% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 1,933,945 1,933,945 1,933,945 5.2% LAIF Statement 18,263,833 18,299,075 18,263,833 49.3%
Investments (Schedule B) 17,590,000 17,574,371 16,856,287 45.5% Total Cash and Investments 37,787,778 37,807,391 37,054,065 100% 9/30/2025
Robert Barron, Finance Director Date
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
September 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 1,918,375
Wells Fargo Wells Fargo Trust MMF-Cash 15,570
Total 1,933,945
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank
September 30, 2025
Schedule B
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
September 30, 2025
See next pages Insight Report
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
September 30, 2025
Fund No. Fund Name
June
Balance
101 General Fund 15,042,370
105 Tennis Fund 213,542
610 Equipment Replacement Fund 697,905
614 Worker's Compensation 1,823,576
615 General Liability 216,206
616 Employee Benefits 1,415,886
Total Non-Restricted 19,409,485
201 Special Tax Fund 473,469
202 County Measure A Fund 2,099,460
203 Gas Tax Fund 426,118
204 Measure M 274,325
205 Measure W 1,076,305
209 SLES/COPS Grant 195
213 Library Fund 258,451
221 Refuse Rate and Stabilization 531,914
401 GF Projects 10,234,731
402 Storm Drainage 34,429
403 Atherton Channel Drainage District 1,283,916
406 Facilities Construction 917,196
730 H-P Park Improvement 6,983
740 Tree Committee 27,088
Total Restricted 17,644,580
Total Cash & Investments 37,054,065
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 9/1/2025 18,263,833 - 18,263,833 9/30/2025
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
September 30, 2025
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 9/1/2025 9,037,452 194,181 (4,124) (40,480) 9,187,029 9/30/2025 (*) Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
September 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 ATHERTONSeptember 2025 Treasurer's Report Schedule B
Contents
Fixed income market review 3Activity and performance summary 4Performance 6Recap of securities held 7Maturity distribution of securities held 8Securities held 9GASB 40 - Deposit and investment risk disclosure 12Securities purchased 15Securities sold and matured 16Detail of return and interest received 17Transaction report 19Additional information 20
FIXED INCOME MARKET REVIEW
As of September 30, 2025
TOWN OF ATHERTON
Chart 1: The FOMC cut rates and forecast a steeper rate-cutting profileSource: Federal Reserve, Bloomberg, Insight September 17, 2025Chart 2: Payrolls data faced downward revisions over the yearSource: Department of Labor, Bloomberg, September 30, 2025 Economic Indicators and Monetary Policy
The FOMC delivered a 25bp cut to the Fed Funds rate, taking it to a target range of 4% to 4.25%.It marked the first rate cut since December 2024. The only dissenting vote was from the newestmember, Stephen Miran, who voted for a 50bp cut. The Fed’s updated “dot plot” reflected twofurther additional rate cuts by year-end, a slightly faster profile than in June (Chart 1). Individualprojections were bifurcated with six members projecting no further rate cuts this year.The FOMC cited labor market conditions as the main driver of its decision to cut rates, noting“Job gains have slowed, and the unemployment rate has edged up” and “downside risks toemployment have risen.”This decision reflected increasingly finely-balanced labor market metrics. The US economyadded 22,000 jobs in August, below expectations for 75,000. The two previous months wererevised down by 21,000, adding overall to the total downward revisions year-to-date (Chart 2).Job gains continued to be heavily concentrated in healthcare and leisure and hospitality. Theunemployment rate remained at 4.3% while the broader U6 unemployment measure increasedfrom 7.9% to 8.1%, a new post-pandemic high. Elsewhere, the ratio of job openings tounemployed edged below one for the first time since 2017. Initial jobless claims briefly reached264,000, the highest since 2021, albeit reports later indicated this was inflated by cases offraud in Texas. The measure subsequently eased to 218,000 by the end of the month.Continuing jobless claims remained around cycle highs.Inflation remained above-target (which the FOMC also acknowledged). Headline CPI rose from2.7% to 2.9% and PCE increased from 2.6% to 2.7%. Core CPI remained at 3.1% and core PCEremained at 2.9%. Inflation was notable in food, shelter and “supercore” (ie excluding food,energy and shelter) categories. Tariff inflation was evident in small categories like televisions,sewing machines and jewelry.The third estimate of Q2 GDP growth was revised up from 3.3% to 3.8% SAAR, which reflectedupward revisions to consumption and business investment.Interest Rate SummaryIt was a risk-on month for assets and longer-dated Treasury yields eased. At the end ofSeptember, the 3-month US Treasury bill yielded 3.93%, the 6-month US Treasury bill yielded3.84%, the 2-year US Treasury note yielded 3.61%, the 5-year US Treasury note yielded 3.74%and the 10-year US Treasury note yielded 4.15%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2025 - September 30, 2025
TOWN OF ATHERTON
Amortized Cost Basis Activity Summary
Opening balance 17,387,516.19
Income received 68,332.53
Total receipts 68,332.53Total 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 (2,586.72)Total OID/MKT accretion income 23,649.32 Return of capital 0.00
Closing balance 17,476,911.32Ending fair value 17,589,941.30 Unrealized gain (loss) 113,029.98
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.40 2.14 0.34Overnight Repo 4.45 2.16 0.35Merrill Lynch 3m US Treas Bill 4.23 2.06 0.32Merrill Lynch 6m US Treas Bill 4.22 2.09 0.30ML 1 Year US Treasury Note 4.08 1.96 0.30ML 2 Year US Treasury Note 3.97 1.88 0.29ML 5 Year US Treasury Note 4.04 1.93 0.30 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 39,982.35Accretion (amortization) 21,062.60Realized gain (loss) on sales 0.00Total income on portfolio 61,044.95Average daily amortized cost 17,440,842.66Period return (%)Weighted average final maturity in days 621YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 158.35 0.00 158.35 0.00Corporate Bonds 13,900.92 5,474.98 19,375.90 0.00Government Agencies 12,411.98 8,103.57 20,515.55 0.00Government Bonds 13,511.10 7,484.05 20,995.15 0.00Total 39,982.35 21,062.60 0.00 61,044.95
0.353.30
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2025 - September 30, 2025
TOWN OF ATHERTON
Fair Value Basis Activity Summary
Opening balance 17,506,733.95
Income received 68,332.53
Total receipts 68,332.53Total 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 14,874.82 Ending fair value 17,589,941.30
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.40 2.14 0.34Overnight Repo 4.45 2.16 0.35ICE Bofa 3 Months US T-BILL 4.38 2.13 0.33ICE Bofa 6m US Treas Bill 4.37 2.16 0.36ICE Bofa 1 Yr US Treasury Note 3.85 2.05 0.42ICE BofA US Treasury 1-3 3.87 2.31 0.31ICE BofA US Treasury 1-5 3.77 2.52 0.23 * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 158.35 0.00 158.35Corporate Bonds 13,900.92 6,662.66 20,563.58Government Agencies 12,411.98 6,076.44 18,488.42Government Bonds 13,511.10 2,135.72 15,646.82Total 39,982.35 14,874.82 54,857.17 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 39,982.35Total income on portfolio 54,857.17Average daily total value * 17,693,978.87Period return (%) 0.31Weighted average final maturity in days 621Change in fair value 14,874.82YTD return (%) 3.93* Total value equals market value and accrued interest 5 PERFORMANCE
For the period September 1, 2025 - September 30, 2025
TOWN OF ATHERTON
Total return performance (%)
1 month 3 months YTD 1 year 3 years* 5 years* Since inception* 10 years* TOWN OF ATHERTON 0.31 1.14 3.96 4.70 2.30 3.93 1.85 1.85 Benchmark 0.31 1.12 3.87 4.35 1.57 3.93 1.69 1.70
012345
(% )
1 month 3 months YTD 1 year 3 years* 5 years* 10 years* Since inception*
TOWN OF ATHERTON BENCHMARK
Total return performance
*Returns for periods greater than one year are annualizedReturns are gross of feesPortfolio inception is 08/31/2015Benchmark historyICE BofA US Treasury 1-3: 08/31/2015 - present 6 RECAP OF SECURITIES HELD
As of September 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 15,570.24 15,570.24 15,570.24 0.00 0.09 0.00 1Corporate Bonds 4,843,907.50 4,999,508.78 5,053,762.38 54,253.60 552 28.71 1.29Government Agencies 6,047,991.00 6,274,958.65 6,299,335.23 24,376.58 558 35.85 1.41Government Bonds 5,964,388.81 6,186,873.65 6,221,273.45 34,399.80 741 35.35 1.89Total 16,871,857.55 17,476,911.32 17,589,941.30 113,029.98 621 100.00 1.54 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.09Corporate Bonds 28.71Government Agencies 35.85Government Bonds 35.35 Portfolio diversification (%)
7 MATURITY DISTRIBUTION OF SECURITIES HELD
As of September 30, 2025
TOWN OF ATHERTON
Maturity Historic cost PercentUnder 90 days 1,787,278.74 10.5990 to 179 days 2,854,134.90 16.92180 days to 1 year 2,444,173.00 14.491 to 2 years 4,554,029.82 26.992 to 3 years 1,657,917.79 9.833 to 4 years 1,710,702.61 10.144 to 5 years 1,863,620.69 11.05Over 5 years 0.00 0.00 16,871,857.55 100.00
Maturity distribution
0.001.002.003.004.005.00
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
8 SECURITIES HELD
As of September 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 15,570.24 15,570.24 15,570.24 0.00 0.00 0.09 15,570.24 Total Cash and Cash Equivalents 15,570.24 15,570.24 15,570.24 15,570.24 0.00 0.09 0.00Corporate Bonds24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 0.700 01/15/2026 439,170.00 494,489.09 457.36 729.17 2.60 500,000.00 494,946.45 037833EB2 0.700 02/08/2026 593,749.00 642,814.24 (289.45) 657.22 01/08/2026
APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 650,000.00 642,524.79 3.52 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 623,493.00 644,650.21 3,316.99 10,174.3 650,000.00 647,967.20 1 3.7094988J6D4 5.450 08/07/2026 397,028.00 399,115.03 5,265.29 3,209.44 07/07/2026
WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 400,000.00 404,380.32 2.3507JUL26) 437076BN1 2.125 09/15/2026 366,260.00 389,111.04 4,729.58 354.17 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 400,000.00 393,840.62 2.1715JUN26) 02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 4.900 07/09/2027 599,556.00 599,737.30 8,738.76 6,615.00 600,000.00 608,476.06 3.5589236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 5.450 11/10/2027 671,703.50 661,926.72 7,916.27 13,776.3 650,000.00 669,842.99 9 3.9846647PDA1 4.323 04/26/2028 588,900.00 593,286.35 8,196.08 11,095.70 04/26/2027
JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 600,000.00 601,482.43 3.4926APR27) 717081ET6 3.450 03/15/2029 564,048.00 574,378.80 15,922.72 862.50 12/15/2028
PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 600,000.00 590,301.52 3.34 Total Corporate Bonds 5,050,000.00 4,843,907.50 4,999,508.78 5,053,762.38 54,253.60 28.71 47,473.90 9 SECURITIES HELD
As of September 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 FREDDIE MAC 0.625% 27OCT2025 CALLABLE 0.625 10/27/2025 548,910.00 598,432.47 23.53 1,593.75 3.2 600,000.00 598,456.00 5 3134GXCS1 FREDDIE MAC 0.625% 25NOV2025 CALLABLE 0.625 11/25/2025 547,626.00 596,827.57 (18.77) 1,302.08 3 600,000.00 596,808.80 .253134A2HG6 FREDDIE MAC 0% 11DEC2025 0.000 12/11/2025 675,172.50 744,170.52 19.59 0.00 4.00 750,000.00 744,190.113130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 4.500 03/13/2026 758,133.75 751,234.45 957.21 1,593.75 4. 750,000.00 752,191.66 49 3134GXCJ1 0.650 05/28/2026 451,345.00 489,385.99 499.46 1,101.39 11/28/2025
FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV25) 500,000.00 489,885.45 2.68 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1.875 09/24/2026 606,047.00 634,685.67 3,808.80 203.13 3. 650,000.00 638,494.47 59 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 747,652.50 749,075.29 6,433.23 10,299.4 750,000.00 755,508.52 8 4.433130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 4.300 11/27/2028 653,978.00 653,149.71 8,005.82 9,549.58 650,000.00 661,155.53 3.883130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 4.375 03/08/2030 660,341.50 659,289.33 7,382.38 1,737.85 650,000.00 666,671.71 3.913130AWGS3 FEDERAL HOME LOAN BANK 4.125% 14JUN2030 4.125 06/14/2030 398,784.75 398,707.65 (2,734.67) 4,736. 390,000.00 395,972.98 88 2.36 Total Government Agencies 6,290,000.00 6,047,991.00 6,274,958.65 6,299,335.23 24,376.58 35.85 32,117.89Government Bonds91282CBC4 USA TREASURY 0.375% 31DEC2025 0.375 12/31/2025 1,063,082.15 1,189,150.35 35.59 1,125.0 1,200,000.00 1,189,185.94 0 6.30 10 SECURITIES HELD
As of September 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 Bonds91282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 453,906.25 484,562.94 1,472.22 2,083.33 500,000.00 486,035.16 2.69 91282CEC1 USA TREASURY 1.875% 28FEB2027 1.875 02/28/2027 540,646.09 561,787.79 3,916.11 901.24 3. 580,000.00 565,703.90 2091282CEN7 USA TREASURY 2.75% 30APR2027 2.750 04/30/2027 653,053.13 678,853.75 11,493.91 8,003.4 700,000.00 690,347.66 0 3.8791282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 488,243.86 494,203.70 2,554.11 4,062.50 500,000.00 496,757.81 2.8991282CFH9 USA TREASURY 3.125% 31AUG2027 3.125 08/31/2027 482,071.99 490,368.68 5,002.42 1,294.89 500,000.00 495,371.10 2.8691282CGH8 USA TREASURY 3.5% 31JAN2028 3.500 01/31/2028 490,978.24 494,786.21 3,885.67 2,900.82 500,000.00 498,671.88 2.9191282CHK0 USA TREASURY 4% 30JUN2028 4.000 06/30/2028 495,236.05 496,953.50 7,948.85 5,000.00 500,000.00 504,902.35 2.9491282CKT7 USA TREASURY 4.5% 31MAY2029 4.500 05/31/2029 492,676.61 491,869.92 1,592.58 7,200.00 480,000.00 493,462.50 2.9291282CFY2 USA TREASURY 3.875% 30NOV2029 3.875 11/30/2029 403,813.84 403,749.78 (1,171.66) 5,166. 400,000.00 402,578.12 67 2.3991282CMG3 USA TREASURY 4.25% 31JAN2030 4.250 01/31/2030 400,680.60 400,587.03 (2,330.00) 2,747. 390,000.00 398,257.03 49 2.37 Total Government Bonds 6,250,000.00 5,964,388.81 6,186,873.65 6,221,273.45 34,399.80 35.35 40,485.34Grand total 17,605,570.24 16,871,857.55 17,476,911.32 113,029.98 17,589,941.30 120,077.13 100.00 11 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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/Bond91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aa1 1,200,000.00 1,063,082.15 6.30 1,189,185.94 6.76 0.2591282CDK4 USA TREASURY 1.25% 1.250 11/30/2026 AA+ Aa1 500,000.00 453,906.25 2.69 486,035.16 2.76 1.1391282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 AA+ Aa1 580,000.00 540,646.09 3.20 565,703.90 3.22 1.3791282CEN7 USA TREASURY 2.75% 2.750 04/30/2027 AA+ Aa1 700,000.00 653,053.13 3.87 690,347.66 3.92 1.5191282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 500,000.00 488,243.86 2.89 496,757.81 2.82 1.6791282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 AA+ Aa1 500,000.00 482,071.99 2.86 495,371.10 2.82 1.8491282CGH8 USA TREASURY 3.5% 3.500 01/31/2028 AA+ Aa1 500,000.00 490,978.24 2.91 498,671.88 2.83 2.2191282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aa1 500,000.00 495,236.05 2.94 504,902.35 2.87 2.5691282CKT7 USA TREASURY 4.5% 4.500 05/31/2029 AA+ Aa1 480,000.00 492,676.61 2.92 493,462.50 2.81 3.3191282CFY2 USA TREASURY 3.875% 3.875 11/30/2029 AA+ Aa1 400,000.00 403,813.84 2.39 402,578.12 2.29 3.7791282CMG3 USA TREASURY 4.25% 4.250 01/31/2030 AA+ Aa1 390,000.00 400,680.60 2.37 398,257.03 2.26 3.91Issuer total 6,250,000.00 5,964,388.81 35.35 6,221,273.45 35.37 1.89Federal Home Loan Banks3130AV6J6 FEDERAL HOME LOAN 4.500 03/13/2026 AA+ Aa1 750,000.00 758,133.75 4.49 752,191.66 4.28 0.443130B3W25 FEDERAL HOME LOAN 4.300 11/27/2028 AA+ Aa1 650,000.00 653,978.00 3.88 661,155.53 3.76 2.903130AV5P3 FEDERAL HOME LOAN 4.375 03/08/2030 AA+ Aa1 650,000.00 660,341.50 3.91 666,671.71 3.79 4.003130AWGS3 FEDERAL HOME LOAN 4.125 06/14/2030 AA+ Aa1 390,000.00 398,784.75 2.36 395,972.98 2.25 4.20Issuer total 2,440,000.00 2,471,238.00 14.65 2,475,991.88 14.08 2.65Federal Home Loan Mortgage Corp3134GW3X2 FREDDIE MAC 0.625% 0.625 10/27/2025 AA+ Aa1 600,000.00 548,910.00 3.25 598,456.00 3.40 0.073134GXCS1 FREDDIE MAC 0.625% 0.625 11/25/2025 AA+ Aa1 600,000.00 547,626.00 3.25 596,808.80 3.39 0.153134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aa1 750,000.00 675,172.50 4.00 744,190.11 4.23 0.203134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 11/28/2025 AA+ Aa1 500,000.00 451,345.00 2.68 489,885.45 2.79 0.64Issuer total 2,450,000.00 2,223,053.50 13.18 2,429,340.36 13.81 0.24 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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 4.43 755,508.52 4.30 1.13 Issuer total 750,000.00 747,652.50 4.43 755,508.52 4.30 1.13 Toyota Motor Credit Corp89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A+ A1 650,000.00 671,703.50 3.98 669,842.99 3.81 1.94 Issuer total 650,000.00 671,703.50 3.98 669,842.99 3.81 1.94 Bank of America Corp06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 650,000.00 623,493.00 3.70 647,967.20 3.68 0.53 Issuer total 650,000.00 623,493.00 3.70 647,967.20 3.68 0.53 Apple Inc037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 650,000.00 593,749.00 3.52 642,524.79 3.65 0.36 Issuer total 650,000.00 593,749.00 3.52 642,524.79 3.65 0.36 Federal National Mortgage Association3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aa1 650,000.00 606,047.00 3.59 638,494.47 3.63 0.98 Issuer total 650,000.00 606,047.00 3.59 638,494.47 3.63 0.98 American Honda Finance Corp02665WFK2 AMERICAN HONDA 4.900 07/09/2027 A- A3 600,000.00 599,556.00 3.55 608,476.06 3.46 1.67 Issuer total 600,000.00 599,556.00 3.55 608,476.06 3.46 1.67 JPMorgan Chase & Co46647PDA1 JPMORGAN CHASE & CO 4.323 04/26/2028 04/26/2027 A A1 600,000.00 588,900.00 3.49 601,482.43 3.42 1.47 Issuer total 600,000.00 588,900.00 3.49 601,482.43 3.42 1.47 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of September 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 3.34 590,301.52 3.36 3.14 Issuer total 600,000.00 564,048.00 3.34 590,301.52 3.36 3.14 John Deere Capital Corp24422EVK2 JOHN DEERE CAPITAL 0.700 01/15/2026 A A1 500,000.00 439,170.00 2.60 494,946.45 2.81 0.29 Issuer total 500,000.00 439,170.00 2.60 494,946.45 2.81 0.29 Wells Fargo Bank NA94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 07/07/2026 A+ Aa2 400,000.00 397,028.00 2.35 404,380.32 2.30 0.75 Issuer total 400,000.00 397,028.00 2.35 404,380.32 2.30 0.75 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 2.17 393,840.62 2.24 0.93 Issuer total 400,000.00 366,260.00 2.17 393,840.62 2.24 0.93 Cash and Cash Equivalents
CASH 0.000 15,570.24 15,570.24 0.00 15,570.24 0.09 0.00 Issuer total 15,570.24 15,570.24 0.00 15,570.24 0.09 0.00 Grand total 17,605,570.24 16,871,857.55 100.00 17,589,941.30 100.00 1.54 14 SECURITIES PURCHASED
For the period September 1, 2025 - September 30, 2025
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 Agencies3130AWGS3 09/16/2025 06/14/2030 390,000.00 102.25 (398,784.75) (4, 4.125 155.94) 09/17/2025
FEDERAL HOME LOAN BANK 4.125%NOMURA SECURITIES NEW YORK Total Government Agencies 390,000.00 (398,784.75) (4,155.94) Government Bonds91282CFY2 09/04/2025 11/30/2029 400,000.00 100.95 (403,813.84) (4, 3.875 107.92) 09/05/2025
USA TREASURY 3.875% 30NOV2029RBS SECURITIES INC.
91282CMG3 09/16/2025 01/31/2030 390,000.00 102.74 (400,680.60) (2, 4.250 161.96) 09/17/2025
USA TREASURY 4.25% 31JAN2030MERRILL LYNCH, PIERCE,
Total Government Bonds 790,000.00 (804,494.44) (6,269.88) Grand total Grand total 1,180,000.00 (1,203,279.19) (10,425.82) 15 SECURITIES SOLD AND MATURED
For the period September 1, 2025 - September 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 Bonds91282CAJ0 09/02/2025 (350,000.00) 326,062.89 350,000.00 0.00 350,0 0.250 00.00 0.00 0.00 09/02/2025
UNITED STS TREAS NTS .25% DUE08-31-2025 REG
91282CFK2 09/15/2025 (750,000.00) 738,899.00 750,000.00 0.00 750,0 3.500 00.00 0.00 0.00 09/15/2025
UNITED STATES OF AMER TREASNOTES 3.5% 09-15-2025
Total (Government Bonds) (1,100,000.00) 1,064,961.89 1,100,000.00 1,100,000.00 0.00 0.00 Grand total (1,100,000.00) 1,064,961.89 1,100,000.00 1,100,000.00 0.00 0.00 16 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2025 - September 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 0.00 158.35 158.35
Total Cash 0.00 0.00 0.00 158.35 158.35Corporate Bonds
02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 12.33 0.00 450.97 2,368.33 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 1,684.16 0.00 2,113.72 366.53 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.50 0.00 389.87 1,832.64 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 946.87 0.00 1,380.94 684.73 4,250.00 24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 1,574.55 0.00 1,538.67 281.95 0.00 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 26APR27) 217.51 0.00 767.07 2,089.45 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 617.38 0.00 (344.97) 1,667.50 10,350.00 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 (470.80) 0.00 187.30 2,853.68 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 86.48 0.00 179.09 1,756.11 0.00 Total Corporate Bonds 5,474.98 0.00 6,662.66 14,600.00 13,900.92Government Agencies 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1,297.83 0.00 2,166.75 981.78 6,093.75 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 64.96 0.00 781.76 2,643.23 0.00 3130AWGS3 FEDERAL HOME LOAN BANK 4.125% 14JUN2030 (77.10) 0.00 (2,811.77) 580.94 0.00 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 (83.11) 0.00 (1,753.71) 2,251.52 0.00 3130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 (180.21) 0.00 (889.62) 2,369.79 14,218.75 3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 (227.20) 0.00 77.00 2,718.75 16,875.00 3134A2HG6 FREDDIE MAC 0% 11DEC2025 2,498.36 0.00 2,533.05 0.00 0.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2025 - September 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 1,772.02 302.08 0.00 3134GW3X2 FREDDIE MAC 0.625% 27OCT2025 CALLABLE 1,741.71 0.00 1,806.78 302.08 0.00 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 (CALLABLE 28NOV25) 1,337.91 0.00 2,394.18 261.81 0.00 Total Government Agencies 8,103.57 0.00 6,076.44 37,187.50 12,411.98Government Bonds 91282CFK2 UNITED STATES OF AMER TREAS NOTES 3.5% 09-15-2025 164.54 0.00 187.97 1,069.97 13,125.00 91282CAJ0 UNITED STS TREAS NTS .25% DUE 08-31-2025 REG 0.00 0.00 0.00 0.00 437.50 91282CBC4 USA TREASURY 0.375% 31DEC2025 3,537.93 0.00 3,787.50 366.85 0.00 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,087.11 0.00 1,347.66 512.29 0.00 91282CEC1 USA TREASURY 1.875% 28FEB2027 1,058.85 0.00 1,178.12 901.24 5,437.50 91282CEN7 USA TREASURY 2.75% 30APR2027 1,099.46 0.00 792.98 1,569.30 0.00 91282CFH9 USA TREASURY 3.125% 31AUG2027 412.77 0.00 156.25 1,294.89 7,812.50 91282CEW7 USA TREASURY 3.25% 30JUN2027 272.56 0.00 253.90 1,324.73 0.00 91282CGH8 USA TREASURY 3.5% 31JAN2028 183.37 0.00 (175.78) 1,426.63 0.00 91282CFY2 USA TREASURY 3.875% 30NOV2029 (64.06) 0.00 (1,235.72) 1,058.75 0.00 91282CHK0 USA TREASURY 4% 30JUN2028 91.03 0.00 (683.59) 1,630.43 0.00 91282CMG3 USA TREASURY 4.25% 31JAN2030 (93.57) 0.00 (2,423.57) 585.53 0.00 91282CKT7 USA TREASURY 4.5% 31MAY2029 (265.94) 0.00 (1,050.00) 1,770.49 0.00 Total Government Bonds 7,484.05 0.00 2,135.72 26,812.50 13,511.10Grand total 21,062.60 0.00 14,874.82 78,758.35 39,982.35 18 TRANSACTION REPORT
For the period September 1, 2025 - September 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)
08/31/2025 437.5008/31/2025
91282CAJ0 Government Bonds UNITED STS TREAS NTS .25% 0 Income 8/31/2025 350,000.00 0.00 437.50 0.00 08/31/2025 5,437.5008/31/2025
91282CEC1 Government Bonds USA TREASURY 1.875% 02/28/2 Income 027 580,000.00 0.00 5,437.50 0.00 08/31/2025 7,812.5008/31/2025
91282CFH9 Government Bonds USA TREASURY 3.125% 08/31/2 Income 027 500,000.00 0.00 7,812.50 0.00 09/02/2025 0.0009/02/2025
91282CAJ0 Government Bonds UNITED STS TREAS NTS .25% 0 Capital Change 8/31/2025 (350,000.00) 350,000.00 350,000.00 0.00 09/04/2025 (4,107.92)09/05/2025
91282CFY2 Government Bonds USA TREASURY 3.875% 11/30/2 Bought 029 400,000.00 (403,813.84) (407,921.76) 0.00 09/08/2025 14,218.7509/08/2025
3130AV5P3 Government Agencies FEDERAL HOME LOAN BANK 0 Income 3/08/2030 650,000.00 0.00 14,218.75 0.00 09/13/2025 16,875.0009/13/2025
3130AV6J6 Government Agencies FEDERAL HOME LOAN BANK 0 Income 3/13/2026 750,000.00 0.00 16,875.00 0.00 09/15/2025 4,250.0009/15/2025
437076BN1 Corporate Bonds HOME DEPOT INC 2.125% 09/15/ Income 2026 400,000.00 0.00 4,250.00 0.00 09/15/2025 10,350.0009/15/2025
717081ET6 Corporate Bonds PFIZER INC 3.45% 15MAR2029 0 Income 3/15/2029 600,000.00 0.00 10,350.00 0.00 09/15/2025 13,125.0009/15/2025
91282CFK2 Government Bonds UNITED STATES OF AMER 09/15 Income /2025 750,000.00 0.00 13,125.00 0.00 09/15/2025 0.0009/15/2025
91282CFK2 Government Bonds UNITED STATES OF AMER 09/15 Capital Change /2025 (750,000.00) 750,000.00 750,000.00 0.00 09/16/2025 (4,155.94)09/17/2025
3130AWGS3 Government Agencies FEDERAL HOME LOAN BANK 0 Bought 6/14/2030 390,000.00 (398,784.75) (402,940.69) 0.00 09/16/2025 (2,161.96)09/17/2025
91282CMG3 Government Bonds USA TREASURY 4.25% 01/31/20 Bought 30 390,000.00 (400,680.60) (402,842.56) 0.00 09/24/2025 6,093.7509/24/2025
3135G0Q22 Government Agencies FANNIE MAE 1.875% 09/24/ Income 2026 650,000.00 0.00 6,093.75 0.00 09/30/2025 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 158.35 158.35 19 ADDITIONAL INFORMATION
As of September 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. Incertain 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. 20 ADDITIONAL INFORMATION
As of September 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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