% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 3,553,426 3,553,426 3,553,426 9.1% LAIF Statement 19,450,730 19,474,038 19,450,730 49.6%
Investments (Schedule B) 17,030,000 16,900,082 16,225,293 41.4% Total Cash and Investments 40,034,157 39,927,547 39,229,450 100% 6/30/2025
Robert Barron, Finance Director Date
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
June 30, 2025
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 3,047,299
Wells Fargo Wells Fargo Trust MMF-Cash 506,127
Total 3,553,426
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank
June 30, 2025
Schedule B
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
June 30, 2025
See next pages Insight Report
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
June 30, 2025
Fund No. Fund Name
June
Balance
101 General Fund 17,591,395
105 Tennis Fund 194,813
610 Equipment Replacement Fund 631,440
614 Worker's Compensation 1,838,278
615 General Liability 660,647
616 Employee Benefits 1,145,862
Total Non-Restricted 22,062,435
201 Special Tax Fund 457,807
202 County Measure A Fund 1,941,470
203 Gas Tax Fund 353,948
204 Measure M 265,251
205 Measure W 990,017
209 SLES/COPS Grant 188
213 Library Fund 260,160
221 Refuse Rate and Stabilization 520,593
401 GF Projects 10,169,590
402 Storm Drainage 33,290
403 Atherton Channel Drainage District 1,254,763
406 Facilities Construction 886,855
730 H-P Park Improvement 6,752
740 Tree Committee 26,332
Total Restricted 17,167,015
Total Cash & Investments 39,229,450
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 6/30/2025 19,450,730 - 19,450,730 6/30/2025
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
June 30, 2025
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 6/1/2025 8,837,603 263,196 (4,027) (39,102) 9,057,670 6/30/2025 (*) Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
June 30, 2025
* 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 ATHERTONJune 2025 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 sold and matured 14Detail of return and interest received 15Transaction report 17Additional information 18
FIXED INCOME MARKET REVIEW
As of June 30, 2025
TOWN OF ATHERTON
Chart 1: The FOMC keeps two cuts on the agenda for 2025Source: Bureau Federal Reserve, Macrobond, Insight June 30, 2025Chart 2: Continuing jobless claims reach another new cycle highSource: Department of Labor, Bloomberg, June 30, 2025 Economic Indicators and Monetary Policy
The Federal Reserve’s latest median “dot plot” continued to project two rate cuts in 2025,albeit voting was heavily bifurcated among those voting for no cuts and those voting for two.Beyond 2025, the committees rate projections were slightly more hawkish than they were in March (Chart 1). The committee also slightly raised its inflation projections. Chair Powell strucknotes of caution stating: “we expect a meaningful amount of inflation to arrive in the comingmonths, and we have to take that into account”.The latest estimate of Q1 GDP was -0.5% SAAR, down from the previous estimate of -0.2%. Itshowed a lower positive contribution from consumption relative to the previous estimates.Inflation remained relatively stable. CPI rose from 2.3% to 2.4% while PCE rose from 2.2% to 2.3%.Core CPI remained at 2.8% while core PCE rose from 2.6% to 2.7%. The “stubborn” core servicescategories were generally relatively well behaved. There were some initial signs of tariffinflation within some minor categories such as auto parts and canned fruits and vegetables,albeit the impact was not enough to materially impact overall figures.Labor market data indicated tighter hiring conditions, if not an inflection point in layoffs.Monthly payrolls showed 139,000 jobs added to the economy, while the unemployment rateremained at 4.2% and wage growth remained at 3.9%. Weekly initial jobless claims eased from248,000 to 236,000, but continuing claims reached a new cycle high at just under two million(Chart 2).On the trade front, the White House further increased tariffs on steel and aluminum from 25%to 50%, including an expanding range of “derivative products”. The administration exemptedthe UK, depending on the status of the US-UK trade deal framework.Politics-wise, the Senate revised the proposed “One Big Beautiful Bill Act” to make certainbusiness-related tax provisions permanent, slow the phase-out of various clean energy credits,include a lower SALT cap and deeper Medicaid cuts.Interest Rate Summary It was a “risk on” month for markets, with equity markets continuing to recover while Treasuryyields fell across the curve. At the end of June, the 3-month US Treasury bill yielded 4.29%, the6-month US Treasury bill yielded 4.25%, the 2-year US Treasury note yielded 3.72%, the 5-yearUS Treasury note yielded 3.8% and the 10-year US Treasury note yielded 4.23%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2025 - June 30, 2025
TOWN OF ATHERTON
Amortized Cost Basis Activity Summary
Opening balance 17,236,233.87
Income received 45,017.82
Total receipts 45,017.82Total 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 (2,075.17)Total OID/MKT accretion income 25,432.29 Return of capital 0.00
Closing balance 17,304,608.81Ending fair value 17,406,209.29 Unrealized gain (loss) 101,600.48
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.65 2.12 0.35Overnight Repo 4.70 2.14 0.35Merrill Lynch 3m US Treas Bill 4.46 2.07 0.34Merrill Lynch 6m US Treas Bill 4.42 2.12 0.33ML 1 Year US Treasury Note 4.22 2.01 0.33ML 2 Year US Treasury Note 4.05 1.97 0.31ML 5 Year US Treasury Note 4.03 2.02 0.32 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 38,109.20Accretion (amortization) 23,357.12Realized gain (loss) on sales 0.00Total income on portfolio 61,466.32Average daily amortized cost 17,264,134.33Period return (%)Weighted average final maturity in days 559YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 299.07 0.00 299.07 0.00Corporate Bonds 13,900.92 5,474.97 19,375.89 0.00Government Agencies 11,831.02 8,156.51 19,987.53 0.00Government Bonds 12,078.19 9,725.64 21,803.83 0.00Total 38,109.20 23,357.12 0.00 61,466.32
0.352.19
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2025 - June 30, 2025
TOWN OF ATHERTON
Fair Value Basis Activity Summary
Opening balance 17,304,532.66
Income received 45,017.82
Total receipts 45,017.82Total 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 56,658.81 Ending fair value 17,406,209.29
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.65 2.12 0.35Overnight Repo 4.70 2.14 0.35ICE Bofa 3 Months US T-BILL 4.68 2.07 0.33ICE Bofa 6m US Treas Bill 4.82 2.03 0.35ICE Bofa 1 Yr US Treasury Note 4.76 1.96 0.41ICE BofA US Treasury 1-3 5.67 2.79 0.60ICE BofA US Treasury 1-5 6.07 3.39 0.74 * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 299.07 0.00 299.07Corporate Bonds 13,900.92 18,042.54 31,943.46Government Agencies 11,831.02 17,184.64 29,015.66Government Bonds 12,078.19 21,431.63 33,509.82Total 38,109.20 56,658.81 94,768.01 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 38,109.20Total income on portfolio 94,768.01Average daily total value * 17,444,612.43Period return (%) 0.54Weighted average final maturity in days 559Change in fair value 56,658.81YTD return (%) 2.76* Total value equals market value and accrued interest 5 RECAP OF SECURITIES HELD
As of June 30, 2025
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 506,127.34 506,127.34 506,127.34 0.00 3.03 0.00 1Corporate Bonds 4,843,907.50 4,983,083.83 5,031,494.83 48,411.00 644 28.95 1.52Government Agencies 5,649,206.25 5,851,691.57 5,871,598.23 19,906.66 569 33.76 1.45Government Bonds 5,732,179.65 5,963,706.07 5,996,988.89 33,282.82 527 34.26 1.37Total 16,731,420.74 17,304,608.81 17,406,209.29 101,600.48 559 100.00 1.40 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment Bonds Portfolio diversification (%)
Cash and Cash Equivalents 3.03Corporate Bonds 28.95Government Agencies 33.76Government Bonds 34.26 Portfolio diversification (%)
6 MATURITY DISTRIBUTION OF SECURITIES HELD
As of June 30, 2025
TOWN OF ATHERTON
Maturity Historic cost PercentUnder 90 days 1,571,089.23 9.3990 to 179 days 1,771,708.50 10.59180 days to 1 year 3,928,972.90 23.481 to 2 years 3,764,592.97 22.502 to 3 years 3,321,453.59 19.853 to 4 years 1,713,262.05 10.244 to 5 years 660,341.50 3.95Over 5 years 0.00 0.00 16,731,420.74 100.00
Maturity distribution
0.001.002.003.004.00
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 June 30, 2025
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 0.000 506,127.34 506,127.34 506,127.34 0.00 0.00 3.03 506,127.34 Total Cash and Cash Equivalents 506,127.34 506,127.34 506,127.34 506,127.34 0.00 3.03 0.00Corporate Bonds24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 0.700 01/15/2026 439,170.00 489,765.44 591.26 1,604.17 2. 500,000.00 490,356.70 62 037833EB2 0.700 02/08/2026 593,749.00 637,761.76 (1,552.86) 1,794.72 01/08/2026
APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 650,000.00 636,208.90 3.55 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 623,493.00 642,230.71 3,269.16 4,486.81 650,000.00 645,499.87 3.7394988J6D4 5.450 08/07/2026 397,028.00 398,855.59 6,243.65 8,659.44 07/07/2026
WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 400,000.00 405,099.24 2.3707JUL26) 437076BN1 2.125 09/15/2026 366,260.00 386,270.44 4,488.80 2,479.17 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 400,000.00 390,759.24 2.1915JUN26) 02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 4.900 07/09/2027 599,556.00 599,700.30 7,667.11 13,965.0 600,000.00 607,367.41 0 3.5889236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 5.450 11/10/2027 671,703.50 663,339.10 5,837.00 4,920.14 650,000.00 669,176.10 4.0146647PDA1 4.323 04/26/2028 588,900.00 592,633.83 6,788.79 4,611.20 04/26/2027
JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 600,000.00 599,422.62 3.5226APR27) 717081ET6 3.450 03/15/2029 564,048.00 572,526.66 15,078.09 6,037.50 12/15/2028
PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 600,000.00 587,604.75 3.37 Total Corporate Bonds 5,050,000.00 4,843,907.50 4,983,083.83 5,031,494.83 48,411.00 28.95 48,558.15 8 SECURITIES HELD
As of June 30, 2025
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 548,910.00 593,207.35 (405.23) 656.25 07/27/2025
FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27JUL25) 600,000.00 592,802.12 3.28 3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 CALLABLE 0.625 11/25/2025 547,626.00 591,636.31 (365.97) 364.58 3. 600,000.00 591,270.34 273134A2HG6 FREDDIE MAC 0% 11DEC2025 0.000 12/11/2025 675,172.50 736,675.46 (1,233.09) 0.00 4. 750,000.00 735,442.37 043130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 4.500 03/13/2026 758,133.75 751,916.05 (154.39) 10,031.2 750,000.00 751,761.66 5 4.533134GXCJ1 0.650 05/28/2026 451,345.00 485,372.28 (993.17) 288.89 11/28/2025
FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV25) 500,000.00 484,379.11 2.70 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1.875 09/24/2026 606,047.00 630,792.19 2,692.46 3,250.00 650,000.00 633,484.65 3.623133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 747,652.50 748,880.39 5,471.17 2,096.35 750,000.00 754,351.56 4.473130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 4.300 11/27/2028 653,978.00 653,399.03 9,208.51 2,562.08 650,000.00 662,607.54 3.913130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 4.375 03/08/2030 660,341.50 659,812.51 5,686.37 8,847.22 650,000.00 665,498.88 3.95 Total Government Agencies 5,900,000.00 5,649,206.25 5,851,691.57 5,871,598.23 19,906.66 33.76 28,096.62Government Bonds91282CAJ0 USA TREASURY 0.25% 31AUG2025 0.250 08/31/2025 326,062.89 347,629.23 (83.33) 290.08 1.9 350,000.00 347,545.90 5 91282CFK2 USA TREASURY 3.5% 15SEP2025 3.500 09/15/2025 738,899.00 749,155.36 24.33 7,632.47 4.4 750,000.00 749,179.69 2 9 SECURITIES HELD
As of June 30, 2025
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 Bonds91282CBC4 USA TREASURY 0.375% 31DEC2025 0.375 12/31/2025 1,063,082.15 1,178,300.70 (1,035.07) 0. 1,200,000.00 1,177,265.63 00 6.35 91282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 453,906.25 481,229.12 880.26 512.30 2.71 500,000.00 482,109.3891282CEC1 USA TREASURY 1.875% 28FEB2027 1.875 02/28/2027 540,646.09 558,540.65 3,628.88 3,605.30 580,000.00 562,169.53 3.2391282CEN7 USA TREASURY 2.75% 30APR2027 2.750 04/30/2027 653,053.13 675,482.08 12,103.85 3,190.9 700,000.00 687,585.93 0 3.9091282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 488,243.86 493,367.87 2,159.48 0.00 2.92 500,000.00 495,527.3591282CFH9 USA TREASURY 3.125% 31AUG2027 3.125 08/31/2027 482,071.99 489,102.85 4,744.81 5,180.03 500,000.00 493,847.66 2.8891282CGH8 USA TREASURY 3.5% 31JAN2028 3.500 01/31/2028 490,978.24 494,223.87 3,237.07 7,251.38 500,000.00 497,460.94 2.9391282CHK0 USA TREASURY 4% 30JUN2028 4.000 06/30/2028 495,236.05 496,674.34 7,622.54 0.00 2.96 500,000.00 504,296.88 Total Government Bonds 6,080,000.00 5,732,179.65 5,963,706.07 5,996,988.89 33,282.82 34.26 27,662.46Grand total 17,536,127.34 16,731,420.74 17,304,608.81 101,600.48 17,406,209.29 104,317.23 100.00 10 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025
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/Bond91282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aa1 350,000.00 326,062.89 1.95 347,545.90 2.00 0.1791282CFK2 USA TREASURY 3.5% 3.500 09/15/2025 AA+ Aa1 750,000.00 738,899.00 4.42 749,179.69 4.30 0.2191282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aa1 1,200,000.00 1,063,082.15 6.35 1,177,265.63 6.76 0.4991282CDK4 USA TREASURY 1.25% 1.250 11/30/2026 AA+ Aa1 500,000.00 453,906.25 2.71 482,109.38 2.77 1.3891282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 AA+ Aa1 580,000.00 540,646.09 3.23 562,169.53 3.23 1.6091282CEN7 USA TREASURY 2.75% 2.750 04/30/2027 AA+ Aa1 700,000.00 653,053.13 3.90 687,585.93 3.95 1.7591282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 500,000.00 488,243.86 2.92 495,527.35 2.85 1.9191282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 AA+ Aa1 500,000.00 482,071.99 2.88 493,847.66 2.84 2.0591282CGH8 USA TREASURY 3.5% 3.500 01/31/2028 AA+ Aa1 500,000.00 490,978.24 2.93 497,460.94 2.86 2.4191282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aa1 500,000.00 495,236.05 2.96 504,296.88 2.90 2.80Issuer total 6,080,000.00 5,732,179.65 34.26 5,996,988.89 34.45 1.37Federal Home Loan Mortgage Corp3134GW3X2 FREDDIE MAC 0.625% 0.625 10/27/2025 07/27/2025 AA+ Aa1 600,000.00 548,910.00 3.28 592,802.12 3.41 0.323134GXCS1 FREDDIE MAC 0.625% 0.625 11/25/2025 AA+ Aa1 600,000.00 547,626.00 3.27 591,270.34 3.40 0.403134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aa1 750,000.00 675,172.50 4.04 735,442.37 4.23 0.443134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 11/28/2025 AA+ Aa1 500,000.00 451,345.00 2.70 484,379.11 2.78 0.89Issuer total 2,450,000.00 2,223,053.50 13.29 2,403,893.94 13.81 0.49Federal Home Loan Banks3130AV6J6 FEDERAL HOME LOAN 4.500 03/13/2026 AA+ Aa1 750,000.00 758,133.75 4.53 751,761.66 4.32 0.683130B3W25 FEDERAL HOME LOAN 4.300 11/27/2028 AA+ Aa1 650,000.00 653,978.00 3.91 662,607.54 3.81 3.143130AV5P3 FEDERAL HOME LOAN 4.375 03/08/2030 AA+ Aa1 650,000.00 660,341.50 3.95 665,498.88 3.82 4.16Issuer total 2,050,000.00 2,072,453.25 12.39 2,079,868.08 11.95 2.57 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025
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 Farm Credit Banks Funding Corp3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aa1 750,000.00 747,652.50 4.47 754,351.56 4.33 1.38 Issuer total 750,000.00 747,652.50 4.47 754,351.56 4.33 1.38 Toyota Motor Credit Corp89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A+ A1 650,000.00 671,703.50 4.01 669,176.10 3.84 2.18 Issuer total 650,000.00 671,703.50 4.01 669,176.10 3.84 2.18 Bank of America Corp06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 650,000.00 623,493.00 3.73 645,499.87 3.71 0.78 Issuer total 650,000.00 623,493.00 3.73 645,499.87 3.71 0.78 Apple Inc037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 650,000.00 593,749.00 3.55 636,208.90 3.66 0.60 Issuer total 650,000.00 593,749.00 3.55 636,208.90 3.66 0.60 Federal National Mortgage Association3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aa1 650,000.00 606,047.00 3.62 633,484.65 3.64 1.20 Issuer total 650,000.00 606,047.00 3.62 633,484.65 3.64 1.20 American Honda Finance Corp02665WFK2 AMERICAN HONDA 4.900 07/09/2027 A- A3 600,000.00 599,556.00 3.58 607,367.41 3.49 1.86 Issuer total 600,000.00 599,556.00 3.58 607,367.41 3.49 1.86 JPMorgan Chase & Co46647PDA1 JPMORGAN CHASE & CO 4.323 04/26/2028 04/26/2027 A A1 600,000.00 588,900.00 3.52 599,422.62 3.44 1.72 Issuer total 600,000.00 588,900.00 3.52 599,422.62 3.44 1.72 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 30, 2025
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 Inc717081ET6 PFIZER INC 3.45% 3.450 03/15/2029 12/15/2028 A A2 600,000.00 564,048.00 3.37 587,604.75 3.38 3.32 Issuer total 600,000.00 564,048.00 3.37 587,604.75 3.38 3.32 Cash and Cash Equivalents
CASH 0.000 506,127.34 506,127.34 0.00 506,127.34 2.91 0.00 Issuer total 506,127.34 506,127.34 0.00 506,127.34 2.91 0.00 John Deere Capital Corp24422EVK2 JOHN DEERE CAPITAL 0.700 01/15/2026 A A1 500,000.00 439,170.00 2.62 490,356.70 2.82 0.53 Issuer total 500,000.00 439,170.00 2.62 490,356.70 2.82 0.53 Wells Fargo Bank NA94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 07/07/2026 A+ Aa2 400,000.00 397,028.00 2.37 405,099.24 2.33 0.97 Issuer total 400,000.00 397,028.00 2.37 405,099.24 2.33 0.97 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 2.19 390,759.24 2.24 1.15 Issuer total 400,000.00 366,260.00 2.19 390,759.24 2.24 1.15 Grand total 17,536,127.34 16,731,420.74 100.00 17,406,209.29 100.00 1.40 13 SECURITIES SOLD AND MATURED
For the period June 1, 2025 - June 30, 2025
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 Bonds912828XZ8 06/30/2025 (350,000.00) 337,409.38 350,000.00 0.00 350,0 2.750 00.00 0.00 0.00 06/30/2025
USA TREASURY 2.75% 30JUN2025
Total (Government Bonds) (350,000.00) 337,409.38 350,000.00 350,000.00 0.00 0.00 Grand total (350,000.00) 337,409.38 350,000.00 350,000.00 0.00 0.00 14 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2025 - June 30, 2025
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 0.00 299.07 299.07
Total Cash 0.00 0.00 0.00 299.07 299.07Corporate Bonds
02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 12.33 0.00 3,447.93 2,368.33 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 1,684.16 0.00 2,036.26 366.53 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.50 0.00 1,581.79 1,832.64 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 946.87 0.00 743.17 684.73 0.00 24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 1,574.54 0.00 1,539.69 281.95 0.00 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 26APR27) 217.50 0.00 2,070.94 2,089.45 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 617.38 0.00 4,179.18 1,667.50 0.00 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 (470.79) 0.00 1,773.38 2,853.68 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 86.48 0.00 670.20 1,756.11 0.00 Total Corporate Bonds 5,474.97 0.00 18,042.54 13,900.92 0.00Government Agencies 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1,297.82 0.00 1,455.24 981.77 0.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 64.97 0.00 (140.57) 2,643.22 16,406.25 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 (83.11) 0.00 3,520.64 2,251.52 0.00 3130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 (180.20) 0.00 4,921.03 2,369.79 0.00 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 (227.20) 0.00 92.67 2,718.75 0.00 3134A2HG6 FREDDIE MAC 0% 11DEC2025 2,474.21 0.00 2,105.67 0.00 0.00 15 DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2025 - June 30, 2025
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Agencies
3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 CALLABLE 1,730.42 0.00 1,450.34 302.08 0.00 3134GW3X2 FREDDIE MAC 0.625% 27OCT2025 (CALLABLE 27JUL25) 1,741.70 0.00 1,961.64 302.08 0.00 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV25) 1,337.90 0.00 1,817.98 261.81 0.00 Total Government Agencies 8,156.51 0.00 17,184.64 16,406.25 11,831.02Government Bonds 91282CAJ0 USA TREASURY 0.25% 31AUG2025 1,147.14 0.00 987.79 71.33 0.00 91282CBC4 USA TREASURY 0.375% 31DEC2025 3,537.93 0.00 3,808.60 372.93 2,250.00 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,087.12 0.00 1,933.60 512.30 3,125.00 91282CEC1 USA TREASURY 1.875% 28FEB2027 1,058.85 0.00 2,356.25 886.55 0.00 91282CEN7 USA TREASURY 2.75% 30APR2027 1,099.46 0.00 2,597.65 1,569.30 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 506.33 0.00 455.73 797.65 4,812.50 91282CFH9 USA TREASURY 3.125% 31AUG2027 412.77 0.00 1,972.66 1,273.78 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 272.56 0.00 1,796.88 1,346.68 8,125.00 91282CFK2 USA TREASURY 3.5% 15SEP2025 329.08 0.00 1,069.34 2,139.94 0.00 91282CGH8 USA TREASURY 3.5% 31JAN2028 183.37 0.00 2,109.38 1,450.27 0.00 91282CHK0 USA TREASURY 4% 30JUN2028 91.03 0.00 2,343.75 1,657.46 10,000.00 Total Government Bonds 9,725.64 0.00 21,431.63 28,312.50 12,078.19Grand total 23,357.12 0.00 56,658.81 45,017.82 38,109.20 16 TRANSACTION REPORT
For the period June 1, 2025 - June 30, 2025
TOWN OF ATHERTON
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
05/31/2025 3,125.0005/31/2025
91282CDK4 Government Bonds USA TREASURY 1.25% 11/30/20 Income 26 500,000.00 0.00 3,125.00 0.00 06/07/2025 16,406.2506/07/2025
3133EPK79 Government Agencies FEDERAL FARM CREDIT BAN Income K 12/07/2026 750,000.00 0.00 16,406.25 0.00 06/30/2025 4,812.5006/30/2025
912828XZ8 Government Bonds USA TREASURY 2.75% 06/30/20 Income 25 350,000.00 0.00 4,812.50 0.00 06/30/2025 0.0006/30/2025
912828XZ8 Government Bonds USA TREASURY 2.75% 06/30/20 Capital Change 25 (350,000.00) 350,000.00 350,000.00 0.00 06/30/2025 2,250.0006/30/2025
91282CBC4 Government Bonds USA TREASURY 0.375% 12/31/2 Income 025 1,200,000.00 0.00 2,250.00 0.00 06/30/2025 8,125.0006/30/2025
91282CEW7 Government Bonds USA TREASURY 3.25% 06/30/20 Income 27 500,000.00 0.00 8,125.00 0.00 06/30/2025 10,000.0006/30/2025
91282CHK0 Government Bonds USA TREASURY 4% 30JUN2028 0 Income 6/30/2028 500,000.00 0.00 10,000.00 0.00 06/30/2025 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 299.07 299.07 17 ADDITIONAL INFORMATION
As of June 30, 2025
TOWN OF ATHERTON
The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only. Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.
Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy.Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteriawhen 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 noguarantee that the specific approach will be applied across the whole portfolio. . This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agentsand 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 theinvestment 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. Itshould not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security.Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.
Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in theaccount at the end of the period and all transactions in the account during that period.
Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is 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. 18 ADDITIONAL INFORMATION
As of June 30, 2025
TOWN OF ATHERTON
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be 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. © 2025 Insight Investment. All rights reserved.
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