San Rafael City Council
January 17, 2023

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

Agenda Item No: 4.f
Meeting Date: January 17, 2023

SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Nadine Atieh Hade,
Administrative Services Director
City Manager Approval: _________
TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2022
RECOMMENDATION: Accept investment report for the quarter ending December 31, 2022, as presented.

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

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

ANALYSIS: As of December 31, 2022, the primary LAIF account had a balance of $26,782,267. Portfolio returns on LAIF deposits were 2.17% for the quarter ending December 31, 2022. The remaining investment assets include the $1,075,200 balance of Pt. San Pedro Assessment District bonds, and $43,728,989 in government agency securities and corporate bonds (including Walmart Inc., Apple Inc., American Honda Finance, Procter Gamble Co., Toyota, Caterpillar, John Deere, Citibank, PNC Financial Services, US Bancorp, IBM Corp, 3M Company, PepsiCo, Bank of America, JP Morgan Chase, Pfizer, and Chevron). The overall total portfolio returns for the quarter ending December 31, 2022, were 1.66%.

The City’s Westamerica general operating bank account had a balance of $32,750,546 at quarter end.

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

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

RECOMMENDATION: Accept investment report for the quarter ending December 31, 2022, as presented.

ATTACHMENTS:

Exhibit A:

1. Quarterly Investment Portfolio Report

2. Historical Activity by Quarter Report

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

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

NADINE ATIEH HADE

FINANCE DIRECTOR
% Return
LAIF $ 26,782,267 96.6% 2.17%
LAIF - RDA $ 156,195 0.6% 2.17%
LAIF - RDA 02 TARB $ 775,042 2.8% 2.17%
Total Internally Managed $ 27,713,504 38.2%
Weighted Average Yield 2.17%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
% Return
Cash $ 2,947,890 6.6% 3.00%
Treasury Securities $ 18,206,234 40.6% 1.17%
Instrumentality Securities $ 9,984,055 22.3% 1.27%
Corporate Notes $ 12,590,810 28.1% 0.92%
Municipal $ 1,075,200 2.4% 5.25%
Total Externally Managed $ 44,804,189 61.8%
Weighted Average Yield 1.34%
Years
Effective Average Duration - External 1.12
Weighted Average Maturity - External 1.35
Total Portfolio Assets % Return
LAIF $ 27,713,504 38.2% 2.17%
Cash $ 2,947,890 4.1% 3.00%
Treasury Securities $ 18,206,234 25.1% 1.17%
Instrumentality Securities $ 9,984,055 13.8% 1.27%
Corporate Notes $ 12,590,810 17.4% 0.92%
Municipal $ 1,075,200 1.5% 5.25%
Total Portfolio Assets $ 72,517,693
Weighted Average Yield 1.66%
Years
Effective Average Duration - Total 0.69
Weighted Average Maturity - Total 0.84
Based on Market Values
December 31, 2022
City of Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF, 96.6%

LAIF - RDA,

0.6%
LAIF - RDA 02
TARB, 2.8%
Cash , 6.6%
Treasury
Securities,

40.6%
Instrumentality
Securities,

22.3%
Corporate
Notes, 28.1% Municipal, 2.4%
LAIF
38%
Cash
Treasury 4%
Securities
25%
Instrumentality
Securities
14%
Corporate
Notes
17%
Municipal
2%
Exhibit A
Internally Managed Assets % Return % Return % Return % Return % Return % Return LAIF $ 27,557,309 99.4% 2.17% $ 33,407,538 99.5% 1.51% $ 49,325,065 99.7% 0.86% $ 37,295,675 99.6% 0.37% $ 37,272,941 99.6% 0.21% $ 40,246,878 99.6% 0.21% LAIF - Housing $ 156,195 0.6% 2.17% $ 155,665 0.5% 1.51% $ 155,374 0.3% 0.86% $ 155,252 0.4% 0.37% $ 155,163 0.4% 0.21% $ 155,068 0.4% 0.21% Total Internally Managed $ 27,713,504 38.2% $ 33,563,203 43.0% $ 49,480,439 52.5% $ 37,450,927 45.4% $ 37,428,104 45.0% $ 40,401,946 54.7% Weighted Average Yield 2.17% 1.51% 0.86% 0.37% 0.21% 0.21% Externally Managed Assets % Return % Return % Return % Return % Return % Return Cash $ 2,947,890 6.6% 3.00% $ 94,380 0.2% 1.00% $ 155,858 0.3% 0.02% $ 34,607 0.1% 0.02% $ 160,462 0.4% 0.02% $ 106,899 0.3% 0.02% Treasury Securities $ 18,206,234 40.6% 1.17% $ 19,352,963 43.5% 1.20% $ 19,307,642 43.0% 0.70% $ 19,322,375 42.9% 0.54% $ 17,936,293 39.2% 0.51% $ 6,202,242 18.5% 0.69% Instrumentality Securities $ 9,984,055 22.3% 1.27% $ 10,891,851 24.5% 0.95% $ 11,004,000 24.5% 0.96% $ 11,081,069 24.6% 0.95% $ 12,774,395 27.9% 1.09% $ 12,058,266 36.1% 1.23% Corporate Notes $ 12,590,810 28.1% 0.92% $ 13,054,253 29.4% 0.90% $ 13,224,805 29.5% 0.90% $ 13,449,548 29.9% 0.69% $ 13,782,838 30.1% 0.65% $ 13,918,907 41.6% 0.66% Municipal/Assessment District $ 1,075,200 2.4% 5.25% $ 1,075,200 2.4% 5.25% $ 1,159,300 2.6% 5.25% $ 1,159,300 2.6% 5.25% $ 1,159,300 2.5% 5.25% $ 1,159,300 3.5% 5.25% Total Externally Managed $ 44,804,189 61.8% $ 44,468,648 57.0% $ 44,851,605 47.5% $ 45,046,900 54.6% $ 45,813,288 55.0% $ 33,445,614 45.3% Weighted Average Yield 1.34% 1.15% 0.94% 0.81% 0.83% 1.03% Years Years Years Years Years Years
Effective Average Duration - External 1.12 1.56 1.45 1.56 1.68 1.91 Weighted Average Maturity - External 1.35 1.72 1.60 1.72 1.87 2.26 Total Portfolio Assets % Return % Return % Return % Return % Return % Return LAIF $ 27,713,504 38.2% 2.17% $ 33,563,203 43.0% 1.51% $ 49,480,439 52.5% 0.86% $ 37,450,927 45.4% 0.37% $ 37,428,104 45.0% 0.21% $ 40,401,946 54.7% 0.21% Cash $ 2,947,890 4.1% 3.00% $ 94,380 0.1% 1.00% $ 155,858 0.2% 0.02% $ 34,607 0.0% 0.02% $ 160,462 0.2% 0.02% $ 106,899 0.1% 0.02% Treasury Securities $ 18,206,234 25.1% 1.17% $ 19,352,963 24.8% 1.20% $ 19,307,642 20.5% 0.70% $ 19,322,375 23.4% 0.54% $ 17,936,293 21.5% 0.51% $ 6,202,242 8.4% 0.69% Instrumentality Securities $ 9,984,055 13.8% 1.27% $ 10,891,851 14.0% 0.95% $ 11,004,000 11.7% 0.96% $ 11,081,069 13.4% 0.95% $ 12,774,395 15.3% 1.09% $ 12,058,266 16.3% 1.23% Corporate Notes $ 12,590,810 17.4% 0.92% $ 13,054,253 16.7% 0.90% $ 13,224,805 14.0% 0.90% $ 13,449,548 16.3% 0.69% $ 13,782,838 16.6% 0.65% $ 13,918,907 18.8% 0.66% Municipal/Assessment District $ 1,075,200 1.5% 5.25% $ 1,075,200 1.4% 5.25% $ 1,159,300 1.2% 5.25% $ 1,159,300 1.4% 5.25% $ 1,159,300 1.4% 5.25% $ 1,159,300 1.6% 5.25% Total Portfolio Assets $ 72,517,693 $ 78,031,850 $ 94,332,045 $ 82,497,826 $ 83,241,391 $ 73,847,559 Weighted Average Yield 1.66% 1.30% 0.90% 0.61% 0.55% 0.58% Years Years Years Years Years Years
Effective Average Duration - Total 0.69 0.79 0.69 0.85 0.93 0.87 Weighted Average Maturity - Total 0.84 0.87 0.76 0.94 1.03 1.03 Performance Recap
-The weighted average quarterly portfolio yield increased from 1.30% to 1.66% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation. -The effective average duration decreased, from 0.79 to 0.69 years since last quarter, this is a result of the decrease in effective average duration of the City's externally managed portfolio. -The total portfolio assets decreased by approximately $5.5 million during the quarter. This is reflective of transfers to support operating activities while the City awaits property taxes that were received in December.

City of San Rafael
Historical Activity-By Quarter
December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021

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

SAN RAFAEL
Chart 1: Goods inflation is falling but services inflation (which has a higher weight) is risingSource: Federal Reserve, October 31, 2022Chart 2: The ratio of job openings to unemployed personsSource: Bloomberg, October 31, 2022 Economic Indicators and Monetary PolicyInflation once again surprised to the upside. Headline CPI came in at 8.2%, versus 8.1%expected. However, core CPI unexpectedly reached a new 40-year peak at 6.6%. Coreservices continued their march higher, creating a headache for the Fed, as these tend tobe the
stickiestCPI sectors. Flexible CPI (chiefly goods) sectors contributed negatively again on a month-on-month basis. Energy prices fell for the third straight month and wereonce again the largest detractor in the index. Related sectors such as used cars, appareland airfares also continued to fall (Chart 1).Labor market data remained robust. The economy added 263,000 jobs, a slight downshiftfrom the previous month, but close to consensus estimates with broad-based gains. Theunemployment rate fell back to a record-equalling low of 3.5%, largely a result of a declinein the labor force participation rate from 62.4% to 62.3%, indicating the “easiest” gains inlabor force participation following the height of the pandemic may have been made.There were only tentative signs that the Federal Reserve’s recent interest hikes werehaving an impact on the labor market. Job openings fell 10%, the largest decrease sincethe start of the pandemic. The ratio of job openings to unemployed people (a metricwatched closely by the Federal Reserve) fell from ~2 to 1.7, the lowest since November2021, but still well above pre-pandemic norms (Chart 2). Wage growth slowed onlyslightly to 5.0%, although this was the lowest since December 2021.Rising rates were, however, feeding through into the US housing market. The S&P CaseShiller 20-city house price index fell 1.3% month-on-month, the largest decrease since2009. The FHFA Index fell 0.65%, the largest fall since 2011, with both indices retracingrecent strength, albeit reflecting lagging data for August 2022.Interest Rate Summary Yields generally rose during the month, with data providing the Federal Reserve more justification to continue its rate hiking cycle. At the end of October, the 3-month US Treasury bill yielded 4.09%, the 6-month US Treasury bill yielded 4.55%, the 2-year USTreasury note yielded 4.49%, the 5-year US Treasury note yielded 4.23% and the 10-yearUS Treasury note yielded 4.05%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period October 1, 2022 - October 31, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,105,542.80
Income received 44,261.50
Total receipts 44,261.50
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 (31,155.02)Total OID/MKT accretion income 11,233.24 Return of capital 0.00
Closing balance 46,129,632.52Ending fair value 44,445,839.11 Unrealized gain (loss) (1,683,793.41)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 1.04 0.97 0.26Overnight Repo 0.99 0.94 0.26Merrill Lynch 3m US Treas Bill 1.27 1.14 0.30Merrill Lynch 6m US Treas Bill 1.58 1.34 0.33ML 1 Year US Treasury Note 2.05 1.61 0.37ML 2 Year US Treasury Note 2.35 1.68 0.36ML 5 Year US Treasury Note 2.41 1.52 0.25 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 68,740.31Accretion (amortization) (19,921.78)Realized gain (loss) on sales 0.00Total income on portfolio 48,818.53Average daily amortized cost 46,114,739.59Period return (%)Weighted average final maturity in days 558YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 309.14 0.00 309.14 0.00Corporate Bonds 30,813.38 (19,567.17) 11,246.21 0.00Government Agencies 14,459.05 (2,260.51) 12,198.54 0.00Government Bonds 18,297.94 1,905.90 20,203.84 0.00Municipal/Provincial Bonds 4,860.80 0.00 4,860.80 0.00Total 68,740.31 (19,921.78) 0.00 48,818.53

0.110.75
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period October 1, 2022 - October 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 44,468,647.81
Income received 44,261.50
Total receipts 44,261.50
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 (66,820.20) Ending fair value 44,445,839.11
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 1.04 0.97 0.26Overnight Repo 0.99 0.94 0.26ICE Bofa 3 Months US T-BILL 0.78 0.71 0.16ICE Bofa 6m US Treas Bill 0.55 0.60 0.17ICE Bofa 1 Yr US Treasury Note (1.86) (0.73) 0.06ICE BofA US Treasury 1-3 (4.67) (1.69) (0.10)ICE BofA US Treasury 1-5 (6.53) (2.44) (0.19) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 309.14 0.00 309.14Corporate Bonds 30,813.38 (22,698.54) 8,114.84Government Agencies 14,459.05 (18,585.41) (4,126.36)Government Bonds 18,297.94 (25,536.25) (7,238.31)Municipal/Provincial Bonds 4,860.80 0.00 4,860.80Total 68,740.31 (66,820.20) 1,920.11 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 68,740.31Total income on portfolio 1,920.11Average daily total value * 44,632,151.33Period return (%) 0.00Weighted average final maturity in days 558Change in fair value (66,820.20)YTD return (%) (2.74)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of October 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 85,232.95 85,232.95 85,232.95 0.00 0.18 0.00 1Corporate Bonds 13,972,353.40 13,577,944.77 13,031,554.40 (546,390.37) 459 29.94 1.05Government Agencies 11,396,263.61 11,321,401.96 10,926,424.88 (394,977.08) 448 24.42 1.18Government Bonds 20,133,619.24 20,069,852.84 19,327,426.88 (742,425.96) 530 43.15 1.40Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 0.00 3,594 2.30 7.58Total 46,662,669.20 46,129,632.52 44,445,839.11 (1,683,793.41) 558 100.00 1.38 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.18Corporate Bonds 29.94Government Agencies 24.42Government Bonds 43.15Municipal/Provincial Bonds 2.30 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of October 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 3,387,750.03 7.2690 to 179 days 5,223,312.89 11.19180 days to 1 year 6,869,957.67 14.721 to 2 years 21,962,992.49 47.072 to 3 years 5,260,736.10 11.273 to 4 years 2,882,720.02 6.184 to 5 years 0.00 0.00Over 5 years 1,075,200.00 2.30 46,662,669.20 100.00
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 October 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 85,232.95 85,232.95 85,232.95 0.00 0.00 0.18 85,232.95 Total Cash and Cash Equivalents 85,232.95 85,232.95 85,232.95 85,232.95 0.00 0.18 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 500,543.94 (5,403.21) 708.33 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 495,140.73 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 500,963.31 (6,555.71) 5,933. 500,000.00 494,407.60 33 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,008,223.76 (23,144.56) 9 1,000,000.00 985,079.20 ,262.50 2.21742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 509,655.97 (15,956.96) 3,272 500,000.00 493,699.01 .22 1.1289236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 705,222.37 (25,561.65) 1,732 700,000.00 679,660.72 .50 1.5314912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,035,980.22 (47,239.15) 1 1,000,000.00 988,741.07 6,354.17 2.3306051GHC6 3.004 12/20/2023 525,795.00 501,640.90 (3,441.30) 5,465.61 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 498,199.60 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,658.11 (24,751.20) 660.0 480,000.00 454,906.91 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,551.29 (51,491.52) 1 1,000,000.00 949,059.77 ,300.00 2.1517325FAS7 3.650 01/23/2024 541,470.00 518,278.67 (25,673.24) 4,968.06 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 492,605.43 1.16 8 SECURITIES HELD
As of October 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 957,939.00 921,075.53 (38,922.87) 8,575.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 882,152.66 2.0523DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,034,895.84 (55,582.27) 8,062.50 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 979,313.57 2.31 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,040,147.80 (57,365.94) 7 1,000,000.00 982,781.86 ,954.86 2.3388579YBB6 3.250 02/14/2024 541,935.00 517,283.75 (28,457.77) 3,475.69 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 488,825.98 1.16 713448CM8 3.600 03/01/2024 537,465.00 516,627.49 (23,034.39) 3,000.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 493,593.10 1.15 06051GHF9 3.550 03/05/2024 535,525.00 504,679.27 (8,821.05) 2,761.11 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 495,858.22 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 507,479.19 (12,314.19) 395.44 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 495,165.00 1.1423APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 521,640.92 (32,159.80) 7,838 500,000.00 489,481.12 .89 1.15166764BW9 1.554 05/11/2025 667,380.00 672,560.65 (26,774.55) 5,136.83 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 645,786.10 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 580,835.79 (33,739.04) 1,604.00 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 547,096.75 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,577,944.77 13,031,554.40 (546,390.37) 98,461.04 29.94Government Agencies3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,000,668.57 (2,400.87) 9, 1,000,000.00 998,267.70 861.11 2.19 9 SECURITIES HELD
As of October 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 Agencies3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,200,537.56 (11,377.53) 3 1,200,000.00 1,189,160.03 ,391.67 2.58 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,249,369.60 (23,344.36) 1 1,250,000.00 1,226,025.24 43.23 2.67 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,010,382.51 (26,091.13) 3 1,000,000.00 984,291.38 ,913.19 2.243135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 606,261.86 (22,025.85) 3,583 600,000.00 584,236.01 .33 1.333133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (58,876.57) 8 1,000,000.00 941,123.43 7.50 2.14 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (65,020.06) 1,244.44 12/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 934,979.94 2.14(CALLABLE 23DEC22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,871.84 (77,467.12) 58.33 01/26/2023
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 1,200,000.00 1,122,404.72 2.57 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (65,372.80) 1 1,000,000.00 934,627.20 ,822.92 2.14 (CALLABLE 20OCT22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,228.65 (35,227.90) 4,338 750,000.00 716,000.75 .54 1.613130ATHT7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 4.375 09/12/2025 1,303,159.00 1,303,081.37 (7,772.89) 5, 1,300,000.00 1,295,308.48 213.54 2.79 Total Government Agencies 11,300,000.00 11,396,263.61 11,321,401.96 10,926,424.88 (394,977.08) 33,657.80 24.42Government Bonds912828M80 USA TREASURY 2% 30NOV2022 2.000 11/30/2022 1,269,750.29 1,251,030.36 (2,667.32) 10 1,250,000.00 1,248,363.04 ,450.82 2.72 10 SECURITIES HELD
As of October 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 Bonds912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,002,281.34 (7,464.10) 4, 1,000,000.00 994,817.24 402.17 2.17 912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,253,546.34 (13,604.44) 3 1,250,000.00 1,239,941.90 ,596.30 2.71912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,096.25 (14,119.69) 6 1,000,000.00 985,976.56 35.36 2.14 91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 796,764.18 (20,107.93) 334.2 800,000.00 776,656.25 4 1.7091282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 995,084.09 (28,209.09) 312.5 1,000,000.00 966,875.00 0 2.129128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,257,869.01 (41,218.62) 2 1,250,000.00 1,216,650.39 ,896.24 2.7191282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,049.31 (44,385.25) 1 1,000,000.00 955,664.06 ,148.10 2.14912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 653,048.30 (20,085.41) 5,774 650,000.00 632,962.89 .08 1.4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,197,218.82 (55,765.69) 5 1,200,000.00 1,141,453.13 65.57 2.56 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,578.37 (60,461.18) 1 1,000,000.00 940,117.19 64.84 2.15 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,403.67 (63,169.29) 1,148 1,000,000.00 935,234.38 .10 2.14912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,025,841.27 (64,200.65) 4 1,000,000.00 961,640.62 ,969.43 2.22 11 SECURITIES HELD
As of October 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 Bonds9128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,031,863.06 (75,534.94) 1 1,000,000.00 956,328.12 ,809.75 2.25 912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,010,500.81 (67,610.19) 0 1,000,000.00 942,890.62 .00 2.18912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 714,786.57 (56,376.41) 4,389 700,000.00 658,410.16 .34 1.5591282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,107,549.62 (40,158.99) 5 1,200,000.00 1,067,390.63 05.53 2.35 91282CAM3 USA TREASURY 0.25% 30SEP2025 0.250 09/30/2025 456,445.31 460,522.77 (16,655.58) 106.4 500,000.00 443,867.19 6 0.989128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 496,212.61 496,549.68 (18,893.43) 6,009 500,000.00 477,656.25 .22 1.0691282CBQ3 USA TREASURY 0.5% 28FEB2026 0.500 02/28/2026 455,839.84 459,503.20 (19,757.10) 421.2 500,000.00 439,746.10 7 0.9891282CBW0 USA TREASURY 0.75% 30APR2026 0.750 04/30/2026 443,595.43 445,016.31 (3,863.96) 0.00 0. 500,000.00 441,152.35 95 9128286X3 USA TREASURY 2.125% 31MAY2026 2.125 05/31/2026 465,958.71 466,796.42 (4,120.64) 4,441. 500,000.00 462,675.78 60 1.00 91282CCJ8 USA TREASURY 0.875% 30JUN2026 0.875 06/30/2026 443,595.43 444,953.09 (3,996.06) 1,462. 500,000.00 440,957.03 30 0.95 Total Government Bonds 20,300,000.00 20,133,619.24 20,069,852.84 19,327,426.88 (742,425.96) 55,543.22 43.15 12 SECURITIES HELD
As of October 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
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 9,251.20 1,075,200.00 1,075,200.00 2.30 SANRAF$01
Total Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.30 9,251.20Grand total 46,140,432.95 46,662,669.20 46,129,632.52 (1,683,793.41) 44,445,839.11 196,913.26 100.00 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 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/Bond912828M80 USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 1,250,000.00 1,269,750.29 2.72 1,248,363.04 2.81 0.08912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 994,817.24 2.24 0.21912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,239,941.90 2.79 0.29912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 985,976.56 2.22 0.3691282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 776,656.25 1.75 0.6591282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 966,875.00 2.18 0.739128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,216,650.39 2.74 0.8191282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.14 955,664.06 2.15 1.01912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 632,962.89 1.42 1.0491282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,141,453.13 2.57 1.1091282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.15 940,117.19 2.12 1.4291282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.14 935,234.38 2.10 1.50912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 961,640.62 2.16 1.729128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 956,328.12 2.15 1.84912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.18 942,890.62 2.12 1.93912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 658,410.16 1.48 1.9991282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.35 1,067,390.63 2.40 2.7591282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 443,867.19 1.00 2.849128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 477,656.25 1.07 2.8691282CBQ3 USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 439,746.10 0.99 3.2291282CBW0 USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 441,152.35 0.99 3.379128286X3 USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 462,675.78 1.04 3.3591282CCJ8 USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 440,957.03 0.99 3.51Issuer total 20,300,000.00 20,133,619.24 43.15 19,327,426.88 43.49 1.40 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 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 Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 998,267.70 2.25 0.113130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.58 1,189,160.03 2.68 0.293130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 12/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 934,979.94 2.10 1.443130ATHT7 FEDERAL HOME LOAN 4.375 09/12/2025 AA+ Aaa 1,300,000.00 1,303,159.00 2.79 1,295,308.48 2.91 2.65Issuer total 4,500,000.00 4,526,097.09 9.70 4,417,716.15 9.94 1.18Federal National Mortgage Association3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 984,291.38 2.21 0.843135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 584,236.01 1.31 1.223136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2023 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,122,404.72 2.53 1.453135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 716,000.75 1.61 1.61Issuer total 3,550,000.00 3,621,942.77 7.76 3,406,932.86 7.67 1.27Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 941,123.43 2.12 1.443133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 934,627.20 2.10 1.47 Issuer total 2,000,000.00 2,000,000.00 4.29 1,875,750.63 4.22 1.46 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 1,226,025.24 2.76 0.46 Issuer total 1,250,000.00 1,248,223.75 2.67 1,226,025.24 2.76 0.46 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 679,660.72 1.53 0.7989236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 454,906.91 1.02 1.16 Issuer total 1,180,000.00 1,194,301.40 2.56 1,134,567.63 2.55 0.94 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 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
PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.42 7.58 Issuer total 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.42 7.58 JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.14 495,165.00 1.11 0.4746647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 547,096.75 1.23 2.24 Issuer total 1,100,000.00 1,111,758.00 2.38 1,042,261.75 2.35 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 1.13 498,199.60 1.12 0.1406051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 495,858.22 1.12 0.34 Issuer total 1,000,000.00 1,061,320.00 2.27 994,057.82 2.24 0.24 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 988,741.07 2.22 1.01 Issuer total 1,000,000.00 1,086,390.00 2.33 988,741.07 2.22 1.01 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 985,079.20 2.22 0.51 Issuer total 1,000,000.00 1,031,510.00 2.21 985,079.20 2.22 0.51 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 982,781.86 2.21 1.23 Issuer total 1,000,000.00 1,086,900.00 2.33 982,781.86 2.21 1.23 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 979,313.57 2.20 1.20 Issuer total 1,000,000.00 1,079,130.00 2.31 979,313.57 2.20 1.20 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 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 2.15 949,059.77 2.14 1.18 Issuer total 1,000,000.00 1,001,230.00 2.15 949,059.77 2.14 1.18 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 882,152.66 1.98 1.16 Issuer total 900,000.00 957,939.00 2.05 882,152.66 1.98 1.16 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 645,786.10 1.45 2.39 Issuer total 700,000.00 667,380.00 1.43 645,786.10 1.45 2.39 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 495,140.73 1.11 0.43 Issuer total 500,000.00 509,155.00 1.09 495,140.73 1.11 0.43 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 494,407.60 1.11 0.49 Issuer total 500,000.00 506,880.00 1.09 494,407.60 1.11 0.49 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.12 493,699.01 1.11 0.76 Issuer total 500,000.00 520,430.00 1.12 493,699.01 1.11 0.76 PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 493,593.10 1.11 1.21 Issuer total 500,000.00 537,465.00 1.15 493,593.10 1.11 1.21 17 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of October 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
Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 492,605.43 1.11 1.16 Issuer total 500,000.00 541,470.00 1.16 492,605.43 1.11 1.16 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A2 500,000.00 537,160.00 1.15 489,481.12 1.10 1.45 Issuer total 500,000.00 537,160.00 1.15 489,481.12 1.10 1.45 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 488,825.98 1.10 1.22 Issuer total 500,000.00 541,935.00 1.16 488,825.98 1.10 1.22 Cash and Cash Equivalents
INVESTED CASH 0.000 85,232.95 85,232.95 0.00 85,232.95 0.19 0.00 Issuer total 85,232.95 85,232.95 0.00 85,232.95 0.19 0.00 Grand total 46,140,432.95 46,662,669.20 100.00 44,445,839.11 100.00 1.38 18 SECURITIES PURCHASED
For the period October 1, 2022 - October 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 Agencies3130ATHT7 10/05/2022 09/12/2025 1,300,000.00 100.24 (1,303,159.00 4.375 ) (1,263.89) 10/06/2022
FEDERAL HOME LOAN BANK 4.375%WELLS FARGO SECURITIES, LLC Total Government Agencies 1,300,000.00 (1,303,159.00) (1,263.89) Grand total Grand total 1,300,000.00 (1,303,159.00) (1,263.89) 19 SECURITIES SOLD AND MATURED
For the period October 1, 2022 - October 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 Agencies3135G0T78 10/05/2022 (1,250,000.00) 1,260,435.75 1,250,000.00 0.0 2.000 0 1,250,000.00 0.00 0.00 10/05/2022
FANNIE MAE BNDS 2.0% 10-05-2022
Total (Government Agencies) (1,250,000.00) 1,260,435.75 1,250,000.00 1,250,000.00 0.00 0.00 Grand total (1,250,000.00) 1,260,435.75 1,250,000.00 1,250,000.00 0.00 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2022 - October 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 0.00 309.14 309.14
Total Cash 0.00 0.00 0.00 309.14 309.14Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (1,357.02) 1,399.30 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 (1,450.77) 1,679.17 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.91) 0.00 (127.82) 1,033.33 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.55) 0.00 854.33 1,293.39 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 (207.47) 1,528.47 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.95) 0.00 (1,928.34) 3,229.17 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.60 0.00 (962.51) 936.71 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.74) 0.00 (539.33) 1,571.53 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (3,762.23) 3,121.53 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 909.51 387.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 (2,381.11) 1,035.92 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 270.00 1,532.34 8,897.50 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.76) 0.00 (951.44) 1,550.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (1,572.19) 1,463.89 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.91) 0.00 (3,540.76) 2,712.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (1,627.17) 1,334.72 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 (499.60) 186.00 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2022 - October 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 2.72 813.75 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.54) 0.00 (3,479.09) 2,906.25 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.83) 0.00 (348.25) 1,097.91 6,375.00 Total Corporate Bonds (19,567.17) (22,698.54) 15,272.50 0.00 30,813.38Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT22) 6.92 0.00 (1,906.61) 361.66 2,100.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (2,064.81) 1,130.21 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 (1,203.39) 1,291.66 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 (1,380.30) 2,475.69 0.00 3135G0T78 FANNIE MAE BNDS 2.0% 10-05-2022 (163.62) 0.00 103.82 347.22 12,500.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 (1,925.09) 301.39 1,750.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 20OCT22) 0.00 0.00 (1,577.05) 322.92 0.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC22) 0.00 0.00 (1,518.14) 301.38 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 (326.40) 1,420.84 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.29) 0.00 96.49 2,152.78 0.00 3130ATHT7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 (77.63) 0.00 (7,850.52) 3,949.65 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 966.59 403.65 2,343.75 Total Government Agencies (2,260.51) (18,585.41) 18,693.75 0.00 14,459.05Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 210.29 0.00 (421.87) 127.04 0.00 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2022 - October 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CCK5 USA TREASURY 0.125% 30JUN2023 414.51 0.00 (93.75) 84.24 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 558.22 0.00 312.50 105.30 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.05 0.00 (1,562.50) 210.60 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 (195.32) 210.60 0.00 91282CAM3 USA TREASURY 0.25% 30SEP2025 1,149.10 0.00 (507.81) 106.46 0.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 2,769.04 0.00 (1,593.74) 256.91 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 (1,406.25) 318.53 1,875.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.10) 0.00 1,093.75 428.18 0.00 91282CBQ3 USA TREASURY 0.5% 28FEB2026 1,032.40 0.00 (1,445.31) 214.09 0.00 91282CBW0 USA TREASURY 0.75% 30APR2026 1,334.77 0.00 (1,601.56) 315.90 1,875.00 91282CCJ8 USA TREASURY 0.875% 30JUN2026 1,275.38 0.00 (1,699.22) 368.55 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.44) 0.00 879.40 1,447.86 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.43) 0.00 (732.42) 1,471.86 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.55) 0.00 381.78 1,263.58 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 (1,968.75) 889.34 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.32) 0.00 (2,734.38) 1,263.59 7,500.00 912828M80 USA TREASURY 2% 30NOV2022 (1,064.70) 0.00 753.35 2,117.49 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.23) 0.00 (1,294.92) 1,169.91 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 (3,359.38) 1,809.75 0.00 9128286X3 USA TREASURY 2.125% 31MAY2026 786.94 0.00 (2,148.44) 899.93 0.00 23 DETAIL OF RETURN AND INTEREST RECEIVED
For the period October 1, 2022 - October 31, 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 (1,224.89) 0.00 (4,023.44) 2,000.68 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 95.00 0.00 (2,167.97) 1,217.55 0.00 Total Government Bonds 1,905.90 (25,536.25) 11,250.00 0.00 18,297.94Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,860.80 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,860.80 0.00Grand total (19,921.78) (66,820.20) 45,525.39 0.00 68,740.31 24 TRANSACTION REPORT
For the period October 1, 2022 - October 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
10/05/2022 (1,263.89)10/06/2022
3130ATHT7 Government Agencies FEDERAL HOME LOAN BANK 0 Bought 9/12/2025 1,300,000.00 (1,303,159.00) (1,304,422.89) 0.00 10/05/2022 12,500.0010/05/2022
3135G0T78 Government Agencies FANNIE MAE BNDS 2.0% 10/ Income 05/2022 1,250,000.00 0.00 12,500.00 0.00 10/05/2022 0.0010/05/2022
3135G0T78 Government Agencies FANNIE MAE BNDS 2.0% 10/ Capital Change 05/2022 (1,250,000.00) 1,250,000.00 1,250,000.00 0.00 10/11/2022 6,375.0010/11/2022
931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023 Income 500,000.00 0.00 6,375.00 0.00 10/15/2022 1,875.0010/15/2022
91282CBV2 Government Bonds USA TREASURY 0.375% 04/15/2 Income 024 1,000,000.00 0.00 1,875.00 0.00 10/20/2022 2,343.7510/20/2022
3137EAEQ8 Government Agencies FREDDIE MAC 0.375% 04/20 Income /2023 1,250,000.00 0.00 2,343.75 0.00 10/22/2022 1,750.0010/22/2022
3133EMWV0 Government Agencies FEDERAL FARM CREDIT BAN Income K 04/22/2024 1,000,000.00 0.00 1,750.00 0.00 10/23/2022 8,897.5010/23/2022
46647PAP1 Corporate Bonds JPMORGAN CHASE & CO 04/23/20 Income 24 500,000.00 0.00 8,897.50 0.00 10/26/2022 2,100.0010/26/2022
3136G46B4 Government Agencies FANNIE MAE 0.35% 26APR2 Income 024 04/26/2024 1,200,000.00 0.00 2,100.00 0.00 10/31/2022 7,500.0010/31/2022
912828YM6 Government Bonds USA TREASURY 1.5% 10/31/202 Income 4 1,000,000.00 0.00 7,500.00 0.00 10/31/2022 1,875.0010/31/2022
91282CBW0 Government Bonds USA TREASURY 0.75% 04/30/20 Income 26 500,000.00 0.00 1,875.00 0.00 10/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 309.14 309.14 25 ADDITIONAL INFORMATION
As of October 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. 26 ADDITIONAL INFORMATION
As of October 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. 27 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELNovember 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 sold and matured 19Detail of return and interest received 20Transaction report 24Additional information 25

FIXED INCOME MARKET REVIEW
As of November 30, 2022

SAN RAFAEL
Chart 1: Core services inflation saw slight relief due to a medical services adjustmentSource: Federal Reserve, November 30, 2022Chart 2: Labor market remained tightSource: Bloomberg, November 30, 2022 Economic Indicators and Monetary PolicyAs widely expected, the Fed executed its fourth 75bp hike in a row. This constitutes 375bp ofhikes since March, taking the upper bound of the Fed funds rate to 4%. Fed chair Powellguided that the end of the hiking cycle was still some way off, indicating that slower but morerate hikes were possible. Subsequently the Fed guided that a “terminal rate” above 5% wasrealistic, higher than previous guidance had suggested.After a string of disappointing CPI prints, consumer prices for October rose 7.7% year-onyear, below 8% for the first time since February 2022 and lower than 7.9% expected. Coreinflation also rose less than expected, at 6.3%, down from last month
s 40-year high of 6.6%.

Core goods prices moved into deflation on a month-on-month basis at -0.4%. Used cars werethe largest negative contributor although other areas also fell, including apparel. Coreservices slowed for the first time in four months, from 0.8% to 0.4%, and was unchanged yearon-year at 6.7% (still a 40-year high). This was partly the result of the calculation of prices forhealth services, which fell sharply, and will likely be a drag on inflation for the next 12 months.The labor market continued to show only tentative signs of easing. The US economy added261,000 jobs in October, above expectations for 190,000. The unemployment rate ticked upslightly to 3.7%. Wage growth fell slightly, from 4.9% to 4.7%. Job openings for September roseby 4.25%, bringing the ratio of jobs to unemployed people to 1.9x, well above pre-pandemicnorms of 1x to 1.2x.The housing market continued to struggle given rising rates. Data at the end of Augustshowed the S&P Case-Shiller 20-City Home Price Index had its largest decrease since 2009and the FHFA Home Price Index saw its largest decline since 2011.Interest Rate Summary Yields fell during the month, at maturities above 2-years, as markets started to believe thatthe Fed had reached “peak hawkishness”. At the end of November, the 3-month US Treasurybill yielded 4.38%, the 6-month US Treasury bill yielded 4.71%, the 2-year US Treasury noteyielded 4.31%, the 5-year US Treasury note yielded 3.74% and the 10-year US Treasury noteyielded 3.61%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period November 1, 2022 - November 30, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,129,632.52
Income received 90,215.26
Total receipts 90,215.26
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 (30,915.40)Total OID/MKT accretion income 10,920.34 Return of capital 0.00
Closing balance 46,199,602.72Ending fair value 44,724,539.32 Unrealized gain (loss) (1,475,063.40)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 1.34 1.21 0.30Overnight Repo 1.29 1.18 0.30Merrill Lynch 3m US Treas Bill 1.60 1.39 0.33Merrill Lynch 6m US Treas Bill 1.93 1.59 0.35ML 1 Year US Treasury Note 2.42 1.82 0.38ML 2 Year US Treasury Note 2.68 1.82 0.36ML 5 Year US Treasury Note 2.64 1.61 0.33 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 65,442.99Accretion (amortization) (19,995.06)Realized gain (loss) on sales 0.00Total income on portfolio 45,447.93Average daily amortized cost 46,147,610.10Period return (%)Weighted average final maturity in days 527YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 245.01 0.00 245.01 0.00Corporate Bonds 28,825.44 (19,731.05) 9,094.39 0.00Government Agencies 14,088.17 (2,108.35) 11,979.82 0.00Government Bonds 17,737.17 1,844.34 19,581.51 0.00Municipal/Provincial Bonds 4,547.20 0.00 4,547.20 0.00Total 65,442.99 (19,995.06) 0.00 45,447.93

0.100.85
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period November 1, 2022 - November 30, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 44,445,839.11
Income received 90,215.26
Total receipts 90,215.26
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 188,734.95 Ending fair value 44,724,539.32
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 1.34 1.21 0.30Overnight Repo 1.29 1.18 0.30ICE Bofa 3 Months US T-BILL 1.10 0.97 0.32ICE Bofa 6m US Treas Bill 0.92 0.85 0.36ICE Bofa 1 Yr US Treasury Note (1.51) (0.64) 0.30ICE BofA US Treasury 1-3 (4.08) (1.61) 0.63ICE BofA US Treasury 1-5 (5.57) (1.99) 1.08 * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 245.01 0.00 245.01Corporate Bonds 28,825.44 56,299.51 85,124.95Government Agencies 14,088.17 36,878.57 50,966.74Government Bonds 17,737.17 95,556.87 113,294.04Municipal/Provincial Bonds 4,547.20 0.00 4,547.20Total 65,442.99 188,734.95 254,177.94 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 65,442.99Total income on portfolio 254,177.94Average daily total value * 44,748,368.28Period return (%) 0.57Weighted average final maturity in days 527Change in fair value 188,734.95YTD return (%) (2.19)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of November 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 1,425,198.21 1,425,198.21 1,425,198.21 0.00 3.05 0.00 1Corporate Bonds 13,972,353.40 13,558,213.72 13,087,853.91 (470,359.81) 429 29.90 0.97Government Agencies 11,396,263.61 11,319,293.61 10,963,303.45 (355,990.16) 418 24.39 1.10Government Bonds 18,863,868.95 18,821,697.18 18,172,983.75 (648,713.43) 533 40.37 1.41Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 0.00 3,564 2.30 7.49Total 46,732,884.17 46,199,602.72 44,724,539.32 (1,475,063.40) 527 100.00 1.30 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 3.05Corporate Bonds 29.90Government Agencies 24.39Government Bonds 40.37Municipal/Provincial Bonds 2.30 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of November 30, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 5,923,583.29 12.6890 to 179 days 4,296,084.60 9.19180 days to 1 year 7,418,078.21 15.871 to 2 years 20,891,407.18 44.702 to 3 years 4,245,810.87 9.093 to 4 years 2,882,720.02 6.174 to 5 years 0.00 0.00Over 5 years 1,075,200.00 2.30 46,732,884.17 100.00
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 November 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 1,425,198.21 1,425,198.21 1,425,198.21 0.00 0.00 3.05 1,425,198.21 Total Cash and Cash Equivalents 1,425,198.21 1,425,198.21 1,425,198.21 1,425,198.21 0.00 3.05 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 500,314.10 (4,349.68) 1,735.42 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 500,000.00 495,964.42 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 500,805.39 (5,787.25) 900.00 500,000.00 495,018.14 1.0802665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,006,925.27 (18,863.18) 1 1,000,000.00 988,062.09 ,083.33 2.21742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 508,639.55 (15,223.00) 4,520 500,000.00 493,416.55 .83 1.1189236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 704,691.28 (21,641.86) 2,493 700,000.00 683,049.42 .75 1.5314912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,033,169.26 (44,458.24) 6 1,000,000.00 988,711.02 25.00 2.32 06051GHC6 3.004 12/20/2023 525,795.00 500,656.36 (1,242.00) 6,675.56 12/20/2022
BANK OF AMERICA CORP 3.004% 20DEC2023 500,000.00 499,414.36 1.13(CALLABLE 20DEC22) 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,681.91 (22,267.77) 834.0 480,000.00 457,414.14 0 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,513.45 (45,950.55) 1 1,000,000.00 954,562.90 ,662.50 2.1417325FAS7 3.650 01/23/2024 541,470.00 516,950.92 (23,840.18) 6,438.19 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 493,110.74 1.16 8 SECURITIES HELD
As of November 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 957,939.00 919,544.61 (33,396.11) 11,112.50 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 886,148.50 2.0523DEC23) 91159HHV5 3.375 02/05/2024 1,079,130.00 1,032,356.47 (48,306.68) 10,781.25 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 984,049.79 2.31 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,037,540.80 (51,806.05) 1 1,000,000.00 985,734.75 0,875.00 2.3388579YBB6 3.250 02/14/2024 541,935.00 516,089.02 (24,648.40) 4,784.72 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 491,440.62 1.16 713448CM8 3.600 03/01/2024 537,465.00 515,351.72 (21,522.06) 4,450.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 493,829.66 1.15 06051GHF9 3.550 03/05/2024 535,525.00 503,556.24 (6,059.62) 4,190.97 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 497,496.62 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 506,182.22 (9,667.62) 1,828.93 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 496,514.60 1.1423APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 520,471.14 (28,456.13) 708.3 500,000.00 492,015.01 3 1.15166764BW9 1.554 05/11/2025 667,380.00 673,464.25 (19,113.45) 574.12 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 654,350.80 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 581,309.76 (23,759.98) 2,573.08 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 557,549.78 1.24(CALLABLE 13MAR25) Total Corporate Bonds 13,380,000.00 13,972,353.40 13,558,213.72 13,087,853.91 (470,359.81) 78,847.48 29.90Government Agencies3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 2.500 12/09/2022 1,021,240.00 1,000,154.29 (450.79) 11,8 1,000,000.00 999,703.50 75.00 2.19 9 SECURITIES HELD
As of November 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 Agencies3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,200,386.84 (8,044.88) 4, 1,200,000.00 1,192,341.96 720.83 2.57 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,249,480.85 (19,890.31) 5 1,250,000.00 1,229,590.54 20.83 2.67 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,009,384.19 (24,282.30) 6 1,000,000.00 985,101.89 ,229.17 2.243135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 605,848.99 (20,749.62) 4,791 600,000.00 585,099.37 .67 1.333133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (55,655.41) 3 1,000,000.00 944,344.59 69.44 2.14 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (61,470.32) 1,526.39 12/23/2022
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 938,529.68 2.14(CALLABLE 23DEC22) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,879.24 (73,232.80) 396.67 01/26/2023
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23) 1,200,000.00 1,126,646.44 2.57 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (61,738.99) 2 1,000,000.00 938,261.01 50.00 2.14 (CALLABLE 09DEC22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,167.42 (32,840.98) 5,395 750,000.00 718,326.44 .83 1.613130ATHT7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 4.375 09/12/2025 1,303,159.00 1,302,991.79 2,366.24 9,79 1,300,000.00 1,305,358.03 5.14 2.79 Total Government Agencies 11,300,000.00 11,396,263.61 11,319,293.61 10,963,303.45 (355,990.16) 45,870.97 24.39Government Bonds912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,001,380.81 (4,615.25) 5, 1,000,000.00 996,765.56 625.00 2.16 10 SECURITIES HELD
As of November 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 Bonds912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,252,552.04 (10,162.64) 4 1,250,000.00 1,242,389.40 ,997.45 2.70 912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,074.86 (11,453.13) 1 1,000,000.00 988,621.73 ,049.72 2.1491282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 797,165.31 (18,384.06) 415.7 800,000.00 778,781.25 6 1.7091282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 995,624.30 (25,741.49) 414.4 1,000,000.00 969,882.81 0 2.129128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,257,092.46 (38,098.32) 4 1,250,000.00 1,218,994.14 ,320.62 2.7191282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,045.41 (41,998.53) 1 1,000,000.00 958,046.88 03.59 2.14 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 652,816.78 (19,498.42) 0.00 1 650,000.00 633,318.36 .4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,197,422.32 (53,344.19) 6 1,200,000.00 1,144,078.13 88.53 2.56 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,545.75 (56,678.56) 4 1,000,000.00 943,867.19 73.90 2.14 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,488.88 (59,309.19) 103.5 1,000,000.00 939,179.69 9 2.13912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,024,655.89 (59,812.14) 6 1,000,000.00 964,843.75 ,905.57 2.229128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,030,497.50 (70,497.50) 3 1,000,000.00 960,000.00 ,561.13 2.25 11 SECURITIES HELD
As of November 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 Bonds912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,010,069.86 (62,647.98) 1 1,000,000.00 947,421.88 ,243.09 2.17 912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 714,203.65 (52,320.83) 0.00 1 700,000.00 661,882.82 .5591282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,110,229.35 (30,416.85) 7 1,200,000.00 1,079,812.50 54.14 2.35 91282CAM3 USA TREASURY 0.25% 30SEP2025 0.250 09/30/2025 456,445.31 461,634.80 (11,771.52) 209.4 500,000.00 449,863.28 8 0.989128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 496,212.61 496,641.60 (13,516.60) 0.00 1 500,000.00 483,125.00 .0691282CBQ3 USA TREASURY 0.5% 28FEB2026 0.500 02/28/2026 455,839.84 460,502.30 (14,076.52) 628.4 500,000.00 446,425.78 5 0.9891282CBW0 USA TREASURY 0.75% 30APR2026 0.750 04/30/2026 443,595.43 446,308.02 1,856.04 310.77 0. 500,000.00 448,164.06 95 9128286X3 USA TREASURY 2.125% 31MAY2026 2.125 05/31/2026 465,958.71 467,557.97 1,738.91 0.00 1.00 500,000.00 469,296.8891282CCJ8 USA TREASURY 0.875% 30JUN2026 0.875 06/30/2026 443,595.43 446,187.32 2,035.34 1,818.95 500,000.00 448,222.66 0.95 Total Government Bonds 19,050,000.00 18,863,868.95 18,821,697.18 18,172,983.75 (648,713.43) 33,624.14 40.37 12 SECURITIES HELD
As of November 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 13,798.4 1,075,200.00 1,075,200.00 0 2.30 SANRAF$01
Total Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.30 13,798.40Grand total 46,230,398.21 46,732,884.17 46,199,602.72 (1,475,063.40) 44,724,539.32 172,140.99 100.00 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 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/Bond912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.16 996,765.56 2.23 0.13912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.70 1,242,389.40 2.78 0.21912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 988,621.73 2.21 0.2891282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 778,781.25 1.74 0.5791282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 969,882.81 2.17 0.659128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,218,994.14 2.73 0.7391282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.14 958,046.88 2.14 0.94912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 633,318.36 1.42 0.9791282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,144,078.13 2.56 1.0191282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.14 943,867.19 2.11 1.3491282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.13 939,179.69 2.10 1.42912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 964,843.75 2.16 1.639128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 960,000.00 2.15 1.76912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.17 947,421.88 2.12 1.85912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 661,882.82 1.48 1.9391282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.35 1,079,812.50 2.41 2.6791282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 449,863.28 1.01 2.759128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 483,125.00 1.08 2.8291282CBQ3 USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 446,425.78 1.00 3.1491282CBW0 USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 448,164.06 1.00 3.299128286X3 USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 469,296.88 1.05 3.3091282CCJ8 USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 448,222.66 1.00 3.43Issuer total 19,050,000.00 18,863,868.95 40.37 18,172,983.75 40.63 1.41 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 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 Home Loan Banks3130A3KM5 FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 2.19 999,703.50 2.24 0.023130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.57 1,192,341.96 2.67 0.213130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 12/23/2022 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 938,529.68 2.10 1.363130ATHT7 FEDERAL HOME LOAN 4.375 09/12/2025 AA+ Aaa 1,300,000.00 1,303,159.00 2.79 1,305,358.03 2.92 2.57Issuer total 4,500,000.00 4,526,097.09 9.69 4,435,933.17 9.92 1.10Federal National Mortgage Association3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 985,101.89 2.20 0.763135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 585,099.37 1.31 1.143136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2023 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,126,646.44 2.52 1.373135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 718,326.44 1.61 1.52Issuer total 3,550,000.00 3,621,942.77 7.75 3,415,174.14 7.64 1.19Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 944,344.59 2.11 1.363133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 938,261.01 2.10 1.39 Issuer total 2,000,000.00 2,000,000.00 4.28 1,882,605.60 4.21 1.38 Cash and Cash Equivalents
INVESTED CASH 0.000 1,425,198.21 1,425,198.21 0.00 1,425,198.21 3.19 0.00 Issuer total 1,425,198.21 1,425,198.21 0.00 1,425,198.21 3.19 0.00 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 1,229,590.54 2.75 0.38 Issuer total 1,250,000.00 1,248,223.75 2.67 1,229,590.54 2.75 0.38 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 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
Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 683,049.42 1.53 0.7189236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 480,000.00 479,342.40 1.03 457,414.14 1.02 1.08 Issuer total 1,180,000.00 1,194,301.40 2.56 1,140,463.56 2.55 0.86 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.40 7.49 Issuer total 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.40 7.49 JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.14 496,514.60 1.11 0.3946647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 557,549.78 1.25 2.16 Issuer total 1,100,000.00 1,111,758.00 2.38 1,054,064.38 2.36 1.31 Bank of America Corp06051GHC6 BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 1.13 499,414.36 1.12 0.0506051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 497,496.62 1.11 0.26 Issuer total 1,000,000.00 1,061,320.00 2.27 996,910.98 2.23 0.16 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.32 988,711.02 2.21 0.95 Issuer total 1,000,000.00 1,086,390.00 2.32 988,711.02 2.21 0.95 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 988,062.09 2.21 0.43 Issuer total 1,000,000.00 1,031,510.00 2.21 988,062.09 2.21 0.43 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 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
International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 985,734.75 2.20 1.15 Issuer total 1,000,000.00 1,086,900.00 2.33 985,734.75 2.20 1.15 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 984,049.79 2.20 1.11 Issuer total 1,000,000.00 1,079,130.00 2.31 984,049.79 2.20 1.11 John Deere Capital Corp24422EVN6 JOHN DEERE CAPITAL 0.450 01/17/2024 A A2 1,000,000.00 1,001,230.00 2.14 954,562.90 2.13 1.10 Issuer total 1,000,000.00 1,001,230.00 2.14 954,562.90 2.13 1.10 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 886,148.50 1.98 1.07 Issuer total 900,000.00 957,939.00 2.05 886,148.50 1.98 1.07 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 654,350.80 1.46 2.33 Issuer total 700,000.00 667,380.00 1.43 654,350.80 1.46 2.33 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 495,964.42 1.11 0.36 Issuer total 500,000.00 509,155.00 1.09 495,964.42 1.11 0.36 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.08 495,018.14 1.11 0.41 Issuer total 500,000.00 506,880.00 1.08 495,018.14 1.11 0.41 17 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of November 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
PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 493,829.66 1.10 1.12 Issuer total 500,000.00 537,465.00 1.15 493,829.66 1.10 1.12 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.11 493,416.55 1.10 0.68 Issuer total 500,000.00 520,430.00 1.11 493,416.55 1.10 0.68 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 493,110.74 1.10 1.07 Issuer total 500,000.00 541,470.00 1.16 493,110.74 1.10 1.07 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A1 500,000.00 537,160.00 1.15 492,015.01 1.10 1.40 Issuer total 500,000.00 537,160.00 1.15 492,015.01 1.10 1.40 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 491,440.62 1.10 1.14 Issuer total 500,000.00 541,935.00 1.16 491,440.62 1.10 1.14 Grand total 46,230,398.21 46,732,884.17 100.00 44,724,539.32 100.00 1.30 18 SECURITIES SOLD AND MATURED
For the period November 1, 2022 - November 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 Bonds912828M80 11/30/2022 (1,250,000.00) 1,269,750.29 1,250,000.00 0.0 2.000 0 1,250,000.00 0.00 0.00 11/30/2022
USA TREASURY 2% 30NOV2022
Total (Government Bonds) (1,250,000.00) 1,269,750.29 1,250,000.00 1,250,000.00 0.00 0.00 Grand total (1,250,000.00) 1,269,750.29 1,250,000.00 1,250,000.00 0.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2022 - November 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 0.00 245.01 245.01
Total Cash 0.00 0.00 0.00 245.01 245.01Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 2,614.64 1,309.03 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.49) 0.00 2,982.89 1,570.83 9,750.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 610.54 966.67 6,000.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (984.54) 0.00 1,214.76 1,209.95 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.03) 0.00 1,638.40 1,429.86 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.96) 0.00 (30.05) 3,020.83 18,750.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.60 0.00 8,564.70 876.29 5,439.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 505.31 1,470.13 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 2,952.89 2,920.14 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.84) 0.00 5,503.13 362.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 10,453.03 969.08 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 1,349.60 1,433.49 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 236.56 1,450.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 2,533.89 1,369.44 8,500.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.92) 0.00 3,995.84 2,537.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 (282.46) 1,248.61 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 2,507.23 174.00 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2022 - November 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 3,388.70 761.25 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,539.37) 0.00 4,736.22 2,718.75 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (229.84) 0.00 823.69 1,027.09 0.00 Total Corporate Bonds (19,731.05) 0.00 56,299.51 48,439.00 28,825.44Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23) 7.40 0.00 4,241.72 338.34 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 2,325.69 1,057.29 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 863.36 1,208.34 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 810.51 2,315.98 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 3,221.16 281.94 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 09DEC22) 0.00 0.00 3,633.81 302.08 1,875.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23DEC22) 0.00 0.00 3,549.74 281.95 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 3,181.93 1,329.16 0.00 3130A3KM5 FEDERAL HOME LOAN BANK 2.5% 09DEC2022 (514.28) 0.00 1,435.80 2,013.89 0.00 3130ATHT7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 (89.58) 0.00 10,049.55 4,581.60 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.25 0.00 3,565.30 377.60 0.00 Total Government Agencies (2,108.35) 0.00 36,878.57 14,088.17 1,875.00Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 203.50 0.00 2,625.00 122.96 0.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 401.13 0.00 2,125.00 81.52 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2022 - November 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CCN9 USA TREASURY 0.125% 31JUL2023 540.21 0.00 3,007.81 101.90 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 85.21 0.00 3,945.31 205.49 1,250.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (3.90) 0.00 2,382.82 205.49 1,250.00 91282CAM3 USA TREASURY 0.25% 30SEP2025 1,112.03 0.00 5,996.09 103.02 0.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 2,679.73 0.00 12,421.87 248.61 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (32.62) 0.00 3,750.00 309.06 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (21.39) 0.00 2,645.17 414.36 0.00 91282CBQ3 USA TREASURY 0.5% 28FEB2026 999.10 0.00 6,679.68 207.18 0.00 91282CBW0 USA TREASURY 0.75% 30APR2026 1,291.71 0.00 7,011.71 310.77 0.00 91282CCJ8 USA TREASURY 0.875% 30JUN2026 1,234.23 0.00 7,265.63 356.65 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (994.30) 0.00 2,447.50 1,401.15 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (776.55) 0.00 2,343.75 1,424.38 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (900.53) 0.00 1,948.32 1,222.83 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (582.92) 0.00 3,472.66 860.66 5,250.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (430.95) 0.00 4,531.26 1,243.09 0.00 912828M80 USA TREASURY 2% 30NOV2022 (1,030.36) 0.00 1,636.96 2,049.18 12,500.00 912828U57 USA TREASURY 2.125% 30NOV2023 (231.52) 0.00 355.47 1,132.17 6,906.25 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,365.56) 0.00 3,671.88 1,751.38 0.00 9128286X3 USA TREASURY 2.125% 31MAY2026 761.55 0.00 6,621.10 870.90 5,312.50 912828D56 USA TREASURY 2.375% 15AUG2024 (1,185.38) 0.00 3,203.13 1,936.14 0.00 22 DETAIL OF RETURN AND INTEREST RECEIVED
For the period November 1, 2022 - November 30, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
9128285N6 USA TREASURY 2.875% 30NOV2025 91.92 0.00 5,468.75 1,178.28 7,187.50 Total Government Bonds 1,844.34 0.00 95,556.87 39,656.25 17,737.17Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,547.20 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,547.20 0.00Grand total (19,995.06) 188,734.95 90,215.26 0.00 65,442.99 23 TRANSACTION REPORT
For the period November 1, 2022 - November 30, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
11/03/2022 6,000.0011/03/2022
037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/ Income 03/2023 500,000.00 0.00 6,000.00 0.00 11/06/2022 1,875.0011/06/2022
3133EMYR7 Government Agencies FEDERAL FARM CREDIT BAN Income K 05/06/2024 1,000,000.00 0.00 1,875.00 0.00 11/10/2022 9,750.0011/10/2022
02665WDH1 Corporate Bonds AMERICAN HONDA FINANCE 05/10 Income /2023 1,000,000.00 0.00 9,750.00 0.00 11/11/2022 5,439.0011/11/2022
166764BW9 Corporate Bonds CHEVRON CORP 1.554% 05/11/20 Income 25 700,000.00 0.00 5,439.00 0.00 11/15/2022 8,500.0011/15/2022
717081DM2 Corporate Bonds PFIZER INC 3.4% 15MAY2024 05 Income /15/2024 500,000.00 0.00 8,500.00 0.00 11/15/2022 1,250.0011/15/2022
91282CAW1 Government Bonds USA TREASURY 0.25% 11/15/20 Income 23 1,000,000.00 0.00 1,250.00 0.00 11/15/2022 1,250.0011/15/2022
91282CCC3 Government Bonds USA TREASURY 0.25% 05/15/20 Income 24 1,000,000.00 0.00 1,250.00 0.00 11/25/2022 18,750.0011/25/2022
14912L5X5 Corporate Bonds CATERPILLAR FINL SERVICE 11/ Income 24/2023 1,000,000.00 0.00 18,750.00 0.00 11/30/2022 7,187.5011/30/2022
9128285N6 Government Bonds USA TREASURY 2.875% 11/30/2 Income 025 500,000.00 0.00 7,187.50 0.00 11/30/2022 5,312.5011/30/2022
9128286X3 Government Bonds USA TREASURY 2.125% 05/31/2 Income 026 500,000.00 0.00 5,312.50 0.00 11/30/2022 12,500.0011/30/2022
912828M80 Government Bonds USA TREASURY 2% 30NOV2022 1 Income 1/30/2022 1,250,000.00 0.00 12,500.00 0.00 11/30/2022 0.0011/30/2022
912828M80 Government Bonds USA TREASURY 2% 30NOV2022 1 Capital Change 1/30/2022 (1,250,000.00) 1,250,000.00 1,250,000.00 0.00 11/30/2022 6,906.2511/30/2022
912828U57 Government Bonds USA TREASURY 2.125% 11/30/2 Income 023 650,000.00 0.00 6,906.25 0.00 11/30/2022 5,250.0011/30/2022
912828YV6 Government Bonds USA TREASURY 1.5% 11/30/202 Income 4 700,000.00 0.00 5,250.00 0.00 11/30/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 245.01 245.01 24 ADDITIONAL INFORMATION
As of November 30, 2022

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

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

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

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

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

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

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

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

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

Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith.© 2022 Insight Investment. All rights reserved. 26 FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELDecember 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 sold and matured 18Detail of return and interest received 19Transaction report 23Additional information 24

FIXED INCOME MARKET REVIEW
As of December 31, 2022

SAN RAFAEL
Chart 1: The Fed adjusted its dot plot again, but to a lower extent againSource: Federal Reserve, December 31, 2022Chart 2: Wage growth remained strongSource: Bloomberg, December 31, 2022 Economic Indicators and Monetary Policy
The Federal Reserve, as expected, announced a “downshift” in its policy tightening. It raisedthe upper bound of its policy rate by 50bp, from 4% to 4.5%, following four consecutive 75bphikes. The Fed was, however, clear that it still has more hiking to do in 2023. Fed Chair Powellstated that rates are still “not sufficiently restrictive”. The Fed once again raised its “dot plot”projections, albeit to a lesser extent than they have at each quarterly meeting this year (seeChart 1). The Fed's most notable (and most anticipated) change was to its 2023 year-endforecast, now at 5.13%, up from 4.65%. Only two of the 19 voting members projected a lowerrate (at 4.88%).For the second month in a row, inflation came in lower than expected. Headline CPI was 0.1%month-on-month and core CPI was 0.2%, taking the year-on-year figures to 7.1% (the lowestsince last December) and 6% (the lowest since July), respectively. Most areas of the reportoffered good news, outside of the stubborn rental and food components. For the secondmonth in a row, core goods prices were in deflation, this time at -0.4% month-on-month. Usedcar prices were the second largest negative contributor and leading indicators, such as theManheim Used Car Index, fell -14.2% last month, its largest decrease ever.The labor market remained tight. US economy added 263,000 new jobs in November, aboveconsensus for 200,000. Job growth was broad-based. The service sector remained strongwith leisure and hospitality up 88,000. Wage growth surged higher, up 0.6%, or 5.1% year-onyear, raising further inflation concerns (Chart 2). The unemployment rate stayed at 3.7%. Theparticipation rate fell from 62.2% to 62.1%. The ratio of jobs to unemployed people remainedat ~1.7.The housing market also continued to struggle. Existing home sales have fallen 40% from thepeak in late 2020. Building permits fell by 11.2% month-on-month in November and housingstarts fell 0.5% month-on-month.

Interest Rate Summary
Yields rose toward the belly of the curve. At the end of December, the 3-month US Treasurybill yielded 4.41%, the 6-month US Treasury bill yielded 4.77%, the 2-year US Treasury noteyielded 4.43%, the 5-year US Treasury note yielded 4.01% and the 10-year US Treasury noteyielded 3.88%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2022 - December 31, 2022

SAN RAFAEL
Amortized Cost Basis Activity Summary
Opening balance 46,199,602.72
Income received 22,942.20
Total receipts 22,942.20
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 (29,250.44)
Total OID/MKT accretion income 11,233.21
Return of capital 0.00
Closing balance 46,204,277.69
Ending fair value 44,804,189.18
Unrealized gain (loss) (1,400,088.51)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 1.68 1.46 0.34
Overnight Repo 1.64 1.44 0.34
Merrill Lynch 3m US Treas Bill 1.95 1.62 0.35
Merrill Lynch 6m US Treas Bill 2.30 1.80 0.37
ML 1 Year US Treasury Note 2.79 2.00 0.39
ML 2 Year US Treasury Note 2.98 1.94 0.36
ML 5 Year US Treasury Note 2.86 1.66 0.31
* rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 65,417.21Accretion (amortization) (18,017.23)Realized gain (loss) on sales 0.00Total income on portfolio 47,399.98Average daily amortized cost 46,203,496.73Period return (%)Weighted average final maturity in days 494 YTD return (%)
Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 432.20 0.00 0.00 432.20Corporate Bonds 30,354.46 (19,238.98) 0.00 11,115.48Government Agencies 13,531.98 (1,748.84) 0.00 11,783.14Government Bonds 16,237.77 2,970.59 0.00 19,208.36Municipal/Provincial Bonds 4,860.80 0.00 0.00 4,860.80Total 65,417.21 (18,017.23) 0.00 47,399.98

0.100.96
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2022 - December 31, 2022

SAN RAFAEL
Fair Value Basis Activity Summary
Opening balance 44,724,539.32
Income received 22,942.20
Total receipts 22,942.20
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 56,957.66 Ending fair value 44,804,189.18
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 1.68 1.46 0.34
Overnight Repo 1.64 1.44 0.34
ICE Bofa 3 Months US T-BILL 1.46 1.31 0.36
ICE Bofa 6m US Treas Bill 1.34 1.35 0.43
ICE Bofa 1 Yr US Treasury Note (1.02) 0.25 0.39
ICE BofA US Treasury 1-3 (3.65) (0.84) 0.20
ICE BofA US Treasury 1-5 (5.25) (1.35) 0.06
* rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 432.20 0.00 432.20
Corporate Bonds 30,354.46 2,956.12 33,310.58Government Agencies 13,531.98 20,751.14 34,283.12Government Bonds 16,237.77 33,250.40 49,488.17Municipal/Provincial Bonds 4,860.80 0.00 4,860.80 Total 65,417.21 56,957.66 122,374.87
Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 65,417.21Total income on portfolio 122,374.87Average daily total value * 44,997,278.76Period return (%) 0.27Weighted average final maturity in days 494 Change in fair value 56,957.66YTD return (%) (1.92)* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of December 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 2,947,890.41 2,947,890.41 2,947,890.41 0.00 1 6.31 0.00 Corporate Bonds 13,446,558.40 13,038,974.74 12,590,810.03 (448,164.71) 400 28.79 0.93 Government Agencies 10,375,023.61 10,317,544.77 9,984,054.59 (333,490.18) 335 22.21 0.87 Government Bonds 18,863,868.95 18,824,667.77 18,206,234.15 (618,433.62) 428 40.39 1.12 Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 0.00 3,533 2.30 7.42Total 46,708,541.37 46,204,277.69 44,804,189.18 (1,400,088.51) 494 100.00 1.12 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial Bonds Portfolio diversification (%)
Cash and Cash Equivalents 6.31Corporate Bonds 28.79Government Agencies 22.21Government Bonds 40.39Municipal/Provincial Bonds 2.30 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2022

SAN RAFAEL
Maturity Historic cost PercentUnder 90 days 7,425,351.34 15.9090 to 179 days 3,295,768.75 7.06180 days to 1 year 9,274,174.25 19.861 to 2 years 19,232,405.20 41.182 to 3 years 4,019,134.42 8.613 to 4 years 2,386,507.41 5.114 to 5 years 0.00 0.00Over 5 years 1,075,200.00 2.30 46,708,541.37 100.00
Maturity distribution

0.005.00

10.0015.0020.00
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 December 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 2,947,890.41 2,947,890.41 2,947,890.41 0.00 0.00 6.31 2,947,890.41 Total Cash and Cash Equivalents 2,947,890.41 2,947,890.41 2,947,890.41 2,947,890.41 0.00 6.31 0.00Corporate Bonds931142DH3 2.550 04/11/2023 509,155.00 500,084.27 (3,207.83) 2,833.33 01/11/2023
WALMART INC 2.55% 11APR2023 (CALLABLE 06FEB23) 500,000.00 496,876.44 1.09 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 506,880.00 500,647.47 (4,651.65) 1,933. 500,000.00 495,995.82 33 1.09 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 1.950 05/10/2023 1,031,510.00 1,005,626.79 (17,310.00) 2 1,000,000.00 988,316.79 ,762.50 2.21742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 3.100 08/15/2023 520,430.00 507,623.13 (13,372.43) 5,855 500,000.00 494,250.70 .56 1.1189236THA6 TOYOTA MOTOR CREDIT CORP 1.35% 25AUG2023 1.350 08/25/2023 714,959.00 704,160.20 (19,824.74) 3,307 700,000.00 684,335.46 .50 1.5314912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 3.750 11/24/2023 1,086,390.00 1,030,358.31 (40,469.72) 3 1,000,000.00 989,888.59 ,854.17 2.3389236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 479,342.40 479,705.71 (20,405.74) 1,020 480,000.00 459,299.97 .00 1.0324422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 0.450 01/17/2024 1,001,230.00 1,000,475.60 (44,077.88) 2 1,000,000.00 956,397.72 ,050.00 2.1417325FAS7 3.650 01/23/2024 541,470.00 515,623.17 (22,539.88) 8,009.72 12/23/2023
CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 500,000.00 493,083.29 1.16 693475AV7 3.500 01/23/2024 957,939.00 918,013.71 (31,105.86) 13,825.00 12/24/2023
PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 900,000.00 886,907.85 2.0523DEC23) 8 SECURITIES HELD
As of December 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 Bonds91159HHV5 3.375 02/05/2024 1,079,130.00 1,029,980.93 (47,556.37) 13,687.50 01/05/2024
US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 1,000,000.00 982,424.56 2.31 459200HU8 IBM CORP 3.625% 12FEB2024 3.625 02/12/2024 1,086,900.00 1,034,933.80 (49,572.93) 1 1,000,000.00 985,360.87 3,996.53 2.3388579YBB6 3.250 02/14/2024 541,935.00 514,894.29 (24,057.38) 6,184.03 01/14/2024
3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) 500,000.00 490,836.91 1.16 713448CM8 3.600 03/01/2024 537,465.00 514,075.95 (20,072.58) 6,000.00 12/01/2023
PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) 500,000.00 494,003.37 1.15 06051GHF9 3.550 03/05/2024 535,525.00 502,433.22 (4,214.65) 5,719.44 03/05/2023
BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 500,000.00 498,218.57 1.1505MAR23) 46647PAP1 3.559 04/23/2024 534,240.00 504,885.25 (8,136.79) 3,361.28 04/23/2023
JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 500,000.00 496,748.46 1.1423APR23) 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 537,160.00 519,301.36 (28,955.19) 2,172 500,000.00 490,346.17 .22 1.15166764BW9 1.554 05/11/2025 667,380.00 674,367.85 (22,581.73) 1,510.83 04/11/2025
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 700,000.00 651,786.12 1.4311APR25) 46647PBH8 2.005 03/13/2026 577,518.00 581,783.73 (26,051.36) 3,609.00 03/13/2025
JPMORGAN CHASE & CO 2.005% 13MAR2026 600,000.00 555,732.37 1.24(CALLABLE 13MAR25) Total Corporate Bonds 12,880,000.00 13,446,558.40 13,038,974.74 12,590,810.03 (448,164.71) 101,691.94 28.79Government Agencies3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 1,201,698.09 1,200,236.12 (4,614.57) 6, 1,200,000.00 1,195,621.55 141.67 2.57 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 0.375 04/20/2023 1,248,223.75 1,249,592.09 (15,261.43) 9 1,250,000.00 1,234,330.66 24.48 2.67 9 SECURITIES HELD
As of December 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 Agencies3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,047,553.22 1,008,385.87 (21,238.53) 8 1,000,000.00 987,147.34 ,704.86 2.24 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 621,262.80 605,436.12 (19,655.44) 6,083 600,000.00 585,780.68 .33 1.333133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.350 04/22/2024 1,000,000.00 1,000,000.00 (52,747.73) 6 1,000,000.00 947,252.27 70.83 2.14 3130AMQQ8 0.350 04/23/2024 1,000,000.00 1,000,000.00 (58,494.85) 77.78 03/23/2023
FEDERAL HOME LOAN BANK 0.35% 23APR2024 1,000,000.00 941,505.15 2.14(CALLABLE 23MAR23) 3136G46B4 0.350 04/26/2024 1,199,700.00 1,199,886.16 (69,706.76) 758.33 01/26/2023
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23) 1,200,000.00 1,130,179.40 2.57 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 0.375 05/06/2024 1,000,000.00 1,000,000.00 (58,976.98) 5 1,000,000.00 941,023.02 72.92 2.14 (CALLABLE 06JAN23)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 753,426.75 751,106.19 (32,869.24) 6,526 750,000.00 718,236.95 .04 1.613130ATHT7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 4.375 09/12/2025 1,303,159.00 1,302,902.22 75.35 14,692. 1,300,000.00 1,302,977.57 71 2.79 Total Government Agencies 10,300,000.00 10,375,023.61 10,317,544.77 9,984,054.59 (333,490.18) 2 45,152.95 2.21Government Bonds912828Z29 USA TREASURY 1.5% 15JAN2023 1.500 01/15/2023 1,011,526.79 1,000,450.27 (1,185.41) 6, 1,000,000.00 999,264.86 888.59 2.17 912828Z86 USA TREASURY 1.375% 15FEB2023 1.375 02/15/2023 1,263,920.20 1,251,524.59 (5,802.58) 6, 1,250,000.00 1,245,722.01 445.31 2.71 912828ZD5 USA TREASURY 0.5% 15MAR2023 0.500 03/15/2023 1,000,315.85 1,000,052.76 (7,670.74) 1, 1,000,000.00 992,382.02 477.90 2.14 10 SECURITIES HELD
As of December 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 Bonds91282CCK5 USA TREASURY 0.125% 30JUN2023 0.125 06/30/2023 792,846.43 797,579.82 (15,329.82) 500.0 800,000.00 782,250.00 0 1.70 91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 989,808.04 996,182.52 (22,510.64) 519.7 1,000,000.00 973,671.88 0 2.129128282D1 USA TREASURY 1.375% 31AUG2023 1.375 08/31/2023 1,265,970.98 1,256,290.03 (34,268.54) 5 1,250,000.00 1,222,021.49 ,792.47 2.7191282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 1,000,120.54 1,000,041.39 (38,478.89) 3 1,000,000.00 961,562.50 17.68 2.14 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 661,529.52 652,577.55 (17,761.15) 1,176 650,000.00 634,816.40 .34 1.4291282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 1,194,566.52 1,197,632.60 (48,116.97) 6 1,200,000.00 1,149,515.63 5.93 2.56 91282CBV2 USA TREASURY 0.375% 15APR2024 0.375 04/15/2024 1,001,175.22 1,000,512.05 (53,871.43) 7 1,000,000.00 946,640.62 93.27 2.14 91282CCC3 USA TREASURY 0.25% 15MAY2024 0.250 05/15/2024 996,878.35 998,576.94 (56,975.38) 317.6 1,000,000.00 941,601.56 8 2.13912828D56 USA TREASURY 2.375% 15AUG2024 2.375 08/15/2024 1,038,011.16 1,023,431.00 (58,196.62) 8 1,000,000.00 965,234.38 ,906.25 2.229128282Y5 USA TREASURY 2.125% 30SEP2024 2.125 09/30/2024 1,051,800.23 1,029,086.42 (68,930.17) 5 1,000,000.00 960,156.25 ,370.88 2.25912828YM6 USA TREASURY 1.5% 31OCT2024 1.500 10/31/2024 1,014,925.23 1,009,624.55 (61,655.80) 2 1,000,000.00 947,968.75 ,527.62 2.17912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 722,889.06 713,601.31 (50,843.49) 894.2 700,000.00 662,757.82 3 1.55 11 SECURITIES HELD
As of December 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 Bonds91282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 1,095,937.50 1,112,998.39 (32,857.76) 1 1,200,000.00 1,080,140.63 ,011.05 2.35 91282CAM3 USA TREASURY 0.25% 30SEP2025 0.250 09/30/2025 456,445.31 462,783.91 (13,389.38) 315.9 500,000.00 449,394.53 3 0.989128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 496,212.61 496,736.59 (15,193.62) 1,224 500,000.00 481,542.97 .25 1.0691282CBQ3 USA TREASURY 0.5% 28FEB2026 0.500 02/28/2026 455,839.84 461,534.70 (15,480.01) 842.5 500,000.00 446,054.69 4 0.9891282CBW0 USA TREASURY 0.75% 30APR2026 0.750 04/30/2026 443,595.43 447,642.78 (142.78) 631.91 0. 500,000.00 447,500.00 959128286X3 USA TREASURY 2.125% 31MAY2026 2.125 05/31/2026 465,958.71 468,344.90 53.54 904.88 1.00 500,000.00 468,398.4491282CCJ8 USA TREASURY 0.875% 30JUN2026 0.875 06/30/2026 443,595.43 447,462.70 174.02 2,187.50 0. 500,000.00 447,636.72 95 Total Government Bonds 19,050,000.00 18,863,868.95 18,824,667.77 18,206,234.15 (618,433.62) 49,111.91 40.39Municipal/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 18,659.2 1,075,200.00 1,075,200.00 0 2.30 SANRAF$01
Total Municipal/Provincial Bonds 1,075,200.00 1,075,200.00 1,075,200.00 1,075,200.00 0.00 2.30 18,659.20Grand total 46,253,090.41 46,708,541.37 46,204,277.69 (1,400,088.51) 44,804,189.18 214,616.00 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 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/Bond912828Z29 USA TREASURY 1.5% 1.500 01/15/2023 AA+ Aaa 1,000,000.00 1,011,526.79 2.17 999,264.86 2.23 0.05912828Z86 USA TREASURY 1.375% 1.375 02/15/2023 AA+ Aaa 1,250,000.00 1,263,920.20 2.71 1,245,722.01 2.78 0.13912828ZD5 USA TREASURY 0.5% 0.500 03/15/2023 AA+ Aaa 1,000,000.00 1,000,315.85 2.14 992,382.02 2.21 0.2091282CCK5 USA TREASURY 0.125% 0.125 06/30/2023 AA+ Aaa 800,000.00 792,846.43 1.70 782,250.00 1.75 0.4991282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,000,000.00 989,808.04 2.12 973,671.88 2.17 0.579128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 1,250,000.00 1,265,970.98 2.71 1,222,021.49 2.73 0.6591282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 1,000,000.00 1,000,120.54 2.14 961,562.50 2.15 0.86912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 1.42 634,816.40 1.42 0.8991282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 1,200,000.00 1,194,566.52 2.56 1,149,515.63 2.57 0.9491282CBV2 USA TREASURY 0.375% 0.375 04/15/2024 AA+ Aaa 1,000,000.00 1,001,175.22 2.14 946,640.62 2.11 1.2591282CCC3 USA TREASURY 0.25% 0.250 05/15/2024 AA+ Aaa 1,000,000.00 996,878.35 2.13 941,601.56 2.10 1.33912828D56 USA TREASURY 2.375% 2.375 08/15/2024 AA+ Aaa 1,000,000.00 1,038,011.16 2.22 965,234.38 2.15 1.559128282Y5 USA TREASURY 2.125% 2.125 09/30/2024 AA+ Aaa 1,000,000.00 1,051,800.23 2.25 960,156.25 2.14 1.67912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,000,000.00 1,014,925.23 2.17 947,968.75 2.12 1.77912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 700,000.00 722,889.06 1.55 662,757.82 1.48 1.8591282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,200,000.00 1,095,937.50 2.35 1,080,140.63 2.41 2.5991282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 AA+ Aaa 500,000.00 456,445.31 0.98 449,394.53 1.00 2.679128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 500,000.00 496,212.61 1.06 481,542.97 1.07 2.7491282CBQ3 USA TREASURY 0.5% 0.500 02/28/2026 AA+ Aaa 500,000.00 455,839.84 0.98 446,054.69 1.00 3.0591282CBW0 USA TREASURY 0.75% 0.750 04/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 447,500.00 1.00 3.209128286X3 USA TREASURY 2.125% 2.125 05/31/2026 AA+ Aaa 500,000.00 465,958.71 1.00 468,398.44 1.05 3.2291282CCJ8 USA TREASURY 0.875% 0.875 06/30/2026 AA+ Aaa 500,000.00 443,595.43 0.95 447,636.72 1.00 3.36Issuer total 19,050,000.00 18,863,868.95 40.39 18,206,234.15 40.64 1.33 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 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 Home Loan Banks3130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 1,200,000.00 1,201,698.09 2.57 1,195,621.55 2.67 0.133130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 03/23/2023 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 941,505.15 2.10 1.283130ATHT7 FEDERAL HOME LOAN 4.375 09/12/2025 AA+ Aaa 1,300,000.00 1,303,159.00 2.79 1,302,977.57 2.91 2.49Issuer total 3,500,000.00 3,504,857.09 7.50 3,440,104.27 7.68 1.34Federal National Mortgage Association3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 2.24 987,147.34 2.20 0.683135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 1.33 585,780.68 1.31 1.053136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2023 AA+ Aaa 1,200,000.00 1,199,700.00 2.57 1,130,179.40 2.52 1.293135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 1.61 718,236.95 1.60 1.45Issuer total 3,550,000.00 3,621,942.77 7.75 3,421,344.37 7.64 1.11Cash and Cash Equivalents INVESTED CASH 0.000 2,947,890.41 2,947,890.41 0.00 2,947,890.41 6.58 0.00 Issuer total 2,947,890.41 2,947,890.41 0.00 2,947,890.41 6.58 0.00Federal Farm Credit Banks Funding Corp3133EMWV FEDERAL FARM CREDIT 0.350 04/22/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 947,252.27 2.11 1.273133EMYR7 FEDERAL FARM CREDIT 0.375 05/06/2024 AA+ Aaa 1,000,000.00 1,000,000.00 2.14 941,023.02 2.10 1.32 Issuer total 2,000,000.00 2,000,000.00 4.28 1,888,275.29 4.21 1.30 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 1,234,330.66 2.75 0.30 Issuer total 1,250,000.00 1,248,223.75 2.67 1,234,330.66 2.75 0.30 Toyota Motor Credit Corp89236THA6 TOYOTA MOTOR CREDIT 1.350 08/25/2023 A+ A1 700,000.00 714,959.00 1.53 684,335.46 1.53 0.63 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 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 1.03 459,299.97 1.03 1.00 Issuer total 1,180,000.00 1,194,301.40 2.56 1,143,635.43 2.55 0.78 PT. SAN ASSESS DISTRICT888599LS4 PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.40 7.42 Issuer total 1,075,200.00 1,075,200.00 2.30 1,075,200.00 2.40 7.42 JPMorgan Chase & Co46647PAP1 JPMORGAN CHASE & CO 3.559 04/23/2024 04/23/2023 A- A1 500,000.00 534,240.00 1.14 496,748.46 1.11 0.3146647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 03/13/2025 A- A1 600,000.00 577,518.00 1.24 555,732.37 1.24 2.08 Issuer total 1,100,000.00 1,111,758.00 2.38 1,052,480.83 2.35 1.23 Caterpillar Financial Services Corp14912L5X5 CATERPILLAR FINL 3.750 11/24/2023 A A2 1,000,000.00 1,086,390.00 2.33 989,888.59 2.21 0.87 Issuer total 1,000,000.00 1,086,390.00 2.33 989,888.59 2.21 0.87 American Honda Finance Corp02665WDH1 AMERICAN HONDA 1.950 05/10/2023 A- A3 1,000,000.00 1,031,510.00 2.21 988,316.79 2.21 0.35 Issuer total 1,000,000.00 1,031,510.00 2.21 988,316.79 2.21 0.35 International Business Machines Corp459200HU8 IBM CORP 3.625% 3.625 02/12/2024 A- A3 1,000,000.00 1,086,900.00 2.33 985,360.87 2.20 1.06 Issuer total 1,000,000.00 1,086,900.00 2.33 985,360.87 2.20 1.06 US Bancorp91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,000,000.00 1,079,130.00 2.31 982,424.56 2.19 1.03 Issuer total 1,000,000.00 1,079,130.00 2.31 982,424.56 2.19 1.03 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 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 2.14 956,397.72 2.13 1.02 Issuer total 1,000,000.00 1,001,230.00 2.14 956,397.72 2.13 1.02 PNC Financial Services Group Inc/The693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 900,000.00 957,939.00 2.05 886,907.85 1.98 1.00 Issuer total 900,000.00 957,939.00 2.05 886,907.85 1.98 1.00 Chevron Corp166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 700,000.00 667,380.00 1.43 651,786.12 1.45 2.25 Issuer total 700,000.00 667,380.00 1.43 651,786.12 1.45 2.25 Bank of America Corp06051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 1.15 498,218.57 1.11 0.18 Issuer total 500,000.00 535,525.00 1.15 498,218.57 1.11 0.18 Walmart Inc931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 1.09 496,876.44 1.11 0.28 Issuer total 500,000.00 509,155.00 1.09 496,876.44 1.11 0.28 Apple Inc037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 500,000.00 506,880.00 1.09 495,995.82 1.11 0.33 Issuer total 500,000.00 506,880.00 1.09 495,995.82 1.11 0.33 Procter & Gamble Co/The742718EB1 PROCTER & GAMBLE 3.100 08/15/2023 AA- Aa3 500,000.00 520,430.00 1.11 494,250.70 1.10 0.60 Issuer total 500,000.00 520,430.00 1.11 494,250.70 1.10 0.60 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 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
PepsiCo Inc713448CM8 PEPSICO INC 3.6% 3.600 03/01/2024 12/01/2023 A+ A1 500,000.00 537,465.00 1.15 494,003.37 1.10 1.05 Issuer total 500,000.00 537,465.00 1.15 494,003.37 1.10 1.05 Citibank NA17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 500,000.00 541,470.00 1.16 493,083.29 1.10 0.99 Issuer total 500,000.00 541,470.00 1.16 493,083.29 1.10 0.99 3M Co88579YBB6 3M COMPANY 3.25% 3.250 02/14/2024 01/14/2024 A+ A1 500,000.00 541,935.00 1.16 490,836.91 1.10 1.06 Issuer total 500,000.00 541,935.00 1.16 490,836.91 1.10 1.06 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A1 500,000.00 537,160.00 1.15 490,346.17 1.09 1.31 Issuer total 500,000.00 537,160.00 1.15 490,346.17 1.09 1.31 Grand total 46,253,090.41 46,708,541.37 100.00 44,804,189.18 100.00 1.22 17 SECURITIES SOLD AND MATURED
For the period December 1, 2022 - December 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
Corporate Bonds06051GHC6 12/20/2022 (500,000.00) 525,795.00 500,000.00 0.00 500,0 3.004 00.00 0.00 0.00 12/20/2022
BANK OF AMERICA CORP 3.004%20DEC2023 (CALLABLE 20DEC22) Total (Corporate Bonds) (500,000.00) 525,795.00 500,000.00 500,000.00 0.00 0.00 Government Agencies3130A3KM5 12/09/2022 (1,000,000.00) 1,021,240.00 1,000,000.00 0.0 2.500 0 1,000,000.00 0.00 0.00 12/09/2022
FEDERAL HOME LN BKS CONS BD 2.5%DUE 12-09-2022
Total (Government Agencies) (1,000,000.00) 1,021,240.00 1,000,000.00 1,000,000.00 0.00 0.00 Grand total (1,500,000.00) 1,547,035.00 1,500,000.00 1,500,000.00 0.00 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 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 0.00 432.20 432.20
Total Cash 0.00 0.00 0.00 432.20 432.20Corporate Bonds
88579YBB6 3M COMPANY 3.25% 14FEB2024 (CALLABLE 14JAN24) (1,194.73) 0.00 (603.71) 1,399.31 0.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 10MAY2023 (1,298.48) 0.00 254.70 1,679.17 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (157.92) 0.00 977.68 1,033.33 0.00 06051GHC6 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) (656.36) 0.00 585.64 834.44 7,510.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (1,123.02) 0.00 721.95 1,528.47 0.00 14912L5X5 CATERPILLAR FINL SERVICE 3.75% 24NOV2023 (2,810.95) 0.00 1,177.57 3,229.17 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25) 903.60 0.00 (2,564.68) 936.71 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,327.75) 0.00 (27.45) 1,571.53 0.00 459200HU8 IBM CORP 3.625% 12FEB2024 (2,607.00) 0.00 (373.88) 3,121.53 0.00 24422EVN6 JOHN DEERE CAPITAL CORP 0.45% 17JAN2024 (37.85) 0.00 1,834.82 387.50 0.00 46647PBH8 JPMORGAN CHASE & CO 2.005% 13MAR2026 (CALLABLE 13MAR25) 473.97 0.00 (1,817.41) 1,035.92 0.00 46647PAP1 JPMORGAN CHASE & CO 3.559% 23APR2024 (CALLABLE 23APR23) (1,296.97) 0.00 233.86 1,532.35 0.00 713448CM8 PEPSICO INC 3.6% 01MAR2024 (CALLABLE 01DEC23) (1,275.77) 0.00 173.71 1,550.00 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 (1,169.78) 0.00 (1,668.84) 1,463.89 0.00 693475AV7 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) (1,530.90) 0.00 759.35 2,712.50 0.00 742718EB1 PROCTER & GAMBLE CO/THE 3.1% 15AUG2023 (1,016.42) 0.00 834.15 1,334.73 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 23.80 0.00 1,885.83 186.00 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 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 (531.08) 0.00 1,286.04 813.75 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (2,375.54) 0.00 (1,625.23) 2,906.25 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 06FEB23) (229.83) 0.00 912.02 1,097.91 0.00 Total Corporate Bonds (19,238.98) 0.00 2,956.12 30,354.46 7,510.00Government Agencies 3136G46B4 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23) 6.92 0.00 3,532.96 361.66 0.00 3135G0V75 FANNIE MAE 1.75% 02JUL2024 (61.23) 0.00 (89.49) 1,130.21 0.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (412.87) 0.00 681.31 1,291.66 0.00 3135G0U43 FANNIE MAE 2.875% 12SEP2023 (998.32) 0.00 2,045.45 2,475.69 0.00 3133EMWV0 FEDERAL FARM CREDIT BANK 0.35% 22APR2024 0.00 0.00 2,907.68 301.39 0.00 3133EMYR7 FEDERAL FARM CREDIT BANK 0.375% 06MAY2024 (CALLABLE 06JAN23) 0.00 0.00 2,762.01 322.92 0.00 3130A3KM5 FEDERAL HOME LN BKS CONS BD 2.5% DUE 12-09-2022 (154.29) 0.00 296.50 625.00 12,500.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR23) 0.00 0.00 2,975.47 301.39 1,750.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (150.72) 0.00 3,279.59 1,420.84 0.00 3130ATHT7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 (89.57) 0.00 (2,380.46) 4,897.57 0.00 3137EAEQ8 FREDDIE MAC 0.375% 20APR2023 111.24 0.00 4,740.12 403.65 0.00 Total Government Agencies (1,748.84) 0.00 20,751.14 14,250.00 13,531.98Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 210.28 0.00 5,437.50 127.40 750.00 91282CCK5 USA TREASURY 0.125% 30JUN2023 414.51 0.00 3,468.75 84.24 0.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CCN9 USA TREASURY 0.125% 31JUL2023 558.22 0.00 3,789.07 105.30 0.00 91282CCC3 USA TREASURY 0.25% 15MAY2024 88.06 0.00 2,421.87 214.09 0.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 (4.02) 0.00 3,515.62 214.09 0.00 91282CAM3 USA TREASURY 0.25% 30SEP2025 1,149.11 0.00 (468.75) 106.45 0.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 2,769.04 0.00 328.13 256.91 0.00 91282CBV2 USA TREASURY 0.375% 15APR2024 (33.70) 0.00 2,773.43 319.37 0.00 912828ZD5 USA TREASURY 0.5% 15MAR2023 (22.10) 0.00 3,760.29 428.18 0.00 91282CBQ3 USA TREASURY 0.5% 28FEB2026 1,032.40 0.00 (371.09) 214.09 0.00 91282CBW0 USA TREASURY 0.75% 30APR2026 1,334.76 0.00 (664.06) 321.14 0.00 91282CCJ8 USA TREASURY 0.875% 30JUN2026 1,275.38 0.00 (585.94) 368.55 0.00 912828Z86 USA TREASURY 1.375% 15FEB2023 (1,027.45) 0.00 3,332.61 1,447.86 0.00 9128282D1 USA TREASURY 1.375% 31AUG2023 (802.43) 0.00 3,027.35 1,471.85 0.00 912828Z29 USA TREASURY 1.5% 15JAN2023 (930.54) 0.00 2,499.30 1,263.59 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 (602.34) 0.00 875.00 894.23 0.00 912828YM6 USA TREASURY 1.5% 31OCT2024 (445.31) 0.00 546.87 1,284.53 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (239.23) 0.00 1,498.04 1,176.34 0.00 9128282Y5 USA TREASURY 2.125% 30SEP2024 (1,411.08) 0.00 156.25 1,809.75 0.00 9128286X3 USA TREASURY 2.125% 31MAY2026 786.93 0.00 (898.44) 904.88 0.00 912828D56 USA TREASURY 2.375% 15AUG2024 (1,224.89) 0.00 390.63 2,000.68 0.00 21 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 31, 2022

SAN RAFAEL
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
9128285N6 USA TREASURY 2.875% 30NOV2025 94.99 0.00 (1,582.03) 1,224.25 0.00 Total Government Bonds 2,970.59 0.00 33,250.40 16,237.77 750.00Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$01 0.00 0.00 0.00 4,860.80 0.00 Total Municipal/Provincial Bonds 0.00 0.00 0.00 4,860.80 0.00Grand total (18,017.23) 0.00 56,957.66 22,942.20 65,417.21 22 TRANSACTION REPORT
For the period December 1, 2022 - December 31, 2022

SAN RAFAEL
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
12/09/2022 12,500.0012/09/2022
3130A3KM5 Government Agencies FEDERAL HOME LN BKS CON Income S 12/09/2022 1,000,000.00 0.00 12,500.00 0.00 12/09/2022 0.0012/09/2022
3130A3KM5 Government Agencies FEDERAL HOME LN BKS CON Capital Change S 12/09/2022 (1,000,000.00) 1,000,000.00 1,000,000.00 0.00 12/15/2022 750.0012/15/2022
91282CBA8 Government Bonds USA TREASURY 0.125% 12/15/2 Income 023 1,200,000.00 0.00 750.00 0.00 12/20/2022 7,510.0012/20/2022
06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2 Income 023 500,000.00 0.00 7,510.00 0.00 12/20/2022 0.0012/20/2022
06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2 Capital Change 023 (500,000.00) 500,000.00 500,000.00 0.00 12/23/2022 1,750.0012/23/2022
3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 0 Income 4/23/2024 1,000,000.00 0.00 1,750.00 0.00 12/31/2022 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 432.20 432.20 23 ADDITIONAL INFORMATION
As of December 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. 24 ADDITIONAL INFORMATION
As of December 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. 25