Att A - Insight Investment March 2024 Statement — San Pablo City Council, May 6, 2024

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
March 2024
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 sold and matured 16
Detail of return and interest received 17
Transaction report 20
Additional information 21

FIXED INCOME MARKET REVIEW
As of March 31, 2024

CITY OF SAN PABLO
Chart 1: The Fed’s “dot plot” remained largely unchanged Source: Federal Reserve, Bloomberg Insight, March 31, 2024 Chart 2: Q4 GDP was revised up again
Source: Bureau of Economic Analysis, FRED, Insight, March 31, 2024 Economic Indicators and Monetary Policy
The Federal Reserve left the Fed Funds Rate and its quantitat ive tightening operations unchanged at the March meeting. The “dot plot” continued to project three rate hikes in 2024, albeit reflecting one less cut over 2025 and 2026, and its eco nomic forecasts were largely unchanged. (Chart 1.) Some members raised their estimate of the
neutral

or longer run
equilibrium rate, although this only nudged the median estimate up slightly from 2.5% to 2.6%.

Chair Powell signaled an announcement that

tapering

the pace of QT will come “fairly soon

.

CPI increased from 0.3% to 0.4%, pushing the year-on-year rate up from 3.1% to 3.2%. Core CPI remained at 0.4% and the year-on-year figure decreased from3.9 % to 3.8%. Rising energy prices in February helped inflation accelerate slightly at the hea dline level. Overall, the main drivers of inflation continue to be the

core services

categories (which include shelter and

supercore

services), which accounted for 97% of the rise in CPI on a year -on-year basis.

Supercore

services remained relatively high, supported in particula r by an acceleration in transportation services. Encouragingly, the

shelter

component moderated on a year-over-
year basis, reaching the lowest level since July 2022.

The third estimate of Q4 GDP was revised up to 3.4%, from 3.2% last month and was also higher than the 3.3% initial estimate. (Chart 2.) The main reason wa s a significant upward revision in consumption, although business investment was once again r evised down slightly.

The US economy added 275,000 jobs in February, above consensus for 200,000. The prior two months were revised down by 160,000. Private jobs were up a so lid 223,000 with strength concentrated in services including 58,000 in leisure and hospitality. Temporary help continued to decline at -15,000, indicating some loosening in conditi ons. The unemployment rate rose from 3.7% to 3.9% the highest since late 2020 while the labor f orce participation rate was unchanged at 62.5%.

Interest Rate Summary
Yields generally fell slightly during the month. At the end o f March, the 3-month US Treasury bill yielded 5.38%, the 6-month US Treasury bill yielded 5.3 3%, the 2-year US Treasury note yielded 4.62%, the 5-year US Treasury note yielded 4.21% and the 10-year US Treasury note yielded 4.20%.
3 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2024 - March 31, 2024

CITY OF SAN PABLO
Amortized Cost Basis Activity Summary
30,096,120.24 Opening balance
93,351.34 Income received
93,351.34 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
(5,627.64) Total amortization expense
26,854.60 Total OID/MKT accretion income

0.00 Return of capital
Closing balance 30,210,698.54
Ending fair value 30,020,683.83
(190,014.71) Unrealized gain (loss)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 5.24 2.64 0.44
Overnight Repo 5.28 2.66 0.44
Merrill Lynch 3m US Treas Bill 5.23 2.62 0.44
Merrill Lynch 6m US Treas Bill 5.15 2.57 0.43
ML 1 Year US Treasury Note 5.13 2.51 0.41
ML 2 Year US Treasury Note 4.63 2.30 0.38
ML 5 Year US Treasury Note 4.15 2.12 0.35
* rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 64,096.62
Accretion (amortization) 21,226.96
Realized gain (loss) on sales 0.00
Total income on portfolio 85,323.58
Average daily amortized cost 30,158,419.34
Period return (%)
Weighted average final maturity in days 0
YTD return (%)
Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income

0.00 Cash and Cash Equivalents 326.81 0.00 326.81

0.00 Corporate Bonds 23,251.99 3,267.94 26,519.93

0.00 Government Agencies 23,851.93 7,815.56 31,667.49

0.00 Government Bonds 16,665.89 10,143.46 26,809.35
Total 64,096.62 21,226.96 0.00 85,323.58

0.28 0.80
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2024 - March 31, 2024

CITY OF SAN PABLO
Fair Value Basis Activity Summary
29,854,566.38 Opening balance
93,351.34 Income received
93,351.34 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 72,766.11
Ending fair value 30,020,683.83
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 5.24 2.64 0.44
Overnight Repo 5.28 2.66 0.44
ICE Bofa 3 Months US T-BILL 5.24 2.68 0.45
ICE Bofa 6m US Treas Bill 5.22 2.75 0.45
ICE Bofa 1 Yr US Treasury Note 4.30 2.63 0.39
ICE BofA US Treasury 1-3 2.97 2.79 0.32
ICE BofA US Treasury 1-5 2.42 3.08 0.36
* rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 326.81 0.00 326.81
Corporate Bonds 23,251.99 29,705.68 52,957.67
Government Agencies 23,851.93 33,214.36 57,066.29
Government Bonds 16,665.89 9,846.07 26,511.96
Total 64,096.62 72,766.11 136,862.73
Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 64,096.62
Total income on portfolio 136,862.73
Average daily total value * 30,144,157.86
Period return (%) 0.46
Weighted average final maturity in days 0
Change in fair value 72,766.11
YTD return (%) 0.47
* Total value equals market value and accrued interest
5 RECAP OF SECURITIES HELD
As of March 31, 2024

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 1,690,297.69 1,690,297.69 1, 690,297.69 0.00 5.62 0.00 1 Corporate Bonds 8,458,754.20 8,427,521.46 8,372,357.49 (55,163.97) 0 28.14 2.14 Government Agencies 12,883,972.63 12,968,528.70 12,859 ,431.40 (109,097.30) 0 42.86 1.28 Government Bonds 7,027,421.25 7,124,350.69 7,098,597.2 5 (25,753.44) 0 23.38 2.44 Total 30,060,445.77 30,210,698.54 30,020,683.83 (190,014.71) 0 100.00 1.72 Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
Portfolio diversification (%)
Cash and Cash Equivalents 5.62
Corporate Bonds 28.14
Government Agencies 42.86
Government Bonds 23.38
Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2024

CITY OF SAN PABLO
Maturity Historic cost Percent
Under 90 days 5,940,232.69 19.76
90 to 179 days 1,170,904.80 3.90
180 days to 1 year 3,231,176.40 10.75
1 to 2 years 4,742,858.05 15.78
2 to 3 years 6,935,917.04 23.07
3 to 4 years 5,924,897.94 19.71
4 to 5 years 2,114,458.85 7.03
Over 5 years 0.00 0.00
30,060,445.77 100.00
Maturity distribution

0.00 2.00

4.00 6.00

8.00 Historical cost (mm)
Under 9
0 days
90 to 17
9 days
180 da
ys 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 March 31, 2024

0.000 1,690,297.69 1,690,297.69 0.00 0.00 5.62 1,690,297.69 1,690,297.69 Cash and Cash Equivalents Total Cash and Cash Equivalents 1,690,297.69 1,690,297.69 1,690,297.69 0.00 5.62 0.00 1,690,297.69 Corporate Bonds
459200JY8 3.000 05/15/2024 535,390.00 501,405.60 (3,133.89) 5,666. 67 1.78498,271.71 500,000.00 IBM CORP 3% 15MAY2024 14913Q2V0 2.850 05/17/2024 1,064,950.00 1,003,043.52 (6,260.36) 10 ,608.33 3.54996,783.16 1,000,000.00 CATERPILLAR FINL SERVICE 2.85% 17MAY2024 89236TJN6 0.625 09/13/2024 568,914.00 594,215.73 (6,951.97) 187.50 1.89587,263.76 600,000.00 TOYOTA MOTOR CREDIT CORP 0.625% 13SEP2024 931142DV2 2.650 12/15/2024 531,840.00 505,563.44 (13,797.81) 3,901 .39 10/15/2024

1.77491,765.63 500,000.00 WALMART INC 2.65% 15DEC2024 (CALLABLE 15OCT24) 037833EB2 0.700 02/08/2026 534,072.00 561,704.43 (5,004.08) 618.33 01/08/2026

1.78556,700.35 600,000.00 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 166764BL3 2.954 05/16/2026 286,149.00 291,000.96 (2,107.40) 3,323. 25 02/16/2026

0.95288,893.56 300,000.00 CHEVRON CORP 2.954% 16MAY2026 (CALLABLE 16FEB26)
24422EVB2 2.250 09/14/2026 464,465.00 475,780.31 (6,013.42) 531.25 1.55469,766.89 500,000.00 JOHN DEERE CAPITAL CORP 2.25% 14SEP2026 023135BR6 1.200 06/03/2027 484,352.00 495,900.75 (1,261.65) 2,163. 33 04/03/2027

1.61494,639.10 550,000.00 AMAZON.COM INC 1.2% 03JUN2027 (CALLABLE 03APR27)
437076BT8 2.800 09/14/2027 122,769.40 124,739.84 (2,281.75) 171.89 06/14/2027

0.41122,458.09 130,000.00 HOME DEPOT INC 2.8% 14SEP2027 (CALLABLE 14JUN27) 713448DY1 3.000 10/15/2027 477,445.00 483,482.12 (9,593.61) 6,916. 67 07/15/2027

1.59473,888.51 500,000.00 PEPSICO INC 3% 15OCT2027 (CALLABLE 15JUL27) 8 SECURITIES HELD
As of March 31, 2024

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
Corporate Bonds
02665WED9 4.700 01/12/2028 704,634.00 703,635.66 (6,213.42) 7,219. 72 2.34697,422.24 700,000.00 AMERICAN HONDA FINANCE 4.7% 12JAN2028 69353RFJ2 3.250 01/22/2028 561,786.00 563,615.82 (2,456.01) 3,737. 50 12/22/2027

1.87561,159.81 600,000.00 PNC BANK NA 3.25% 22JAN2028 (CALLABLE 23DEC27) 46647PCW4 2.947 02/24/2028 468,690.00 470,136.39 (171.42) 1,514.43 02/24/2027

1.56469,964.97 500,000.00 JPMORGAN CHASE & CO 2.947% 24FEB2028 (CALLABLE 24FEB27)
194162AR4 4.600 03/01/2028 537,904.80 538,358.51 7,544.65 2,070.00 02/01/2028

1.79545,903.16 540,000.00 COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28)
06051GKW8 4.948 07/22/2028 493,205.00 493,673.76 2,739.51 4,741.83 07/22/2027

1.64496,413.27 500,000.00 BANK OF AMERICA CORP 4.948% 22JUL2028 (CALLABLE 22JUL27)
17325FBB3 5.803 09/29/2028 622,188.00 621,264.62 (201.34) 193.43 08/29/2028

2.07621,063.28 600,000.00 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) Total Corporate Bonds 8,458,754.20 8,427,521.46 8,372,357.49 (55,163.97) 28.1 453,565.52 8,620,000.00 Government Agencies
3130AMQQ8 0.350 04/23/2024 1,200,000.00 1,200,000.00 (3,579.23) 1, 143.33 3.991,196,420.77 1,200,000.00 FEDERAL HOME LOAN BANK 0.35% 23APR2024

CALLABLE
3136G46B4 0.350 04/26/2024 1,449,595.00 1,449,991.60 (4,820.01) 2, 185.07 4.821,445,171.59 1,450,000.00 FANNIE MAE 0.35% 26APR2024 CALLABLE 3135G0V75 1.750 07/02/2024 601,990.80 600,110.00 (5,581.47) 2,595. 83 2.00594,528.53 600,000.00 FANNIE MAE 1.75% 02JUL2024 3135G0W66 1.625 10/15/2024 797,190.40 799,682.21 (14,829.16) 5,994 .44 2.65784,853.05 800,000.00 FANNIE MAE 1.625% 15OCT2024 3133EMCN0 0.400 10/15/2024 799,000.00 799,862.68 (20,766.02) 1,475 .56 2.66779,096.66 800,000.00 FEDERAL FARM CREDIT BANK 0.4% 15OCT2024 (CALLABLE 10APR24)
9 SECURITIES HELD
As of March 31, 2024

3.671,056,473.72 1,100,000.00 FEDERAL HOME LOAN BANK 0.5% 10FEB2025 (CALLABLE 10MAY24)
3135G03U5 0.625 04/22/2025 649,124.00 679,628.27 (11,260.23) 1,932 .29 2.16668,368.04 700,000.00 FANNIE MAE 0.625% 22APR2025 3137EAEX3 0.375 09/23/2025 337,631.25 354,820.12 (3,495.14) 31.25 1 .12351,324.98 375,000.00 FREDDIE MAC 0.375% 23SEP2025 3134A2HG6 0.000 12/11/2025 893,800.00 926,014.93 (2,718.57) 0.00 2. 97923,296.36 1,000,000.00 FREDDIE MAC 0% 11DEC2025 3130AXB31 4.875 03/13/2026 697,403.00 697,939.40 4,638.25 1,706.25 2.32702,577.65 700,000.00 FEDERAL HOME LOAN BANK 4.875% 13MAR2026 3130AWGR5 4.375 06/12/2026 492,035.00 493,529.97 4,223.92 6,623.26 1.64497,753.89 500,000.00 FEDERAL HOME LOAN BANK 4.375% 12JUN2026 3133EPPE9 4.375 07/06/2026 493,905.00 495,199.31 1,831.05 5,164.93 1.64497,030.36 500,000.00 FEDERAL FARM CREDIT BANK 4.375% 06JUL2026 3133EPQC2 4.625 07/17/2026 1,001,388.83 1,001,085.60 (2,396.32) 9, 506.94 3.33998,689.28 1,000,000.00 FEDERAL FARM CREDIT BANK 4.625% 17JUL2026 3130AWTQ3 4.625 09/11/2026 1,043,563.50 1,044,778.49 7,251.51 2,69 7.92 3.471,052,030.00 1,050,000.00 FEDERAL HOME LOAN BANK 4.625% 11SEP2026 3135G0Q22 1.875 09/24/2026 512,119.85 516,668.45 (917.64) 200.52 1. 70515,750.81 550,000.00 FANNIE MAE 1.875% 24SEP2026 3130ATUS4 4.250 12/10/2027 812,080.00 809,217.67 (13,151.96) 10,48 3.33 2.70796,065.71 800,000.00 FEDERAL HOME LOAN BANK 4.25% 10DEC2027 Total Government Agencies 12,883,972.63 12,968,528.70 12,859,431.40 (109,097.30) 42.8652,520.09 13,125,000.00 10 SECURITIES HELD
As of March 31, 2024

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
912828XZ8 2.750 06/30/2025 625,551.01 635,035.25 (1,767.67) 4,468. 75 2.08633,267.58 650,000.00 USA TREASURY 2.75% 30JUN2025 91282CFP1 4.250 10/15/2025 1,005,276.79 1,002,851.09 (10,937.03) 1 9,508.20 3.34991,914.06 1,000,000.00 USA TREASURY 4.25% 15OCT2025 9128286S4 2.375 04/30/2026 1,130,675.90 1,142,102.95 5,068.92 11,9 01.10 3.761,147,171.87 1,200,000.00 USA TREASURY 2.375% 30APR2026 91282CCW9 0.750 08/31/2026 1,053,937.50 1,108,138.76 (10,841.89) 7 58.15 3.511,097,296.87 1,200,000.00 USA TREASURY 0.75% 31AUG2026 912828YX2 1.750 12/31/2026 457,677.46 466,054.15 (546.34) 2,187.50 1.52465,507.81 500,000.00 USA TREASURY 1.75% 31DEC2026 91282CEF4 2.500 03/31/2027 374,563.84 379,260.91 (401.53) 5,000.00 1.25378,859.38 400,000.00 USA TREASURY 2.5% 31MAR2027 91282CET4 2.625 05/31/2027 656,689.85 660,916.06 2,689.41 6,125.00 2.18663,605.47 700,000.00 USA TREASURY 2.625% 31MAY2027 91282CFB2 2.750 07/31/2027 723,983.05 730,892.02 668.13 3,490.39 2. 41731,560.15 770,000.00 USA TREASURY 2.75% 31JUL2027 91282CHK0 4.000 06/30/2028 999,065.85 999,099.50 (9,685.44) 10,000 .00 3.32989,414.06 1,000,000.00 USA TREASURY 4% 30JUN2028 Total Government Bonds 7,027,421.25 7,124,350.69 7,098,597.25 (25,753.44) 23.3 863,439.09 7,420,000.00 Grand total 30,060,445.77 30,210,698.54 (190,014.71) 30,855,297.69 100.00169,524.70 30,020,683.83 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024

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
United States Treasury Note/Bond
912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 650,000.00 62 5,551.01 2.08 633,267.58 2.11 1.20 91282CFP1 USA TREASURY 4.25% 4.250 10/15/2025 AA+ Aaa 1,000,000.00 1,005,276.79 3.34 991,914.06 3.30 1.44 9128286S4 USA TREASURY 2.375% 2.375 04/30/2026 AA+ Aaa 1,200,000.0 0 1,130,675.90 3.76 1,147,171.87 3.82 1.97 91282CCW9 USA TREASURY 0.75% 0.750 08/31/2026 AA+ Aaa 1,200,000.00 1,053,937.50 3.51 1,097,296.87 3.66 2.34 912828YX2 USA TREASURY 1.75% 1.750 12/31/2026 AA+ Aaa 500,000.00 45 7,677.46 1.52 465,507.81 1.55 2.61 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 400,000.00 374 ,563.84 1.25 378,859.38 1.26 2.83 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aaa 700,000.00 6 56,689.85 2.18 663,605.47 2.21 2.95 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 770,000.00 72 3,983.05 2.41 731,560.15 2.44 3.11 91282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aaa 1,000,000.00 999 ,065.85 3.32 989,414.06 3.30 3.81 Issuer total 7,420,000.00 7,027,421.25 23.38 7,098,597.25 23.65 2.44 Federal Home Loan Banks
3130AMQQ FEDERAL HOME LOAN 0.350 04/23/2024 AA+ Aaa 1,200,000.00 1 ,200,000.00 3.99 1,196,420.77 3.99 0.07 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 05/10/2024 AA+ Aaa 1,1 00,000.00 1,103,146.00 3.67 1,056,473.72 3.52 0.85 3130AXB31 FEDERAL HOME LOAN 4.875 03/13/2026 AA+ Aaa 700,000.00 697 ,403.00 2.32 702,577.65 2.34 1.83 3130AWGR5 FEDERAL HOME LOAN 4.375 06/12/2026 AA+ Aaa 500,000.00 492 ,035.00 1.64 497,753.89 1.66 2.04 3130AWTQ3 FEDERAL HOME LOAN 4.625 09/11/2026 AA+ Aaa 1,050,000.00 1 ,043,563.50 3.47 1,052,030.00 3.50 2.28 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 800,000.00 812 ,080.00 2.70 796,065.71 2.65 3.32 Issuer total 5,350,000.00 5,348,227.50 17.79 5,301,321.74 17.66 1.57 Federal National Mortgage Association
3136G46B4 FANNIE MAE 0.35% 0.350 04/26/2024 AA+ Aaa 1,450,000.00 1, 449,595.00 4.82 1,445,171.59 4.81 0.08 3135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 600,000.00 601, 990.80 2.00 594,528.53 1.98 0.26 3135G0W66 FANNIE MAE 1.625% 1.625 10/15/2024 AA+ Aaa 800,000.00 797 ,190.40 2.65 784,853.05 2.61 0.53 3135G03U5 FANNIE MAE 0.625% 0.625 04/22/2025 AA+ Aaa 700,000.00 649 ,124.00 2.16 668,368.04 2.23 1.03 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024

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
3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aaa 550,000.00 512 ,119.85 1.70 515,750.81 1.72 2.37 Issuer total 4,100,000.00 4,010,020.05 13.34 4,008,672.02 13.35 0.64 Federal Farm Credit Banks Funding Corp
3133EMCN0 FEDERAL FARM CREDIT 0.400 10/15/2024 AA+ Aaa 800,000.00 7 99,000.00 2.66 779,096.66 2.60 0.53 3133EPPE9 FEDERAL FARM CREDIT 4.375 07/06/2026 AA+ Aaa 500,000.00 4 93,905.00 1.64 497,030.36 1.66 2.10 3133EPQC2 FEDERAL FARM CREDIT 4.625 07/17/2026 AA+ Aaa 1,000,000.0 0 1,001,388.83 3.33 998,689.28 3.33 2.13 Issuer total 2,300,000.00 2,294,293.83 7.63 2,274,816.30 7.58 1.57 Cash and Cash Equivalents
CASH 0.000 1,690,297.69 1,690,297.69 0.00 1,690,297.69 5.63 0.00 Issuer total 1,690,297.69 1,690,297.69 0.00 1,690,297.69 5.63 0.00 Federal Home Loan Mortgage Corp
3137EAEX3 FREDDIE MAC 0.375% 0.375 09/23/2025 AA+ Aaa 375,000.00 33 7,631.25 1.12 351,324.98 1.17 1.44 3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 893, 800.00 2.97 923,296.36 3.08 1.65 Issuer total 1,375,000.00 1,231,431.25 4.10 1,274,621.34 4.25 1.59 Caterpillar Financial Services Corp
14913Q2V0 CATERPILLAR FINL 2.850 05/17/2024 A A2 1,000,000.00 1,064 ,950.00 3.54 996,783.16 3.32 0.13 Issuer total 1,000,000.00 1,064,950.00 3.54 996,783.16 3.32 0.13 American Honda Finance Corp
02665WED9 AMERICAN HONDA 4.700 01/12/2028 A- A3 700,000.00 704,634. 00 2.34 697,422.24 2.32 3.38 Issuer total 700,000.00 704,634.00 2.34 697,422.24 2.32 3.38 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024

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
Citibank NA
17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 600 ,000.00 622,188.00 2.07 621,063.28 2.07 3.87 Issuer total 600,000.00 622,188.00 2.07 621,063.28 2.07 3.87 Toyota Motor Credit Corp
89236TJN6 TOYOTA MOTOR CREDIT 0.625 09/13/2024 A+ A1 600,000.00 568 ,914.00 1.89 587,263.76 1.96 0.45 Issuer total 600,000.00 568,914.00 1.89 587,263.76 1.96 0.45 PNC Bank NA
69353RFJ2 PNC BANK NA 3.25% 3.250 01/22/2028 12/22/2027 A A2 600,00 0.00 561,786.00 1.87 561,159.81 1.87 3.46 Issuer total 600,000.00 561,786.00 1.87 561,159.81 1.87 3.46 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 600,00 0.00 534,072.00 1.78 556,700.35 1.85 1.80 Issuer total 600,000.00 534,072.00 1.78 556,700.35 1.85 1.80 Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 AA- Aa3 540,000.00 537,904.80 1.79 545,903.16 1.82 3.48 Issuer total 540,000.00 537,904.80 1.79 545,903.16 1.82 3.48 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 500,000.00 535,390.00 1 .78 498,271.71 1.66 0.13 Issuer total 500,000.00 535,390.00 1.78 498,271.71 1.66 0.13 Bank of America Corp
06051GKW8 BANK OF AMERICA CORP 4.948 07/22/2028 07/22/2027 A- A1 50 0,000.00 493,205.00 1.64 496,413.27 1.65 2.97 Issuer total 500,000.00 493,205.00 1.64 496,413.27 1.65 2.97 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024

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
Amazon.com Inc
023135BR6 AMAZON.COM INC 1.2% 1.200 06/03/2027 04/03/2027 AA A1 550 ,000.00 484,352.00 1.61 494,639.10 1.65 3.01 Issuer total 550,000.00 484,352.00 1.61 494,639.10 1.65 3.01 Walmart Inc
931142DV2 WALMART INC 2.65% 2.650 12/15/2024 10/15/2024 AA Aa2 500, 000.00 531,840.00 1.77 491,765.63 1.64 0.69 Issuer total 500,000.00 531,840.00 1.77 491,765.63 1.64 0.69 PepsiCo Inc
713448DY1 PEPSICO INC 3% 3.000 10/15/2027 07/15/2027 A+ A1 500,000. 00 477,445.00 1.59 473,888.51 1.58 3.18 Issuer total 500,000.00 477,445.00 1.59 473,888.51 1.58 3.18 JPMorgan Chase & Co
46647PCW4 JPMORGAN CHASE & CO 2.947 02/24/2028 02/24/2027 A- A1 500 ,000.00 468,690.00 1.56 469,964.97 1.57 2.71 Issuer total 500,000.00 468,690.00 1.56 469,964.97 1.57 2.71 John Deere Capital Corp
24422EVB2 JOHN DEERE CAPITAL 2.250 09/14/2026 A A1 500,000.00 464,4 65.00 1.55 469,766.89 1.56 2.33 Issuer total 500,000.00 464,465.00 1.55 469,766.89 1.56 2.33 Chevron Corp
166764BL3 CHEVRON CORP 2.954% 2.954 05/16/2026 02/16/2026 AA- Aa2 3 00,000.00 286,149.00 0.95 288,893.56 0.96 1.94 Issuer total 300,000.00 286,149.00 0.95 288,893.56 0.96 1.94 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 0.41 122,458.09 0.41 3.16 Issuer total 130,000.00 122,769.40 0.41 122,458.09 0.41 3.16 Grand total 30,855,297.69 30,060,445.77 100.00 30,020,683.83 100.00 1.72 15 SECURITIES SOLD AND MATURED
For the period March 1, 2024 - March 31, 2024

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
Government Agencies
3133EMBE1 0.300 03/28/2024 (1,500,000.00) 1,498,875.00 1,500,000.00 0.0 0 1,500,000.00 0.00 0.00 03/28/2024
FEDERAL FARM CREDIT BANK 0.3%
28MAR2024 CALLABLE
(1,500,000.00) 0.001,498,875.00 1,500,000.00 1,500,000.00 0.00 Total (Government Agencies) Grand total Grand total (1,500,000.00) 0.001,498,875.00 1,500,000.00 1,500,000.00 0.00 16 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 - March 31, 2024

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Cash
Cash and Cash Equivalents 326.81 0.00 0.00 326.810.00
Total Cash 326.81 0.00 0.00 326.810.00
Corporate Bonds
AMAZON.COM INC 1.2% 03JUN2027 (CALLABLE 03APR27) 586.66 1,419.93 2,523.42 0.000.00 023135BR6 AMERICAN HONDA FINANCE 4.7% 12JAN2028 2,924.44 (80.08) 409.62 0.000.00 02665WED9 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 373.33 1,719.86 2,050.89 0.000.00 037833EB2 BANK OF AMERICA CORP 4.948% 22JUL2028 (CALLABLE 22JUL27) 2,199.11 122.28 1,378.69 0.000.00 06051GKW8 CATERPILLAR FINL SERVICE 2.85% 17MAY2024 2,533.33 (1,942.67) 2,855.56 0.000.00 14913Q2V0 CHEVRON CORP 2.954% 16MAY2026 (CALLABLE 16FEB26) 787.73 352.44 700.51 0.000.00 166764BL3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 3,094.93 (401.47) 2,901.77 17,409.000.00 17325FBB3 COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28) 2,208.00 34.90 1,805.87 12,420.000.00 194162AR4 HOME DEPOT INC 2.8% 14SEP2027 (CALLABLE 14JUN27) 323.56 126.85 539.81 1,820.000.00 437076BT8 IBM CORP 3% 15MAY2024 1,333.34 (937.07) 896.03 0.000.00 459200JY8 JOHN DEERE CAPITAL CORP 2.25% 14SEP2026 1,000.00 821.94 1,627.91 5,625.000.00 24422EVB2 JPMORGAN CHASE & CO 2.947% 24FEB2028 (CALLABLE 24FEB27) 1,309.78 638.12 1,586.10 0.000.00 46647PCW4 PEPSICO INC 3% 15OCT2027 (CALLABLE 15JUL27) 1,333.34 388.65 2,493.25 0.000.00 713448DY1 PNC BANK NA 3.25% 22JAN2028 (CALLABLE 23DEC27) 1,733.33 795.58 3,334.74 0.000.00 69353RFJ2 TOYOTA MOTOR CREDIT CORP 0.625% 13SEP2024 333.33 1,064.59 2,298.33 1,875.000.00 89236TJN6 WALMART INC 2.65% 15DEC2024 (CALLABLE 15OCT24) 1,177.78 (855.91) 2,303.18 0.000.00 931142DV2 Total Corporate Bonds 23,251.99 3,267.94 29,705.68 39,149.000.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 - March 31, 2024

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 451.11 9.69 6,412.02 0.000.00 3136G46B4 FANNIE MAE 0.625% 22APR2025 388.89 1,599.88 1,667.59 0.000.00 3135G03U5 FANNIE MAE 1.625% 15OCT2024 1,155.55 48.89 2,487.77 0.000.00 3135G0W66 FANNIE MAE 1.75% 02JUL2024 933.33 (35.87) 1,804.43 0.000.00 3135G0V75 FANNIE MAE 1.875% 24SEP2026 916.67 1,118.51 220.68 5,156.250.00 3135G0Q22 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 CALLABLE 362.50 25.00 5,971.77 2,250.000.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.4% 15OCT2024 (CALLABLE 10APR24) 284.45 21.13 2,743.18 0.000.00 3133EMCN0 FEDERAL FARM CREDIT BANK 4.375% 06JUL2026 1,944.44 176.50 (796.52) 0.000.00 3133EPPE9 FEDERAL FARM CREDIT BANK 4.625% 17JUL2026 4,111.11 (39.38) (1,948.35) 0.000.00 3133EPQC2 FEDERAL HOME LOAN BANK 0.35% 23APR2024 CALLABLE 373.33 0.00 5,364.37 0.000.00 3130AMQQ8 FEDERAL HOME LOAN BANK 0.5% 10FEB2025 (CALLABLE 10MAY24) 488.89 0.00 4,219.29 0.000.00 3130AL2A1 FEDERAL HOME LOAN BANK 4.25% 10DEC2027 3,022.22 (207.92) 2,063.19 0.000.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.375% 12JUN2026 1,944.44 245.08 (128.47) 0.000.00 3130AWGR5 FEDERAL HOME LOAN BANK 4.625% 11SEP2026 4,316.67 177.80 (1,053.75) 29,272.400.00 3130AWTQ3 FEDERAL HOME LOAN BANK 4.875% 13MAR2026 3,033.33 87.93 (624.44) 16,493.750.00 3130AXB31 FREDDIE MAC 0% 11DEC2025 0.00 3,452.49 3,756.03 0.000.00 3134A2HG6 FREDDIE MAC 0.375% 23SEP2025 125.00 1,135.83 1,055.57 703.130.00 3137EAEX3 Total Government Agencies 23,851.93 7,815.56 33,214.36 53,875.530.00 Government Bonds
USA TREASURY 0.75% 31AUG2026 758.15 3,225.03 2,671.87 0.000.00 91282CCW9 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 - March 31, 2024

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Bonds
USA TREASURY 1.75% 31DEC2026 745.19 1,047.09 957.03 0.000.00 912828YX2 USA TREASURY 2.375% 30APR2026 2,427.20 2,361.59 1,265.61 0.000.00 9128286S4 USA TREASURY 2.5% 31MAR2027 846.99 587.13 640.63 0.000.00 91282CEF4 USA TREASURY 2.625% 31MAY2027 1,556.35 1,048.10 1,011.72 0.000.00 91282CET4 USA TREASURY 2.75% 30JUN2025 1,522.32 1,017.34 710.94 0.000.00 912828XZ8 USA TREASURY 2.75% 31JUL2027 1,803.37 996.18 1,142.96 0.000.00 91282CFB2 USA TREASURY 4% 30JUN2028 3,406.59 17.98 1,484.37 0.000.00 91282CHK0 USA TREASURY 4.25% 15OCT2025 3,599.73 (156.98) (39.06) 0.000.00 91282CFP1 Total Government Bonds 16,665.89 10,143.46 9,846.07 0.000.00 Grand total 64,096.62 21,226.96 72,766.11 93,351.340.00 19 TRANSACTION REPORT
For the period March 1, 2024 - March 31, 2024

CITY OF SAN PABLO
Maturity Par value or
shares
Interest Transaction totalPrincipal Transaction Cusip Sec type Description Trade date Settle date
Realized
gain(loss)
12,420.00 03/01/2024
03/01/2024
Income 194162AR4 Corporate Bonds COLGATE-PALMOLIVE CO 4.6% 03 /01/2028 540,000.00 0.00 12,420.000.00 29,272.40 03/11/2024
03/11/2024
Income 3130AWTQ3 Government Agencies FEDERAL HOME LOAN BANK 0 9/11/2026 1,050,000.00 0.00 29,272.400.00 16,493.75 03/13/2024
03/13/2024
Income 3130AXB31 Government Agencies FEDERAL HOME LOAN BANK 0 3/13/2026 700,000.00 0.00 16,493.750.00 1,875.00 03/13/2024
03/13/2024
Income 89236TJN6 Corporate Bonds TOYOTA MOTOR CREDIT CORP 09/ 13/2024 600,000.00 0.00 1,875.000.00 5,625.00 03/14/2024
03/14/2024
Income 24422EVB2 Corporate Bonds JOHN DEERE CAPITAL CORP 09/1 4/2026 500,000.00 0.00 5,625.000.00 1,820.00 03/14/2024
03/14/2024
Income 437076BT8 Corporate Bonds HOME DEPOT INC 2.8% 09/14/20 27 130,000.00 0.00 1,820.000.00 703.13 03/23/2024
03/23/2024
Income 3137EAEX3 Government Agencies FREDDIE MAC 0.375% 09/23 /2025 375,000.00 0.00 703.13 0.00 5,156.25 03/24/2024
03/24/2024
Income 3135G0Q22 Government Agencies FANNIE MAE 1.875% 09/24/ 2026 550,000.00 0.00 5,156.250.00 2,250.00 03/28/2024
03/28/2024
Income 3133EMBE1 Government Agencies FEDERAL FARM CREDIT BAN K 03/28/2024 1,500,000.00 0.00 2,250.00 0.00

0.00 03/28/2024
03/28/2024
Capital Change 3133EMBE1 Government Agencies FEDERAL FARM CREDIT BAN K 03/28/2024 (1,500,000.00) 1,500,000.00 1,500,000.000.00 17,409.00 03/29/2024
03/29/2024
Income 17325FBB3 Corporate Bonds CITIBANK NA 5.803% 09/29/202 8 600,000.00 0.00 17,409.000.00 326.81 Income Cash and Cash Equivalents Cash 326.810.00 0.00 0.00 03/31/2024 20 ADDITIONAL INFORMATION
As of March 31, 2024

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. 21 ADDITIONAL INFORMATION
As of March 31, 2024

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. © 2024 Insight Investment. All rights reserved.
22

San Pablo City CouncilMay 6, 2024

San Pablo City Council
May 6, 2024