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HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: January 17, 2023 Disposition: Accepted report Agenda Item No: 4.f Meeting Date: January 17, 2023 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 DECEMBER 31, 2022 RECOMMENDATION: Accept investment report for the quarter ending December 31, 2022, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 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 December 31, 2022, the primary LAIF account had a balance of $26,782,267. Portfolio returns on LAIF deposits were 2.17% for the quarter ending December 31, 2022. The remaining investment assets include the $1,075,200 balance of Pt. San Pedro Assessment District bonds, and $43,728,989 in government agency securities and corporate bonds (including Walmart Inc., Apple Inc., American Honda Finance, Procter Gamble Co., Toyota, Caterpillar, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, Bank of America, JP Morgan Chase, Pfizer, and Chevron). The overall total portfolio returns for the quarter ending December 31, 2022, were 1.66%. The City’s Westamerica general operating bank account had a balance of $32,750,546 at quarter end. Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; and (3) the three monthly investment reports from Insight Investment for the quarter. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity, yield, and diversification. The portfolio remains conservatively invested and sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending December 31, 2022, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, October through December 2022 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 26,782,267$ 96.6%2.17% LAIF - RDA 156,195$ 0.6%2.17% LAIF - RDA 02 TARB 775,042$ 2.8%2.17% Total Internally Managed 27,713,504$ 38.2% Weighted Average Yield 2.17% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 2,947,890$ 6.6%3.00% Treasury Securities 18,206,234$ 40.6%1.17% Instrumentality Securities 9,984,055$ 22.3%1.27% Corporate Notes 12,590,810$ 28.1%0.92% Municipal 1,075,200$ 2.4%5.25% Total Externally Managed 44,804,189$ 61.8% Weighted Average Yield 1.34% Years Effective Average Duration - External 1.12 Weighted Average Maturity - External 1.35 Total Portfolio Assets %Return LAIF 27,713,504$ 38.2%2.17% Cash 2,947,890$ 4.1%3.00% Treasury Securities 18,206,234$ 25.1%1.17% Instrumentality Securities 9,984,055$ 13.8%1.27% Corporate Notes 12,590,810$ 17.4%0.92% Municipal 1,075,200$ 1.5%5.25% Total Portfolio Assets 72,517,693$ Weighted Average Yield 1.66% Years Effective Average Duration - Total 0.69 Weighted Average Maturity - Total 0.84 Based on Market Values December 31, 2022 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 96.6% LAIF -RDA, 0.6% LAIF -RDA 02 TARB, 2.8% Cash , 6.6% Treasury Securities, 40.6% Instrumentality Securities, 22.3% Corporate Notes, 28.1%Municipal, 2.4% LAIF 38% Cash 4%Treasury Securities 25% Instrumentality Securities 14% Corporate Notes 17% Municipal 2% Exhibit A Internally Managed Assets %Return %Return %Return %Return %Return %Return LAIF 27,557,309$ 99.4%2.17%33,407,538$ 99.5%1.51%49,325,065$ 99.7%0.86%37,295,675$ 99.6%0.37%37,272,941$ 99.6%0.21%40,246,878$ 99.6%0.21% LAIF - Housing 156,195$ 0.6%2.17%155,665$ 0.5%1.51%155,374$ 0.3%0.86%155,252$ 0.4%0.37%155,163$ 0.4%0.21%155,068$ 0.4%0.21% Total Internally Managed 27,713,504$ 38.2%33,563,203$ 43.0%49,480,439$ 52.5%37,450,927$ 45.4%37,428,104$ 45.0%40,401,946$ 54.7% Weighted Average Yield 2.17%1.51%0.86%0.37%0.21%0.21% Externally Managed Assets %Return %Return %Return %Return %Return %Return Cash 2,947,890$ 6.6%3.00%94,380$ 0.2%1.00%155,858$ 0.3%0.02%34,607$ 0.1%0.02%160,462$ 0.4%0.02%106,899$ 0.3%0.02% Treasury Securities 18,206,234$ 40.6%1.17%19,352,963$ 43.5%1.20%19,307,642$ 43.0%0.70%19,322,375$ 42.9%0.54%17,936,293$ 39.2%0.51%6,202,242$ 18.5%0.69% Instrumentality Securities 9,984,055$ 22.3%1.27%10,891,851$ 24.5%0.95%11,004,000$ 24.5%0.96%11,081,069$ 24.6%0.95%12,774,395$ 27.9%1.09%12,058,266$ 36.1%1.23% Corporate Notes 12,590,810$ 28.1%0.92%13,054,253$ 29.4%0.90%13,224,805$ 29.5%0.90%13,449,548$ 29.9%0.69%13,782,838$ 30.1%0.65%13,918,907$ 41.6%0.66% Municipal/Assessment District 1,075,200$ 2.4%5.25%1,075,200$ 2.4%5.25%1,159,300$ 2.6%5.25%1,159,300$ 2.6%5.25%1,159,300$ 2.5%5.25%1,159,300$ 3.5%5.25% Total Externally Managed 44,804,189$ 61.8%44,468,648$ 57.0%44,851,605$ 47.5%45,046,900$ 54.6%45,813,288$ 55.0%33,445,614$ 45.3% Weighted Average Yield 1.34%1.15%0.94%0.81%0.83%1.03% Years Years Years Years Years Years Effective Average Duration - External 1.12 1.56 1.45 1.56 1.68 1.91 Weighted Average Maturity - External 1.35 1.72 1.60 1.72 1.87 2.26 Total Portfolio Assets %Return %Return %Return %Return %Return %Return LAIF 27,713,504$ 38.2%2.17%33,563,203$ 43.0%1.51%49,480,439$ 52.5%0.86%37,450,927$ 45.4%0.37%37,428,104$ 45.0%0.21%40,401,946$ 54.7%0.21% Cash 2,947,890$ 4.1%3.00%94,380$ 0.1%1.00%155,858$ 0.2%0.02%34,607$ 0.0%0.02%160,462$ 0.2%0.02%106,899$ 0.1%0.02% Treasury Securities 18,206,234$ 25.1%1.17%19,352,963$ 24.8%1.20%19,307,642$ 20.5%0.70%19,322,375$ 23.4%0.54%17,936,293$ 21.5%0.51%6,202,242$ 8.4%0.69% Instrumentality Securities 9,984,055$ 13.8%1.27%10,891,851$ 14.0%0.95%11,004,000$ 11.7%0.96%11,081,069$ 13.4%0.95%12,774,395$ 15.3%1.09%12,058,266$ 16.3%1.23% Corporate Notes 12,590,810$ 17.4%0.92%13,054,253$ 16.7%0.90%13,224,805$ 14.0%0.90%13,449,548$ 16.3%0.69%13,782,838$ 16.6%0.65%13,918,907$ 18.8%0.66% Municipal/Assessment District 1,075,200$ 1.5%5.25%1,075,200$ 1.4%5.25%1,159,300$ 1.2%5.25%1,159,300$ 1.4%5.25%1,159,300$ 1.4%5.25%1,159,300$ 1.6%5.25% Total Portfolio Assets 72,517,693$ 78,031,850$ 94,332,045$ 82,497,826$ 83,241,391$ 73,847,559$ Weighted Average Yield 1.66%1.30%0.90%0.61%0.55%0.58% Years Years Years Years Years Years Effective Average Duration - Total 0.69 0.79 0.69 0.85 0.93 0.87 Weighted Average Maturity - Total 0.84 0.87 0.76 0.94 1.03 1.03 Performance Recap -The weighted average quarterly portfolio yield increased from 1.30% to 1.66% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation. -The effective average duration decreased, from 0.79 to 0.69 years since last quarter, this is a result of the decrease in effective average duration of the City's externally managed portfolio. -The total portfolio assets decreased by approximately $5.5 million during the quarter. This is reflective of transfers to support operating activities while the City awaits property taxes that were received in December. City of San Rafael Historical Activity-By Quarter June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021December 31, 2022 September 30, 2022 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELOctober 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 14Securities purchased19Securities sold and matured 20Detail of return and interest received 21Transaction report25Additional information26 FIXED INCOME MARKET REVIEWAs of October 31, 2022SAN RAFAELChart 1: Goods inflation is falling but services inflation (which has a higher weight) is risingSource: Federal Reserve, October31, 2022Chart 2: The ratio of job openings to unemployed personsSource: Bloomberg,October 31, 2022Economic Indicators and Monetary PolicyInflation once again surprised to the upside. Headline CPI came in at 8.2%, versus 8.1%expected. However, core CPI unexpectedly reached a new 40-year peak at 6.6%. Coreservices continued their march higher, creating a headachefor the Fed, as these tend tobe thestickiestCPI sectors. Flexible CPI (chiefly goods) sectors contributed negativelyagain on a month-on-month basis. Energy prices fell for the third straight month and wereonce again the largest detractor in the index. Related sectors such as used cars, appareland airfares also continued to fall (Chart 1).Labor market data remained robust. The economy added 263,000 jobs, a slight downshiftfrom the previous month, but close to consensus estimates with broad-based gains. Theunemployment rate fell back to a record-equalling low of 3.5%, largely a result of a declinein the labor force participation rate from 62.4% to 62.3%, indicating the “easiest” gains inlabor force participation following the height of the pandemic may have been made.There were only tentative signs that the Federal Reserve’s recent interest hikes werehaving an impact on the labor market. Job openings fell 10%, the largest decrease sincethe start of the pandemic. The ratio of job openings to unemployed people (a metricwatched closely by the Federal Reserve) fell from ~2 to 1.7, the lowest since November2021, but still well above pre-pandemic norms (Chart 2). Wage growth slowed onlyslightly to 5.0%, although this was the lowest since December 2021.Rising rates were, however, feeding through into the US housing market. The S&P Case-Shiller 20-city house price index fell 1.3% month-on-month, the largest decrease since2009. The FHFA Index fell 0.65%, the largest fall since 2011,with both indices retracingrecent strength, albeit reflectinglagging data for August2022.Interest Rate SummaryYields generally rose during the month, with data providingthe Federal Reserve morejustification to continue its rate hiking cycle. At the end of October, the 3-month USTreasury bill yielded 4.09%, the 6-month US Treasury bill yielded 4.55%, the 2-year USTreasury note yielded 4.49%, the 5-year US Treasury note yielded 4.23% and the 10-yearUS Treasury note yielded 4.05%.3 ACTIVITY AND PERFORMANCE SUMMARYFor the period October 1, 2022 - October 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,105,542.80Opening balance44,261.50Income received44,261.50Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(31,155.02)Total amortization expense11,233.24Total OID/MKT accretion income0.00Return of capitalClosing balance46,129,632.52Ending fair value44,445,839.11(1,683,793.41)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.04 0.97 0.26Overnight Repo0.99 0.94 0.26Merrill Lynch 3m US Treas Bill 1.27 1.14 0.30Merrill Lynch 6m US Treas Bill 1.58 1.34 0.33ML 1 Year US Treasury Note 2.05 1.61 0.37ML 2 Year US Treasury Note 2.35 1.68 0.36ML 5 Year US Treasury Note 2.41 1.52 0.25* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned68,740.31Accretion (amortization)(19,921.78)Realized gain (loss) on sales0.00Total income on portfolio48,818.53Average daily amortized cost46,114,739.59Period return (%)Weighted average final maturity in days558YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 309.14 0.00 309.140.00Corporate Bonds 30,813.38 (19,567.17) 11,246.210.00Government Agencies 14,459.05 (2,260.51) 12,198.540.00Government Bonds 18,297.94 1,905.90 20,203.840.00Municipal/Provincial Bonds 4,860.80 0.00 4,860.80Total 68,740.31 (19,921.78) 0.00 48,818.530.110.754 ACTIVITY AND PERFORMANCE SUMMARYFor the period October 1, 2022 - October 31, 2022SAN RAFAELFair Value Basis Activity Summary44,468,647.81Opening balance44,261.50Income received44,261.50Total 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(66,820.20)Ending fair value44,445,839.11Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.04 0.97 0.26Overnight Repo0.99 0.94 0.26ICE Bofa 3 Months US T-BILL 0.78 0.71 0.16ICE Bofa 6m US Treas Bill 0.55 0.60 0.17ICE Bofa 1 Yr US Treasury Note (1.86) (0.73) 0.06ICE BofA US Treasury 1-3 (4.67) (1.69) (0.10)ICE BofA US Treasury 1-5 (6.53) (2.44) (0.19)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 309.14 0.00 309.14Corporate Bonds 30,813.38 (22,698.54) 8,114.84Government Agencies 14,459.05 (18,585.41) (4,126.36)Government Bonds 18,297.94 (25,536.25) (7,238.31)Municipal/Provincial Bonds 4,860.80 0.00 4,860.80Total68,740.31 (66,820.20) 1,920.11Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned68,740.31Total income on portfolio1,920.11Average daily total value *44,632,151.33Period return (%)0.00Weighted average final maturity in days558Change in fair value(66,820.20)YTD return (%)(2.74)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of October 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 85,232.95 85,232.95 85,232.95 0.00 0.18 0.001Corporate Bonds 13,972,353.40 13,577,944.77 13,031,554.40 (546,390.37) 459 29.94 1.05Government Agencies 11,396,263.61 11,321,401.96 10,926,424.88 (394,977.08) 448 24.42 1.18Government Bonds 20,133,619.24 20,069,852.84 19,327,426.88 (742,425.96) 530 43.15 1.40Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 0.00 3,594 2.30 7.58Total46,662,669.20 46,129,632.52 44,445,839.11 (1,683,793.41) 558 100.00 1.38Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.18Corporate Bonds 29.94Government Agencies 24.42Government Bonds 43.15Municipal/Provincial Bonds 2.30Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of October 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days3,387,750.03 7.2690 to 179 days5,223,312.89 11.19180 days to 1 year6,869,957.67 14.721 to 2 years21,962,992.49 47.072 to 3 years5,260,736.10 11.273 to 4 years2,882,720.02 6.184 to 5 years0.00 0.00Over 5 years1,075,200.00 2.3046,662,669.20 100.00Maturity 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 October 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.00085,232.95 85,232.95 0.00 0.00 0.1885,232.9585,232.95Cash and Cash EquivalentsTotal Cash and Cash Equivalents85,232.95 85,232.95 85,232.95 0.00 0.180.0085,232.95Corporate Bonds931142DH32.550 04/11/2023 509,155.00 500,543.94 (5,403.21) 708.3301/11/20231.09495,140.73500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 500,963.31 (6,555.71) 5,933.33 1.09494,407.60500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,008,223.76 (23,144.56) 9,262.50 2.21985,079.201,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 509,655.97 (15,956.96) 3,272.22 1.12493,699.01500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 705,222.37 (25,561.65) 1,732.50 1.53679,660.72700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,035,980.22 (47,239.15) 16,354.17 2.33988,741.071,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 501,640.90 (3,441.30) 5,465.6112/20/20221.13498,199.60500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,658.11 (24,751.20) 660.00 1.03454,906.91480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,551.29 (51,491.52) 1,300.00 2.15949,059.771,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 518,278.67 (25,673.24) 4,968.0612/23/20231.16492,605.43500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of October 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 921,075.53 (38,922.87) 8,575.0012/24/20232.05882,152.66900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,034,895.84 (55,582.27) 8,062.5001/05/20242.31979,313.571,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,040,147.80 (57,365.94) 7,954.86 2.33982,781.861,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 517,283.75 (28,457.77) 3,475.6901/14/20241.16488,825.98500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 516,627.49 (23,034.39) 3,000.0012/01/20231.15493,593.10500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 504,679.27 (8,821.05) 2,761.1103/05/20231.15495,858.22500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 507,479.19 (12,314.19) 395.4404/23/20231.14495,165.00500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 521,640.92 (32,159.80) 7,838.89 1.15489,481.12500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 672,560.65 (26,774.55) 5,136.8304/11/20251.43645,786.10700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 580,835.79 (33,739.04) 1,604.0003/13/20251.24547,096.75600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,577,944.77 13,031,554.40 (546,390.37)29.9498,461.0413,380,000.00Government Agencies3130A3KM52.500 12/09/2022 1,021,240.00 1,000,668.57 (2,400.87) 9,861.11 2.19998,267.701,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20229 SECURITIES HELDAs of October 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3130AJ7E31.375 02/17/2023 1,201,698.09 1,200,537.56 (11,377.53) 3,391.67 2.581,189,160.031,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,249,369.60 (23,344.36) 143.23 2.671,226,025.241,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,010,382.51 (26,091.13) 3,913.19 2.24984,291.381,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 606,261.86 (22,025.85) 3,583.33 1.33584,236.01600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (58,876.57) 87.50 2.14941,123.431,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (65,020.06) 1,244.4412/23/20222.14934,979.941,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,871.84 (77,467.12) 58.3301/26/20232.571,122,404.721,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (65,372.80) 1,822.92 2.14934,627.201,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 20OCT22)3135G0V751.750 07/02/2024 753,426.75 751,228.65 (35,227.90) 4,338.54 1.61716,000.75750,000.00FANNIE MAE 1.75% 02JUL20243130ATHT74.375 09/12/2025 1,303,159.00 1,303,081.37 (7,772.89) 5,213.54 2.791,295,308.481,300,000.00FEDERAL HOME LOAN BANK 4.375% 12SEP2025Total Government Agencies11,396,263.61 11,321,401.96 10,926,424.88 (394,977.08)24.4233,657.8011,300,000.00Government Bonds912828M802.000 11/30/2022 1,269,750.29 1,251,030.36 (2,667.32) 10,450.82 2.721,248,363.041,250,000.00USA TREASURY 2% 30NOV202210 SECURITIES HELDAs of October 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828Z291.500 01/15/2023 1,011,526.79 1,002,281.34 (7,464.10) 4,402.17 2.17994,817.241,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,253,546.34 (13,604.44) 3,596.30 2.711,239,941.901,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,096.25 (14,119.69) 635.36 2.14985,976.561,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 796,764.18 (20,107.93) 334.24 1.70776,656.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 995,084.09 (28,209.09) 312.50 2.12966,875.001,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,257,869.01 (41,218.62) 2,896.24 2.711,216,650.391,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,049.31 (44,385.25) 1,148.10 2.14955,664.061,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 653,048.30 (20,085.41) 5,774.08 1.42632,962.89650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,197,218.82 (55,765.69) 565.57 2.561,141,453.131,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,578.37 (60,461.18) 164.84 2.15940,117.191,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 998,403.67 (63,169.29) 1,148.10 2.14935,234.381,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,025,841.27 (64,200.65) 4,969.43 2.22961,640.621,000,000.00USA TREASURY 2.375% 15AUG202411 SECURITIES HELDAs of October 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds9128282Y52.125 09/30/2024 1,051,800.23 1,031,863.06 (75,534.94) 1,809.75 2.25956,328.121,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,010,500.81 (67,610.19) 0.00 2.18942,890.621,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 714,786.57 (56,376.41) 4,389.34 1.55658,410.16700,000.00USA TREASURY 1.5% 30NOV202491282CAJ00.250 08/31/2025 1,095,937.50 1,107,549.62 (40,158.99) 505.53 2.351,067,390.631,200,000.00USA TREASURY 0.25% 31AUG202591282CAM30.250 09/30/2025 456,445.31 460,522.77 (16,655.58) 106.46 0.98443,867.19500,000.00USA TREASURY 0.25% 30SEP20259128285N62.875 11/30/2025 496,212.61 496,549.68 (18,893.43) 6,009.22 1.06477,656.25500,000.00USA TREASURY 2.875% 30NOV202591282CBQ30.500 02/28/2026 455,839.84 459,503.20 (19,757.10) 421.27 0.98439,746.10500,000.00USA TREASURY 0.5% 28FEB202691282CBW00.750 04/30/2026 443,595.43 445,016.31 (3,863.96) 0.00 0.95441,152.35500,000.00USA TREASURY 0.75% 30APR20269128286X32.125 05/31/2026 465,958.71 466,796.42 (4,120.64) 4,441.60 1.00462,675.78500,000.00USA TREASURY 2.125% 31MAY202691282CCJ80.875 06/30/2026 443,595.43 444,953.09 (3,996.06) 1,462.30 0.95440,957.03500,000.00USA TREASURY 0.875% 30JUN2026Total Government Bonds20,133,619.24 20,069,852.84 19,327,426.88 (742,425.96)43.1555,543.2220,300,000.0012 SECURITIES HELDAs of October 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionMunicipal/Provincial Bonds888599LS45.250 09/02/2032 1,075,200.00 1,075,200.00 0.00 9,251.202.301,075,200.001,075,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.309,251.201,075,200.00Grand total46,662,669.20 46,129,632.52 (1,683,793.41)46,140,432.95100.00196,913.2644,445,839.1113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.72 1,248,363.04 2.81 0.08912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 994,817.24 2.24 0.21912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,941.90 2.79 0.29912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 985,976.56 2.22 0.3691282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 776,656.25 1.75 0.6591282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 966,875.00 2.18 0.739128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,216,650.39 2.74 0.8191282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.14 955,664.06 2.15 1.01912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 632,962.89 1.42 1.0491282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,141,453.13 2.57 1.1091282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 940,117.19 2.12 1.4291282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.14 935,234.38 2.10 1.50912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 961,640.62 2.16 1.729128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 956,328.12 2.15 1.84912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 942,890.62 2.12 1.93912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 658,410.16 1.48 1.9991282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.35 1,067,390.63 2.40 2.7591282CAM3USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 443,867.19 1.00 2.849128285N6USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 477,656.25 1.07 2.8691282CBQ3USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 439,746.10 0.99 3.2291282CBW0USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 441,152.35 0.99 3.379128286X3USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 462,675.78 1.04 3.3591282CCJ8USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 440,957.03 0.99 3.51Issuer total20,300,000.00 20,133,619.24 43.15 19,327,426.88 43.49 1.4014 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,267.70 2.25 0.113130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,189,160.03 2.68 0.293130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 934,979.94 2.10 1.443130ATHT7FEDERAL HOME LOAN 4.375 09/12/2025 AA+ Aaa 1,300,000.00 1,303,159.00 2.79 1,295,308.48 2.91 2.65Issuer total4,500,000.00 4,526,097.09 9.70 4,417,716.15 9.94 1.18Federal National Mortgage Association3135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 984,291.38 2.21 0.843135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 584,236.01 1.31 1.223136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2023 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,122,404.72 2.53 1.453135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 716,000.75 1.61 1.61Issuer total3,550,000.00 3,621,942.77 7.76 3,406,932.86 7.67 1.27Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 941,123.43 2.12 1.443133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 934,627.20 2.10 1.47Issuer total2,000,000.00 2,000,000.00 4.29 1,875,750.63 4.22 1.46Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.67 1,226,025.24 2.76 0.46Issuer total1,250,000.00 1,248,223.75 2.67 1,226,025.24 2.76 0.46Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 679,660.72 1.53 0.7989236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 454,906.91 1.02 1.16Issuer total1,180,000.00 1,194,301.40 2.56 1,134,567.63 2.55 0.9415 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.42 7.58Issuer total1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.42 7.58JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.14 495,165.00 1.11 0.4746647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 547,096.75 1.23 2.24Issuer total1,100,000.00 1,111,758.00 2.38 1,042,261.75 2.35 1.39Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,199.60 1.12 0.1406051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 495,858.22 1.12 0.34Issuer total1,000,000.00 1,061,320.00 2.27 994,057.82 2.24 0.24Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 988,741.07 2.22 1.01Issuer total1,000,000.00 1,086,390.00 2.33 988,741.07 2.22 1.01American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 985,079.20 2.22 0.51Issuer total1,000,000.00 1,031,510.00 2.21 985,079.20 2.22 0.51International Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 982,781.86 2.21 1.23Issuer total1,000,000.00 1,086,900.00 2.33 982,781.86 2.21 1.23US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 979,313.57 2.20 1.20Issuer total1,000,000.00 1,079,130.00 2.31 979,313.57 2.20 1.2016 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJohn Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 949,059.77 2.14 1.18Issuer total1,000,000.00 1,001,230.00 2.15 949,059.77 2.14 1.18PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 882,152.66 1.98 1.16Issuer total900,000.00 957,939.00 2.05 882,152.66 1.98 1.16Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 645,786.10 1.45 2.39Issuer total700,000.00 667,380.00 1.43 645,786.10 1.45 2.39Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 495,140.73 1.11 0.43Issuer total500,000.00 509,155.00 1.09 495,140.73 1.11 0.43Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 494,407.60 1.11 0.49Issuer total500,000.00 506,880.00 1.09 494,407.60 1.11 0.49Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 493,699.01 1.11 0.76Issuer total500,000.00 520,430.00 1.12 493,699.01 1.11 0.76PepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 493,593.10 1.11 1.21Issuer total500,000.00 537,465.00 1.15 493,593.10 1.11 1.2117 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCitibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 492,605.43 1.11 1.16Issuer total500,000.00 541,470.00 1.16 492,605.43 1.11 1.16Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 489,481.12 1.10 1.45Issuer total500,000.00 537,160.00 1.15 489,481.12 1.10 1.453M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 488,825.98 1.10 1.22Issuer total500,000.00 541,935.00 1.16 488,825.98 1.10 1.22Cash and Cash EquivalentsINVESTED CASH 0.00085,232.95 85,232.95 0.00 85,232.95 0.19 0.00Issuer total85,232.95 85,232.95 0.00 85,232.95 0.19 0.00Grand total46,140,432.95 46,662,669.20 100.00 44,445,839.11 100.001.3818 SECURITIES PURCHASEDFor the period October 1, 2022 - October 31, 2022SAN RAFAELPar value orsharesUnit cost AccruedinterestTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip Description / BrokerGovernment Agencies3130ATHT74.37510/05/2022 09/12/2025 1,300,000.00 100.24 (1,303,159.00) (1,263.89)10/06/2022FEDERAL HOME LOAN BANK 4.375%WELLS FARGO SECURITIES, LLC1,300,000.00 (1,303,159.00) (1,263.89)Total Government AgenciesGrand totalGrand total1,300,000.00 (1,303,159.00) (1,263.89)19 SECURITIES SOLD AND MATUREDFor the period October 1, 2022 - October 31, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Agencies3135G0T782.00010/05/2022 (1,250,000.00) 1,260,435.75 1,250,000.00 0.00 1,250,000.00 0.00 0.0010/05/2022FANNIE MAE BNDS 2.0% 10-05-2022(1,250,000.00)0.001,260,435.75 1,250,000.00 1,250,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,250,000.00)0.001,260,435.75 1,250,000.00 1,250,000.00 0.0020 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2022 - October 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents309.140.000.00309.140.00Total Cash309.140.000.00309.140.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.30(1,194.73)(1,357.02)0.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.49)(1,450.77)0.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.91)(127.82)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.39(984.55)854.330.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)(207.47)0.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,229.17(2,810.95)(1,928.34)0.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)936.71903.60(962.51)0.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.74)(539.33)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.53(2,607.00)(3,762.23)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.85)909.510.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)1,035.92473.97(2,381.11)0.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.34(1,296.97)270.008,897.500.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.76)(951.44)0.000.00713448CM8PFIZER INC 3.4% 15MAY20241,463.89(1,169.78)(1,572.19)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.91)(3,540.76)0.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,334.72(1,016.42)(1,627.17)0.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024186.0023.80(499.60)0.000.0089236THU221 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2022 - October 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.09)2.720.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.54)(3,479.09)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)(348.25)6,375.000.00931142DH3Total Corporate Bonds30,813.38(19,567.17) (22,698.54) 15,272.500.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22)361.666.92(1,906.61)2,100.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,130.21(61.23)(2,064.81)0.000.003135G0V75FANNIE MAE 2.5% 05FEB20241,291.66(412.87)(1,203.39)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.32)(1,380.30)0.000.003135G0U43FANNIE MAE BNDS 2.0% 10-05-2022347.22(163.62)103.8212,500.000.003135G0T78FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.00(1,925.09)1,750.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 20OCT22)322.920.00(1,577.05)0.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC22)301.380.00(1,518.14)0.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,420.84(150.72)(326.40)0.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.78(514.29)96.490.000.003130A3KM5FEDERAL HOME LOAN BANK 4.375% 12SEP20253,949.65(77.63)(7,850.52)0.000.003130ATHT7FREDDIE MAC 0.375% 20APR2023403.65111.25966.592,343.750.003137EAEQ8Total Government Agencies14,459.05(2,260.51) (18,585.41) 18,693.750.00Government BondsUSA TREASURY 0.125% 15DEC2023127.04210.29(421.87)0.000.0091282CBA822 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2022 - October 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 30JUN202384.24414.51(93.75)0.000.0091282CCK5USA TREASURY 0.125% 31JUL2023105.30558.22312.500.000.0091282CCN9USA TREASURY 0.25% 15MAY2024210.6088.05(1,562.50)0.000.0091282CCC3USA TREASURY 0.25% 15NOV2023210.60(4.02)(195.32)0.000.0091282CAW1USA TREASURY 0.25% 30SEP2025106.461,149.10(507.81)0.000.0091282CAM3USA TREASURY 0.25% 31AUG2025256.912,769.04(1,593.74)0.000.0091282CAJ0USA TREASURY 0.375% 15APR2024318.53(33.70)(1,406.25)1,875.000.0091282CBV2USA TREASURY 0.5% 15MAR2023428.18(22.10)1,093.750.000.00912828ZD5USA TREASURY 0.5% 28FEB2026214.091,032.40(1,445.31)0.000.0091282CBQ3USA TREASURY 0.75% 30APR2026315.901,334.77(1,601.56)1,875.000.0091282CBW0USA TREASURY 0.875% 30JUN2026368.551,275.38(1,699.22)0.000.0091282CCJ8USA TREASURY 1.375% 15FEB20231,447.86(1,027.44)879.400.000.00912828Z86USA TREASURY 1.375% 31AUG20231,471.86(802.43)(732.42)0.000.009128282D1USA TREASURY 1.5% 15JAN20231,263.58(930.55)381.780.000.00912828Z29USA TREASURY 1.5% 30NOV2024889.34(602.34)(1,968.75)0.000.00912828YV6USA TREASURY 1.5% 31OCT20241,263.59(445.32)(2,734.38)7,500.000.00912828YM6USA TREASURY 2% 30NOV20222,117.49(1,064.70)753.350.000.00912828M80USA TREASURY 2.125% 30NOV20231,169.91(239.23)(1,294.92)0.000.00912828U57USA TREASURY 2.125% 30SEP20241,809.75(1,411.08)(3,359.38)0.000.009128282Y5USA TREASURY 2.125% 31MAY2026899.93786.94(2,148.44)0.000.009128286X323 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period October 1, 2022 - October 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 2.375% 15AUG20242,000.68(1,224.89)(4,023.44)0.000.00912828D56USA TREASURY 2.875% 30NOV20251,217.5595.00(2,167.97)0.000.009128285N6Total Government Bonds18,297.941,905.90 (25,536.25) 11,250.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,860.800.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,860.800.000.000.000.00Grand total68,740.31(19,921.78) (66,820.20) 45,525.390.0024 TRANSACTION REPORTFor the period October 1, 2022 - October 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)(1,263.89)10/05/202210/06/2022Bought3130ATHT7 Government Agencies FEDERAL HOME LOAN BANK 09/12/2025 1,300,000.00 (1,303,159.00) (1,304,422.89)0.0012,500.0010/05/202210/05/2022Income3135G0T78 Government Agencies FANNIE MAE BNDS 2.0% 10/05/2022 1,250,000.00 0.00 12,500.000.000.0010/05/202210/05/2022Capital Change3135G0T78 Government Agencies FANNIE MAE BNDS 2.0% 10/05/2022 (1,250,000.00) 1,250,000.00 1,250,000.000.006,375.0010/11/202210/11/2022Income931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023500,000.00 0.00 6,375.000.001,875.0010/15/202210/15/2022Income91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2024 1,000,000.00 0.00 1,875.000.002,343.7510/20/202210/20/2022Income3137EAEQ8 Government Agencies FREDDIE MAC 0.375% 04/20/2023 1,250,000.00 0.00 2,343.750.001,750.0010/22/202210/22/2022Income3133EMWV0 Government Agencies FEDERAL FARM CREDIT BANK 04/22/2024 1,000,000.00 0.00 1,750.000.008,897.5010/23/202210/23/2022Income46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/2024 500,000.00 0.00 8,897.500.002,100.0010/26/202210/26/2022Income3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2024 04/26/2024 1,200,000.00 0.00 2,100.000.007,500.0010/31/202210/31/2022Income912828YM6 Government Bonds USA TREASURY 1.5% 10/31/2024 1,000,000.00 0.00 7,500.000.001,875.0010/31/202210/31/2022Income91282CBW0 Government Bonds USA TREASURY 0.75% 04/30/2026 500,000.00 0.00 1,875.000.00309.14Income Cash and Cash Equivalents Cash309.140.00 0.000.0010/31/202225 ADDITIONAL INFORMATIONAs of October 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.26 ADDITIONAL INFORMATIONAs of October 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.27 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELNovember 2022 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 14Securities sold and matured 19Detail of return and interest received 20Transaction report24Additional information25 FIXED INCOME MARKET REVIEWAs of November 30, 2022SAN RAFAELChart 1: Core services inflation saw slight relief due to a medical services adjustmentSource:Federal Reserve,November 30, 2022Chart 2: Labor market remained tightSource:Bloomberg, November 30,2022Economic Indicators and Monetary PolicyAs widely expected, the Fed executed its fourth 75bp hike in arow. This constitutes 375bp ofhikes since March, taking the upper bound of the Fed funds rate to 4%. Fed chair Powellguided that the end of the hiking cycle was still some way off,indicating that slower but morerate hikes were possible. Subsequently the Fed guided that a“terminal rate” above 5% wasrealistic, higher than previous guidance had suggested.After a string of disappointing CPI prints, consumer pricesfor October rose 7.7% year-on-year, below 8% for the first time since February 2022 and lower than 7.9% expected. Coreinflation also rose less than expected, at 6.3%, down from last months 40-year high of 6.6%.Core goods prices moved into deflation on a month-on-month basis at -0.4%. Used cars werethe largest negative contributor although other areas alsofell, including apparel. Coreservices slowed for the first time in four months, from 0.8% to 0.4%, and was unchanged year-on-year at 6.7% (still a 40-year high). This was partly the result of the calculation of prices forhealth services, which fell sharply, and will likely be a drag on inflation for the next 12 months.The labor market continued to show only tentative signs of easing. The US economy added261,000 jobs in October, above expectations for 190,000. The unemployment rate ticked upslightly to 3.7%. Wage growthfell slightly, from 4.9% to 4.7%. Job openings for September roseby 4.25%, bringing the ratio of jobs to unemployed people to 1.9x, well above pre-pandemicnorms of 1x to 1.2x.The housing market continued to struggle given rising rates. Data at the end of Augustshowed the S&P Case-Shiller 20-City Home Price Index had itslargest decrease since 2009and the FHFA Home Price Index saw its largest decline since 2011.Interest Rate SummaryYields fell during the month, at maturities above 2-years, as markets started to believe thatthe Fed had reached “peak hawkishness”. At the end of November, the 3-month US Treasurybill yielded 4.38%, the 6-month US Treasury bill yielded 4.71%, the 2-year US Treasury noteyielded 4.31%, the 5-year US Treasury note yielded 3.74% andthe 10-year US Treasury noteyielded 3.61%.3 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2022 - November 30, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,129,632.52Opening balance90,215.26Income received90,215.26Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(30,915.40)Total amortization expense10,920.34Total OID/MKT accretion income0.00Return of capitalClosing balance46,199,602.72Ending fair value44,724,539.32(1,475,063.40)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.34 1.21 0.30Overnight Repo1.29 1.18 0.30Merrill Lynch 3m US Treas Bill 1.60 1.39 0.33Merrill Lynch 6m US Treas Bill 1.93 1.59 0.35ML 1 Year US Treasury Note 2.42 1.82 0.38ML 2 Year US Treasury Note 2.68 1.82 0.36ML 5 Year US Treasury Note 2.64 1.61 0.33* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned65,442.99Accretion (amortization)(19,995.06)Realized gain (loss) on sales0.00Total income on portfolio45,447.93Average daily amortized cost46,147,610.10Period return (%)Weighted average final maturity in days527YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 245.01 0.00 245.010.00Corporate Bonds 28,825.44 (19,731.05) 9,094.390.00Government Agencies 14,088.17 (2,108.35) 11,979.820.00Government Bonds 17,737.17 1,844.34 19,581.510.00Municipal/Provincial Bonds 4,547.20 0.00 4,547.20Total 65,442.99 (19,995.06) 0.00 45,447.930.100.854 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2022 - November 30, 2022SAN RAFAELFair Value Basis Activity Summary44,445,839.11Opening balance90,215.26Income received90,215.26Total 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 period188,734.95Ending fair value44,724,539.32Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.34 1.21 0.30Overnight Repo1.29 1.18 0.30ICE Bofa 3 Months US T-BILL 1.10 0.97 0.32ICE Bofa 6m US Treas Bill 0.92 0.85 0.36ICE Bofa 1 Yr US Treasury Note (1.51) (0.64) 0.30ICE BofA US Treasury 1-3 (4.08) (1.61) 0.63ICE BofA US Treasury 1-5 (5.57) (1.99) 1.08* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 245.01 0.00 245.01Corporate Bonds 28,825.44 56,299.51 85,124.95Government Agencies 14,088.17 36,878.57 50,966.74Government Bonds 17,737.17 95,556.87 113,294.04Municipal/Provincial Bonds 4,547.20 0.00 4,547.20Total65,442.99 188,734.95 254,177.94Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned65,442.99Total income on portfolio254,177.94Average daily total value *44,748,368.28Period return (%)0.57Weighted average final maturity in days527Change in fair value188,734.95YTD return (%)(2.19)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of November 30, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 1,425,198.21 1,425,198.21 1,425,198.21 0.00 3.05 0.001Corporate Bonds 13,972,353.40 13,558,213.72 13,087,853.91 (470,359.81) 429 29.90 0.97Government Agencies 11,396,263.61 11,319,293.61 10,963,303.45 (355,990.16) 418 24.39 1.10Government Bonds 18,863,868.95 18,821,697.18 18,172,983.75 (648,713.43) 533 40.37 1.41Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 0.00 3,564 2.30 7.49Total46,732,884.17 46,199,602.72 44,724,539.32 (1,475,063.40) 527 100.00 1.30Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 3.05Corporate Bonds 29.90Government Agencies 24.39Government Bonds 40.37Municipal/Provincial Bonds 2.30Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of November 30, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days5,923,583.29 12.6890 to 179 days4,296,084.60 9.19180 days to 1 year7,418,078.21 15.871 to 2 years20,891,407.18 44.702 to 3 years4,245,810.87 9.093 to 4 years2,882,720.02 6.174 to 5 years0.00 0.00Over 5 years1,075,200.00 2.3046,732,884.17 100.00Maturity 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 November 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.0001,425,198.21 1,425,198.21 0.00 0.00 3.051,425,198.211,425,198.21Cash and Cash EquivalentsTotal Cash and Cash Equivalents1,425,198.21 1,425,198.21 1,425,198.21 0.00 3.050.001,425,198.21Corporate Bonds931142DH32.550 04/11/2023 509,155.00 500,314.10 (4,349.68) 1,735.4201/11/20231.09495,964.42500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 500,805.39 (5,787.25) 900.001.08495,018.14500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,006,925.27 (18,863.18) 1,083.33 2.21988,062.091,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 508,639.55 (15,223.00) 4,520.83 1.11493,416.55500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 704,691.28 (21,641.86) 2,493.75 1.53683,049.42700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,033,169.26 (44,458.24) 625.00 2.32988,711.021,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202306051GHC63.004 12/20/2023 525,795.00 500,656.36 (1,242.00) 6,675.5612/20/20221.13499,414.36500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)89236THU20.450 01/11/2024 479,342.40 479,681.91 (22,267.77) 834.00 1.03457,414.14480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,513.45 (45,950.55) 1,662.50 2.14954,562.901,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 516,950.92 (23,840.18) 6,438.1912/23/20231.16493,110.74500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)8 SECURITIES HELDAs of November 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds693475AV73.500 01/23/2024 957,939.00 919,544.61 (33,396.11) 11,112.5012/24/20232.05886,148.50900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)91159HHV53.375 02/05/2024 1,079,130.00 1,032,356.47 (48,306.68) 10,781.2501/05/20242.31984,049.791,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,037,540.80 (51,806.05) 10,875.00 2.33985,734.751,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 516,089.02 (24,648.40) 4,784.7201/14/20241.16491,440.62500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 515,351.72 (21,522.06) 4,450.0012/01/20231.15493,829.66500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 503,556.24 (6,059.62) 4,190.9703/05/20231.15497,496.62500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 506,182.22 (9,667.62) 1,828.9304/23/20231.14496,514.60500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 520,471.14 (28,456.13) 708.33 1.15492,015.01500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 673,464.25 (19,113.45) 574.1204/11/20251.43654,350.80700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 581,309.76 (23,759.98) 2,573.0803/13/20251.24557,549.78600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,972,353.40 13,558,213.72 13,087,853.91 (470,359.81)29.9078,847.4813,380,000.00Government Agencies3130A3KM52.500 12/09/2022 1,021,240.00 1,000,154.29 (450.79) 11,875.00 2.19999,703.501,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20229 SECURITIES HELDAs of November 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3130AJ7E31.375 02/17/2023 1,201,698.09 1,200,386.84 (8,044.88) 4,720.83 2.571,192,341.961,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,249,480.85 (19,890.31) 520.83 2.671,229,590.541,250,000.00FREDDIE MAC 0.375% 20APR20233135G0U432.875 09/12/2023 1,047,553.22 1,009,384.19 (24,282.30) 6,229.17 2.24985,101.891,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 605,848.99 (20,749.62) 4,791.67 1.33585,099.37600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (55,655.41) 369.44 2.14944,344.591,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (61,470.32) 1,526.3912/23/20222.14938,529.681,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23DEC22)3136G46B40.350 04/26/2024 1,199,700.00 1,199,879.24 (73,232.80) 396.6701/26/20232.571,126,646.441,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (61,738.99) 250.00 2.14938,261.011,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 09DEC22)3135G0V751.750 07/02/2024 753,426.75 751,167.42 (32,840.98) 5,395.83 1.61718,326.44750,000.00FANNIE MAE 1.75% 02JUL20243130ATHT74.375 09/12/2025 1,303,159.00 1,302,991.79 2,366.24 9,795.14 2.791,305,358.031,300,000.00FEDERAL HOME LOAN BANK 4.375% 12SEP2025Total Government Agencies11,396,263.61 11,319,293.61 10,963,303.45 (355,990.16)24.3945,870.9711,300,000.00Government Bonds912828Z291.500 01/15/2023 1,011,526.79 1,001,380.81 (4,615.25) 5,625.00 2.16996,765.561,000,000.00USA TREASURY 1.5% 15JAN202310 SECURITIES HELDAs of November 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828Z861.375 02/15/2023 1,263,920.20 1,252,552.04 (10,162.64) 4,997.45 2.701,242,389.401,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,074.86 (11,453.13) 1,049.72 2.14988,621.731,000,000.00USA TREASURY 0.5% 15MAR202391282CCK50.125 06/30/2023 792,846.43 797,165.31 (18,384.06) 415.76 1.70778,781.25800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 995,624.30 (25,741.49) 414.40 2.12969,882.811,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,257,092.46 (38,098.32) 4,320.62 2.711,218,994.141,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,045.41 (41,998.53) 103.59 2.14958,046.881,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 652,816.78 (19,498.42) 0.00 1.42633,318.36650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,197,422.32 (53,344.19) 688.53 2.561,144,078.131,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,545.75 (56,678.56) 473.90 2.14943,867.191,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 998,488.88 (59,309.19) 103.59 2.13939,179.691,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,024,655.89 (59,812.14) 6,905.57 2.22964,843.751,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,030,497.50 (70,497.50) 3,561.13 2.25960,000.001,000,000.00USA TREASURY 2.125% 30SEP202411 SECURITIES HELDAs of November 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds912828YM61.500 10/31/2024 1,014,925.23 1,010,069.86 (62,647.98) 1,243.09 2.17947,421.881,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 714,203.65 (52,320.83) 0.00 1.55661,882.82700,000.00USA TREASURY 1.5% 30NOV202491282CAJ00.250 08/31/2025 1,095,937.50 1,110,229.35 (30,416.85) 754.14 2.351,079,812.501,200,000.00USA TREASURY 0.25% 31AUG202591282CAM30.250 09/30/2025 456,445.31 461,634.80 (11,771.52) 209.48 0.98449,863.28500,000.00USA TREASURY 0.25% 30SEP20259128285N62.875 11/30/2025 496,212.61 496,641.60 (13,516.60) 0.00 1.06483,125.00500,000.00USA TREASURY 2.875% 30NOV202591282CBQ30.500 02/28/2026 455,839.84 460,502.30 (14,076.52) 628.45 0.98446,425.78500,000.00USA TREASURY 0.5% 28FEB202691282CBW00.750 04/30/2026 443,595.43 446,308.02 1,856.04 310.77 0.95448,164.06500,000.00USA TREASURY 0.75% 30APR20269128286X32.125 05/31/2026 465,958.71 467,557.97 1,738.91 0.00 1.00469,296.88500,000.00USA TREASURY 2.125% 31MAY202691282CCJ80.875 06/30/2026 443,595.43 446,187.32 2,035.34 1,818.950.95448,222.66500,000.00USA TREASURY 0.875% 30JUN2026Total Government Bonds18,863,868.95 18,821,697.18 18,172,983.75 (648,713.43)40.3733,624.1419,050,000.0012 SECURITIES HELDAs of November 30, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionMunicipal/Provincial Bonds888599LS45.250 09/02/2032 1,075,200.00 1,075,200.00 0.00 13,798.40 2.301,075,200.001,075,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.3013,798.401,075,200.00Grand total46,732,884.17 46,199,602.72 (1,475,063.40)46,230,398.21100.00172,140.9944,724,539.3213 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.16 996,765.56 2.23 0.13912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.70 1,242,389.40 2.78 0.21912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 988,621.73 2.21 0.2891282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 778,781.25 1.74 0.5791282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 969,882.81 2.17 0.659128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,218,994.14 2.73 0.7391282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.14 958,046.88 2.14 0.94912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 633,318.36 1.42 0.9791282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,144,078.13 2.56 1.0191282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.14 943,867.19 2.11 1.3491282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.13 939,179.69 2.10 1.42912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 964,843.75 2.16 1.639128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 960,000.00 2.15 1.76912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.17 947,421.88 2.12 1.85912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 661,882.82 1.48 1.9391282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.35 1,079,812.50 2.41 2.6791282CAM3USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 449,863.28 1.01 2.759128285N6USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 483,125.00 1.08 2.8291282CBQ3USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 446,425.78 1.00 3.1491282CBW0USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 448,164.06 1.00 3.299128286X3USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 469,296.88 1.05 3.3091282CCJ8USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 448,222.66 1.00 3.43Issuer total19,050,000.00 18,863,868.95 40.37 18,172,983.75 40.63 1.4114 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 999,703.50 2.24 0.023130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.57 1,192,341.96 2.67 0.213130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 12/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 938,529.68 2.10 1.363130ATHT7FEDERAL HOME LOAN 4.375 09/12/2025 AA+ Aaa 1,300,000.00 1,303,159.00 2.79 1,305,358.03 2.92 2.57Issuer total4,500,000.00 4,526,097.09 9.69 4,435,933.17 9.92 1.10Federal National Mortgage Association3135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 985,101.89 2.20 0.763135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 585,099.37 1.31 1.143136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2023 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,126,646.44 2.52 1.373135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 718,326.44 1.61 1.52Issuer total3,550,000.00 3,621,942.77 7.75 3,415,174.14 7.64 1.19Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 944,344.59 2.11 1.363133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 938,261.01 2.10 1.39Issuer total2,000,000.00 2,000,000.00 4.28 1,882,605.60 4.21 1.38Cash and Cash EquivalentsINVESTED CASH 0.0001,425,198.21 1,425,198.21 0.00 1,425,198.21 3.19 0.00Issuer total1,425,198.21 1,425,198.21 0.00 1,425,198.21 3.19 0.00Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.001,248,223.75 2.67 1,229,590.54 2.75 0.38Issuer total1,250,000.00 1,248,223.75 2.67 1,229,590.54 2.75 0.3815 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 683,049.42 1.53 0.7189236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 457,414.14 1.02 1.08Issuer total1,180,000.00 1,194,301.40 2.56 1,140,463.56 2.55 0.86PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.40 7.49Issuer total1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.40 7.49JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.14 496,514.60 1.11 0.3946647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 557,549.78 1.25 2.16Issuer total1,100,000.00 1,111,758.00 2.38 1,054,064.38 2.36 1.31Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 499,414.36 1.12 0.0506051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 497,496.62 1.11 0.26Issuer total1,000,000.00 1,061,320.00 2.27 996,910.98 2.23 0.16Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.32 988,711.02 2.21 0.95Issuer total1,000,000.00 1,086,390.00 2.32 988,711.02 2.21 0.95American Honda Finance Corp02665WDH1AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 988,062.09 2.21 0.43Issuer total1,000,000.00 1,031,510.00 2.21 988,062.09 2.21 0.4316 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesInternational Business Machines Corp459200HU8IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 985,734.75 2.20 1.15Issuer total1,000,000.00 1,086,900.00 2.33 985,734.75 2.20 1.15US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 984,049.79 2.20 1.11Issuer total1,000,000.00 1,079,130.00 2.31 984,049.79 2.20 1.11John Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.14 954,562.90 2.13 1.10Issuer total1,000,000.00 1,001,230.00 2.14 954,562.90 2.13 1.10PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 886,148.50 1.98 1.07Issuer total900,000.00 957,939.00 2.05 886,148.50 1.98 1.07Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 654,350.80 1.46 2.33Issuer total700,000.00 667,380.00 1.43 654,350.80 1.46 2.33Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 495,964.42 1.11 0.36Issuer total500,000.00 509,155.00 1.09 495,964.42 1.11 0.36Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.08 495,018.14 1.11 0.41Issuer total500,000.00 506,880.00 1.08 495,018.14 1.11 0.4117 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPepsiCo Inc713448CM8PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 493,829.66 1.10 1.12Issuer total500,000.00 537,465.00 1.15 493,829.66 1.10 1.12Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.11 493,416.55 1.10 0.68Issuer total500,000.00 520,430.00 1.11 493,416.55 1.10 0.68Citibank NA17325FAS7CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 493,110.74 1.10 1.07Issuer total500,000.00 541,470.00 1.16 493,110.74 1.10 1.07Pfizer Inc717081DM2PFIZER INC 3.4% 3.400 05/15/2024 A+ A1 500,000.00 537,160.00 1.15 492,015.01 1.10 1.40Issuer total500,000.00 537,160.00 1.15 492,015.01 1.10 1.403M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 491,440.62 1.10 1.14Issuer total500,000.00 541,935.00 1.16 491,440.62 1.10 1.14Grand total46,230,398.21 46,732,884.17 100.00 44,724,539.32 100.001.3018 SECURITIES SOLD AND MATUREDFor the period November 1, 2022 - November 30, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerGovernment Bonds912828M802.00011/30/2022 (1,250,000.00) 1,269,750.29 1,250,000.00 0.00 1,250,000.00 0.00 0.0011/30/2022USA TREASURY 2% 30NOV2022(1,250,000.00)0.001,269,750.29 1,250,000.00 1,250,000.00 0.00Total (Government Bonds)Grand totalGrand total(1,250,000.00)0.001,269,750.29 1,250,000.00 1,250,000.00 0.0019 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2022 - November 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents245.010.000.00245.010.00Total Cash245.010.000.00245.010.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,309.03(1,194.73)2,614.640.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,570.83(1,298.49)2,982.899,750.000.0002665WDH1APPLE INC 2.4% 03MAY2023966.67(157.92)610.546,000.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.95(984.54)1,214.760.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.03)1,638.400.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,020.83(2,810.96)(30.05)18,750.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)876.29903.608,564.705,439.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,470.13(1,327.75)505.310.000.0017325FAS7IBM CORP 3.625% 12FEB20242,920.14(2,607.00)2,952.890.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024362.50(37.84)5,503.130.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)969.08473.9710,453.030.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,433.49(1,296.97)1,349.600.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,450.00(1,275.77)236.560.000.00713448CM8PFIZER INC 3.4% 15MAY20241,369.44(1,169.78)2,533.898,500.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,537.50(1,530.92)3,995.840.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,248.61(1,016.42)(282.46)0.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024174.0023.802,507.230.000.0089236THU220 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2022 - November 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023761.25(531.09)3,388.700.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,718.75(2,539.37)4,736.220.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.84)823.690.000.00931142DH3Total Corporate Bonds28,825.44(19,731.05)56,299.51 48,439.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23)338.347.404,241.720.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,057.29(61.23)2,325.690.000.003135G0V75FANNIE MAE 2.5% 05FEB20241,208.34(412.87)863.360.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.98(998.32)810.510.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024281.940.003,221.160.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 09DEC22)302.080.003,633.811,875.000.003133EMYR7FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC22)281.950.003,549.740.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,329.16(150.72)3,181.930.000.003130AJ7E3FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.28)1,435.800.000.003130A3KM5FEDERAL HOME LOAN BANK 4.375% 12SEP20254,581.60(89.58)10,049.550.000.003130ATHT7FREDDIE MAC 0.375% 20APR2023377.60111.253,565.300.000.003137EAEQ8Total Government Agencies14,088.17(2,108.35)36,878.571,875.000.00Government BondsUSA TREASURY 0.125% 15DEC2023122.96203.502,625.000.000.0091282CBA8USA TREASURY 0.125% 30JUN202381.52401.132,125.000.000.0091282CCK521 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2022 - November 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 31JUL2023101.90540.213,007.810.000.0091282CCN9USA TREASURY 0.25% 15MAY2024205.4985.213,945.311,250.000.0091282CCC3USA TREASURY 0.25% 15NOV2023205.49(3.90)2,382.821,250.000.0091282CAW1USA TREASURY 0.25% 30SEP2025103.021,112.035,996.090.000.0091282CAM3USA TREASURY 0.25% 31AUG2025248.612,679.7312,421.870.000.0091282CAJ0USA TREASURY 0.375% 15APR2024309.06(32.62)3,750.000.000.0091282CBV2USA TREASURY 0.5% 15MAR2023414.36(21.39)2,645.170.000.00912828ZD5USA TREASURY 0.5% 28FEB2026207.18999.106,679.680.000.0091282CBQ3USA TREASURY 0.75% 30APR2026310.771,291.717,011.710.000.0091282CBW0USA TREASURY 0.875% 30JUN2026356.651,234.237,265.630.000.0091282CCJ8USA TREASURY 1.375% 15FEB20231,401.15(994.30)2,447.500.000.00912828Z86USA TREASURY 1.375% 31AUG20231,424.38(776.55)2,343.750.000.009128282D1USA TREASURY 1.5% 15JAN20231,222.83(900.53)1,948.320.000.00912828Z29USA TREASURY 1.5% 30NOV2024860.66(582.92)3,472.665,250.000.00912828YV6USA TREASURY 1.5% 31OCT20241,243.09(430.95)4,531.260.000.00912828YM6USA TREASURY 2% 30NOV20222,049.18(1,030.36)1,636.9612,500.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.52)355.476,906.250.00912828U57USA TREASURY 2.125% 30SEP20241,751.38(1,365.56)3,671.880.000.009128282Y5USA TREASURY 2.125% 31MAY2026870.90761.556,621.105,312.500.009128286X3USA TREASURY 2.375% 15AUG20241,936.14(1,185.38)3,203.130.000.00912828D5622 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2022 - November 30, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 2.875% 30NOV20251,178.2891.925,468.757,187.500.009128285N6Total Government Bonds17,737.171,844.3495,556.87 39,656.250.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,547.200.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,547.200.000.000.000.00Grand total65,442.99(19,995.06) 188,734.95 90,215.260.0023 TRANSACTION REPORTFor the period November 1, 2022 - November 30, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,000.0011/03/202211/03/2022Income037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 0.00 6,000.000.001,875.0011/06/202211/06/2022Income3133EMYR7 Government Agencies FEDERAL FARM CREDIT BANK 05/06/2024 1,000,000.00 0.00 1,875.000.009,750.0011/10/202211/10/2022Income02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10/2023 1,000,000.00 0.00 9,750.000.005,439.0011/11/202211/11/2022Income166764BW9 Corporate Bonds CHEVRON CORP 1.554% 05/11/2025 700,000.00 0.00 5,439.000.008,500.0011/15/202211/15/2022Income717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05/15/2024 500,000.00 0.00 8,500.000.001,250.0011/15/202211/15/2022Income91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/2023 1,000,000.00 0.00 1,250.000.001,250.0011/15/202211/15/2022Income91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/2024 1,000,000.00 0.00 1,250.000.0018,750.0011/25/202211/25/2022Income14912L5X5 Corporate Bonds CATERPILLAR FINL SERVICE 11/24/2023 1,000,000.00 0.00 18,750.000.007,187.5011/30/202211/30/2022Income9128285N6 Government Bonds USA TREASURY 2.875% 11/30/2025 500,000.00 0.00 7,187.500.005,312.5011/30/202211/30/2022Income9128286X3 Government Bonds USA TREASURY 2.125% 05/31/2026 500,000.00 0.00 5,312.500.0012,500.0011/30/202211/30/2022Income912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 1,250,000.00 0.00 12,500.000.000.0011/30/202211/30/2022Capital Change912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 (1,250,000.00) 1,250,000.00 1,250,000.000.006,906.2511/30/202211/30/2022Income912828U57 Government Bonds USA TREASURY 2.125% 11/30/2023 650,000.00 0.00 6,906.250.005,250.0011/30/202211/30/2022Income912828YV6 Government Bonds USA TREASURY 1.5% 11/30/2024 700,000.00 0.00 5,250.000.00245.01Income Cash and Cash Equivalents Cash245.010.00 0.000.0011/30/202224 ADDITIONAL INFORMATIONAs of November 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 November 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 RAFAELDecember 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 sold and matured 18Detail of return and interest received 19Transaction report23Additional information24 FIXED INCOME MARKET REVIEWAs of December 31, 2022SAN RAFAELChart 1: The Fed adjusted its dot plot again, but to a lower extent againSource: Federal Reserve, December 31, 2022Chart 2: Wage growth remainedstrongSource: Bloomberg, December 31, 2022Economic Indicators and Monetary PolicyThe Federal Reserve, as expected, announced a “downshift” in its policy tightening. It raisedthe upper bound of its policy rate by 50bp, from 4% to 4.5%, following four consecutive 75bphikes. The Fed was, however, clear that it still has more hiking to do in 2023. Fed Chair Powellstated that rates are still “not sufficiently restrictive”. The Fed once again raised its “dot plot”projections, albeit to a lesser extent than they have at eachquarterly meeting this year (seeChart 1). The Fed's most notable (and most anticipated) change was to its 2023 year-endforecast, now at 5.13%, up from 4.65%. Only two of the 19 voting members projected a lowerrate (at 4.88%).For the second month in a row, inflation came in lower than expected. Headline CPI was 0.1%month-on-month and core CPI was 0.2%, taking the year-on-year figures to 7.1% (the lowestsince last December) and 6% (the lowest since July), respectively. Most areas of the reportoffered good news, outside of the stubborn rental and food components. For the secondmonth in a row, core goods prices were in deflation, this timeat -0.4% month-on-month. Usedcar prices were the second largest negative contributor andleading indicators, such as theManheim Used Car Index, fell -14.2% last month, its largest decrease ever.The labor market remained tight. US economy added 263,000 new jobs in November, aboveconsensus for 200,000. Job growth was broad-based. The service sector remained strongwith leisure and hospitality up 88,000. Wage growth surged higher, up 0.6%, or 5.1% year-on-year, raising further inflation concerns (Chart 2). The unemployment rate stayed at 3.7%. Theparticipation rate fell from 62.2% to 62.1%. The ratio of jobs to unemployed people remainedat ~1.7.The housing market also continued to struggle. Existing home sales have fallen 40% from thepeak in late 2020. Building permits fell by 11.2% month-on-month in November and housingstarts fell 0.5% month-on-month.Interest Rate SummaryYields rose toward the belly of the curve. At the end of December, the 3-month US Treasurybill yielded 4.41%, the 6-month US Treasury bill yielded 4.77%, the 2-year US Treasury noteyielded 4.43%, the 5-year US Treasury note yielded 4.01% andthe 10-year US Treasury noteyielded 3.88%.3 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2022 - December 31, 2022SAN RAFAELAmortized Cost Basis Activity Summary46,199,602.72Opening balance22,942.20Income received22,942.20Total receipts(250.00)Expenses paid(250.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(29,250.44)Total amortization expense11,233.21Total OID/MKT accretion income0.00Return of capitalClosing balance46,204,277.69Ending fair value44,804,189.18(1,400,088.51)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.68 1.460.34Overnight Repo1.641.440.34Merrill Lynch 3m US Treas Bill1.951.620.35Merrill Lynch 6m US Treas Bill2.301.800.37ML 1 Year US Treasury Note2.792.000.39ML 2 Year US Treasury Note2.981.940.36ML 5 Year US Treasury Note2.861.660.31* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned65,417.21Accretion (amortization)(18,017.23)Realized gain (loss) on sales0.00Total income on portfolio47,399.98Average daily amortized cost46,203,496.73Period return (%)Weighted average final maturity in days494YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents432.200.00432.200.00Corporate Bonds30,354.46 (19,238.98)11,115.480.00Government Agencies13,531.98 (1,748.84)11,783.140.00Government Bonds16,237.77 2,970.5919,208.360.00Municipal/Provincial Bonds 4,860.800.004,860.80Total65,417.21 (18,017.23) 0.00 47,399.980.100.964 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2022 - December 31, 2022SAN RAFAELFair Value Basis Activity Summary44,724,539.32Opening balance22,942.20Income received22,942.20Total 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 period56,957.66Ending fair value44,804,189.18Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.68 1.460.34Overnight Repo1.641.440.34ICE Bofa 3 Months US T-BILL1.461.310.36ICE Bofa 6m US Treas Bill1.341.350.43ICE Bofa 1 Yr US Treasury Note(1.02)0.250.39ICE BofA US Treasury 1-3(3.65)(0.84)0.20ICE BofA US Treasury 1-5(5.25)(1.35)0.06* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents432.200.00432.20Corporate Bonds30,354.462,956.12 33,310.58Government Agencies13,531.98 20,751.14 34,283.12Government Bonds16,237.77 33,250.40 49,488.17Municipal/Provincial Bonds4,860.800.004,860.80Total65,417.21 56,957.66 122,374.87Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned65,417.21Total income on portfolio122,374.87Average daily total value *44,997,278.76Period return (%)0.27Weighted average final maturity in days494Change in fair value56,957.66YTD return (%)(1.92)* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of December 31, 2022SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents2,947,890.41 2,947,890.41 2,947,890.410.006.310.001Corporate Bonds13,446,558.40 13,038,974.74 12,590,810.03 (448,164.71)400 28.790.93Government Agencies10,375,023.61 10,317,544.77 9,984,054.59 (333,490.18)335 22.210.87Government Bonds18,863,868.95 18,824,667.77 18,206,234.15 (618,433.62)42840.391.12Municipal/Provincial Bonds1,075,200.00 1,075,200.00 1,075,200.000.003,5332.307.42Total46,708,541.37 46,204,277.69 44,804,189.18 (1,400,088.51)494100.001.12Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents6.31Corporate Bonds28.79Government Agencies22.21Government Bonds40.39Municipal/Provincial Bonds2.30Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of December 31, 2022SAN RAFAELMaturityHistoric cost PercentUnder 90 days7,425,351.34 15.9090 to 179 days3,295,768.75 7.06180 days to 1 year9,274,174.25 19.861 to 2 years19,232,405.20 41.182 to 3 years4,019,134.42 8.613 to 4 years2,386,507.41 5.114 to 5 years0.00 0.00Over 5 years1,075,200.00 2.3046,708,541.37 100.00Maturity distribution0.005.0010.0015.0020.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of December 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.0002,947,890.41 2,947,890.41 0.00 0.00 6.312,947,890.412,947,890.41Cash and Cash EquivalentsTotal Cash and Cash Equivalents2,947,890.41 2,947,890.41 2,947,890.41 0.00 6.310.002,947,890.41Corporate Bonds931142DH32.550 04/11/2023 509,155.00 500,084.27 (3,207.83) 2,833.3301/11/20231.09496,876.44500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 06FEB23)037833AK62.400 05/03/2023 506,880.00 500,647.47 (4,651.65) 1,933.33 1.09495,995.82500,000.00APPLE INC 2.4% 03MAY202302665WDH11.950 05/10/2023 1,031,510.00 1,005,626.79 (17,310.00) 2,762.50 2.21988,316.791,000,000.00AMERICAN HONDA FINANCE 1.95% 10MAY2023742718EB13.100 08/15/2023 520,430.00 507,623.13 (13,372.43) 5,855.56 1.11494,250.70500,000.00PROCTER & GAMBLE CO/THE 3.1% 15AUG202389236THA61.350 08/25/2023 714,959.00 704,160.20 (19,824.74) 3,307.50 1.53684,335.46700,000.00TOYOTA MOTOR CREDIT CORP 1.35% 25AUG202314912L5X53.750 11/24/2023 1,086,390.00 1,030,358.31 (40,469.72) 3,854.17 2.33989,888.591,000,000.00CATERPILLAR FINL SERVICE 3.75% 24NOV202389236THU20.450 01/11/2024 479,342.40 479,705.71 (20,405.74) 1,020.00 1.03459,299.97480,000.00TOYOTA MOTOR CREDIT CORP 0.45% 11JAN202424422EVN60.450 01/17/2024 1,001,230.00 1,000,475.60 (44,077.88) 2,050.00 2.14956,397.721,000,000.00JOHN DEERE CAPITAL CORP 0.45% 17JAN202417325FAS73.650 01/23/2024 541,470.00 515,623.17 (22,539.88) 8,009.7212/23/20231.16493,083.29500,000.00CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)693475AV73.500 01/23/2024 957,939.00 918,013.71 (31,105.86) 13,825.0012/24/20232.05886,907.85900,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)8 SECURITIES HELDAs of December 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds91159HHV53.375 02/05/2024 1,079,130.00 1,029,980.93 (47,556.37) 13,687.5001/05/20242.31982,424.561,000,000.00US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)459200HU83.625 02/12/2024 1,086,900.00 1,034,933.80 (49,572.93) 13,996.53 2.33985,360.871,000,000.00IBM CORP 3.625% 12FEB202488579YBB63.250 02/14/2024 541,935.00 514,894.29 (24,057.38) 6,184.0301/14/20241.16490,836.91500,000.003M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)713448CM83.600 03/01/2024 537,465.00 514,075.95 (20,072.58) 6,000.0012/01/20231.15494,003.37500,000.00PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)06051GHF93.550 03/05/2024 535,525.00 502,433.22 (4,214.65) 5,719.4403/05/20231.15498,218.57500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)46647PAP13.559 04/23/2024 534,240.00 504,885.25 (8,136.79) 3,361.2804/23/20231.14496,748.46500,000.00JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE23APR23)717081DM23.400 05/15/2024 537,160.00 519,301.36 (28,955.19) 2,172.22 1.15490,346.17500,000.00PFIZER INC 3.4% 15MAY2024166764BW91.554 05/11/2025 667,380.00 674,367.85 (22,581.73) 1,510.8304/11/20251.43651,786.12700,000.00CHEVRON CORP 1.554% 11MAY2025 (CALLABLE11APR25)46647PBH82.005 03/13/2026 577,518.00 581,783.73 (26,051.36) 3,609.0003/13/20251.24555,732.37600,000.00JPMORGAN CHASE & CO 2.005% 13MAR2026(CALLABLE 13MAR25)Total Corporate Bonds13,446,558.40 13,038,974.74 12,590,810.03 (448,164.71)28.79101,691.9412,880,000.00Government Agencies3130AJ7E31.375 02/17/2023 1,201,698.09 1,200,236.12 (4,614.57) 6,141.67 2.571,195,621.551,200,000.00FEDERAL HOME LOAN BANK 1.375% 17FEB20233137EAEQ80.375 04/20/2023 1,248,223.75 1,249,592.09 (15,261.43) 924.48 2.671,234,330.661,250,000.00FREDDIE MAC 0.375% 20APR20239 SECURITIES HELDAs of December 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3135G0U432.875 09/12/2023 1,047,553.22 1,008,385.87 (21,238.53) 8,704.86 2.24987,147.341,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 605,436.12 (19,655.44) 6,083.33 1.33585,780.68600,000.00FANNIE MAE 2.5% 05FEB20243133EMWV00.350 04/22/2024 1,000,000.00 1,000,000.00 (52,747.73) 670.83 2.14947,252.271,000,000.00FEDERAL FARM CREDIT BANK 0.35% 22APR20243130AMQQ80.350 04/23/2024 1,000,000.00 1,000,000.00 (58,494.85) 77.7803/23/20232.14941,505.151,000,000.00FEDERAL HOME LOAN BANK 0.35% 23APR2024(CALLABLE 23MAR23)3136G46B40.350 04/26/2024 1,199,700.00 1,199,886.16 (69,706.76) 758.3301/26/20232.571,130,179.401,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23)3133EMYR70.375 05/06/2024 1,000,000.00 1,000,000.00 (58,976.98) 572.92 2.14941,023.021,000,000.00FEDERAL FARM CREDIT BANK 0.375% 06MAY2024(CALLABLE 06JAN23)3135G0V751.750 07/02/2024 753,426.75 751,106.19 (32,869.24) 6,526.04 1.61718,236.95750,000.00FANNIE MAE 1.75% 02JUL20243130ATHT74.375 09/12/2025 1,303,159.00 1,302,902.22 75.35 14,692.71 2.791,302,977.571,300,000.00FEDERAL HOME LOAN BANK 4.375% 12SEP2025Total Government Agencies10,375,023.61 10,317,544.77 9,984,054.59 (333,490.18) 22.2145,152.9510,300,000.00Government Bonds912828Z291.500 01/15/2023 1,011,526.79 1,000,450.27 (1,185.41) 6,888.59 2.17999,264.861,000,000.00USA TREASURY 1.5% 15JAN2023912828Z861.375 02/15/2023 1,263,920.20 1,251,524.59 (5,802.58) 6,445.31 2.711,245,722.011,250,000.00USA TREASURY 1.375% 15FEB2023912828ZD50.500 03/15/2023 1,000,315.85 1,000,052.76 (7,670.74) 1,477.90 2.14992,382.021,000,000.00USA TREASURY 0.5% 15MAR202310 SECURITIES HELDAs of December 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CCK50.125 06/30/2023 792,846.43 797,579.82 (15,329.82) 500.00 1.70782,250.00800,000.00USA TREASURY 0.125% 30JUN202391282CCN90.125 07/31/2023 989,808.04 996,182.52 (22,510.64) 519.70 2.12973,671.881,000,000.00USA TREASURY 0.125% 31JUL20239128282D11.375 08/31/2023 1,265,970.98 1,256,290.03 (34,268.54) 5,792.47 2.711,222,021.491,250,000.00USA TREASURY 1.375% 31AUG202391282CAW10.250 11/15/2023 1,000,120.54 1,000,041.39 (38,478.89) 317.68 2.14961,562.501,000,000.00USA TREASURY 0.25% 15NOV2023912828U572.125 11/30/2023 661,529.52 652,577.55 (17,761.15) 1,176.34 1.42634,816.40650,000.00USA TREASURY 2.125% 30NOV202391282CBA80.125 12/15/2023 1,194,566.52 1,197,632.60 (48,116.97) 65.93 2.561,149,515.631,200,000.00USA TREASURY 0.125% 15DEC202391282CBV20.375 04/15/2024 1,001,175.22 1,000,512.05 (53,871.43) 793.27 2.14946,640.621,000,000.00USA TREASURY 0.375% 15APR202491282CCC30.250 05/15/2024 996,878.35 998,576.94 (56,975.38) 317.68 2.13941,601.561,000,000.00USA TREASURY 0.25% 15MAY2024912828D562.375 08/15/2024 1,038,011.16 1,023,431.00 (58,196.62) 8,906.25 2.22965,234.381,000,000.00USA TREASURY 2.375% 15AUG20249128282Y52.125 09/30/2024 1,051,800.23 1,029,086.42 (68,930.17) 5,370.88 2.25960,156.251,000,000.00USA TREASURY 2.125% 30SEP2024912828YM61.500 10/31/2024 1,014,925.23 1,009,624.55 (61,655.80) 2,527.62 2.17947,968.751,000,000.00USA TREASURY 1.5% 31OCT2024912828YV61.500 11/30/2024 722,889.06 713,601.31 (50,843.49) 894.23 1.55662,757.82700,000.00USA TREASURY 1.5% 30NOV202411 SECURITIES HELDAs of December 31, 2022SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Bonds91282CAJ00.250 08/31/2025 1,095,937.50 1,112,998.39 (32,857.76) 1,011.05 2.351,080,140.631,200,000.00USA TREASURY 0.25% 31AUG202591282CAM30.250 09/30/2025 456,445.31 462,783.91 (13,389.38) 315.93 0.98449,394.53500,000.00USA TREASURY 0.25% 30SEP20259128285N62.875 11/30/2025 496,212.61 496,736.59 (15,193.62) 1,224.25 1.06481,542.97500,000.00USA TREASURY 2.875% 30NOV202591282CBQ30.500 02/28/2026 455,839.84 461,534.70 (15,480.01) 842.54 0.98446,054.69500,000.00USA TREASURY 0.5% 28FEB202691282CBW00.750 04/30/2026 443,595.43 447,642.78 (142.78) 631.91 0.95447,500.00500,000.00USA TREASURY 0.75% 30APR20269128286X32.125 05/31/2026 465,958.71 468,344.90 53.54 904.88 1.00468,398.44500,000.00USA TREASURY 2.125% 31MAY202691282CCJ80.875 06/30/2026 443,595.43 447,462.70 174.02 2,187.50 0.95447,636.72500,000.00USA TREASURY 0.875% 30JUN2026Total Government Bonds18,863,868.95 18,824,667.77 18,206,234.15 (618,433.62)40.3949,111.9119,050,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,075,200.00 1,075,200.00 0.00 18,659.20 2.301,075,200.001,075,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.3018,659.201,075,200.00Grand total46,708,541.37 46,204,277.69 (1,400,088.51)46,253,090.41100.00214,616.0044,804,189.1812 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828Z29USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 999,264.86 2.23 0.05912828Z86USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,245,722.01 2.78 0.13912828ZD5USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 992,382.02 2.21 0.2091282CCK5USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 782,250.00 1.75 0.4991282CCN9USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 973,671.88 2.17 0.579128282D1USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,222,021.49 2.73 0.6591282CAW1USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.001,000,120.54 2.14 961,562.50 2.15 0.86912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 634,816.40 1.42 0.8991282CBA8USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,149,515.63 2.57 0.9491282CBV2USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.14 946,640.62 2.11 1.2591282CCC3USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00996,878.35 2.13 941,601.56 2.10 1.33912828D56USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 965,234.38 2.15 1.559128282Y5USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 960,156.25 2.14 1.67912828YM6USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.17 947,968.75 2.12 1.77912828YV6USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 662,757.82 1.48 1.8591282CAJ0USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.001,095,937.50 2.35 1,080,140.63 2.41 2.5991282CAM3USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 449,394.53 1.00 2.679128285N6USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 481,542.97 1.07 2.7491282CBQ3USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 446,054.69 1.00 3.0591282CBW0USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 447,500.00 1.00 3.209128286X3USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 468,398.44 1.05 3.2291282CCJ8USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 447,636.72 1.00 3.36Issuer total19,050,000.00 18,863,868.95 40.39 18,206,234.15 40.64 1.3313 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesFederal Home Loan Banks3130AJ7E3FEDERAL HOME LOAN 1.375 02/17/2023AA+ Aaa 1,200,000.00 1,201,698.09 2.57 1,195,621.55 2.67 0.133130AMQQFEDERAL HOME LOAN 0.350 04/23/2024 03/23/2023 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 941,505.15 2.10 1.283130ATHT7FEDERAL HOME LOAN 4.375 09/12/2025AA+ Aaa 1,300,000.00 1,303,159.00 2.79 1,302,977.57 2.91 2.49Issuer total3,500,000.00 3,504,857.09 7.50 3,440,104.27 7.68 1.34Federal National Mortgage Association3135G0U43FANNIE MAE 2.875% 2.875 09/12/2023AA+ Aaa 1,000,000.00 1,047,553.22 2.24 987,147.34 2.20 0.683135G0V34FANNIE MAE 2.5%2.500 02/05/2024AA+ Aaa 600,000.00 621,262.80 1.33 585,780.68 1.31 1.053136G46B4FANNIE MAE 0.35%0.350 04/26/2024 01/26/2023 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,130,179.40 2.52 1.293135G0V75FANNIE MAE 1.75%1.750 07/02/2024AA+ Aaa 750,000.00 753,426.75 1.61 718,236.95 1.60 1.45Issuer total3,550,000.00 3,621,942.77 7.75 3,421,344.37 7.64 1.11Cash and Cash EquivalentsINVESTED CASH0.0002,947,890.41 2,947,890.41 0.00 2,947,890.41 6.58 0.00Issuer total2,947,890.41 2,947,890.41 0.00 2,947,890.41 6.58 0.00Federal Farm Credit Banks Funding Corp3133EMWVFEDERAL FARM CREDIT 0.350 04/22/2024AA+ Aaa 1,000,000.00 1,000,000.00 2.14 947,252.27 2.111.273133EMYR7FEDERAL FARM CREDIT 0.375 05/06/2024AA+ Aaa 1,000,000.00 1,000,000.00 2.14 941,023.02 2.101.32Issuer total2,000,000.00 2,000,000.00 4.28 1,888,275.29 4.211.30Federal Home Loan Mortgage Corp3137EAEQ8FREDDIE MAC 0.375% 0.375 04/20/2023AA+ Aaa 1,250,000.00 1,248,223.75 2.67 1,234,330.66 2.75 0.30Issuer total1,250,000.00 1,248,223.75 2.67 1,234,330.66 2.75 0.30Toyota Motor Credit Corp89236THA6TOYOTA MOTOR CREDIT 1.350 08/25/2023A+ A1 700,000.00 714,959.00 1.53 684,335.46 1.53 0.6314 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesToyota Motor Credit Corp89236THU2TOYOTA MOTOR CREDIT 0.450 01/11/2024A+ A1 480,000.00 479,342.40 1.03 459,299.97 1.03 1.00Issuer total1,180,000.00 1,194,301.40 2.56 1,143,635.43 2.55 0.78PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS5.250 09/02/2032NR NR 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.407.42Issuer total1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.407.42JPMorgan Chase & Co46647PAP1JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.14 496,748.46 1.11 0.3146647PBH8JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 555,732.37 1.24 2.08Issuer total1,100,000.00 1,111,758.00 2.38 1,052,480.83 2.35 1.23Caterpillar Financial Services Corp14912L5X5CATERPILLAR FINL3.750 11/24/2023A A2 1,000,000.00 1,086,390.00 2.33 989,888.59 2.21 0.87Issuer total1,000,000.00 1,086,390.00 2.33 989,888.59 2.21 0.87American Honda Finance Corp02665WDH1AMERICAN HONDA1.950 05/10/2023A- A3 1,000,000.00 1,031,510.00 2.21 988,316.79 2.21 0.35Issuer total1,000,000.00 1,031,510.00 2.21 988,316.79 2.21 0.35International Business Machines Corp459200HU8IBM CORP 3.625%3.625 02/12/2024A- A3 1,000,000.00 1,086,900.00 2.33 985,360.87 2.20 1.06Issuer total1,000,000.00 1,086,900.00 2.33 985,360.87 2.20 1.06US Bancorp91159HHV5US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 982,424.56 2.19 1.03Issuer total1,000,000.00 1,079,130.00 2.31 982,424.56 2.19 1.0315 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJohn Deere Capital Corp24422EVN6JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.14 956,397.72 2.13 1.02Issuer total1,000,000.00 1,001,230.00 2.14 956,397.72 2.13 1.02PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 886,907.85 1.98 1.00Issuer total900,000.00 957,939.00 2.05 886,907.85 1.98 1.00Chevron Corp166764BW9CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 651,786.12 1.45 2.25Issuer total700,000.00 667,380.00 1.43 651,786.12 1.45 2.25Bank of America Corp06051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 498,218.57 1.11 0.18Issuer total500,000.00 535,525.00 1.15 498,218.57 1.11 0.18Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 496,876.44 1.11 0.28Issuer total500,000.00 509,155.00 1.09 496,876.44 1.11 0.28Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 495,995.82 1.11 0.33Issuer total500,000.00 506,880.00 1.09 495,995.82 1.11 0.33Procter & Gamble Co/The742718EB1PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.11 494,250.70 1.10 0.60Issuer total500,000.00 520,430.00 1.11 494,250.70 1.10 0.6016 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2022SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesPepsiCo Inc713448CM8PEPSICO INC 3.6%3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 494,003.37 1.10 1.05Issuer total500,000.00 537,465.00 1.15 494,003.37 1.10 1.05Citibank NA17325FAS7CITIBANK NA 3.65%3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 493,083.29 1.10 0.99Issuer total500,000.00 541,470.00 1.16 493,083.29 1.10 0.993M Co88579YBB63M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 490,836.91 1.10 1.06Issuer total500,000.00 541,935.00 1.16 490,836.91 1.10 1.06Pfizer Inc717081DM2PFIZER INC 3.4%3.400 05/15/2024A+ A1 500,000.00 537,160.00 1.15 490,346.17 1.09 1.31Issuer total500,000.00 537,160.00 1.15 490,346.17 1.09 1.31Grand total46,253,090.41 46,708,541.37 100.00 44,804,189.18 100.001.2217 SECURITIES SOLD AND MATUREDFor the period December 1, 2022 - December 31, 2022SAN RAFAELHistorical cost Amortized costat sale ormaturityFair value atsale ormaturityRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusipAccruedinterestsoldDescription / BrokerCorporate Bonds06051GHC63.00412/20/2022 (500,000.00) 525,795.00 500,000.00 0.00 500,000.00 0.00 0.0012/20/2022BANK OF AMERICA CORP 3.004%20DEC2023 (CALLABLE 20DEC22)(500,000.00)0.00525,795.00 500,000.00 500,000.00 0.00Total (Corporate Bonds)Government Agencies3130A3KM52.50012/09/2022 (1,000,000.00) 1,021,240.00 1,000,000.00 0.00 1,000,000.00 0.00 0.0012/09/2022FEDERAL HOME LN BKS CONS BD 2.5%DUE 12-09-2022(1,000,000.00)0.001,021,240.00 1,000,000.00 1,000,000.00 0.00Total (Government Agencies)Grand totalGrand total(1,500,000.00)0.001,547,035.00 1,500,000.00 1,500,000.00 0.0018 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2022 - December 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents432.200.000.00432.200.00Total Cash432.200.000.00432.200.00Corporate Bonds3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24)1,399.31(1,194.73)(603.71)0.000.0088579YBB6AMERICAN HONDA FINANCE 1.95% 10MAY20231,679.17(1,298.48)254.700.000.0002665WDH1APPLE INC 2.4% 03MAY20231,033.33(157.92)977.680.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)834.44(656.36)585.647,510.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.02)721.950.000.0006051GHF9CATERPILLAR FINL SERVICE 3.75% 24NOV20233,229.17(2,810.95)1,177.570.000.0014912L5X5CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)936.71903.60(2,564.68)0.000.00166764BW9CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23)1,571.53(1,327.75)(27.45)0.000.0017325FAS7IBM CORP 3.625% 12FEB20243,121.53(2,607.00)(373.88)0.000.00459200HU8JOHN DEERE CAPITAL CORP 0.45% 17JAN2024387.50(37.85)1,834.820.000.0024422EVN6JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25)1,035.92473.97(1,817.41)0.000.0046647PBH8JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23)1,532.35(1,296.97)233.860.000.0046647PAP1PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23)1,550.00(1,275.77)173.710.000.00713448CM8PFIZER INC 3.4% 15MAY20241,463.89(1,169.78)(1,668.84)0.000.00717081DM2PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)2,712.50(1,530.90)759.350.000.00693475AV7PROCTER & GAMBLE CO/THE 3.1% 15AUG20231,334.73(1,016.42)834.150.000.00742718EB1TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024186.0023.801,885.830.000.0089236THU219 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2022 - December 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCorporate BondsTOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023813.75(531.08)1,286.040.000.0089236THA6US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24)2,906.25(2,375.54)(1,625.23)0.000.0091159HHV5WALMART INC 2.55% 11APR2023 (CALLABLE 06FEB23)1,097.91(229.83)912.020.000.00931142DH3Total Corporate Bonds30,354.46(19,238.98)2,956.127,510.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23)361.666.923,532.960.000.003136G46B4FANNIE MAE 1.75% 02JUL20241,130.21(61.23)(89.49)0.000.003135G0V75FANNIE MAE 2.5% 05FEB20241,291.66(412.87)681.310.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.32)2,045.450.000.003135G0U43FEDERAL FARM CREDIT BANK 0.35% 22APR2024301.390.002,907.680.000.003133EMWV0FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06JAN23)322.920.002,762.010.000.003133EMYR7FEDERAL HOME LN BKS CONS BD 2.5% DUE 12-09-2022625.00(154.29)296.5012,500.000.003130A3KM5FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR23)301.390.002,975.471,750.000.003130AMQQ8FEDERAL HOME LOAN BANK 1.375% 17FEB20231,420.84(150.72)3,279.590.000.003130AJ7E3FEDERAL HOME LOAN BANK 4.375% 12SEP20254,897.57(89.57)(2,380.46)0.000.003130ATHT7FREDDIE MAC 0.375% 20APR2023403.65111.244,740.120.000.003137EAEQ8Total Government Agencies13,531.98(1,748.84)20,751.14 14,250.000.00Government BondsUSA TREASURY 0.125% 15DEC2023127.40210.285,437.50750.000.0091282CBA8USA TREASURY 0.125% 30JUN202384.24414.513,468.750.000.0091282CCK520 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2022 - December 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 0.125% 31JUL2023105.30558.223,789.070.000.0091282CCN9USA TREASURY 0.25% 15MAY2024214.0988.062,421.870.000.0091282CCC3USA TREASURY 0.25% 15NOV2023214.09(4.02)3,515.620.000.0091282CAW1USA TREASURY 0.25% 30SEP2025106.451,149.11(468.75)0.000.0091282CAM3USA TREASURY 0.25% 31AUG2025256.912,769.04328.130.000.0091282CAJ0USA TREASURY 0.375% 15APR2024319.37(33.70)2,773.430.000.0091282CBV2USA TREASURY 0.5% 15MAR2023428.18(22.10)3,760.290.000.00912828ZD5USA TREASURY 0.5% 28FEB2026214.091,032.40(371.09)0.000.0091282CBQ3USA TREASURY 0.75% 30APR2026321.141,334.76(664.06)0.000.0091282CBW0USA TREASURY 0.875% 30JUN2026368.551,275.38(585.94)0.000.0091282CCJ8USA TREASURY 1.375% 15FEB20231,447.86(1,027.45)3,332.610.000.00912828Z86USA TREASURY 1.375% 31AUG20231,471.85(802.43)3,027.350.000.009128282D1USA TREASURY 1.5% 15JAN20231,263.59(930.54)2,499.300.000.00912828Z29USA TREASURY 1.5% 30NOV2024894.23(602.34)875.000.000.00912828YV6USA TREASURY 1.5% 31OCT20241,284.53(445.31)546.870.000.00912828YM6USA TREASURY 2.125% 30NOV20231,176.34(239.23)1,498.040.000.00912828U57USA TREASURY 2.125% 30SEP20241,809.75(1,411.08)156.250.000.009128282Y5USA TREASURY 2.125% 31MAY2026904.88786.93(898.44)0.000.009128286X3USA TREASURY 2.375% 15AUG20242,000.68(1,224.89)390.630.000.00912828D5621 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2022 - December 31, 2022SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment BondsUSA TREASURY 2.875% 30NOV20251,224.2594.99(1,582.03)0.000.009128285N6Total Government Bonds16,237.772,970.5933,250.40750.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$014,860.800.000.000.000.00888599LS4Total Municipal/Provincial Bonds4,860.800.000.000.000.00Grand total65,417.21(18,017.23)56,957.66 22,942.200.0022 TRANSACTION REPORTFor the period December 1, 2022 - December 31, 2022SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)12,500.0012/09/202212/09/2022Income3130A3KM5 Government Agencies FEDERAL HOME LN BKS CONS 12/09/2022 1,000,000.00 0.00 12,500.000.000.0012/09/202212/09/2022Capital Change3130A3KM5 Government Agencies FEDERAL HOME LN BKS CONS 12/09/2022 (1,000,000.00) 1,000,000.00 1,000,000.000.00750.0012/15/202212/15/2022Income91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2023 1,200,000.00 0.00 750.000.007,510.0012/20/202212/20/2022Income06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2023 500,000.00 0.00 7,510.000.000.0012/20/202212/20/2022Capital Change06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2023 (500,000.00) 500,000.00 500,000.000.001,750.0012/23/202212/23/2022Income3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 04/23/2024 1,000,000.00 0.00 1,750.000.00432.20Income Cash and Cash Equivalents Cash432.200.00 0.000.0012/31/202223 ADDITIONAL INFORMATIONAs of December 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.24 ADDITIONAL INFORMATIONAs of December 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.25