Insight Investment Statement 12-31-2022 — San Pablo City Council, February 21, 2023

FOR PROFESSIONAL CLIENTS ONLY

NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL

PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT

CITY OF SAN PABLO
December 2022
Contents
Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASB 40 - Deposit and investment risk disclosure 12
Securities purchased 16
Securities sold and matured 17
Detail of return and interest received 18
Transaction report 21
Additional information 23

FIXED INCOME MARKET REVIEW
As of December 31, 2022

CITY OF SAN PABLO
Chart 1: The Fed adjusted its dot plot again, but to a lower extent again Source: Federal Reserve, December 31, 2022
Chart 2: Wage growth remained strong
Source: Bloomberg, December 31, 2022
Economic Indicators and Monetary Policy
The Federal Reserve, as expected, announced a “downshift” i n its policy tightening. It raised the upper bound of its policy rate by 50bp, from 4% to 4.5%, fol lowing four consecutive 75bp hikes. The Fed was, however, clear that it still has more hiking to do in 2023. Fed Chair Powell stated 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 (see Chart 1). The Fed's most notable (and most anticipated) chan ge was to its 2023 year-end forecast, now at 5.13%, up from 4.65%. Only two of the 19 votin g members projected a lower rate (at 4.88%).

For the second month in a row, inflation came in lower than exp ected. Headline CPI was 0.1% month-on-month and core CPI was 0.2%, taking the year-on-ye ar figures to 7.1% (the lowest since last December) and 6% (the lowest since July), respect ively. Most areas of the report offered good news, outside of the stubborn rental and food co mponents. For the second month in a row, core goods prices were in deflation, this time at -0.4% month-on-month. Used car prices were the second largest negative contributor and leading indicators, such as the Manheim Used Car Index, fell -14.2% last month, its largest decrease ever.

The labor market remained tight. US economy added 263,000 ne w jobs in November, above consensus for 200,000. Job growth was broad-based. The serv ice sector remained strong with leisure and hospitality up 88,000. Wage growth surged h igher, up 0.6%, or 5.1% year-on- year, raising further inflation concerns (Chart 2). The une mployment rate stayed at 3.7%. The participation rate fell from 62.2% to 62.1%. The ratio of job s to unemployed people remained at ~1.7.

The housing market also continued to struggle. Existing hom e sales have fallen 40% from the peak in late 2020. Building permits fell by 11.2% month-on-m onth in November and housing starts fell 0.5% month-on-month.

Interest Rate Summary
Yields rose toward the belly of the curve. At the end of Decemb er, the 3-month US Treasury bill yielded 4.41%, the 6-month US Treasury bill yielded 4.7 7%, the 2-year US Treasury note yielded 4.43%, the 5-year US Treasury note yielded 4.01% and the 10-year US Treasury note yielded 3.88%.
3 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Amortized Cost Basis Activity Summary
29,292,215.66 Opening balance
54,677.33 Income received
54,677.33 Total receipts

0.00 Total disbursements

0.00 Interportfolio transfers

0.00 Total Interportfolio transfers

0.00 Realized gain (loss)

0.00 Change in accruals from security movement
(15,652.62) Total amortization expense
11,754.50 Total OID/MKT accretion income

0.00 Return of capital
Closing balance 29,342,994.87
Ending fair value 28,388,989.79
(954,005.08) Unrealized gain (loss)
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 42,767.41
Accretion (amortization) (3,898.12)
Realized gain (loss) on sales 0.00
Total income on portfolio 38,869.29
Average daily amortized cost 29,320,911.06
Period return (%)
Weighted average final maturity in days 501
YTD return (%)
Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income

0.00 Cash and Cash Equivalents 223.03 0.00 223.03

0.00 Corporate Bonds 17,094.31 (6,937.82) 10,156.49

0.00 Government Agencies 18,241.66 (106.13) 18,135.53

0.00 Government Bonds 7,208.41 1,090.21 8,298.62

0.00 Short Term Bills and Notes 0.00 2,055.62 2,055.62
Total 42,767.41 (3,898.12) 0.00 38,869.29

0.13 1.22
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Fair Value Basis Activity Summary
28,302,391.52 Opening balance
54,677.33 Income received
54,677.33 Total receipts

0.00 Total disbursements

0.00 Interportfolio transfers

0.00 Total Interportfolio transfers

0.00 Unrealized gain (loss) on security movements

0.00 Change in accruals from security movement

0.00 Return of capital
Change in fair value for the period 31,920.94
Ending fair value 28,388,989.79
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 223.03 0.00 223.03
Corporate Bonds 17,094.31 (10,632.88) 6,461.43
Government Agencies 18,241.66 40,942.19 59,183.85
Government Bonds 7,208.41 (1,409.63) 5,798.78
Short Term Bills and Notes 0.00 3,021.26 3,021.26
Total 42,767.41 31,920.94 74,688.35
Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 42,767.41
Total income on portfolio 74,688.35
Average daily total value * 28,515,879.95
Period return (%) 0.26
Weighted average final maturity in days 501
Change in fair value 31,920.94
YTD return (%) (2.41)
* Total value equals market value and accrued interest
5 RECAP OF SECURITIES HELD
As of December 31, 2022

CITY OF SAN PABLO
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 25,752.26 25,752.26 25,752.2 6 0.00 0.09 0.00 1 Corporate Bonds 7,922,187.90 7,726,253.78 7,479,865.16 (246,388.62) 584 26.70 1.35 Government Agencies 16,717,398.95 16,606,078.86 15,972 ,929.63 (633,149.23) 422 56.34 1.12 Government Bonds 4,513,077.57 4,486,554.84 4,412,437.4 8 (74,117.36) 701 15.21 1.82 Short Term Bills And Notes 492,680.31 498,355.13 498,0 05.26 (349.87) 41 1.66 0.11 Total 29,671,096.99 29,342,994.87 28,388,989.79 (954,005.08) 501 100.00 1.27 Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
Short Term Bills and Notes
Portfolio diversification (%)
Cash and Cash Equivalents 0.09
Corporate Bonds 26.70
Government Agencies 56.34
Government Bonds 15.21
Short Term Bills And Notes 1.66
Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2022

CITY OF SAN PABLO
Maturity Historic cost Percent
Under 90 days 1,532,982.57 5.17
90 to 179 days 1,499,865.50 5.06
180 days to 1 year 8,378,734.78 28.24
1 to 2 years 12,976,112.20 43.73
2 to 3 years 3,095,178.04 10.43
3 to 4 years 1,588,009.50 5.35
4 to 5 years 600,214.40 2.02
Over 5 years 0.00 0.00
29,671,096.99 100.00
Maturity distribution

0.00 2.00

4.00 6.00

8.00 10.00

12.00 14.00
Historical cost (mm)
Un
der 90 d
ays
90 to 179 d
ays 180 days
to 1 yea
r
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

0.000 25,752.26 25,752.26 0.00 0.00 0.09 25,752.26 25,752.26 Cash and Cash Equivalents Total Cash and Cash Equivalents 25,752.26 25,752.26 25,752.26 0.00 0.09 0.00 25,752.26 Corporate Bonds
90331HNV1 3.400 07/24/2023 629,250.00 603,786.83 (9,282.76) 8,896. 67 06/24/2023

2.12594,504.07 600,000.00 US BANK NA CINCINNATI 3.4% 24JUL2023 (CALLABLE 23JUN23)
459200HP9 3.375 08/01/2023 567,572.50 556,803.30 (12,155.42) 7,734 .38 1.91544,647.88 550,000.00 IBM CORP 3.375% 01AUG2023 17325FAS7 3.650 01/23/2024 1,007,152.00 964,157.65 (27,299.40) 15, 218.47 12/23/2023

3.39936,858.25 950,000.00 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 693475AV7 3.500 01/23/2024 644,448.00 618,013.94 (26,742.04) 9,216 .67 12/24/2023

2.17591,271.90 600,000.00 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)
06051GHF9 3.550 03/05/2024 535,690.00 502,441.95 (4,223.38) 5,719. 44 03/05/2023

1.81498,218.57 500,000.00 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)
46647PBZ8 0.697 03/16/2024 702,695.00 700,359.96 (7,697.31) 1,423. 04 03/16/2023

2.37692,662.65 700,000.00 JPMORGAN CHASE & CO 0.697% 16MAR2024 (CALLABLE 16MAR23)
459200JY8 3.000 05/15/2024 535,390.00 515,461.65 (29,018.29) 1,916 .67 1.80486,443.36 500,000.00 IBM CORP 3% 15MAY2024 14913Q2V0 2.850 05/17/2024 1,064,950.00 1,032,183.60 (59,660.67) 3 ,483.33 3.59972,522.93 1,000,000.00 CATERPILLAR FINL SERVICE 2.85% 17MAY2024 89236TJN6 0.625 09/13/2024 568,914.00 578,246.90 (19,634.04) 1,125 .00 1.92558,612.86 600,000.00 TOYOTA MOTOR CREDIT CORP 0.625% 13SEP2024 931142DV2 2.650 12/15/2024 531,840.00 518,402.15 (37,569.37) 588.8 9 10/15/2024

1.79480,832.78 500,000.00 WALMART INC 2.65% 15DEC2024 (CALLABLE 15OCT24) 8 SECURITIES HELD
As of December 31, 2022

1.80533,107.07 600,000.00 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 437076BT8 2.800 09/14/2027 122,769.40 122,837.05 (2,244.13) 1,081. 89 06/14/2027

0.41120,592.92 130,000.00 HOME DEPOT INC 2.8% 14SEP2027 (CALLABLE 14JUN27) 713448DY1 3.000 10/15/2027 477,445.00 477,652.28 (8,062.36) 3,166. 67 07/15/2027

1.61469,589.92 500,000.00 PEPSICO INC 3% 15OCT2027 (CALLABLE 15JUL27) Total Corporate Bonds 7,922,187.90 7,726,253.78 7,479,865.16 (246,388.62) 26. 7061,239.45 7,730,000.00 Government Agencies
3133EKKT2 2.250 02/08/2023 1,014,550.00 1,000,424.65 (2,533.34) 8, 937.50 3.42997,891.31 1,000,000.00 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 3137EAEN5 2.750 06/19/2023 1,499,865.50 1,455,968.32 (18,203.88) 1 ,329.17 5.051,437,764.44 1,450,000.00 FREDDIE MAC 2.75% 19JUN2023 3133EKZK5 1.600 08/14/2023 1,000,509.00 1,000,079.56 (19,239.13) 6 ,088.89 3.37980,840.43 1,000,000.00 FEDERAL FARM CREDIT BANK 1.6% 14AUG2023 3137EAEV7 0.250 08/24/2023 485,015.00 490,523.00 (5,081.13) 440.97 1.63485,441.87 500,000.00 FREDDIE MAC 0.25% 24AUG2023 3135G0U43 2.875 09/12/2023 1,041,890.00 1,006,963.25 (19,815.91) 8 ,704.86 3.51987,147.34 1,000,000.00 FANNIE MAE 2.875% 12SEP2023 3134GXJH8 0.220 09/29/2023 1,199,700.00 1,199,918.65 (41,935.71) 1 4.67 03/29/2023

4.041,157,982.94 1,200,000.00 FREDDIE MAC 0.22% 29SEP2023 (CALLABLE 29MAR23) 3137EAFA2 0.250 12/04/2023 500,500.00 500,183.72 (20,886.78) 93.75 1.69479,296.94 500,000.00 FREDDIE MAC 0.25% 04DEC2023 3130A0F70 3.375 12/08/2023 500,435.00 500,310.19 (7,472.68) 1,078. 13 1.69492,837.51 500,000.00 FEDERAL HOME LOAN BANK 3.375% 08DEC2023 9 SECURITIES HELD
As of December 31, 2022

CITY OF SAN PABLO
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical cost Cusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Government Agencies
3135G0V34 2.500 02/05/2024 1,038,382.00 1,009,705.79 (33,404.65) 1 0,138.89 3.50976,301.14 1,000,000.00 FANNIE MAE 2.5% 05FEB2024 3133EMBE1 0.300 03/28/2024 1,498,875.00 1,499,600.00 (81,798.75) 1 ,162.50 5.051,417,801.25 1,500,000.00 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 11JAN23)
3130AMQQ8 0.350 04/23/2024 1,200,000.00 1,200,000.00 (70,193.82) 9 3.33 03/23/2023

4.041,129,806.18 1,200,000.00 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR23)
3136G46B4 0.350 04/26/2024 1,449,595.00 1,449,846.21 (84,212.76) 9 16.32 01/26/2023

4.891,365,633.45 1,450,000.00 FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23) 3135G0V75 1.750 07/02/2024 601,990.80 600,648.06 (26,058.50) 5,220 .83 2.03574,589.56 600,000.00 FANNIE MAE 1.75% 02JUL2024 3135G0W66 1.625 10/15/2024 797,190.40 798,948.84 (38,573.82) 2,744 .44 2.69760,375.02 800,000.00 FANNIE MAE 1.625% 15OCT2024 3133EMCN0 0.400 10/15/2024 799,000.00 799,545.77 (59,125.96) 675.5 6 2.69740,419.81 800,000.00 FEDERAL FARM CREDIT BANK 0.4% 15OCT2024 (CALLABLE 11JAN23)
3130AL2A1 0.500 02/10/2025 1,103,146.00 1,100,000.00 (92,576.52) 2 ,154.17 02/10/2023

3.721,007,423.48 1,100,000.00 FEDERAL HOME LOAN BANK 0.5% 10FEB2025 (CALLABLE 10FEB23)
3135G03U5 0.625 04/22/2025 649,124.00 655,630.16 (12,015.60) 838.5 4 2.19643,614.56 700,000.00 FANNIE MAE 0.625% 22APR2025 3137EAEX3 0.375 09/23/2025 337,631.25 337,782.69 (20.29) 382.81 1.1 4337,762.40 375,000.00 FREDDIE MAC 0.375% 23SEP2025 Total Government Agencies 16,717,398.95 16,606,078.86 15,972,929.63 (633,149.23) 56.3451,015.33 16,675,000.00 Government Bonds
91282CCU3 0.125 08/31/2023 693,519.53 697,392.79 (18,529.51) 294.8 9 2.34678,863.28 700,000.00 USA TREASURY 0.125% 31AUG2023 10 SECURITIES HELD
As of December 31, 2022

CITY OF SAN PABLO
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical cost Cusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Government Bonds
9128285K2 2.875 10/31/2023 1,147,781.25 1,120,545.26 (37,002.29) 5 ,329.08 3.871,083,542.97 1,100,000.00 USA TREASURY 2.875% 31OCT2023 912828U57 2.125 11/30/2023 612,562.50 602,756.82 (16,772.45) 1,085 .85 2.06585,984.37 600,000.00 USA TREASURY 2.125% 30NOV2023 91282CFP1 4.250 10/15/2025 1,005,276.79 1,005,160.32 (5,082.20) 8, 990.39 3.391,000,078.12 1,000,000.00 USA TREASURY 4.25% 15OCT2025 91282CCW9 0.750 08/31/2026 1,053,937.50 1,060,699.65 3,269.09 3,03 3.15 3.551,063,968.74 1,200,000.00 USA TREASURY 0.75% 31AUG2026 Total Government Bonds 4,513,077.57 4,486,554.84 4,412,437.48 (74,117.36) 15.2 118,733.36 4,600,000.00 Short Term Bills and Notes
912796XZ7 0.000 02/09/2023 492,680.31 498,355.13 (349.87) 0.00 1.66 498,005.26 500,000.00 USA TREASURY BILL 0% 09FEB2023 Total Short Term Bills and Notes 492,680.31 498,355.13 498,005.26 (349.87) 1.66 0.00 500,000.00 Grand total 29,671,096.99 29,342,994.87 (954,005.08) 29,530,752.26 100.00130,988.14 28,388,989.79 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2022

CITY OF SAN PABLO
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal National Mortgage Association
3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1 ,041,890.00 3.51 987,147.34 3.48 0.68 3135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,000,000.00 1,0 38,382.00 3.50 976,301.14 3.44 1.05 3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 01/26/2023 AA+ Aaa 1,45 0,000.00 1,449,595.00 4.89 1,365,633.45 4.81 1.29 3135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 600,000.00 601, 990.80 2.03 574,589.56 2.02 1.45 3135G0W66 FANNIE MAE 1.625% 1.625 10/15/2024 AA+ Aaa 800,000.00 797 ,190.40 2.69 760,375.02 2.68 1.72 3135G03U5 FANNIE MAE 0.625% 0.625 04/22/2025 AA+ Aaa 700,000.00 649 ,124.00 2.19 643,614.56 2.27 2.23 Issuer total 5,550,000.00 5,578,172.20 18.80 5,307,661.07 18.70 1.32 United States Treasury Note/Bond
91282CCU3 USA TREASURY 0.125% 0.125 08/31/2023 AA+ Aaa 700,000.00 6 93,519.53 2.34 678,863.28 2.39 0.65 9128285K2 USA TREASURY 2.875% 2.875 10/31/2023 AA+ Aaa 1,100,000.0 0 1,147,781.25 3.87 1,083,542.97 3.82 0.81 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 600,000.00 6 12,562.50 2.06 585,984.37 2.06 0.89 91282CFP1 USA TREASURY 4.25% 4.250 10/15/2025 AA+ Aaa 1,000,000.00 1,005,276.79 3.39 1,000,078.12 3.52 2.57 91282CCW9 USA TREASURY 0.75% 0.750 08/31/2026 AA+ Aaa 1,200,000.00 1,053,937.50 3.55 1,063,968.74 3.75 3.52 Issuer total 4,600,000.00 4,513,077.57 15.21 4,412,437.48 15.54 1.82 Federal Farm Credit Banks Funding Corp
3133EKKT2 FEDERAL FARM CREDIT 2.250 02/08/2023 AA+ Aaa 1,000,000.0 0 1,014,550.00 3.42 997,891.31 3.52 0.11 3133EKZK5 FEDERAL FARM CREDIT 1.600 08/14/2023 AA+ Aaa 1,000,000.0 0 1,000,509.00 3.37 980,840.43 3.46 0.60 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 1,500,000.0 0 1,498,875.00 5.05 1,417,801.25 4.99 1.20 3133EMCN0 FEDERAL FARM CREDIT 0.400 10/15/2024 AA+ Aaa 800,000.00 7 99,000.00 2.69 740,419.81 2.61 1.70 Issuer total 4,300,000.00 4,312,934.00 14.54 4,136,952.80 14.57 0.90 Federal Home Loan Mortgage Corp
3137EAEN5 FREDDIE MAC 2.75% 2.750 06/19/2023 AA+ Aaa 1,450,000.00 1 ,499,865.50 5.05 1,437,764.44 5.06 0.46 3137EAEV7 FREDDIE MAC 0.25% 0.250 08/24/2023 AA+ Aaa 500,000.00 485 ,015.00 1.63 485,441.87 1.71 0.63 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2022

CITY OF SAN PABLO
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 Mortgage Corp
3134GXJH8 FREDDIE MAC 0.22% 0.220 09/29/2023 03/29/2023 AA+ Aaa 1,2 00,000.00 1,199,700.00 4.04 1,157,982.94 4.08 0.73 3137EAFA2 FREDDIE MAC 0.25% 0.250 12/04/2023 AA+ Aaa 500,000.00 500 ,500.00 1.69 479,296.94 1.69 0.91 3137EAEX3 FREDDIE MAC 0.375% 0.375 09/23/2025 AA+ Aaa 375,000.00 33 7,631.25 1.14 337,762.40 1.19 2.64 Issuer total 4,025,000.00 4,022,711.75 13.56 3,898,248.59 13.73 0.80 Federal Home Loan Banks
3130A0F70 FEDERAL HOME LOAN 3.375 12/08/2023 AA+ Aaa 500,000.00 500 ,435.00 1.69 492,837.51 1.74 0.91 3130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 03/23/2023 AA+ Aaa 1,2 00,000.00 1,200,000.00 4.04 1,129,806.18 3.98 1.28 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 02/10/2023 AA+ Aaa 1,1 00,000.00 1,103,146.00 3.72 1,007,423.48 3.55 2.03 Issuer total 2,800,000.00 2,803,581.00 9.45 2,630,067.17 9.26 1.51 International Business Machines Corp
459200HP9 IBM CORP 3.375% 3.375 08/01/2023 A- A3 550,000.00 567,572 .50 1.91 544,647.88 1.92 0.56 459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 500,000.00 535,390.00 1 .80 486,443.36 1.71 1.31 Issuer total 1,050,000.00 1,102,962.50 3.72 1,031,091.24 3.63 0.92 Caterpillar Financial Services Corp
14913Q2V0 CATERPILLAR FINL 2.850 05/17/2024 A A2 1,000,000.00 1,064 ,950.00 3.59 972,522.93 3.43 1.32 Issuer total 1,000,000.00 1,064,950.00 3.59 972,522.93 3.43 1.32 Citibank NA
17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 950, 000.00 1,007,152.00 3.39 936,858.25 3.30 0.99 Issuer total 950,000.00 1,007,152.00 3.39 936,858.25 3.30 0.99 JPMorgan Chase & Co
46647PBZ8 JPMORGAN CHASE & CO 0.697 03/16/2024 03/16/2023 A- A1 700 ,000.00 702,695.00 2.37 692,662.65 2.44 0.21 Issuer total 700,000.00 702,695.00 2.37 692,662.65 2.44 0.21 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2022

CITY OF SAN PABLO
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
US Bank NA/Cincinnati OH
90331HNV1 US BANK NA CINCINNATI 3.400 07/24/2023 06/24/2023 AA- A1 600,000.00 629,250.00 2.12 594,504.07 2.09 0.54 Issuer total 600,000.00 629,250.00 2.12 594,504.07 2.09 0.54 PNC Financial Services Group Inc/The
693475AV7 PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 600,000.0 0 644,448.00 2.17 591,271.90 2.08 1.00 Issuer total 600,000.00 644,448.00 2.17 591,271.90 2.08 1.00 Toyota Motor Credit Corp
89236TJN6 TOYOTA MOTOR CREDIT 0.625 09/13/2024 A+ A1 600,000.00 568 ,914.00 1.92 558,612.86 1.97 1.65 Issuer total 600,000.00 568,914.00 1.92 558,612.86 1.97 1.65 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 600,00 0.00 534,072.00 1.80 533,107.07 1.88 2.98 Issuer total 600,000.00 534,072.00 1.80 533,107.07 1.88 2.98 Bank of America Corp
06051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 50 0,000.00 535,690.00 1.81 498,218.57 1.75 0.18 Issuer total 500,000.00 535,690.00 1.81 498,218.57 1.75 0.18 United States Treasury Bill
912796XZ7 USA TREASURY BILL 0% 0.000 02/09/2023 A-1+ P-1 500,000.0 0 492,680.31 1.66 498,005.26 1.75 0.11 Issuer total 500,000.00 492,680.31 1.66 498,005.26 1.75 0.11 Walmart Inc
931142DV2 WALMART INC 2.65% 2.650 12/15/2024 10/15/2024 AA Aa2 500, 000.00 531,840.00 1.79 480,832.78 1.69 1.82 Issuer total 500,000.00 531,840.00 1.79 480,832.78 1.69 1.82 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 2022

CITY OF SAN PABLO
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 Inc
713448DY1 PEPSICO INC 3% 3.000 10/15/2027 07/15/2027 A+ A1 500,000. 00 477,445.00 1.61 469,589.92 1.65 4.26 Issuer total 500,000.00 477,445.00 1.61 469,589.92 1.65 4.26 Home Depot Inc/The
437076BT8 HOME DEPOT INC 2.8% 2.800 09/14/2027 06/14/2027 A A2 130, 000.00 122,769.40 0.41 120,592.92 0.42 4.20 Issuer total 130,000.00 122,769.40 0.41 120,592.92 0.42 4.20 Cash and Cash Equivalents
INVESTED CASH 0.000 25,752.26 25,752.26 0.00 25,752.26 0.09 0.00 Issuer total 25,752.26 25,752.26 0.00 25,752.26 0.09 0.00 Grand total 29,530,752.26 29,671,096.99 100.00 28,388,989.79 100.00 1.27 15 SECURITIES PURCHASED
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds
437076BT8 2.800 12/15/2022 09/14/2027 130,000.00 94.44 (122,769.40) (970 .67) 06/14/2027 12/20/2022
HOME DEPOT INC 2.8% 14SEP2027

BARCLAYS CAPITAL
713448DY1 3.000 12/15/2022 10/15/2027 500,000.00 95.49 (477,445.00) (2,7 08.33) 07/15/2027 12/20/2022
PEPSICO INC 3% 15OCT2027

RBC CAPITAL MARKETS, LLC
630,000.00 (600,214.40) (3,679.00) Total Corporate Bonds Government Agencies
3137EAEX3 0.375 12/27/2022 09/23/2025 375,000.00 90.04 (337,631.25) (375 .00) 12/29/2022
FREDDIE MAC 0.375% 23SEP2025

WELLS FARGO SECURITIES, LLC
375,000.00 (337,631.25) (375.00) Total Government Agencies Government Bonds
91282CFP1 4.250 12/08/2022 10/15/2025 1,000,000.00 100.53 (1,005,276.79 ) (6,421.70) 12/09/2022
USA TREASURY 4.25% 15OCT2025

BNP PARIBAS PARIS
1,000,000.00 (1,005,276.79) (6,421.70) Total Government Bonds Grand total Grand total 2,005,000.00 (1,943,122.44) (10,475.70) 16 SECURITIES SOLD AND MATURED
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
Price Coupon Trade date
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Corporate Bonds
25468PCW4 2.350 12/01/2022 (500,000.00) 502,850.00 500,000.00 0.00 500,0 00.00 0.00 0.00 12/01/2022
TWDC ENTERPRISES 18 CORP 2.35%
12-01-2022 BEO
06051GHC6 3.004 12/20/2022 (500,000.00) 525,840.00 500,000.00 0.00 500,0 00.00 0.00 0.00 12/20/2022
BANK OF AMERICA CORP 3.004%
20DEC2023 (CALLABLE 20DEC22)
(1,000,000.00) 0.001,028,690.00 1,000,000.00 1,000,000.00 0.00 Total (Corporate Bonds) Government Agencies
3130A3KM5 2.500 12/09/2022 (1,000,000.00) 1,022,510.00 1,000,000.00 0.0 0 1,000,000.00 0.00 0.00 12/09/2022
FEDERAL HOME LN BKS CONS BD 2.5%
DUE 12-09-2022
(1,000,000.00) 0.001,022,510.00 1,000,000.00 1,000,000.00 0.00 Total (Government Agencies) Short Term Bills and Notes
912796R27 0.000 12/29/2022 (350,000.00) 346,338.13 350,000.00 0.00 350,0 00.00 0.00 0.00 12/29/2022
USA TREASURY BILL 0% 29DEC2022
(350,000.00) 0.00346,338.13 350,000.00 350,000.00 0.00 Total (Short Term Bills and Notes) Grand total Grand total (2,350,000.00) 0.002,397,538.13 2,350,000.00 2,350,000.00 0.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Cash
Cash and Cash Equivalents 223.03 0.00 0.00 223.030.00
Total Cash 223.03 0.00 0.00 223.030.00
Corporate Bonds
APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 350.00 1,719.86 (2,428.14) 0.000.00 037833EB2 BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22) 834.44 (657.51) 585.64 7,510.000.00 06051GHC6 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) 1,528.47 (1,127.05) 721.95 0.000.00 06051GHF9 CATERPILLAR FINL SERVICE 2.85% 17MAY2024 2,454.16 (1,942.67) (1,512.72) 0.000.00 14913Q2V0 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 2,985.90 (1,203.20) (52.16) 0.000.00 17325FAS7 HOME DEPOT INC 2.8% 14SEP2027 (CALLABLE 14JUN27) 111.22 67.65 (2,176.48) 0.000.00 437076BT8 IBM CORP 3% 15MAY2024 1,291.67 (937.07) (1,088.33) 0.000.00 459200JY8 IBM CORP 3.375% 01AUG2023 1,598.44 (967.29) 200.24 0.000.00 459200HP9 JPMORGAN CHASE & CO 0.697% 16MAR2024 (CALLABLE 16MAR23) 420.13 (142.10) 2,834.38 0.000.00 46647PBZ8 PEPSICO INC 3% 15OCT2027 (CALLABLE 15JUL27) 458.34 207.28 (7,855.08) 0.000.00 713448DY1 PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23) 1,808.34 (1,530.93) 506.24 0.000.00 693475AV7 TOYOTA MOTOR CREDIT CORP 0.625% 13SEP2024 322.92 1,064.59 179.05 0.000.00 89236TJN6 TWDC ENTERPRISES 18 CORP 2.35% 12-01-2022 BEO 32.64 (2.33) 0.00 5,875.000.00 25468PCW4 US BANK NA CINCINNATI 3.4% 24JUL2023 (CALLABLE 23JUN23) 1,756.67 (631.14) 283.87 0.000.00 90331HNV1 WALMART INC 2.65% 15DEC2024 (CALLABLE 15OCT24) 1,140.97 (855.91) (831.34) 6,625.000.00 931142DV2 Total Corporate Bonds 17,094.31 (6,937.82) (10,632.88) 20,010.000.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Agencies
FANNIE MAE 0.35% 26APR2024 (CALLABLE 26JAN23) 437.01 9.68 4,269.01 0.000.00 3136G46B4 FANNIE MAE 0.625% 22APR2025 376.73 1,599.88 2,535.16 0.000.00 3135G03U5 FANNIE MAE 1.625% 15OCT2024 1,119.44 48.89 1,618.55 0.000.00 3135G0W66 FANNIE MAE 1.75% 02JUL2024 904.16 (35.87) (71.59) 0.000.00 3135G0V75 FANNIE MAE 2.5% 05FEB2024 2,152.78 (710.78) 1,135.53 0.000.00 3135G0V34 FANNIE MAE 2.875% 12SEP2023 2,475.69 (828.95) 2,045.45 0.000.00 3135G0U43 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 11JAN23) 387.50 26.79 3,845.63 0.000.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.4% 15OCT2024 (CALLABLE 11JAN23) 275.56 21.12 1,593.04 0.000.00 3133EMCN0 FEDERAL FARM CREDIT BANK 1.6% 14AUG2023 1,377.78 (10.66) 3,567.86 0.000.00 3133EKZK5 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 1,937.50 (335.26) 1,670.30 0.000.00 3133EKKT2 FEDERAL HOME LN BKS CONS BD 2.5% DUE 12-09-2022 625.00 (162.98) 296.50 12,500.000.00 3130A3KM5 FEDERAL HOME LOAN BANK 0.35% 23APR2024 (CALLABLE 23MAR23) 361.66 0.00 3,570.56 2,100.000.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.5% 10FEB2025 (CALLABLE 10FEB23) 473.61 0.00 1,939.09 0.000.00 3130AL2A1 FEDERAL HOME LOAN BANK 3.375% 08DEC2023 1,453.13 (27.53) 52.00 8,437.500.00 3130A0F70 FREDDIE MAC 0.22% 29SEP2023 (CALLABLE 29MAR23) 227.34 9.07 5,152.89 1,320.000.00 3134GXJH8 FREDDIE MAC 0.25% 04DEC2023 107.64 (16.50) 1,859.03 625.000.00 3137EAFA2 FREDDIE MAC 0.25% 24AUG2023 107.64 1,215.00 1,853.41 0.000.00 3137EAEV7 FREDDIE MAC 0.375% 23SEP2025 7.81 151.44 131.15 0.000.00 3137EAEX3 FREDDIE MAC 2.75% 19JUN2023 3,433.68 (1,059.47) 3,878.62 19,937.500.00 3137EAEN5 Total Government Agencies 18,241.66 (106.13) 40,942.19 44,920.000.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Bonds
USA TREASURY 0.125% 31AUG2023 74.93 332.61 2,597.65 0.000.00 91282CCU3 USA TREASURY 0.75% 31AUG2026 770.72 3,225.02 (1,781.26) 0.000.00 91282CCW9 USA TREASURY 2.125% 30NOV2023 1,085.85 (255.87) 1,382.81 0.000.00 912828U57 USA TREASURY 2.875% 31OCT2023 2,708.22 (2,095.08) 1,589.84 0.000.00 9128285K2 USA TREASURY 4.25% 15OCT2025 2,568.69 (116.47) (5,198.67) 0.000.00 91282CFP1 Total Government Bonds 7,208.41 1,090.21 (1,409.63) 0.000.00 Short Term Bills and Notes
USA TREASURY BILL 0% 09FEB2023 0.00 1,274.78 1,987.12 0.000.00 912796XZ7 USA TREASURY BILL 0% 29DEC2022 0.00 780.84 1,034.14 0.000.00 912796R27 Total Short Term Bills and Notes 0.00 2,055.62 3,021.26 0.000.00 Grand total 42,767.41 (3,898.12) 31,920.94 65,153.030.00 20 TRANSACTION REPORT
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Maturity Par value or
shares
Interest Transaction totalPrincipal Transaction Cusip Sec type Description Trade date Settle date
Realized
gain(loss)
5,875.00 12/01/2022
12/01/2022
Income 25468PCW4 Corporate Bonds TWDC ENTERPRISES 18 CORP 12/ 01/2022 500,000.00 0.00 5,875.000.00

0.00 12/01/2022
12/01/2022
Capital Change 25468PCW4 Corporate Bonds TWDC ENTERPRISES 18 CORP 12/ 01/2022 (500,000.00) 500,000.00 500,000.000.00 625.00 12/04/2022
12/04/2022
Income 3137EAFA2 Government Agencies FREDDIE MAC 0.25% 12/04/ 2023 500,000.00 0.00 625.00 0.00 8,437.50 12/08/2022
12/08/2022
Income 3130A0F70 Government Agencies FEDERAL HOME LOAN BANK 1 2/08/2023 500,000.00 0.00 8,437.500.00 (6,421.70) 12/08/2022
12/09/2022
Bought 91282CFP1 Government Bonds USA TREASURY 4.25% 10/15/20 25 1,000,000.00 (1,005,276.79) (1,011,698.49)0.00 12,500.00 12/09/2022
12/09/2022
Income 3130A3KM5 Government Agencies FEDERAL HOME LN BKS CON S 12/09/2022 1,000,000.00 0.00 12,500.00 0.00

0.00 12/09/2022
12/09/2022
Capital Change 3130A3KM5 Government Agencies FEDERAL HOME LN BKS CON S 12/09/2022 (1,000,000.00) 1,000,000.00 1,000,000.000.00 (970.67) 12/15/2022
12/20/2022
Bought 437076BT8 Corporate Bonds HOME DEPOT INC 2.8% 09/14/20 27 130,000.00 (122,769.40) (123,740.07)0.00 (2,708.33) 12/15/2022
12/20/2022
Bought 713448DY1 Corporate Bonds PEPSICO INC 3% 15OCT2027 10/ 15/2027 500,000.00 (477,445.00) (480,153.33)0.00 6,625.00 12/15/2022
12/15/2022
Income 931142DV2 Corporate Bonds WALMART INC 2.65% 12/15/2024 500,000.00 0.00 6,625.000.00 19,937.50 12/19/2022
12/19/2022
Income 3137EAEN5 Government Agencies FREDDIE MAC 2.75% 06/19/ 2023 1,450,000.00 0.00 19,937.500.00 7,510.00 12/20/2022
12/20/2022
Income 06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2 023 500,000.00 0.00 7,510.000.00

0.00 12/20/2022
12/20/2022
Capital Change 06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2 023 (500,000.00) 500,000.00 500,000.000.00 2,100.00 12/23/2022
12/23/2022
Income 3130AMQQ8 Government Agencies FEDERAL HOME LOAN BANK 0 4/23/2024 1,200,000.00 0.00 2,100.000.00 (375.00) 12/27/2022
12/29/2022
Bought 3137EAEX3 Government Agencies FREDDIE MAC 0.375% 09/23 /2025 375,000.00 (337,631.25) (338,006.25)0.00 1,320.00 12/29/2022
12/29/2022
Income 3134GXJH8 Government Agencies FREDDIE MAC 0.22% 09/29/ 2023 1,200,000.00 0.00 1,320.000.00

0.00 12/29/2022
12/29/2022
Capital Change 912796R27 Short Term Bills And Notes USA TREASURY BIL L 0% 12/29/2022 (350,000.00) 350,000.00 350,000.000.00 21 TRANSACTION REPORT
For the period December 1, 2022 - December 31, 2022

CITY OF SAN PABLO
Maturity Par value or
shares
Interest Transaction totalPrincipal Transaction Cusip Sec type Description Trade date Settle date
Realized
gain(loss)
223.03 Income Cash and Cash Equivalents Cash 223.030.00 0.00 0.00 12/31/2022 22 ADDITIONAL INFORMATION
As of December 31, 2022

CITY OF SAN PABLO
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 changes in 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. This document 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 International Limited (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 is available 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 fees will 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. When Moody’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 an appropriate 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 the indices 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 auctioned on 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 auctioned on 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 auctioned on 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. 23 ADDITIONAL INFORMATION
As of December 31, 2022

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

Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith. © 2022 Insight Investment. All rights reserved.
24

San Pablo City CouncilFebruary 21, 2023

San Pablo City Council
February 21, 2023