The transfer completed January 2
ATRS authorized up to $50 million in June 2025 and established a Reams manager account. A December 29 Board notice described funding; the later bank records establish the $50 million transfer completed January 2, 2026. Resolution · Historical notice · Completed funding, p. 3.
One completed Israel Bond
The first $9.9 million issuance at 4.86% was canceled. The advice shows February 3 in its account-information date field; February 13 appears in the supplied filename. Neither establishes the cancellation’s effective date. The completed replacement purchase was $9.9 million at par on February 17, 2026, with a 4.93% coupon and February 1, 2031 maturity. The trade row gives February 17 as both trade and settlement date. Cancellation, p. 1 · Trade sheet, row 2.
The canceled issuance contributes nothing to completed-purchase totals. The completed bond is part of the $50 million funding, so adding both would count the same money twice.
The July account
| Asset category | Market value plus accrued income | Account share |
|---|---|---|
| U.S. Treasuries | $38,586,306.55 | 76.4892% |
| State of Israel bond | $9,944,447.05 | 19.7128% |
| Cash | $1,916,004.35 | 3.7981% |
| Total | $50,446,757.95 | 100% before rounding |
The Israel line retains $9.9 million quantity and cost. Its $9,821,426.67 principal value plus $123,020.38 accrued income produces the reported $9,944,447.05 value. This is an account valuation, not additional bonds purchased. July spreadsheet, MasterGridXLS rows 7, 9–10 and 12.
What Reams reported
The Q2 manager report describes initial deployment into a U.S. Treasury ladder and selection of the shortest available Jubilee maturity under a stated annual limit. Reams describes Treasury maturities aligned with future Israel Bond purchases and a strategy that would ultimately allow full investment in Israel Bonds, under its stated $10 million annual limit. That is the manager’s stated deployment plan, not evidence that future purchases occurred or that July’s allocation is permanent. Its “allowed” language differs from the earlier guideline’s “target” wording; the production does not include a superseding guideline. The manager contract was extended through June 30, 2027. Implementation reporting does not by itself supply an independent pre-decision sovereign-credit recommendation. Q2 report · Contract extension.
The question that remains
Aon compared managers, recommended Reams and discussed limited marketability. Its page 150 disclaimer says the memo is not a recommendation to invest or not invest in Israel Bonds and that Aon does not recommend purchases or sales of individual securities. The Board’s authorization is documented separately in the executed resolution, pp. 5–6. September now supplies transactions and holdings that earlier disclosures lacked. The remaining question is the decision-specific financial case for the sovereign exposure, including which analysis trustees relied on. Aon’s memo, pp. 149–150.
Read the corrected funding finding · Read September’s update.
Inside the funded account.
The $50 million transfer funded one account. By July, that account held U.S. Treasuries, an Israel Bond, and cash. The bond is part of the account.
Holdings and future strategy are different. Reams’s June 30 report describes a Treasury ladder aligned with future Israel Bond purchases, with a long-term objective of a laddered Israel Bond portfolio. It says no more than $10 million is “allowed” per calendar year; the earlier guideline used “target.” July’s 19.7% share is a dated observation, not a permanent ceiling. The strategy does not establish a later purchase. Read the strategy, physical p. 7.
Select an asset category for its value. All figures are also in the table below.
| Asset category | Value including accrued | Share |
|---|---|---|
| U.S. Treasuries | $38,586,306.55 | 76.49% |
| State of Israel bond | $9,944,447.05 | 19.71% |
| Cash | $1,916,004.35 | 3.80% |
| Total account | $50,446,757.95 | 100.00% |
The Israel Bond’s par value is $9,900,000. July principal market value is $9,821,426.67; accrued income adds $123,020.38. These are different measurements from the original $50 million funding.
An authorization is a beginning.
Funding, purchase, settlement, and reporting answer different questions. Dated records appear in order; an event with an unestablished date is identified separately at the end.
- ATRS · authorization
ATRS Board authorizes the strategy
ATRS Board authorization ceiling
- ATRS · funding
ATRS manager funding completes
ATRS Reams separate account; includes subsequent Israel Bond and U.S. Treasuries
- ATRS · purchase
ATRS purchase and settlement recorded
Completed replacement Israel Bond purchase
- ATRS · holding
July report observes the account
Later observation of the February purchase; not additional exposure
- Date not establishedATRS · canceled
The first issuance is canceled
The 4.86% first issuance is marked canceled. The account-information field says February 3; February 13 appears only in the filename. No cancellation-effective date is established. The completed replacement purchase is separately dated February 17.