% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 4,103,526 4,103,526 4,103,526 12.9% LAIF Statement 12,302,730 12,134,278 12,302,730 38.7%
Investments (Schedule B) 15,900,000 15,159,836 15,371,250 48.4% Total Cash and Investments 32,306,256 31,397,640 31,777,506 100% 9/30/2023
Robert Barron, Finance Director Date
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
September 30, 2023
The above investments are consistent with the Town's Statement of Investment Policy and are allowable under current legislation of the State of California. Investments are selected using safety, liquidity, and yield as the criteria. The Town has sufficient cash flow to cover anticipated expenditures through the next six months.
Schedule A
Reconciled
Name of Depository Investment Type Bank Balance
Wells Fargo General Account 3,384,021
Wells Fargo Wells Fargo Trust MMF-Cash 719,505
Total 4,103,526
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank
September 30, 2023
Schedule B
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
September 30, 2023
See next pages Insight Report
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
September 30, 2023
Fund No. Fund Name
December
Balance
101 General Fund 17,131,331
105 Tennis Fund 131,728
610 Equipment Replacement Fund 1,033,834
614 Worker's Compensation 1,933,589
615 General Liability 303,776
616 Employee Benefits 1,842,558
Total Non-Restricted 22,376,816
201 Special Tax Fund 569,422
202 County Measure A Fund 1,367,412
203 Gas Tax Fund 347,022
204 Measure M 194,941
205 Measure W 707,297
209 SLES/COPS Grant 96,600
213 Library Fund 41,352
221 Refuse Rate and Stabilization 560,959
401 GF Projects 4,213,758
402 Storm Drainage 32,723
403 Atherton Channel Drainage District 950,033
406 Facilities Construction 285,768
730 H-P Park Improvement 6,637
740 Tree Committee 26,765
Total Restricted 9,400,690
Total Cash & Investments 31,777,506
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 9/1/2023 12,302,730 - - 12,302,730 9/30/2023
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
September 30, 2023
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 9/1/2023 8,251,750 (284,895) (3,815) (35,358) 7,927,682 9/30/2023 (*) Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
September 30, 2023
* Recent available PARS report
FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTTOWN OF ATHERTONSeptember 2023 Treasurer's Report Schedule B
Contents
Fixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 11Securities purchased 14Securities sold and matured 15Detail of return and interest received 16Transaction report 18Additional information 19
FIXED INCOME MARKET REVIEW
As of September 30, 2023
TOWN OF ATHERTON
Chart 1: The Federal Reserve forecast “higher for longer” interest ratesSource: Bureau of Labor Statistics, September 30, 2023Chart 2: Core CPI’s momentum continued to improve as energy pushed up headline CPISource: Bureau of Labor Statistics, Insight calculations, September 30, 2023 Economic Indicators and Monetary Policy
The Federal Reserve kept the Fed Funds target rate on hold at 5.25% to 5.5% at the Septembermeeting. However, the Committee continued to project another rate hike by the end of theyear and adjusted the dot plotto reflect a slower pace of rate cuts than it did in at its June meeting (Chart 1). The Fed also significantly raised its economic growth forecasts. ChairPowell, nonetheless, stated the central bank will “proceed carefully. Headline CPI rose 0.6% month-on-month in August (up from 0.2% in July) driven primarily by higher energy prices. On a year-over-year basis, CPI rose 3.7% in August from 3.2%. However,core CPI painted a more benign picture, decreasing from 4.7% to 4.3% year-on-year, theslowest level since September 2021. Meanwhile, the 3-month annualized rate fell below 3%,improving from 3.1% to 2.4% (Chart 2). Broad disinflationary trends are still evident acrossnon-energy areas, although there were some blemishes, with non-durable goods andtransportation (particularly private transportation) categories contributing positively, likelyrelated to higher energy prices.The final estimate of Q2 GDP was unchanged at 2.1% (equal to Q1 GDP growth). However,consumption was revised down and business investment was revised up.Labor market conditions remained tight overall. The unemployment rate unexpectedlyincreased from 3.5% to 3.8%, which was partly driven by the participation rate increasing from62.6% to 62.8%. Wage growth continued to edge down, falling from 4.4% to 4.3% year-on-year.Job growth was also solid at 187,000 and would have been ~55,000 higher if not forHollywood strikes and layoffs at a large trucking company.Congress faced the looming prospect of a government shutdown at the end of the month,given objections from a faction of Republicans in the House of Representatives over therequired appropriations bills needed to keep the government funded. However, at the veryend of the month, Congress passed a “continuing resolution” to keep the government fundedfor 45 days, buying until mid-November for a comprehensive agreement.
Interest Rate Summary
As the Federal Reserve projected a “higher for longer” interest rate path, long-end yields rosesignificantly, but short-end yields remained stable. At the end of September, the 3-month USTreasury bill yielded 5.46%, the 6-month US Treasury bill yielded 5.55%, the 2-year USTreasury note yielded 5.05%, the 5-year US Treasury note yielded 4.61% and the 10-year USTreasury note yielded 4.57%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Amortized Cost Basis Activity Summary
Opening balance 16,074,598.28
Income received 32,160.06
Total receipts 32,160.06Total disbursements 0.00
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (5,720.43)Total OID/MKT accretion income 19,972.09 Return of capital 0.00
Closing balance 16,121,010.00Ending fair value 15,879,340.99 Unrealized gain (loss) (241,669.01)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.60 2.54 0.43Overnight Repo 4.61 2.55 0.43Merrill Lynch 3m US Treas Bill 4.69 2.55 0.43Merrill Lynch 6m US Treas Bill 4.77 2.52 0.43ML 1 Year US Treasury Note 4.93 2.56 0.44ML 2 Year US Treasury Note 4.48 2.28 0.40ML 5 Year US Treasury Note 3.85 1.99 0.36 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 20,777.44Accretion (amortization) 14,251.66Realized gain (loss) on sales 0.00Total income on portfolio 35,029.10Average daily amortized cost 16,102,710.24Period return (%)Weighted average final maturity in days 484YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 3,069.65 0.00 3,069.65 0.00Corporate Bonds 6,264.79 4,205.93 10,470.72 0.00Government Agencies 6,576.90 4,256.31 10,833.21 0.00Government Bonds 4,866.10 5,789.42 10,655.52 0.00Total 20,777.44 14,251.66 0.00 35,029.10
0.221.48
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Fair Value Basis Activity Summary
Opening balance 15,850,957.81
Income received 32,160.06
Total receipts 32,160.06Total disbursements 0.00
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (3,776.88) Ending fair value 15,879,340.99
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.60 2.54 0.43Overnight Repo 4.61 2.55 0.43ICE Bofa 3 Months US T-BILL 4.47 2.50 0.46ICE Bofa 6m US Treas Bill 4.59 2.40 0.45ICE Bofa 1 Yr US Treasury Note 3.68 1.63 0.34ICE BofA US Treasury 1-3 2.47 0.17 (0.01)ICE BofA US Treasury 1-5 2.13 (0.64) (0.34) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 3,069.65 0.00 3,069.65Corporate Bonds 6,264.79 (3,816.47) 2,448.32Government Agencies 6,576.90 (4,957.19) 1,619.71Government Bonds 4,866.10 4,996.78 9,862.88Total 20,777.44 (3,776.88) 17,000.56 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 20,777.44Total income on portfolio 17,000.56Average daily total value * 15,915,365.05Period return (%) 0.11Weighted average final maturity in days 484Change in fair value (3,776.88)YTD return (%) 2.43* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of September 30, 2023
TOWN OF ATHERTON
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 719,504.83 719,504.83 719,504.83 0.00 4.47 0.00 1Corporate Bonds 4,672,294.50 4,691,015.29 4,624,604.87 (66,410.42) 571 29.04 1.47Government Agencies 4,813,330.75 4,770,713.67 4,679,214.96 (91,498.71) 554 29.91 1.44Government Bonds 5,885,624.79 5,939,776.21 5,856,016.33 (83,759.88) 417 36.58 1.09Total 16,090,754.87 16,121,010.00 15,879,340.99 (241,669.01) 484 100.00 1.26 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment Bonds Portfolio diversification (%)
Cash and Cash Equivalents 4.47Corporate Bonds 29.04Government Agencies 29.91Government Bonds 36.58 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of September 30, 2023
TOWN OF ATHERTON
Maturity Historic cost PercentUnder 90 days 3,830,203.66 23.8090 to 179 days 3,295,122.18 20.48180 days to 1 year 971,245.00 6.041 to 2 years 1,076,308.38 6.692 to 3 years 6,463,969.40 40.173 to 4 years 453,906.25 2.824 to 5 years 0.00 0.00Over 5 years 0.00 0.00 16,090,754.87 100.00
Maturity distribution
0.002.004.006.008.00
Historical cost (mm)
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
7 SECURITIES HELD
As of September 30, 2023
TOWN OF ATHERTON
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 719,504.83 719,504.83 719,504.83 0.00 0.00 4.47 719,504.83 Total Cash and Cash Equivalents 719,504.83 719,504.83 719,504.83 719,504.83 0.00 4.47 0.00Corporate Bonds89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 0.450 01/11/2024 648,745.50 649,847.16 (9,270.45) 641.88 650,000.00 640,576.71 4.03 46625HJT8 JPMORGAN CHASE & CO 3.875% 01FEB2024 3.875 02/01/2024 632,604.00 605,345.64 (9,608.42) 3,810. 600,000.00 595,737.22 42 3.93 717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 499,270.00 499,733.79 (6,915.64) 6,375. 500,000.00 492,818.15 00 3.10 02665WDS7 AMERICAN HONDA FINANCE 0.55% 12JUL2024 0.550 07/12/2024 471,975.00 488,274.41 (7,503.46) 595.83 500,000.00 480,770.95 2.9324422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 0.700 01/15/2026 439,170.00 456,699.96 (6,001.98) 729.17 500,000.00 450,697.98 2.73037833EB2 0.700 02/08/2026 593,749.00 602,394.36 (16,364.17) 657.22 01/08/2026
APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 650,000.00 586,030.19 3.69 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 623,493.00 625,294.19 (11,623.41) 10,17 650,000.00 613,670.78 4.31 3.87 94988J6D4 5.450 08/07/2026 397,028.00 397,039.53 282.64 3,088.33 02/12/2024
WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 400,000.00 397,322.17 2.4707JUL26) 437076BN1 2.125 09/15/2026 366,260.00 366,386.25 594.47 354.17 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 400,000.00 366,980.72 2.2815JUN26) Total Corporate Bonds 4,850,000.00 4,672,294.50 4,691,015.29 4,624,604.87 (66,410.42) 29.0 26,426.33 4 8 SECURITIES HELD
As of September 30, 2023
TOWN OF ATHERTON
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Agencies3137EAFA2 FREDDIE MAC 0.25% 04DEC2023 0.250 12/04/2023 500,338.50 500,024.12 (4,452.30) 402.78 500,000.00 495,571.82 3.11 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 803,760.00 753,669.25 (7,030.96) 7,125. 750,000.00 746,638.29 00 5.00 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 528,045.00 503,713.59 (8,950.10) 1,909. 500,000.00 494,763.49 72 3.28 3134GW3X2 0.625 10/27/2025 548,910.00 556,631.56 (10,568.21) 1,593.75 10/27/2023
FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27OCT23) 600,000.00 546,063.35 3.41 3134GXCS1 0.625 11/25/2025 547,626.00 555,297.52 (11,682.87) 1,302.08 11/25/2023
FREDDIE MAC 0.625% 25NOV2025 (CALLABLE 600,000.00 543,614.65 3.4025NOV23) 3134A2HG6 FREDDIE MAC 0% 11DEC2025 0.000 12/11/2025 675,172.50 687,414.02 (20,492.60) 0.00 4 750,000.00 666,921.42 .203130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 4.500 03/13/2026 758,133.75 756,687.25 (15,704.42) 1,593 750,000.00 740,982.83 .75 4.713134GXCJ1 0.650 05/28/2026 451,345.00 457,276.36 (12,617.25) 1,101.39 11/28/2023
FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV23) 500,000.00 444,659.11 2.80 Total Government Agencies 4,950,000.00 4,813,330.75 4,770,713.67 4,679,214.96 (91,498.71) 29.9 15,028.47 1Government Bonds912828T91 USA TREASURY 1.625% 31OCT2023 1.625 10/31/2023 515,527.34 500,559.06 (2,042.29) 3,378. 500,000.00 498,516.77 06 3.20 91282CAW1 USA TREASURY 0.25% 15NOV2023 0.250 11/15/2023 498,007.81 499,878.94 (2,973.13) 468.75 500,000.00 496,905.81 3.0991282CBA8 USA TREASURY 0.125% 15DEC2023 0.125 12/15/2023 793,065.18 799,311.05 (7,686.05) 292.35 800,000.00 791,625.00 4.93 9 SECURITIES HELD
As of September 30, 2023
TOWN OF ATHERTON
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Cusip Historical cost Total
accrued
interest
%
Portcost
Par value or
shares
Description
Government Bonds91282CBE0 USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 495,216.52 499,356.99 (6,837.46) 130.77 500,000.00 492,519.53 3.08 91282CBM2 USA TREASURY 0.125% 15FEB2024 0.125 02/15/2024 494,904.02 499,149.64 (8,837.14) 78.13 3 500,000.00 490,312.50 .0891282CBR1 USA TREASURY 0.25% 15MAR2024 0.250 03/15/2024 495,607.14 499,142.98 (10,549.23) 51.51 500,000.00 488,593.75 3.08912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 337,409.38 339,215.27 (3,160.58) 2,406. 350,000.00 336,054.69 25 2.10 91282CFK2 USA TREASURY 3.5% 15SEP2025 3.500 09/15/2025 738,899.00 742,145.93 (14,118.59) 1,081 750,000.00 728,027.34 .73 4.5991282CBC4 USA TREASURY 0.375% 31DEC2025 0.375 12/31/2025 1,063,082.15 1,102,942.82 (18,114.69) 1 1,200,000.00 1,084,828.13 ,125.00 6.6191282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 453,906.25 458,073.53 (9,440.72) 2,083. 500,000.00 448,632.81 33 2.82 Total Government Bonds 6,100,000.00 5,885,624.79 5,939,776.21 5,856,016.33 (83,759.88) 36.5 11,095.88 8Grand total 16,619,504.83 16,090,754.87 16,121,010.00 (241,669.01) 15,879,340.99 52,550.68 100.00 10 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 30, 2023
TOWN OF ATHERTON
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/Bond912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 500,000.00 515,527.34 3.20 498,516.77 3.14 0.0991282CAW1 USA TREASURY 0.25% 0.250 11/15/2023 AA+ Aaa 500,000.00 498,007.81 3.09 496,905.81 3.13 0.1391282CBA8 USA TREASURY 0.125% 0.125 12/15/2023 AA+ Aaa 800,000.00 793,065.18 4.93 791,625.00 4.99 0.2191282CBE0 USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 500,000.00 495,216.52 3.08 492,519.53 3.10 0.2991282CBM2 USA TREASURY 0.125% 0.125 02/15/2024 AA+ Aaa 500,000.00 494,904.02 3.08 490,312.50 3.09 0.3791282CBR1 USA TREASURY 0.25% 0.250 03/15/2024 AA+ Aaa 500,000.00 495,607.14 3.08 488,593.75 3.08 0.45912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 350,000.00 337,409.38 2.10 336,054.69 2.12 1.6691282CFK2 USA TREASURY 3.5% 3.500 09/15/2025 AA+ Aaa 750,000.00 738,899.00 4.59 728,027.34 4.58 1.8591282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 1,200,000.00 1,063,082.15 6.61 1,084,828.13 6.83 2.1891282CDK4 USA TREASURY 1.25% 1.250 11/30/2026 AA+ Aaa 500,000.00 453,906.25 2.82 448,632.81 2.83 3.01Issuer total 6,100,000.00 5,885,624.79 36.58 5,856,016.33 36.88 1.09Federal Home Loan Mortgage Corp3137EAFA2 FREDDIE MAC 0.25% 0.250 12/04/2023 AA+ Aaa 500,000.00 500,338.50 3.11 495,571.82 3.12 0.183134GW3X2 FREDDIE MAC 0.625% 0.625 10/27/2025 10/27/2023 AA+ Aaa 600,000.00 548,910.00 3.41 546,063.35 3.44 1.963134GXCS1 FREDDIE MAC 0.625% 0.625 11/25/2025 11/25/2023 AA+ Aaa 600,000.00 547,626.00 3.40 543,614.65 3.42 2.053134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 750,000.00 675,172.50 4.20 666,921.42 4.20 2.133134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 11/28/2023 AA+ Aaa 500,000.00 451,345.00 2.80 444,659.11 2.80 2.54Issuer total 2,950,000.00 2,723,392.00 16.93 2,696,830.35 16.98 1.79Federal Farm Credit Banks Funding Corp3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 750,000.00 803,760.00 5.00 746,638.29 4.70 0.18 Issuer total 750,000.00 803,760.00 5.00 746,638.29 4.70 0.18 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 30, 2023
TOWN OF ATHERTON
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 Banks3130AV6J6 FEDERAL HOME LOAN 4.500 03/13/2026 AA+ Aaa 750,000.00 758,133.75 4.71 740,982.83 4.67 2.27 Issuer total 750,000.00 758,133.75 4.71 740,982.83 4.67 2.27 Cash and Cash Equivalents
CASH 0.000 719,504.83 719,504.83 0.00 719,504.83 4.53 0.00 Issuer total 719,504.83 719,504.83 0.00 719,504.83 4.53 0.00 Toyota Motor Credit Corp89236THU2 TOYOTA MOTOR CREDIT 0.450 01/11/2024 A+ A1 650,000.00 648,745.50 4.03 640,576.71 4.03 0.28 Issuer total 650,000.00 648,745.50 4.03 640,576.71 4.03 0.28 Bank of America Corp06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 650,000.00 623,493.00 3.87 613,670.78 3.86 2.34 Issuer total 650,000.00 623,493.00 3.87 613,670.78 3.86 2.34 JPMorgan Chase & Co46625HJT8 JPMORGAN CHASE & CO 3.875 02/01/2024 A- A1 600,000.00 632,604.00 3.93 595,737.22 3.75 0.34 Issuer total 600,000.00 632,604.00 3.93 595,737.22 3.75 0.34 Apple Inc037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 650,000.00 593,749.00 3.69 586,030.19 3.69 2.27 Issuer total 650,000.00 593,749.00 3.69 586,030.19 3.69 2.27 Federal National Mortgage Association3135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 500,000.00 528,045.00 3.28 494,763.49 3.12 0.35 Issuer total 500,000.00 528,045.00 3.28 494,763.49 3.12 0.35 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 30, 2023
TOWN OF ATHERTON
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
Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A+ A1 500,000.00 499,270.00 3.10 492,818.15 3.10 0.60 Issuer total 500,000.00 499,270.00 3.10 492,818.15 3.10 0.60 American Honda Finance Corp02665WDS7 AMERICAN HONDA 0.550 07/12/2024 A- A3 500,000.00 471,975.00 2.93 480,770.95 3.03 0.76 Issuer total 500,000.00 471,975.00 2.93 480,770.95 3.03 0.76 John Deere Capital Corp24422EVK2 JOHN DEERE CAPITAL 0.700 01/15/2026 A A2 500,000.00 439,170.00 2.73 450,697.98 2.84 2.21 Issuer total 500,000.00 439,170.00 2.73 450,697.98 2.84 2.21 Wells Fargo Bank NA94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 02/12/2024 A+ Aa2 400,000.00 397,028.00 2.47 397,322.17 2.50 2.54 Issuer total 400,000.00 397,028.00 2.47 397,322.17 2.50 2.54 Home Depot Inc/The437076BN1 HOME DEPOT INC 2.125% 2.125 09/15/2026 06/15/2026 A A2 400,000.00 366,260.00 2.28 366,980.72 2.31 2.76 Issuer total 400,000.00 366,260.00 2.28 366,980.72 2.31 2.76 Grand total 16,619,504.83 16,090,754.87 100.00 15,879,340.99 100.00 1.26 13 SECURITIES PURCHASED
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds94988J6D4 09/27/2023 08/07/2026 400,000.00 99.26 (397,028.00) (3,0 5.450 27.78) 09/29/2023 02/12/2024
WELLS FARGO BANK NA 5.45%J.P. MORGAN SECURITIES LLC
437076BN1 09/27/2023 09/15/2026 400,000.00 91.57 (366,260.00) (330 2.125 .56) 09/29/2023 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026BARCLAYS CAPITAL
Total Corporate Bonds 800,000.00 (763,288.00) (3,358.34) Grand total Grand total 800,000.00 (763,288.00) (3,358.34) 14 SECURITIES SOLD AND MATURED
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
Trade date Coupon Price
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Government Agencies3137EAEW5 09/08/2023 (219,000.00) 219,100.74 219,000.00 0.00 219,0 0.250 00.00 0.00 0.00 09/08/2023
FREDDIE MAC .25% DUE 09-08-2023REG
3133EM6N7 09/27/2023 (500,000.00) 497,945.00 500,000.00 0.00 500,0 0.170 00.00 0.00 0.00 09/27/2023
FEDERAL FARM CREDIT BANK 0.17%27SEP2023
Total (Government Agencies) (719,000.00) 717,045.74 719,000.00 719,000.00 0.00 0.00 Grand total (719,000.00) 717,045.74 719,000.00 719,000.00 0.00 0.00 15 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 3,069.65 3,069.65 Total Cash 0.00 0.00 0.00 3,069.65 3,069.65Corporate Bonds 02665WDS7 AMERICAN HONDA FINANCE 0.55% 12JUL2024 1,247.41 0.00 1,775.80 221.52 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 1,684.16 0.00 (2,392.34) 366.53 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.51 0.00 (4,481.02) 1,832.64 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 126.25 0.00 720.72 23.61 0.00 24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 1,574.55 0.00 (1,874.61) 281.95 0.00 46625HJT8 JPMORGAN CHASE & CO 3.875% 01FEB2024 (1,325.37) 0.00 (156.28) 1,872.92 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 35.49 0.00 256.11 1,369.44 0.00 89236THU2 TOYOTA MOTOR CREDIT CORP 0.45% 11JAN2024 45.40 0.00 2,040.98 235.63 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 11.53 0.00 294.17 60.55 0.00 Total Corporate Bonds 4,205.93 0.00 (3,816.47) 6,264.79 0.00Government Agencies 3135G0V34 FANNIE MAE 2.5% 05FEB2024 (891.26) 0.00 965.42 1,006.94 0.00 3133EM6N7 FEDERAL FARM CREDIT BANK 0.17% 27SEP2023 79.38 0.00 1,885.27 61.39 425.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (1,723.43) 0.00 1,803.10 1,812.50 0.00 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 (227.19) 0.00 (5,477.56) 2,718.75 18,000.00 3137EAEW5 FREDDIE MAC .25% DUE 09-08-2023 REG (0.96) 0.00 213.06 10.65 273.75 3134A2HG6 FREDDIE MAC 0% 11DEC2025 2,221.05 0.00 (3,625.94) 0.00 0.00 16 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Agencies
3137EAFA2 FREDDIE MAC 0.25% 04DEC2023 (11.31) 0.00 2,823.24 100.70 0.00 3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 (CALLABLE 25NOV23) 1,730.42 0.00 (1,672.18) 302.08 0.00 3134GW3X2 FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27OCT23) 1,741.71 0.00 (164.57) 302.08 0.00 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV23) 1,337.90 0.00 (1,707.03) 261.81 0.00 Total Government Agencies 4,256.31 0.00 (4,957.19) 18,698.75 6,576.90Government Bonds 91282CBA8 USA TREASURY 0.125% 15DEC2023 271.95 0.00 3,437.50 81.97 0.00 91282CBM2 USA TREASURY 0.125% 15FEB2024 184.86 0.00 2,089.84 50.96 0.00 91282CBE0 USA TREASURY 0.125% 15JAN2024 180.28 0.00 2,089.84 50.95 0.00 91282CBR1 USA TREASURY 0.25% 15MAR2024 153.95 0.00 2,128.90 102.46 625.00 91282CAW1 USA TREASURY 0.25% 15NOV2023 78.95 0.00 2,179.25 101.90 0.00 91282CBC4 USA TREASURY 0.375% 31DEC2025 3,537.93 0.00 (2,484.37) 366.85 0.00 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,087.12 0.00 (2,949.22) 512.29 0.00 912828T91 USA TREASURY 1.625% 31OCT2023 (541.02) 0.00 1,622.24 662.37 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 506.32 0.00 (656.25) 784.65 0.00 91282CFK2 USA TREASURY 3.5% 15SEP2025 329.08 0.00 (2,460.95) 2,151.70 13,125.00 Total Government Bonds 5,789.42 0.00 4,996.78 13,750.00 4,866.10Grand total 14,251.66 0.00 (3,776.88) 35,518.40 20,777.44 17 TRANSACTION REPORT
For the period September 1, 2023 - September 30, 2023
TOWN OF ATHERTON
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
09/08/2023 273.7509/08/2023
3137EAEW5 Government Agencies FREDDIE MAC .25% DUE 09/ Income 08/2023 219,000.00 0.00 273.75 0.00 09/08/2023 0.0009/08/2023
3137EAEW5 Government Agencies FREDDIE MAC .25% DUE 09/ Capital Change 08/2023 (219,000.00) 219,000.00 219,000.00 0.00 09/13/2023 18,000.0009/13/2023
3130AV6J6 Government Agencies FEDERAL HOME LOAN BANK 0 Income 3/13/2026 750,000.00 0.00 18,000.00 0.00 09/15/2023 625.0009/15/2023
91282CBR1 Government Bonds USA TREASURY 0.25% 03/15/20 Income 24 500,000.00 0.00 625.00 0.00 09/15/2023 13,125.0009/15/2023
91282CFK2 Government Bonds USA TREASURY 3.5% 09/15/202 Income 5 750,000.00 0.00 13,125.00 0.00 09/27/2023 425.0009/27/2023
3133EM6N7 Government Agencies FEDERAL FARM CREDIT BAN Income K 09/27/2023 500,000.00 0.00 425.00 0.00 09/27/2023 0.0009/27/2023
3133EM6N7 Government Agencies FEDERAL FARM CREDIT BAN Capital Change K 09/27/2023 (500,000.00) 500,000.00 500,000.00 0.00 09/27/2023 (330.56)09/29/2023
437076BN1 Corporate Bonds HOME DEPOT INC 2.125% 09/15/ Bought 2026 400,000.00 (366,260.00) (366,590.56) 0.00 09/27/2023 (3,027.78)09/29/2023
94988J6D4 Corporate Bonds WELLS FARGO BANK NA 5.45% 08 Bought /07/2026 400,000.00 (397,028.00) (400,055.78) 0.00 09/30/2023 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 3,069.65 3,069.65 18 ADDITIONAL INFORMATION
As of September 30, 2023
TOWN OF ATHERTON
Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get back the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is for your reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clients Investment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.
You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.
At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.
Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy will remain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.
For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower of Moody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.
The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.
The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. 19 ADDITIONAL INFORMATION
As of September 30, 2023
TOWN OF ATHERTON
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.© 2023 Insight Investment. All rights reserved. 20