4.d-City-Quarterly-Investment-Report — San Rafael City Council, July 18, 2022

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

Agenda Item No: 4.d
Meeting Date: July 18, 2022

SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Nadine Atieh Hade,
Administrative Services Director
City Manager Approval: ______________
TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING JUNE 30, 2022
RECOMMENDATION: Accept investment report for the quarter ending June 30, 2022, as presented.

BACKGROUND: Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 21, 2022, staff provides the City Council with a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency.

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

ANALYSIS: As of June 30, 2022, the primary LAIF account had a balance of $48,554,095. Portfolio returns on LAIF deposits were 0.86% for the quarter ending June 30, 2022. The remaining investment assets include the $1,159,300 balance of Pt. San Pedro Assessment District bonds, and $43,692,305 in government agency securities and corporate bonds (including Walmart Inc., Apple Inc., American Honda Finance, Procter Gamble Co., Toyota, Caterpillar, Bank of America, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, JP Morgan Chase Co., Pfizer, and Chevron).

The overall total portfolio returns for the quarter ending June 30, 2022 were 0.90%.

The City’s Westamerica general operating bank account had a balance of $12,908,737 at quarter end.

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

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

RECOMMENDATION: Accept investment report for the quarter ending June 30, 2022, as presented.

ATTACHMENTS:

Exhibit A:

1. Quarterly Investment Portfolio Report

2. Historical Activity by Quarter Report

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

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

NADINE ATIEH HADE

FINANCE DIRECTOR
% Return
LAIF 48,554,095 $       98.1% 0.86%
LAIF ‐ RDA 155,374 $             0.3% 0.86%
LAIF ‐ RDA 02 TARB 770,970 $             1.6% 0.86%
Total Internally Managed 49,480,439 $       52.5%
Weighted Average Yield 0.86%
Days
Effective Average Duration ‐ Internal 1
Weighted Average Maturity ‐ Internal 1
% Return
Cash $            155,858 0.3% 0.02%
Treasury Securities 19,307,642 $       43.0% 0.70%
Instrumentality Securities 11,004,000 $       24.5% 0.96% Corporate Notes 13,224,805 $       29.5% 0.90%
Municipal 1,159,300 $          2.6% 5.25%
Total Externally Managed 44,851,605 $       47.5%
Weighted Average Yield 0.94%
Years
Effective Average Duration ‐ External 1.45
Weighted Average Maturity ‐ External 1.60
Total Portfolio Assets % Return
LAIF 49,480,439 $       52.5% 0.86%
Cash 155,858 $             0.2% 0.02%
Treasury Securities 19,307,642 $       20.5% 0.70%
Instrumentality Securities 11,004,000 $       11.7% 0.96% Corporate Notes 13,224,805 $       14.0% 0.90%
Municipal 1,159,300 $          1.2% 5.25%
Total Portfolio Assets 94,332,045 $
Weighted Average Yield 0.90%
Years
Effective Average Duration ‐ Total 0.69
Weighted Average Maturity ‐ Total 0.76
Based on Market Values
June 30, 2022
City of Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF, 98.1%
LAIF ‐ RDA, 0.3%
LAIF ‐ RDA 02
TARB, 1.6%
Cash , 0.3%
Treasury
Securities,

43.0%
Instrumentality
Securities,

24.5%
Corporate
Notes, 29.5% Municipal, 2.6%
LAIF
52%
Cash
0%
Treasury
Securities
21%
Instrumentality
Securities
12%
Corporate Notes
14% Municipal
1%
Exhibit A
Internally Managed Assets % Return % Return % Return % Return % Return % Return LAIF 49,325,065 $ 99.7% 0.86% 37,295,675 $ 99.6% 0.37% 37,272,941 $ 99.6% 0.21% 40,246,878 $ 99.6% 0.21% 45,213,641 $ 99.7% 0.26% 40,171,329 $ 99.6% 0.36% LAIF ‐ Housing 155,374 $ 0.3% 0.86% 155,252 $ 0.4% 0.37% 155,163 $ 0.4% 0.21% 155,068 $ 0.4% 0.21% 154,942 $ 0.3% 0.26% 154,773 $ 0.4% 0.36% Total Internally Managed 49,480,439 $ 52.5% $ 37,450,927 45.4% $ 37,428,104 45.0% $ 40,401,946 54.7% $ 45,368,583 57.5% $ 40,326,102 65.2% Weighted Average Yield 0.86% 0.37% 0.21% 0.21% 0.26% 0.36% Externally Managed Assets % Return % Return % Return % Return % Return % Return Cash $ 155,858 13.4% 0.02% 34,607 $ 3.0% 0.02% 160,462 $ 0.4% 0.02% 106,899 $ 9.2% 0.02% 56,088 $ 0.2% 0.01% 260,338 $ 21.0% 0.01%Treasury Securities 19,307,642 $ 43.0% 0.70% 19,322,375 $ 42.9% 0.54% 17,936,293 $ 39.2% 0.51% 6,202,242 $ 18.5% 0.69% 4,439,182 $ 13.3% 0.70% 1,455,053 $ 6.8% 1.54% Instrumentality Securities 11,004,000 $ 24.5% 0.96% 11,081,069 $ 24.6% 0.95% 12,774,395 $ 27.9% 1.09% 12,058,266 $ 36.1% 1.23% 13,695,843 $ 40.9% 1.21% 11,757,213 $ 54.6% 1.54% Corporate Notes 13,224,805 $ 29.5% 0.90% 13,449,548 $ 29.9% 0.69% 13,782,838 $ 30.1% 0.65% 13,918,907 $ 41.6% 0.66% 14,048,276 $ 42.0% 0.68% 6,830,936 $ 31.7% 1.40% Municipal/Assessment District 1,159,300 $ 2.6% 5.25% 1,159,300 $ 2.6% 5.25% 1,159,300 $ 2.5% 5.25% 1,159,300 $ 3.5% 5.25% 1,239,200 $ 3.7% 5.25% 1,239,200 $ 5.8% 5.25% Total Externally Managed 44,851,605 $ 47.5% $ 45,046,900 54.6% $ 45,813,288 55.0% $ 33,445,614 45.3% $ 33,478,588 42.5% $ 21,542,739 34.8% Weighted Average Yield 0.94% 0.81% 0.83% 1.03% 1.07% 1.69% Years Years Years Years Years Years
Effective Average Duration ‐ External 1.45 1.56 1.68 1.91 2.02 1.90 Weighted Average Maturity ‐ External 1.60 1.72 1.87 2.26 2.39 2.32 Total Portfolio Assets % Return % Return % Return % Return % Return % Return LAIF 49,480,439 $ 52.5% 0.86% 37,450,927 $ 45.4% 0.37% 37,428,104 $ 45.0% 0.21% 40,401,946 $ 54.7% 0.21% 45,368,583 $ 57.5% 0.26% 40,326,102 $ 65.2% 0.36% Cash 155,858 $ 0.2% 0.02% 34,607 $ 0.0% 0.02% 160,462 $ 0.2% 0.02% 106,899 $ 0.1% 0.02% 56,088 $ 0.1% 0.01% 260,338 $ 0.4% 0.01%Treasury Securities 19,307,642 $ 20.5% 0.70% 19,322,375 $ 23.4% 0.54% 17,936,293 $ 21.5% 0.51% 6,202,242 $ 8.4% 0.69% 4,439,182 $ 5.6% 0.70% 1,455,053 $ 2.4% 1.54% Instrumentality Securities 11,004,000 $ 11.7% 0.96% 11,081,069 $ 13.4% 0.95% 12,774,395 $ 15.3% 1.09% 12,058,266 $ 16.3% 1.23% 13,695,843 $ 17.4% 1.21% 11,757,213 $ 19.0% 1.54% Corporate Notes 13,224,805 $ 14.0% 0.90% 13,449,548 $ 16.3% 0.69% 13,782,838 $ 16.6% 0.65% 13,918,907 $ 18.8% 0.66% 14,048,276 $ 17.8% 0.68% 6,830,936 $ 11.0% 1.40% Municipal/Assessment District 1,159,300 $ 1.2% 5.25% 1,159,300 $ 1.4% 5.25% 1,159,300 $ 1.4% 5.25% 1,159,300 $ 1.6% 5.25% 1,239,200 $ 1.6% 5.25% 1,239,200 $ 2.0% 5.25% Total Portfolio Assets 94,332,045 $ $ 82,497,826 $ 83,241,391 $ 73,847,559 $ 78,847,170 $ 61,868,840 Weighted Average Yield 0.90% 0.61% 0.55% 0.58% 0.60% 0.82% Years Years Years Years Years Years
Effective Average Duration ‐ Total 0.69 0.85 0.93 0.87 0.86 0.66 Weighted Average Maturity ‐ Total 0.76 0.94 1.03 1.03 1.02 0.81 Performance Recap
‐The weighted average quarterly portfolio yield increased from 0.61% to 0.90% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation. ‐The effective average duration decreased, from 0.85 to 0.69 years since last quarter, this is a result of an increase from 45.4% to 52.5% of the portfolio's assets being held in LAIF, which is highly liquid. ‐The total portfolio assets increased by approximately $11.8 million during the quarter. This is reflective of transfers of property tax and other remittances to investment balances during the quarter.

City of San Rafael
Historical Activity‐By Quarter
June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\21‐22\12 ‐ June 2022\Insight‐Quarterly Report combined 06‐30‐22

FOR PROFESSIONAL CLIENTS ONLY

NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAEL April 2022
Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 13Securities purchased 18Securities sold and matured 19Detail of return and interest received 20Transaction report 24Additional information 25

FIXED INCOME MARKET REVIEW
As of April 30, 2022

SAN RAFAEL
Chart 1: CPI continues to accelerateSource: Bloomberg, April 30, 2022Chart 2: Short-end Treasury yields continue to rise, flattening the curveSource: Bloomberg, April 30, 2022 Economic Indicators and Monetary PolicyThe US economy unexpectedly shrank 1.4% in Q1 2022, a large miss considering themarkets expected ~1% growth. The miss was due to falling inventories, trade andgovernment spending. However, on the positive side, consumer spending remainedin positive territory while business investment was also positive and in line withexpectations.CPI reached another 40-year high at 8.5% (Chart 1), slightly above consensus, withenergy CPI up 11% month-on-month, with food inflation also picking up (relating to thewar in Ukraine). Core CPI, which ignores food and energy prices, fared slightly betterat 6.5%, just below consensus albeit still another 40-year high, with used car pricesretracing.The economy added 431,000 workers in March, below expectations for the month,but closer to consensus when considering for net upward revisions to earlier monthsof 95,000. The household survey showed that job growth continued to strengthen,with 736,000 jobs added in March. The unemployment rate fell from 3.8% to 3.6%(below expectations for 3.7%) and close to the 3.5% rate set just before the pandemic.This was despite another tick up in the participation rate. Wage growth also continuedto be strong, with average hourly earnings increasing 0.4% in March and 5.3% pa overthe most recent six months.The minutes of the March FOMC meeting provided some details of the central bank’splans to reduce its balance sheet. It indicated that the Federal Reserve is consideringa terminal reduction pace of $95bn per month using a capped run-off structure, withthe run-off caps being $60bn for Treasuries and $35bn for mortgage-backedsecurities. This was in line with broader market expectations.Interest Rate SummaryYields rose materially again, particularly the short end (Chart 2) causing the curve toflatten, with maturities above 2-years trading at close to 3%. At the end of April, the 3-month US Treasury bill yielded 0.85%, the 6-month US Treasury bill yielded 1.41%, the2-year US Treasury note yielded 2.72%, the 5-year US Treasury note yielded 2.96% andthe 10-year US Treasury note yielded 2.94%. 3 10
8 6
4 2
0 -2 -4

3.5% 3.0%
1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022
---CPI - - - Current level
.,,
-----------------------------
.,.,
__ .,,,,,' ··············
--
....... ··············
," .... •·
,, ..

1.0%

0.5% 0.0%
,,,' ...... . .,,' ....
, ..... .
..
3M 6M lY 2Y 3Y SY 7Y lOY
---Apr-22 ----- Mar-22 • • • • • • Feb-22

ACTIVITY AND PERFORMANCE SUMMARY
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,009,048.59
Income received 44,727.47
Total receipts 44,727.47
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (34,774.84)Total OID/MKT accretion income 1,991.44 Return of capital 0.00
Closing balance 46,020,742.66Ending fair value 44,872,078.84 Unrealized gain (loss) (1,148,663.82)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.11 0.07 0.03Overnight Repo 0.07 0.05 0.02Merrill Lynch 3m US Treas Bill 0.14 0.13 0.06Merrill Lynch 6m US Treas Bill 0.25 0.23 0.09ML 1 Year US Treasury Note 0.47 0.43 0.15ML 2 Year US Treasury Note 0.78 0.66 0.21ML 5 Year US Treasury Note 1.31 0.88 0.23 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 62,609.36Accretion (amortization) (32,783.40)Realized gain (loss) on sales 0.00Total income on portfolio 29,825.96Average daily amortized cost 46,020,947.20Period return (%)Weighted average final maturity in days 609YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 0.39 0.00 0.39 0.00Corporate Bonds 29,614.87 (21,979.34) 7,635.53 0.00Government Agencies 11,520.46 (3,000.49) 8,519.97 0.00Government Bonds 16,570.76 (7,803.57) 8,767.19 0.00Municipal/Provincial Bonds 4,902.88 0.00 4,902.88 0.00Total 62,609.36 (32,783.40) 0.00 29,825.96

0.060.26
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 45,046,899.59
Income received 44,727.47
Total receipts 44,727.47
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (219,298.22) Ending fair value 44,872,078.84
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.11 0.07 0.03Overnight Repo 0.07 0.05 0.02ICE Bofa 3 Months US T-BILL 0.08 0.07 0.01ICE Bofa 6m US Treas Bill (0.03) (0.05) 0.03ICE Bofa 1 Yr US Treasury Note (1.16) (1.14) (0.19)ICE BofA US Treasury 1-3 (3.35) (3.03) (0.48)ICE BofA US Treasury 1-5 (4.69) (4.19) (0.84) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 0.39 0.00 0.39Corporate Bonds 29,614.87 (105,152.67) (75,537.80)Government Agencies 11,520.46 (43,176.09) (31,655.63)Government Bonds 16,570.76 (70,969.46) (54,398.70)Municipal/Provincial Bonds 4,902.88 0.00 4,902.88Total 62,609.36 (219,298.22) (156,688.86) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 62,609.36Total income on portfolio (156,688.86)Average daily total value * 45,131,213.60Period return (%) (0.35)Weighted average final maturity in days 609Change in fair value (219,298.22)YTD return (%) (2.07)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Cash and Cash Equivalents 101,566.88 101,566.88 101,566.88 0.00 1 0.22 0.00 Corporate Bonds 14,023,754.40 13,743,141.20 13,321,913.42 (421,227.78) 610 30.21 1.44 Government Agencies 11,353,540.36 11,285,507.14 11,037,893.00 (247,614.14) 512 24.46 1.37Government Bonds 19,785,860.59 19,731,227.44 19,251,405.54 (479,821.90) 481 42.62 1.29 Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,779 2.50 7.96 Total 46,424,022.23 46,020,742.66 44,872,078.84 (1,148,663.82) 609 100.00 1.52 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.22Corporate Bonds 30.21Government Agencies 24.46Government Bonds 42.62Municipal/Provincial Bonds 2.50 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 2,362,463.09 5.0990 to 179 days 2,509,365.72 5.41180 days to 1 year 10,314,375.97 22.221 to 2 years 22,385,908.67 48.222 to 3 years 7,115,090.78 15.333 to 4 years 577,518.00 1.244 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.50 46,424,022.23 100.00
Maturity distribution

0.005.00

10.0015.0020.0025.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 101,566.88 101,566.88 101,566.88 0.00 0.00 0.22 101,566.88 Total Cash and Cash Equivalents 101,566.88 101,566.88 101,566.88 101,566.88 0.00 0.22 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 501,922.93 (764.93) 672.92 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 501,158.00 1.10 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 501,910.82 (1,460.97) 5,900. 500,000.00 500,449.85 00 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,016,014.70 (23,836.32) 9 1,000,000.00 992,178.38 ,208.33 2.22166764AH3 3.191 06/24/2023 718,781.00 714,522.78 (11,300.34) 7,817.95 03/24/2023
CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 700,000.00 703,222.44 1.5511MAY22) 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 515,754.48 (11,366.66) 3,229 500,000.00 504,387.82 .17 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 708,408.91 (20,767.67) 1,706 700,000.00 687,641.24 .25 1.5414912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,052,845.94 (39,510.38) 1 1,000,000.00 1,013,335.56 6,250.00 2.34 06051GHC6 3.004 12/20/2023 525,795.00 507,548.16 (8,720.44) 5,423.89 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 498,827.72 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,515.33 (18,905.32) 654.0 480,000.00 460,610.01 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,778.37 (40,269.88) 1 1,000,000.00 960,508.49 ,287.50 2.16 8 SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Corporate Bonds17325FAS7 3.650 01/23/2024 541,470.00 526,245.15 (22,206.34) 4,917.36 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 504,038.81 1.17 693475AV7 3.500 01/23/2024 957,939.00 930,260.99 (24,720.38) 8,487.50 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 905,540.61 2.0623DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,049,558.64 (45,739.88) 7,968.75 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,003,818.76 2.32 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,055,789.80 (47,924.59) 7 1,000,000.00 1,007,865.21 ,854.17 2.3488579YBB6 3.250 02/14/2024 541,935.00 524,452.13 (22,217.89) 3,430.56 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 502,234.24 1.17 713448CM8 3.600 03/01/2024 537,465.00 524,282.08 (19,048.10) 2,950.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 505,233.98 1.16 06051GHF9 3.550 03/05/2024 535,525.00 511,417.41 (11,098.43) 2,711.81 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 500,318.98 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 515,261.01 (15,166.11) 346.01 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 500,094.90 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 528,659.60 (23,461.75) 7,791 500,000.00 505,197.85 .67 1.1646647PBH8 2.005 03/13/2026 577,518.00 577,991.97 (12,741.40) 1,570.58 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 565,250.57 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 14,023,754.40 13,743,141.20 13,321,913.42 (421,227.78) 100,178.42 30.21Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,255,072.23 (1,567.27) 1, 1,250,000.00 1,253,504.96 736.11 2.72 9 SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,003,754.29 332.67 9,791. 1,000,000.00 1,004,086.96 67 2.20 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,201,441.87 (6,305.59) 3, 1,200,000.00 1,195,136.28 345.83 2.59 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,702.11 (20,145.86) 1 1,250,000.00 1,228,556.25 30.21 2.693135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,016,372.42 (11,063.31) 3 1,000,000.00 1,005,309.11 ,833.33 2.263135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 608,739.08 (9,208.30) 3,541. 600,000.00 599,530.78 67 1.34 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (42,446.70) 7 1,000,000.00 957,553.30 7.78 2.15 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (41,560.14) 1,234.72 06/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 958,439.86 2.15(CALLABLE 23JUN22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,829.12 (52,969.33) 46.67 07/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22) 1,200,000.00 1,146,859.79 2.58 3133EMYR7 0.375 05/06/2024 1,000,000.00 1,000,000.00 (45,516.22) 1,812.50 05/06/2022
FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 1,000,000.00 954,483.78 2.15(CALLABLE 11MAY22) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,596.02 (17,164.09) 4,302 750,000.00 734,431.93 .08 1.62 Total Government Agencies 11,250,000.00 11,353,540.36 11,285,507.14 11,037,893.00 (247,614.14) 29,852.57 24.46Government Bonds912828ZX1 USA TREASURY 0.125% 30JUN2022 0.125 06/30/2022 999,808.04 999,936.71 (816.32) 414.37 2. 1,000,000.00 999,120.39 15 10 SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,254,110.74 (1,815.81) 6, 1,250,000.00 1,252,294.93 344.96 2.72 91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,419.45 (5,522.96) 12 1,250,000.00 1,243,896.49 8.07 2.69 912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,257,349.88 (4,469.02) 10 1,250,000.00 1,252,880.86 ,370.88 2.74912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,007,804.60 (10,109.29) 4 1,000,000.00 997,695.31 ,350.83 2.18912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,259,644.71 (14,625.18) 3 1,250,000.00 1,245,019.53 ,513.47 2.72912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,227.44 (13,000.88) 6 1,000,000.00 987,226.56 25.00 2.15 91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 794,303.89 (14,303.89) 331.4 800,000.00 780,000.00 9 1.7191282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 991,770.80 (19,544.24) 307.3 1,000,000.00 972,226.56 2 2.139128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,262,631.83 (29,916.98) 2 1,250,000.00 1,232,714.85 ,849.02 2.7391282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,073.18 (34,643.49) 1 1,000,000.00 965,429.69 ,146.41 2.15912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 654,468.27 (8,810.07) 5,729. 650,000.00 645,658.20 91 1.42 91282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,195,970.68 (42,751.94) 5 1,200,000.00 1,153,218.74 60.44 2.57 11 SECURITIES HELD
As of April 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,778.41 (45,075.29) 1 1,000,000.00 955,703.12 53.69 2.16 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,881.03 (46,904.47) 1,146 1,000,000.00 950,976.56 .41 2.15912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,033,111.59 (43,345.97) 4 1,000,000.00 989,765.62 ,854.97 2.249128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,040,238.49 (56,644.74) 1 1,000,000.00 983,593.75 ,741.80 2.27912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,013,143.97 (45,643.97) 7 1,000,000.00 967,500.00 ,500.00 2.19912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 718,361.77 (41,877.39) 4,355 700,000.00 676,484.38 .77 1.56 Total Government Bonds 19,600,000.00 19,785,860.59 19,731,227.44 19,251,405.54 (479,821.90) 56,424.81 42.62Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 9,805.75 1,159,300.00 1,159,300.00 2.50 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.50 9,805.75Grand total 45,490,866.88 46,424,022.23 46,020,742.66 (1,148,663.82) 44,872,078.84 196,261.55 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of April 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond912828ZX1 USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.15 999,120.39 2.23 0.179128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.72 1,252,294.93 2.79 0.2191282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,243,896.49 2.77 0.42912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.74 1,252,880.86 2.79 0.58912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 997,695.31 2.22 0.71912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,245,019.53 2.77 0.79912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 987,226.56 2.20 0.8791282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 780,000.00 1.74 1.1591282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 972,226.56 2.17 1.249128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.73 1,232,714.85 2.75 1.3191282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.15 965,429.69 2.15 1.52912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 645,658.20 1.44 1.5491282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,153,218.74 2.57 1.6191282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.16 955,703.12 2.13 1.9391282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.15 950,976.56 2.12 2.01912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.24 989,765.62 2.21 2.219128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.27 983,593.75 2.19 2.34912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.19 967,500.00 2.16 2.44912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.56 676,484.38 1.51 2.50Issuer total 19,600,000.00 19,785,860.59 42.62 19,251,405.54 42.90 1.29Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.72 1,253,504.96 2.79 0.433135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.26 1,005,309.11 2.24 1.333135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 599,530.78 1.34 1.71 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of April 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal National Mortgage Association3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 07/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,146,859.79 2.56 1.953135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 734,431.93 1.64 2.11Issuer total 4,800,000.00 4,882,378.52 10.52 4,739,636.57 10.56 1.42Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,004,086.96 2.24 0.603130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.59 1,195,136.28 2.66 0.803130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 06/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 958,439.86 2.14 1.94Issuer total 3,200,000.00 3,222,938.09 6.94 3,157,663.10 7.04 1.09Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 957,553.30 2.13 1.953133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 05/06/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 954,483.78 2.13 1.96 Issuer total 2,000,000.00 2,000,000.00 4.31 1,912,037.08 4.26 1.96 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.69 1,228,556.25 2.74 0.97 Issuer total 1,250,000.00 1,248,223.75 2.69 1,228,556.25 2.74 0.97 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.58 7.96 Issuer total 1,159,300.00 1,159,300.00 2.50 1,159,300.00 2.58 7.96 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 687,641.24 1.53 1.2989236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 460,610.01 1.03 1.67 Issuer total 1,180,000.00 1,194,301.40 2.57 1,148,251.25 2.56 1.44 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of April 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 500,094.90 1.11 0.9746647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 565,250.57 1.26 2.74 Issuer total 1,100,000.00 1,111,758.00 2.39 1,065,345.47 2.37 1.89 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINANCIAL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,013,335.56 2.26 1.50 Issuer total 1,000,000.00 1,086,390.00 2.34 1,013,335.56 2.26 1.50 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,007,865.21 2.25 1.71 Issuer total 1,000,000.00 1,086,900.00 2.34 1,007,865.21 2.25 1.71 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 1,003,818.76 2.24 1.66 Issuer total 1,000,000.00 1,079,130.00 2.32 1,003,818.76 2.24 1.66 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,827.72 1.11 0.6306051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 500,318.98 1.11 0.83 Issuer total 1,000,000.00 1,061,320.00 2.29 999,146.70 2.23 0.73 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 992,178.38 2.21 1.00 Issuer total 1,000,000.00 1,031,510.00 2.22 992,178.38 2.21 1.00 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.16 960,508.49 2.14 1.69 Issuer total 1,000,000.00 1,001,230.00 2.16 960,508.49 2.14 1.69 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of April 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 905,540.61 2.02 1.63 Issuer total 900,000.00 957,939.00 2.06 905,540.61 2.02 1.63 Chevron Corp166764AH3 CHEVRON CORP 3.191% 3.191 06/24/2023 03/24/2023 AA- Aa2 700,000.00 718,781.00 1.55 703,222.44 1.57 1.00 Issuer total 700,000.00 718,781.00 1.55 703,222.44 1.57 1.00 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 505,233.98 1.13 1.64 Issuer total 500,000.00 537,465.00 1.16 505,233.98 1.13 1.64 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 505,197.85 1.13 1.94 Issuer total 500,000.00 537,160.00 1.16 505,197.85 1.13 1.94 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 504,387.82 1.12 1.26 Issuer total 500,000.00 520,430.00 1.12 504,387.82 1.12 1.26 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.17 504,038.81 1.12 1.62 Issuer total 500,000.00 541,470.00 1.17 504,038.81 1.12 1.62 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 502,234.24 1.12 1.69 Issuer total 500,000.00 541,935.00 1.17 502,234.24 1.12 1.69 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of April 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.10 501,158.00 1.12 0.86 Issuer total 500,000.00 509,155.00 1.10 501,158.00 1.12 0.86 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 500,449.85 1.12 0.98 Issuer total 500,000.00 506,880.00 1.09 500,449.85 1.12 0.98 Cash and Cash Equivalents
INVESTED CASH 0.000 101,566.88 101,566.88 0.00 101,566.88 0.23 0.00 Issuer total 101,566.88 101,566.88 0.00 101,566.88 0.23 0.00 Grand total 45,490,866.88 46,424,022.23 100.00 44,872,078.84 100.00 1.52 17 SECURITIES PURCHASED
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds46647PBH8 04/01/2022 03/13/2026 600,000.00 96.25 (577,518.00) (735 2.005 .17) 04/05/2022 03/13/2025
JPMORGAN CHASE & CO 2.005%MERRILL LYNCH, PIERCE,
Total Corporate Bonds 600,000.00 (577,518.00) (735.17)
Grand total Grand total 600,000.00 (577,518.00) (735.17) 18 SECURITIES SOLD AND MATURED
For the period April 1, 2022 - April 30, 2022

0.00 600,000.00 0.00 0.00
04/01/2022
JPMORGAN CHASE & CO 3.207%01APR2023 (CALLABLE 01APR22)
Total (Corporate Bonds) (600,000.00) 615,576.00 600,000.00 600,000.00 0.00 0.00 Grand total (600,000.00) 615,576.00 600,000.00 600,000.00 0.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 0.39 0.39
Total Cash 0.00 0.00 0.00 0.39 0.39Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (4,304.24) 1,309.03 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (3,113.76) 1,570.83 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (2,249.30) 966.67 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (2,434.72) 1,209.95 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.03) 0.00 (2,535.66) 1,429.87 0.00 14912L5X5 CATERPILLAR FINANCIAL SE 3.75% 24NOV2023 (2,810.96) 0.00 (11,427.96) 3,020.83 0.00 166764AH3 CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 11MAY22) (1,344.70) 0.00 (4,367.56) 1,799.37 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (4,759.90) 1,470.14 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (10,218.14) 2,920.14 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 (5,634.94) 362.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 (12,267.43) 835.41 0.00 46647PBB1 JPMORGAN CHASE & CO 3.207% 01APR2023 (CALLABLE 01APR22) 0.00 0.00 0.00 0.00 9,621.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (4,548.90) 1,433.48 8,897.50 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (6,024.44) 1,450.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (4,719.44) 1,369.45 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (7,149.20) 2,537.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (938.08) 1,248.61 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 (2,961.08) 174.00 0.00 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.08) 0.00 (3,729.54) 761.25 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,539.37) 0.00 (9,931.33) 2,718.75 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.84) 0.00 (1,837.05) 1,027.09 6,375.00 Total Corporate Bonds (21,979.34) (105,152.67) 24,893.50 0.00 29,614.87Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22) 7.40 0.00 (3,419.65) 338.34 2,100.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (5,244.85) 1,057.29 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.71) 0.00 (1,797.42) 2,013.89 12,500.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (3,090.06) 1,208.34 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (4,834.69) 2,315.97 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (5,067.07) 281.95 1,750.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 11MAY22) 0.00 0.00 (5,181.90) 302.08 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23JUN22) 0.00 0.00 (5,071.33) 281.94 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 (2,532.91) 1,329.16 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.28) 0.00 (3,548.42) 2,013.89 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.24 0.00 (3,387.79) 377.61 2,343.75 Total Government Agencies (3,000.49) (43,176.09) 18,693.75 0.00 11,520.46Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 203.50 0.00 (4,406.26) 123.63 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
912828ZX1 USA TREASURY 0.125% 30JUN2022 31.13 0.00 253.20 103.60 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 401.14 0.00 (1,968.75) 82.87 0.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 113.83 0.00 (390.62) 128.07 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 540.21 0.00 (2,578.13) 103.59 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 85.22 0.00 (4,843.75) 207.18 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (3.89) 0.00 (3,554.69) 207.18 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (32.61) 0.00 (4,843.76) 308.22 1,875.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (21.39) 0.00 (1,835.94) 407.61 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (994.30) 0.00 (2,685.55) 1,424.38 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (776.55) 0.00 (4,882.80) 1,401.16 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (900.53) 0.00 (2,187.50) 1,243.09 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (582.91) 0.00 (5,414.05) 865.38 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (430.95) 0.00 (8,125.00) 1,243.09 0.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (1,622.66) 0.00 (1,513.67) 1,812.85 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,030.36) 0.00 (2,587.89) 2,060.44 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (231.51) 0.00 (3,427.74) 1,138.39 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,365.56) 0.00 (8,046.87) 1,741.80 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,185.38) 0.00 (7,929.69) 1,968.23 0.00 Total Government Bonds (7,803.57) (70,969.46) 1,875.00 0.00 16,570.76 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Municipal/Provincial Bonds
888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,902.88 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,902.88 0.00Grand total (32,783.40) (219,298.22) 45,462.64 0.00 62,609.36 23 TRANSACTION REPORT
For the period April 1, 2022 - April 30, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
04/01/2022 9,621.0004/01/2022
46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/20 Income 23 600,000.00 0.00 9,621.00 0.00 04/01/2022 0.0004/01/2022
46647PBB1 Corporate Bonds JPMORGAN CHASE & CO 04/01/20 Capital Change 23 (600,000.00) 600,000.00 600,000.00 0.00 04/01/2022 (735.17)04/05/2022
46647PBH8 Corporate Bonds JPMORGAN CHASE & CO 03/13/20 Bought 26 600,000.00 (577,518.00) (578,253.17) 0.00 04/05/2022 12,500.0004/05/2022
3135G0T78 Government Agencies FANNIE MAE 2% 05OCT2022 Income 10/05/2022 1,250,000.00 0.00 12,500.00 0.00 04/11/2022 6,375.0004/11/2022
931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023 Income 500,000.00 0.00 6,375.00 0.00 04/15/2022 1,875.0004/15/2022
91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2 Income 024 1,000,000.00 0.00 1,875.00 0.00 04/20/2022 2,343.7504/20/2022
3137EAEQ8 Government Agencies FREDDIE MAC 0.375% 04/20 Income /2023 1,250,000.00 0.00 2,343.75 0.00 04/22/2022 1,750.0004/22/2022
3133EMWV0 Government Agencies FEDERAL FARM CREDIT BAN Income K 04/22/2024 1,000,000.00 0.00 1,750.00 0.00 04/23/2022 8,897.5004/23/2022
46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/20 Income 24 500,000.00 0.00 8,897.50 0.00 04/26/2022 2,100.0004/26/2022
3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2 Income 024 04/26/2024 1,200,000.00 0.00 2,100.00 0.00 04/30/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 0.39 0.39 24 ADDITIONAL INFORMATION
As of April 30, 2022

SAN RAFAEL
Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get back the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is for your reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clients Investment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.

You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.

At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.

Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy will remain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.

For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower of Moody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.

The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.

The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. 25 ADDITIONAL INFORMATION
As of April 30, 2022

SAN RAFAEL
Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.

Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith.© 2022 Insight Investment. All rights reserved. 26 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELMay 2022 Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 13Securities purchased 18Securities sold and matured 19Detail of return and interest received 20Transaction report 24Additional information 25

FIXED INCOME MARKET REVIEW
As of May 31, 2022

SAN RAFAEL
Chart 1: CPI edges down but remains near multi-decade highsSource: Bloomberg, May 31, 2022Chart 2: Treasury yields largely edge down from their highsSource: Bloomberg, May 31, 2022 Economic Indicators and Monetary Policy
The Federal Reserve (Fed) met expectations by raising policy rates by 50bp to a rangeof 0.75% to 1%. The Fed also announced that quantitative tightening will start in June.For the first three months, the Fed will allow up to $30bn of Treasuries and $17.5bn ofmortgage-backed securities (MBS) to roll off its balance sheet as securities mature.From September, these amounts will double to $60bn and $35bn per monthrespectively (or $95bn overall). Powell mentioned that its MBS holdings will likely rolloff at a slower rate in practice, given the schedule of MBS maturities. This was furtherindication that the Fed is unlikely to directly sell assets.Inflation fell from its 40-year high of 8.5%. However, it fell less than most all forecastersexpected, sliding only to 8.3%. Core CPI was also more than expected, falling only to6.2% from 6.5%. The “sticky” categories continued to show persistence, with rental CPIat 5%. Notably, food inflation hit a 40-year high relating to the war in Ukraine.Job growth remained robust. Nonfarm employment increased by 428,000 in April, aresult above the consensus of 380,000. The unemployment rate held firm at 3.6%.Wage growth increased 0.3% month-on-month, and 5.5% year-on-year, albeit this wasa slight slowdown from the previous month. After a strong run, the participation rateedged back down by 0.2 percentage points, to 62.4%.Elsewhere, retail sales posted a 0.9% month-on-month increase in April, led by autosales and non-store retailers, which were partially offset by gasoline consumption.Existing home sales declined for the third month in a row, although home pricescontinued to rise.Interest Rate SummaryTreasury volatility declined with the MOVE index falling sharply from its April highs.Yields edged lower during the month between 2- and 10-year maturities (Chart 2). Atthe end of May, the 3-month US Treasury bill yielded 1.08%, the 6-month US Treasurybill yielded 1.58%, the 2-year US Treasury note yielded 2.56%, the 5-year US Treasurynote yielded 2.82% and the 10-year US Treasury note yielded 2.85%. 3 10
""O

3.5% 3.0%

2.5%
v
">-2.0%
:::,

1.5%
.= 1.0%

0.5%
8 6
4 2
0 -2
-4
1982 1986 1990
---
1994 1998 2002 2006 2010 2014 2018 2022
---CPI - - - Current level
------------ --
---------
--
--
----
--
--

0.0% ~ -----r-----,----...----
----- --
....... -----,----...-------,
3M 6M lY 2Y 3Y SY 7Y l0Y
---May-22 ----- Apr-22 --- Dec-21

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

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,020,742.66
Income received 88,002.30
Total receipts 88,002.30
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) (6,614.13)Change in accruals from security movement 0.00 Total amortization expense (34,065.33)Total OID/MKT accretion income 2,699.41 Return of capital 0.00
Closing balance 46,070,514.91Ending fair value 45,094,331.43 Unrealized gain (loss) (976,183.48)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.17 0.13 0.06Overnight Repo 0.13 0.11 0.06Merrill Lynch 3m US Treas Bill 0.22 0.21 0.08Merrill Lynch 6m US Treas Bill 0.36 0.34 0.11ML 1 Year US Treasury Note 0.64 0.59 0.17ML 2 Year US Treasury Note 0.99 0.84 0.22ML 5 Year US Treasury Note 1.49 1.02 0.24 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 65,787.80Accretion (amortization) (31,365.92)Realized gain (loss) on sales (6,614.13)Total income on portfolio 27,807.75Average daily amortized cost 46,038,211.66Period return (%)Weighted average final maturity in days 586YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 0.80 0.00 0.80 0.00Corporate Bonds 31,133.30 (20,301.20) 4,217.97 (6,614.13)Government Agencies 12,314.96 (3,000.99) 9,313.97 0.00Government Bonds 17,097.74 (8,063.73) 9,034.01 0.00Municipal/Provincial Bonds 5,241.00 0.00 5,241.00 0.00Total 65,787.80 (31,365.92) (6,614.13) 27,807.75

0.060.32
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 44,872,078.84
Income received 88,002.30
Total receipts 88,002.30
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period 134,500.29 Ending fair value 45,094,331.43
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.17 0.13 0.06Overnight Repo 0.13 0.11 0.06ICE Bofa 3 Months US T-BILL 0.14 0.13 0.07ICE Bofa 6m US Treas Bill 0.08 0.07 0.12ICE Bofa 1 Yr US Treasury Note (0.95) (0.88) 0.22ICE BofA US Treasury 1-3 (2.88) (2.51) 0.56ICE BofA US Treasury 1-5 (4.26) (3.66) 0.62 * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 0.80 0.00 0.80Corporate Bonds 31,133.30 47,260.01 78,393.31Government Agencies 12,314.96 28,801.39 41,116.35Government Bonds 17,097.74 58,438.89 75,536.63Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total 65,787.80 134,500.29 200,288.09 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 65,787.80Total income on portfolio 200,288.09Average daily total value * 45,170,282.47Period return (%) 0.44Weighted average final maturity in days 586Change in fair value 134,500.29YTD return (%) (1.63)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Cash and Cash Equivalents 229,354.77 229,354.77 229,354.77 0.00 1 0.49 0.00Corporate Bonds 13,972,353.40 13,676,190.28 13,329,137.84 (347,052.44) 612 30.05 1.45Government Agencies 11,353,540.36 11,282,506.15 11,066,694.39 (215,811.76) 480 24.42 1.29Government Bonds 19,785,860.59 19,723,163.71 19,309,844.43 (413,319.28) 449 42.55 1.21Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,747 2.49 7.89Total 46,500,409.12 46,070,514.91 45,094,331.43 (976,183.48) 586 100.00 1.46 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.49Corporate Bonds 30.05Government Agencies 24.42Government Bonds 42.55Municipal/Provincial Bonds 2.49 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 2,490,250.98 5.3690 to 179 days 2,509,365.72 5.40180 days to 1 year 11,133,984.97 23.941 to 2 years 23,381,557.02 50.282 to 3 years 5,248,432.43 11.293 to 4 years 577,518.00 1.244 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.49 46,500,409.12 100.00
Maturity distribution

0.005.00

10.0015.0020.0025.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 229,354.77 229,354.77 229,354.77 0.00 0.00 0.49 229,354.77 Total Cash and Cash Equivalents 229,354.77 229,354.77 229,354.77 229,354.77 0.00 0.49 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 501,693.10 (487.23) 1,770.83 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 501,205.87 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 501,752.90 (1,132.87) 933.33 500,000.00 500,620.03 1.0902665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,014,716.21 (18,934.58) 1 1,000,000.00 995,781.63 ,137.50 2.22742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 514,738.06 (10,747.57) 4,563 500,000.00 503,990.49 .89 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 707,877.82 (17,182.11) 2,520 700,000.00 690,695.71 .00 1.5414912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,050,034.99 (34,156.91) 7 1,000,000.00 1,015,878.08 29.17 2.34 06051GHC6 3.004 12/20/2023 525,795.00 506,563.61 (6,691.82) 6,717.28 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 499,871.79 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,539.12 (16,466.32) 840.0 480,000.00 463,072.80 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,740.52 (36,534.61) 1 1,000,000.00 964,205.91 ,675.00 2.1517325FAS7 3.650 01/23/2024 541,470.00 524,917.41 (18,542.11) 6,488.89 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 506,375.30 1.16 8 SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Corporate Bonds693475AV7 3.500 01/23/2024 957,939.00 928,730.08 (21,736.32) 11,200.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 906,993.76 2.0623DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,047,183.11 (41,197.56) 10,875.00 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,005,985.55 2.32 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,053,182.80 (42,059.59) 1 1,000,000.00 1,011,123.21 0,975.69 2.34 88579YBB6 3.250 02/14/2024 541,935.00 523,257.40 (18,743.84) 4,829.86 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 504,513.56 1.17 713448CM8 3.600 03/01/2024 537,465.00 523,006.32 (16,320.95) 4,500.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 506,685.37 1.16 06051GHF9 3.550 03/05/2024 535,525.00 510,294.39 (8,317.76) 4,240.28 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 501,976.63 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 513,964.04 (12,261.90) 1,878.36 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 501,702.14 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 527,489.82 (20,647.81) 755.5 500,000.00 506,842.01 6 1.16166764BW9 1.554 05/11/2025 667,380.00 668,042.64 2,972.56 604.33 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 671,015.20 1.4411APR25) 46647PBH8 2.005 03/13/2026 577,518.00 578,465.94 (7,863.14) 2,606.50 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 570,602.80 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,676,190.28 13,329,137.84 (347,052.44) 79,841.47 30.05Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,254,090.50 (1,545.39) 3, 1,250,000.00 1,252,545.11 888.89 2.71 9 SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,003,240.00 579.78 11,944 1,000,000.00 1,003,819.78 .44 2.20 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,201,291.15 (5,738.03) 4, 1,200,000.00 1,195,553.12 766.67 2.58 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,813.36 (17,191.46) 5 1,250,000.00 1,231,621.90 33.85 2.683135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,015,374.10 (8,562.87) 6, 1,000,000.00 1,006,811.23 309.03 2.25 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 608,326.21 (8,815.16) 4,833. 600,000.00 599,511.05 33 1.34 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (37,165.33) 3 1,000,000.00 962,834.67 79.17 2.15 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (36,335.47) 1,536.11 06/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 963,664.53 2.15(CALLABLE 23JUN22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,836.04 (47,536.12) 408.33 07/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22) 1,200,000.00 1,152,299.92 2.58 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (40,125.23) 2 1,000,000.00 959,874.77 60.42 2.15 (CALLABLE 10JUN22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,534.79 (13,376.48) 5,432 750,000.00 738,158.31 .29 1.62 Total Government Agencies 11,250,000.00 11,353,540.36 11,282,506.15 11,066,694.39 (215,811.76) 40,292.53 24.42Government Bonds912828ZX1 USA TREASURY 0.125% 30JUN2022 0.125 06/30/2022 999,808.04 999,968.87 (585.65) 521.41 2. 1,000,000.00 999,383.22 15 10 SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,252,433.99 (1,302.86) 8, 1,250,000.00 1,251,131.13 218.23 2.71 91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,537.08 (4,615.20) 26 1,250,000.00 1,244,921.88 0.42 2.69 912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,256,285.18 (3,843.78) 0. 1,250,000.00 1,252,441.40 00 2.73 912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,006,874.05 (8,592.80) 5, 1,000,000.00 998,281.25 635.36 2.18 912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,258,617.27 (13,158.28) 4 1,250,000.00 1,245,458.99 ,985.33 2.72912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,205.34 (11,377.22) 1 1,000,000.00 988,828.12 ,046.20 2.1591282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 794,718.39 (12,312.14) 417.1 800,000.00 782,406.25 3 1.7191282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 992,329.02 (16,235.27) 414.3 1,000,000.00 976,093.75 7 2.139128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,261,829.40 (25,257.14) 4 1,250,000.00 1,236,572.26 ,296.88 2.7291282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,069.16 (29,522.28) 1 1,000,000.00 970,546.88 08.70 2.15 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 654,229.03 (6,234.89) 0.00 1. 650,000.00 647,994.14 4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,196,180.96 (36,305.96) 6 1,200,000.00 1,159,875.00 88.19 2.57 11 SECURITIES HELD
As of May 31, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,744.70 (39,416.58) 4 1,000,000.00 961,328.12 71.31 2.15 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 997,969.08 (40,937.83) 108.7 1,000,000.00 957,031.25 0 2.14912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,031,886.70 (36,925.76) 6 1,000,000.00 994,960.94 ,888.81 2.239128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,038,827.41 (49,921.16) 3 1,000,000.00 988,906.25 ,541.67 2.26912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,012,698.66 (39,300.22) 1 1,000,000.00 973,398.44 ,263.59 2.18912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 717,759.42 (37,474.26) 0.00 1 700,000.00 680,285.16 .55 Total Government Bonds 19,600,000.00 19,785,860.59 19,723,163.71 19,309,844.43 (413,319.28) 38,866.30 42.55Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 15,046.7 1,159,300.00 1,159,300.00 5 2.49 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.49 15,046.75Grand total 45,618,654.77 46,500,409.12 46,070,514.91 (976,183.48) 45,094,331.43 174,047.05 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond912828ZX1 USA TREASURY 0.125% 0.125 06/30/2022 AA+ Aaa 1,000,000.00 999,808.04 2.15 999,383.22 2.22 0.089128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.71 1,251,131.13 2.77 0.1291282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.69 1,244,921.88 2.76 0.33912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.73 1,252,441.40 2.78 0.50912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.18 998,281.25 2.21 0.62912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,245,458.99 2.76 0.70912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 988,828.12 2.19 0.7891282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.71 782,406.25 1.74 1.0791282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 976,093.75 2.16 1.159128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.72 1,236,572.26 2.74 1.2391282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.15 970,546.88 2.15 1.44912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 647,994.14 1.44 1.4791282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,159,875.00 2.57 1.5291282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 961,328.12 2.13 1.8591282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.14 957,031.25 2.12 1.93912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 994,960.94 2.21 2.139128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 988,906.25 2.19 2.26912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 973,398.44 2.16 2.36912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 680,285.16 1.51 2.44Issuer total 19,600,000.00 19,785,860.59 42.55 19,309,844.43 42.82 1.21Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.71 1,252,545.11 2.78 0.353135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 1,006,811.23 2.23 1.253135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 599,511.05 1.33 1.63 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal National Mortgage Association3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 07/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,152,299.92 2.56 1.873135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 738,158.31 1.64 2.02Issuer total 4,800,000.00 4,882,378.52 10.50 4,749,325.62 10.53 1.34Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,003,819.78 2.23 0.523130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,195,553.12 2.65 0.713130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 06/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 963,664.53 2.14 1.84Issuer total 3,200,000.00 3,222,938.09 6.93 3,163,037.43 7.01 1.00Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 962,834.67 2.14 1.873133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 959,874.77 2.13 1.88 Issuer total 2,000,000.00 2,000,000.00 4.30 1,922,709.44 4.26 1.88 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.68 1,231,621.90 2.73 0.88 Issuer total 1,250,000.00 1,248,223.75 2.68 1,231,621.90 2.73 0.88 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.57 7.89 Issuer total 1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.57 7.89 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 690,695.71 1.53 1.2189236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 463,072.80 1.03 1.59 Issuer total 1,180,000.00 1,194,301.40 2.57 1,153,768.51 2.56 1.36 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 501,702.14 1.11 0.8846647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 570,602.80 1.27 2.66 Issuer total 1,100,000.00 1,111,758.00 2.39 1,072,304.94 2.38 1.80 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,015,878.08 2.25 1.44 Issuer total 1,000,000.00 1,086,390.00 2.34 1,015,878.08 2.25 1.44 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,011,123.21 2.24 1.63 Issuer total 1,000,000.00 1,086,900.00 2.34 1,011,123.21 2.24 1.63 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 1,005,985.55 2.23 1.58 Issuer total 1,000,000.00 1,079,130.00 2.32 1,005,985.55 2.23 1.58 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 499,871.79 1.11 0.5406051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 501,976.63 1.11 0.75 Issuer total 1,000,000.00 1,061,320.00 2.28 1,001,848.42 2.22 0.65 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 995,781.63 2.21 0.92 Issuer total 1,000,000.00 1,031,510.00 2.22 995,781.63 2.21 0.92 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 964,205.91 2.14 1.61 Issuer total 1,000,000.00 1,001,230.00 2.15 964,205.91 2.14 1.61 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 906,993.76 2.01 1.54 Issuer total 900,000.00 957,939.00 2.06 906,993.76 2.01 1.54 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.44 671,015.20 1.49 2.84 Issuer total 700,000.00 667,380.00 1.44 671,015.20 1.49 2.84 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.16 506,842.01 1.12 1.89 Issuer total 500,000.00 537,160.00 1.16 506,842.01 1.12 1.89 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 506,685.37 1.12 1.54 Issuer total 500,000.00 537,465.00 1.16 506,685.37 1.12 1.54 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 506,375.30 1.12 1.53 Issuer total 500,000.00 541,470.00 1.16 506,375.30 1.12 1.53 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.17 504,513.56 1.12 1.60 Issuer total 500,000.00 541,935.00 1.17 504,513.56 1.12 1.60 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 503,990.49 1.12 1.17 Issuer total 500,000.00 520,430.00 1.12 503,990.49 1.12 1.17 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 501,205.87 1.11 0.75 Issuer total 500,000.00 509,155.00 1.09 501,205.87 1.11 0.75 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 500,620.03 1.11 0.91 Issuer total 500,000.00 506,880.00 1.09 500,620.03 1.11 0.91 Cash and Cash Equivalents
INVESTED CASH 0.000 229,354.77 229,354.77 0.00 229,354.77 0.51 0.00 Issuer total 229,354.77 229,354.77 0.00 229,354.77 0.51 0.00 Grand total 45,618,654.77 46,500,409.12 100.00 45,094,331.43 100.00 1.46 17 SECURITIES PURCHASED
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds166764BW9 05/09/2022 05/11/2025 700,000.00 95.34 (667,380.00) (30. 1.554 22) 05/12/2022 04/11/2025
CHEVRON CORP 1.554% 11MAY2025RBC CAPITAL MARKETS, LLC
Total Corporate Bonds 700,000.00 (667,380.00) (30.22)
Grand total Grand total 700,000.00 (667,380.00) (30.22) 18 SECURITIES SOLD AND MATURED
For the period May 1, 2022 - May 31, 2022

0.00 707,415.59 (6,614.13) 0.00
05/11/2022
CHEVRON CORP 3.191% 24JUN2023(CALLABLE 11MAY22)
Total (Corporate Bonds) (700,000.00) 718,781.00 714,029.72 707,415.59 (6,614.13) 0.00 Grand total (700,000.00) 718,781.00 714,029.72 707,415.59 (6,614.13) 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 0.80 0.80
Total Cash 0.00 0.00 0.00 0.80 0.80Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 2,279.32 1,399.30 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 3,603.25 1,679.17 9,750.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 170.18 1,033.33 6,000.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.55) 0.00 1,044.07 1,293.39 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 1,657.65 1,528.47 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.95) 0.00 2,542.52 3,229.17 18,750.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 662.64 0.00 3,635.20 574.11 0.00 166764AH3 CHEVRON CORP 3.191% 24JUN2023 (CALLABLE 11MAY22) (493.06) (6,614.13) 4,193.15 682.52 8,500.47 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.74) 0.00 2,336.49 1,571.53 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 3,258.00 3,121.52 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 3,697.42 387.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 5,352.23 1,035.92 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 1,607.24 1,532.35 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.76) 0.00 1,451.39 1,550.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 1,644.16 1,463.89 8,500.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 1,453.15 2,712.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (397.33) 1,334.72 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.79 0.00 2,462.79 186.00 0.00 89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 3,054.47 813.75 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.53) 0.00 2,166.79 2,906.25 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 47.87 1,097.91 0.00 Total Corporate Bonds (20,301.20) (6,614.13) 47,260.01 51,500.47 31,133.30Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22) 6.92 0.00 5,440.13 361.66 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 3,726.38 1,130.21 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.73) 0.00 (959.85) 2,152.78 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (19.73) 1,291.66 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 1,502.12 2,475.70 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 5,281.37 301.39 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 10JUN22) 0.00 0.00 5,390.99 322.92 1,875.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23JUN22) 0.00 0.00 5,224.67 301.39 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 416.84 1,420.84 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 (267.18) 2,152.77 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 3,065.65 403.64 0.00 Total Government Agencies (3,000.99) 0.00 28,801.39 12,314.96 1,875.00Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 210.28 0.00 6,656.26 127.75 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
912828ZX1 USA TREASURY 0.125% 30JUN2022 32.16 0.00 262.83 107.04 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 414.50 0.00 2,406.25 85.64 0.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 117.63 0.00 1,025.39 132.35 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 558.22 0.00 3,867.19 107.05 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.05 0.00 6,054.69 212.29 1,250.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 5,117.19 212.29 1,250.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.71) 0.00 5,625.00 317.62 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.10) 0.00 1,601.56 421.20 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.44) 0.00 439.46 1,471.86 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.43) 0.00 3,857.41 1,447.86 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.55) 0.00 585.94 1,284.53 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.35) 0.00 3,800.78 894.23 5,250.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.31) 0.00 5,898.44 1,263.59 7,500.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (1,676.75) 0.00 (1,163.80) 1,873.27 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,064.70) 0.00 (439.46) 2,129.12 12,500.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.24) 0.00 2,335.94 1,176.34 6,906.25 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 5,312.50 1,799.87 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,224.89) 0.00 5,195.32 2,033.84 0.00 Total Government Bonds (8,063.73) 0.00 58,438.89 34,656.25 17,097.74 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Municipal/Provincial Bonds
888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 5,241.00 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 5,241.00 0.00Grand total (31,365.92) 134,500.29 88,032.52 (6,614.13) 65,787.80 23 TRANSACTION REPORT
For the period May 1, 2022 - May 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
04/30/2022 7,500.0004/30/2022
912828YM6 Government Bonds USA TREASURY 1.5% 10/31/202 Income 4 1,000,000.00 0.00 7,500.00 0.00 05/03/2022 6,000.0005/03/2022
037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/ Income 03/2023 500,000.00 0.00 6,000.00 0.00 05/06/2022 1,875.0005/06/2022
3133EMYR7 Government Agencies FEDERAL FARM CREDIT BAN Income K 05/06/2024 1,000,000.00 0.00 1,875.00 0.00 05/09/2022 (30.22)05/12/2022
166764BW9 Corporate Bonds CHEVRON CORP 1.554% 05/11/20 Bought 25 700,000.00 (667,380.00) (667,410.22) 0.00 05/10/2022 9,750.0005/10/2022
02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10 Income /2023 1,000,000.00 0.00 9,750.00 0.00 05/11/2022 8,500.4705/11/2022
166764AH3 Corporate Bonds CHEVRON CORP 3.191% 06/24/20 Income 23 700,000.00 0.00 8,500.47 0.00 05/11/2022 0.0005/11/2022
166764AH3 Corporate Bonds CHEVRON CORP 3.191% 06/24/20 Capital Change 23 (700,000.00) 707,415.59 707,415.59 (6,614.13) 05/15/2022 8,500.0005/15/2022
717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05 Income /15/2024 500,000.00 0.00 8,500.00 0.00 05/15/2022 1,250.0005/15/2022
91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/20 Income 23 1,000,000.00 0.00 1,250.00 0.00 05/15/2022 1,250.0005/15/2022
91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/20 Income 24 1,000,000.00 0.00 1,250.00 0.00 05/24/2022 18,750.0005/24/2022
14912L5X5 Corporate Bonds CATERPILLAR FINL SERVICE 11/ Income 24/2023 1,000,000.00 0.00 18,750.00 0.00 05/31/2022 12,500.0005/31/2022
912828M80 Government Bonds USA TREASURY 2% 30NOV2022 1 Income 1/30/2022 1,250,000.00 0.00 12,500.00 0.00 05/31/2022 6,906.2505/31/2022
912828U57 Government Bonds USA TREASURY 2.125% 11/30/2 Income 023 650,000.00 0.00 6,906.25 0.00 05/31/2022 5,250.0005/31/2022
912828YV6 Government Bonds USA TREASURY 1.5% 11/30/202 Income 4 700,000.00 0.00 5,250.00 0.00 05/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 0.80 0.80 24 ADDITIONAL INFORMATION
As of May 31, 2022

SAN RAFAEL
Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.

Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith.© 2022 Insight Investment. All rights reserved. 26 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJune 2022 Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 13Securities purchased 18Securities sold and matured 19Detail of return and interest received 20Transaction report 24Additional information 25

FIXED INCOME MARKET REVIEW
As of June 30, 2022

SAN RAFAEL
Chart 1: Federal Reserve once again forecasts a steeper hiking cycleSource: Bloomberg, June 30, 2022Chart 2: Treasury yields largely edge down from their highsSource: Bloomberg, June 30, 2022 Economic Indicators and Monetary PolicyCPI rebounded to another 40-year record at 8.6% year-on-year. Core CPI, however,came in at 6% year-on-year, below the 6.5% high from two months ago. Non-core(food and energy) items drove the surprise, although both “sticky” and “flexible”categories accelerated. On the flexibleside, used car prices rebounded 1.8% (16% year-on-year) and travel and fuel costs also surged 13% (38% year-on-year). On the stickyside, health services rose a strong 0.4%, driven by insurance. Shelter rose

0.6%, the fastest since 1990.Following the CPI report, the Federal Reserve guided markets to expect a 75bp hikeinstead of a 50bp hike at its June 15 meeting, which it duly delivered. It was the largestUS policy rate move since 1994, taking rates to 1.5-1.75%. The new quarterly “dotplot” was revised sharply higher, with the median projection approaching 4% for end2023, from less than 3% at the previous meeting (Chart 1).Job growth remained robust. Payrolls showed 390,000 jobs added. Theunemployment rate remained unchanged at 3.6%, and average hourly earnings rose asomewhat more modest 0.3% than the recent trend, indicating labor marketconditions did not materially tighten during the month.Elsewhere, the ISM manufacturing index remained well in expansionary territory,printing at 56.1, up from 55.4, a bit stronger than consensus expectations at 54.5. Thenew orders index increased to 55.1 from 53.5. The ISM services index weakened bymore than anticipated, however, from 57.1 to 55.9.Interest Rate Summary Yields edged up again in response to inflation and rate hike concerns (Chart 2). At theend of June, the 3-month US Treasury bill yielded 1.71%, the 6-month US Treasury billyielded 2.52%, the 2-year US Treasury note yielded 2.96%, the 5-year US Treasury noteyielded 3.04% and the 10-year US Treasury note yielded 3.02%. 3 4.5
4 3.5
3 2.5
<f,
2 1.5
1 0.5
----
...-..------- --
Fed Dots June
2022
"- Fed Dots March
2022
___ December2021 -- -- Fed Dots
-- --
-------
______
---- Fed Dots
-- September 2021 0 ~------------------------------
2022
""O

3.5%

3.0%

2.5%
v
">-2. 0%
i:'.:"
ro 1.5%
Q)
.::.

1.0%

0.5% 0.0%
....
....
......
....
....
....
....
....
2023
Year-end
....
.... ---------
....
--
--
--
___ .... _ ...... --
--
3M 6M lY 2Y 3Y
2024
----------- ----
-------
--
-----
7Y lOY
---Jun-22 ----- May-22 --- Dec-21

ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,070,514.91
Income received 22,690.86
Total receipts 22,690.86
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (33,430.15)Total OID/MKT accretion income 3,520.31 Return of capital 0.00
Closing balance 46,063,045.93Ending fair value 44,851,605.48 Unrealized gain (loss) (1,211,440.45)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.26 0.22 0.10Overnight Repo 0.22 0.20 0.09Merrill Lynch 3m US Treas Bill 0.34 0.32 0.12Merrill Lynch 6m US Treas Bill 0.51 0.49 0.16ML 1 Year US Treasury Note 0.85 0.78 0.22ML 2 Year US Treasury Note 1.22 1.03 0.24ML 5 Year US Treasury Note 1.68 1.18 0.26 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 61,819.51Accretion (amortization) (29,909.84)Realized gain (loss) on sales 0.00Total income on portfolio 31,909.67Average daily amortized cost 46,067,505.49Period return (%)Weighted average final maturity in days 583YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 50.43 0.00 50.43 0.00Corporate Bonds 28,825.44 (19,731.03) 9,094.41 0.00Government Agencies 11,520.46 (3,000.50) 8,519.96 0.00Government Bonds 16,520.31 (7,178.31) 9,342.00 0.00Municipal/Provincial Bonds 4,902.87 0.00 4,902.87 0.00Total 61,819.51 (29,909.84) 0.00 31,909.67

0.070.39
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 45,094,331.43
Income received 22,690.86
Total receipts 22,690.86
Expenses paid (250.00)
Total disbursements (250.00)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (265,166.81) Ending fair value 44,851,605.48
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.26 0.22 0.10Overnight Repo 0.22 0.20 0.09ICE Bofa 3 Months US T-BILL 0.17 0.14 0.02ICE Bofa 6m US Treas Bill 0.02 (0.02) (0.07)ICE Bofa 1 Yr US Treasury Note (1.44) (1.27) (0.51)ICE BofA US Treasury 1-3 (3.30) (2.84) (0.58)ICE BofA US Treasury 1-5 (4.61) (3.95) (0.58) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 50.43 0.00 50.43Corporate Bonds 28,825.44 (104,332.93) (75,507.49)Government Agencies 11,520.46 (62,694.22) (51,173.76)Government Bonds 16,520.31 (98,139.66) (81,619.35)Municipal/Provincial Bonds 4,902.87 0.00 4,902.87Total 61,819.51 (265,166.81) (203,347.30) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 61,819.51Total income on portfolio (203,347.30)Average daily total value * 45,049,446.94Period return (%) (0.45)Weighted average final maturity in days 583Change in fair value (265,166.81)YTD return (%) (2.08)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Cash and Cash Equivalents 155,858.13 155,858.13 155,858.13 0.00 1 0.34 0.00 Corporate Bonds 13,972,353.40 13,656,459.25 13,224,804.91 (431,654.34) 582 30.03 1.36 Government Agencies 11,353,540.36 11,279,505.65 11,004,000.17 (275,505.48) 450 24.40 1.20Government Bonds 19,881,990.05 19,811,922.90 19,307,642.27 (504,280.63) 481 42.74 1.29 Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,717 2.49 7.79 Total 46,523,041.94 46,063,045.93 44,851,605.48 (1,211,440.45) 583 100.00 1.45 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.34Corporate Bonds 30.03Government Agencies 24.40Government Bonds 42.74Municipal/Provincial Bonds 2.49 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 1,416,946.30 3.0590 to 179 days 4,800,356.01 10.32180 days to 1 year 7,773,229.68 16.711 to 2 years 24,451,322.02 52.562 to 3 years 5,248,432.43 11.283 to 4 years 1,673,455.50 3.604 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.49 46,523,041.94 100.00
Maturity distribution

0.005.00

10.0015.0020.0025.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 155,858.13 155,858.13 155,858.13 0.00 0.00 0.34 155,858.13 Total Cash and Cash Equivalents 155,858.13 155,858.13 155,858.13 155,858.13 0.00 0.34 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 501,463.27 (1,478.45) 2,797.92 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 499,984.82 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 501,594.98 (4,486.95) 1,900. 500,000.00 497,108.03 00 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,013,417.72 (23,888.45) 2 1,000,000.00 989,529.27 ,708.33 2.22742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 513,721.64 (10,924.96) 5,812 500,000.00 502,796.68 .50 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 707,346.73 (22,972.00) 3,281 700,000.00 684,374.73 .25 1.5414912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,047,224.03 (39,952.31) 3 1,000,000.00 1,007,271.72 ,750.00 2.3406051GHC6 3.004 12/20/2023 525,795.00 505,579.07 (7,218.13) 417.22 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 498,360.94 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,562.92 (20,031.60) 1,014 480,000.00 459,531.32 .00 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,702.68 (41,801.47) 2 1,000,000.00 958,901.21 ,037.50 2.1517325FAS7 3.650 01/23/2024 541,470.00 523,589.66 (22,142.27) 7,959.03 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 501,447.39 1.16 8 SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Corporate Bonds693475AV7 3.500 01/23/2024 957,939.00 927,199.17 (27,073.17) 13,737.50 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 900,126.00 2.0623DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,044,643.74 (46,920.31) 13,593.75 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 997,723.43 2.32 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,050,575.80 (48,459.34) 1 1,000,000.00 1,002,116.46 3,895.83 2.34 88579YBB6 3.250 02/14/2024 541,935.00 522,062.67 (22,951.42) 6,138.89 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 499,111.25 1.16 713448CM8 3.600 03/01/2024 537,465.00 521,730.55 (18,492.42) 5,950.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 503,238.13 1.16 06051GHF9 3.550 03/05/2024 535,525.00 509,171.36 (10,777.38) 5,670.14 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 498,393.98 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 512,667.07 (14,204.12) 3,311.85 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 498,462.95 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 526,320.04 (25,603.54) 2,125 500,000.00 500,716.50 .00 1.15166764BW9 1.554 05/11/2025 667,380.00 668,946.24 (5,201.86) 1,480.62 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 663,744.38 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 578,939.91 (17,074.19) 3,575.58 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 561,865.72 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,656,459.25 13,224,804.91 (431,654.34) 101,156.91 30.03Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,253,108.78 (3,693.37) 5, 1,250,000.00 1,249,415.41 902.78 2.71 9 SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,002,725.71 (1,866.34) 1, 1,000,000.00 1,000,859.37 458.33 2.20 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,201,140.43 (11,026.29) 6 1,200,000.00 1,190,114.14 ,095.83 2.583137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,248,924.61 (23,765.76) 9 1,250,000.00 1,225,158.85 11.46 2.68 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,014,375.78 (14,466.66) 8 1,000,000.00 999,909.12 ,625.00 2.253135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 607,913.34 (12,169.91) 6,041 600,000.00 595,743.43 .67 1.343133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (43,743.29) 6 1,000,000.00 956,256.71 61.11 2.15 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (42,963.35) 68.06 09/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 957,036.65 2.15(CALLABLE 23SEP22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,843.44 (56,854.36) 746.67 07/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22) 1,200,000.00 1,142,989.08 2.58 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (46,536.91) 5 1,000,000.00 953,463.09 62.50 2.15 (CALLABLE 12JUL22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,473.56 (18,419.24) 6,489 750,000.00 733,054.32 .58 1.62 Total Government Agencies 11,250,000.00 11,353,540.36 11,279,505.65 11,004,000.17 (275,505.48) 37,562.99 24.40Government Bonds9128287C8 USA TREASURY 1.75% 15JUL2022 1.750 07/15/2022 1,261,088.17 1,250,811.33 (554.14) 10,0 1,250,000.00 1,250,257.19 31.08 2.71 10 SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,650.91 (4,853.73) 38 1,250,000.00 1,244,797.18 8.49 2.68 912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,255,254.82 (7,207.94) 2, 1,250,000.00 1,248,046.88 049.18 2.73 912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,005,973.52 (12,223.52) 6 1,000,000.00 993,750.00 ,878.45 2.17912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,257,622.97 (17,290.94) 6 1,250,000.00 1,240,332.03 ,409.70 2.72912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,183.95 (15,730.83) 1 1,000,000.00 984,453.12 ,453.80 2.1591282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 795,119.53 (16,963.28) 0.00 1 800,000.00 778,156.25 .7091282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 992,869.23 (22,869.23) 517.9 1,000,000.00 970,000.00 6 2.139128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,261,052.85 (34,148.55) 5 1,250,000.00 1,226,904.30 ,698.03 2.7291282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,065.27 (36,393.39) 3 1,000,000.00 963,671.88 12.50 2.15 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 653,997.52 (11,462.37) 1,132 650,000.00 642,535.15 .17 1.4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,196,384.46 (44,946.96) 6 1,200,000.00 1,151,437.50 1.48 2.57 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,712.09 (46,102.71) 7 1,000,000.00 954,609.38 78.69 2.15 11 SECURITIES HELD
As of June 30, 2022

SAN RAFAEL
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,054.29 (47,624.60) 312.5 1,000,000.00 950,429.69 0 2.14 912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,030,701.32 (43,943.51) 8 1,000,000.00 986,757.81 ,857.04 2.239128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,037,461.85 (56,094.66) 5 1,000,000.00 981,367.19 ,283.47 2.26912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,012,267.71 (46,134.90) 2 1,000,000.00 966,132.81 ,486.41 2.18912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 717,176.51 (41,922.60) 860.6 700,000.00 675,253.91 6 1.5591282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,096,562.77 2,187.23 994. 1,200,000.00 1,098,750.00 57 2.36 Total Government Bonds 19,800,000.00 19,881,990.05 19,811,922.90 19,307,642.27 (504,280.63) 54,506.18 42.74Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 19,949.6 1,159,300.00 1,159,300.00 2 2.49 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.49 19,949.62Grand total 45,745,158.13 46,523,041.94 46,063,045.93 (1,211,440.45) 44,851,605.48 213,175.70 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond9128287C8 USA TREASURY 1.75% 1.750 07/15/2022 AA+ Aaa 1,250,000.00 1,261,088.17 2.71 1,250,257.19 2.79 0.0491282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.68 1,244,797.18 2.78 0.25912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.73 1,248,046.88 2.78 0.42912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 993,750.00 2.22 0.54912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.72 1,240,332.03 2.77 0.62912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 984,453.12 2.19 0.7091282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 778,156.25 1.73 0.9991282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 970,000.00 2.16 1.079128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.72 1,226,904.30 2.74 1.1491282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.15 963,671.88 2.15 1.36912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 642,535.15 1.43 1.3891282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,151,437.50 2.57 1.4491282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 954,609.38 2.13 1.7691282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.14 950,429.69 2.12 1.84912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 986,757.81 2.20 2.049128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 981,367.19 2.19 2.17912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 966,132.81 2.15 2.26912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 675,253.91 1.51 2.3591282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.36 1,098,750.00 2.45 3.11Issuer total 19,800,000.00 19,881,990.05 42.74 19,307,642.27 43.05 1.29Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.71 1,249,415.41 2.79 0.263135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 999,909.12 2.23 1.163135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.34 595,743.43 1.33 1.54 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal National Mortgage Association3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 07/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,142,989.08 2.55 1.773135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 733,054.32 1.63 1.93Issuer total 4,800,000.00 4,882,378.52 10.49 4,721,111.36 10.53 1.24Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.20 1,000,859.37 2.23 0.443130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,190,114.14 2.65 0.623130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 09/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 957,036.65 2.13 1.75Issuer total 3,200,000.00 3,222,938.09 6.93 3,148,010.16 7.02 0.91Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 956,256.71 2.13 1.783133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 953,463.09 2.13 1.78 Issuer total 2,000,000.00 2,000,000.00 4.30 1,909,719.80 4.26 1.78 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.68 1,225,158.85 2.73 0.79 Issuer total 1,250,000.00 1,248,223.75 2.68 1,225,158.85 2.73 0.79 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.58 7.79 Issuer total 1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.58 7.79 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 684,374.73 1.53 1.1289236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 459,531.32 1.02 1.50 Issuer total 1,180,000.00 1,194,301.40 2.57 1,143,906.05 2.55 1.27 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 498,462.95 1.11 0.8046647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 561,865.72 1.25 2.57 Issuer total 1,100,000.00 1,111,758.00 2.39 1,060,328.67 2.36 1.72 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.34 1,007,271.72 2.25 1.35 Issuer total 1,000,000.00 1,086,390.00 2.34 1,007,271.72 2.25 1.35 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.34 1,002,116.46 2.23 1.54 Issuer total 1,000,000.00 1,086,900.00 2.34 1,002,116.46 2.23 1.54 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.32 997,723.43 2.22 1.49 Issuer total 1,000,000.00 1,079,130.00 2.32 997,723.43 2.22 1.49 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,360.94 1.11 0.4706051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 498,393.98 1.11 0.67 Issuer total 1,000,000.00 1,061,320.00 2.28 996,754.92 2.22 0.57 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 989,529.27 2.21 0.84 Issuer total 1,000,000.00 1,031,510.00 2.22 989,529.27 2.21 0.84 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 958,901.21 2.14 1.52 Issuer total 1,000,000.00 1,001,230.00 2.15 958,901.21 2.14 1.52 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 900,126.00 2.01 1.45 Issuer total 900,000.00 957,939.00 2.06 900,126.00 2.01 1.45 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 663,744.38 1.48 2.74 Issuer total 700,000.00 667,380.00 1.43 663,744.38 1.48 2.74 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.16 503,238.13 1.12 1.45 Issuer total 500,000.00 537,465.00 1.16 503,238.13 1.12 1.45 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 502,796.68 1.12 1.09 Issuer total 500,000.00 520,430.00 1.12 502,796.68 1.12 1.09 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 501,447.39 1.12 1.45 Issuer total 500,000.00 541,470.00 1.16 501,447.39 1.12 1.45 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 500,716.50 1.12 1.80 Issuer total 500,000.00 537,160.00 1.15 500,716.50 1.12 1.80 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 499,984.82 1.11 0.67 Issuer total 500,000.00 509,155.00 1.09 499,984.82 1.11 0.67 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2022

SAN RAFAEL
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 499,111.25 1.11 1.51 Issuer total 500,000.00 541,935.00 1.16 499,111.25 1.11 1.51 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 497,108.03 1.11 0.82 Issuer total 500,000.00 506,880.00 1.09 497,108.03 1.11 0.82 Cash and Cash Equivalents
INVESTED CASH 0.000 155,858.13 155,858.13 0.00 155,858.13 0.35 0.00 Issuer total 155,858.13 155,858.13 0.00 155,858.13 0.35 0.00 Grand total 45,745,158.13 46,523,041.94 100.00 44,851,605.48 100.00 1.45 17 SECURITIES PURCHASED
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Bonds91282CAJ0 06/23/2022 08/31/2025 1,200,000.00 91.33 (1,095,937.50) 0.250 (994.57) 06/30/2022
USA TREASURY 0.25% 31AUG2025TORONTO DOMINION BANK, THE
Total Government Bonds 1,200,000.00 (1,095,937.50) (994.57) Grand total Grand total 1,200,000.00 (1,095,937.50) (994.57) 18 SECURITIES SOLD AND MATURED
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
Trade date Coupon Price
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Government Bonds912828ZX1 06/30/2022 (1,000,000.00) 999,808.04 1,000,000.00 0.00 1 0.125 ,000,000.00 0.00 0.00 06/30/2022
USA TREASURY 0.125% 30JUN2022
Total (Government Bonds) (1,000,000.00) 999,808.04 1,000,000.00 1,000,000.00 0.00 0.00 Grand total (1,000,000.00) 999,808.04 1,000,000.00 1,000,000.00 0.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 50.43 50.43
Total Cash 0.00 0.00 0.00 50.43 50.43Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (5,402.31) 1,309.03 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (6,252.36) 1,570.83 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (3,512.00) 966.67 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (1,510.85) 1,209.94 7,510.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.03) 0.00 (3,582.65) 1,429.86 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.96) 0.00 (8,606.36) 3,020.83 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.60 0.00 (7,270.82) 876.29 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (4,927.91) 1,470.14 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (9,006.75) 2,920.14 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.84) 0.00 (5,304.70) 362.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 (8,737.08) 969.08 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (3,239.19) 1,433.49 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (3,447.24) 1,450.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (6,125.51) 1,369.44 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (6,867.76) 2,537.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (1,193.81) 1,248.61 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 (3,541.48) 174.00 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 (6,320.98) 761.25 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,539.37) 0.00 (8,262.12) 2,718.75 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (1,221.05) 1,027.09 0.00 Total Corporate Bonds (19,731.03) (104,332.93) 7,510.00 0.00 28,825.44Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JUL22) 7.40 0.00 (9,310.84) 338.34 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (5,103.99) 1,057.29 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.72) 0.00 (3,129.70) 2,013.89 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (3,767.62) 1,208.34 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (6,902.11) 2,315.97 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (6,577.96) 281.94 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 12JUL22) 0.00 0.00 (6,411.68) 302.08 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23SEP22) 0.00 0.00 (6,627.88) 281.95 1,750.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 (5,438.98) 1,329.16 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 (2,960.41) 2,013.89 12,500.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 (6,463.05) 377.61 0.00 Total Government Agencies (3,000.50) (62,694.22) 14,250.00 0.00 11,520.46Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 203.50 0.00 (8,437.50) 123.29 750.00 912828ZX1 USA TREASURY 0.125% 30JUN2022 31.13 0.00 616.78 103.59 625.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CCK5 USA TREASURY 0.125% 30JUN2023 401.14 0.00 (4,250.00) 82.87 500.00 91282CAN1 USA TREASURY 0.125% 30SEP2022 113.83 0.00 (124.70) 128.07 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 540.21 0.00 (6,093.75) 103.59 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 85.21 0.00 (6,601.56) 203.80 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (3.89) 0.00 (6,875.00) 203.80 0.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 625.27 0.00 2,812.50 0.00 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (32.61) 0.00 (6,718.74) 307.38 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (21.39) 0.00 (4,375.00) 407.60 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (994.30) 0.00 (5,126.96) 1,424.37 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (776.55) 0.00 (9,667.96) 1,401.15 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (900.53) 0.00 (4,531.25) 1,243.09 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (582.91) 0.00 (5,031.25) 860.66 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (430.95) 0.00 (7,265.63) 1,222.82 0.00 9128287C8 USA TREASURY 1.75% 15JUL2022 (1,622.66) 0.00 (873.94) 1,812.85 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,030.36) 0.00 (4,394.52) 2,049.18 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (231.51) 0.00 (5,458.99) 1,132.17 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,365.56) 0.00 (7,539.06) 1,741.80 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,185.38) 0.00 (8,203.13) 1,968.23 0.00 Total Government Bonds (7,178.31) (98,139.66) 1,875.00 0.00 16,520.31 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Municipal/Provincial Bonds
888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,902.87 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,902.87 0.00Grand total (29,909.84) (265,166.81) 23,685.43 0.00 61,819.51 23 TRANSACTION REPORT
For the period June 1, 2022 - June 30, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
06/09/2022 12,500.0006/09/2022
3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 1 Income 2/09/2022 1,000,000.00 0.00 12,500.00 0.00 06/15/2022 750.0006/15/2022
91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2 Income 023 1,200,000.00 0.00 750.00 0.00 06/20/2022 7,510.0006/20/2022
06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2 Income 023 500,000.00 0.00 7,510.00 0.00 06/23/2022 1,750.0006/23/2022
3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 0 Income 4/23/2024 1,000,000.00 0.00 1,750.00 0.00 06/23/2022 (994.57)06/30/2022
91282CAJ0 Government Bonds USA TREASURY 0.25% 08/31/20 Bought 25 1,200,000.00 (1,095,937.50) (1,096,932.07) 0.00 06/30/2022 625.0006/30/2022
912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2 Income 022 1,000,000.00 0.00 625.00 0.00 06/30/2022 0.0006/30/2022
912828ZX1 Government Bonds USA TREASURY 0.125% 06/30/2 Capital Change 022 (1,000,000.00) 1,000,000.00 1,000,000.00 0.00 06/30/2022 500.0006/30/2022
91282CCK5 Government Bonds USA TREASURY 0.125% 06/30/2 Income 023 800,000.00 0.00 500.00 0.00 06/30/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 50.43 50.43 24 ADDITIONAL INFORMATION
As of June 30, 2022

SAN RAFAEL
Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.

San Rafael City CouncilJuly 18, 2022

San Rafael City Council
July 18, 2022