CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: October 4, 2022
SUBJECT: Investment Report as of August 31, 2022
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of August 31, 2022.
BACKGROUND
The City Investment Policy requires the City Manager to submit an Investment Report monthly to the City Council that contains a summary of investment transactions, including investment types, percent of portfolio, yield, purchase date, maturity date, issuer or institution, par and dollar amount invested, market value, source of market valuation, the portfolio's average weighted yield and maturity, and a description of any local agency funds or investments under the management of contracted parties.
Submission of, and the City Council's action of receiving and filing this Report, addresses the City Council's goal of fiscal sustainability.
ANALYSIS
The following table compares the portfolio balance as of August 2022 to August 2021.
Portfolio Balance August 2022 August 2021 Difference
Balance $65,792,937.25 $55,522,207.85 $10,270,729.40
• From July 2022 to August 2022, the City's total cash and investments had a net decrease of $1,509,554.47 going from $67,302,491.72 to $65,792,937.25.
The cash outlay was higher than receipts for the month. Historically, between the months of July through October, the City's cash balance decreases because of minimal property tax revenue while the County of Orange finalizes the property tax rolls. Cash outlay has remained consistent with prior months. • The percentage of pooled investments decreased from 58.01% to 57.08%.
Pooled investments include the Local Agency Investment Fund (LAIF) and the Orange County Investment Pool (OCIP).
• The average weighted maturity of City investments, including investment pools, decreased from 503 days to 502 days. The average weighted maturity of City investments, including investment pools, is calculated as follows: Sum of days left until maturity of each individual investment multiplied by the cost of each individual investment divided by the total portfolio at cost, excluding cash in bank.
• The net yield of LAIF increased from 1.090% to 1.276%. The net yield of OCIP increased from 0.793% to 0.979%.
• The average weighted yield of City investments, including investment pools, increased from 1.138% to 1.260%. The City's average weighted yield of City investments, including investment pools, is calculated by taking the total investment earnings divided by the total portfolio at cost, excluding cash in bank. A comparison of the City's average weighted yield to short-term and long- term benchmarks is presented below.
City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
1.260% 3.300 % 3.500% 3.32% 0.979% 1.276%
The monthly Investment Report as of August 31, 2022, is attached.
ALTERNATIVES CONSIDERED
1. The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of August 31, 2022.
FISCAL REVIEW
There is no fiscal impact as a result of this action.
CONCLUSION
The City Investment Policy requires the submittal of a monthly Investment Report. Staff recommends that the City Council receive and file this Report.
Jamasa Stoneau Eir Pendinka
Tamara S. Letourneau Eric Hendrickson
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of August 31, 2022
ATTACHMENT A
Investment Report as of August 31, 2022
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
August 31, 2022
Tamara S. Letourneau
CITY MANAGER
Eric Hendrickson
FINANCE DIRECTOR
October 4, 2022
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
TABLE OF CONTENTS
Statement of Compliance/Non-Compliance 1
Report of Cash and Investments 2
LAIF Investment Reports 3-5
OCIP Investment Reports 6-8
US Bank Statement 9-17
PARS Statement 18
City of Laguna Niguel
Statement of Compliance/Non-Compliance with the City's Investment Policy The undersigned officers of the City of Laguna Niguel hereby certify that:
As of August 31, 2022, the City was in compliance with the Investment Policy adopted at the July 19, 2022 Regular City Council Meeting.
Sufficient investment liquidity from cash and cash equivalents and anticipated revenues are available to meet the City's budgeted expenditure requirements for the next six months.
Jenasa S tousean Sir Andrien
Tamara S. Letourneau Eric Hendrickson
City Manager Finance Director
1 City of Laguna Niguel
Summary of Cash and Investments
8/31/22
Settlement Maturity Coupon Percent of Market
Description Date Date Rate Yield Cost Portfolio Value
Petty Cash/Change Drawers $ 2,600.00 0.00% $ 2,600.00
US Bank Checking Account $ 2,024,977.11 3.08% $ 2,024,977.11 US Bank Money Market Variable $ 87,171.60 0.13% 87,171.60 Local Agency Investment Fund 1.276% $ 29,530,597.32 44.88% $ 29,150,403.11 Orange County Investment Pool 0.979% 8,026,090.86 12.20% $ 8,026,090.86 Federal Home Loan Mortgage Corporation: 7.89%
3134GV5R5 7/15/2020 7/15/2024 0.570% 0.600% 1,000,000.00 943,530.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 1.570% 4,188,112.71 3,815,560.00 Federal National Mortgage Association: 13.14%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.410% 8,645,922.29 7,935,705.00 Federal Farm Credit Banks: 6.07%
3133ENVD9 4/26/2022 4/26/2027 2.875% 2.940% 3,995,360.00 3,914,800.00 Federal Home Loan Banks: 12.60%
3130AJTF6 7/14/2020 7/14/2025 0.740% 0.810% 1,000,000.00 917,190.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.790% 625,000.00 572,575.00 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.830% 2,001,415.36 1,808,820.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.990% 4,665,690.00 4,232,520.00 Total City Investments Including Investment Pools $ 65,792,937.25 100.00% $ 63,431,942.68 Restricted for Specific Use
PARS 115 Pension Trust -2.390% $ 1,000,000.00 $ 926,739.94 Average weighted maturity of Investments, excluding Investment Pools: 1,225 days Average weighted maturity of Investments, including Investment Pools: 502 days Average weighted yield of Investments, excluding Investment Pools 1.329% Average weighted yield of Investments, including Investment Pools 1.260% * Market value of City investments is provided by US Bank NOTE: Market value disclosure is for informational purposes only. City policy is to hold all investments to maturity; therefore, any unrealized gain or loss reflected between the cost and market value of an investment will not be realized. 2 PMIA/LAIF Performance Report
as of 09/12/22
PMIA Average Monthly Quarterly Performance
Effective Yields) Quarter Ended 06/30/22
August 1.276
July 1.090 0.00002057622201151
June 0.861 0.987125414
PMIA Daily (''
PMIA Quarter to Date! 0.69%
PMIA Average Life!' 311
Pooled Money Investment Account
Monthly Portfolio Composition (1)
08/31/22
$229.3 billion
Corporate
Commercial Bonds
Paper 0.24%
Deposits 4.40% Loans
2.06% .0.37%
Certificates of
Deposit/Bank Notes
5.93%
Agencies.
19.30%
Treasuries
67.70%
Chart does not include $4,017,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Daily rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
3 State of California
Pooled Money Investment Account
Market Valuation
8/31/2022
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 50.959,355,621.66 50,974,222,500.00 NA
Notes $ 104.276.905,095.93 101,503,463,000.00 $ 204,742,620.50 Federal Agency:
SBA 339,716,586.08 $ 340,078,930.38 273,153.10
MBS-REMICS $ 4.016,572.17 $ 4,041,914.86 $ 18,102.58
Debentures $ 8.941,905,096.37 8,752,298,750.00 $ 17.870,500.95 Debentures FR $
Debentures CL $ 2,550,000,000.00 2,511,845,000.00 $ 14.005,459.00 Discount Notes $ 30,130,920,319.35 30,144,393,000.00 NA Supranational Debentures $ 2.281,987,475.83 $ 2,200,894,100.00 $ 7,424,528.90 Supranational Debentures FR $ $ - $
CDs and YCDs FR $ - $
Bank Notes $ 100,000,000.00 99,745,085.56 525,000.00
CDs and YCDs $ 13,510,000,000.00 13,486,320,640.14 $ 58,292,522.21 Commercial Paper $ 10,096,386,048.57 10,124,743,430.62 NA Corporate:
Bonds FR $ $ $
Bonds $ 542,757,382.10 518,895,100.00 $ 2.889.619.48
Repurchase Agreements $ : :
Reverse Repurchase - $
Time Deposits $ 4,714,000,000.00 4,714,000,000.00 NA
PMIA & GF Loans $ 841,492,000.00 $ 841,492,000.00 NA
TOTAL $ 229,289,442,198.06 IS 226,216,433,451.56 306,041,506.72 Fair Value Including Accrued Interest $ 226,522,474,958.28 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 4 9/1/22, 10:04 AM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, cPA
Local Agency Investment Fund September 01, 2022
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARK WAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number:
August 2022 Statement
Web
Effective Transaction Type Tran Confirm Confirm
Date Date Number Number Authorized Caller Amount
8/17/2022 8/16/2022 RW 1711974 N/A KRISTIN FORIER - 1,500,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 31,030,597.32
Total Withdrawal: -1,500,000.00 Ending Balance: 29,530,597.32
COUNTY OF ORANGE
OR
OFFICE OF THE TREASURER-TAX COLLECTOR
Shari L. Freidenrich, CPA, CCMT, CPFA, ACPFIM
P. O. BOX 4515
SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
August 31, 2022
CITY OF LAGUNA NIGUEL
Attn: Eric Hendrickson, Finance Director
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Fund Number
AUGUST 2022 STATEMENT
INVESTMENT BALANCE IN OCIP
Transactions
Transaction Transaction Description Authorized Signer Amount Date
08/01/2022 July 2022 Investment Admin Fee $ (405.31)
08/29/2022 May 2022 Interest Paid $ 16,316.13
Summary
Total Deposit: $ 16,316.13 Beginning Balance: $ 8,010,180.04 Total Withdrawal: $ (405.31) Ending Balance: $ 8,026,090.86
ACCRUED INVESTMENT INCOME
Description Amount
June 2022 Interest Accrued $ 11,602.40
July 2022 Interest Accrued $ 5,541.57
Total 17,143.97
August 2022 Interest to be accrued in September 2022 $ 7,062.36 6 OF
OFFICE OF THE TREASURER-TAX COLLECTOR CANCE COUNT
UM
SHARI L. FREIDENRICH, CPA, CCMT, CPFA, ACPFIM
CO
P.O. Box 4515
CALIFORNI SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
ORANGE COUNTY INVESTMENT POOL
APPORTIONMENT YIELDS & BASIS POINT FEES
FY 22/23 Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis Date Year Net Yield Point Fees
Gross Yield Point Fees
July 2022 0.848% (2) 0.793% (2) 5.5
YTD August 2022 1.034% 0.979% 5.5
GROSS September 2022
YIELD October 2022
0.937% November 2022
December 2022 Not Yet
January 2023 Available
February 2023
YTD NET March 2023
YIELD April 2023
0.882% May 2023
June 2022
FY 21/22 Date Year Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis Gross Yield Net Yield Point Fees Point Fees
July 2021 0.593% 0.535% 5.8
YTD August 2021 0.575% 0.517% 5.8
GROSS September 2021 0.562% 0.504% 5.8
YIELD October 2021 0.514% 0.456% 5.8
0.523% November 2021 0.515% 0.457% 5.8
December 2021 0.396% 0.338% 5.8 Not Yet
January 2022 0.402% 0.344% 5.8 Available
February 2022 0.439% 0.381% 5.8
YTD NET March 2022 0.462% 0.404% 5.8
YIELD April 2022 0.513% (2) 0.455% (2) 5.8
0.471% May 2022 0.614% (2) 0.594% (2) 2.0
June 2022 0.722% (2) 0.702% (2) 2.0
Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis FY 20/21 Date Year Net Yield Point Fees
Gross Yield Point Fees
July 2020 1.223% 1.164% 5.9 5.0
YTD August 2020 1.144% 1.085% 5.9 5.0
GROSS September 2020 1.060% 1.001% 5.9 5.0
YIELD October 2020 0.956% 0.897% 5.9 5.0
0.802% November 2020 0.899% 0.840% 5.9 5.0
December 2020 0.767% 0.708% 5.9 5.0
January 2021 0.694% 0.635% 5.9 5.0
February 2021 0.803% 0.744% 5.9 5.0
YTD NET March 2021 0.624% 0.565% 5.9 5.0
YIELD April 2021 0.539% 0.480% 5.9 5.0
0.752% May 2021 0.562% 0.503% 5.9 5.0
June 2021 0.598% 0.588% 1.0 5.0
(2) Revised gross and net yields based on adjustments to interest income Mission: Ensure safe and timely receipt, deposit, collection and investment of public funds.
ORANGE COUNTY TREASURER - TAX COLLECTOR
BY INVESTMENT TYPE AT MARKET VALUE - By Percentage Holdings August 31, 2022
100%
90%
80%
70%
60%
40%
30%
20%
10%
0%
Orange County Investment Pool Orange County Educational investment Pool John Wayne Airport Investment Fund Orange County Investment Pool Orange County Educational Investment Pool John Wayne Airport Investment Fund In Thousands In Thousands In Thousands
U.S. TREASURIES 2.353,908 45.23% u.S. TREASURIES 2.785.623 45.48% 19,983 37.29% U.S. GOVERNMENT AGENCIES 1,789,030 34.37% MU.S. GOVERNMENT AGENCIES 2,093,398 34.18% U.S: TOVARUMENT AGENCIES 29,970 55.93% MONEY MARKET MUTUAL FUNDS 851.340 16.36% MONEY MARKET MUTUAL FUNDS 995.072 16.25% MONEY MARKET MUTUAL FUNDS 3,635 6.78% MUNICIPAL DEBT 176,522 3.39% MUNICIPAL DEBT 210.333 3.43% LOCAL AGENCY INVESTMENT FUND 34,038 0.65% I LOCAL AGENCY INVESTMENT FUND 40,558 0.66% $5,204,838 100.00% 6.124.984 100.00% 53.588 100.00%
19742
00- -M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: August 1, 2022 to August 31, 2022
MARKET VALUE SUMMARY
Current Period
08/01/22 to 08/31/22
Beginning Market Value Change: -422,651.80
$24,650,523.40 $30,000,000
Taxable Interest 46,355.45 $25,000,000
Change in Investment Value 469,007.25
$20,000,000
Ending Market Value $24,227,871.60 $15,000,000
$10,000,000
$5,000,000
6 $0
Beginning Ending
MV MV
$24,650,523.40 $24,227,871.60
10 $326,351.75 100.00 $24,227,871.60 Total Market Value 324,600.00 99.60 24,140,700.00 Taxable Bonds
1,751.75 0.40 87,171.60 Cash & Equivalents
Annual Income Total Market Value Assets
Estimated % of Current Period
ASSET SUMMARY
August 1, 2022 to August 31, 2022 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank
0220657-00-04007-04
00--M -UC-UU -244-04
19742
11 $46,355.45 Total Current Period Income
46,355.45 Taxable Interest
Current Period
Income Received
INCOME SUMMARY
August 1, 2022 to August 31, 2022 ACCOUNT NUMBER
CITY OF LAGUNA NIGUEL
usbank
0220657-00-04007-04
00--M -UC-UU -244-04
19742
12 $0.00 Ending Cash 08/31/2022
-46,355.45 Net Money Market Activity
46,355.45 Taxable Interest
$0.00 Beginning Cash 08/01/2022
Cash
CASH SUMMARY
August 1, 2022 to August 31, 2022 ACCOUNT NUMBER
CITY OF LAGUNA NIGUEL
usbank
0220657-00-04007-04
00--M -UC-UU -244-04
19742
19742
00- -M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER August 1, 2022 to August 31, 2022
ASSET DETAIL
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Cash & Equivalents
Cash/Money Market
First American Government - 31846V567
Oblia Fd CI Z
#3676
87,171.600 1.0000 87,171.60 87,171.60 0.00 0.4 1,751.75 2.01 Total Cash/Money Market $87,171.60 $87,171.60 $0.00 0.4 $1,751.75 Total Cash & Equivalents $87,171.60 $87,171.60 $0.00 0.4 $1,751.75 Taxable Bonds
US Government Issues
FHLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 95.3890 3,815,560.00 4,188,112.71 -372,552.71 15.7 60,000.00 1.57 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 94.3530 943,530.00 1,000,000.00 -56,470.00 3.9 5,700.00 0.60 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 91.2150 7,935,705.00 8,645,922.29 -710,217.29 32.8 32,625.00 0.41 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 97.8700 3,914,800.00 3,995,360.00 -80,560.00 16.2 115,000.00 2.94 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 91.6120 572,575.00 625,000.00 -52,425.00 2.4 4,500.00 0.79 19742
00- -M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER August 1, 2022 to August 31, 2022
ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 91.7190 917,190.00 1,000,000.00 -82,810.00 3.8 7,400.00 0.81 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 90.4410 1,808,820.00 2,001,415.36 -192,595.36 7.5 15,000.00 0.83 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 94.0560 4,232,520.00 4,665,690.00 -433,170.00 17.5 84,375.00 1.99 5 Total US Government Issues $24,140,700.00 $26,121,500.36 -$1,980,800.36 99.6 $324,600.00 Total Taxable Bonds $24,140,700.00 $26,121,500.36 $1,980,800.36 99.6 $324,600.00 Total Assets $24,227,871.60 $26,208,671.96 -$1,980,800.36 100.0 $326,351.75 Estimated Current Yield 1.34
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. may not represent The and value san ed by your vestments and they provide no guarante or what your investmonts may barm in the lurmaking investmen, rating, or tax decisions. The estimates 19742
00--M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER August 1, 2022 to August 31, 2022
TRANSACTION DETAIL
Posted Activity Description
Cash Tax Cost
Beginning Balance 08/01/2022 $0.00 $26,162,316.51
08/01/22 Asset Income Interest Eared On 42.95
Interest From 7/1/22 To 7/31/22
08/12/22 Asset Income Interest Earned On 30,000.00
FHLMC 1.500% 2/12/25
0.0075 USD/$1 Pv On 4,000,000 Par Value Due 8/12/22
08/25/22 Asset Income F NA .375% 825/25 16,312.50
0.001875 USD/$1 Pv On 8,700,000 Par Value Due 8/25/22
Purchase 46,355.45 46,355.45
Cos Am dour ob Fi 12 The Period 8 122-8/31220f
Ending Balance 08/31/2022 $0.00 $26,208,671.96
19742
00--M -UC-UU -244-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER August 1, 2022 to August 31, 2022
BOND SUMMARY
70% 1
60%
40%
30%
20%
10%
0%
2022 2023 2024 2025 2026 2027
Par Value Market Value Percentage or
MATURITY
2022 0.00 0.00
2023 0.00 0.00
2024 943,530.00 3.91
2025 13,241,030.00 54.85
2026 6,500,000.00 6,041,340.00 25.03
2027 4,000,000.00 3,914,800.00 16.21
Total of Category $25,825,000.00 $24,140,700.00 100.00
MOODY'S RATING
Aaa 24,825,000.00 23,197,170.00 96.09
N/A 1,000,000.00 943,530.00 3.91
Total of Category $25,825,000.00 $24,140,700.00 100.00
19742
2022067-00420-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER August 1, 2022 to August 31, 2022
BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 24,825,000.00 23,197,170.00 96.09
N/A 1,000,000.00 943,530.00 3.91
Total of Category $25,825,000.00 $24,140,700.00 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds.
PUBLIC
AGENCY
PARS
RETIREMENT
SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 8/1/2022 to 8/31/2022 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
alance as ‹ Balance as o
Source /1/202 Contributions Earnings Expenses Distributions Transfers 8/31/202:
PENSION $949,938.83 $0.00 -$22,741.34 $457.55 $0.00 50.00 $926,739.94 Totals $949,938.83 $0.00 -$22,741.34 $457.55 $0.00 S0.00 $926,739.94 Investment Selection
Source
PENSION Moderately Conservative HighMark PLUS
Investment Objective
Source
PENSION The dual goals of the Moderately Conservative Strategy are current income and moderate capital appreciation. The major portion of the assets i ommitted to income-producing securities. Market fluctuations should be expected Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION -2.39% -2.71% -11.56% 5/26/2020
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Investrent Return: Annualized rate of returm is the retur on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave, Suite 100, Newport Beach, CA 92660 800,540,6369 Fax 949.250.1250 www.pars.org 18