ATTACHMENT 1
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
December 31, 2024
% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 2,331,080 2,331,080 2,331,080 6.2% LAIF Statement 19,051,871 19,044,669 19,051,871 50.4%
Investments (Schedule B) 17,230,000 16,850,233 16,393,144 43.4% Total Cash and Investments 38,612,952 38,225,982 37,776,096 100% 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 Pat anone
12/31/2024
Robert Barron, Finance Director Date
ATTACHMENT 1
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank Schedule A
December 31, 2024
Reconciled
Name of Depository Investment Type Bank Balance
Wells Fargo General Account 2,243,143
Wells Fargo Wells Fargo Trust MMF-Cash
Total 28728.
ATTACHMENT 1
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
December 31, 2024 Schedule B
See next pages Insight Report
ATTACHMENT 1
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
December 31, 2024
December
Fund No. Fund Name Balance
101 General Fund 19,220,217
105 Tennis Fund 148,968
610 Equipment Replacement Fund 973,096
614 Worker's Compensation 1,894,927
615 General Liability 371,855
616 Employee Benefits 1,983,949
Total Non-Restricted 24.593.011
201 Special Tax Fund 474,013
202 County Measure A Fund 1,750,633
203 Gas Tax Fund 503,299
204 Measure M 161,257
205 Measure W 892,924
209 SLES/COPS Grant 134,274
213 Library Fund 412,208
221 Refuse Rate and Stabilization 535,233
401 6,439,813
402 33,290
403 Atherton Channel Drainage District 1,220,305
406 Facilities Construction 591,855
730 H-P Park Improvement 6,752
740 27,229
Total Restricted 13,183,084
Total Cash & Investments _37.776.096
ATTACHMENT 1
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
December 31, 2024
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 12/1/2024 19,051,871 19,051,871 12/31/2024
ATTACHMENT 1
Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
December 31, 2024
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 12/1/2024 9,097,799 (227,426) (4,110) (41,655) 8,824,608 12/31/2024 (*) * Recent available PARS report
ATTACHMENT 1
FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVAL
PLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENT
TOWN OF ATHERTON
Treasurers Report Schedule B
Insight
December 2024 INVESTMENT
>BNY | INVESTMENTS
ATTACHMENT 1
Contents
Fixed income market review
Activity and performance summary
Recap of securities held
Maturity distribution of securities held
Securities held
GASB 40 - Deposit and investment risk disclosure 11
Securities purchased 14
Securities sold and matured 15
Detail of return and interest received 16
Transaction report 18
Additional information 19
FIXED INCOME MARKET REVIEW ATTACHMENT OF ATHERTON
As of December 31, 2024
Chart 1: The FOMC projects a gentler rate cutting cycle Economic Indicators and Monetary Policy The FOMC cut the Fed Funds rate by 25bp, taking it to a range of 4,25% to 4,5%, with one member dissenting.
The central bank also adjusted its median "dot plot" interest rate projections to reflect only two rate cuts in 2025, down from the four it projected in September. Additionally, it slightly increased its median projection for the longer run "neutral" rate slightly from 2.9% to 3%.
The FOMC increased both its headline and core inflation projections for 2025 from 2.1% and
2.2% respectively to 2.5%. Chair Powell acknowledged that "some" committee members did start to consider President-elect Trump's fiscal policy agenda, although he emphasized that — Fed Funds rate the potential impact of tariffs remains highly uncertain at this stage. → FOMC Median projection (Dec-2024) CPI rose from 2.6% to 2.7% and PCE from 2.3% to 2.4%. Core CP remained at 3.3%, and core PCE → FOMC Median projection (Sep-2024) remained at 2.8%. However, the stickier" core services inflation components, such as rents, ... Market expectations (Dec-31-2024) medical services and transportation services showed almost universal progress.
Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28 Jan-29 The US economy added 227,000 jobs in November, close to consensus forecasts. The prior two months were revised up following hurricane and strike related disruptions in the prior Source: Bureau of Labor Statistics, Bloomberg, December 31, 2024 month. The post-strike bounce in manufacturing was less than expected, however, at 22,000.
Services-providing jobs were strong at 160,000 with leisure and hospitality bouncing 53,000 Chart 2: Payrolls rebound after hurricane-related disruptions following the hurricane.
1000 The unemployment rate edged up from 4.1% to 4.2% while the participation rate fell from 62.6% 900
to 62.5%. Wage growth remained at 4%.
The third estimate of Q3 GDP growth was revised from 2.8% to 3.1% with net exports the main reason for the revision.
Thousands 88888888 Interest Rate Summary
Yields rose across the curve. At the end of December, the 3-month US Treasury bill yielded
4.31%, the 6-month US Treasury bill yielded 4.27%, the 2-year US Treasury note yielded 4.24%, the 5-year US Treasury note yielded 4.38% and the 10-year US Treasury note yielded 4.57%. 2021 2022 2023 2024
New non-farm payrolls ----- 6-month average
Source: Bureau of Labor Statistics, Bloomberg, December 31, 2024
ACTIVITY AND PERFORMANCE SUMMARY ATTACHMENT OF ATHERTON For the period December 1, 2024 - December 31, 2024
Amortized Cost Basis Activity Summary Detail of Amortized Cost Basis Return Opening balance 16,860,797.26 Interest Accretion Realized Total earned (amortization) gain (loss) income
Income received 48,497.21
Total recepts 48,497.21 Cash and Cash Equivalents 649.57 0.00 0.00 649.57 Total disbursements 0.00 Corporate Bonds 14,859.59 5,474.96 0.00 20,334.55 Interportfolio transfers 0.00 Government Agencies 9,880.83 8,267.77 0.00 18,148.60 Total Interportfollo transfers 0.00 Government Bonds 14,140.78 10,616.76 0,00 24,757,54 Realized gain (loss) Total 39,530.77 24,359.49 0.00 63,890.26
0.00 0.00
(1,859.91)
Total OID/MKT accretion Income 26,219.40
Return of capital 0.00
Closing balance 16,933,653.96
Ending falr value 16,938,170.29
Unrealized gain (loss) 4,516.33
Comparative Rates of Return (%) Summary of Amortized Cost Basis Return for the Period * Twelve * One month i Total portfolio
month trailing month trailing
Fed Funds 0.37 Interest earned 39,530.77
Overnight Repo 5.21 2.50 0.38 Accretion (amortization) 24,359.49 Merrill Lynch 3m US Treas Bill 5.00 0.35 Realized gain (loss) on sales 0.00 Merrill Lynch 6m US Treas Bill 4.85 0.35 Total income on portfolio 63,890.26 ML 1 Year US Treasury Note 0.35 16,892,915.23
ML 2 Year US Treasury Note 4.36 0,35 Average daily amortized cost ML5 Year US Treasury Note 4.12 1.98 0.35 Period return (%) 0.38 YTD return (%) 4.46
Weighted average final maturity in davs 676
* rates reflected are cumulative
ACTIVITY AND PERFORMANCE SUMMARY ATTACHMENT OF ATHERTON For the period December 1, 2024 - December 31, 2024
Fair Value Basis Activity Summary
Opening balance 16,894,384.10 Interest Change in Total
48,497.21 earned fair value income
Income received
Total recepts 48,497.21 Cash and Cash Equivalents 0.00 649.57 649.57
Total disbursements 0.00 Corporate Bonds 14,859.59 (8,536.66) 6,322.93 Interportfolio transfers 0.00 Government Agencies 9,880.83 3,407.01 13,287.84 Total Interportfollo transfers 0.00 Government Bonds 14,140.78 418.63 14,559.41 Unrealized gain (loss) on security movements Total 39,530.77 (4,711.02) 34,819.75
0.00 Change in accruals from security movement 0.00
Return of capital 0.00
Change in fair value for the period (4,711.02)
Ending fair value 16,938,170.29
Comparative Rates of Return (%) Summary of Fair Value Basis Return for the Period * Twelve * One month Total portfolio
month trailing month trailing
Fed Funds 2.47 0.37 Interest earned 39,530.77
Overnight Repo 5.21 2.50 0.38 Change in fair value (4,711.02) ICE Bofa 3 Months US T-BILL 5.25 2,55 0.40 Totalincome on portfolio 34,819.75 ICE Bofa 6m US Treas Bill 2.73 0.44 Average daily total value* 17,018,506.38 ICE Bofa 1 Yr US Treasury Note 2.75 0.45 0.20
ICE BOfA US Treasury 1-3 0.24 Period return (%)
ICE BOfA US Treasury 1-5 3.41 2.59 (0.07) YTD return (%) 4.38 Weighted average final maturity in days 676
* rates reflected are cumulative * Total value equals market value and accrued interest
RECAP OF SECURITIES HELD ATTACHMENT OF ATHERTON
As of December 31, 2024
Historical Amortized Fair value Unrealized Weighted Percent Weighted cost cost gain (loss) average of average
final portfolio effective
maturity (days) duration (years)
Cash and Cash Equivalents 87,937.71 87,937.71 87,937.71 0.00 0.53 0.00 Corporate Bonds 4,843,907.50 4,950,233.95 4,967,600.58 17,366.63 825 29.39 1.97 Government Agencies 4,988,864.75 5,142, 100.10 5,135,209.05 (6,891.05) 598 30.27 1.55 Government Bonds 6,560,371.95 6,753,382.20 6,747,422.95 (5,959.25) 634 39.81 1.65 Total 16,481,081.91 16,933,653.96 16,938,170.29 4,516.33 676 100.00 1.71 Portfolio diversification (%)
• Cash and Cash Equivalents 0.53
• Corporate Bonds 29.39
• Government Agencies 30.27
• Government Bonds 39.81
Total 100.00
MATURITY DISTRIBUTION OF SECURITIES HELD ATTACHMENTMOF ATHERTON As of December 31, 2024
Maturity Historic cost Percent
Under 90 days 87,937.71 0.53
90 to 179 days 490,782.92 2.98
180 days to 1 year 3,174,079.77 19.26
1 to 2 years 6,499,866.65 39.44
2 to 3 years 3,435,274.57 20.84
3 to 4 years 2,229,092.29 13.53
4 to 5 years 564,048.00 3.42
Over 5 years 0.00 0.00
16,481,081.91 100.00
Maturity distribution
8.00 6.00
Historical cost (mm) | 4.00
2.00 0.00
Under 90 days 90 to 179 days 180 days to 1 year 1102 years 2103 years 3 to 4 years 4105 years Over 5 years
SECURITIES HELD ATTACHMENT OF ATHERTON
As of December 31, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total Call date shares gain accrued Port
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 87,937.71 87,937.71 87,937.71 0.00 0.00 0.53 Total Cash and Cash Equivalents 87,937.71 87,937.71 87,937.71 87,937.71 0.00 0.000.53 Corporate Bonds
24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 0.700 01/15/2026 500,000.00 439,170.00 480,318.16 480,934.67 616.51 1,613.89 2.66 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE O8JAN26) 0.700 02108/2026 650,000.00 593,749.00 627,656.79 624,544.60 (3,112.19) 1,807.36 3.60 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 650,000.00 623,493,00 637,391.70 640,257.84 2,866.14 4,550,00 3.78 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 5.450 08/07/2026 400,000.00 397,028.00 398,336.72 404,788.35 6,451.63 8,720.00 2.41 07JUL26) 07/07/2026
437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 2.125 09/15/2026 400,000.00 366,260.00 380,589.24 384,880.23 4,290.99 2,502.78 2.22 15JUN26) 06/15/2026
02665WFK2 AMERICAN HONDA FINANCE 4.9% O9JUL2027 4.900 07/09/2027 600,000.00 599,556.00 599,626.30 602,069.71 2,443.41 13,965.00 3.64 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 5.450 11/10/2027 650,000.00 671,703.50 666,163.85 665,201.72 (962.13) 5,018.54 4.08 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 4.323 04/2612028 600,000.00 588,900.00 591,328.80 592,766.06 1,437.26 4,683.25 3.57 26APR27) 04/2612027
717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 3.450 03/15/2029 600,000.00 564,048.00 568,822.39 572,157.40 3,335.01 6,095.00 3.42 12/15/2028
Total Corporate Bonds 5,050,000.00 4,843,907.50 4,950,233.95 4,967,600.58 17,366.63 48,955.82 29.39
SECURITIES HELD ATTACHMENT OF ATHERTON
As of December 31, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total Call date shares gain accrued Port
(loss) interest cost
Government Agencies
3134GW3X2 FREDDIE MAC 0.625% 270C2025 (CALLABLE 27JAN25) 0.625 1012712025 600,000.00 548,910.00 582,757.13 582,353.51 (403.62) 666.67 3.33 01/27/2025
3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 CALLABLE 0.625 11/25/2025 600,000.00 547,626.00 581,253.80 581,079.74 (174.06) 375.00 3.32 3134A2HG6 FREDDIE MAC 0% 11DEC2025 0.000 12/11/2025 750,000.00 675,172.50 720,153.67 (1,917.89) 0.00 4.10 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 4.500 03/13/2026 750,000.00 758,133.75 753,279.25 751,810.66 (1,468.59) 10,125.00 4.60 3134GXC11 FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV25) 0.650 05/28/2026 500,000.00 451,345.00 477,344.88 474,742.14 (2,602.74) 297.92 2.74 11/28/2025
3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1.875 09/24/2026 650,000.00 606,047.00 623,005.24 624,654.94 1,649.70 3,283.85 3.68 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 750,000.00 747,652.50 748,490.58 750,754.85 2,264.27 2,187.50 4.54 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 4.300 11/27/2028 650,000.00 653,978.00 653,897.66 649,659.54 (4,238.12) 2,795.00 3.97 Total Government Agencies 5,250,000.00 4,988,864.75 5,142,100.10 5,135,209.05 (6,891.05) 19,730.94 30.27 Government Bonds
91282CGU9 USA TREASURY 3.875% 31 MAR2025 3.875 03/31/2025 500,000.00 490,782.92 498,354.09 499,488.28 1,134.19 4,896.98 2.98 912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 350,000.00 337,409.38 346,945.17 347,489.84 544.67 0.00 2.05 91282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 350,000.00 326,062.89 340,708.12 340,874.02 165.90 294.89 1.98
SECURITIES HELD ATTACHMENT OF ATHERTON
As of December 31, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total Call date shares gain accrued Port
(loss) interest cost
Government Bonds
91282CFK2 USA TREASURY 3.5% 15SEP2025 3.500 09/15/2025 750,000.00 738,899.00 746,008.30 (1,161.60) 7,758.98 4.48 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 1,200,000.00 1,063,082.15 1,156,955.20 1,155,496.87 (1,458.33) 0.00 6.45 91282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 500,000.00 453,906.25 474,670.18 472,675.78 (1,994.40) 532.28 2.75 91282CEC1 USA TREASURY 1.875% 28FEB2027 1.875 02/28/2027 580,000.00 540,646.09 552,152.26 551,702.35 (449.91) 3,665.06 3.28 91282CEN7 USA TREASURY 2.75% 30APR2027 2.750 04/30/2027 700,000.00 653,053.13 668,848.68 676,675.78 7,827.10 3,243.79 3.96 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 500,000.00 488,243.86 491,723.46 488,222.66 (3,500.80) 0.00 2.96 91282CFH9 USA TREASURY 3.125% 31AUG2027 3.125 08/31/2027 500,000.00 482,071.99 486,612.47 485,546.88 (1,065.59) 5,265.88 2.93 91282CGH8 USA TREASURY 3.5% 31 JAN2028 3.500 01/31/2028 500,000.00 490,978.24 493,117.55 488,476.56 (4,640.99) 7,275.82 2.98 91282CHKO USA TREASURY 4% 30JUN2028 4.000 06/30/2028 500,000.00 495,236.05 496,125.12 494,765.63 (1,359.49) 0.00 3.00 Total Government Bonds 6,930,000.00 6,560,371.95 6,753,382.20 6,747,422.95 (5,959.25) 32,933.68 39.81 Grand total 17,317,937.71 16,481,081.91 16,933,653.96 16,938,170.29 4,516.33 101,620.44 100.00 10 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE ATTACHMENT OF ATHERTON As of December 31, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) United States Treasury Note/Bond
91282CGU9 USA TREASURY 3.875% 3.875 03/31/2025 AA+ Aaa 500,000.00 490,782.92 2.98 499,488.28 2.95 0.24 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 350,000.00 337,409.38 2.05 347,489.84 2.05 0.49 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 350,000.00 326,062.89 1.98 340,874.02 2.01 0.66 91282CFK2 USA TREASURY 3.5% 3.500 09/15/2025 AA+ 750,000.00 738,899.00 4.48 746,008.30 4.40 0.68 91282CBC4 USA TREASURY 0.375% 0.375 12131/2025 AA+ Aaa 1,200,000.00 1,063,082.15 6.45 1,155,496.87 6.82 1.00 91282CDK4 USA TREASURY 1.25% 1.250 11/30/2026 AA+ Aaa 500,000.00 453,906.25 2.75 472,675.78 2.79 1.86 91282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 AA+ Aaa 580,000.00 540,646.09 3.28 551,702.35 3.26 2.07 91282CEN7 USA TREASURY 2.75% 2.750 04/30/2027 AA+ Aaa 700,000.00 653,053.13 3.96 676,675.78 3.99 2.21 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 500,000.00 488,243.86 2.96 488,222.66 2.88 2.36 91282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 AA+ Aaa 500,000.00 482,071.99 2.93 485,546.88 2.87 2.50 91282CGH8 USA TREASURY 3.5% 3.500 01/31/2028 AA+ Aaa 500,000.00 490,978.24 2.98 488,476.56 2.88 2.84 91282CHKO USA TREASURY 4% 4.000 06/30/2028 AA+ Aaa 500,000.00 495,236.05 3.00 494,765.63 2.92 3.23 Issuer total 6,930,000.00 6,560,371.95 39.81 6,747,422.95 39.84 1.65 Federal Home Loan Mortgage Corp
3134GW3X2 FREDDIE MAC 0.625% 0.625 1012712025 01/2712025 AA+ Aaa 600,000.00 548,910.00 3.33 582,353.51 3.44 0.80 3134GXCS1 FREDDIE MAC 0.625% 0.625 11/25/2025 AA+ Aaa 600,000.00 547,626.00 3.32 581,079.74 3.43 3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 750,000.00 675,172.50 4.10 720,153.67 4.25 0.95 3134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 11/28/2025 AA+ Aaa 500,000.00 451,345.00 2.74 474,742.14 2.80 1.37 Issuer total 2,450,000.00 2,223,053.50 13.49 2,358,329.06 13.92 0.98 Federal Home Loan Banks
3130AV6J6 FEDERAL HOME LOAN 4.500 03/13/2026 AA+ 750,000.00 758,133.75 4.60 751,810.66 4.44 1.14 3130B3W25 FEDERAL HOME LOAN 4,300 11/27/2028 AA+ Aaa 650,000.00 653,978.00 3.97 649,659.54 3.84 3.55 Issuer total 1,400,000.00 1,412,111.75 8.57 1,401,470.20 8.27 2.26 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE ATTACHMENT OF ATHERTON As of December 31, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical% Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) Federal Farm Credit Banks Funding Corp
3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 750,000.00 747,652.50 4.54 750,754.85 4.43 1.83 Issuer total 750,000.00 747,652.50 4.54 750,754.85 4.43 1.83 Toyota Motor Credit Corp
89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A+ A1 650,000.00 671,703.50 4.08 665,201.72 3.93 2.61 Issuer total 650,000.00 671,703.50 4.08 665,201.72 3.93 2.61 Bank of America Corp
06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A1 650,000.00 623,493.00 3.78 640,257.84 3.78 1.24 Issuer total 650,000.00 623,493.00 3.78 640,257.84 3.78 1.24 Federal National Mortgage Association
3135G0022 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aaa 650,000.00 606,047.00 3.68 624,654.94 3.69 1.67 Issuer total 650,000.00 606,047.00 3.68 624,654.94 3.69 1.67 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 650,000.00 593,749.00 3.60 624,544.60 3.69 1.08 Issuer total 650,000.00 593,749.00 3.60 624,544.60 3.69 1.08 American Honda Finance Corp
02665WFK2 AMERICAN HONDA 4.900 07/09/2027 600,000.00 599,556.00 3.64 602,069.71 3.55 2.29 Issuer total 600,000.00 599,556.00 3.64 602,069.71 3.55 2.29 JPMorgan Chase & Co
46647PDA1 JPMORGAN CHASE & CO 4.323 04/26/2028 04/26/2027 A1 600,000.00 588,900.00 3.57 592,766.06 3.50 2.16 Issuer total 600,000.00 588,900.00 3.57 592,766.06 3.50 2.16 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE ATTACHMENT OF ATHERTON As of December 31, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical% Portfolio Market % Portfolio Effective date rating rating shares hist cost value mkt value dur (yrs) Pfizer Inc
71708186 PIZER IN 3,45% 3.450 03/15/2029 12/15/2028 A2 600,000.00 564,048.00 3.42 572,157.40 3.38 3.76 Issuer total 600,000.00 564,048.00 3.42 572,157.40 3.38 3.76 John Deere Capital Corp
21122EVK2 JOHN DEERE CAPITAL 0.700 01/15/2026 A1 500,000.00 439,170.00 2.66 480,934.67 2.84 1.01 Issuer total 500,000.00 439,170.00 2.66 480,934.67 2.84 1.01 Wells Fargo Bank NA
94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 07/07/2026 A+ Aa2 400,000.00 397,028.00 2.41 404,788.35 2.39 1.44 Issuer total 400,000.00 397,028.00 2.41 404,788.35 2.39 1.44 Home Depot Inc/The
437076BN1 HOME DEPOT INC 2.125% 2.125 09/15/2026 06/15/2026 A2 400,000.00 366,260.00 2.22 384,880.23 2.27 1.63 Issuer total 400,000.00 366,260.00 384,880.23 2.27 1.63 Cash and Cash Equivalents
CASH 0.000 87,937.71 87,937.71 0.00 87,937.71 0.52 0.00 Issuer total 87,937.71 87,937.71 0000 87,937.71 0.52 0.00 Grand total 17,317,937.71 16,481,081.91 100.00 16,938,170.29 100.00 1.71 13 SECURITIES PURCHASED ATTACHMENT YOF ATHERTON
For the period December 1, 2024 - December 31, 2024
Cusip Description / Broker Trade date Coupon Maturity/ Par value or Unit cost Principal Accrued Settle date Call date shares cost interest
Government Agencies
3130B3W25 FEDERAL HOME LOAN BANK 4.3% 12/02/2024 4.300 11/2712028 650,000.00 100.61 (653,978.00) (621.11) WELLS FARGO SECURITIES, LLC 12/03/2024
Total Government Agencies 650,000.00 (653,978.00) (621.11) Grand total 650,000.00 (653,978.00) (621.11)
SECURITIES SOLD AND MATURED ATTACHMENT OF ATHERTON
For the period December 1, 2024 - December 31, 2024
Cusip Description / Broker Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Fair value at Realized Accrued Settle date at sale or
maturity
Government Bonds
912828YV6 DTD 11/30/2019 1.5% DUE 11-30-2024 12/02/2024 1.500 (500,000.00) 480,509.49 500,000.00 0.00 500,000.00 0.00 0.00 12/02/2024
Total (Government Bonds) (500,000.00) 480,509.49 500,000.00 500,000.00 0.00 0.00 Grand totall (500,000.00) 480,509.49 500,000.00 500,000.00 0.00 0.00 15 DETAIL OF RETURN AND INTEREST RECEIVED ATTACHMENT OF ATHERTON For the period December 1, 2024 - December 31, 2024
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value
Cash
Cash and Cash Equivalents 0.00 0.00 0,00 649.57 649.57
Total Cash 0.00 0.00 0.00 649.57 649.57
Corporate Bonds
02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 12.33 0.00 (3,168.88) 2,531.67 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 1,684.16 0.00 1,985.87 391.80 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.50 0.00 (113.60) 1,959.03 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 946.86 0.00 496.29 731.95 0.00 24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 1,574.54 0.00 1,538.76 301.39 0.00 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 26APR27) 217.50 0.00 (1,164.71) 2,233.55 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 617.38 0.00 (4,526.07) 1,782.50 0.00 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 (470.79) 0.00 (2,929.78) 3,050.48 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 86.48 0.00 (654.54) 1,877.22 0.00 Total Corporate Bonds 5,474.96 0.00 (8,536.66) 14,859.59 0.00 Government Agencies
3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1,297.82 0.00 523.33 1,049.47 0.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 64.96 0.00 (918.62) 2,825.52 16,406.25 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 (80.34) 0.00 (4,318.46) 2,173.89 0.00 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 (227.20) 0.00 124.43 2,906.25 0.00 3134A2HG6 FREDDIE MAC 0% 11DEC2025 2,402.50 0.00 2,370.30 0.00 0.00 3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 CALLABLE 1,730.42 0.00 2,522.17 322.92 0.00 16 DETAIL OF RETURN AND INTEREST RECEIVED ATTACHMENT OF ATHERTON For the period December 1, 2024 - December 31, 2024
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value
Government Agencies
3134GW3X2 FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27JAN25) 1,741.71 0.00 2,117.13 322.92 0.00 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV25) 1,337.90 0.00 986.73 279.86 0,00 Total Government Agencies 8,267.77 0.00 3,407.01 9,880.83 16,406.25 Government Bonds
912828YV6 DTD 11/30/20191.5% DUE 11-30-2024 REG 0.00 0.00 0.00 0.00 3,750.00 91282CAJ0 USA TREASURY 0.25% 31 AUG2025 1,185.39 0.00 1,538.08 74.93 0.00 91282CBC4 USA TREASURY 0,375% 31 DEC2025 3,655.86 0.00 5,418.74 379.08 2,250.00 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,123.35 0.00 566.40 532.28 3,125.00 91282CEC1 USA TREASURY 1.875% 28FEB2027 1,094.15 0.00 (22.65) 931.29 0.00 91282CEN7 USA TREASURY 2.75% 30APR2027 1,136.11 0.00 (1,148.44) 1,648.49 0,00 912828XZ8 USA TREASURY 2.75% 30JUN2025 523.20 0.00 695.90 810.80 4,812.50 91282CFH9 USA TREASURY 3.125% 31 AUG2027 426.53 0.00 (1,464,84) 1,338.05 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 281.64 0.00 (1,132.81) 1,368.89 8,125.00 91282CFK2 USA TREASURY 3.5% 15SEP2025 340.05 0.00 1,123.53 2,247.93 0.00 91282CGH8 USA TREASURY 3.5% 31JAN2028 189.49 0.00 (2,324.22) 1,474.19 0.00 91282CGU9 USA TREASURY 3.875% 31MAR2025 566.92 0.00 469.72 1,650.07 0,00 91282CHKO USA TREASURY 4% 30JUN2028 94.07 0.00 (3,300.78) 1,684.78 10,000.00 Total Government Bonds 10,616.76 0.00 418.63 14,140.78 32,062.50 Grand total 24,359.49 0.00 (4,711.02) 39,530.77 49,118.32 17 TRANSACTION REPORT ATTACHMENT OF ATHERTON
For the period December 1, 2024 - December 31, 2024
Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total Settle date shares gain(loss)
11/30/2024 912828YV6 Income Government Bonds DTD 11/30/2019 1.5% DUE 11/30/2024 500,000.00 0.00 0.00 3,750.00 3,750.00 11/30/2024
11/30/2024 91282CDK4 Income Government Bonds USA TREASURY 1.25% 11/30/2026 500,000.00 0.00 0.00 3,125.00 3,125.00 11/30/2024
12/02/2024 3130B3W25 Bought Government Agencies FEDERAL HOME LOAN BANK 11/27/2028 650,000.00 0.00 (653,978.00) (621.11) (654,599.11) 12/03/2024
12/02/2024 912828YV6 Capital Change Government Bonds DTD 11/30/2019 1.5% DUE 11/30/2024 (500,000.00) 0.00 500,000.00 0.00 500,000.00 12102/2024
12072024 3133K79 Income Government Agencies FEDERAL FARM CREDIT BANK 12/07/2026 750,000.00 0.00 16,406.25 16,406.25 12131/2024 912828XZ8 Income Government Bonds USA TREASURY 2.75% 06/30/2025 350,000.00 0.00 0.00 4,812.50 4,812.50 12131/2024
12/31/2024 91282CBC4 Income Government Bonds USA TREASURY 0.375% 12/31/2025 1,200,000.00 0.00 0.00 2,250.00 2,250.00 12/31/2024
12131/2024 91282CEW7 Income Government Bonds USA TREASURY 3.25% 06/30/2027 500,000.00 0.00 0.00 8,125.00 8,125.00 12131/2024
12/31/2024 91282CHKO Income Government Bonds USA TREASURY 4% 30JUN2028 06/30/2028 500,000.00 0,00 0,00 10,000,00 10,000.00 12131/2024
12131/2024 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 649.57 649.57 18 ADDITIONAL INFORMATION ATTACHMENTMOF ATHERTON
As of December 31, 2024
Past performanceisnot indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations.
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 dues nol prehind or delict reper deduce of any e, expenses rames these actors revant any and camparson such as direne vestry, an healt any area shots listen earposes only.
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 is a client report intended for professional clients only. This material is for professional dients only and is not intended for distribution to retail clients. 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 (IMG), 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.
For clients based in North America:
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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. 19 ADDITIONAL INFORMATION ATTACHMENT OF ATHERTON
As of December 31, 2024
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. oh or before 3e third busines day extire the ast usinesed ay oftried of the most recently ised 3 year US Treasury note. The index is rebalanced monthly in order to qually for inclusion, a 3 year note must be auctioned 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. © 2024 Insight Investment. All rights reserved.