USA TREASURY 2% 30NOV20222,060.44(1,030.36)(2,587.89)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,138.39(231.51)(3,427.74)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,741.80(1,365.56)(8,046.87)0.000.009128282Y5USA TREASURY 2.375% 15AUG20241,968.23(1,185.38)(7,929.69)0.000.00912828D56Total Government Bonds16,570.76(7,803.57) (70,969.46) 1,875.000.0022 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period April 1, 2022 - April 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,902.880.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,902.880.000.000.000.00Grand total62,609.36(32,783.40) (219,298.22) 45,462.640.0023 TRANSACTION REPORTFor the period April 1, 2022 - April 30, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)9,621.0004/01/202204/01/2022Income46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/2023 600,000.00 0.00 9,621.000.000.0004/01/202204/01/2022Capital Change46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/2023 (600,000.00) 600,000.00 600,000.000.00(735.17)04/01/202204/05/2022Bought46647PBH8 Corporate Bonds JPMORGAN CHASE & CO 03/13/2026 600,000.00 (577,518.00) (578,253.17)0.0012,500.0004/05/202204/05/2022Income3135G0T78 Government Agencies FANNIE MAE 2% 05OCT202210/05/2022 1,250,000.00 0.00 12,500.000.006,375.0004/11/202204/11/2022Income931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023500,000.00 0.00 6,375.000.001,875.0004/15/202204/15/2022Income91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2024 1,000,000.00 0.00 1,875.000.002,343.7504/20/202204/20/2022Income3137EAEQ8 Government Agencies FREDDIE MAC 0.375% 04/20/2023 1,250,000.00 0.00 2,343.750.001,750.0004/22/202204/22/2022Income3133EMWV0 Government Agencies FEDERAL FARM CREDIT BANK 04/22/2024 1,000,000.00 0.00 1,750.000.008,897.5004/23/202204/23/2022Income46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/2024 500,000.00 0.00 8,897.500.002,100.0004/26/202204/26/2022Income3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2024 04/26/2024 1,200,000.00 0.00 2,100.000.000.39Income Cash and Cash Equivalents Cash0.390.00 0.000.0004/30/202224 ADDITIONAL INFORMATIONAs of April 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.25 ADDITIONAL INFORMATIONAs of April 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.26 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELMay 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 May 31, 2022SAN RAFAELChart 1: CPI edges down but remains near multi-decade highsSource: Bloomberg, May 31, 2022Chart 2: Treasury yields largely edge down from their highsSource: Bloomberg, May 31, 2022Economic Indicators and Monetary PolicyThe Federal Reserve (Fed) met expectations by raising policy rates by 50bp to a rangeof 0.75% to 1%. The Fed also announced that quantitative tightening will start in June.For the first three months, the Fed will allow up to $30bn of Treasuries and $17.5bn ofmortgage-backed securities (MBS) to roll off its balance sheet as securities mature.From September, these amounts will double to $60bn and $35bn per monthrespectively (or $95bn overall). Powell mentioned that its MBS holdings will likely rolloff at a slower rate in practice, given the schedule of MBS maturities. This was furtherindication that the Fed is unlikely to directly sell assets.Inflation fell from its 40-year high of 8.5%. However, it fell less than most all forecastersexpected, sliding only to 8.3%. Core CPI was also more than expected, falling only to6.2% from 6.5%. The “sticky” categories continued to show persistence, with rental CPIat 5%. Notably, food inflation hit a 40-year high relating to the war in Ukraine.Job growth remained robust. Nonfarm employment increased by 428,000 in April, aresult above the consensus of 380,000. The unemployment rate held firm at 3.6%.Wage growth increased 0.3% month-on-month, and 5.5% year-on-year, albeit this wasa slight slowdown from the previous month. After a strong run, the participation rateedged back down by 0.2 percentage points, to 62.4%.Elsewhere, retail sales posted a 0.9% month-on-month increase in April, led by autosales and non-store retailers, which were partially offset by gasoline consumption.Existing home sales declined for the third month in a row, although home pricescontinued to rise.Interest Rate SummaryTreasury volatility declined with the MOVE index falling sharply from its April highs.Yields edged lower during the month between 2- and 10-year maturities (Chart 2). Atthe end of May, the 3-month US Treasury bill yielded 1.08%, the 6-month US Treasurybill yielded 1.58%, the 2-year US Treasury note yielded 2.56%, the 5-year US Treasurynote yielded 2.82% and the 10-year US Treasury note yielded 2.85%.310 ""O 3.5% 3.0% 2.5% v ">-2.0% ~ :::, ~ 1.5% .= 1.0% 0.5% 8 6 4 2 0 -2 -4 1982 1986 1990 ---1994 1998 2002 2006 2010 2014 2018 2022 ---CPI ---Current level ------------------------------------------0.0% ~-----r-----,----...----....... -----,----...-------, 3M 6M lY 2Y 3Y SY 7Y l0Y ---May-22 -----Apr-22 ---Dec-21 ACTIVITY AND PERFORMANCE SUMMARYFor the period May 1, 2022 - May 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,020,742.66Opening balance88,002.30Income received88,002.30Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers(6,614.13)Realized gain (loss)0.00Change in accruals from security movement(34,065.33)Total amortization expense2,699.41Total OID/MKT accretion income0.00Return of capitalClosing balance46,070,514.91Ending fair value45,094,331.43(976,183.48)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.17 0.13 0.06Overnight Repo0.13 0.11 0.06Merrill Lynch 3m US Treas Bill 0.22 0.21 0.08Merrill Lynch 6m US Treas Bill 0.36 0.34 0.11ML 1 Year US Treasury Note 0.64 0.59 0.17ML 2 Year US Treasury Note 0.99 0.84 0.22ML 5 Year US Treasury Note 1.49 1.02 0.24* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned65,787.80Accretion (amortization)(31,365.92)Realized gain (loss) on sales(6,614.13)Total income on portfolio27,807.75Average daily amortized cost46,038,211.66Period return (%)Weighted average final maturity in days586YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 0.80 0.00 0.80(6,614.13)Corporate Bonds 31,133.30 (20,301.20) 4,217.970.00Government Agencies 12,314.96 (3,000.99) 9,313.970.00Government Bonds 17,097.74 (8,063.73) 9,034.010.00Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total 65,787.80 (31,365.92) (6,614.13) 27,807.750.060.324 ACTIVITY AND PERFORMANCE SUMMARYFor the period May 1, 2022 - May 31, 2022SAN RAFAELFair Value Basis Activity Summary44,872,078.84Opening balance88,002.30Income received88,002.30Total 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 period134,500.29Ending fair value45,094,331.43Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.17 0.13 0.06Overnight Repo0.13 0.11 0.06ICE Bofa 3 Months US T-BILL 0.14 0.13 0.07ICE Bofa 6m US Treas Bill 0.08 0.07 0.12ICE Bofa 1 Yr US Treasury Note (0.95) (0.88) 0.22ICE BofA US Treasury 1-3 (2.88) (2.51) 0.56ICE BofA US Treasury 1-5 (4.26) (3.66) 0.62* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 0.80 0.00 0.80Corporate Bonds 31,133.30 47,260.01 78,393.31Government Agencies 12,314.96 28,801.39 41,116.35Government Bonds 17,097.74 58,438.89 75,536.63Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total65,787.80 134,500.29 200,288.09Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned65,787.80Total income on portfolio200,288.09Average daily total value *45,170,282.47Period return (%)0.44Weighted average final maturity in days586Change in fair value134,500.29YTD return (%)(1.63)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of May 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents229,354.77 229,354.77 229,354.770.000.490.001Corporate Bonds13,972,353.40 13,676,190.28 13,329,137.84 (347,052.44)612 30.051.45Government Agencies11,353,540.36 11,282,506.15 11,066,694.39 (215,811.76)480 24.421.29Government Bonds19,785,860.59 19,723,163.71 19,309,844.43 (413,319.28)449 42.551.21Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,747 2.497.89Total46,500,409.12 46,070,514.91 45,094,331.43 (976,183.48)586 100.001.46Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.49Corporate Bonds30.05Government Agencies24.42Government Bonds42.55Municipal/Provincial Bonds2.49Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of May 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,490,250.98 5.3690 to 179 days2,509,365.72 5.40180 days to 1 year11,133,984.97 23.941 to 2 years23,381,557.02 50.282 to 3 years5,248,432.43 11.293 to 4 years577,518.00 1.244 to 5 years0.00 0.00Over 5 years1,159,300.00 2.4946,500,409.12 100.00Maturity 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 May 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000229,354.77 229,354.77 0.00 0.00 0.49229,354.77229,354.77Cash and Cash EquivalentsTotal Cash and Cash Equivalents229,354.77 229,354.77 229,354.77 0.00 0.490.00229,354.77Corporate Bonds931142DH32.550 04/11/2023 509,155.00 501,693.10 (487.23) 1,770.8301/11/20231.09501,205.87500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 501,752.90 (1,132.87) 933.331.09500,620.03500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,014,716.21 (18,934.58) 1,137.50 2.22995,781.631,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 514,738.06 (10,747.57) 4,563.89 1.12503,990.49500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 707,877.82 (17,182.11) 2,520.00 1.54690,695.71700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,050,034.99 (34,156.91) 729.17 2.341,015,878.081,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 506,563.61 (6,691.82) 6,717.2812/20/20221.13499,871.79500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,539.12 (16,466.32) 840.00 1.03463,072.80480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,740.52 (36,534.61) 1,675.00 2.15964,205.911,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 524,917.41 (18,542.11) 6,488.8912/23/20231.16506,375.30500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of May 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 928,730.08 (21,736.32) 11,200.0012/24/20232.06906,993.76900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,047,183.11 (41,197.56) 10,875.0001/05/20242.321,005,985.551,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,053,182.80 (42,059.59) 10,975.69 2.341,011,123.211,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 523,257.40 (18,743.84) 4,829.8601/14/20241.17504,513.56500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 523,006.32 (16,320.95) 4,500.0012/01/20231.16506,685.37500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 510,294.39 (8,317.76) 4,240.2803/05/20231.15501,976.63500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 513,964.04 (12,261.90) 1,878.3604/23/20231.15501,702.14500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 527,489.82 (20,647.81) 755.56 1.16506,842.01500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 668,042.64 2,972.56 604.3304/11/20251.44671,015.20700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 578,465.94 (7,863.14) 2,606.5003/13/20251.24570,602.80600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,676,190.28 13,329,137.84 (347,052.44)30.0579,841.4713,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,254,090.50 (1,545.39) 3,888.89 2.711,252,545.111,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of May 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 1,003,240.00 579.78 11,944.44 2.201,003,819.781,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,201,291.15 (5,738.03) 4,766.67 2.581,195,553.121,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,248,813.36 (17,191.46) 533.85 2.681,231,621.901,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,015,374.10 (8,562.87) 6,309.03 2.251,006,811.231,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 608,326.21 (8,815.16) 4,833.33 1.34599,511.05600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (37,165.33) 379.17 2.15962,834.671,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (36,335.47) 1,536.1106/23/20222.15963,664.531,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23JUN22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,836.04 (47,536.12) 408.3307/26/20222.581,152,299.921,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (40,125.23) 260.42 2.15959,874.771,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 10JUN22)3135G0V751.750 07/02/2024 753,426.75 751,534.79 (13,376.48) 5,432.29 1.62738,158.31750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,282,506.15 11,066,694.39 (215,811.76)24.4240,292.5311,250,000.00Government Bonds912828ZX10.125 06/30/2022 999,808.04 999,968.87 (585.65) 521.41 2.15999,383.221,000,000.00USA TREASURY 0.125% 30JUN202210 SECURITIES HELDAs of May 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128287C81.750 07/15/2022 1,261,088.17 1,252,433.99 (1,302.86) 8,218.23 2.711,251,131.131,250,000.00USA TREASURY 1.75% 15JUL202291282CAN10.125 09/30/2022 1,248,929.97 1,249,537.08 (4,615.20) 260.42 2.691,244,921.881,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,256,285.18 (3,843.78) 0.00 2.731,252,441.401,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,006,874.05 (8,592.80) 5,635.36 2.18998,281.251,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,258,617.27 (13,158.28) 4,985.33 2.721,245,458.991,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,205.34 (11,377.22) 1,046.20 2.15988,828.121,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 794,718.39 (12,312.14) 417.13 1.71782,406.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 992,329.02 (16,235.27) 414.37 2.13976,093.751,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,261,829.40 (25,257.14) 4,296.88 2.721,236,572.261,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,069.16 (29,522.28) 108.70 2.15970,546.881,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 654,229.03 (6,234.89) 0.00 1.42647,994.14650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,196,180.96 (36,305.96) 688.19 2.571,159,875.001,200,000.00USA TREASURY 0.125% 15DEC202311 SECURITIES HELDAs of May 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CBV20.375 04/15/2024 1,001,175.22 1,000,744.70 (39,416.58) 471.31 2.15961,328.121,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 997,969.08 (40,937.83) 108.70 2.14957,031.251,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,031,886.70 (36,925.76) 6,888.81 2.23994,960.941,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,038,827.41 (49,921.16) 3,541.67 2.26988,906.251,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,012,698.66 (39,300.22) 1,263.59 2.18973,398.441,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 717,759.42 (37,474.26) 0.00 1.55680,285.16700,000.00USA TREASURY 1.5% 30NOV2024Total Government Bonds19,785,860.59 19,723,163.71 19,309,844.43 (413,319.28)42.5538,866.3019,600,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 15,046.75 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 2.4915,046.751,159,300.00Grand total46,500,409.12 46,070,514.91 (976,183.48)45,618,654.77100.00174,047.0545,094,331.4312 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828ZX1USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.15 999,383.22 2.22 0.089128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.71 1,251,131.13 2.77 0.1291282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,244,921.88 2.76 0.33912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.73 1,252,441.40 2.78 0.50912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 998,281.25 2.21 0.62912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,245,458.99 2.76 0.70912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 988,828.12 2.19 0.7891282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 782,406.25 1.74 1.0791282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 976,093.75 2.16 1.159128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.72 1,236,572.26 2.74 1.2391282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.15 970,546.88 2.15 1.44912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 647,994.14 1.44 1.4791282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,159,875.00 2.57 1.5291282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 961,328.12 2.13 1.8591282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.14 957,031.25 2.12 1.93912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 994,960.94 2.21 2.139128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 988,906.25 2.19 2.26912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 973,398.44 2.16 2.36912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 680,285.16 1.51 2.44Issuer total19,600,000.00 19,785,860.59 42.55 19,309,844.43 42.82 1.21Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.71 1,252,545.11 2.78 0.353135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 1,006,811.23 2.23 1.253135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 599,511.05 1.33 1.6313 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 07/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,152,299.92 2.56 1.873135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 738,158.31 1.64 2.02Issuer total4,800,000.00 4,882,378.52 10.50 4,749,325.62 10.53 1.34Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,003,819.78 2.23 0.523130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,195,553.12 2.65 0.713130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 06/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 963,664.53 2.14 1.84Issuer total3,200,000.00 3,222,938.09 6.93 3,163,037.43 7.01 1.00Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 962,834.67 2.14 1.873133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 959,874.77 2.13 1.88Issuer total2,000,000.00 2,000,000.00 4.30 1,922,709.44 4.26 1.88Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.68 1,231,621.90 2.73 0.88Issuer total1,250,000.00 1,248,223.75 2.68 1,231,621.90 2.73 0.88PT. 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 2.57 7.89Issuer total1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.57 7.89Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 690,695.71 1.53 1.2189236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 463,072.80 1.03 1.59Issuer total1,180,000.00 1,194,301.40 2.57 1,153,768.51 2.56 1.3614 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 501,702.14 1.11 0.8846647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 570,602.80 1.27 2.66Issuer total1,100,000.00 1,111,758.00 2.39 1,072,304.94 2.38 1.80Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,015,878.08 2.25 1.44Issuer total1,000,000.00 1,086,390.00 2.34 1,015,878.08 2.25 1.44International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,011,123.21 2.24 1.63Issuer total1,000,000.00 1,086,900.00 2.34 1,011,123.21 2.24 1.63US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 1,005,985.55 2.23 1.58Issuer total1,000,000.00 1,079,130.00 2.32 1,005,985.55 2.23 1.58Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 499,871.79 1.11 0.5406051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 501,976.63 1.11 0.75Issuer total1,000,000.00 1,061,320.00 2.28 1,001,848.42 2.22 0.65American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 995,781.63 2.21 0.92Issuer total1,000,000.00 1,031,510.00 2.22 995,781.63 2.21 0.92John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 964,205.91 2.14 1.61Issuer total1,000,000.00 1,001,230.00 2.15 964,205.91 2.14 1.6115 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 906,993.76 2.01 1.54Issuer total900,000.00 957,939.00 2.06 906,993.76 2.01 1.54Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.44 671,015.20 1.49 2.84Issuer total700,000.00 667,380.00 1.44 671,015.20 1.49 2.84Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 506,842.01 1.12 1.89Issuer total500,000.00 537,160.00 1.16 506,842.01 1.12 1.89PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 506,685.37 1.12 1.54Issuer total500,000.00 537,465.00 1.16 506,685.37 1.12 1.54Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 506,375.30 1.12 1.53Issuer total500,000.00 541,470.00 1.16 506,375.30 1.12 1.533M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 504,513.56 1.12 1.60Issuer total500,000.00 541,935.00 1.17 504,513.56 1.12 1.60Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 503,990.49 1.12 1.17Issuer total500,000.00 520,430.00 1.12 503,990.49 1.12 1.1716 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 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 1.09 501,205.87 1.11 0.75Issuer total500,000.00 509,155.00 1.09 501,205.87 1.11 0.75Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 500,620.03 1.11 0.91Issuer total500,000.00 506,880.00 1.09 500,620.03 1.11 0.91Cash and Cash EquivalentsINVESTED CASH 0.000229,354.77 229,354.77 0.00 229,354.77 0.51 0.00Issuer total229,354.77 229,354.77 0.00 229,354.77 0.51 0.00Grand total45,618,654.77 46,500,409.12 100.00 45,094,331.43 100.001.4617 SECURITIES PURCHASEDFor the period May 1, 2022 - May 31, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerCorporate Bonds166764BW91.55405/09/2022 05/11/2025 700,000.00 95.34 (667,380.00) (30.22)04/11/202505/12/2022CHEVRON CORP 1.554% 11MAY2025RBC CAPITAL MARKETS, LLC700,000.00 (667,380.00) (30.22)Total Corporate BondsGrand totalGrand total700,000.00 (667,380.00) (30.22)18 SECURITIES SOLD AND MATUREDFor the period May 1, 2022 - May 31, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds166764AH33.19105/11/2022 (700,000.00) 718,781.00 714,029.7203/24/20230.00 707,415.59 (6,614.13) 0.0005/11/2022CHEVRON CORP 3.191% 24JUN2023(CALLABLE 11MAY22)(700,000.00)0.00718,781.00 714,029.72 707,415.59 (6,614.13)Total (Corporate Bonds)Grand totalGrand total(700,000.00)0.00718,781.00 714,029.72 707,415.59 (6,614.13)19 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2022 - May 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents0.800.000.000.800.00Total Cash0.800.000.000.800.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.30(1,194.73)2,279.320.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.49)3,603.259,750.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)170.186,000.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.39(984.55)1,044.070.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)1,657.650.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,229.17(2,810.95)2,542.5218,750.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)574.11662.643,635.200.000.00166764BW9CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 11MAY22)682.52(493.06)4,193.158,500.47(6,614.13)166764AH3CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.74)2,336.490.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.52(2,607.00)3,258.000.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.85)3,697.420.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)1,035.92473.975,352.230.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.35(1,296.97)1,607.240.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.76)1,451.390.000.00713448CM8PFIZER INC 3.4% 15MAY20241,463.89(1,169.78)1,644.168,500.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.91)1,453.150.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,334.72(1,016.42)(397.33)0.000.00742718EB120 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2022 - May 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024186.0023.792,462.790.000.0089236THU2TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)3,054.470.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.53)2,166.790.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)47.870.000.00931142DH3Total Corporate Bonds31,133.30(20,301.20)47,260.01 51,500.47(6,614.13)Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22)361.666.925,440.130.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,130.21(61.23)3,726.380.000.003135G0V75FANNIE MAE 2% 05OCT20222,152.78(981.73)(959.85)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)(19.73)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.70(998.32)1,502.120.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.005,281.370.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 10JUN22)322.920.005,390.991,875.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23JUN22)301.390.005,224.670.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,420.84(150.72)416.840.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.77(514.29)(267.18)0.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023403.64111.253,065.650.000.003137EAEQ8Total Government Agencies12,314.96(3,000.99)28,801.391,875.000.00Government BondsUSA TREASURY 0.125% 15DEC2023127.75210.286,656.260.000.0091282CBA821 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2022 - May 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30JUN2022107.0432.16262.830.000.00912828ZX1USA TREASURY 0.125% 30JUN202385.64414.502,406.250.000.0091282CCK5USA TREASURY 0.125% 30SEP2022132.35117.631,025.390.000.0091282CAN1USA TREASURY 0.125% 31JUL2023107.05558.223,867.190.000.0091282CCN9USA TREASURY 0.25% 15MAY2024212.2988.056,054.691,250.000.0091282CCC3USA TREASURY 0.25% 15NOV2023212.29(4.02)5,117.191,250.000.0091282CAW1USA TREASURY 0.375% 15APR2024317.62(33.71)5,625.000.000.0091282CBV2USA TREASURY 0.5% 15MAR2023421.20(22.10)1,601.560.000.00912828ZD5USA TREASURY 1.375% 15FEB20231,471.86(1,027.44)439.460.000.00912828Z86USA TREASURY 1.375% 31AUG20231,447.86(802.43)3,857.410.000.009128282D1USA TREASURY 1.5% 15JAN20231,284.53(930.55)585.940.000.00912828Z29USA TREASURY 1.5% 30NOV2024894.23(602.35)3,800.785,250.000.00912828YV6USA TREASURY 1.5% 31OCT20241,263.59(445.31)5,898.447,500.000.00912828YM6USA TREASURY 1.75% 15JUL20221,873.27(1,676.75)(1,163.80)0.000.009128287C8USA TREASURY 2% 30NOV20222,129.12(1,064.70)(439.46)12,500.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.24)2,335.946,906.250.00912828U57USA TREASURY 2.125% 30SEP20241,799.87(1,411.08)5,312.500.000.009128282Y5USA TREASURY 2.375% 15AUG20242,033.84(1,224.89)5,195.320.000.00912828D56Total Government Bonds17,097.74(8,063.73)58,438.89 34,656.250.0022 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period May 1, 2022 - May 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/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 total65,787.80(31,365.92) 134,500.29 88,032.52(6,614.13)23 TRANSACTION REPORTFor the period May 1, 2022 - May 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,500.0004/30/202204/30/2022Income912828YM6 Government Bonds USA TREASURY 1.5% 10/31/2024 1,000,000.00 0.00 7,500.000.006,000.0005/03/202205/03/2022Income037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 0.00 6,000.000.001,875.0005/06/202205/06/2022Income3133EMYR7 Government Agencies FEDERAL FARM CREDIT BANK 05/06/2024 1,000,000.00 0.00 1,875.000.00(30.22)05/09/202205/12/2022Bought166764BW9 Corporate Bonds CHEVRON CORP 1.554% 05/11/2025 700,000.00 (667,380.00) (667,410.22)0.009,750.0005/10/202205/10/2022Income02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10/2023 1,000,000.00 0.00 9,750.000.008,500.4705/11/202205/11/2022Income166764AH3 Corporate Bonds CHEVRON CORP 3.191% 06/24/2023 700,000.00 0.00 8,500.470.000.0005/11/202205/11/2022Capital Change166764AH3 Corporate Bonds CHEVRON CORP 3.191% 06/24/2023 (700,000.00) 707,415.59 707,415.59(6,614.13)8,500.0005/15/202205/15/2022Income717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05/15/2024 500,000.00 0.00 8,500.000.001,250.0005/15/202205/15/2022Income91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/2023 1,000,000.00 0.00 1,250.000.001,250.0005/15/202205/15/2022Income91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/2024 1,000,000.00 0.00 1,250.000.0018,750.0005/24/202205/24/2022Income14912L5X5 Corporate Bonds CATERPILLAR FINL SERVICE 11/24/2023 1,000,000.00 0.00 18,750.000.0012,500.0005/31/202205/31/2022Income912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 1,250,000.00 0.00 12,500.000.006,906.2505/31/202205/31/2022Income912828U57 Government Bonds USA TREASURY 2.125% 11/30/2023 650,000.00 0.00 6,906.250.005,250.0005/31/202205/31/2022Income912828YV6 Government Bonds USA TREASURY 1.5% 11/30/2024 700,000.00 0.00 5,250.000.000.80Income Cash and Cash Equivalents Cash0.800.00 0.000.0005/31/202224 ADDITIONAL INFORMATIONAs of May 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 May 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 RAFAELJune 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 June 30, 2022SAN RAFAELChart 1: Federal Reserve once again forecasts a steeper hiking cycleSource:Bloomberg, June 30,2022Chart 2: Treasury yields largely edge down from their highsSource: Bloomberg,June 30, 2022Economic Indicators and Monetary PolicyCPI rebounded to another 40-year record at 8.6% year-on-year. Core CPI, however,came in at 6% year-on-year, below the 6.5% high from two months ago.Non-core(food and energy) items drove the surprise, although both “sticky” and “flexible”categories accelerated. On theflexibleside, used car prices rebounded 1.8% (16%year-on-year) and travel and fuel costs also surged 13% (38% year-on-year). On thestickyside, health services rose a strong 0.4%, driven by insurance. Shelter rose0.6%, the fastest since 1990.Following the CPI report, the Federal Reserve guided markets to expect a 75bp hikeinstead of a 50bp hike at its June 15 meeting, which it duly delivered. It was the largestUS policy rate move since 1994, taking rates to 1.5-1.75%. The new quarterly “dotplot” was revised sharply higher, with the median projection approaching 4% for end-2023, from less than 3% at the previous meeting(Chart 1).Job growth remained robust. Payrolls showed 390,000 jobs added. Theunemployment rate remained unchanged at 3.6%, and average hourly earnings rose asomewhat more modest 0.3% than the recent trend, indicating labor marketconditions did not materially tightenduring the month.Elsewhere, the ISM manufacturing index remained well in expansionary territory,printing at 56.1, up from 55.4, a bit stronger than consensus expectations at 54.5. Thenew orders index increased to 55.1 from 53.5. The ISM services index weakened bymore than anticipated, however, from 57.1 to 55.9.Interest Rate SummaryYields edged up again in response to inflation and rate hike concerns (Chart 2). At theend of June, the 3-month US Treasury bill yielded 1.71%, the 6-month US Treasury billyielded 2.52%, the 2-year US Treasury note yielded 2.96%, the 5-year US Treasury noteyielded 3.04% and the 10-year US Treasury note yielded 3.02%.34.5 4 3.5 3 2.5 <f, 2 1.5 1 0.5 ----...-..---------Fed Dots June 2022 "-Fed Dots March 2022 -■---___ December2021 -------------~■ Fed Dots -----------♦---------______ Fed Dots --September 2021 ~------------------------------0 2022 ""O 3.5% 3.0% 2.5% v ">-2.0% i:'.:" ~ ro 1.5% Q) .::. 1.0% 0.5% 0.0% .... .... ...... .... .... .... .... .... 2023 Year-end .... ---------.... .... ------_ ...... ___ .... ----3M 6M lY 2Y 3Y 2024 -----------------------------7Y lOY ---Jun-22 -----May-22 ---Dec-21 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2022 - June 30, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,070,514.91Opening balance22,690.86Income received22,690.86Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(33,430.15)Total amortization expense3,520.31Total OID/MKT accretion income0.00Return of capitalClosing balance46,063,045.93Ending fair value44,851,605.48(1,211,440.45)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.26 0.22 0.10Overnight Repo0.22 0.20 0.09Merrill Lynch 3m US Treas Bill 0.34 0.32 0.12Merrill Lynch 6m US Treas Bill 0.51 0.49 0.16ML 1 Year US Treasury Note 0.85 0.78 0.22ML 2 Year US Treasury Note 1.22 1.03 0.24ML 5 Year US Treasury Note 1.68 1.18 0.26* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned61,819.51Accretion (amortization)(29,909.84)Realized gain (loss) on sales0.00Total income on portfolio31,909.67Average daily amortized cost46,067,505.49Period return (%)Weighted average final maturity in days583YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 50.43 0.00 50.430.00Corporate Bonds 28,825.44 (19,731.03) 9,094.410.00Government Agencies 11,520.46 (3,000.50) 8,519.960.00Government Bonds 16,520.31 (7,178.31) 9,342.000.00Municipal/Provincial Bonds 4,902.87 0.00 4,902.87Total 61,819.51 (29,909.84) 0.00 31,909.670.070.394 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2022 - June 30, 2022SAN RAFAELFair Value Basis Activity Summary45,094,331.43Opening balance22,690.86Income received22,690.86Total 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(265,166.81)Ending fair value44,851,605.48Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.26 0.22 0.10Overnight Repo0.22 0.20 0.09ICE Bofa 3 Months US T-BILL 0.17 0.14 0.02ICE Bofa 6m US Treas Bill 0.02 (0.02) (0.07)ICE Bofa 1 Yr US Treasury Note (1.44) (1.27) (0.51)ICE BofA US Treasury 1-3 (3.30) (2.84) (0.58)ICE BofA US Treasury 1-5 (4.61) (3.95) (0.58)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 50.43 0.00 50.43Corporate Bonds 28,825.44 (104,332.93) (75,507.49)Government Agencies 11,520.46 (62,694.22) (51,173.76)Government Bonds 16,520.31 (98,139.66) (81,619.35)Municipal/Provincial Bonds 4,902.87 0.00 4,902.87Total61,819.51 (265,166.81) (203,347.30)Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned61,819.51Total income on portfolio(203,347.30)Average daily total value *45,049,446.94Period return (%)(0.45)Weighted average final maturity in days583Change in fair value(265,166.81)YTD return (%)(2.08)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of June 30, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents155,858.13 155,858.13 155,858.130.000.340.001Corporate Bonds13,972,353.40 13,656,459.25 13,224,804.91 (431,654.34)582 30.031.36Government Agencies11,353,540.36 11,279,505.65 11,004,000.17 (275,505.48)450 24.401.20Government Bonds19,881,990.05 19,811,922.90 19,307,642.27 (504,280.63)481 42.741.29Municipal/Provincial Bonds1,159,300.00 1,159,300.00 1,159,300.000.003,717 2.497.79Total46,523,041.94 46,063,045.93 44,851,605.48 (1,211,440.45)583 100.001.45Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.34Corporate Bonds30.03Government Agencies24.40Government Bonds42.74Municipal/Provincial Bonds2.49Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of June 30, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,416,946.30 3.0590 to 179 days4,800,356.01 10.32180 days to 1 year7,773,229.68 16.711 to 2 years24,451,322.02 52.562 to 3 years5,248,432.43 11.283 to 4 years1,673,455.50 3.604 to 5 years0.00 0.00Over 5 years1,159,300.00 2.4946,523,041.94 100.00Maturity 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 June 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000155,858.13 155,858.13 0.00 0.00 0.34155,858.13155,858.13Cash and Cash EquivalentsTotal Cash and Cash Equivalents155,858.13 155,858.13 155,858.13 0.00 0.340.00155,858.13Corporate Bonds931142DH32.550 04/11/2023 509,155.00 501,463.27 (1,478.45) 2,797.9201/11/20231.09499,984.82500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 501,594.98 (4,486.95) 1,900.00 1.09497,108.03500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,013,417.72 (23,888.45) 2,708.33 2.22989,529.271,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 513,721.64 (10,924.96) 5,812.50 1.12502,796.68500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 707,346.73 (22,972.00) 3,281.25 1.54684,374.73700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,047,224.03 (39,952.31) 3,750.00 2.341,007,271.721,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 505,579.07 (7,218.13) 417.2212/20/20221.13498,360.94500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,562.92 (20,031.60) 1,014.00 1.03459,531.32480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,702.68 (41,801.47) 2,037.50 2.15958,901.211,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 523,589.66 (22,142.27) 7,959.0312/23/20231.16501,447.39500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of June 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 927,199.17 (27,073.17) 13,737.5012/24/20232.06900,126.00900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,044,643.74 (46,920.31) 13,593.7501/05/20242.32997,723.431,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,050,575.80 (48,459.34) 13,895.83 2.341,002,116.461,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 522,062.67 (22,951.42) 6,138.8901/14/20241.16499,111.25500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 521,730.55 (18,492.42) 5,950.0012/01/20231.16503,238.13500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 509,171.36 (10,777.38) 5,670.1403/05/20231.15498,393.98500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 512,667.07 (14,204.12) 3,311.8504/23/20231.15498,462.95500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 526,320.04 (25,603.54) 2,125.00 1.15500,716.50500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 668,946.24 (5,201.86) 1,480.6204/11/20251.43663,744.38700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 578,939.91 (17,074.19) 3,575.5803/13/20251.24561,865.72600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,656,459.25 13,224,804.91 (431,654.34)30.03101,156.9113,380,000.00Government Agencies3135G0T782.000 10/05/2022 1,260,435.75 1,253,108.78 (3,693.37) 5,902.78 2.711,249,415.411,250,000.00FANNIE MAE 2% 05OCT20229 SECURITIES HELDAs of June 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 1,002,725.71 (1,866.34) 1,458.33 2.201,000,859.371,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20223130AJ7E31.375 02/17/2023 1,201,698.09 1,201,140.43 (11,026.29) 6,095.83 2.581,190,114.141,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,248,924.61 (23,765.76) 911.46 2.681,225,158.851,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,014,375.78 (14,466.66) 8,625.00 2.25999,909.121,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 607,913.34 (12,169.91) 6,041.67 1.34595,743.43600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (43,743.29) 661.11 2.15956,256.711,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (42,963.35) 68.0609/23/20222.15957,036.651,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23SEP22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,843.44 (56,854.36) 746.6707/26/20222.581,142,989.081,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (46,536.91) 562.50 2.15953,463.091,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 12JUL22)3135G0V751.750 07/02/2024 753,426.75 751,473.56 (18,419.24) 6,489.58 1.62733,054.32750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies11,353,540.36 11,279,505.65 11,004,000.17 (275,505.48)24.4037,562.9911,250,000.00Government Bonds9128287C81.750 07/15/2022 1,261,088.17 1,250,811.33 (554.14) 10,031.08 2.711,250,257.191,250,000.00USA TREASURY 1.75% 15JUL202210 SECURITIES HELDAs of June 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CAN10.125 09/30/2022 1,248,929.97 1,249,650.91 (4,853.73) 388.49 2.681,244,797.181,250,000.00USA TREASURY 0.125% 30SEP2022912828M802.000 11/30/2022 1,269,750.29 1,255,254.82 (7,207.94) 2,049.18 2.731,248,046.881,250,000.00USA TREASURY 2% 30NOV2022912828Z291.500 01/15/2023 1,011,526.79 1,005,973.52 (12,223.52) 6,878.45 2.17993,750.001,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,257,622.97 (17,290.94) 6,409.70 2.721,240,332.031,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,183.95 (15,730.83) 1,453.80 2.15984,453.121,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 795,119.53 (16,963.28) 0.00 1.70778,156.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 992,869.23 (22,869.23) 517.96 2.13970,000.001,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,261,052.85 (34,148.55) 5,698.03 2.721,226,904.301,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,065.27 (36,393.39) 312.50 2.15963,671.881,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 653,997.52 (11,462.37) 1,132.17 1.42642,535.15650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,196,384.46 (44,946.96) 61.48 2.571,151,437.501,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,712.09 (46,102.71) 778.69 2.15954,609.381,000,000.00USA TREASURY 0.375% 15APR202411 SECURITIES HELDAs of June 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CCC30.250 05/15/2024 996,878.35 998,054.29 (47,624.60) 312.50 2.14950,429.691,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,030,701.32 (43,943.51) 8,857.04 2.23986,757.811,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,037,461.85 (56,094.66) 5,283.47 2.26981,367.191,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,012,267.71 (46,134.90) 2,486.41 2.18966,132.811,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 717,176.51 (41,922.60) 860.66 1.55675,253.91700,000.00USA TREASURY 1.5% 30NOV202491282CAJ00.250 08/31/2025 1,095,937.50 1,096,562.77 2,187.23 994.57 2.361,098,750.001,200,000.00USA TREASURY 0.25% 31AUG2025Total Government Bonds19,881,990.05 19,811,922.90 19,307,642.27 (504,280.63)42.7454,506.1819,800,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 19,949.62 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 2.4919,949.621,159,300.00Grand total46,523,041.94 46,063,045.93 (1,211,440.45)45,745,158.13100.00213,175.7044,851,605.4812 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond9128287C8USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.001,261,088.17 2.71 1,250,257.19 2.79 0.0491282CAN1USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.68 1,244,797.18 2.78 0.25912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.73 1,248,046.88 2.78 0.42912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 993,750.00 2.22 0.54912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,240,332.03 2.77 0.62912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 984,453.12 2.19 0.7091282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 778,156.25 1.73 0.9991282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 970,000.00 2.16 1.079128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.72 1,226,904.30 2.74 1.1491282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.15 963,671.88 2.15 1.36912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 642,535.15 1.43 1.3891282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,151,437.50 2.57 1.4491282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 954,609.38 2.13 1.7691282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.14 950,429.69 2.12 1.84912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 986,757.81 2.20 2.049128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 981,367.19 2.19 2.17912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 966,132.81 2.15 2.26912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 675,253.91 1.51 2.3591282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.36 1,098,750.00 2.45 3.11Issuer total19,800,000.00 19,881,990.05 42.74 19,307,642.27 43.05 1.29Federal National Mortgage Association3135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.71 1,249,415.41 2.79 0.263135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 999,909.12 2.23 1.163135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 595,743.43 1.33 1.5413 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 07/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,142,989.08 2.55 1.773135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 733,054.32 1.63 1.93Issuer total4,800,000.00 4,882,378.52 10.49 4,721,111.36 10.53 1.24Federal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,000,859.37 2.23 0.443130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,190,114.14 2.65 0.623130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 09/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 957,036.65 2.13 1.75Issuer total3,200,000.00 3,222,938.09 6.93 3,148,010.16 7.02 0.91Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 956,256.71 2.13 1.783133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 953,463.09 2.13 1.78Issuer total2,000,000.00 2,000,000.00 4.30 1,909,719.80 4.26 1.78Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.68 1,225,158.85 2.73 0.79Issuer total1,250,000.00 1,248,223.75 2.68 1,225,158.85 2.73 0.79PT. 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 7.79Issuer total1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.58 7.79Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 684,374.73 1.53 1.1289236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 459,531.32 1.02 1.50Issuer total1,180,000.00 1,194,301.40 2.57 1,143,906.05 2.55 1.2714 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 498,462.95 1.11 0.8046647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 561,865.72 1.25 2.57Issuer total1,100,000.00 1,111,758.00 2.39 1,060,328.67 2.36 1.72Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,007,271.72 2.25 1.35Issuer total1,000,000.00 1,086,390.00 2.34 1,007,271.72 2.25 1.35International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,002,116.46 2.23 1.54Issuer total1,000,000.00 1,086,900.00 2.34 1,002,116.46 2.23 1.54US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 997,723.43 2.22 1.49Issuer total1,000,000.00 1,079,130.00 2.32 997,723.43 2.22 1.49Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,360.94 1.11 0.4706051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 498,393.98 1.11 0.67Issuer total1,000,000.00 1,061,320.00 2.28 996,754.92 2.22 0.57American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 989,529.27 2.21 0.84Issuer total1,000,000.00 1,031,510.00 2.22 989,529.27 2.21 0.84John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 958,901.21 2.14 1.52Issuer total1,000,000.00 1,001,230.00 2.15 958,901.21 2.14 1.5215 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 900,126.00 2.01 1.45Issuer total900,000.00 957,939.00 2.06 900,126.00 2.01 1.45Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 663,744.38 1.48 2.74Issuer total700,000.00 667,380.00 1.43 663,744.38 1.48 2.74PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 503,238.13 1.12 1.45Issuer total500,000.00 537,465.00 1.16 503,238.13 1.12 1.45Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 502,796.68 1.12 1.09Issuer total500,000.00 520,430.00 1.12 502,796.68 1.12 1.09Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 501,447.39 1.12 1.45Issuer total500,000.00 541,470.00 1.16 501,447.39 1.12 1.45Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 500,716.50 1.12 1.80Issuer total500,000.00 537,160.00 1.15 500,716.50 1.12 1.80Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 499,984.82 1.11 0.67Issuer total500,000.00 509,155.00 1.09 499,984.82 1.11 0.6716 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orshares3M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 499,111.25 1.11 1.51Issuer total500,000.00 541,935.00 1.16 499,111.25 1.11 1.51Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 497,108.03 1.11 0.82Issuer total500,000.00 506,880.00 1.09 497,108.03 1.11 0.82Cash and Cash EquivalentsINVESTED CASH 0.000155,858.13 155,858.13 0.00 155,858.13 0.35 0.00Issuer total155,858.13 155,858.13 0.00 155,858.13 0.35 0.00Grand total45,745,158.13 46,523,041.94 100.00 44,851,605.48 100.001.4517 SECURITIES PURCHASEDFor the period June 1, 2022 - June 30, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Bonds91282CAJ00.25006/23/2022 08/31/2025 1,200,000.00 91.33 (1,095,937.50)(994.57)06/30/2022USA TREASURY 0.25% 31AUG2025TORONTO DOMINION BANK, THE1,200,000.00 (1,095,937.50) (994.57)Total Government BondsGrand totalGrand total1,200,000.00 (1,095,937.50) (994.57)18 SECURITIES SOLD AND MATUREDFor the period June 1, 2022 - June 30, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Bonds912828ZX10.12506/30/2022 (1,000,000.00) 999,808.04 1,000,000.00 0.00 1,000,000.00 0.00 0.0006/30/2022USA TREASURY 0.125% 30JUN2022(1,000,000.00)0.00999,808.04 1,000,000.00 1,000,000.00 0.00Total (Government Bonds)Grand totalGrand total(1,000,000.00)0.00999,808.04 1,000,000.00 1,000,000.00 0.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2022 - June 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents50.430.000.0050.430.00Total Cash50.430.000.0050.430.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)(5,402.31)0.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)(6,252.36)0.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)(3,512.00)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.94(984.54)(1,510.85)7,510.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.03)(3,582.65)0.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,020.83(2,810.96)(8,606.36)0.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)876.29903.60(7,270.82)0.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.14(1,327.75)(4,927.91)0.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)(9,006.75)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.84)(5,304.70)0.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)969.08473.97(8,737.08)0.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.49(1,296.97)(3,239.19)0.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,450.00(1,275.77)(3,447.24)0.000.00713448CM8PFIZER INC 3.4% 15MAY20241,369.44(1,169.78)(6,125.51)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.91)(6,867.76)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,248.61(1,016.42)(1,193.81)0.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024174.0023.80(3,541.48)0.000.0089236THU220 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2022 - June 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.09)(6,320.98)0.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)(8,262.12)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.83)(1,221.05)0.000.00931142DH3Total Corporate Bonds28,825.44(19,731.03) (104,332.93) 7,510.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22)338.347.40(9,310.84)0.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,057.29(61.23)(5,103.99)0.000.003135G0V75FANNIE MAE 2% 05OCT20222,013.89(981.72)(3,129.70)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(3,767.62)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.97(998.32)(6,902.11)0.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.940.00(6,577.96)0.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 12JUL22)302.080.00(6,411.68)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23SEP22)281.950.00(6,627.88)1,750.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,329.16(150.72)(5,438.98)0.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.29)(2,960.41)12,500.000.003130A3KM5FREDDIE MAC 0.375% 20APR2023377.61111.25(6,463.05)0.000.003137EAEQ8Total Government Agencies11,520.46(3,000.50) (62,694.22) 14,250.000.00Government BondsUSA TREASURY 0.125% 15DEC2023123.29203.50(8,437.50)750.000.0091282CBA8USA TREASURY 0.125% 30JUN2022103.5931.13616.78625.000.00912828ZX121 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2022 - June 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30JUN202382.87401.14(4,250.00)500.000.0091282CCK5USA TREASURY 0.125% 30SEP2022128.07113.83(124.70)0.000.0091282CAN1USA TREASURY 0.125% 31JUL2023103.59540.21(6,093.75)0.000.0091282CCN9USA TREASURY 0.25% 15MAY2024203.8085.21(6,601.56)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023203.80(3.89)(6,875.00)0.000.0091282CAW1USA TREASURY 0.25% 31AUG20250.00625.272,812.500.000.0091282CAJ0USA TREASURY 0.375% 15APR2024307.38(32.61)(6,718.74)0.000.0091282CBV2USA TREASURY 0.5% 15MAR2023407.60(21.39)(4,375.00)0.000.00912828ZD5USA TREASURY 1.375% 15FEB20231,424.37(994.30)(5,126.96)0.000.00912828Z86USA TREASURY 1.375% 31AUG20231,401.15(776.55)(9,667.96)0.000.009128282D1USA TREASURY 1.5% 15JAN20231,243.09(900.53)(4,531.25)0.000.00912828Z29USA TREASURY 1.5% 30NOV2024860.66(582.91)(5,031.25)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,222.82(430.95)(7,265.63)0.000.00912828YM6USA TREASURY 1.75% 15JUL20221,812.85(1,622.66)(873.94)0.000.009128287C8USA TREASURY 2% 30NOV20222,049.18(1,030.36)(4,394.52)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.51)(5,458.99)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,741.80(1,365.56)(7,539.06)0.000.009128282Y5USA TREASURY 2.375% 15AUG20241,968.23(1,185.38)(8,203.13)0.000.00912828D56Total Government Bonds16,520.31(7,178.31) (98,139.66) 1,875.000.0022 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period June 1, 2022 - June 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipMunicipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,902.870.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,902.870.000.000.000.00Grand total61,819.51(29,909.84) (265,166.81) 23,685.430.0023 TRANSACTION REPORTFor the period June 1, 2022 - June 30, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)12,500.0006/09/202206/09/2022Income3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 12/09/2022 1,000,000.00 0.00 12,500.000.00750.0006/15/202206/15/2022Income91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2023 1,200,000.00 0.00 750.000.007,510.0006/20/202206/20/2022Income06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2023 500,000.00 0.00 7,510.000.001,750.0006/23/202206/23/2022Income3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 04/23/2024 1,000,000.00 0.00 1,750.000.00(994.57)06/23/202206/30/2022Bought91282CAJ0 Government Bonds USA TREASURY 0.25% 08/31/2025 1,200,000.00 (1,095,937.50) (1,096,932.07)0.00625.0006/30/202206/30/2022Income912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2022 1,000,000.00 0.00 625.000.000.0006/30/202206/30/2022Capital Change912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2022 (1,000,000.00) 1,000,000.00 1,000,000.000.00500.0006/30/202206/30/2022Income91282CCK5 Government Bonds USA TREASURY 0.125% 06/30/2023 800,000.00 0.00 500.000.0050.43Income Cash and Cash Equivalents Cash50.430.00 0.000.0006/30/202224 ADDITIONAL INFORMATIONAs of June 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.25 ADDITIONAL INFORMATIONAs of June 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.26