% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 3,989,829 3,989,829 3,989,829 11.4% LAIF Statement 15,049,423 14,962,005 15,049,423 42.9%
Investments (Schedule B) 16,880,000 16,204,103 16,027,317 45.7% Total Cash and Investments 35,919,252 35,155,937 35,066,569 100% 3/31/2024
Robert Barron, Finance Director Date
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
March 31, 2024
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 3,912,046
Wells Fargo Wells Fargo Trust MMF-Cash 77,783
Total 3,989,829
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank
March 31, 2024
Schedule B
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
March 31, 2024
See next pages Insight Report
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
March 31, 2024
Fund No. Fund Name
December
Balance
101 General Fund 20,728,382
105 Tennis Fund 151,275
610 Equipment Replacement Fund 911,844
614 Worker's Compensation 1,935,913
615 General Liability 535,747
616 Employee Benefits 1,959,017
Total Non-Restricted 26,222,178
201 Special Tax Fund 547,575
202 County Measure A Fund 1,608,423
203 Gas Tax Fund 447,212
204 Measure M 194,941
205 Measure W 820,741
209 SLES/COPS Grant 184,906
213 Library Fund 7,741
221 Refuse Rate and Stabilization 552,186
401 GF Projects 3,011,375
402 Storm Drainage 32,723
403 Atherton Channel Drainage District 1,071,399
406 Facilities Construction 331,768
730 H-P Park Improvement 6,637
740 Tree Committee 26,765
Total Restricted 8,844,391
Total Cash & Investments 35,066,569
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 3/1/2024 11,549,423 3,500,000 - 15,049,423 3/31/2024
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
March 31, 2024
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 3/1/2024 8,563,973 184,176 (3,911) (35,427) 8,708,811 3/31/2024 (*) Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
March 31, 2024
* 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 ATHERTONMarch 2024 Treasurers 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 March 31, 2024
TOWN OF ATHERTON
Chart 1: The Fed’s “dot plot” remained largely unchangedSource: Federal Reserve, Bloomberg Insight, March 31, 2024Chart 2: Q4 GDP was revised up againSource: Bureau of Economic Analysis, FRED, Insight, March 31, 2024 Economic Indicators and Monetary PolicyThe Federal Reserve left the Fed Funds Rate and its quantitative tightening operationsunchanged 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 economic forecasts were largelyunchanged. (Chart 1.) Some members raised their estimate of the neutralor 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 taperingthe 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 from 3.9 % to 3.8%. Rising energy pricesin February helped inflation accelerate slightly at the headline level. Overall, the main driversof 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 particular by an acceleration in transportation services. Encouragingly, the
shelter
component moderated on a year-overyear 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 higherthan the 3.3% initial estimate. (Chart 2.) The main reason was a significant upward revision inconsumption, although business investment was once again revised down slightly.The US economy added 275,000 jobs in February, above consensus for 200,000. The prior twomonths were revised down by 160,000. Private jobs were up a solid 223,000 with strengthconcentrated in services including 58,000 in leisure and hospitality. Temporary help continuedto decline at -15,000, indicating some loosening in conditions. The unemployment rate rosefrom 3.7% to 3.9% the highest since late 2020 while the labor force participation rate wasunchanged at 62.5%.Interest Rate SummaryYields generally fell slightly during the month. At the end of March, the 3-month US Treasurybill yielded 5.38%, the 6-month US Treasury bill yielded 5.33%, the 2-year US Treasury noteyielded 4.62%, the 5-year US Treasury note yielded 4.21% and the 10-year US Treasury noteyielded 4.20%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2024 - March 31, 2024
TOWN OF ATHERTON
Amortized Cost Basis Activity Summary
Opening balance 16,308,393.73
Income received 37,068.32
Total receipts 37,068.32Total 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 (1,727.73)Total OID/MKT accretion income 28,320.68 Return of capital 0.00
Closing balance 16,372,055.00Ending fair value 16,281,886.15 Unrealized gain (loss) (90,168.85)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 5.24 2.64 0.44Overnight Repo 5.28 2.66 0.44Merrill Lynch 3m US Treas Bill 5.23 2.62 0.44Merrill Lynch 6m US Treas Bill 5.15 2.57 0.43ML 1 Year US Treasury Note 5.13 2.51 0.41ML 2 Year US Treasury Note 4.63 2.30 0.38ML 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 34,799.23Accretion (amortization) 26,592.95Realized gain (loss) on sales 0.00Total income on portfolio 61,392.18Average daily amortized cost 16,341,277.52Period return (%)Weighted average final maturity in days 0YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 220.45 0.00 220.45 0.00Corporate Bonds 12,641.15 6,128.18 18,769.33 0.00Government Agencies 7,955.56 8,232.94 16,188.50 0.00Government Bonds 13,982.07 12,231.83 26,213.90 0.00Total 34,799.23 26,592.95 0.00 61,392.18
0.371.04
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2024 - March 31, 2024
TOWN OF ATHERTON
Fair Value Basis Activity Summary
Opening balance 16,219,686.14
Income received 37,068.32
Total receipts 37,068.32Total 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 25,131.69 Ending fair value 16,281,886.15
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 5.24 2.64 0.44Overnight Repo 5.28 2.66 0.44ICE Bofa 3 Months US T-BILL 5.24 2.68 0.45ICE Bofa 6m US Treas Bill 5.22 2.75 0.45ICE Bofa 1 Yr US Treasury Note 4.30 2.63 0.39ICE BofA US Treasury 1-3 2.97 2.79 0.32ICE 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 220.45 0.00 220.45Corporate Bonds 12,641.15 8,150.84 20,791.99Government Agencies 7,955.56 5,143.75 13,099.31Government Bonds 13,982.07 11,837.10 25,819.17Total 34,799.23 25,131.69 59,930.92 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 34,799.23Total income on portfolio 59,930.92Average daily total value * 16,366,299.37Period return (%) 0.37Weighted average final maturity in days 0Change in fair value 25,131.69YTD return (%) 0.38* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of March 31, 2024
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 77,783.35 77,783.35 77,783.35 0.00 0.48 0.00 1Corporate Bonds 4,651,548.50 4,733,883.45 4,716,599.15 (17,284.30) 0 28.88 1.86Government Agencies 4,334,886.75 4,413,603.71 4,376,134.68 (37,469.03) 0 26.92 1.94Government Bonds 7,040,881.44 7,146,784.49 7,111,368.97 (35,415.52) 0 43.72 2.21Total 16,105,100.04 16,372,055.00 16,281,886.15 (90,168.85) 0 100.00 2.03 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.48Corporate Bonds 28.88Government Agencies 26.92Government Bonds 43.72 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2024
TOWN OF ATHERTON
Maturity Historic cost PercentUnder 90 days 577,053.35 3.5890 to 179 days 471,975.00 2.93180 days to 1 year 480,509.49 2.981 to 2 years 6,518,997.59 40.482 to 3 years 4,186,377.84 25.993 to 4 years 2,786,050.72 17.304 to 5 years 1,084,136.05 6.73Over 5 years 0.00 0.00 16,105,100.04 100.00
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 March 31, 2024
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 77,783.35 77,783.35 77,783.35 0.00 0.00 0.48 77,783.35 Total Cash and Cash Equivalents 77,783.35 77,783.35 77,783.35 77,783.35 0.00 0.48 0.00Corporate Bonds717081DM2 PFIZER INC 3.4% 15MAY2024 3.400 05/15/2024 499,270.00 499,946.76 (1,309.07) 6,422. 500,000.00 498,637.69 22 3.10 02665WDS7 AMERICAN HONDA FINANCE 0.55% 12JUL2024 0.550 07/12/2024 471,975.00 495,758.83 (2,720.08) 603.47 500,000.00 493,038.75 2.9324422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 0.700 01/15/2026 439,170.00 466,147.24 (1,767.65) 738.89 500,000.00 464,379.59 2.73037833EB2 0.700 02/08/2026 593,749.00 612,499.33 (9,407.29) 669.86 01/08/2026
APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 650,000.00 603,092.04 3.69 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 623,493.00 630,133.19 239.91 10,237.50 3 650,000.00 630,373.10 .8794988J6D4 5.450 08/07/2026 397,028.00 397,558.41 5,251.45 3,270.00 07/07/2026
WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 400,000.00 402,809.86 2.4707JUL26) 437076BN1 2.125 09/15/2026 366,260.00 372,067.45 3,184.57 377.78 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 400,000.00 375,252.02 2.2715JUN26) 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 5.450 11/10/2027 671,703.50 670,400.98 (7,812.62) 13,874 650,000.00 662,588.36 .79 4.1746647PDA1 4.323 04/26/2028 588,900.00 589,371.26 (2,943.52) 11,167.75 04/26/2027
JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 600,000.00 586,427.74 3.6626APR27) Total Corporate Bonds 4,850,000.00 4,651,548.50 4,733,883.45 4,716,599.15 (17,284.30) 28.8 47,362.26 8 8 SECURITIES HELD
As of March 31, 2024
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 Agencies3134GW3X2 0.625 10/27/2025 548,910.00 567,081.78 (5,711.23) 1,604.17 04/27/2024
FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27APR24) 600,000.00 561,370.55 3.41 3134GXCS1 0.625 11/25/2025 547,626.00 565,680.03 (5,947.65) 1,312.50 11/25/2024
FREDDIE MAC 0.625% 25NOV2025 (CALLABLE 600,000.00 559,732.38 3.4025NOV24) 3134A2HG6 FREDDIE MAC 0% 11DEC2025 0.000 12/11/2025 675,172.50 700,983.39 (8,511.12) 0.00 4. 750,000.00 692,472.27 19 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 4.500 03/13/2026 758,133.75 755,324.05 (8,103.99) 1,687. 750,000.00 747,220.06 50 4.71 3134GXCJ1 0.650 05/28/2026 451,345.00 465,303.77 (7,560.95) 1,110.42 11/28/2024
FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV24) 500,000.00 457,742.82 2.80 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1.875 09/24/2026 606,047.00 611,324.82 (1,801.14) 236.98 650,000.00 609,523.68 3.763133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 747,652.50 747,905.87 167.05 10,390.63 4 750,000.00 748,072.92 .64 Total Government Agencies 4,600,000.00 4,334,886.75 4,413,603.71 4,376,134.68 (37,469.03) 26.9 16,342.20 2Government Bonds912828YV6 USA TREASURY 1.5% 30NOV2024 1.500 11/30/2024 480,509.49 487,583.07 322.21 2,500.00 2. 500,000.00 487,905.28 98 91282CGU9 USA TREASURY 3.875% 31MAR2025 3.875 03/31/2025 490,782.92 493,324.93 1,069.60 9,687.50 500,000.00 494,394.53 3.05912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 337,409.38 342,303.86 (1,313.63) 2,406. 350,000.00 340,990.23 25 2.10 91282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 326,062.89 330,192.62 (1,985.59) 73.71 2 350,000.00 328,207.03 .02 9 SECURITIES HELD
As of March 31, 2024
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 Bonds91282CFK2 USA TREASURY 3.5% 15SEP2025 3.500 09/15/2025 738,899.00 744,153.33 (8,040.04) 1,141. 750,000.00 736,113.29 30 4.59 91282CBC4 USA TREASURY 0.375% 31DEC2025 0.375 12/31/2025 1,063,082.15 1,124,524.18 (11,289.81) 1 1,200,000.00 1,113,234.37 ,125.00 6.6091282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 453,906.25 464,704.94 (4,802.59) 2,083. 500,000.00 459,902.35 33 2.82 91282CEC1 USA TREASURY 1.875% 28FEB2027 1.875 02/28/2027 540,646.09 542,446.13 (2,570.35) 916.10 580,000.00 539,875.78 3.3691282CEN7 USA TREASURY 2.75% 30APR2027 2.750 04/30/2027 653,053.13 658,770.31 8,089.07 8,038.46 700,000.00 666,859.38 4.0591282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 488,243.86 489,225.05 (6,178.17) 4,062. 500,000.00 483,046.88 50 3.03 91282CFH9 USA TREASURY 3.125% 31AUG2027 3.125 08/31/2027 482,071.99 482,828.74 (2,301.39) 1,316. 500,000.00 480,527.35 24 2.99 91282CGH8 USA TREASURY 3.5% 31JAN2028 3.500 01/31/2028 490,978.24 491,436.66 (5,831.19) 2,884. 500,000.00 485,605.47 62 3.05 91282CHK0 USA TREASURY 4% 30JUN2028 4.000 06/30/2028 495,236.05 495,290.67 (583.64) 5,000.00 500,000.00 494,707.03 3.08 Total Government Bonds 7,430,000.00 7,040,881.44 7,146,784.49 7,111,368.97 (35,415.52) 43.7 41,235.01 2Grand total 16,957,783.35 16,105,100.04 16,372,055.00 (90,168.85) 16,281,886.15 104,939.47 100.00 10 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024
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/Bond912828YV6 USA TREASURY 1.5% 1.500 11/30/2024 AA+ Aaa 500,000.00 480,509.49 2.98 487,905.28 3.00 0.6691282CGU9 USA TREASURY 3.875% 3.875 03/31/2025 AA+ Aaa 500,000.00 490,782.92 3.05 494,394.53 3.04 0.95912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 350,000.00 337,409.38 2.10 340,990.23 2.09 1.2091282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 350,000.00 326,062.89 2.02 328,207.03 2.02 1.3891282CFK2 USA TREASURY 3.5% 3.500 09/15/2025 AA+ Aaa 750,000.00 738,899.00 4.59 736,113.29 4.52 1.3991282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 1,200,000.00 1,063,082.15 6.60 1,113,234.37 6.84 1.7091282CDK4 USA TREASURY 1.25% 1.250 11/30/2026 AA+ Aaa 500,000.00 453,906.25 2.82 459,902.35 2.82 2.5591282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 AA+ Aaa 580,000.00 540,646.09 3.36 539,875.78 3.32 2.7791282CEN7 USA TREASURY 2.75% 2.750 04/30/2027 AA+ Aaa 700,000.00 653,053.13 4.05 666,859.38 4.10 2.8691282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 500,000.00 488,243.86 3.03 483,046.88 2.97 3.0091282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 AA+ Aaa 500,000.00 482,071.99 2.99 480,527.35 2.95 3.1791282CGH8 USA TREASURY 3.5% 3.500 01/31/2028 AA+ Aaa 500,000.00 490,978.24 3.05 485,605.47 2.98 3.5091282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aaa 500,000.00 495,236.05 3.08 494,707.03 3.04 3.81Issuer total 7,430,000.00 7,040,881.44 43.72 7,111,368.97 43.68 2.21Federal Home Loan Mortgage Corp3134GW3X2 FREDDIE MAC 0.625% 0.625 10/27/2025 04/27/2024 AA+ Aaa 600,000.00 548,910.00 3.41 561,370.55 3.45 1.513134GXCS1 FREDDIE MAC 0.625% 0.625 11/25/2025 11/25/2024 AA+ Aaa 600,000.00 547,626.00 3.40 559,732.38 3.44 1.593134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 750,000.00 675,172.50 4.19 692,472.27 4.25 1.653134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 11/28/2024 AA+ Aaa 500,000.00 451,345.00 2.80 457,742.82 2.81 2.09Issuer total 2,450,000.00 2,223,053.50 13.80 2,271,318.02 13.95 1.69Federal Farm Credit Banks Funding Corp3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 750,000.00 747,652.50 4.64 748,072.92 4.59 2.47 Issuer total 750,000.00 747,652.50 4.64 748,072.92 4.59 2.47 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024
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 4.71 747,220.06 4.59 1.83 Issuer total 750,000.00 758,133.75 4.71 747,220.06 4.59 1.83 Toyota Motor Credit Corp89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A+ A1 650,000.00 671,703.50 4.17 662,588.36 4.07 3.17 Issuer total 650,000.00 671,703.50 4.17 662,588.36 4.07 3.17 Bank of America Corp06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 650,000.00 623,493.00 3.87 630,373.10 3.87 1.91 Issuer total 650,000.00 623,493.00 3.87 630,373.10 3.87 1.91 Federal National Mortgage Association3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aaa 650,000.00 606,047.00 3.76 609,523.68 3.74 2.37 Issuer total 650,000.00 606,047.00 3.76 609,523.68 3.74 2.37 Apple Inc037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 650,000.00 593,749.00 3.69 603,092.04 3.70 1.80 Issuer total 650,000.00 593,749.00 3.69 603,092.04 3.70 1.80 JPMorgan Chase & Co46647PDA1 JPMORGAN CHASE & CO 4.323 04/26/2028 04/26/2027 A- A1 600,000.00 588,900.00 3.66 586,427.74 3.60 2.77 Issuer total 600,000.00 588,900.00 3.66 586,427.74 3.60 2.77 Pfizer Inc717081DM2 PFIZER INC 3.4% 3.400 05/15/2024 A A2 500,000.00 499,270.00 3.10 498,637.69 3.06 0.13 Issuer total 500,000.00 499,270.00 3.10 498,637.69 3.06 0.13 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2024
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
American Honda Finance Corp02665WDS7 AMERICAN HONDA 0.550 07/12/2024 A- A3 500,000.00 471,975.00 2.93 493,038.75 3.03 0.28 Issuer total 500,000.00 471,975.00 2.93 493,038.75 3.03 0.28 John Deere Capital Corp24422EVK2 JOHN DEERE CAPITAL 0.700 01/15/2026 A A1 500,000.00 439,170.00 2.73 464,379.59 2.85 1.73 Issuer total 500,000.00 439,170.00 2.73 464,379.59 2.85 1.73 Wells Fargo Bank NA94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 07/07/2026 A+ Aa2 400,000.00 397,028.00 2.47 402,809.86 2.47 2.11 Issuer total 400,000.00 397,028.00 2.47 402,809.86 2.47 2.11 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 2.27 375,252.02 2.30 2.31 Issuer total 400,000.00 366,260.00 2.27 375,252.02 2.30 2.31 Cash and Cash Equivalents
CASH 0.000 77,783.35 77,783.35 0.00 77,783.35 0.48 0.00 Issuer total 77,783.35 77,783.35 0.00 77,783.35 0.48 0.00 Grand total 16,957,783.35 16,105,100.04 100.00 16,281,886.15 100.00 2.03 13 SECURITIES PURCHASED
For the period March 1, 2024 - March 31, 2024
TOWN OF ATHERTON
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Bonds91282CHK0 03/13/2024 06/30/2028 500,000.00 99.05 (495,236.05) (4,1 4.000 20.88) 03/15/2024
USA TREASURY 4% 30JUN2028BMO CAPITAL MARKETS LIMITED
Total Government Bonds 500,000.00 (495,236.05) (4,120.88) Grand total Grand total 500,000.00 (495,236.05) (4,120.88) 14 SECURITIES SOLD AND MATURED
For the period March 1, 2024 - March 31, 2024
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 Bonds91282CBR1 03/15/2024 (500,000.00) 495,607.14 500,000.00 0.00 500,0 0.250 00.00 0.00 0.00 03/15/2024
UNITED STATES TREAS NTS DTD03/15/2021 .25% 03-15-2024
Total (Government Bonds) (500,000.00) 495,607.14 500,000.00 500,000.00 0.00 0.00 Grand total (500,000.00) 495,607.14 500,000.00 500,000.00 0.00 0.00 15 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 - March 31, 2024
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 0.00 220.45 220.45
Total Cash 0.00 0.00 0.00 220.45 220.45Corporate Bonds
02665WDS7 AMERICAN HONDA FINANCE 0.55% 12JUL2024 1,247.41 0.00 2,080.93 244.44 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 1,684.16 0.00 2,221.80 404.44 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.50 0.00 228.57 2,022.22 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 946.87 0.00 1,289.45 755.56 4,250.00 24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 1,574.55 0.00 1,574.79 311.11 0.00 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 26APR27) 217.50 0.00 918.54 2,305.60 0.00 717081DM2 PFIZER INC 3.4% 15MAY2024 35.50 0.00 803.30 1,511.11 0.00 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 (470.79) 0.00 (349.94) 3,148.89 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 86.48 0.00 (616.60) 1,937.78 0.00 Total Corporate Bonds 6,128.18 0.00 8,150.84 12,641.15 4,250.00Government Agencies 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1,297.82 0.00 260.80 1,083.33 6,093.75 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 64.96 0.00 (729.68) 2,916.67 0.00 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 (227.20) 0.00 (193.06) 3,000.00 16,875.00 3134A2HG6 FREDDIE MAC 0% 11DEC2025 2,287.34 0.00 2,817.02 0.00 0.00 3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 (CALLABLE 25NOV24) 1,730.42 0.00 1,130.39 333.33 0.00 3134GW3X2 FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27APR24) 1,741.70 0.00 987.19 333.34 0.00 16 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 - March 31, 2024
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Agencies
3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV24) 1,337.90 0.00 871.09 288.89 0.00 Total Government Agencies 8,232.94 0.00 5,143.75 22,968.75 7,955.56Government Bonds 91282CBR1 UNITED STATES TREAS NTS DTD 03/15/2021 .25% 03-15-2024 76.98 0.00 988.18 51.51 625.00 91282CAJ0 USA TREASURY 0.25% 31AUG2025 1,185.39 0.00 1,052.73 73.71 0.00 91282CBC4 USA TREASURY 0.375% 31DEC2025 3,655.86 0.00 3,046.87 383.24 0.00 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,123.35 0.00 1,035.16 529.37 0.00 912828YV6 USA TREASURY 1.5% 30NOV2024 1,577.56 0.00 1,381.84 635.25 0.00 91282CEC1 USA TREASURY 1.875% 28FEB2027 1,094.14 0.00 1,019.53 916.10 0.00 91282CEN7 USA TREASURY 2.75% 30APR2027 1,136.10 0.00 792.97 1,639.42 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 523.21 0.00 382.81 819.71 0.00 91282CFH9 USA TREASURY 3.125% 31AUG2027 426.53 0.00 742.19 1,316.24 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 281.64 0.00 449.22 1,383.93 0.00 91282CFK2 USA TREASURY 3.5% 15SEP2025 340.05 0.00 556.65 2,223.03 13,125.00 91282CGH8 USA TREASURY 3.5% 31JAN2028 189.48 0.00 625.00 1,490.39 0.00 91282CGU9 USA TREASURY 3.875% 31MAR2025 566.92 0.00 292.97 1,641.05 0.00 91282CHK0 USA TREASURY 4% 30JUN2028 54.62 0.00 (529.02) 879.12 0.00 Total Government Bonds 12,231.83 0.00 11,837.10 13,750.00 13,982.07Grand total 26,592.95 0.00 25,131.69 41,189.20 34,799.23 17 TRANSACTION REPORT
For the period March 1, 2024 - March 31, 2024
TOWN OF ATHERTON
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
03/13/2024 16,875.0003/13/2024
3130AV6J6 Government Agencies FEDERAL HOME LOAN BANK 0 Income 3/13/2026 750,000.00 0.00 16,875.00 0.00 03/13/2024 (4,120.88)03/15/2024
91282CHK0 Government Bonds USA TREASURY 4% 30JUN2028 0 Bought 6/30/2028 500,000.00 (495,236.05) (499,356.93) 0.00 03/15/2024 4,250.0003/15/2024
437076BN1 Corporate Bonds HOME DEPOT INC 2.125% 09/15/ Income 2026 400,000.00 0.00 4,250.00 0.00 03/15/2024 625.0003/15/2024
91282CBR1 Government Bonds UNITED STATES TREAS NTS 03/ Income 15/2024 500,000.00 0.00 625.00 0.00 03/15/2024 0.0003/15/2024
91282CBR1 Government Bonds UNITED STATES TREAS NTS 03/ Capital Change 15/2024 (500,000.00) 500,000.00 500,000.00 0.00 03/15/2024 13,125.0003/15/2024
91282CFK2 Government Bonds USA TREASURY 3.5% 09/15/202 Income 5 750,000.00 0.00 13,125.00 0.00 03/24/2024 6,093.7503/24/2024
3135G0Q22 Government Agencies FANNIE MAE 1.875% 09/24/ Income 2026 650,000.00 0.00 6,093.75 0.00 03/31/2024 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 220.45 220.45 18 ADDITIONAL INFORMATION
As of March 31, 2024
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 March 31, 2024
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.© 2024 Insight Investment. All rights reserved. 20