Att A - Insight Investment June 2025 — San Pablo City Council, August 4, 2025

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
June 2025
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 13
Securities sold and matured 18
Detail of return and interest received 19
Transaction report 22
Additional information 23

FIXED INCOME MARKET REVIEW
As of June 30, 2025

CITY OF SAN PABLO
Chart 1: The FOMC keeps two cuts on the agenda for 2025 Source: Bureau Federal Reserve, Macrobond, Insight June 30, 2025 Chart 2: Continuing jobless claims reach another new cycle high Source: Department of Labor, Bloomberg, June 30, 2025
Economic Indicators and Monetary Policy
The Federal Reserve’s latest median “dot plot” continued to project two rate cuts in 2025, albeit voting was heavily bifurcated among those voting for no cuts and those voting for two.

Beyond 2025, the committee

s rate projections were slightly more hawkish than they were in March (Chart 1). The committee also slightly raised its inflation projections. Chair Powell struck notes of caution stating: “we expect a meaningful amount of i nflation to arrive in the coming months, and we have to take that into account”.

The latest estimate of Q1 GDP was -0.5% SAAR, down from the pre vious estimate of -0.2%. It showed a lower positive contribution from consumption relative to the previous estimates.

Inflation remained relatively stable. CPI rose from 2.3% to2.4% while PCE rose from 2.2% to 2.3%.

Core CPI remained at 2.8% while core PCE rose from 2.6% to 2.7%. The “stubborn” core services categories were generally relatively well behaved. There w ere some initial signs of tariff inflation within some minor categories such as auto parts an d canned fruits and vegetables, albeit the impact was not enough to materially impact overal l figures.

Labor market data indicated tighter hiring conditions, if n ot an inflection point in layoffs.

Monthly payrolls showed 139,000 jobs added to the economy, w hile the unemployment rate remained at 4.2% and wage growth remained at 3.9%. Weekly initial jobless claims eased from 248,000 to 236,000, but continuing claims reached a new cycl e high at just under two million (Chart 2).

On the trade front, the White House further increased tariff s on steel and aluminum from 25% to 50%, including an expanding range of “derivative product s”. The administration exempted the UK, depending on the status of the US-UK trade deal framework.

Politics-wise, the Senate revised the proposed “One Big Bea utiful Bill Act” to make certain business-related tax provisions permanent, slow the phase-out of various clean energy credits, include a lower SALT cap and deeper Medicaid cuts.

Interest Rate Summary
It was a “risk on” month for markets, with equity markets continuing to recover while Treasury yields fell across the curve. At the end of June, the 3-month US Treasury bill yielded 4.29%, the 6-month US Treasury bill yielded 4.25%, the 2-year US Treasu ry note yielded 3.72%, the 5-year US Treasury note yielded 3.8% and the 10-year US Treasury note yielded 4.23%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2025 - June 30, 2025

CITY OF SAN PABLO
Amortized Cost Basis Activity Summary
31,569,065.21 Opening balance
151,551.30 Income received
151,551.30 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
(3,497.08) Total amortization expense
26,907.37 Total OID/MKT accretion income

0.00 Return of capital
Closing balance 31,744,026.80
Ending fair value 32,009,366.94
265,340.14 Unrealized gain (loss)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.65 2.12 0.35
Overnight Repo 4.70 2.14 0.35
Merrill Lynch 3m US Treas Bill 4.46 2.07 0.34
Merrill Lynch 6m US Treas Bill 4.42 2.12 0.33
ML 1 Year US Treasury Note 4.22 2.01 0.33
ML 2 Year US Treasury Note 4.05 1.97 0.31
ML 5 Year US Treasury Note 4.03 2.02 0.32
* rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 90,865.13
Accretion (amortization) 23,410.29
Realized gain (loss) on sales 0.00
Total income on portfolio 114,275.42
Average daily amortized cost 31,662,143.99
Period return (%)
Weighted average final maturity in days 815
YTD return (%)
Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income

0.00 Cash and Cash Equivalents 242.79 0.00 242.79

0.00 Corporate Bonds 28,482.75 5,198.31 33,681.06

0.00 Government Agencies 38,744.72 6,817.09 45,561.81

0.00 Government Bonds 23,394.87 11,394.89 34,789.76
Total 90,865.13 23,410.29 0.00 114,275.42

0.36 2.20
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2025 - June 30, 2025

CITY OF SAN PABLO
Fair Value Basis Activity Summary
31,751,327.15 Opening balance
151,551.30 Income received
151,551.30 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 106,488.49
Ending fair value 32,009,366.94
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.65 2.12 0.35
Overnight Repo 4.70 2.14 0.35
ICE Bofa 3 Months US T-BILL 4.68 2.07 0.33
ICE Bofa 6m US Treas Bill 4.82 2.03 0.35
ICE Bofa 1 Yr US Treasury Note 4.76 1.96 0.41
ICE BofA US Treasury 1-3 5.67 2.79 0.60
ICE BofA US Treasury 1-5 6.07 3.39 0.74
* rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 242.79 0.00 242.79
Corporate Bonds 28,482.75 36,425.43 64,908.18
Government Agencies 38,744.72 31,836.71 70,581.43
Government Bonds 23,394.87 38,226.35 61,621.22
Total 90,865.13 106,488.49 197,353.62
Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 90,865.13
Total income on portfolio 197,353.62
Average daily total value * 32,132,230.74
Period return (%) 0.62
Weighted average final maturity in days 815
Change in fair value 106,488.49
YTD return (%) 3.16
* Total value equals market value and accrued interest
5 RECAP OF SECURITIES HELD
As of June 30, 2025

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 876,749.49 876,749.49 876,74 9.49 0.00 2.81 0.00 1 Corporate Bonds 8,997,959.20 9,145,064.00 9,239,394.53 94,330.53 993 28.84 2.30 Government Agencies 12,233,153.54 12,392,059.96 12,509 ,148.89 117,088.93 795 39.21 1.82 Government Bonds 9,094,380.51 9,330,153.35 9,384,074.0 3 53,920.68 745 29.15 1.92 Total 31,202,242.74 31,744,026.80 32,009,366.94 265,340.14 81 5 100.00 1.94 Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
Portfolio diversification (%)
Cash and Cash Equivalents 2.81
Corporate Bonds 28.84
Government Agencies 39.21
Government Bonds 29.15
Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of June 30, 2025

CITY OF SAN PABLO
Maturity Historic cost Percent
Under 90 days 1,214,380.74 3.89
90 to 179 days 1,899,076.79 6.09
180 days to 1 year 5,268,457.10 16.89
1 to 2 years 7,216,162.16 23.13
2 to 3 years 6,113,807.25 19.59
3 to 4 years 6,152,850.45 19.72
4 to 5 years 3,337,508.25 10.70
Over 5 years 0.00 0.00
31,202,242.74 100.00
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 June 30, 2025

0.000 876,749.49 876,749.49 0.00 0.00 2.81 876,749.49 876,749.49 Cash and Cash Equivalents Total Cash and Cash Equivalents 876,749.49 876,749.49 876,749.49 0.00 2.81 0.00 876,749.49 Corporate Bonds
037833EB2 0.700 02/08/2026 534,072.00 587,502.34 (232.58) 1,656.67 01/08/2026

1.71587,269.76 600,000.00 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 166764BL3 2.954 05/16/2026 286,149.00 296,287.60 300.38 1,083.13 02/16/2026

0.92296,587.98 300,000.00 CHEVRON CORP 2.954% 16MAY2026 (CALLABLE 16FEB26)
24422EVB2 2.250 09/14/2026 464,465.00 488,109.34 310.91 3,312.50 1. 49488,420.25 500,000.00 JOHN DEERE CAPITAL CORP 2.25% 14SEP2026 023135BR6 1.200 06/03/2027 484,352.00 517,199.67 5,015.09 495.00 04/03/2027

1.55522,214.76 550,000.00 AMAZON.COM INC 1.2% 03JUN2027 (CALLABLE 03APR27)
931142EX7 3.950 09/09/2027 496,125.00 496,892.91 3,543.19 6,089.58 08/09/2027

1.59500,436.10 500,000.00 WALMART INC 3.95% 09SEP2027 (CALLABLE 09AUG27) 437076BT8 2.800 09/14/2027 122,769.40 126,642.63 35.49 1,071.78 06/14/2027

0.39126,678.12 130,000.00 HOME DEPOT INC 2.8% 14SEP2027 (CALLABLE 14JUN27) 713448DY1 3.000 10/15/2027 477,445.00 489,311.96 (431.47) 3,125.00 07/15/2027

1.53488,880.49 500,000.00 PEPSICO INC 3% 15OCT2027 (CALLABLE 15JUL27) 02665WED9 4.700 01/12/2028 704,634.00 702,434.45 3,941.06 15,353.3 3 2.26706,375.51 700,000.00 AMERICAN HONDA FINANCE 4.7% 12JAN2028 69353RFJ2 3.250 01/22/2028 561,786.00 575,549.40 9,784.42 8,558.33 12/22/2027

1.80585,333.82 600,000.00 PNC BANK NA 3.25% 22JAN2028 (CALLABLE 23DEC27) 46647PCW4 2.947 02/24/2028 468,690.00 479,708.06 8,849.15 5,157.25 02/24/2027

1.50488,557.21 500,000.00 JPMORGAN CHASE & CO 2.947% 24FEB2028 (CALLABLE 24FEB27)
8 SECURITIES HELD
As of June 30, 2025

1.72549,241.53 540,000.00 COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28)
06051GKW8 4.948 07/22/2028 493,205.00 495,508.04 10,253.14 10,858. 11 07/22/2027

1.58505,761.18 500,000.00 BANK OF AMERICA CORP 4.948% 22JUL2028 (CALLABLE 22JUL27)
17325FBB3 5.803 09/29/2028 622,188.00 615,242.54 12,098.77 8,801.2 2 08/29/2028

1.99627,341.31 600,000.00 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 532457CK2 4.500 02/09/2029 496,385.00 497,245.82 10,107.90 8,812.5 0 01/09/2029

1.59507,353.72 500,000.00 ELI LILLY & CO 4.5% 09FEB2029 (CALLABLE 09JAN29) 17275RBR2 4.850 02/26/2029 499,545.00 499,653.48 12,733.80 8,352.7 8 01/26/2029

1.60512,387.28 500,000.00 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29)
437076CW0 4.900 04/15/2029 502,680.00 502,055.03 10,926.06 5,104.1 7 03/15/2029

1.61512,981.09 500,000.00 HOME DEPOT INC 4.9% 15APR2029 (CALLABLE 15MAR29)
478160CU6 4.800 06/01/2029 626,286.00 621,724.10 (5,220.19) 2,320. 00 05/01/2029

2.01616,503.91 600,000.00 JOHNSON & JOHNSON 4.8% 01JUN2029 (CALLABLE 01MAY29)
61747YFF7 5.449 07/20/2029 619,278.00 615,114.61 1,955.90 14,530.6 7 07/20/2028

1.98617,070.51 600,000.00 MORGAN STANLEY 5.449% 20JUL2029 (CALLABLE 20JUL28)
Total Corporate Bonds 8,997,959.20 9,145,064.00 9,239,394.53 94,330.53 28.84 112,893.02 9,220,000.00 Government Agencies
3137EAEX3 0.375 09/23/2025 337,631.25 371,857.54 (274.32) 378.91 1. 08371,583.22 375,000.00 FREDDIE MAC 0.375% 23SEP2025 3134A2HG6 0.000 12/11/2025 893,800.00 979,888.10 701.73 0.00 2.86 980,589.83 1,000,000.00 FREDDIE MAC 0% 11DEC2025 3133ERCT6 5.000 01/29/2026 601,525.20 600,534.84 1,911.28 12,583.3 3 1.93602,446.12 600,000.00 FEDERAL FARM CREDIT BANK 5% 29JAN2026 9 SECURITIES HELD
As of June 30, 2025

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
3130AXB31 4.875 03/13/2026 697,403.00 699,258.42 4,069.71 10,142.7 1 2.24703,328.13 700,000.00 FEDERAL HOME LOAN BANK 4.875% 13MAR2026 3133EP7C3 4.625 04/01/2026 597,897.00 599,133.87 2,777.09 6,860.42 1.92601,910.96 600,000.00 FEDERAL FARM CREDIT BANK 4.625% 01APR2026 3130AWGR5 4.375 06/12/2026 492,035.00 497,206.12 4,205.65 1,093.75 1.58501,411.77 500,000.00 FEDERAL HOME LOAN BANK 4.375% 12JUN2026 3133EPPE9 4.375 07/06/2026 493,905.00 497,846.75 4,878.84 10,572.9 2 1.58502,725.59 500,000.00 FEDERAL FARM CREDIT BANK 4.375% 06JUL2026 3133EPQC2 4.625 07/17/2026 1,001,388.83 1,000,494.89 6,007.77 20,9 40.97 3.211,006,502.66 1,000,000.00 FEDERAL FARM CREDIT BANK 4.625% 17JUL2026 3130AWTQ3 4.625 09/11/2026 1,043,563.50 1,047,445.55 11,380.60 14, 703.65 3.341,058,826.15 1,050,000.00 FEDERAL HOME LOAN BANK 4.625% 11SEP2026 3135G0Q22 1.875 09/24/2026 512,119.85 533,446.08 2,579.39 2,750.00 1.64536,025.47 550,000.00 FANNIE MAE 1.875% 24SEP2026 3130ATUS4 4.250 12/10/2027 812,080.00 806,098.91 2,727.14 1,888.89 2.60808,826.05 800,000.00 FEDERAL HOME LOAN BANK 4.25% 10DEC2027 3130AEB25 3.250 06/09/2028 715,185.00 724,017.56 17,466.45 1,421.8 8 2.29741,484.01 750,000.00 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 3130AVBD3 4.500 03/09/2029 1,189,191.91 1,191,829.38 38,092.54 16, 650.00 3.811,229,921.92 1,200,000.00 FEDERAL HOME LOAN BANK 4.5% 09MAR2029 3130ATHX8 4.125 09/14/2029 806,608.00 805,633.17 541.12 9,716.67 2. 59806,174.29 800,000.00 FEDERAL HOME LOAN BANK 4.125% 14SEP2029 3130ATUT2 4.500 12/14/2029 1,110,120.00 1,109,281.01 18,143.24 2,2 00.00 3.561,127,424.25 1,100,000.00 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 10 SECURITIES HELD
As of June 30, 2025

2.98929,968.47 925,000.00 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) Total Government Agencies 12,233,153.54 12,392,059.96 12,509,148.89 117,088.93 39 .21113,368.68 12,450,000.00 Government Bonds
91282CFP1 4.250 10/15/2025 1,005,276.79 1,000,541.86 (825.06) 8,82 5.14 3.22999,716.80 1,000,000.00 USA TREASURY 4.25% 15OCT2025 9128286S4 2.375 04/30/2026 1,130,675.90 1,176,841.18 6,424.45 4,72 4.19 3.621,183,265.63 1,200,000.00 USA TREASURY 2.375% 30APR2026 91282CCW9 0.750 08/31/2026 1,053,937.50 1,155,577.86 969.01 2,983. 70 3.381,156,546.87 1,200,000.00 USA TREASURY 0.75% 31AUG2026 91282CLS8 4.125 10/31/2026 673,499.33 673,855.74 3,016.33 4,615.40 2.16676,872.07 675,000.00 USA TREASURY 4.125% 31OCT2026 912828YX2 1.750 12/31/2026 457,677.46 481,456.44 3,465.44 0.00 1.47 484,921.88 500,000.00 USA TREASURY 1.75% 31DEC2026 91282CEF4 2.500 03/31/2027 374,563.84 387,897.46 3,555.66 2,486.34 1.20391,453.12 400,000.00 USA TREASURY 2.5% 31MAR2027 91282CET4 2.625 05/31/2027 656,689.85 676,333.25 9,201.91 1,506.15 2.10685,535.16 700,000.00 USA TREASURY 2.625% 31MAY2027 91282CFB2 2.750 07/31/2027 723,983.05 745,545.46 9,445.55 8,774.17 2.32754,991.01 770,000.00 USA TREASURY 2.75% 31JUL2027 91282CHK0 4.000 06/30/2028 999,065.85 999,364.08 9,229.67 0.00 3.20 1,008,593.75 1,000,000.00 USA TREASURY 4% 30JUN2028 91282CDL2 1.500 11/30/2028 598,230.69 607,627.87 (3,508.73) 799.18 1.92604,119.14 650,000.00 USA TREASURY 1.5% 30NOV2028 11 SECURITIES HELD
As of June 30, 2025

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
91282CFJ5 3.125 08/31/2029 820,286.05 824,675.80 4,804.67 8,806.05 2.63829,480.47 850,000.00 USA TREASURY 3.125% 31AUG2029 91282CLR0 4.125 10/31/2029 600,494.20 600,436.35 8,141.78 4,102.58 1.92608,578.13 600,000.00 USA TREASURY 4.125% 31OCT2029 Total Government Bonds 9,094,380.51 9,330,153.35 9,384,074.03 53,920.68 29.15 47,622.90 9,545,000.00 Grand total 31,202,242.74 31,744,026.80 265,340.14 32,091,749.49 100.00273,884.60 32,009,366.94 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025

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
91282CFP1 USA TREASURY 4.25% 4.250 10/15/2025 AA+ Aa1 1,000,000.00 1,005,276.79 3.22 999,716.80 3.12 0.29 9128286S4 USA TREASURY 2.375% 2.375 04/30/2026 AA+ Aa1 1,200,000.0 0 1,130,675.90 3.62 1,183,265.63 3.70 0.81 91282CCW9 USA TREASURY 0.75% 0.750 08/31/2026 AA+ Aa1 1,200,000.00 1,053,937.50 3.38 1,156,546.87 3.61 1.14 91282CLS8 USA TREASURY 4.125% 4.125 10/31/2026 AA+ Aa1 675,000.00 6 73,499.33 2.16 676,872.07 2.11 1.28 912828YX2 USA TREASURY 1.75% 1.750 12/31/2026 AA+ Aa1 500,000.00 45 7,677.46 1.47 484,921.88 1.51 1.46 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aa1 400,000.00 374 ,563.84 1.20 391,453.12 1.22 1.67 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aa1 700,000.00 6 56,689.85 2.10 685,535.16 2.14 1.84 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aa1 770,000.00 72 3,983.05 2.32 754,991.01 2.36 1.97 91282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aa1 1,000,000.00 999 ,065.85 3.20 1,008,593.75 3.15 2.80 91282CDL2 USA TREASURY 1.5% 1.500 11/30/2028 AA+ Aa1 650,000.00 598 ,230.69 1.92 604,119.14 1.89 3.27 91282CFJ5 USA TREASURY 3.125% 3.125 08/31/2029 AA+ Aa1 850,000.00 8 20,286.05 2.63 829,480.47 2.59 3.82 91282CLR0 USA TREASURY 4.125% 4.125 10/31/2029 AA+ Aa1 600,000.00 6 00,494.20 1.92 608,578.13 1.90 3.92 Issuer total 9,545,000.00 9,094,380.51 29.15 9,384,074.03 29.32 1.92 Federal Home Loan Banks
3130AXB31 FEDERAL HOME LOAN 4.875 03/13/2026 AA+ Aa1 700,000.00 697 ,403.00 2.24 703,328.13 2.20 0.68 3130AWGR5 FEDERAL HOME LOAN 4.375 06/12/2026 AA+ Aa1 500,000.00 492 ,035.00 1.58 501,411.77 1.57 0.92 3130AWTQ3 FEDERAL HOME LOAN 4.625 09/11/2026 AA+ Aa1 1,050,000.00 1 ,043,563.50 3.34 1,058,826.15 3.31 1.14 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aa1 800,000.00 812 ,080.00 2.60 808,826.05 2.53 2.29 3130AEB25 FEDERAL HOME LOAN 3.250 06/09/2028 AA+ Aa1 750,000.00 715 ,185.00 2.29 741,484.01 2.32 2.77 3130AVBD3 FEDERAL HOME LOAN 4.500 03/09/2029 AA+ Aa1 1,200,000.00 1 ,189,191.91 3.81 1,229,921.92 3.84 3.33 3130ATHX8 FEDERAL HOME LOAN 4.125 09/14/2029 AA+ Aa1 800,000.00 806 ,608.00 2.59 806,174.29 2.52 3.79 3130ATUT2 FEDERAL HOME LOAN 4.500 12/14/2029 AA+ Aa1 1,100,000.00 1 ,110,120.00 3.56 1,127,424.25 3.52 4.01 Issuer total 6,900,000.00 6,866,186.41 22.01 6,977,396.57 21.80 2.54 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025

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 Farm Credit Banks Funding Corp
3133ERCT6 FEDERAL FARM CREDIT 5.000 01/29/2026 AA+ Aa1 600,000.00 6 01,525.20 1.93 602,446.12 1.88 0.56 3133EP7C3 FEDERAL FARM CREDIT 4.625 04/01/2026 AA+ Aa1 600,000.00 5 97,897.00 1.92 601,910.96 1.88 0.73 3133EPPE9 FEDERAL FARM CREDIT 4.375 07/06/2026 AA+ Aa1 500,000.00 4 93,905.00 1.58 502,725.59 1.57 0.96 3133EPQC2 FEDERAL FARM CREDIT 4.625 07/17/2026 AA+ Aa1 1,000,000.0 0 1,001,388.83 3.21 1,006,502.66 3.14 0.99 Issuer total 2,700,000.00 2,694,716.03 8.64 2,713,585.33 8.48 0.83 Federal Home Loan Mortgage Corp
3137EAEX3 FREDDIE MAC 0.375% 0.375 09/23/2025 AA+ Aa1 375,000.00 33 7,631.25 1.08 371,583.22 1.16 0.23 3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aa1 1,000,000.00 893, 800.00 2.86 980,589.83 3.06 0.44 3134HAW33 FREDDIE MAC 4.75% 4.750 12/18/2029 06/18/2026 AA+ Aa1 925 ,000.00 928,700.00 2.98 929,968.47 2.91 1.61 Issuer total 2,300,000.00 2,160,131.25 6.92 2,282,141.52 7.13 0.91 Cash and Cash Equivalents
CASH 0.000 876,749.49 876,749.49 0.00 876,749.49 2.74 0.00 Issuer total 876,749.49 876,749.49 0.00 876,749.49 2.74 0.00 American Honda Finance Corp
02665WED9 AMERICAN HONDA 4.700 01/12/2028 A- A3 700,000.00 704,634. 00 2.26 706,375.51 2.21 2.31 Issuer total 700,000.00 704,634.00 2.26 706,375.51 2.21 2.31 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 0.39 126,678.12 0.40 2.04 437076CW0 HOME DEPOT INC 4.9% 4.900 04/15/2029 03/15/2029 A A2 500, 000.00 502,680.00 1.61 512,981.09 1.60 3.36 Issuer total 630,000.00 625,449.40 2.00 639,659.21 2.00 3.10 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025

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 1.99 627,341.31 1.96 2.86 Issuer total 600,000.00 622,188.00 1.99 627,341.31 1.96 2.86 Morgan Stanley
61747YFF7 MORGAN STANLEY 5.449 07/20/2029 07/20/2028 A- A1 600,000. 00 619,278.00 1.98 617,070.51 1.93 2.73 Issuer total 600,000.00 619,278.00 1.98 617,070.51 1.93 2.73 Johnson & Johnson
478160CU6 JOHNSON & JOHNSON 4.800 06/01/2029 05/01/2029 AAA Aaa 600 ,000.00 626,286.00 2.01 616,503.91 1.93 3.49 Issuer total 600,000.00 626,286.00 2.01 616,503.91 1.93 3.49 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 600,00 0.00 534,072.00 1.71 587,269.76 1.83 0.60 Issuer total 600,000.00 534,072.00 1.71 587,269.76 1.83 0.60 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 1.80 585,333.82 1.83 2.37 Issuer total 600,000.00 561,786.00 1.80 585,333.82 1.83 2.37 Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 A+ Aa3 5 40,000.00 537,904.80 1.72 549,241.53 1.72 2.41 Issuer total 540,000.00 537,904.80 1.72 549,241.53 1.72 2.41 Federal National Mortgage Association
3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aa1 550,000.00 512 ,119.85 1.64 536,025.47 1.67 1.20 Issuer total 550,000.00 512,119.85 1.64 536,025.47 1.67 1.20 15 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025

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 1.55 522,214.76 1.63 1.85 Issuer total 550,000.00 484,352.00 1.55 522,214.76 1.63 1.85 Cisco Systems Inc
17275RBR2 CISCO SYSTEMS INC 4.850 02/26/2029 01/26/2029 AA- A1 500, 000.00 499,545.00 1.60 512,387.28 1.60 3.23 Issuer total 500,000.00 499,545.00 1.60 512,387.28 1.60 3.23 Eli Lilly & Co
532457CK2 ELI LILLY & CO 4.5% 4.500 02/09/2029 01/09/2029 A+ Aa3 50 0,000.00 496,385.00 1.59 507,353.72 1.59 3.21 Issuer total 500,000.00 496,385.00 1.59 507,353.72 1.59 3.21 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 1.58 505,761.18 1.58 1.90 Issuer total 500,000.00 493,205.00 1.58 505,761.18 1.58 1.90 Walmart Inc
931142EX7 WALMART INC 3.95% 3.950 09/09/2027 08/09/2027 AA Aa2 500, 000.00 496,125.00 1.59 500,436.10 1.56 2.01 Issuer total 500,000.00 496,125.00 1.59 500,436.10 1.56 2.01 PepsiCo Inc
713448DY1 PEPSICO INC 3% 3.000 10/15/2027 07/15/2027 A+ A1 500,000. 00 477,445.00 1.53 488,880.49 1.53 2.10 Issuer total 500,000.00 477,445.00 1.53 488,880.49 1.53 2.10 JPMorgan Chase & Co
46647PCW4 JPMORGAN CHASE & CO 2.947 02/24/2028 02/24/2027 A A1 500, 000.00 468,690.00 1.50 488,557.21 1.53 1.57 Issuer total 500,000.00 468,690.00 1.50 488,557.21 1.53 1.57 16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025

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
John Deere Capital Corp
24422EVB2 JOHN DEERE CAPITAL 2.250 09/14/2026 A A1 500,000.00 464,4 65.00 1.49 488,420.25 1.53 1.16 Issuer total 500,000.00 464,465.00 1.49 488,420.25 1.53 1.16 Chevron Corp
166764BL3 CHEVRON CORP 2.954% 2.954 05/16/2026 02/16/2026 AA- Aa2 3 00,000.00 286,149.00 0.92 296,587.98 0.93 0.82 Issuer total 300,000.00 286,149.00 0.92 296,587.98 0.93 0.82 Grand total 32,091,749.49 31,202,242.74 100.00 32,009,366.94 100.00 1.94 17 SECURITIES SOLD AND MATURED
For the period June 1, 2025 - June 30, 2025

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 Bonds
912828XZ8 2.750 06/30/2025 (650,000.00) 625,551.01 650,000.00 0.00 650,0 00.00 0.00 0.00 06/30/2025
USA TREASURY 2.75% 30JUN2025
(650,000.00) 0.00625,551.01 650,000.00 650,000.00 0.00 Total (Government Bonds) Grand total Grand total (650,000.00) 0.00625,551.01 650,000.00 650,000.00 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2025 - June 30, 2025

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Cash
Cash and Cash Equivalents 242.79 0.00 0.00 242.790.00
Total Cash 242.79 0.00 0.00 242.790.00
Corporate Bonds
AMAZON.COM INC 1.2% 03JUN2027 (CALLABLE 03APR27) 531.67 1,419.93 2,385.75 3,300.000.00 023135BR6 AMERICAN HONDA FINANCE 4.7% 12JAN2028 2,650.27 (80.08) 3,375.39 0.000.00 02665WED9 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 338.34 1,719.86 1,879.63 0.000.00 037833EB2 BANK OF AMERICA CORP 4.948% 22JUL2028 (CALLABLE 22JUL27) 1,992.94 122.28 2,617.61 0.000.00 06051GKW8 CHEVRON CORP 2.954% 16MAY2026 (CALLABLE 16FEB26) 713.88 352.44 280.07 0.000.00 166764BL3 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 1,953.47 7.90 2,450.58 0.000.00 17275RBR2 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 2,804.79 (401.47) 2,920.60 0.000.00 17325FBB3 COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28) 2,001.00 34.90 851.83 0.000.00 194162AR4 ELI LILLY & CO 4.5% 09FEB2029 (CALLABLE 09JAN29) 1,812.50 63.61 3,487.79 0.000.00 532457CK2 HOME DEPOT INC 2.8% 14SEP2027 (CALLABLE 14JUN27) 293.22 126.85 485.21 0.000.00 437076BT8 HOME DEPOT INC 4.9% 15APR2029 (CALLABLE 15MAR29) 1,973.61 (46.18) 1,967.04 0.000.00 437076CW0 JOHN DEERE CAPITAL CORP 2.25% 14SEP2026 906.25 821.94 1,138.20 0.000.00 24422EVB2 JOHNSON & JOHNSON 4.8% 01JUN2029 (CALLABLE 01MAY29) 2,320.00 (471.92) 2,347.82 14,400.000.00 478160CU6 JPMORGAN CHASE & CO 2.947% 24FEB2028 (CALLABLE 24FEB27) 1,186.99 638.11 1,820.88 0.000.00 46647PCW4 MORGAN STANLEY 5.449% 20JUL2029 (CALLABLE 20JUL28) 2,633.69 (412.22) 3,359.74 0.000.00 61747YFF7 PEPSICO INC 3% 15OCT2027 (CALLABLE 15JUL27) 1,208.33 388.65 1,838.93 0.000.00 713448DY1 PNC BANK NA 3.25% 22JAN2028 (CALLABLE 23DEC27) 1,570.83 795.57 1,740.66 0.000.00 69353RFJ2 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2025 - June 30, 2025

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Corporate Bonds
WALMART INC 3.95% 09SEP2027 (CALLABLE 09AUG27) 1,590.97 118.14 1,477.70 0.000.00 931142EX7 Total Corporate Bonds 28,482.75 5,198.31 36,425.43 17,700.000.00 Government Agencies
FANNIE MAE 1.875% 24SEP2026 830.73 1,118.51 1,231.35 0.000.00 3135G0Q22 FEDERAL FARM CREDIT BANK 4.375% 06JUL2026 1,762.16 176.50 461.09 0.000.00 3133EPPE9 FEDERAL FARM CREDIT BANK 4.625% 01APR2026 2,235.42 95.88 (37.11) 0.000.00 3133EP7C3 FEDERAL FARM CREDIT BANK 4.625% 17JUL2026 3,725.69 (39.38) 768.61 0.000.00 3133EPQC2 FEDERAL FARM CREDIT BANK 5% 29JAN2026 2,416.66 (76.78) (576.22) 0.000.00 3133ERCT6 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 1,963.55 736.05 3,460.71 12,187.500.00 3130AEB25 FEDERAL HOME LOAN BANK 4.125% 14SEP2029 2,658.34 (111.62) 1,400.27 0.000.00 3130ATHX8 FEDERAL HOME LOAN BANK 4.25% 10DEC2027 2,738.89 (207.92) 2,037.48 17,000.000.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.375% 12JUN2026 1,762.15 245.07 260.15 10,937.500.00 3130AWGR5 FEDERAL HOME LOAN BANK 4.5% 09MAR2029 4,350.00 184.44 7,047.40 0.000.00 3130AVBD3 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 3,987.50 (173.58) 8,015.70 24,750.000.00 3130ATUT2 FEDERAL HOME LOAN BANK 4.625% 11SEP2026 3,911.98 177.80 1,700.99 0.000.00 3130AWTQ3 FEDERAL HOME LOAN BANK 4.875% 13MAR2026 2,748.96 87.94 (22.34) 0.000.00 3130AXB31 FREDDIE MAC 0% 11DEC2025 0.00 3,734.54 2,807.56 0.000.00 3134A2HG6 FREDDIE MAC 0.375% 23SEP2025 113.28 1,135.83 1,115.68 0.000.00 3137EAEX3 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 3,539.41 (266.19) 2,165.39 21,358.510.00 3134HAW33 Total Government Agencies 38,744.72 6,817.09 31,836.71 86,233.510.00 20 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2025 - June 30, 2025

CITY OF SAN PABLO
Description Interest earned Accretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Bonds
USA TREASURY 0.75% 31AUG2026 733.70 3,121.00 4,593.74 0.000.00 91282CCW9 USA TREASURY 1.5% 30NOV2028 799.18 1,017.74 4,570.31 4,875.000.00 91282CDL2 USA TREASURY 1.75% 31DEC2026 725.14 1,013.30 2,031.25 4,375.000.00 912828YX2 USA TREASURY 2.375% 30APR2026 2,323.37 2,285.41 2,587.50 0.000.00 9128286S4 USA TREASURY 2.5% 31MAR2027 819.67 568.19 1,484.37 0.000.00 91282CEF4 USA TREASURY 2.625% 31MAY2027 1,506.15 1,014.29 2,761.73 9,187.500.00 91282CET4 USA TREASURY 2.75% 30JUN2025 1,481.35 984.52 846.35 8,937.500.00 912828XZ8 USA TREASURY 2.75% 31JUL2027 1,754.83 964.04 3,128.12 0.000.00 91282CFB2 USA TREASURY 3.125% 31AUG2029 2,165.42 498.84 6,208.98 0.000.00 91282CFJ5 USA TREASURY 4% 30JUN2028 3,314.92 17.40 4,687.50 20,000.000.00 91282CHK0 USA TREASURY 4.125% 31OCT2026 2,269.87 70.34 1,081.05 0.000.00 91282CLS8 USA TREASURY 4.125% 31OCT2029 2,017.66 (8.26) 4,242.19 0.000.00 91282CLR0 USA TREASURY 4.25% 15OCT2025 3,483.61 (151.92) 3.26 0.000.00 91282CFP1 Total Government Bonds 23,394.87 11,394.89 38,226.35 47,375.000.00 Grand total 90,865.13 23,410.29 106,488.49 151,551.300.00 21 TRANSACTION REPORT
For the period June 1, 2025 - June 30, 2025

CITY OF SAN PABLO
Maturity Par value or
shares
Interest Transaction totalPrincipal Transaction Cusip Sec type Description Trade date Settle date
Realized
gain(loss)
4,875.00 05/31/2025
05/31/2025
Income 91282CDL2 Government Bonds USA TREASURY 1.5% 11/30/202 8 650,000.00 0.00 4,875.000.00 9,187.50 05/31/2025
05/31/2025
Income 91282CET4 Government Bonds USA TREASURY 2.625% 05/31/2 027 700,000.00 0.00 9,187.500.00 14,400.00 06/01/2025
06/01/2025
Income 478160CU6 Corporate Bonds JOHNSON & JOHNSON 4.8% 06/01 /2029 600,000.00 0.00 14,400.000.00 3,300.00 06/03/2025
06/03/2025
Income 023135BR6 Corporate Bonds AMAZON.COM INC 1.2% 06/03/20 27 550,000.00 0.00 3,300.000.00 12,187.50 06/09/2025
06/09/2025
Income 3130AEB25 Government Agencies FEDERAL HOME LOAN BANK 0 6/09/2028 750,000.00 0.00 12,187.500.00 17,000.00 06/10/2025
06/10/2025
Income 3130ATUS4 Government Agencies FEDERAL HOME LOAN BANK 1 2/10/2027 800,000.00 0.00 17,000.000.00 10,937.50 06/12/2025
06/12/2025
Income 3130AWGR5 Government Agencies FEDERAL HOME LOAN BANK 0 6/12/2026 500,000.00 0.00 10,937.500.00 24,750.00 06/14/2025
06/14/2025
Income 3130ATUT2 Government Agencies FEDERAL HOME LOAN BANK 1 2/14/2029 1,100,000.00 0.00 24,750.000.00 21,358.51 06/18/2025
06/18/2025
Income 3134HAW33 Government Agencies FREDDIE MAC 4.75% 12/18/ 2029 925,000.00 0.00 21,358.510.00 8,937.50 06/30/2025
06/30/2025
Income 912828XZ8 Government Bonds USA TREASURY 2.75% 06/30/20 25 650,000.00 0.00 8,937.500.00

0.00 06/30/2025
06/30/2025
Capital Change 912828XZ8 Government Bonds USA TREASURY 2.75% 06/30/20 25 (650,000.00) 650,000.00 650,000.000.00 4,375.00 06/30/2025
06/30/2025
Income 912828YX2 Government Bonds USA TREASURY 1.75% 12/31/20 26 500,000.00 0.00 4,375.000.00 20,000.00 06/30/2025
06/30/2025
Income 91282CHK0 Government Bonds USA TREASURY 4% 30JUN2028 0 6/30/2028 1,000,000.00 0.00 20,000.000.00 242.79 Income Cash and Cash Equivalents Cash 242.790.00 0.00 0.00 06/30/2025 22 ADDITIONAL INFORMATION
As of June 30, 2025

CITY OF SAN PABLO
The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only.

Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.

Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.

The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy.

Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.

Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities. Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio. . 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 is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio. Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.

Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. 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. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. 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 Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.

Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period.

Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.

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. 23 ADDITIONAL INFORMATION
As of June 30, 2025

CITY OF SAN PABLO
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. © 2025 Insight Investment. All rights reserved.
24

San Pablo City CouncilAugust 4, 2025

San Pablo City Council
August 4, 2025