% of
Par Value Market Value Book Value Portfolio
Cash In Bank (Schedule A) 7,379,680 7,379,680 7,379,680 17.4% LAIF Statement 17,654,498 17,654,160 17,654,498 41.5%
Investments (Schedule B) 17,865,000 17,759,289 17,490,222 41.1% Total Cash and Investments 42,899,178 42,793,129 42,524,400 100% 3/31/2026
Robert Barron, Finance Director Date
Town of Atherton
Quarterly Treasurer's Report
Portfolio Summary
March 31, 2026
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 7,334,063
Wells Fargo Wells Fargo Trust MMF-Cash 45,617
Total 7,379,680
Town of Atherton
Quarterly Treasurer's Report
Portfolio Details - Cash In Bank
March 31, 2026
Schedule B
Town of Atherton
Treasurer's Report Schedule B
Portfolio Details - Investments
March 31, 2026
See next pages Insight Report
Town of Atherton
Quarterly Treasurer's Report
Cash & Investments Balance By Fund
March 31, 2026
Fund No. Fund Name
June
Balance
101 General Fund 20,637,979
105 Tennis Fund 229,070
610 Equipment Replacement Fund 561,827
614 Worker's Compensation 1,648,511
615 General Liability 524,830
616 Employee Benefits 1,583,761
Total Non-Restricted 25,185,978
201 Special Tax Fund 473,469
202 County Measure A Fund 2,319,071
203 Gas Tax Fund 527,339
204 Measure M 34,942
205 Measure W 1,186,352
209 SLES/COPS Grant 188,171
213 Library Fund 162,365
221 Refuse Rate and Stabilization 530,229
401 GF Projects 9,521,815
402 Storm Drainage 34,429
403 Atherton Channel Drainage District 1,408,973
406 Facilities Construction 917,196
730 H-P Park Improvement 6,983
740 Tree Committee 27,088
Total Restricted 17,338,422
Total Cash & Investments 42,524,400
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 3/1/2026 17,654,498 - 17,654,498 3/31/2026
Town of Atherton
Quarterly Treasurer's Report
Local Agency Investment Fund Summary (LAIF)
March 31, 2026
Date Begin $$$ Contribution Earnings Expenses Distribution Ending $$$ Date 1/1/2026 9,225,702 156,457 (4,248) (41,847) 9,336,064 1/31/2026 (*) Town of Atherton
Quarterly Treasurer's Report
PARS Trust Account Summary
January 31, 2026
* Recent available PARS report
FOR PROFESSIONAL CLIENTS ONLY
NOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTTOWN OF ATHERTONMarch 2026 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 March 31, 2026
TOWN OF ATHERTON
Chart 1: FOMC projects one rate cut in 2026, but markets turn hawkishSource: Federal Reserve, March 31, 2026.Chart 2: Rising oil prices will likely pressure energy inflation in the near termSource: Bloomberg, March 31, 2026 Economic Indicators and Monetary Policy
The FOMC voted to keep rates on hold but revised its year-end median forecasts for headlineand core PCE inflation higher, likely to reflect the impact of the global oil price shock. The FOMC s policy statement acknowledged “The implications of developments in the Middle East for the US economy are uncertain.” Chair Powell stated “there will be some effects on inflation”while acknowledging it is “standard learning that you look through energy shocks ... dependenton inflation expectations being well anchored.”The central bank’s median dot plotprojections continued to reflect one rate cut this year (chart 1). Initially, this was in line with market expectations. However, the conflict escalatedwith disruptions to shipping traffic in the Strait of Hormuz, which impacted ~20% of global oilsupplies. By the end of the month, markets moved to price only 62% chance of a rate cut byJuly 2027.WTI crude oil prices spiked above $100 per barrel and the average US regular gasoline pricerose from ~$3 per gallon to ~$4. Headline CPI remained at 2.4% and core CPI remained at 2.5%year-over-year in February. Headline PCE (for January) fell from 2.9% to 2.8% while core PCE forJanuary edged up from 3% to 3.1%. The figures did not yet reflect the impact of the conflict inIran, which is set to impact March’s inflation reports (chart 2). Producer price inflationaccelerated from 2.9% to 3.4% year-over-year in February.Labor market conditions continued to loosen. Nonfarm payrolls declined by 92,000 inFebruary. Initial jobless claims fluctuated between 205,000 and 213,000. Continuing claimsreached 1.819m, close to a two-year low.The second estimate of Q4 US GDP was revised down from 1.4% to 0.7% SAAR, largely due torevisions to consumer spending, non-residential fixed investment and net exports. The Fed'sBeige Book noted that economic uncertainty, increased price sensitivity, and lower-incomeconsumer constraints dampened sales across most districts. The University of MichiganConsumer Sentiment fell from a preliminary 55.5 to 53.3, a three-month low.Interest Rate Summary Front-end yields rose as markets priced out the likelihood of near-term rate cuts. At the end ofMarch, the 3-month US Treasury bill yielded 3.67%, the 6-month US Treasury bill yielded 3.69%,the 2-year US Treasury note yielded 3.79%, the 5-year US Treasury note yielded 3.94% and the10-year US Treasury note yielded 4.32%. 3 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2026 - March 31, 2026
TOWN OF ATHERTON
Amortized Cost Basis Activity Summary
Opening balance 17,722,904.64
Income received 72,683.32
Total receipts 72,683.32Total disbursements 0.00
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Realized gain (loss) 0.00Change in accruals from security movement 0.00 Total amortization expense (3,713.86)Total OID/MKT accretion income 12,900.54 Return of capital 0.00
Closing balance 17,804,774.64Ending fair value 17,804,906.29 Unrealized gain (loss) 131.65
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.04 1.86 0.30Overnight Repo 4.11 1.91 0.31Merrill Lynch 3m US Treas Bill 3.90 1.81 0.30Merrill Lynch 6m US Treas Bill 3.90 1.77 0.30ML 1 Year US Treasury Note 3.77 1.77 0.31ML 2 Year US Treasury Note 3.67 1.75 0.31ML 5 Year US Treasury Note 3.80 1.84 0.32 * rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 56,708.16Accretion (amortization) 9,186.68Realized gain (loss) on sales 0.00Total income on portfolio 65,894.84Average daily amortized cost 17,774,284.68Period return (%)Weighted average final maturity in days 850YTD return (%) Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income
Cash and Cash Equivalents 59.71 0.00 59.71 0.00Corporate Bonds 19,747.65 1,752.12 21,499.77 0.00Government Agencies 18,616.22 3,759.23 22,375.45 0.00Government Bonds 18,284.58 3,675.33 21,959.91 0.00Total 56,708.16 9,186.68 0.00 65,894.84
0.371.04
4 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2026 - March 31, 2026
TOWN OF ATHERTON
Fair Value Basis Activity Summary
Opening balance 17,866,733.98
Income received 72,683.32
Total receipts 72,683.32Total disbursements 0.00
Interportfolio transfers 0.00
Total Interportfolio transfers 0.00
Unrealized gain (loss) on security movements 0.00Change in accruals from security movement 0.00Return of capital 0.00Change in fair value for the period (134,511.01) Ending fair value 17,804,906.29
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.04 1.86 0.30Overnight Repo 4.11 1.91 0.31ICE Bofa 3 Months US T-BILL 4.00 1.83 0.29ICE Bofa 6m US Treas Bill 4.06 1.86 0.26ICE Bofa 1 Yr US Treasury Note 3.67 1.58 0.08ICE BofA US Treasury 1-3 3.75 1.41 (0.44)ICE BofA US Treasury 1-5 3.86 1.31 (0.75) * rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 59.71 0.00 59.71Corporate Bonds 19,747.65 (36,221.49) (16,473.84)Government Agencies 18,616.22 (46,194.45) (27,578.23)Government Bonds 18,284.58 (52,095.07) (33,810.49)Total 56,708.16 (134,511.01) (77,802.85) Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 56,708.16Total income on portfolio (77,802.85)Average daily total value * 17,967,519.20Period return (%) (0.43)Weighted average final maturity in days 850Change in fair value (134,511.01)YTD return (%) 0.36* Total value equals market value and accrued interest 5 PERFORMANCE
For the period March 1, 2026 - March 31, 2026
TOWN OF ATHERTON
Total return performance (%)
1 month 3 months YTD 1 year 3 years* 5 years* Since inception* 10 years* TOWN OF ATHERTON -0.43 0.36 3.89 4.49 2.58 0.36 1.95 1.90 Benchmark -0.44 0.29 3.75 4.04 1.86 0.29 1.78 1.76
-1
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 March 31, 2026
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 45,616.89 45,616.89 45,616.89 0.00 0.26 0.00 1Corporate Bonds 5,166,197.75 5,229,790.58 5,243,334.78 13,544.20 775 29.46 1.76Government Agencies 5,916,423.25 6,003,380.99 5,991,651.07 (11,729.92) 990 33.74 2.03Government Bonds 6,407,600.75 6,525,986.18 6,524,303.55 (1,682.63) 787 36.54 2.01Total 17,535,838.64 17,804,774.64 17,804,906.29 131.65 850 100.00 1.94 Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment Bonds Portfolio diversification (%)
Cash and Cash Equivalents 0.26Corporate Bonds 29.46Government Agencies 33.74Government Bonds 36.54 Portfolio diversification (%)
7 MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2026
TOWN OF ATHERTON
Maturity Historic cost PercentUnder 90 days 1,120,454.89 6.3990 to 179 days 1,369,335.00 7.81180 days to 1 year 1,742,204.84 9.941 to 2 years 3,635,231.72 20.732 to 3 years 3,298,923.21 18.813 to 4 years 4,430,154.98 25.264 to 5 years 1,939,534.00 11.06Over 5 years 0.00 0.00 17,535,838.64 100.00
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 March 31, 2026
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 45,616.89 45,616.89 45,616.89 0.00 0.00 0.26 45,616.89 Total Cash and Cash Equivalents 45,616.89 45,616.89 45,616.89 45,616.89 0.00 0.26 0.00Corporate Bonds06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 623,493.00 649,489.22 199.29 10,237.50 3 650,000.00 649,688.51 .56 94988J6D4 5.450 08/07/2026 397,028.00 399,633.90 1,707.10 3,270.00 07/07/2026
WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 400,000.00 401,341.00 2.2607JUL26) 437076BN1 2.125 09/15/2026 366,260.00 394,792.24 1,749.62 377.78 06/15/2026
HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 400,000.00 396,541.86 2.0915JUN26) 02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 4.900 07/09/2027 599,556.00 599,811.30 2,928.47 6,696.67 600,000.00 602,739.77 3.4289236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 5.450 11/10/2027 671,703.50 659,101.97 3,612.43 13,874.7 650,000.00 662,714.40 9 3.8346647PDA1 4.323 04/26/2028 588,900.00 594,591.38 5,134.66 11,167.75 04/26/2027
JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 600,000.00 599,726.04 3.3626APR27) 717081ET6 3.450 03/15/2029 564,048.00 578,083.07 11,728.04 920.00 12/15/2028
PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 600,000.00 589,811.11 3.22 61748UAR3 MORGAN STANLEY 4.238% 09JAN2030 (CALLABLE 4.238 01/09/2030 300,471.00 300,446.42 (3,473.87) 2,507. 300,000.00 296,972.55 48 1.71 09JAN29)
857477DB6 4.834 04/24/2030 514,655.00 513,917.40 (6,051.11) 10,540.81 03/24/2030
STATE STREET CORP 4.834% 24APR2030 (CALLABLE 500,000.00 507,866.29 2.9324MAR30) 9 SECURITIES HELD
As of March 31, 2026
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
Corporate Bonds24422EXN4 JOHN DEERE CAPITAL CORP 4.9% 07MAR2031 4.900 03/07/2031 540,083.25 539,923.68 (3,990.43) 1,715. 525,000.00 535,933.25 00 3.08Total Corporate Bonds 5,225,000.00 5,166,197.75 5,229,790.58 5,243,334.78 13,544.20 29.46 61,307.78Government Agencies3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 CALLABLE 0.650 05/28/2026 451,345.00 497,413.39 158.90 1,110.42 2. 500,000.00 497,572.29 57 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1.875 09/24/2026 606,047.00 642,472.62 1,892.39 236.98 3. 650,000.00 644,365.01 46 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 747,652.50 749,465.10 3,411.83 10,390.6 750,000.00 752,876.93 3 4.263130B9NJ5 3.580 04/26/2027 249,625.00 249,642.59 (350.44) 870.14 05/26/2026
FEDERAL HOME LOAN BANK 3.58% 26APR2027 250,000.00 249,292.15 1.42(CALLABLE 26MAY26) 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 4.300 11/27/2028 653,978.00 652,651.08 4,915.36 9,627.22 650,000.00 657,566.44 3.733134A3ZU3 FREDDIE MAC 0% 14DEC2029 0.000 12/14/2029 646,005.00 654,255.75 (9,213.58) 0.00 3. 750,000.00 645,042.17 68 3134HAW33 4.750 12/18/2029 501,978.50 500,924.86 (1,262.25) 6,795.14 06/18/2026
FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 500,000.00 499,662.61 2.86 3130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 4.375 03/08/2030 660,341.50 658,248.78 2,822.33 1,737.85 650,000.00 661,071.11 3.773130AWGS3 FEDERAL HOME LOAN BANK 4.125% 14JUN2030 4.125 06/14/2030 398,784.75 397,782.39 (4,808.34) 4,781. 390,000.00 392,974.05 56 2.273130B83T7 3.875 10/08/2030 600,600.00 600,465.72 (5,773.36) 11,043.75 10/08/2027
FEDERAL HOME LOAN BANK 3.875% 08OCT2030 600,000.00 594,692.36 3.42(CALLABLE 08OCT27) 10 SECURITIES HELD
As of March 31, 2026
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 Agencies3134HCKF5 4.000 12/23/2030 400,066.00 400,058.71 (3,522.76) 4,355.56 06/23/2027
FREDDIE MAC 4% 23DEC2030 (CALLABLE 23JUN27) 400,000.00 396,535.95 2.28#0000 Total Government Agencies 6,090,000.00 5,916,423.25 6,003,380.99 5,991,651.07 (11,729.92) 33.7 50,949.25 4Government Bonds91282CDK4 USA TREASURY 1.25% 30NOV2026 1.250 11/30/2026 453,906.25 491,158.12 663.17 2,077.61 2. 500,000.00 491,821.29 59 91282CEC1 USA TREASURY 1.875% 28FEB2027 1.875 02/28/2027 540,646.09 568,211.47 2,046.34 916.10 3. 580,000.00 570,257.81 08 91282CEN7 USA TREASURY 2.75% 30APR2027 2.750 04/30/2027 653,053.13 685,523.80 6,894.38 8,029.70 700,000.00 692,418.18 3.7291282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 488,243.86 495,857.19 666.25 4,040.06 2. 500,000.00 496,523.44 7891282CFH9 USA TREASURY 3.125% 31AUG2027 3.125 08/31/2027 482,071.99 492,872.82 2,224.84 1,316.24 500,000.00 495,097.66 2.7591282CGH8 USA TREASURY 3.5% 31JAN2028 3.500 01/31/2028 490,978.24 495,898.64 1,249.80 2,852.21 500,000.00 497,148.44 2.8091282CHK0 USA TREASURY 4% 30JUN2028 4.000 06/30/2028 495,236.05 497,505.75 4,584.10 4,972.38 500,000.00 502,089.85 2.8291282CNY3 USA TREASURY 3.375% 15SEP2028 3.375 09/15/2028 496,798.55 497,150.39 (2,306.64) 733.70 500,000.00 494,843.75 2.8391282CPP0 USA TREASURY 3.5% 15DEC2028 3.500 12/15/2028 499,962.61 499,965.76 (4,106.38) 5,096. 500,000.00 495,859.38 15 2.8591282CKT7 USA TREASURY 4.5% 31MAY2029 4.500 05/31/2029 492,676.61 490,256.53 (956.53) 7,180.22 480,000.00 489,300.00 2.81 11 SECURITIES HELD
As of March 31, 2026
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 Bonds91282CLR0 USA TREASURY 4.125% 31OCT2029 4.125 10/31/2029 509,532.93 508,913.73 (4,812.17) 8,603. 500,000.00 504,101.56 25 2.91 91282CFY2 USA TREASURY 3.875% 30NOV2029 3.875 11/30/2029 403,813.84 403,301.39 (3,395.14) 5,152. 400,000.00 399,906.25 47 2.3091282CMG3 USA TREASURY 4.25% 31JAN2030 4.250 01/31/2030 400,680.60 399,370.59 (4,434.65) 2,701. 390,000.00 394,935.94 45 2.28 Total Government Bonds 6,550,000.00 6,407,600.75 6,525,986.18 6,524,303.55 (1,682.63) 36.54 53,671.54Grand total 17,910,616.89 17,535,838.64 17,804,774.64 131.65 17,804,906.29 165,928.57 100.00 12 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2026
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 2.59 491,821.29 2.76 0.6591282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 AA+ Aa1 580,000.00 540,646.09 3.08 570,257.81 3.20 0.9091282CEN7 USA TREASURY 2.75% 2.750 04/30/2027 AA+ Aa1 700,000.00 653,053.13 3.72 692,418.18 3.89 1.0491282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 500,000.00 488,243.86 2.78 496,523.44 2.79 1.2091282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 AA+ Aa1 500,000.00 482,071.99 2.75 495,097.66 2.78 1.3791282CGH8 USA TREASURY 3.5% 3.500 01/31/2028 AA+ Aa1 500,000.00 490,978.24 2.80 497,148.44 2.79 1.7591282CHK0 USA TREASURY 4% 4.000 06/30/2028 AA+ Aa1 500,000.00 495,236.05 2.82 502,089.85 2.82 2.1191282CNY3 USA TREASURY 3.375% 3.375 09/15/2028 AA+ Aa1 500,000.00 496,798.55 2.83 494,843.75 2.78 2.3391282CPP0 USA TREASURY 3.5% 3.500 12/15/2028 AA+ Aa1 500,000.00 499,962.61 2.85 495,859.38 2.78 2.5391282CKT7 USA TREASURY 4.5% 4.500 05/31/2029 AA+ Aa1 480,000.00 492,676.61 2.81 489,300.00 2.75 2.8991282CLR0 USA TREASURY 4.125% 4.125 10/31/2029 AA+ Aa1 500,000.00 509,532.93 2.91 504,101.56 2.83 3.2591282CFY2 USA TREASURY 3.875% 3.875 11/30/2029 AA+ Aa1 400,000.00 403,813.84 2.30 399,906.25 2.25 3.3591282CMG3 USA TREASURY 4.25% 4.250 01/31/2030 AA+ Aa1 390,000.00 400,680.60 2.28 394,935.94 2.22 3.49Issuer total 6,550,000.00 6,407,600.75 36.54 6,524,303.55 36.64 2.01Federal Home Loan Banks3130B9NJ5 FEDERAL HOME LOAN 3.580 04/26/2027 05/26/2026 AA+ Aa1 250,000.00 249,625.00 1.42 249,292.15 1.40 0.743130B3W25 FEDERAL HOME LOAN 4.300 11/27/2028 AA+ Aa1 650,000.00 653,978.00 3.73 657,566.44 3.69 2.463130AV5P3 FEDERAL HOME LOAN 4.375 03/08/2030 AA+ Aa1 650,000.00 660,341.50 3.77 661,071.11 3.71 3.583130AWGS3 FEDERAL HOME LOAN 4.125 06/14/2030 AA+ Aa1 390,000.00 398,784.75 2.27 392,974.05 2.21 3.793130B83T7 FEDERAL HOME LOAN 3.875 10/08/2030 10/08/2027 AA+ Aa1 600,000.00 600,600.00 3.42 594,692.36 3.34 2.57Issuer total 2,540,000.00 2,563,329.25 14.62 2,555,596.11 14.35 2.81Federal Home Loan Mortgage Corp3134GXCJ1 FREDDIE MAC 0.65% 0.650 05/28/2026 AA+ Aa1 500,000.00 451,345.00 2.57 497,572.29 2.79 0.163134A3ZU3 FREDDIE MAC 0% 0.000 12/14/2029 AA+ Aa1 750,000.00 646,005.00 3.68 645,042.17 3.62 3.63 13 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2026
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 2.86 499,662.61 2.81 1.013134HCKF5 FREDDIE MAC 4% 4.000 12/23/2030 06/23/2027 AA+ Aa1 400,000.00 400,066.00 2.28 396,535.95 2.23 2.77Issuer total 2,150,000.00 1,999,394.50 11.40 2,038,813.02 11.45 2.02Federal Farm Credit Banks Funding Corp3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aa1 750,000.00 747,652.50 4.26 752,876.93 4.23 0.66 Issuer total 750,000.00 747,652.50 4.26 752,876.93 4.23 0.66 Toyota Motor Credit Corp89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A+ A1 650,000.00 671,703.50 3.83 662,714.40 3.72 1.50 Issuer total 650,000.00 671,703.50 3.83 662,714.40 3.72 1.50 Bank of America Corp06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 650,000.00 623,493.00 3.56 649,688.51 3.65 0.05 Issuer total 650,000.00 623,493.00 3.56 649,688.51 3.65 0.05 Federal National Mortgage Association3135G0Q22 FANNIE MAE 1.875% 1.875 09/24/2026 AA+ Aa1 650,000.00 606,047.00 3.46 644,365.01 3.62 0.48 Issuer total 650,000.00 606,047.00 3.46 644,365.01 3.62 0.48 American Honda Finance Corp02665WFK2 AMERICAN HONDA 4.900 07/09/2027 BBB+ A3 600,000.00 599,556.00 3.42 602,739.77 3.39 1.21 Issuer total 600,000.00 599,556.00 3.42 602,739.77 3.39 1.21 JPMorgan Chase & Co46647PDA1 JPMORGAN CHASE & CO 4.323 04/26/2028 04/26/2027 A A1 600,000.00 588,900.00 3.36 599,726.04 3.37 1.02 Issuer total 600,000.00 588,900.00 3.36 599,726.04 3.37 1.02 14 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of March 31, 2026
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 3.22 589,811.11 3.31 2.69 Issuer total 600,000.00 564,048.00 3.22 589,811.11 3.31 2.69 John Deere Capital Corp24422EXN4 JOHN DEERE CAPITAL 4.900 03/07/2031 A A1 525,000.00 540,083.25 3.08 535,933.25 3.01 4.35 Issuer total 525,000.00 540,083.25 3.08 535,933.25 3.01 4.35 State Street Corp857477DB6 STATE STREET CORP 4.834 04/24/2030 03/24/2030 A Aa3 500,000.00 514,655.00 2.93 507,866.29 2.85 3.55 Issuer total 500,000.00 514,655.00 2.93 507,866.29 2.85 3.55 Wells Fargo Bank NA94988J6D4 WELLS FARGO BANK NA 5.450 08/07/2026 07/07/2026 A+ Aa2 400,000.00 397,028.00 2.26 401,341.00 2.25 0.27 Issuer total 400,000.00 397,028.00 2.26 401,341.00 2.25 0.27 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 2.09 396,541.86 2.23 0.45 Issuer total 400,000.00 366,260.00 2.09 396,541.86 2.23 0.45 Morgan Stanley61748UAR3 MORGAN STANLEY 4.238% 4.238 01/09/2030 A- A1 300,000.00 300,471.00 1.71 296,972.55 1.67 2.58 Issuer total 300,000.00 300,471.00 1.71 296,972.55 1.67 2.58 Cash and Cash Equivalents
CASH 0.000 45,616.89 45,616.89 0.00 45,616.89 0.26 0.00 Issuer total 45,616.89 45,616.89 0.00 45,616.89 0.26 0.00 Grand total 17,910,616.89 17,535,838.64 100.00 17,804,906.29 100.00 1.94 15 SECURITIES PURCHASED
For the period March 1, 2026 - March 31, 2026
TOWN OF ATHERTON
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Corporate Bonds24422EXN4 03/12/2026 03/07/2031 525,000.00 102.87 (540,083.25) (42 4.900 8.75) 03/13/2026
JOHN DEERE CAPITAL CORP 4.9%J.P. MORGAN SECURITIES LLC
Total Corporate Bonds 525,000.00 (540,083.25) (428.75)
Government Agencies3130B9NJ5 03/12/2026 04/26/2027 250,000.00 99.85 (249,625.00) (422 3.580 .64) 03/13/2026 05/26/2026
FEDERAL HOME LOAN BANK 3.58%WELLS FARGO SECURITIES, LLC Total Government Agencies 250,000.00 (249,625.00) (422.64) Grand total Grand total 775,000.00 (789,708.25) (851.39) 16 SECURITIES SOLD AND MATURED
For the period March 1, 2026 - March 31, 2026
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 Agencies3130AV6J6 03/13/2026 (750,000.00) 758,133.75 750,000.00 0.00 750,0 4.500 00.00 0.00 0.00 03/13/2026
FEDERAL HOME LOAN BANKS 4.5%03-13-2026
Total (Government Agencies) (750,000.00) 758,133.75 750,000.00 750,000.00 0.00 0.00 Grand total (750,000.00) 758,133.75 750,000.00 750,000.00 0.00 0.00 17 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2026 - March 31, 2026
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 59.71 59.71
Total Cash 0.00 0.00 0.00 59.71 59.71Corporate Bonds
02665WFK2 AMERICAN HONDA FINANCE 4.9% 09JUL2027 12.33 0.00 (5,391.14) 2,695.00 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 806.50 0.00 139.38 2,085.42 0.00 437076BN1 HOME DEPOT INC 2.125% 15SEP2026 (CALLABLE 15JUN26) 946.87 0.00 88.10 779.17 4,250.00 24422EXN4 JOHN DEERE CAPITAL CORP 4.9% 07MAR2031 (159.57) 0.00 (4,150.00) 1,286.25 0.00 46647PDA1 JPMORGAN CHASE & CO 4.323% 26APR2028 (CALLABLE 26APR27) 217.51 0.00 (2,319.28) 2,377.65 0.00 61748UAR3 MORGAN STANLEY 4.238% 09JAN2030 (CALLABLE 09JAN29) (13.41) 0.00 (4,076.98) 1,165.45 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 617.38 0.00 (6,065.22) 1,897.50 10,350.00 857477DB6 STATE STREET CORP 4.834% 24APR2030 (CALLABLE 24MAR30) (291.16) 0.00 (7,198.68) 2,215.59 0.00 89236TKL8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 (470.80) 0.00 (6,383.21) 3,247.29 0.00 94988J6D4 WELLS FARGO BANK NA 5.45% 07AUG2026 (CALLABLE 07JUL26) 86.47 0.00 (864.46) 1,998.33 0.00 Total Corporate Bonds 1,752.12 (36,221.49) 14,600.00 0.00 19,747.65Government Agencies 3135G0Q22 FANNIE MAE 1.875% 24SEP2026 1,297.83 0.00 848.41 1,117.19 6,093.75 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 64.97 0.00 (1,306.33) 3,007.82 0.00 3130B9NJ5 FEDERAL HOME LOAN BANK 3.58% 26APR2027 (CALLABLE 26MAY26) 17.59 0.00 (332.85) 447.50 0.00 3130B83T7 FEDERAL HOME LOAN BANK 3.875% 08OCT2030 (CALLABLE 08OCT27) (25.50) 0.00 (7,354.37) 2,131.25 0.00 3130AWGS3 FEDERAL HOME LOAN BANK 4.125% 14JUN2030 (154.21) 0.00 (5,336.22) 1,474.68 0.00 3130B3W25 FEDERAL HOME LOAN BANK 4.3% 27NOV2028 (83.10) 0.00 (7,360.94) 2,562.08 0.00 18 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2026 - March 31, 2026
TOWN OF ATHERTON
Description Accretion Interest earned
(amortization)
Realized gain
(loss)
Change in fair
value
Cusip Interest received
Government Agencies
3130AV5P3 FEDERAL HOME LOAN BANK 4.375% 08MAR2030 (168.58) 0.00 (11,596.25) 2,527.78 14,218.75 3130AV6J6 FEDERAL HOME LOAN BANKS 4.5% 03-13-2026 (98.45) 0.00 (169.78) 1,406.25 16,875.00 3134A3ZU3 FREDDIE MAC 0% 14DEC2029 1,914.27 0.00 (8,852.49) 0.00 0.00 3134GXCJ1 FREDDIE MAC 0.65% 28MAY2026 CALLABLE 1,337.90 0.00 1,239.17 297.92 0.00 3134HCKF5 FREDDIE MAC 4% 23DEC2030 (CALLABLE 23JUN27) #0000 (3.98) 0.00 (4,368.45) 1,466.67 0.00 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) (339.51) 0.00 (1,604.35) 2,177.08 0.00 Total Government Agencies 3,759.23 (46,194.45) 37,187.50 0.00 18,616.22Government Bonds 91282CDK4 USA TREASURY 1.25% 30NOV2026 1,123.36 0.00 383.79 532.28 0.00 91282CEC1 USA TREASURY 1.875% 28FEB2027 1,094.14 0.00 (403.29) 916.10 5,437.50 91282CEN7 USA TREASURY 2.75% 30APR2027 1,136.11 0.00 (1,675.57) 1,648.48 0.00 91282CFH9 USA TREASURY 3.125% 31AUG2027 426.52 0.00 (2,617.19) 1,316.24 7,812.50 91282CEW7 USA TREASURY 3.25% 30JUN2027 281.64 0.00 (2,128.91) 1,391.58 0.00 91282CNY3 USA TREASURY 3.375% 15SEP2028 98.26 0.00 (4,980.47) 1,432.94 8,437.50 91282CPP0 USA TREASURY 3.5% 15DEC2028 1.07 0.00 (5,625.00) 1,490.38 0.00 91282CGH8 USA TREASURY 3.5% 31JAN2028 189.48 0.00 (3,808.59) 1,498.62 0.00 91282CFY2 USA TREASURY 3.875% 30NOV2029 (76.37) 0.00 (6,000.00) 1,320.05 0.00 91282CHK0 USA TREASURY 4% 30JUN2028 94.06 0.00 (4,824.21) 1,712.71 0.00 91282CLR0 USA TREASURY 4.125% 31OCT2029 (210.94) 0.00 (7,539.07) 1,766.23 0.00 91282CMG3 USA TREASURY 4.25% 31JAN2030 (207.19) 0.00 (6,276.56) 1,419.41 0.00 19 DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2026 - March 31, 2026
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 (6,600.00) 1,839.56 0.00 Total Government Bonds 3,675.33 (52,095.07) 21,687.50 0.00 18,284.58Grand total 9,186.68 (134,511.01) 73,534.71 0.00 56,708.16 20 TRANSACTION REPORT
For the period March 1, 2026 - March 31, 2026
TOWN OF ATHERTON
Maturity Par value or
shares
Trade date Cusip Sec type Description Transaction Principal Interest Transaction totalSettle date Realized
gain(loss)
02/28/2026 5,437.5002/28/2026
91282CEC1 Government Bonds USA TREASURY 1.875% 02/28/2 Income 027 580,000.00 0.00 5,437.50 0.00 02/28/2026 7,812.5002/28/2026
91282CFH9 Government Bonds USA TREASURY 3.125% 08/31/2 Income 027 500,000.00 0.00 7,812.50 0.00 03/08/2026 14,218.7503/08/2026
3130AV5P3 Government Agencies FEDERAL HOME LOAN BANK 0 Income 3/08/2030 650,000.00 0.00 14,218.75 0.00 03/12/2026 (428.75)03/13/2026
24422EXN4 Corporate Bonds JOHN DEERE CAPITAL CORP 03/0 Bought 7/2031 525,000.00 (540,083.25) (540,512.00) 0.00 03/12/2026 (422.64)03/13/2026
3130B9NJ5 Government Agencies FEDERAL HOME LOAN BANK 0 Bought 4/26/2027 250,000.00 (249,625.00) (250,047.64) 0.00 03/13/2026 16,875.0003/13/2026
3130AV6J6 Government Agencies FEDERAL HOME LOAN BANKS Income 03/13/2026 750,000.00 0.00 16,875.00 0.00 03/13/2026 0.0003/13/2026
3130AV6J6 Government Agencies FEDERAL HOME LOAN BANKS Capital Change 03/13/2026 (750,000.00) 750,000.00 750,000.00 0.00 03/15/2026 4,250.0003/15/2026
437076BN1 Corporate Bonds HOME DEPOT INC 2.125% 09/15/ Income 2026 400,000.00 0.00 4,250.00 0.00 03/15/2026 10,350.0003/15/2026
717081ET6 Corporate Bonds PFIZER INC 3.45% 15MAR2029 0 Income 3/15/2029 600,000.00 0.00 10,350.00 0.00 03/15/2026 8,437.5003/15/2026
91282CNY3 Government Bonds USA TREASURY 3.375% 09/15/2 Income 028 500,000.00 0.00 8,437.50 0.00 03/24/2026 6,093.7503/24/2026
3135G0Q22 Government Agencies FANNIE MAE 1.875% 09/24/ Income 2026 650,000.00 0.00 6,093.75 0.00 03/31/2026 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 59.71 59.71 21 ADDITIONAL INFORMATION
As of March 31, 2026
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 March 31, 2026
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. © 2026 Insight Investment. All rights reserved.
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