% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 6,816,083 6,816,083 6,816,083 16.4% LAIF Statement 17,467,981 17,506,087 17,467,981 42.0%
Investments (Schedule B) 17,790,000 17,744,712 17,276,374 41.6% Total Cash and Investments 42,074,064 42,066,882 41,560,438 100% 12/31/2025
Robert Barron, Finance Director Date
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
December 31, 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 6,777,536
Wells Fargo Wells Fargo Trust MMF-Cash 38,547
Total 6,816,083
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank
December 31, 2025
Schedule B
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
December 31, 2025
See next pages Insight Report
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
December 31, 2025
Fund No. Fund Name
June
Balance
101 General Fund 19,489,916
105 Tennis Fund 208,745
610 Equipment Replacement Fund 673,104
614 Worker's Compensation 1,846,947
615 General Liability 370,193
616 Employee Benefits 1,508,893
Total Non-Restricted 24,097,799
201 Special Tax Fund 473,469
202 County Measure A Fund 2,212,074
203 Gas Tax Fund 488,040
204 Measure M 34,942
205 Measure W 1,129,593
209 SLES/COPS Grant 40,602
213 Library Fund 495,986
221 Refuse Rate and Stabilization 531,914
401 GF Projects 9,685,144
402 Storm Drainage 34,429
403 Atherton Channel Drainage District 1,385,180
406 Facilities Construction 917,196
730 H-P Park Improvement 6,983
740 Tree Committee 27,088
Total Restricted 17,462,639
Total Cash & Investments 41,560,438
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 12/1/2025 17,467,981 - 17,467,981 12/31/2025
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
December 31, 2025
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 12/1/2025 9,255,407 16,390 (4,248) (41,847) 9,225,702 12/31/2025 (*) Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
December 31, 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 ATHERTONDecember 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 13Securities purchased 16Securities sold and matured 17Detail of return and interest received 18Transaction report 21Additional information 22
FIXED INCOME MARKET REVIEW
As of December 31, 2025
TOWN OF ATHERTON
Chart 1: The Fed made no major changes to its “dot plot” projectionsSource: Federal Reserve, December 10, 2025.Chart 2: Jobless claims improved in DecemberSource: Bloomberg, December 31, 2025.
Economic Indicators and Monetary Policy
The FOMC cut the Fed funds rate by 25bp on December 10, taking it to a range of 3.50% to3.75%. Three members dissented (the highest since 1989), with two voting for no change andanother voting for a 50bp cut. The committees updated dot plotwas unchanged from the previous quarter, reflecting only one further rate cut in 2026 (Chart 1). The committees quarterly Summary of Economic Projections (SEP) for 2026 showed a significant increase in theGDP forecast from 1.8% to 2.3%, which Chair Powell partly attributed to business investmentrelating to datacenters and AI, as well as a reversal of the drag from the government shutdown.Labor market conditions continued to be the Feds key motivation to cut rates.
In the US, the unemployment rate rose to 4.6%, the highest since October 2021. However, inbetter news for the labor market, jobless claims decreased over the month. Initial claims fellfrom 237,000 to 199,000 during December (Chart 2) and continuing claims fell to 1.866m.Residual seasonality may have had a measure of impact.Elsewhere, headline CPI fell from 3% to 2.7% (the slowest pace since June 2025) and core CPIfrom 3% to 2.6% (the slowest since March 2021). However, the release was plagued by dataquality concerns. Due to the recent government shutdown, most month-on-month data pointswere missing for October and November. The disruption appeared to particularly impact thecalculation of the sheltercomponent (the largest component of the index), which reached 3% year-over-year in November, the lowest since August 2021. The Feds preferred measure of inflation, the Personal Consumption Expenditures Price Index, was released on December 5. The PCE for September (a release delayed by the recentgovernment shutdown) rose from 2.7% to 2.8% on a headline basis, with core PCE falling from2.9% to 2.8%. Markets moved to price in a 95% probability of a rate cut at next weeks FOMC meeting.GDP surprised to the upside in Q4 at 4.3% SAAR, stronger than market expectations at 3.3%.Consumption was the bright spot with final private domestic demand rising 3.0%.Interest Rate SummaryTreasury yields generally rose during the month in what was a strong end to the year for riskassets. At the end of December, the 3-month US Treasury bill yielded 3.63%, the 6-month USTreasury bill yielded 3.6%, the 2-year US Treasury note yielded 3.47%, the 5-year US Treasurynote yielded 3.73% and the 10-year US Treasury note yielded 4.17%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2025 - December 31, 2025
TOWN OF ATHERTON
Amortized Cost Basis Activity Summary
Opening balance 17,587,303.84
Income received 57,504.16
Total receipts 57,504.16Total 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 (3,190.89)Total OID/MKT accretion income 20,932.48 Return of capital 0.00
Closing balance 17,662,549.59Ending fair value 17,783,259.19 Unrealized gain (loss) 120,709.60
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.21 2.04 0.31Overnight Repo 4.28 2.09 0.32Merrill Lynch 3m US Treas Bill 4.06 1.95 0.30Merrill Lynch 6m US Treas Bill 4.05 1.89 0.29ML 1 Year US Treasury Note 3.91 1.87 0.30ML 2 Year US Treasury Note 3.81 1.81 0.29ML 5 Year US Treasury Note 3.92 1.87 0.31 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 45,092.03Accretion (amortization) 17,741.59Realized gain (loss) on sales 0.00Total income on portfolio 62,833.62Average daily amortized cost 17,633,054.00Period return (%)Weighted average final maturity in days 776YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 162.10 0.00 162.10 0.00Corporate Bonds 14,859.59 5,474.98 20,334.57 0.00Government Agencies 15,225.08 4,764.03 19,989.11 0.00Government Bonds 14,845.26 7,502.58 22,347.84 0.00Total 45,092.03 17,741.59 0.00 62,833.62
0.354.40
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2025 - December 31, 2025
TOWN OF ATHERTON
Fair Value Basis Activity Summary
Opening balance 17,716,219.15
Income received 57,504.16
Total receipts 57,504.16Total 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 9,535.88 Ending fair value 17,783,259.19
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.21 2.04 0.31Overnight Repo 4.28 2.09 0.32ICE Bofa 3 Months US T-BILL 4.18 2.06 0.35ICE Bofa 6m US Treas Bill 4.28 2.20 0.38ICE Bofa 1 Yr US Treasury Note 4.15 2.14 0.37ICE BofA US Treasury 1-3 5.09 2.25 0.32ICE BofA US Treasury 1-5 5.74 2.27 0.19 * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 162.10 0.00 162.10Corporate Bonds 14,859.59 4,698.27 19,557.86Government Agencies 15,225.08 (66.75) 15,158.33Government Bonds 14,845.26 4,904.36 19,749.62Total 45,092.03 9,535.88 54,627.91 Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 45,092.03Total income on portfolio 54,627.91Average daily total value * 17,870,463.91Period return (%) 0.31Weighted average final maturity in days 776Change in fair value 9,535.88YTD return (%) 5.08* Total value equals market value and accrued interest 5 PERFORMANCE
For the period December 1, 2025 - December 31, 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 1.11 5.08 4.80 2.51 5.08 1.99 1.91 Benchmark 0.32 1.12 5.09 4.48 1.79 5.09 1.85 1.77
0246
(% )
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 December 31, 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 38,547.13 38,547.13 38,547.13 0.00 0.22 0.00 1Corporate Bonds 4,843,907.50 5,015,933.72 5,068,683.83 52,750.11 460 27.98 1.06Government Agencies 6,024,866.00 6,092,752.90 6,118,887.99 26,135.09 929 34.80 1.99Government Bonds 6,407,600.75 6,515,315.84 6,557,140.24 41,824.40 877 37.01 2.24Total 17,314,921.38 17,662,549.59 17,783,259.19 120,709.60 776 100.00 1.82 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.22Corporate Bonds 27.98Government Agencies 34.80Government Bonds 37.01 Portfolio diversification (%)
7 MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2025
TOWN OF ATHERTON
Maturity Historic cost PercentUnder 90 days 1,829,599.88 10.5790 to 179 days 1,576,816.50 9.11180 days to 1 year 2,570,893.75 14.851 to 2 years 4,624,774.57 26.712 to 3 years 2,636,953.45 15.233 to 4 years 2,616,076.38 15.114 to 5 years 1,459,806.85 8.43Over 5 years 0.00 0.00 17,314,921.38 100.00
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 December 31, 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 38,547.13 38,547.13 38,547.13 0.00 0.00 0.22 38,547.13 Total Cash and Cash Equivalents 38,547.13 38,547.13 38,547.13 38,547.13 0.00 0.22 0.00Corporate Bonds24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 0.700 01/15/2026 439,170.00 499,212.73 175.74 1,613.89 2. 500,000.00 499,388.47 54 037833EB2 0.700 02/08/2026 593,749.00 647,866.73 79.02 1,807.36 01/08/2026
APPLE INC 0.7% 08FEB2026 (CALLABLE 09JAN26) 650,000.00 647,945.75 3.43 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 623,493.00 647,069.71 2,098.89 4,550.00 650,000.00 649,168.60 3.6094988J6D4 5.450 08/07/2026 397,028.00 399,374.47 3,962.57 8,720.00 07/07/2026
WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 400,000.00 403,337.04 2.2907JUL26) 437076BN1 2.125 09/15/2026 366,260.00 391,951.64 3,397.45 2,502.78 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 400,000.00 395,349.09 2.1215JUN26) 02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 4.900 07/09/2027 599,556.00 599,774.30 8,403.60 14,046.6 600,000.00 608,177.90 7 3.4689236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 5.450 11/10/2027 671,703.50 660,514.35 8,955.98 5,018.54 650,000.00 669,470.33 3.8846647PDA1 4.323 04/26/2028 588,900.00 593,938.86 8,596.54 4,683.25 04/26/2027
JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 600,000.00 602,535.40 3.4026APR27) 717081ET6 3.450 03/15/2029 564,048.00 576,230.93 17,080.32 6,095.00 12/15/2028
PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 600,000.00 593,311.25 3.26 Total Corporate Bonds 5,050,000.00 4,843,907.50 5,015,933.72 5,068,683.83 52,750.11 27.98 49,037.49 9 SECURITIES HELD
As of December 31, 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 Agencies3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 4.500 03/13/2026 758,133.75 750,552.85 770.71 10,125.00 4 750,000.00 751,323.56 .38 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 CALLABLE 0.650 05/28/2026 451,345.00 493,399.69 665.32 297.92 2.61 500,000.00 494,065.013135G0Q22 FANNIE MAE 1.875% 24SEP2026 1.875 09/24/2026 606,047.00 638,579.14 3,452.85 3,283.85 650,000.00 642,031.99 3.503133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 747,652.50 749,270.20 6,044.68 2,187.50 750,000.00 755,314.88 4.323130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 4.300 11/27/2028 653,978.00 652,900.39 10,561.12 2,639.7 650,000.00 663,461.51 2 3.783134A3ZU3 FREDDIE MAC 0% 14DEC2029 0.000 12/14/2029 646,005.00 648,512.94 (2,821.01) 0.00 3. 750,000.00 645,691.93 733134HAW33 4.750 12/18/2029 501,978.50 501,978.50 (7.92) 857.64 06/18/2026
FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 500,000.00 501,970.58 2.90 3130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 4.375 03/08/2030 660,341.50 658,771.96 8,971.99 8,847.22 650,000.00 667,743.95 3.813130AWGS3 FEDERAL HOME LOAN BANK 4.125% 14JUN2030 4.125 06/14/2030 398,784.75 398,245.02 (1,417.02) 759.69 390,000.00 396,828.00 2.303130B83T7 3.875 10/08/2030 600,600.00 600,542.21 (85.63) 5,231.25 10/08/2027
FEDERAL HOME LOAN BANK 3.875% 08OCT2030 600,000.00 600,456.58 3.47(CALLABLE 08OCT27) Total Government Agencies 6,190,000.00 6,024,866.00 6,092,752.90 6,118,887.99 26,135.09 34.80 34,229.79Government Bonds91282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 453,906.25 487,896.77 1,872.76 532.28 2. 500,000.00 489,769.53 62 10 SECURITIES HELD
As of December 31, 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 Bonds91282CEC1 USA TREASURY 1.875% 28FEB2027 1.875 02/28/2027 540,646.09 565,034.93 4,271.32 3,665.06 580,000.00 569,306.25 3.12 91282CEN7 USA TREASURY 2.75% 30APR2027 2.750 04/30/2027 653,053.13 682,225.42 11,020.67 3,243.7 700,000.00 693,246.09 9 3.7791282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 488,243.86 495,039.53 3,280.78 0.00 2.82 500,000.00 498,320.3191282CFH9 USA TREASURY 3.125% 31AUG2027 3.125 08/31/2027 482,071.99 491,634.51 5,533.46 5,265.88 500,000.00 497,167.97 2.7891282CGH8 USA TREASURY 3.5% 31JAN2028 3.500 01/31/2028 490,978.24 495,348.54 4,827.24 7,275.82 500,000.00 500,175.78 2.8491282CHK0 USA TREASURY 4% 30JUN2028 4.000 06/30/2028 495,236.05 497,232.66 8,743.90 0.00 2.86 500,000.00 505,976.5691282CNY3 USA TREASURY 3.375% 15SEP2028 3.375 09/15/2028 496,798.55 496,865.11 1,240.36 4,987.91 500,000.00 498,105.47 2.8791282CPP0 USA TREASURY 3.5% 15DEC2028 3.500 12/15/2028 499,962.61 499,962.64 (353.26) 769.23 2. 500,000.00 499,609.38 8991282CKT7 USA TREASURY 4.5% 31MAY2029 4.500 05/31/2029 492,676.61 491,054.36 2,989.39 1,839.56 480,000.00 494,043.75 2.8591282CLR0 USA TREASURY 4.125% 31OCT2029 4.125 10/31/2029 509,532.93 509,526.13 (658.94) 3,475.48 500,000.00 508,867.19 2.9491282CFY2 USA TREASURY 3.875% 30NOV2029 3.875 11/30/2029 403,813.84 403,523.12 86.26 1,320.06 2.3 400,000.00 403,609.38 3 11 SECURITIES HELD
As of December 31, 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 Bonds91282CMG3 USA TREASURY 4.25% 31JAN2030 4.250 01/31/2030 400,680.60 399,972.12 (1,029.54) 6,891. 390,000.00 398,942.58 24 2.31Total Government Bonds 6,550,000.00 6,407,600.75 6,515,315.84 6,557,140.24 41,824.40 37.01 39,266.31Grand total 17,828,547.13 17,314,921.38 17,662,549.59 120,709.60 17,783,259.19 122,533.59 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 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/Bond91282CDK4 USA TREASURY 1.25% 1.250 11/30/2026 AA+ Aa1 500,000.00 453,906.25 2.62 489,769.53 2.75 0.9091282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 AA+ Aa1 580,000.00 540,646.09 3.12 569,306.25 3.20 1.1391282CEN7 USA TREASURY 2.75% 2.750 04/30/2027 AA+ Aa1 700,000.00 653,053.13 3.77 693,246.09 3.90 1.2991282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 500,000.00 488,243.86 2.82 498,320.31 2.80 1.4591282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 AA+ Aa1 500,000.00 482,071.99 2.78 497,167.97 2.80 1.5991282CGH8 USA TREASURY 3.5% 3.500 01/31/2028 AA+ Aa1 500,000.00 490,978.24 2.84 500,175.78 2.81 1.9691282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aa1 500,000.00 495,236.05 2.86 505,976.56 2.85 2.3691282CNY3 USA TREASURY 3.375% 3.375 09/15/2028 AA+ Aa1 500,000.00 496,798.55 2.87 498,105.47 2.80 2.5491282CPP0 USA TREASURY 3.5% 3.500 12/15/2028 AA+ Aa1 500,000.00 499,962.61 2.89 499,609.38 2.81 2.7891282CKT7 USA TREASURY 4.5% 4.500 05/31/2029 AA+ Aa1 480,000.00 492,676.61 2.85 494,043.75 2.78 3.1491282CLR0 USA TREASURY 4.125% 4.125 10/31/2029 AA+ Aa1 500,000.00 509,532.93 2.94 508,867.19 2.86 3.5091282CFY2 USA TREASURY 3.875% 3.875 11/30/2029 AA+ Aa1 400,000.00 403,813.84 2.33 403,609.38 2.27 3.6091282CMG3 USA TREASURY 4.25% 4.250 01/31/2030 AA+ Aa1 390,000.00 400,680.60 2.31 398,942.58 2.24 3.67Issuer total 6,550,000.00 6,407,600.75 37.01 6,557,140.24 36.87 2.24Federal Home Loan Banks3130AV6J6 FEDERAL HOME LOAN 4.500 03/13/2026 AA+ Aa1 750,000.00 758,133.75 4.38 751,323.56 4.22 0.203130B3W25 FEDERAL HOME LOAN 4.300 11/27/2028 AA+ Aa1 650,000.00 653,978.00 3.78 663,461.51 3.73 2.713130AV5P3 FEDERAL HOME LOAN 4.375 03/08/2030 AA+ Aa1 650,000.00 660,341.50 3.81 667,743.95 3.75 3.763130AWGS3 FEDERAL HOME LOAN 4.125 06/14/2030 AA+ Aa1 390,000.00 398,784.75 2.30 396,828.00 2.23 4.043130B83T7 FEDERAL HOME LOAN 3.875 10/08/2030 10/08/2027 AA+ Aa1 600,000.00 600,600.00 3.47 600,456.58 3.38 2.83Issuer total 3,040,000.00 3,071,838.00 17.74 3,079,813.60 17.32 2.51Federal Home Loan Mortgage Corp3134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 AA+ Aa1 500,000.00 451,345.00 2.61 494,065.01 2.78 0.403134A3ZU3 FREDDIE MAC 0% 0.000 12/14/2029 AA+ Aa1 750,000.00 646,005.00 3.73 645,691.93 3.63 3.88 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 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 Home Loan Mortgage Corp3134HAW33 FREDDIE MAC 4.75% 4.750 12/18/2029 06/18/2026 AA+ Aa1 500,000.00 501,978.50 2.90 501,970.58 2.82 0.92Issuer total 1,750,000.00 1,599,328.50 9.24 1,641,727.52 9.23 1.97Federal Farm Credit Banks Funding Corp3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aa1 750,000.00 747,652.50 4.32 755,314.88 4.25 0.91 Issuer total 750,000.00 747,652.50 4.32 755,314.88 4.25 0.91 Toyota Motor Credit Corp89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A+ A1 650,000.00 671,703.50 3.88 669,470.33 3.76 1.75 Issuer total 650,000.00 671,703.50 3.88 669,470.33 3.76 1.75 Bank of America Corp06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 650,000.00 623,493.00 3.60 649,168.60 3.65 0.30 Issuer total 650,000.00 623,493.00 3.60 649,168.60 3.65 0.30 Apple Inc037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 650,000.00 593,749.00 3.43 647,945.75 3.64 0.11 Issuer total 650,000.00 593,749.00 3.43 647,945.75 3.64 0.11 Federal National Mortgage Association3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aa1 650,000.00 606,047.00 3.50 642,031.99 3.61 0.71 Issuer total 650,000.00 606,047.00 3.50 642,031.99 3.61 0.71 American Honda Finance Corp02665WFK2 AMERICAN HONDA 4.900 07/09/2027 A- A3 600,000.00 599,556.00 3.46 608,177.90 3.42 1.42 Issuer total 600,000.00 599,556.00 3.46 608,177.90 3.42 1.42 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of December 31, 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
JPMorgan Chase & Co46647PDA1 JPMORGAN CHASE & CO 4.323 04/26/2028 04/26/2027 A A1 600,000.00 588,900.00 3.40 602,535.40 3.39 1.26 Issuer total 600,000.00 588,900.00 3.40 602,535.40 3.39 1.26 Pfizer Inc717081ET6 PFIZER INC 3.45% 3.450 03/15/2029 12/15/2028 A A2 600,000.00 564,048.00 3.26 593,311.25 3.34 2.90 Issuer total 600,000.00 564,048.00 3.26 593,311.25 3.34 2.90 John Deere Capital Corp24422EVK2 JOHN DEERE CAPITAL 0.700 01/15/2026 A A1 500,000.00 439,170.00 2.54 499,388.47 2.81 0.04 Issuer total 500,000.00 439,170.00 2.54 499,388.47 2.81 0.04 Wells Fargo Bank NA94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 07/07/2026 A+ Aa2 400,000.00 397,028.00 2.29 403,337.04 2.27 0.50 Issuer total 400,000.00 397,028.00 2.29 403,337.04 2.27 0.50 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 2.12 395,349.09 2.22 0.69 Issuer total 400,000.00 366,260.00 2.12 395,349.09 2.22 0.69 Cash and Cash Equivalents
CASH 0.000 38,547.13 38,547.13 0.00 38,547.13 0.22 0.00 Issuer total 38,547.13 38,547.13 0.00 38,547.13 0.22 0.00 Grand total 17,828,547.13 17,314,921.38 100.00 17,783,259.19 100.00 1.82 15 SECURITIES PURCHASED
For the period December 1, 2025 - December 31, 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 Agencies3134HAW33 12/30/2025 12/18/2029 500,000.00 100.40 (501,978.50) (85 4.750 7.64) 12/31/2025 06/18/2026
FREDDIE MAC 4.75% 18DEC2029WELLS FARGO SECURITIES, LLC
Total Government Agencies 500,000.00 (501,978.50) (857.64) Government Bonds91282CNY3 12/10/2025 09/15/2028 500,000.00 99.36 (496,798.55) (4,0 3.375 55.59) 12/11/2025
USA TREASURY 3.375% 15SEP2028THE BANK OF NEW YORK MELLON 91282CPP0 12/30/2025 12/15/2028 500,000.00 99.99 (499,962.61) (769 3.500 .23) 12/31/2025
USA TREASURY 3.5% 15DEC2028WELLS FARGO SECURITIES, LLC
91282CLR0 12/30/2025 10/31/2029 500,000.00 101.91 (509,532.93) (3, 4.125 475.48) 12/31/2025
USA TREASURY 4.125% 31OCT2029BANK OF MONTREAL
Total Government Bonds 1,500,000.00 (1,506,294.09) (8,300.30) Grand total Grand total 2,000,000.00 (2,008,272.59) (9,157.94) 16 SECURITIES SOLD AND MATURED
For the period December 1, 2025 - December 31, 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 Agencies3134A2HG6 12/11/2025 (750,000.00) 675,172.50 750,000.00 0.00 750,0 0.000 00.00 0.00 0.00 12/11/2025
FED HOME LN MTG 0% DUE12-11-2025
Total (Government Agencies) (750,000.00) 675,172.50 750,000.00 750,000.00 0.00 0.00 Government Bonds91282CBC4 12/31/2025 (1,200,000.00) 1,063,082.15 1,200,000.00 0.0 0.375 0 1,200,000.00 0.00 0.00 12/31/2025
USA TREASURY 0.375% 31DEC2025
Total (Government Bonds) (1,200,000.00) 1,063,082.15 1,200,000.00 1,200,000.00 0.00 0.00 Grand total (1,950,000.00) 1,738,254.65 1,950,000.00 1,950,000.00 0.00 0.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2025 - December 31, 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 0.00 162.10 162.10
Total Cash 0.00 0.00 0.00 162.10 162.10Corporate Bonds
02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 12.33 0.00 (85.73) 2,531.67 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 09JAN26) 1,684.16 0.00 1,857.83 391.80 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.50 0.00 584.98 1,959.03 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 946.87 0.00 535.96 731.95 0.00 24422EVK2 JOHN DEERE CAPITAL CORP 0.7% 15JAN2026 1,574.55 0.00 1,493.76 301.39 0.00 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 26APR27) 217.50 0.00 189.18 2,233.55 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 617.38 0.00 (81.53) 1,782.50 0.00 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 (470.79) 0.00 350.12 3,050.48 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 86.48 0.00 (146.30) 1,877.22 0.00 Total Corporate Bonds 5,474.98 0.00 4,698.27 14,859.59 0.00Government Agencies 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1,297.82 0.00 1,455.18 1,049.47 0.00 3134A2HG6 FED HOME LN MTG 0% DUE 12-11-2025 832.78 0.00 855.10 0.00 0.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 64.97 0.00 264.06 2,825.52 16,406.25 3130B83T7 FEDERAL HOME LOAN BANK 3.875% 08OCT2030 (CALLABLE 08OCT27) (25.50) 0.00 (331.09) 2,002.08 0.00 3130AWGS3 FEDERAL HOME LOAN BANK 4.125% 14JUN2030 (154.21) 0.00 (1,454.47) 1,385.31 8,043.75 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 (83.11) 0.00 663.83 2,406.80 0.00 3130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 (168.58) 0.00 (2,197.43) 2,369.79 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2025 - December 31, 2025
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Agencies
3130AV6J6 FEDERAL HOME LOAN BANK 4.5% 13MAR2026 (227.20) 0.00 2.13 2,906.25 0.00 3134A3ZU3 FREDDIE MAC 0% 14DEC2029 1,889.16 0.00 (926.87) 0.00 0.00 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 CALLABLE 1,337.90 0.00 1,610.73 279.86 0.00 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 0.00 0.00 (7.92) 0.00 0.00 Total Government Agencies 4,764.03 0.00 (66.75) 24,450.00 15,225.08Government Bonds 91282CBC4 USA TREASURY 0.375% 31DEC2025 3,655.86 0.00 3,366.41 379.08 2,250.00 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,123.36 0.00 1,394.53 532.28 3,125.00 91282CEC1 USA TREASURY 1.875% 28FEB2027 1,094.15 0.00 1,314.06 931.29 0.00 91282CEN7 USA TREASURY 2.75% 30APR2027 1,136.10 0.00 1,066.41 1,648.49 0.00 91282CFH9 USA TREASURY 3.125% 31AUG2027 426.53 0.00 585.94 1,338.05 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 281.64 0.00 527.34 1,368.89 8,125.00 91282CNY3 USA TREASURY 3.375% 15SEP2028 66.56 0.00 1,306.92 932.32 0.00 91282CPP0 USA TREASURY 3.5% 15DEC2028 0.03 0.00 (353.23) 0.00 0.00 91282CGH8 USA TREASURY 3.5% 31JAN2028 189.48 0.00 175.78 1,474.19 0.00 91282CFY2 USA TREASURY 3.875% 30NOV2029 (76.38) 0.00 (1,031.24) 1,320.06 7,750.00 91282CHK0 USA TREASURY 4% 30JUN2028 94.06 0.00 (371.10) 1,684.78 10,000.00 91282CLR0 USA TREASURY 4.125% 31OCT2029 (6.80) 0.00 (665.74) 0.00 0.00 91282CMG3 USA TREASURY 4.25% 31JAN2030 (207.20) 0.00 (1,249.22) 1,396.27 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2025 - December 31, 2025
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Bonds
91282CKT7 USA TREASURY 4.5% 31MAY2029 (274.81) 0.00 (1,162.50) 1,839.56 10,800.00 Total Government Bonds 7,502.58 0.00 4,904.36 42,050.00 14,845.26Grand total 17,741.59 0.00 9,535.88 66,662.10 45,092.03 20 TRANSACTION REPORT
For the period December 1, 2025 - December 31, 2025
TOWN OF ATHERTON
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
11/30/2025 3,125.0011/30/2025
91282CDK4 Government Bonds USA TREASURY 1.25% 11/30/20 Income 26 500,000.00 0.00 3,125.00 0.00 11/30/2025 7,750.0011/30/2025
91282CFY2 Government Bonds USA TREASURY 3.875% 11/30/2 Income 029 400,000.00 0.00 7,750.00 0.00 11/30/2025 10,800.0011/30/2025
91282CKT7 Government Bonds USA TREASURY 4.5% 05/31/202 Income 9 480,000.00 0.00 10,800.00 0.00 12/07/2025 16,406.2512/07/2025
3133EPK79 Government Agencies FEDERAL FARM CREDIT BAN Income K 12/07/2026 750,000.00 0.00 16,406.25 0.00 12/10/2025 (4,055.59)12/11/2025
91282CNY3 Government Bonds USA TREASURY 3.375% 09/15/2 Bought 028 500,000.00 (496,798.55) (500,854.14) 0.00 12/11/2025 0.0012/11/2025
3134A2HG6 Government Agencies FED HOME LN MTG 0% DUE 1 Capital Change 2/11/2025 (750,000.00) 750,000.00 750,000.00 0.00 12/14/2025 8,043.7512/14/2025
3130AWGS3 Government Agencies FEDERAL HOME LOAN BANK 0 Income 6/14/2030 390,000.00 0.00 8,043.75 0.00 12/30/2025 (857.64)12/31/2025
3134HAW33 Government Agencies FREDDIE MAC 4.75% 12/18/ Bought 2029 500,000.00 (501,978.50) (502,836.14) 0.00 12/30/2025 (3,475.48)12/31/2025
91282CLR0 Government Bonds USA TREASURY 4.125% 10/31/2 Bought 029 500,000.00 (509,532.93) (513,008.41) 0.00 12/30/2025 (769.23)12/31/2025
91282CPP0 Government Bonds USA TREASURY 3.5% 12/15/202 Bought 8 500,000.00 (499,962.61) (500,731.84) 0.00 12/31/2025 2,250.0012/31/2025
91282CBC4 Government Bonds USA TREASURY 0.375% 12/31/2 Income 025 1,200,000.00 0.00 2,250.00 0.00 12/31/2025 0.0012/31/2025
91282CBC4 Government Bonds USA TREASURY 0.375% 12/31/2 Capital Change 025 (1,200,000.00) 1,200,000.00 1,200,000.00 0.00 12/31/2025 8,125.0012/31/2025
91282CEW7 Government Bonds USA TREASURY 3.25% 06/30/20 Income 27 500,000.00 0.00 8,125.00 0.00 12/31/2025 10,000.0012/31/2025
91282CHK0 Government Bonds USA TREASURY 4% 30JUN2028 0 Income 6/30/2028 500,000.00 0.00 10,000.00 0.00 12/31/2025 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 162.10 162.10 21 ADDITIONAL INFORMATION
As of December 31, 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. 22 ADDITIONAL INFORMATION
As of December 31, 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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