4.e-City-Quarterly-Investment-Report — San Rafael City Council, October 17, 2022

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

Agenda Item No: 4.e
Meeting Date: October 17, 2022

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

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

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

ANALYSIS: As of September 30, 2022, the primary LAIF account had a balance of $32,563,203.

Portfolio returns on LAIF deposits were 1.51% for the quarter ending September 30, 2022. The remaining investment assets include the $1,075,200 balance of Pt. San Pedro Assessment District bonds, and $43,393,448 in government agency securities and corporate bonds (including Walmart Inc., Apple Inc., American Honda Finance, Procter Gamble Co., Toyota, Caterpillar, Bank of America, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, JP Morgan Chase, Pfizer, and Chevron). The overall total portfolio returns for the quarter ending September 30, 2022, were

1.30%.

The City’s Westamerica general operating bank account had a balance of $14,447,629 at quarter end.

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

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

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

ATTACHMENTS:

Exhibit A:

1. Quarterly Investment Portfolio Report

2. Historical Activity by Quarter Report

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

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

NADINE ATIEH HADE

FINANCE DIRECTOR
% Return
LAIF 32,635,124 $       97.2% 1.51%
LAIF ‐ RDA 155,665 $             0.5% 1.51%
LAIF ‐ RDA 02 TARB 772,414 $             2.3% 1.51%
Total Internally Managed 33,563,203 $       43.0%
Weighted Average Yield 1.51%
Days
Effective Average Duration ‐ Internal 1
Weighted Average Maturity ‐ Internal 1
% Return
Cash $              94,380 0.2% 1.00%
Treasury Securities 19,352,963 $       43.5% 1.20%
Instrumentality Securities 10,891,851 $       24.5% 0.95% Corporate Notes 13,054,253 $       29.4% 0.90%
Municipal 1,075,200 $          2.4% 5.25%
Total Externally Managed 44,468,648 $       57.0%
Weighted Average Yield 1.15%
Years
Effective Average Duration ‐ External 1.39
Weighted Average Maturity ‐ External 1.53
Total Portfolio Assets % Return
LAIF 33,563,203 $       43.0% 1.51%
Cash 94,380 $               0.1% 1.00%
Treasury Securities 19,352,963 $       24.8% 1.20%
Instrumentality Securities 10,891,851 $       14.0% 0.95% Corporate Notes 13,054,253 $       16.7% 0.90%
Municipal 1,075,200 $          1.4% 5.25%
Total Portfolio Assets 78,031,851 $
Weighted Average Yield 1.30%
Years
Effective Average Duration ‐ Total 0.79
Weighted Average Maturity ‐ Total 0.87
Based on Market Values
September 30, 2022
City of Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF, 97.2%
LAIF ‐ RDA, 0.5%
LAIF ‐ RDA 02
TARB, 2.3%
Cash , 0.2%
Treasury
Securities,

43.5%
Instrumentality
Securities,

24.5%
Corporate
Notes, 29.4% Municipal, 2.4%
LAIF
43%
Cash
0%
Treasury
Securities
25%
Instrumentality
Securities
14%
Corporate Notes
17% Municipal
1%
Exhibit A
Internally Managed Assets % Return % Return % Return % Return % Return % Return LAIF 33,407,538 $ 99.5% 1.51% 49,325,065 $ 99.7% 0.86% 37,295,675 $ 99.6% 0.37% 37,272,941 $ 99.6% 0.21% 40,246,878 $ 99.6% 0.21% 45,213,641 $ 99.7% 0.26% LAIF ‐ Housing 155,665 $ 0.5% 1.51% 155,374 $ 0.3% 0.86% 155,252 $ 0.4% 0.37% 155,163 $ 0.4% 0.21% 155,068 $ 0.4% 0.21% 154,942 $ 0.3% 0.26% Total Internally Managed 33,563,203 $ 43.0% $ 49,480,439 52.5% $ 37,450,927 45.4% $ 37,428,104 45.0% $ 40,401,946 54.7% $ 45,368,583 57.5% Weighted Average Yield 1.51% 0.86% 0.37% 0.21% 0.21% 0.26% Externally Managed Assets % Return % Return % Return % Return % Return % Return Cash $ 94,380 0.2% 1.00% 155,858 $ 0.3% 0.02% 34,607 $ 0.1% 0.02% 160,462 $ 0.4% 0.02% 106,899 $ 0.3% 0.02% 56,088 $ 0.2% 0.01%Treasury Securities 19,352,963 $ 43.5% 1.20% 19,307,642 $ 43.0% 0.70% 19,322,375 $ 42.9% 0.54% 17,936,293 $ 39.2% 0.51% 6,202,242 $ 18.5% 0.69% 4,439,182 $ 13.3% 0.70% Instrumentality Securities 10,891,851 $ 24.5% 0.95% 11,004,000 $ 24.5% 0.96% 11,081,069 $ 24.6% 0.95% 12,774,395 $ 27.9% 1.09% 12,058,266 $ 36.1% 1.23% 13,695,843 $ 40.9% 1.21% Corporate Notes 13,054,253 $ 29.4% 0.90% 13,224,805 $ 29.5% 0.90% 13,449,548 $ 29.9% 0.69% 13,782,838 $ 30.1% 0.65% 13,918,907 $ 41.6% 0.66% 14,048,276 $ 42.0% 0.68% Municipal/Assessment District 1,075,200 $ 2.4% 5.25% 1,159,300 $ 2.6% 5.25% 1,159,300 $ 2.6% 5.25% 1,159,300 $ 2.5% 5.25% 1,159,300 $ 3.5% 5.25% 1,239,200 $ 3.7% 5.25% Total Externally Managed 44,468,648 $ 57.0% $ 44,851,605 47.5% $ 45,046,900 54.6% $ 45,813,288 55.0% $ 33,445,614 45.3% $ 33,478,588 42.5% Weighted Average Yield 1.15% 0.94% 0.81% 0.83% 1.03% 1.07% Years Years Years Years Years Years
Effective Average Duration ‐ External 1.39 1.45 1.56 1.68 1.91 2.02 Weighted Average Maturity ‐ External 1.53 1.60 1.72 1.87 2.26 2.39 Total Portfolio Assets % Return % Return % Return % Return % Return % Return LAIF 33,563,203 $ 43.0% 1.51% 49,480,439 $ 52.5% 0.86% 37,450,927 $ 45.4% 0.37% 37,428,104 $ 45.0% 0.21% 40,401,946 $ 54.7% 0.21% 45,368,583 $ 57.5% 0.26% Cash 94,380 $ 0.1% 1.00% 155,858 $ 0.2% 0.02% 34,607 $ 0.0% 0.02% 160,462 $ 0.2% 0.02% 106,899 $ 0.1% 0.02% 56,088 $ 0.1% 0.01%Treasury Securities 19,352,963 $ 24.8% 1.20% 19,307,642 $ 20.5% 0.70% 19,322,375 $ 23.4% 0.54% 17,936,293 $ 21.5% 0.51% 6,202,242 $ 8.4% 0.69% 4,439,182 $ 5.6% 0.70% Instrumentality Securities 10,891,851 $ 14.0% 0.95% 11,004,000 $ 11.7% 0.96% 11,081,069 $ 13.4% 0.95% 12,774,395 $ 15.3% 1.09% 12,058,266 $ 16.3% 1.23% 13,695,843 $ 17.4% 1.21% Corporate Notes 13,054,253 $ 16.7% 0.90% 13,224,805 $ 14.0% 0.90% 13,449,548 $ 16.3% 0.69% 13,782,838 $ 16.6% 0.65% 13,918,907 $ 18.8% 0.66% 14,048,276 $ 17.8% 0.68% Municipal/Assessment District 1,075,200 $ 1.4% 5.25% 1,159,300 $ 1.2% 5.25% 1,159,300 $ 1.4% 5.25% 1,159,300 $ 1.4% 5.25% 1,159,300 $ 1.6% 5.25% 1,239,200 $ 1.6% 5.25% Total Portfolio Assets 78,031,850 $ $ 94,332,045 $ 82,497,826 $ 83,241,391 $ 73,847,559 $ 78,847,170 Weighted Average Yield 1.30% 0.90% 0.61% 0.55% 0.58% 0.60% Years Years Years Years Years Years
Effective Average Duration ‐ Total 0.79 0.69 0.85 0.93 0.87 0.86 Weighted Average Maturity ‐ Total 0.87 0.76 0.94 1.03 1.03 1.02 Performance Recap
‐The weighted average quarterly portfolio yield increased from 0.90% to 1.30% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation. ‐The effective average duration increased, from 0.69 to 0.79 years since last quarter, this is a result of the decrease from 52.5% to 43% of the portfolio's assets being held in LAIF, which is highly liquid. ‐The total portfolio assets decreased by approximately $16.3 million during the quarter. This is reflective of transfers to support operating activities during the first quarter when property taxes are not received.

September 30, 2022
City of San Rafael
Historical Activity‐By Quarter
June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 T:\CITY COUNCIL AGENDA ITEMS\Agenda Item Approval Process\2022‐10‐17\FIN ‐ Quarterly Investment Report\Insight‐Quarterly Report combined 09‐30‐22

FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELJuly 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 July 31, 2022

SAN RAFAEL
Chart 1: Federal Reserve brings policy rates back to its estimate of “neutral”Source: Bloomberg, July 31, 2022Chart 2: Treasury yields largely edge down from their highsSource: Bloomberg, July 31, 2022 Economic Indicators and Monetary PolicyHeadline CPI set yet another 40-year record, breaching 9%, more than the expected8.8%. Core CPI did decline for the second straight month, however, albeit remainingwell above target at 5.9%. Energy CPI was once again the largest driver, although“sticky” sectors such as rents and healthcare prices also continued to accelerate.The Federal Reserve (Fed) raised policy rates by 75bps for the second meeting in arow. This took the Fed Funds rate to a range of 2.25% to 2.50%. This reaches many ofthe committee’s estimates of the long-term “neutral” rate (Chart 1). In Chair Powell’swords, this was an “expeditious” move from the “zero bound” just four months ago,signalling that it will hike rates at a slower pace from now.Labor market indicators continued to be strong. Nonfarm payrolls rose by 372,000,stronger than expected. It showed solid job growth across the board with goodsindustries adding 48,000 jobs and services adding 333,000. Wage growth slightlyslowed but remained historically strong at 5.1%. The unemployment rate wasunchanged at 3.6%, around pre-pandemic lows.However, concerns of recession continued to build, and other indicators were lesspositive. The Conference Board consumer confidence index declined from 98.4 inJune to 95.7, below expectations. The manufacturing PMI declined from 52.7 in Juneto 52.3 and the services PMI fell from 52.7 to 47.0 (contractionary territory). ThePhiladelphia Fed manufacturing survey fell from -3.3 to -12.3, disappointingexpectations. Existing home sales dropped 5.4%, where a modest decline wasexpected. On the positive side, nominal retail sales increased 1%, slightly aboveexpectations.Interest Rate SummaryThe yield curve inverted during the month, with maturities above 2-years generallyfalling by up to 40bp while yields rose at the front end (Chart 2). At the end of July, the3-month US Treasury bill yielded 2.41%, the 6-month US Treasury bill yielded 2.88%,the 2-year US Treasury note yielded 2.89%, the 5-year US Treasury note yielded 2.68%and the 10-year US Treasury note yielded 2.65%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,063,045.93
Income received 50,283.09
Total receipts 50,283.09
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 (32,706.84)Total OID/MKT accretion income 6,999.12 Return of capital 0.00
Closing balance 46,087,371.30Ending fair value 45,012,618.06 Unrealized gain (loss) (1,074,753.24)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.39 0.35 0.14Overnight Repo 0.35 0.33 0.14Merrill Lynch 3m US Treas Bill 0.51 0.49 0.18Merrill Lynch 6m US Treas Bill 0.73 0.68 0.21ML 1 Year US Treasury Note 1.10 0.99 0.25ML 2 Year US Treasury Note 1.46 1.20 0.25ML 5 Year US Treasury Note 1.87 1.30 0.25 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 65,536.61Accretion (amortization) (25,707.72)Realized gain (loss) on sales 0.00Total income on portfolio 39,828.89Average daily amortized cost 46,070,651.49Period return (%)Weighted average final maturity in days 591YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 138.24 0.00 138.24 0.00Corporate Bonds 30,813.38 (19,567.19) 11,246.19 0.00Government Agencies 12,314.95 (3,000.95) 9,314.00 0.00Government Bonds 17,029.04 (3,139.58) 13,889.46 0.00Municipal/Provincial Bonds 5,241.00 0.00 5,241.00 0.00Total 65,536.61 (25,707.72) 0.00 39,828.89

0.090.48
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 44,851,605.48
Income received 50,283.09
Total receipts 50,283.09
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 110,979.49 Ending fair value 45,012,618.06
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.39 0.35 0.14Overnight Repo 0.35 0.33 0.14ICE Bofa 3 Months US T-BILL 0.21 0.20 0.05ICE Bofa 6m US Treas Bill 0.10 0.13 0.09ICE Bofa 1 Yr US Treasury Note (1.30) (0.85) 0.17ICE BofA US Treasury 1-3 (3.13) (1.87) 0.34ICE BofA US Treasury 1-5 (4.30) (2.43) 0.67 * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 138.24 0.00 138.24Corporate Bonds 30,813.38 45,094.76 75,908.14Government Agencies 12,314.95 11,387.92 23,702.87Government Bonds 17,029.04 54,496.81 71,525.85Municipal/Provincial Bonds 5,241.00 0.00 5,241.00Total 65,536.61 110,979.49 176,516.10 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 65,536.61Total income on portfolio 176,516.10Average daily total value * 45,109,754.53Period return (%) 0.39Weighted average final maturity in days 591Change in fair value 110,979.49YTD return (%) (1.69)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of July 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 47,393.46 47,393.46 47,393.46 0.00 0.10 0.00 1Corporate Bonds 13,972,353.40 13,636,892.06 13,269,899.67 (366,992.39) 553 30.01 1.28Government Agencies 11,353,540.36 11,276,504.70 11,015,388.09 (261,116.61) 421 24.38 1.11Government Bonds 20,029,399.64 19,967,281.08 19,520,636.84 (446,644.24) 536 43.02 1.43Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,688 2.49 7.71Total 46,561,986.86 46,087,371.30 45,012,618.06 (1,074,753.24) 591 100.00 1.46 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.10Corporate Bonds 30.01Government Agencies 24.38Government Bonds 43.02Municipal/Provincial Bonds 2.49 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of July 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 2,556,759.18 5.4990 to 179 days 3,302,517.08 7.09180 days to 1 year 7,554,549.32 16.231 to 2 years 24,411,902.34 52.432 to 3 years 4,495,005.68 9.653 to 4 years 3,081,953.26 6.624 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.49 46,561,986.86 100.00
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 July 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 47,393.46 47,393.46 47,393.46 0.00 0.00 0.10 47,393.46 Total Cash and Cash Equivalents 47,393.46 47,393.46 47,393.46 47,393.46 0.00 0.10 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 501,233.44 (2,495.70) 3,895.83 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 498,737.74 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 501,437.06 (3,636.25) 2,933. 500,000.00 497,800.81 33 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,012,119.23 (20,617.37) 4 1,000,000.00 991,501.86 ,387.50 2.22742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 512,705.22 (12,510.31) 7,147 500,000.00 500,194.91 .22 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 706,815.64 (19,193.99) 4,095 700,000.00 687,621.65 .00 1.5414912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,044,413.08 (35,555.02) 6 1,000,000.00 1,008,858.06 ,979.17 2.3306051GHC6 3.004 12/20/2023 525,795.00 504,594.53 (5,923.75) 1,710.61 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 498,670.78 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,586.72 (18,140.14) 120.0 480,000.00 461,446.58 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,664.83 (36,645.36) 1 1,000,000.00 964,019.47 75.00 2.15 17325FAS7 3.650 01/23/2024 541,470.00 522,261.91 (19,614.82) 405.56 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 502,647.09 1.16 8 SECURITIES HELD
As of July 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 957,939.00 925,668.26 (22,521.51) 700.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 903,146.75 2.0623DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,042,268.20 (39,189.92) 16,500.00 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 1,003,078.28 2.32 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,047,968.80 (43,871.78) 1 1,000,000.00 1,004,097.02 7,017.36 2.33 88579YBB6 3.250 02/14/2024 541,935.00 520,867.94 (19,894.14) 7,538.19 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 500,973.80 1.16 713448CM8 3.600 03/01/2024 537,465.00 520,454.78 (16,660.98) 7,500.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 503,793.80 1.15 06051GHF9 3.550 03/05/2024 535,525.00 508,048.34 (8,929.83) 7,198.61 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 499,118.51 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 511,370.10 (12,255.02) 4,844.19 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 499,115.08 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 525,150.26 (20,885.00) 3,588 500,000.00 504,265.26 .89 1.15166764BW9 1.554 05/11/2025 667,380.00 669,849.84 3,563.43 2,417.33 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 673,413.27 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 579,413.88 (12,014.93) 4,611.50 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 567,398.95 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,636,892.06 13,269,899.67 (366,992.39) 103,765.29 30.01Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,252,127.06 (3,173.67) 8, 1,250,000.00 1,248,953.39 055.56 2.71 9 SECURITIES HELD
As of July 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 1,002,211.43 (3,988.83) 3, 1,000,000.00 998,222.60 611.11 2.19 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,200,989.72 (11,104.23) 7 1,200,000.00 1,189,885.49 ,516.67 2.583137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,249,035.86 (22,403.87) 1 1,250,000.00 1,226,631.99 ,315.10 2.683135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,013,377.46 (14,088.20) 1 1,000,000.00 999,289.26 1,100.69 2.253135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 607,500.47 (10,802.47) 7,333 600,000.00 596,698.00 .33 1.333133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (40,966.89) 9 1,000,000.00 959,033.11 62.50 2.15 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (40,331.52) 369.44 09/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 959,668.48 2.15(CALLABLE 23SEP22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,850.36 (54,108.44) 1,108.33 10/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 1,200,000.00 1,145,741.92 2.58 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (43,717.63) 8 1,000,000.00 956,282.37 85.42 2.15 (CALLABLE 05AUG22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,412.34 (16,430.86) 1,057 750,000.00 734,981.48 .29 1.62 Total Government Agencies 11,250,000.00 11,353,540.36 11,276,504.70 11,015,388.09 (261,116.61) 43,315.44 24.38Government Bonds91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,768.54 (4,043.84) 52 1,250,000.00 1,245,724.70 0.83 2.68 10 SECURITIES HELD
As of July 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 Bonds912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,254,190.11 (7,119.80) 4, 1,250,000.00 1,247,070.31 166.67 2.73 912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,005,042.97 (11,332.03) 6 1,000,000.00 993,710.94 52.17 2.17 912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,256,595.52 (16,702.94) 7 1,250,000.00 1,239,892.58 ,881.56 2.71912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,161.85 (15,239.97) 1 1,000,000.00 984,921.88 ,875.00 2.1591282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 795,534.03 (16,002.78) 84.24 800,000.00 779,531.25 1.7091282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 993,427.45 (21,396.20) 625.0 1,000,000.00 972,031.25 0 2.139128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,260,250.42 (31,295.34) 7 1,250,000.00 1,228,955.08 ,145.89 2.7291282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,061.24 (33,811.24) 5 1,000,000.00 966,250.00 23.10 2.15 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 653,758.28 (10,689.92) 2,302 650,000.00 643,068.36 .08 1.4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,196,594.75 (42,344.75) 1 1,200,000.00 1,154,250.00 88.53 2.57 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,678.39 (43,334.64) 1 1,000,000.00 957,343.75 ,096.31 2.1591282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,142.35 (44,626.73) 523.1 1,000,000.00 953,515.62 0 2.14 11 SECURITIES HELD
As of July 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 Bonds912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,029,476.43 (40,101.43) 1 1,000,000.00 989,375.00 0,890.88 2.23 9128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,036,050.78 (51,675.78) 7 1,000,000.00 984,375.00 ,083.33 2.26912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,011,822.39 (41,548.95) 3 1,000,000.00 970,273.44 ,750.00 2.18912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 716,574.17 (38,257.76) 1,750 700,000.00 678,316.41 .00 1.5591282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,099,331.81 9,496.32 1,24 1,200,000.00 1,108,828.13 7.28 2.3591282CAM3 USA TREASURY 0.25% 30SEP2025 0.250 09/30/2025 456,445.31 457,112.53 4,078.88 416.67 0. 500,000.00 461,191.41 989128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 496,212.61 496,267.77 4,591.61 2,395.83 500,000.00 500,859.38 1.0791282CBQ3 USA TREASURY 0.5% 28FEB2026 0.500 02/28/2026 455,839.84 456,439.30 4,713.05 1,039.40 500,000.00 461,152.35 0.98 Total Government Bonds 20,050,000.00 20,029,399.64 19,967,281.08 19,520,636.84 (446,644.24) 56,157.87 43.02Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,159,300.00 1,159,300.00 0.00 25,190.6 1,159,300.00 1,159,300.00 2 2.49 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 25,190.62Grand total 45,886,693.46 46,561,986.86 46,087,371.30 (1,074,753.24) 45,012,618.06 228,429.22 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of July 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/Bond91282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.68 1,245,724.70 2.77 0.17912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.73 1,247,070.31 2.77 0.34912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 993,710.94 2.21 0.47912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,892.58 2.75 0.54912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 984,921.88 2.19 0.6291282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 779,531.25 1.73 0.9191282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.13 972,031.25 2.16 0.999128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.72 1,228,955.08 2.73 1.0691282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.15 966,250.00 2.15 1.27912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 643,068.36 1.43 1.3091282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.57 1,154,250.00 2.56 1.3591282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 957,343.75 2.13 1.6791282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.14 953,515.62 2.12 1.76912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 989,375.00 2.20 1.959128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 984,375.00 2.19 2.08912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 970,273.44 2.16 2.18912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 678,316.41 1.51 2.2691282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.35 1,108,828.13 2.46 3.0291282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 461,191.41 1.02 3.109128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.07 500,859.38 1.11 3.1491282CBQ3 USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 461,152.35 1.02 3.49Issuer total 20,050,000.00 20,029,399.64 43.02 19,520,636.84 43.37 1.43Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.71 1,248,953.39 2.77 0.19 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of July 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 Association3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 999,289.26 2.22 1.083135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 596,698.00 1.33 1.453136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.58 1,145,741.92 2.55 1.683135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 734,981.48 1.63 1.86Issuer total 4,800,000.00 4,882,378.52 10.49 4,725,664.05 10.50 1.17Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,222.60 2.22 0.363130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,189,885.49 2.64 0.553130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 09/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 959,668.48 2.13 1.66Issuer total 3,200,000.00 3,222,938.09 6.92 3,147,776.57 6.99 0.83Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 959,033.11 2.13 1.693133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.15 956,282.37 2.12 1.69 Issuer total 2,000,000.00 2,000,000.00 4.30 1,915,315.48 4.26 1.69 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 1,226,631.99 2.73 0.71 Issuer total 1,250,000.00 1,248,223.75 2.68 1,226,631.99 2.73 0.71 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 7.71 Issuer total 1,159,300.00 1,159,300.00 2.49 1,159,300.00 2.58 7.71 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.54 687,621.65 1.53 1.04 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of July 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
Toyota Motor Credit Corp89236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 461,446.58 1.03 1.42 Issuer total 1,180,000.00 1,194,301.40 2.56 1,149,068.23 2.55 1.19 JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.15 499,115.08 1.11 0.7246647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 567,398.95 1.26 2.48 Issuer total 1,100,000.00 1,111,758.00 2.39 1,066,514.03 2.37 1.63 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 1,008,858.06 2.24 1.27 Issuer total 1,000,000.00 1,086,390.00 2.33 1,008,858.06 2.24 1.27 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 1,004,097.02 2.23 1.45 Issuer total 1,000,000.00 1,086,900.00 2.33 1,004,097.02 2.23 1.45 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 1,003,078.28 2.23 1.39 Issuer total 1,000,000.00 1,079,130.00 2.32 1,003,078.28 2.23 1.39 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,670.78 1.11 0.3906051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 499,118.51 1.11 0.59 Issuer total 1,000,000.00 1,061,320.00 2.28 997,789.29 2.22 0.49 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.22 991,501.86 2.20 0.77 Issuer total 1,000,000.00 1,031,510.00 2.22 991,501.86 2.20 0.77 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of July 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
John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 964,019.47 2.14 1.43 Issuer total 1,000,000.00 1,001,230.00 2.15 964,019.47 2.14 1.43 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.06 903,146.75 2.01 1.38 Issuer total 900,000.00 957,939.00 2.06 903,146.75 2.01 1.38 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 673,413.27 1.50 2.65 Issuer total 700,000.00 667,380.00 1.43 673,413.27 1.50 2.65 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 504,265.26 1.12 1.71 Issuer total 500,000.00 537,160.00 1.15 504,265.26 1.12 1.71 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 503,793.80 1.12 1.35 Issuer total 500,000.00 537,465.00 1.15 503,793.80 1.12 1.35 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 502,647.09 1.12 1.38 Issuer total 500,000.00 541,470.00 1.16 502,647.09 1.12 1.38 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 500,973.80 1.11 1.42 Issuer total 500,000.00 541,935.00 1.16 500,973.80 1.11 1.42 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of July 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
Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 500,194.91 1.11 1.00 Issuer total 500,000.00 520,430.00 1.12 500,194.91 1.11 1.00 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 498,737.74 1.11 0.61 Issuer total 500,000.00 509,155.00 1.09 498,737.74 1.11 0.61 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 497,800.81 1.11 0.75 Issuer total 500,000.00 506,880.00 1.09 497,800.81 1.11 0.75 Cash and Cash Equivalents
INVESTED CASH 0.000 47,393.46 47,393.46 0.00 47,393.46 0.11 0.00 Issuer total 47,393.46 47,393.46 0.00 47,393.46 0.11 0.00 Grand total 45,886,693.46 46,561,986.86 100.00 45,012,618.06 100.00 1.46 17 SECURITIES PURCHASED
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Bonds91282CAM3 07/13/2022 09/30/2025 500,000.00 91.29 (456,445.31) (362 0.250 .02) 07/15/2022
USA TREASURY 0.25% 30SEP2025BNP PARIBAS PARIS
9128285N6 07/13/2022 11/30/2025 500,000.00 99.24 (496,212.61) (1,7 2.875 67.42) 07/15/2022
USA TREASURY 2.875% 30NOV2025RBC CAPITAL MARKETS, LLC
91282CBQ3 07/13/2022 02/28/2026 500,000.00 91.17 (455,839.84) (930 0.500 .71) 07/15/2022
USA TREASURY 0.5% 28FEB2026CREDIT AGRICOLE CIB
Total Government Bonds 1,500,000.00 (1,408,497.76) (3,060.15) Grand total Grand total 1,500,000.00 (1,408,497.76) (3,060.15) 18 SECURITIES SOLD AND MATURED
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
Trade date Coupon Price
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Government Bonds9128287C8 07/15/2022 (1,250,000.00) 1,261,088.17 1,250,000.00 0.0 1.750 0 1,250,000.00 0.00 0.00 07/15/2022
WI TREASURY SEC WI TREASURY SEC1.75% DUE 07-15-2022 REG Total (Government Bonds) (1,250,000.00) 1,261,088.17 1,250,000.00 1,250,000.00 0.00 0.00 Grand total (1,250,000.00) 1,261,088.17 1,250,000.00 1,250,000.00 0.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period July 1, 2022 - July 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 0.00 138.24 138.24
Total Cash 0.00 0.00 0.00 138.24 138.24Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 1,862.55 1,399.30 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 1,972.59 1,679.17 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 692.78 1,033.33 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 309.84 1,293.39 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 724.53 1,528.47 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.95) 0.00 1,586.34 3,229.17 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.60 0.00 9,668.89 936.71 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 1,199.70 1,571.53 9,125.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 1,980.56 3,121.53 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 5,118.26 387.50 2,250.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 5,533.23 1,035.92 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 652.13 1,532.34 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 555.67 1,550.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 3,548.76 1,463.89 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 3,020.75 2,712.50 15,750.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (2,601.77) 1,334.72 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 1,915.26 186.00 1,080.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 3,246.92 813.75 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.54) 0.00 5,354.85 2,906.25 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (1,247.08) 1,097.91 0.00 Total Corporate Bonds (19,567.19) 0.00 45,094.76 28,205.00 30,813.38Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 6.92 0.00 2,752.84 361.66 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.22) 0.00 1,927.16 1,130.21 6,562.50 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.72) 0.00 (462.02) 2,152.78 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 954.57 1,291.66 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (619.86) 2,475.69 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 2,776.40 301.39 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 05AUG22) 0.00 0.00 2,819.28 322.92 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23SEP22) 0.00 0.00 2,631.83 301.38 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.71) 0.00 (228.65) 1,420.84 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.28) 0.00 (2,636.77) 2,152.78 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 1,473.14 403.64 0.00 Total Government Agencies (3,000.95) 0.00 11,387.92 12,314.95 6,562.50Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 210.29 0.00 2,812.50 127.05 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 414.50 0.00 1,375.00 84.24 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CAN1 USA TREASURY 0.125% 30SEP2022 117.63 0.00 927.52 132.34 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 558.22 0.00 2,031.25 107.04 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.06 0.00 3,085.93 210.60 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.03) 0.00 2,578.12 210.60 0.00 91282CAM3 USA TREASURY 0.25% 30SEP2025 667.22 0.00 4,746.10 54.65 0.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 2,769.04 0.00 10,078.13 252.71 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 2,734.37 317.62 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.10) 0.00 468.76 421.20 0.00 91282CBQ3 USA TREASURY 0.5% 28FEB2026 599.46 0.00 5,312.51 108.69 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.45) 0.00 (439.45) 1,471.86 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.43) 0.00 2,050.78 1,447.86 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.55) 0.00 (39.06) 1,273.72 7,500.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 3,062.50 889.34 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.32) 0.00 4,140.63 1,263.59 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,064.71) 0.00 (976.57) 2,117.49 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.24) 0.00 533.21 1,169.91 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.07) 0.00 3,007.81 1,799.86 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,224.89) 0.00 2,617.19 2,033.84 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 55.16 0.00 4,646.77 628.41 0.00 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
9128287C8 WI TREASURY SEC WI TREASURY SEC 1.75% DUE 07-15-2022 REG (811.33) 0.00 (257.19) 906.42 10,937.50 Total Government Bonds (3,139.58) 0.00 54,496.81 18,437.50 17,029.04Municipal/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 (25,707.72) 110,979.49 53,343.24 0.00 65,536.61 23 TRANSACTION REPORT
For the period July 1, 2022 - July 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
07/02/2022 6,562.5007/02/2022
3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2 Income 024 07/02/2024 750,000.00 0.00 6,562.50 0.00 07/11/2022 1,080.0007/11/2022
89236THU2 Corporate Bonds TOYOTA MOTOR CREDIT CORP 01/ Income 11/2024 480,000.00 0.00 1,080.00 0.00 07/13/2022 (1,767.42)07/15/2022
9128285N6 Government Bonds USA TREASURY 2.875% 11/30/2 Bought 025 500,000.00 (496,212.61) (497,980.03) 0.00 07/13/2022 (362.02)07/15/2022
91282CAM3 Government Bonds USA TREASURY 0.25% 09/30/20 Bought 25 500,000.00 (456,445.31) (456,807.33) 0.00 07/13/2022 (930.71)07/15/2022
91282CBQ3 Government Bonds USA TREASURY 0.5% 02/28/202 Bought 6 500,000.00 (455,839.84) (456,770.55) 0.00 07/15/2022 10,937.5007/15/2022
9128287C8 Government Bonds WI TREASURY SEC WI 07/15/20 Income 22 1,250,000.00 0.00 10,937.50 0.00 07/15/2022 0.0007/15/2022
9128287C8 Government Bonds WI TREASURY SEC WI 07/15/20 Capital Change 22 (1,250,000.00) 1,250,000.00 1,250,000.00 0.00 07/15/2022 7,500.0007/15/2022
912828Z29 Government Bonds USA TREASURY 1.5% 01/15/202 Income 3 1,000,000.00 0.00 7,500.00 0.00 07/17/2022 2,250.0007/17/2022
24422EVN6 Corporate Bonds JOHN DEERE CAPITAL CORP 01/1 Income 7/2024 1,000,000.00 0.00 2,250.00 0.00 07/23/2022 9,125.0007/23/2022
17325FAS7 Corporate Bonds CITIBANK NA 3.65% 23JAN2024 Income 01/23/2024 500,000.00 0.00 9,125.00 0.00 07/23/2022 15,750.0007/23/2022
693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5% Income 01/23/2024 900,000.00 0.00 15,750.00 0.00 07/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 138.24 138.24 24 ADDITIONAL INFORMATION
As of July 31, 2022

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

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

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

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

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

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

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

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

NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAEL August 2022
Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 13Detail of return and interest received 18Transaction report 22Additional information 23

FIXED INCOME MARKET REVIEW
As of August 31, 2022

SAN RAFAEL
Chart 1: CPI shows signs of peakingSource: Bloomberg, August 31, 2022Chart 2: Treasury yields rise in response to central bank rhetoricSource: Bloomberg, August 31, 2022 Economic Indicators and Monetary PolicyHeadline CPI fell to 8.5% from the previous month’s 40-year record of 9.1% and camein lower than expected. Core CPI was unchanged at 5.9% (Chart 1). Energy CPIretraced, falling -4.6% month-on-month as did other commodity-based sectors,outside of food inflation. However, sticky sectors such as rents, medical services andeducation continued to be relatively high.Labor market data was strong again. The US economy added 528,000 jobs in July,more than double the consensus for 250,000. The leisure and hospitality sector wasparticularly strong with 96,000 new jobs created. The unemployment rateunexpectedly fell to 3.5% from 3.6%, equalling pre-pandemic lows. Wage growthremained unchanged at 5.2%Federal Reserve (Fed) Chair Powell emphasized the central bank’s resolve to bringinflation back down to the 2% target at the annual Jackson Hole Economic Symposium,even at the cost of lower equity prices and slower economic growth. Powell stated,conditions “likely require maintaining a restrictive policy stance for some time.” Healso reiterated his hawkish message, saying that “the employment costs of bringingdown inflation are likely to increase with delay”.On the political front, Congress passed the Inflation Reduction Act (IRA) of 2022,which is expected to narrowly lower the deficit and is focused on provisions for cleanenergy, health care spending, health care savings and revenue provisions, including a15% minimum tax for corporations with more than $1bn in revenue, and a 1% excisetax on stock buybacks.Elsewhere, the ISM manufacturing composite edged down from 53.0 to 52.8, thelowest since summer 2020. The ISM services index surprisingly rose to 56.7 where adecline was expected.Interest Rate SummaryYields generally rose during the month, given the Federal Reserve’s rhetoric onpersisting with its hiking cycle (Chart 2). At the end of August, the 3-month USTreasury bill yielded 2.95%, the 6-month US Treasury bill yielded 3.36%, the 2-year USTreasury note yielded 3.50%, the 5-year US Treasury note yielded 3.35% and the 10-year US Treasury note yielded 3.20%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period August 1, 2022 - August 31, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,087,371.30
Income received 103,872.66
Total receipts 103,872.66
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 (31,977.40)Total OID/MKT accretion income 7,953.99 Return of capital 0.00
Closing balance 46,166,970.55Ending fair value 44,849,886.64 Unrealized gain (loss) (1,317,083.91)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.58 0.54 0.20Overnight Repo 0.54 0.52 0.19Merrill Lynch 3m US Treas Bill 0.73 0.68 0.21Merrill Lynch 6m US Treas Bill 0.97 0.88 0.24ML 1 Year US Treasury Note 1.37 1.19 0.27ML 2 Year US Treasury Note 1.71 1.36 0.27ML 5 Year US Treasury Note 2.06 1.41 0.25 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 63,717.80Accretion (amortization) (24,023.41)Realized gain (loss) on sales 0.00Total income on portfolio 39,694.39Average daily amortized cost 46,133,772.13Period return (%)Weighted average final maturity in days 557YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 85.16 0.00 85.16 0.00Corporate Bonds 29,819.43 (19,649.09) 10,170.34 0.00Government Agencies 11,917.72 (3,000.74) 8,916.98 0.00Government Bonds 16,823.55 (1,373.58) 15,449.97 0.00Municipal/Provincial Bonds 5,071.94 0.00 5,071.94 0.00Total 63,717.80 (24,023.41) 0.00 39,694.39

0.090.57
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period August 1, 2022 - August 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 45,012,618.06
Income received 103,872.66
Total receipts 103,872.66
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 (266,354.08) Ending fair value 44,849,886.64
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.58 0.54 0.20Overnight Repo 0.54 0.52 0.19ICE Bofa 3 Months US T-BILL 0.37 0.35 0.16ICE Bofa 6m US Treas Bill 0.24 0.28 0.14ICE Bofa 1 Yr US Treasury Note (1.53) (0.92) (0.23)ICE BofA US Treasury 1-3 (3.82) (2.21) (0.72)ICE BofA US Treasury 1-5 (5.44) (3.23) (1.25) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 85.16 0.00 85.16Corporate Bonds 29,819.43 (89,399.41) (59,579.98)Government Agencies 11,917.72 (60,707.58) (48,789.86)Government Bonds 16,823.55 (116,247.09) (99,423.54)Municipal/Provincial Bonds 5,071.94 0.00 5,071.94Total 63,717.80 (266,354.08) (202,636.28) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 63,717.80Total income on portfolio (202,636.28)Average daily total value * 45,103,145.98Period return (%) (0.45)Weighted average final maturity in days 557Change in fair value (266,354.08)YTD return (%) (2.13)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of August 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 151,016.12 151,016.12 151,016.12 0.00 0.32 0.00 1Corporate Bonds 13,972,353.40 13,617,242.97 13,180,500.26 (436,742.71) 520 29.94 1.21Government Agencies 11,353,540.36 11,273,503.96 10,954,680.51 (318,823.45) 388 24.33 1.04Government Bonds 20,029,399.64 19,965,907.50 19,404,389.75 (561,517.75) 503 42.92 1.34Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 0.00 3,655 2.48 7.57Total 46,665,609.52 46,166,970.55 44,849,886.64 (1,317,083.91) 557 100.00 1.38 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.32Corporate Bonds 29.94Government Agencies 24.33Government Bonds 42.92Municipal/Provincial Bonds 2.48 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of August 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 2,660,381.84 5.7090 to 179 days 5,768,135.37 12.36180 days to 1 year 7,314,128.07 15.671 to 2 years 23,224,716.46 49.772 to 3 years 3,456,994.52 7.413 to 4 years 3,081,953.26 6.604 to 5 years 0.00 0.00Over 5 years 1,159,300.00 2.48 46,665,609.52 100.00
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 August 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 0.000 151,016.12 151,016.12 151,016.12 0.00 0.00 0.32 151,016.12 Total Cash and Cash Equivalents 151,016.12 151,016.12 151,016.12 151,016.12 0.00 0.32 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 501,003.60 (3,992.60) 4,958.33 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 497,011.00 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 501,279.14 (4,722.85) 3,933. 500,000.00 496,556.29 33 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,010,820.74 (24,981.94) 6 1,000,000.00 985,838.80 ,012.50 2.21742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 511,688.81 (13,853.94) 688.8 500,000.00 497,834.87 9 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 706,284.55 (22,958.38) 157.5 700,000.00 683,326.17 0 1.5314912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,041,602.13 (39,679.41) 1 1,000,000.00 1,001,922.72 0,104.17 2.33 06051GHC6 3.004 12/20/2023 525,795.00 503,609.99 (5,457.11) 2,962.28 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 498,152.88 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,610.52 (19,986.29) 300.0 480,000.00 459,624.23 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,626.98 (43,220.24) 5 1,000,000.00 957,406.74 50.00 2.15 17325FAS7 3.650 01/23/2024 541,470.00 520,934.16 (21,759.38) 1,926.39 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 499,174.78 1.16 8 SECURITIES HELD
As of August 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 957,939.00 924,137.35 (26,958.41) 3,325.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 897,178.94 2.0523DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,039,810.75 (44,682.74) 2,437.50 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 995,128.01 2.31 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,045,361.80 (47,878.00) 1 1,000,000.00 997,483.80 ,913.19 2.3388579YBB6 3.250 02/14/2024 541,935.00 519,673.21 (23,050.47) 767.36 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 496,622.74 1.16 713448CM8 3.600 03/01/2024 537,465.00 519,179.02 (18,720.71) 9,000.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 500,458.31 1.15 06051GHF9 3.550 03/05/2024 535,525.00 506,925.32 (8,947.79) 8,677.78 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 497,977.53 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 510,073.13 (12,638.92) 6,327.11 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 497,434.21 1.1423APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 523,980.48 (25,802.90) 5,005 500,000.00 498,177.58 .56 1.15166764BW9 1.554 05/11/2025 667,380.00 670,753.44 (10,232.84) 3,323.83 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 660,520.60 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 579,887.85 (17,217.79) 5,614.00 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 562,670.06 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,617,242.97 13,180,500.26 (436,742.71) 77,984.72 29.94Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,251,145.35 (1,785.54) 10 1,250,000.00 1,249,359.81 ,138.89 2.70 9 SECURITIES HELD
As of August 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 1,001,697.14 (2,864.51) 5, 1,000,000.00 998,832.63 694.44 2.19 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,200,839.00 (9,842.40) 64 1,200,000.00 1,190,996.60 1.67 2.58 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,249,147.10 (23,893.64) 1 1,250,000.00 1,225,253.46 ,705.73 2.673135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,012,379.14 (19,750.98) 1 1,000,000.00 992,628.16 3,496.53 2.243135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 607,087.60 (14,840.88) 1,083 600,000.00 592,246.72 .33 1.333133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (47,904.88) 1 1,000,000.00 952,095.12 ,254.17 2.143130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (54,728.38) 661.11 09/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 945,271.62 2.14(CALLABLE 23SEP22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,857.52 (64,902.64) 1,458.33 10/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 1,200,000.00 1,134,954.88 2.57 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (54,603.83) 1 1,000,000.00 945,396.17 ,197.92 2.14 (CALLABLE 12SEP22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,351.11 (23,705.77) 2,151 750,000.00 727,645.34 .04 1.61 Total Government Agencies 11,250,000.00 11,353,540.36 11,273,503.96 10,954,680.51 (318,823.45) 39,483.16 24.33Government Bonds91282CAN1 USA TREASURY 0.125% 30SEP2022 0.125 09/30/2022 1,248,929.97 1,249,886.17 (2,010.98) 65 1,250,000.00 1,247,875.19 3.18 2.68 10 SECURITIES HELD
As of August 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 Bonds912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,253,125.42 (5,696.79) 6, 1,250,000.00 1,247,428.63 284.15 2.72 912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,004,112.42 (9,932.73) 1, 1,000,000.00 994,179.69 915.76 2.17912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,255,568.08 (16,066.13) 7 1,250,000.00 1,239,501.95 47.28 2.71 912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,139.74 (14,553.80) 2 1,000,000.00 985,585.94 ,296.20 2.1491282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 795,948.54 (17,542.29) 168.4 800,000.00 778,406.25 8 1.7091282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 993,985.66 (23,985.66) 105.3 1,000,000.00 970,000.00 0 2.129128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,259,447.99 (35,326.89) 0 1,250,000.00 1,224,121.10 .00 2.71 91282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,057.22 (37,479.10) 7 1,000,000.00 962,578.12 33.70 2.14 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 653,519.05 (14,005.38) 3,472 650,000.00 639,513.67 .00 1.4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,196,805.03 (46,773.77) 3 1,200,000.00 1,150,031.26 15.57 2.56 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,644.69 (49,629.07) 1 1,000,000.00 951,015.62 ,413.93 2.1591282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,230.40 (51,277.28) 733.7 1,000,000.00 946,953.12 0 2.14 11 SECURITIES HELD
As of August 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 Bonds912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,028,251.54 (48,798.42) 1 1,000,000.00 979,453.12 ,032.61 2.22 9128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,034,639.70 (61,085.01) 8 1,000,000.00 973,554.69 ,883.20 2.25912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,011,377.08 (52,002.08) 5 1,000,000.00 959,375.00 ,013.59 2.17912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 715,971.82 (45,667.14) 2,639 700,000.00 670,304.68 .34 1.5591282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,102,100.86 (12,491.49) 0 1,200,000.00 1,089,609.37 .00 2.35 91282CAM3 USA TREASURY 0.25% 30SEP2025 0.250 09/30/2025 456,445.31 458,261.63 (5,175.69) 522.54 500,000.00 453,085.94 0.989128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 496,212.61 496,362.76 (5,679.16) 3,613. 500,000.00 490,683.60 39 1.06 91282CBQ3 USA TREASURY 0.5% 28FEB2026 0.500 02/28/2026 455,839.84 457,471.70 (6,338.89) 0.00 0. 500,000.00 451,132.81 98 Total Government Bonds 20,050,000.00 20,029,399.64 19,965,907.50 19,404,389.75 (561,517.75) 40,543.92 42.92Municipal/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 30,262.5 1,159,300.00 1,159,300.00 6 2.48 SANRAF$01
Total Municipal/Provincial Bonds 1,159,300.00 1,159,300.00 1,159,300.00 1,159,300.00 0.00 2.48 30,262.56Grand total 45,990,316.12 46,665,609.52 46,166,970.55 (1,317,083.91) 44,849,886.64 188,274.36 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of August 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/Bond91282CAN1 USA TREASURY 0.125% 0.125 09/30/2022 AA+ Aaa 1,250,000.00 1,248,929.97 2.68 1,247,875.19 2.78 0.08912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.72 1,247,428.63 2.78 0.25912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 994,179.69 2.22 0.38912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,501.95 2.76 0.45912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 985,585.94 2.20 0.5391282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 778,406.25 1.74 0.8291282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 970,000.00 2.16 0.909128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,224,121.10 2.73 0.9891282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.14 962,578.12 2.15 1.19912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 639,513.67 1.43 1.2191282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,150,031.26 2.56 1.2791282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 951,015.62 2.12 1.5991282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.14 946,953.12 2.11 1.67912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 979,453.12 2.18 1.899128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 973,554.69 2.17 1.99912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.17 959,375.00 2.14 2.09912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 670,304.68 1.49 2.1791282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.35 1,089,609.37 2.43 2.9491282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 453,085.94 1.01 3.019128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 490,683.60 1.09 3.0591282CBQ3 USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 451,132.81 1.01 3.41Issuer total 20,050,000.00 20,029,399.64 42.92 19,404,389.75 43.27 1.34Federal National Mortgage Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.70 1,249,359.81 2.79 0.10 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of August 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 Association3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 992,628.16 2.21 0.993135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 592,246.72 1.32 1.393136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,134,954.88 2.53 1.623135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 727,645.34 1.62 1.78Issuer total 4,800,000.00 4,882,378.52 10.46 4,696,834.91 10.47 1.09Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,832.63 2.23 0.273130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,190,996.60 2.66 0.463130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 09/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 945,271.62 2.11 1.61Issuer total 3,200,000.00 3,222,938.09 6.91 3,135,100.85 6.99 0.76Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 952,095.12 2.12 1.613133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 945,396.17 2.11 1.64 Issuer total 2,000,000.00 2,000,000.00 4.29 1,897,491.29 4.23 1.63 Federal Home Loan Mortgage Corp3137EAEQ8 FREDDIE MAC 0.375% 0.375 04/20/2023 AA+ Aaa 1,250,000.00 1,248,223.75 2.67 1,225,253.46 2.73 0.62 Issuer total 1,250,000.00 1,248,223.75 2.67 1,225,253.46 2.73 0.62 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,159,300.00 1,159,300.00 2.48 1,159,300.00 2.58 7.57 Issuer total 1,159,300.00 1,159,300.00 2.48 1,159,300.00 2.58 7.57 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 683,326.17 1.52 0.96 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of August 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
Toyota Motor Credit Corp89236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 459,624.23 1.02 1.34 Issuer total 1,180,000.00 1,194,301.40 2.56 1,142,950.40 2.55 1.11 JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A2 500,000.00 534,240.00 1.14 497,434.21 1.11 0.6346647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A2 600,000.00 577,518.00 1.24 562,670.06 1.25 2.40 Issuer total 1,100,000.00 1,111,758.00 2.38 1,060,104.27 2.36 1.55 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 1,001,922.72 2.23 1.18 Issuer total 1,000,000.00 1,086,390.00 2.33 1,001,922.72 2.23 1.18 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 997,483.80 2.22 1.40 Issuer total 1,000,000.00 1,086,900.00 2.33 997,483.80 2.22 1.40 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 498,152.88 1.11 0.3006051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 497,977.53 1.11 0.50 Issuer total 1,000,000.00 1,061,320.00 2.27 996,130.41 2.22 0.40 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 995,128.01 2.22 1.35 Issuer total 1,000,000.00 1,079,130.00 2.31 995,128.01 2.22 1.35 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 985,838.80 2.20 0.67 Issuer total 1,000,000.00 1,031,510.00 2.21 985,838.80 2.20 0.67 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of August 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
John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 957,406.74 2.13 1.35 Issuer total 1,000,000.00 1,001,230.00 2.15 957,406.74 2.13 1.35 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 897,178.94 2.00 1.31 Issuer total 900,000.00 957,939.00 2.05 897,178.94 2.00 1.31 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 660,520.60 1.47 2.57 Issuer total 700,000.00 667,380.00 1.43 660,520.60 1.47 2.57 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 500,458.31 1.12 1.32 Issuer total 500,000.00 537,465.00 1.15 500,458.31 1.12 1.32 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 499,174.78 1.11 1.31 Issuer total 500,000.00 541,470.00 1.16 499,174.78 1.11 1.31 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 498,177.58 1.11 1.63 Issuer total 500,000.00 537,160.00 1.15 498,177.58 1.11 1.63 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 497,834.87 1.11 0.93 Issuer total 500,000.00 520,430.00 1.12 497,834.87 1.11 0.93 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of August 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 1.09 497,011.00 1.11 0.57 Issuer total 500,000.00 509,155.00 1.09 497,011.00 1.11 0.57 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 496,622.74 1.11 1.38 Issuer total 500,000.00 541,935.00 1.16 496,622.74 1.11 1.38 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 496,556.29 1.11 0.66 Issuer total 500,000.00 506,880.00 1.09 496,556.29 1.11 0.66 Cash and Cash Equivalents
INVESTED CASH 0.000 151,016.12 151,016.12 0.00 151,016.12 0.34 0.00 Issuer total 151,016.12 151,016.12 0.00 151,016.12 0.34 0.00 Grand total 45,990,316.12 46,665,609.52 100.00 44,849,886.64 100.00 1.38 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period August 1, 2022 - August 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 85.16 85.16
Total Cash 0.00 0.00 0.00 85.16 85.16Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (4,351.06) 1,354.17 8,125.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (5,663.06) 1,625.00 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (1,244.52) 1,000.00 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (517.90) 1,251.67 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 (1,140.98) 1,479.17 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.95) 0.00 (6,935.34) 3,125.00 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.60 0.00 (12,892.67) 906.50 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (3,472.31) 1,520.83 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (6,613.22) 3,020.83 18,125.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 (6,612.73) 375.00 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 (4,728.89) 1,002.50 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (1,680.87) 1,482.92 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.76) 0.00 (3,335.49) 1,500.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (6,087.68) 1,416.67 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (5,967.81) 2,625.00 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.41) 0.00 (2,360.04) 1,291.67 7,750.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 (1,822.35) 180.00 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period August 1, 2022 - August 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Corporate Bonds
89236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 (531.09) 0.00 (4,295.48) 787.50 4,725.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,457.45) 0.00 (7,950.27) 2,812.50 16,875.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.84) 0.00 (1,726.74) 1,062.50 0.00 Total Corporate Bonds (19,649.09) (89,399.41) 55,600.00 0.00 29,819.43Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 7.16 0.00 (10,787.04) 350.00 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (7,336.14) 1,093.75 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.71) 0.00 406.42 2,083.33 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (4,451.28) 1,250.00 7,500.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (6,661.10) 2,395.84 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (6,937.99) 291.67 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 12SEP22) 0.00 0.00 (10,886.20) 312.50 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23SEP22) 0.00 0.00 (14,396.86) 291.67 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 1,111.11 1,375.00 8,250.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 610.03 2,083.33 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.24 0.00 (1,378.53) 390.63 0.00 Total Government Agencies (3,000.74) (60,707.58) 15,750.00 0.00 11,917.72Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 210.28 0.00 (4,218.74) 127.04 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 414.51 0.00 (1,125.00) 84.24 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period August 1, 2022 - August 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CAN1 USA TREASURY 0.125% 30SEP2022 117.63 0.00 2,150.49 132.35 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 558.21 0.00 (2,031.25) 105.30 625.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.05 0.00 (6,562.50) 210.60 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 (3,671.88) 210.60 0.00 91282CAM3 USA TREASURY 0.25% 30SEP2025 1,149.10 0.00 (8,105.47) 105.87 0.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 2,769.05 0.00 (19,218.76) 252.72 1,500.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 (6,328.13) 317.62 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.11) 0.00 664.06 421.20 0.00 91282CBQ3 USA TREASURY 0.5% 28FEB2026 1,032.40 0.00 (10,019.54) 210.60 1,250.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.44) 0.00 (390.63) 1,459.47 8,593.75 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.43) 0.00 (4,833.98) 1,447.86 8,593.75 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.55) 0.00 468.75 1,263.59 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.35) 0.00 (8,011.73) 889.34 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.31) 0.00 (10,898.44) 1,263.59 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,064.69) 0.00 358.32 2,117.48 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.23) 0.00 (3,554.69) 1,169.92 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 (10,820.31) 1,799.87 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,224.89) 0.00 (9,921.88) 2,016.73 11,875.00 9128285N6 USA TREASURY 2.875% 30NOV2025 94.99 0.00 (10,175.78) 1,217.56 0.00 Total Government Bonds (1,373.58) (116,247.09) 32,437.50 0.00 16,823.55 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period August 1, 2022 - August 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Municipal/Provincial Bonds
888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 5,071.94 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 5,071.94 0.00Grand total (24,023.41) (266,354.08) 103,872.66 0.00 63,717.80 21 TRANSACTION REPORT
For the period August 1, 2022 - August 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
07/31/2022 625.0007/31/2022
91282CCN9 Government Bonds USA TREASURY 0.125% 07/31/2 Income 023 1,000,000.00 0.00 625.00 0.00 08/05/2022 7,500.0008/05/2022
3135G0V34 Government Agencies FANNIE MAE 2.5% 05FEB20 Income 24 02/05/2024 600,000.00 0.00 7,500.00 0.00 08/05/2022 16,875.0008/05/2022
91159HHV5 Corporate Bonds US BANCORP 3.375% 02/05/2024 Income 1,000,000.00 0.00 16,875.00 0.00 08/12/2022 18,125.0008/12/2022
459200HU8 Corporate Bonds IBM CORP 3.625% 12FEB2024 02 Income /12/2024 1,000,000.00 0.00 18,125.00 0.00 08/14/2022 8,125.0008/14/2022
88579YBB6 Corporate Bonds 3M COMPANY 3.25% 02/14/2024 5 Income 00,000.00 0.00 8,125.00 0.00 08/15/2022 7,750.0008/15/2022
742718EB1 Corporate Bonds PROCTER & GAMBLE CO/THE 08/1 Income 5/2023 500,000.00 0.00 7,750.00 0.00 08/15/2022 11,875.0008/15/2022
912828D56 Government Bonds USA TREASURY 2.375% 08/15/2 Income 024 1,000,000.00 0.00 11,875.00 0.00 08/15/2022 8,593.7508/15/2022
912828Z86 Government Bonds USA TREASURY 1.375% 02/15/2 Income 023 1,250,000.00 0.00 8,593.75 0.00 08/17/2022 8,250.0008/17/2022
3130AJ7E3 Government Agencies FEDERAL HOME LOAN BANK 0 Income 2/17/2023 1,200,000.00 0.00 8,250.00 0.00 08/25/2022 4,725.0008/25/2022
89236THA6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 08/ Income 25/2023 700,000.00 0.00 4,725.00 0.00 08/31/2022 8,593.7508/31/2022
9128282D1 Government Bonds USA TREASURY 1.375% 08/31/2 Income 023 1,250,000.00 0.00 8,593.75 0.00 08/31/2022 1,500.0008/31/2022
91282CAJ0 Government Bonds USA TREASURY 0.25% 08/31/20 Income 25 1,200,000.00 0.00 1,500.00 0.00 08/31/2022 1,250.0008/31/2022
91282CBQ3 Government Bonds USA TREASURY 0.5% 02/28/202 Income 6 500,000.00 0.00 1,250.00 0.00 08/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 85.16 85.16 22 ADDITIONAL INFORMATION
As of August 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. 24 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELSeptember 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 14Securities purchased 19Securities sold and matured 20Detail of return and interest received 21Transaction report 25Additional information 26

FIXED INCOME MARKET REVIEW
As of September 30, 2022

SAN RAFAEL
Chart 1: The Fed’s rate projections were revised up againSource: Federal Reserve, September 30, 2022Chart 2: Labor market remains robustSource: Bloomberg, September 30, 2022 Economic Indicators and Monetary PolicyThe Fed announced a third consecutive 75bp rate hike, bringing the fed funds rate toa range of 3% to 3.25% and it continued to set a hawkish tone. It raised its dot plot toreflect policy rates at 4.375% by year-end (up 88bp from the projection in June and188bp higher than in March – see Chart 1). This implies another 125bp of hikes yet forthe final two meetings of the year. The Fed materially cut its growth forecasts for 2022and 2023 to 0.2% and 1.2% from 1.7% and 1.7%, respectively. It also projects theunemployment rate will rise to 4.4% by the end of next year from 3.7% today.Inflation made less progress than markets had hoped, falling from 8.5% to only 8.3%(where ~8.1% was expected). Core CPI was particularly disappointing, rising from 5.9%to 6.3%, narrowly below the recent peak of 6.5% in March. ‘Flexible’ categories likegasoline continued to reverse, but ‘sticky’ services sectors like rents and medicalprices continued to be high.Labor market data remained robust. The economy added 315,000 jobs, close toconsensus estimates with broad-based gains, albeit the previous two months wererevised down. Wage growth was largely in line with expectations at 5.2%. Theunemployment rate ticked up to 3.7% from 3.5%, more than expected, but this waspartly a result of the labor participation rate rising from 62.1% from 62.4%. Initial jobless claims reached the lowest levels since April on a seasonally adjusted basis, at 193,000 at the end of the month. Continuing jobless claims saw four straight weeks ofdeclines (Chart 2).Real GDP for Q2 2022 was unrevised at -0.6%, albeit the mix changed with realconsumer spending revised up from 1.5% pa to 2% pa. Revisions back to 2017 showedthe economy growing 3.5% since 2019, above the 2.9% previously estimated,indicating a significantly hotter economy than previously indicated.Interest Rate SummaryYields generally rose sharply during the month, given the Federal Reserve’s hawkishprojections. At the end of September, the 3-month US Treasury bill yielded 3.29%, the6-month US Treasury bill yielded 3.97%, the 2-year US Treasury note yielded 4.28%, the5-year US Treasury note yielded 4.09% and the 10-year US Treasury note yielded3.84%. 3 ;F.
25 20
.,, 15
C
-~
10 5
5 4.5
4 3.5
3 2.5
2 1.5
1 0.5
0 0
Sep-18
...................
. . . . . . . .....
.................
...
..
...
...
...
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...

Jan-22 Jan-23 Jan-24
• • • • • • Fed dots December 2021 • • • • • • Fed Dots March 2022 Jan-25
• • • • • • Fed Dots June 2022 --- Fed Dots September 2022 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22
--Continuing jobless claims (seasonally adjusted) --Initial jobless claims (seasonally adjusted) Sep-22

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

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,166,970.55
Income received 77,195.53
Total receipts 77,195.53
Participant withdrawals (114,531.63)Expenses paid (250.00) Total disbursements (114,781.63)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (31,807.50)Total OID/MKT accretion income 7,965.85 Return of capital 0.00
Closing balance 46,105,542.80Ending fair value 44,468,647.81 Unrealized gain (loss) (1,636,894.99)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.79 0.74 0.21Overnight Repo 0.74 0.71 0.20Merrill Lynch 3m US Treas Bill 0.97 0.89 0.24Merrill Lynch 6m US Treas Bill 1.25 1.10 0.28ML 1 Year US Treasury Note 1.68 1.39 0.31ML 2 Year US Treasury Note 2.01 1.52 0.31ML 5 Year US Treasury Note 2.24 1.49 0.25 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 61,355.62Accretion (amortization) (23,841.65)Realized gain (loss) on sales 0.00Total income on portfolio 37,513.97Average daily amortized cost 46,103,878.10Period return (%)Weighted average final maturity in days 560YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 162.17 0.00 162.17 0.00Corporate Bonds 28,825.44 (19,731.03) 9,094.41 0.00Government Agencies 11,520.45 (3,000.49) 8,519.96 0.00Government Bonds 16,288.09 (1,110.13) 15,177.96 0.00Municipal/Provincial Bonds 4,559.47 0.00 4,559.47 0.00Total 61,355.62 (23,841.65) 0.00 37,513.97

0.080.65
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2022 - September 30, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 44,849,886.64
Income received 77,195.53
Total receipts 77,195.53
Participant withdrawals (114,531.63)Expenses paid (250.00) Total disbursements (114,781.63)
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (343,652.73) Ending fair value 44,468,647.81
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 0.79 0.74 0.21Overnight Repo 0.74 0.71 0.20ICE Bofa 3 Months US T-BILL 0.62 0.57 0.25ICE Bofa 6m US Treas Bill 0.39 0.47 0.15ICE Bofa 1 Yr US Treasury Note (1.95) (0.97) (0.44)ICE BofA US Treasury 1-3 (4.86) (2.06) (1.18)ICE BofA US Treasury 1-5 (6.78) (3.07) (1.70) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 162.17 0.00 162.17Corporate Bonds 28,825.44 (126,247.32) (97,421.88)Government Agencies 11,520.45 (62,829.22) (51,308.77)Government Bonds 16,288.09 (154,576.19) (138,288.10)Municipal/Provincial Bonds 4,559.47 0.00 4,559.47Total 61,355.62 (343,652.73) (282,297.11) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 61,355.62Total income on portfolio (282,297.11)Average daily total value * 44,801,465.30Period return (%) (0.63)Weighted average final maturity in days 560Change in fair value (343,652.73)YTD return (%) (2.75)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of September 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 94,380.45 94,380.45 94,380.45 0.00 1 0.20 0.00Corporate Bonds 13,972,353.40 13,597,511.94 13,054,252.94 (543,259.00) 490 29.96 1.13Government Agencies 11,353,540.36 11,270,503.47 10,891,851.29 (378,652.18) 358 24.35 0.95Government Bonds 20,133,619.24 20,067,946.94 19,352,963.13 (714,983.81) 561 43.18 1.48Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 0.00 3,625 2.31 7.66Total 46,629,093.45 46,105,542.80 44,468,647.81 (1,636,894.99) 560 100.00 1.39 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.20Corporate Bonds 29.96Government Agencies 24.35Government Bonds 43.18Municipal/Provincial Bonds 2.31 Portfolio diversification (%)
6 Total 100.00

MATURITY DISTRIBUTION OF SECURITIES HELD
As of September 30, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 3,645,806.49 7.8290 to 179 days 4,477,460.93 9.60180 days to 1 year 8,627,336.42 18.501 to 2 years 20,911,192.26 44.852 to 3 years 4,552,932.02 9.763 to 4 years 3,339,165.33 7.164 to 5 years 0.00 0.00Over 5 years 1,075,200.00 2.31 46,629,093.45 100.00
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 September 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 94,380.45 94,380.45 94,380.45 0.00 0.00 0.20 94,380.45 Total Cash and Cash Equivalents 94,380.45 94,380.45 94,380.45 94,380.45 0.00 0.20 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 500,773.77 (5,284.79) 5,985.42 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 495,488.98 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 501,121.22 (6,585.80) 4,900. 500,000.00 494,535.42 00 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,009,522.25 (22,992.28) 7 1,000,000.00 986,529.97 ,583.33 2.21742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 510,672.39 (15,346.21) 1,937 500,000.00 495,326.18 .50 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 705,753.46 (26,095.46) 918.7 700,000.00 679,658.00 5 1.5314912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,038,791.17 (48,121.76) 1 1,000,000.00 990,669.41 3,125.00 2.3306051GHC6 3.004 12/20/2023 525,795.00 502,625.45 (5,280.18) 4,172.22 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 497,345.27 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,634.31 (24,227.80) 474.0 480,000.00 455,406.51 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,589.14 (52,438.88) 9 1,000,000.00 948,150.26 12.50 2.15 17325FAS7 3.650 01/23/2024 541,470.00 519,606.41 (26,461.65) 3,396.53 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 493,144.76 1.16 8 SECURITIES HELD
As of September 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 957,939.00 922,606.44 (36,913.02) 5,862.50 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 885,693.42 2.0523DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,037,271.38 (54,478.72) 5,156.25 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 982,792.66 2.31 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,042,754.80 (56,210.71) 4 1,000,000.00 986,544.09 ,833.33 2.3388579YBB6 3.250 02/14/2024 541,935.00 518,478.48 (28,295.48) 2,076.39 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 490,183.00 1.16 713448CM8 3.600 03/01/2024 537,465.00 517,903.25 (23,358.71) 1,450.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 494,544.54 1.15 06051GHF9 3.550 03/05/2024 535,525.00 505,802.29 (9,736.60) 1,232.64 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 496,065.69 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 508,776.16 (13,881.16) 7,760.60 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 494,895.00 1.1523APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 522,810.70 (31,757.39) 6,375 500,000.00 491,053.31 .00 1.15166764BW9 1.554 05/11/2025 667,380.00 671,657.05 (24,908.44) 4,200.12 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 646,748.61 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 580,361.82 (30,883.96) 568.08 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 549,477.86 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,597,511.94 13,054,252.94 (543,259.00) 82,920.16 29.96Government Agencies3135G0T78 FANNIE MAE 2% 05OCT2022 2.000 10/05/2022 1,260,435.75 1,250,163.62 (267.44) 12,1 1,250,000.00 1,249,896.18 52.78 2.70 9 SECURITIES HELD
As of September 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 1,001,182.86 (3,011.65) 7, 1,000,000.00 998,171.21 708.33 2.19 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,200,688.28 (11,201.85) 1 1,200,000.00 1,189,486.43 ,970.83 2.583137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,249,258.35 (24,199.70) 2 1,250,000.00 1,225,058.65 ,083.33 2.683135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,011,380.83 (25,709.15) 1 1,000,000.00 985,671.68 ,437.50 2.253135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 606,674.73 (21,235.33) 2,291 600,000.00 585,439.40 .67 1.333133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (56,951.48) 1 1,000,000.00 943,048.52 ,536.11 2.143130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (63,501.92) 943.06 12/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 936,498.08 2.14(CALLABLE 23DEC22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,864.92 (75,553.59) 1,796.67 10/26/2022
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 1,200,000.00 1,124,311.33 2.57 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (63,795.75) 1 1,000,000.00 936,204.25 ,500.00 2.14 (CALLABLE 07OCT22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,289.88 (33,224.32) 3,208 750,000.00 718,065.56 .33 1.62 Total Government Agencies 11,250,000.00 11,353,540.36 11,270,503.47 10,891,851.29 (378,652.18) 36,628.61 24.35Government Bonds912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,252,095.06 (4,485.37) 8, 1,250,000.00 1,247,609.69 333.33 2.72 10 SECURITIES HELD
As of September 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 Bonds912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,003,211.89 (8,776.43) 3, 1,000,000.00 994,435.46 138.59 2.17 912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,254,573.78 (15,511.28) 2 1,250,000.00 1,239,062.50 ,148.44 2.71912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,118.35 (15,235.54) 2 1,000,000.00 984,882.81 07.18 2.15 91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 796,349.67 (19,599.67) 250.0 800,000.00 776,750.00 0 1.7091282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 994,525.87 (27,963.37) 207.2 1,000,000.00 966,562.50 0 2.129128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,258,671.44 (41,288.63) 1 1,250,000.00 1,217,382.81 ,424.38 2.7191282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,053.33 (44,193.95) 9 1,000,000.00 955,859.38 37.50 2.14 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 653,287.53 (19,029.72) 4,604 650,000.00 634,257.81 .17 1.4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,197,008.53 (55,133.53) 4 1,200,000.00 1,141,875.00 38.53 2.56 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,612.07 (59,088.63) 1 1,000,000.00 941,523.44 ,721.31 2.1591282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,315.62 (61,518.74) 937.5 1,000,000.00 936,796.88 0 2.14912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,027,066.16 (61,402.10) 2 1,000,000.00 965,664.06 ,968.75 2.23 11 SECURITIES HELD
As of September 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 Bonds9128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,033,274.14 (73,586.64) 0 1,000,000.00 959,687.50 .00 2.26 912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,010,946.13 (65,321.13) 6 1,000,000.00 945,625.00 ,236.41 2.18912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 715,388.91 (55,010.00) 3,500 700,000.00 660,378.91 .00 1.5591282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,104,780.58 (35,796.21) 2 1,200,000.00 1,068,984.37 48.62 2.3591282CAM3 USA TREASURY 0.25% 30SEP2025 0.250 09/30/2025 456,445.31 459,373.67 (14,998.67) 0.00 0 500,000.00 444,375.00 .989128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 496,212.61 496,454.68 (16,630.46) 4,791 500,000.00 479,824.22 .67 1.0691282CBQ3 USA TREASURY 0.5% 28FEB2026 0.500 02/28/2026 455,839.84 458,470.80 (17,279.39) 207.1 500,000.00 441,191.41 8 0.9891282CBW0 USA TREASURY 0.75% 30APR2026 0.750 04/30/2026 443,595.43 443,681.54 (927.63) 1,559.10 500,000.00 442,753.91 0.959128286X3 USA TREASURY 2.125% 31MAY2026 2.125 05/31/2026 465,958.71 466,009.48 (1,185.26) 3,541. 500,000.00 464,824.22 67 1.00 91282CCJ8 USA TREASURY 0.875% 30JUN2026 0.875 06/30/2026 443,595.43 443,677.71 (1,021.46) 1,093. 500,000.00 442,656.25 75 0.95 Total Government Bonds 20,300,000.00 20,133,619.24 20,067,946.94 19,352,963.13 (714,983.81) 48,495.28 43.18 12 SECURITIES HELD
As of September 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
Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 5.250 09/02/2032 1,075,200.00 1,075,200.00 0.00 4,390.40 1,075,200.00 1,075,200.00 2.31 SANRAF$01
Total Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.31 4,390.40Grand total 46,099,580.45 46,629,093.45 46,105,542.80 (1,636,894.99) 44,468,647.81 172,434.45 100.00 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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/Bond912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.72 1,247,609.69 2.81 0.17912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 994,435.46 2.24 0.30912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,062.50 2.79 0.37912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.15 984,882.81 2.21 0.4591282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 776,750.00 1.75 0.7391282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 966,562.50 2.17 0.829128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,217,382.81 2.74 0.9091282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.14 955,859.38 2.15 1.10912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 634,257.81 1.43 1.1391282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,141,875.00 2.57 1.1891282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 941,523.44 2.12 1.5091282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.14 936,796.88 2.11 1.58912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.23 965,664.06 2.17 1.809128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.26 959,687.50 2.16 1.92912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 945,625.00 2.13 2.00912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 660,378.91 1.49 2.0891282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.35 1,068,984.37 2.40 2.8491282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 444,375.00 1.00 2.929128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 479,824.22 1.08 2.9591282CBQ3 USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 441,191.41 0.99 3.3191282CBW0 USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 442,753.91 1.00 3.459128286X3 USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 464,824.22 1.05 3.4491282CCJ8 USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 442,656.25 1.00 3.60Issuer total 20,300,000.00 20,133,619.24 43.18 19,352,963.13 43.52 1.48 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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 Association3135G0T78 FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 1,250,000.00 1,260,435.75 2.70 1,249,896.18 2.81 0.013135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.25 985,671.68 2.22 0.923135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 585,439.40 1.32 1.303136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2022 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,124,311.33 2.53 1.533135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.62 718,065.56 1.61 1.69Issuer total 4,800,000.00 4,882,378.52 10.47 4,663,384.15 10.49 1.00Federal Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,171.21 2.24 0.193130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,189,486.43 2.67 0.383130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 12/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 936,498.08 2.11 1.53Issuer total 3,200,000.00 3,222,938.09 6.91 3,124,155.72 7.03 0.68Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 943,048.52 2.12 1.523133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 936,204.25 2.11 1.56 Issuer total 2,000,000.00 2,000,000.00 4.29 1,879,252.77 4.23 1.54 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 1,225,058.65 2.75 0.54 Issuer total 1,250,000.00 1,248,223.75 2.68 1,225,058.65 2.75 0.54 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 679,658.00 1.53 0.8889236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 455,406.51 1.02 1.25 Issuer total 1,180,000.00 1,194,301.40 2.56 1,135,064.51 2.55 1.03 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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
PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.31 1,075,200.00 2.42 7.66 Issuer total 1,075,200.00 1,075,200.00 2.31 1,075,200.00 2.42 7.66 JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.15 494,895.00 1.11 0.5446647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 549,477.86 1.24 2.33 Issuer total 1,100,000.00 1,111,758.00 2.38 1,044,372.86 2.35 1.47 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 497,345.27 1.12 0.2206051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 496,065.69 1.12 0.42 Issuer total 1,000,000.00 1,061,320.00 2.28 993,410.96 2.23 0.32 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 990,669.41 2.23 1.10 Issuer total 1,000,000.00 1,086,390.00 2.33 990,669.41 2.23 1.10 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 986,544.09 2.22 1.31 Issuer total 1,000,000.00 1,086,900.00 2.33 986,544.09 2.22 1.31 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 986,529.97 2.22 0.59 Issuer total 1,000,000.00 1,031,510.00 2.21 986,529.97 2.22 0.59 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 982,792.66 2.21 1.28 Issuer total 1,000,000.00 1,079,130.00 2.31 982,792.66 2.21 1.28 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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
John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.15 948,150.26 2.13 1.27 Issuer total 1,000,000.00 1,001,230.00 2.15 948,150.26 2.13 1.27 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 885,693.42 1.99 1.24 Issuer total 900,000.00 957,939.00 2.05 885,693.42 1.99 1.24 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 646,748.61 1.45 2.48 Issuer total 700,000.00 667,380.00 1.43 646,748.61 1.45 2.48 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 495,488.98 1.11 0.51 Issuer total 500,000.00 509,155.00 1.09 495,488.98 1.11 0.51 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 495,326.18 1.11 0.85 Issuer total 500,000.00 520,430.00 1.12 495,326.18 1.11 0.85 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 494,544.54 1.11 1.28 Issuer total 500,000.00 537,465.00 1.15 494,544.54 1.11 1.28 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 494,535.42 1.11 0.57 Issuer total 500,000.00 506,880.00 1.09 494,535.42 1.11 0.57 17 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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
Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 493,144.76 1.11 1.24 Issuer total 500,000.00 541,470.00 1.16 493,144.76 1.11 1.24 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 491,053.31 1.10 1.54 Issuer total 500,000.00 537,160.00 1.15 491,053.31 1.10 1.54 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 490,183.00 1.10 1.30 Issuer total 500,000.00 541,935.00 1.16 490,183.00 1.10 1.30 Cash and Cash Equivalents
INVESTED CASH 0.000 94,380.45 94,380.45 0.00 94,380.45 0.21 0.00 Issuer total 94,380.45 94,380.45 0.00 94,380.45 0.21 0.00 Grand total 46,099,580.45 46,629,093.45 100.00 44,468,647.81 100.00 1.39 18 SECURITIES PURCHASED
For the period September 1, 2022 - September 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 Bonds91282CBW0 09/28/2022 04/30/2026 500,000.00 88.72 (443,595.43) (1,5 0.750 59.10) 09/30/2022
USA TREASURY 0.75% 30APR2026J.P. MORGAN SECURITIES LLC
9128286X3 09/28/2022 05/31/2026 500,000.00 93.19 (465,958.71) (3,5 2.125 41.67) 09/30/2022
USA TREASURY 2.125% 31MAY2026GOLDMAN, SACHS AND CO.
91282CCJ8 09/28/2022 06/30/2026 500,000.00 88.72 (443,595.43) (1,0 0.875 93.75) 09/30/2022
USA TREASURY 0.875% 30JUN2026BMO CAPITAL MARKETS LIMITED Total Government Bonds 1,500,000.00 (1,353,149.57) (6,194.52) Grand total Grand total 1,500,000.00 (1,353,149.57) (6,194.52) 19 SECURITIES SOLD AND MATURED
For the period September 1, 2022 - September 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 Bonds91282CAN1 09/30/2022 (1,250,000.00) 1,248,929.97 1,250,000.00 0.0 0.125 0 1,250,000.00 0.00 0.00 09/30/2022
USA TREASURY 0.125% 30SEP2022
Total (Government Bonds) (1,250,000.00) 1,248,929.97 1,250,000.00 1,250,000.00 0.00 0.00 Municipal/Provincial Bonds888599LS4 09/01/2022 09/02/2032 (84,100.00) 84,100.00 84,100.00 10 5.250 0.00 84,100.00 0.00 0.00 09/02/2022
PT. SAN ASSESS DISTRICT 5.25% 144A02SEP2032 SANRAF$01CORPORATE ACTIONS IOO Total (Municipal/Provincial Bonds) (84,100.00) 84,100.00 84,100.00 84,100.00 0.00 0.00 Grand total (1,334,100.00) 1,333,029.97 1,334,100.00 1,334,100.00 0.00 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2022 - September 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 0.00 162.17 162.17
Total Cash 0.00 0.00 0.00 162.17 162.17Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (6,439.74) 1,309.03 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 691.17 1,570.83 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 (2,020.87) 966.67 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 (807.61) 1,209.94 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.03) 0.00 (1,911.84) 1,429.86 8,875.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.96) 0.00 (11,253.31) 3,020.83 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.61 0.00 (13,771.99) 876.29 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (6,030.02) 1,470.14 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (10,939.71) 2,920.14 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.84) 0.00 (9,256.48) 362.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 (13,192.20) 969.08 6,015.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 (2,539.21) 1,433.49 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 (5,913.77) 1,450.00 9,000.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (7,124.27) 1,369.44 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (11,485.52) 2,537.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (2,508.69) 1,248.61 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.79 0.00 (4,217.72) 174.00 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2022 - September 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 (3,668.17) 761.25 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,539.37) 0.00 (12,335.35) 2,718.75 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (1,522.02) 1,027.09 0.00 Total Corporate Bonds (19,731.03) (126,247.32) 23,890.00 0.00 28,825.44Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 7.40 0.00 (10,643.55) 338.34 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (9,579.78) 1,057.29 0.00 3135G0T78 FANNIE MAE 2% 05OCT2022 (981.73) 0.00 536.37 2,013.89 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (6,807.32) 1,208.34 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.31) 0.00 (6,956.48) 2,315.97 14,375.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (9,046.60) 281.94 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 07OCT22) 0.00 0.00 (9,191.92) 302.08 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC22) 0.00 0.00 (8,773.54) 281.95 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 (1,510.17) 1,329.16 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.28) 0.00 (661.42) 2,013.89 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 (194.81) 377.60 0.00 Total Government Agencies (3,000.49) (62,829.22) 14,375.00 0.00 11,520.45Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 203.50 0.00 (8,156.26) 122.96 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 401.13 0.00 (1,656.25) 81.52 0.00 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2022 - September 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CAN1 USA TREASURY 0.125% 30SEP2022 113.83 0.00 2,124.81 128.07 781.25 91282CCN9 USA TREASURY 0.125% 31JUL2023 540.21 0.00 (3,437.50) 101.90 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 85.22 0.00 (10,156.24) 203.80 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (3.89) 0.00 (6,718.74) 203.80 0.00 91282CAM3 USA TREASURY 0.25% 30SEP2025 1,112.04 0.00 (8,710.94) 102.46 625.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 2,679.72 0.00 (20,625.00) 248.62 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (32.62) 0.00 (9,492.18) 307.38 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (21.39) 0.00 (703.13) 410.98 2,500.00 91282CBQ3 USA TREASURY 0.5% 28FEB2026 999.10 0.00 (9,941.40) 207.18 0.00 91282CBW0 USA TREASURY 0.75% 30APR2026 86.11 0.00 (841.52) 0.00 0.00 91282CCJ8 USA TREASURY 0.875% 30JUN2026 82.28 0.00 (939.18) 0.00 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (994.30) 0.00 (439.45) 1,401.16 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (776.55) 0.00 (6,738.29) 1,424.38 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (900.53) 0.00 255.77 1,222.83 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (582.91) 0.00 (9,925.77) 860.66 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (430.95) 0.00 (13,750.00) 1,222.82 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,030.36) 0.00 181.06 2,049.18 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (231.52) 0.00 (5,255.86) 1,132.17 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,365.56) 0.00 (13,867.19) 1,741.80 10,625.00 9128286X3 USA TREASURY 2.125% 31MAY2026 50.77 0.00 (1,134.49) 0.00 0.00 23 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2022 - September 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
912828D56 USA TREASURY 2.375% 15AUG2024 (1,185.38) 0.00 (13,789.06) 1,936.14 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 91.92 0.00 (10,859.38) 1,178.28 0.00 Total Government Bonds (1,110.13) (154,576.19) 14,531.25 0.00 16,288.09Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,559.47 30,431.63 Total Municipal/Provincial Bonds 0.00 0.00 0.00 30,431.63 4,559.47Grand total (23,841.65) (343,652.73) 83,390.05 0.00 61,355.62 24 TRANSACTION REPORT
For the period September 1, 2022 - September 30, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
09/01/2022 9,000.0009/01/2022
713448CM8 Corporate Bonds PEPSICO INC 3.6% 01MAR2024 0 Income 3/01/2024 500,000.00 0.00 9,000.00 0.00 09/01/2022 0.0009/02/2022
888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS D Principal Paydowns ISTRICT 09/02/2032 (84,100.00) 84,100.00 84,100.00 0.00 09/02/2022 30,431.6309/02/2022
888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS D Income ISTRICT 09/02/2032 1,159,300.00 0.00 30,431.63 0.00 09/05/2022 8,875.0009/05/2022
06051GHF9 Corporate Bonds BANK OF AMERICA CORP 3.55% 0 Income 3/05/2024 500,000.00 0.00 8,875.00 0.00 09/12/2022 14,375.0009/12/2022
3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/ Income 2023 1,000,000.00 0.00 14,375.00 0.00 09/13/2022 6,015.0009/13/2022
46647PBH8 Corporate Bonds JPMORGAN CHASE & CO 03/13/20 Income 26 600,000.00 0.00 6,015.00 0.00 09/15/2022 2,500.0009/15/2022
912828ZD5 Government Bonds USA TREASURY 0.5% 03/15/202 Income 3 1,000,000.00 0.00 2,500.00 0.00 09/28/2022 (3,541.67)09/30/2022
9128286X3 Government Bonds USA TREASURY 2.125% 05/31/2 Bought 026 500,000.00 (465,958.71) (469,500.38) 0.00 09/28/2022 (1,559.10)09/30/2022
91282CBW0 Government Bonds USA TREASURY 0.75% 04/30/20 Bought 26 500,000.00 (443,595.43) (445,154.53) 0.00 09/28/2022 (1,093.75)09/30/2022
91282CCJ8 Government Bonds USA TREASURY 0.875% 06/30/2 Bought 026 500,000.00 (443,595.43) (444,689.18) 0.00 09/30/2022 10,625.0009/30/2022
9128282Y5 Government Bonds USA TREASURY 2.125% 09/30/2 Income 024 1,000,000.00 0.00 10,625.00 0.00 09/30/2022 625.0009/30/2022
91282CAM3 Government Bonds USA TREASURY 0.25% 09/30/20 Income 25 500,000.00 0.00 625.00 0.00 09/30/2022 781.2509/30/2022
91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2 Income 022 1,250,000.00 0.00 781.25 0.00 09/30/2022 0.0009/30/2022
91282CAN1 Government Bonds USA TREASURY 0.125% 09/30/2 Capital Change 022 (1,250,000.00) 1,250,000.00 1,250,000.00 0.00 09/30/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 162.17 162.17 25 ADDITIONAL INFORMATION
As of September 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 CouncilOctober 17, 2022

San Rafael City Council
October 17, 2022