CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: November 7, 2023
SUBJECT: Investment Report as of September 30, 2023
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of September 30, 2023.
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 Goal #2, fiscal sustainability, in the City's Strategic Plan.
ANALYSIS
Inflation and interest rates continue to be at the forefront of the discussion on the current state of the United States economy. In September, the preferred inflation metric utilized by the Federal Open Market Committee (FOMC) increased at the highest level since May 2023. "Core" Personal Consumption Expenditures (PCE) Index, which excludes food and energy due to the inherent volatility within those categories, further decreased to 3.7% year over year. However, real gross domestic product (GDP) increased at an annual rate of 4.9% in the third quarter of 2023. The 3.7% core PCE figure from September, along with the 4.9% real GDP last quarter show that there is more work to be done by the Federal Reserve to bring inflation down to its 2% target, and further cements the current "higher for longer" expectation associated with interest rates and future Federal Reserve actions. The Federal Reserve is expected to keep rates unchanged in a range of 5.25%-
5.50% at the conclusion of its two-day policy meeting on November 1st
FED'S PREFERRED INFLATION GAUGE
CONTINUED TO COOL IN SEPTEMBER
The Personal Consumption Expenditures (PCE) Price Index excluding food and energy and the Consumer Price Index (CPI) excluding food and energy, since 1/1/2020.
PERCENT CHANGE FROM A YEAR AGO
6%
CORE CPI
4%
CORE PCE
2%
0%
20 21 23
yahoo!
finance
Staff continue to monitor the 5-year Treasury rates and have strategically purchased securities when advantageous. In the month of October, several securities were purchased with a yield of 5% and higher. Additionally, the City expects to receive approximately $9 million in property tax allotments during the months of November and December, which can be invested at very attractive short-term and long-term rates. The City continues to be in a strong position given the current environment.
FRED « - Merker Yed on US. Tressury Securites at 5-Year Constant Maturity, Quoted on an Investment Basts ercent
2023-01 2023-02 2023-06 2023-07 2023-09 2023-10
2022-11 2022-12 2173-05 2023-04
Source: Board of Governors of the Federal Reserve System (US) fred stlouisfed.org Chadad areas indiare IS recessions
The following table compares the portfolio balance as of September 2023 to August 2023.
Portfolio Balance August 2023 September 2023 Difference Balance $62,693,731 $59,646,771 $(3,046,960)
• Over the past month, the City's total cash and investments experienced a net decrease of $3,046,960. Cash receipts remained consistent from month to month, but outlay increased, primarily due to execution of the Residential Resurfacing Program, Zones Ill and IV. Multiple progress payments were made during the month of September, totaling over $1.4 million. • The percentage of pooled investments increased from 0.28% to 0.30%. 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 and money market, remained at 520 days. The average weighted maturity of City investments, including investment pools and money market, 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 3.434% to 3.534%. The net yield of OCIP increased from 3.799% to 3.924%. The net yield for the First American money market funds in the City's custodian account increased from 5.210% to 5.230%.
Staff anticipates the pooled yields to increase in the short-term as those funds continue to trail the Fed Funds rate, as can be seen below:
Average Monthly Yield Comparison - 09/2018 through 09/2023
6.00%
—PHIA
5.00%
400% - S&P GIP
3.00% --- Fed Funds
2.00%
100%
0.00% September 55344
PMIA
S&P GIP 5.530%
9/20 12/2018 3/2019 6/2019 9/2019 3/2020 6/2020 9/2020 3/2021 6/2021 9/2021 12/2021 3/2022 6/2022 9/2022 12/2022 3/2023 6/2023 9/2023 Fed Funds 5.310% • The average weighted yield of City investments, including investment pools and money market, decreased from 3.061% to 2.956%. Since the City's cash balance decreased, the amount invested in the money market decreased, which is the highest earning investment the City has. This caused a slight decrease in the weighted average annual return. Additionally, it is not unusual for the City's weighted average return to trail the LAIF rate during times of rising interest rates. The City's average weighted yield of City investments, including investment pools and money market, is calculated by taking the total investment earnings divided by the total portfolio at cost, and includes cash in the sweep investments. 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
2.956% 4.600% 5.460% 5.530% 3.924% 3.534%
The monthly Investment Report as of September 30, 2023, is attached.
ALTERNATIVES CONSIDERED
1. The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of September 30, 2023.
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.
Jamara I Retonsieu
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
. Monthly Investment Report as of September 30, 2023
ATTACHMENT A
Investment Report as of September 30, 2023
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
September 30, 2023
TONY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
November 7, 2023
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 6-9
US Bank Statement 10-22
PARS Statement
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 September 30, 2023, 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.
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
City of Laguna Niguel
Summary of Cash and Investments
9/30/23
Settlement Maturity Coupon Purchased Percent of Maximum Allowable Market Description Date Date Rate Yield Cost Portfolio Per Investment Pollcy Value Petty Cash/Change Drawers $ 2,500.00 0.00% N/A $ 2,500.00 US Bank Checking & Investment Accounts 4.943% 2,908,530.11 4.88% N/A 2,908,530.11 US Bank Money Market 5.230% 4,076,006,54 6.83% 10.00% 4,076,006.54 Grange any vestment Pol 3.534% 99,907.23 0.17% Lesser of $40 million or 55% 98,391.49
4.089% 75,731.71 0.13% Lesser of $40 million or 55% 75,731.71 US Treasury Note: 30.36% N/A
912828T26 3/28/2023 9/30/2023 1.375% 4.430% 2,954,430.00 3,000,000.01 912828T91 4/10/2023 10/31/2023 1.625% 4.500% 2,461,250.00 2,492,575.00 912828U57 5/16/2023 11/30/202: 2.125% 4,460% 2,469,100.00 2,486,350.00 912828V23 3/28/2023 12/31/2023 2.250% 4.350% 2,953,290.00 2,976,090.00 912828529 4/10/2023 1/31/2024 2.500% 4.530% 2,460,150.00 2,475,675.00 9128285G0 5/16/2023 2/29/2024 2.375% 4.501% 2,459,075.00 2,468,850,00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,062,740.00 Certificates of Deposit:
062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 241,582.50 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 241,242.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 245,052.50 20033A412 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 241,062.50 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 241,207.50 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 244,192.50 Federal Home Loan Mortgage Corporation: 8.70% 25.00%
3134GV5R5 7/15/2020 7/15/2024 0.570% 0.570% 1,000,000.00 961,290.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 3,802,080.00 Federal National Mortgage Association: 14.50% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 7,957,803.00 Federal Farm Credit Banks: 6.70% 25.00%
3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,743,040.00 Federal Home Loan Banks*: 25.64% 25.00%
3130ATBLO 9/19/2022 12/8/2023 3.625% 3.810% 3,991,360.00 3,986,520.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 922,140.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 575,737.50 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,791,720.00 3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 998,220.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,126,680.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 1,942,360.00
55.53% 60.00%
3 59,646,770.95 97.90% 3 57,385,370.35
Restricted for Specific Us
ARS 115 Pension Trus $ 2,000,000.00 3.35% 20.00% $ 1,946,235.05 verage weighted maturity of Investments, excluding Investment Pool 591 days verage weighted maturity of Investments, including Investment Pools and Money Marke 520 days
2.666%
Average weed yel of restment, edule resen a Many liket. 2.956% 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.
PMIA/LAIF Performance Report
as of 10/18/23
Quarterly Performance PMIA Average Monthly
Quarter Ended 09/30/23 Effective Yields(1)
LAIF Apportionment Rate(2). 3.59 September 3.534
LAIF Earnings Ratio?): 0.00009812538629360 August 3.434 LAIF Administrative Cost)* 0.29 July 3.305**
LAIF Fair Value Factor (2). 0.986307739 June 3.167
PMIA Daily!): 3.48 May 2.993
PMIA Quarter to Date!"). 3.42 April 2.870
PMIA Average Life'): 256
Pooled Money Investment Account
Monthly Portfolio Composition (1)
09/30/23
$156.4 billion
Corporate
Commercial Bonds
Paper 0.28%
Deposits 4.01% Loans
3.35% 0.24%
Certificates of
Deposit/Bank Notes.
7.03%
Agencies -
20.72%
Treasuries
64.37%
Chart does not include $2,444,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Daily rates are now available here. View MIA Daily Rates *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year. ** Revised
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
State of California
Pooled Money Investment Account
Market Valuation
9/30/2023
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury:
Bills $ 22.254,070,554.26 $ 22,573,811,770.05 $ 22,564,630,000.00 NA Notes $ 75,736,882,320.52 $ 75.726,070,719.47 $ 73,914,693,500.00 $ 356,275,509.00 Federal Agency:
SBA $ 289,931,607.50 $ 289,931,607.50 1$ 289,283,255.27 $ 1,343,664.44 MBS-REMICs $ 2,444,395.28 2,444,395.28 $ 2,377,611.11 $ 10,790.37 Debentures $ 8,932,358,628.46 8,931,933,628.45 $ 8,757,401,100.00 $ 56,448,847.70 Debentures FR $ - $ $
Debentures CL $ 800,000,000.00 800,000,000.00 $ 778,527,500.00 $ 6,377,986.50 Discount Notes $ 19,299,127,548.54 $ 19,592,303,562.55 19,597,035,000.00 NA Supranational Debentures $ 3,069,440,886.57 $ 3,069,197,136.57 $ 3,000,342,800.00 $ 21,753,731.10 Supranational Debentures FR $ $ $ $
CDs and YCDs FR $ $ $ $
Bank Notes $ 100,000,000.00 100,000,000.00 $ 99,998,636.29 $ 3,441,666.67 CDs and YCDs $ 10,900,000,000.00 10,900,000,000.00 $ 10,895,339,264.35 $ 125.772,666.67 Commercial Paper $ 6,278,680,305.56 $ 6,336.423,069.39 $ 6,333,243.472.32 NA Corporate:
Bonds FR $ $ $
Bonds 438,461,769.11 438,392,491.33 413,769,970.00 $ 2,753,541.98 Repurchase Agreements $ $ $ $
: $
Reverse Repurchase $ $ $
Time Deposits 5,243,000,000.00 5,243,000,000.00 5,243,000,000.00 NA PMIA & GF Loans $ 380,513,000.00 380,513,000.00 $ 380,513,000.00 NA TOTAL T$ 153.724.911,015.80 $ 154,384,021,380.59 152,270,155,109.34 $ 574.178.404.43 Fair Value Including Accrued Interest $ 152,844,333,513.77 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
The value of each participating dollar equals the fair value divided by the amortized cost (0.986307739).
As an example: if an agency has an account balance of $20,000,000.00, then the agency would report its participation in the LAIF valued at $19.726.154.79 or $20.000,000.00 x 0.986307739 10/27/23, 1:32 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund October 27, 2023
P.O. Box 942809
LAIF Home
Sacramento, CA 94209-0001 PMIA Average Monthly.
(916) 653-3001
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number: 98-30-408
September 2023 Statement
Account Summary
Total Deposit: 0.00 Beginning Balance: 99,907.23
Total Withdrawal: 0.00 Ending Balance: 99,907.23
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
COUNTY OF ORANGE
OReg OFFICE OF THE TREASURER-TAX COLLECTOR
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFORNI SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
September 30, 2023
CITY OF LAGUNA NIGUEL
Fund Number : 9LQ
SEPTEMBER 2023 STATEMENT
INVESTMENT BALANCE IN OCIP
Transactions
Transaction Transaction Description Authorized Signer Amount Date
09/01/2023 August 2023 Investment Admin Fee (3.23)
09/27/2023 June 2023 Interest Paid 1,821.92
Summary
Total Deposit: $ 1,821.92 Beginning Balance: $ 73,913.02 Total Withdrawal: $ (3.23) Ending Balance: $ 75,731.71
ORANGE COUNTY TREASURER-TAX COLLECTOR
ORANGE COUNTY INVESTMENT FUND (OCIF)
ORANGE COUNTY TREASURER'S POOL (OCTP), SPECIFIC INVESTMENT AND BOND PROCEEDS ACCOUNTS (") FOR THE MONTH AND QUARTER ENDED: SEPTEMBER 30, 2023
OCT INVESTMENT STATISTICS
DESCRIPTION CURRENT BALANCES QUARTER Gro Current NAV
Maturity
MARKET Value $ 13,479,133,175
COST (Capital) $ 13,485,513,790 269 4.089% 4.074% 3.924% 0.9929 Orange County Treasurer's Pool (OCT) MONTHLY AVG Balance $ 13,453,914,041 QUARTERLY AVG Balance $ 13,832,165,802
BOOK Value S 13,575,141,436
SPECIFIC INVESTMENT ACCOUNTS STATISTICS
DESCRIPTION CURRENT BALANCE Fund Market Value Book Value Current NAV Pension Prepayment-CEO (PP-CEO) MARKET Value $ 542,385,975 PP-CEO $ 510,009,725 513,719,658 0.9928 Fountain Valley School District Fund 40 (FVSD) COST (Capital) $ 532,662,559 FVSD 32,376,250 33,833,950 0.9569 MONTHLY AVG Balance $ 532,662,559
QUARTERLY AVG Balance $ 532,676,257
BOOK Value S 547,553,608
BOND PROCEEDS ACCOUNT STATISTICS ®
DESCRIPTION CURRENT BALANCE Fund Market Value Book Value Current NAV CCCD Series 2017E Bonds (CCCD) MARKET Value $ 21,381,151 CCCD 21,381,151 23,436,774 0.9123 COST (Capital $ 24,293,993
MONTHLY AVG Balance $ 24,249,787
QUARTERLY AVG Balance i 24,157,680
BOOK Value S 23,436,774
OCIF TOTALS
INVESTMENTS YEAR-TO-DATE EARNINGS
OCIP $ 5,598,049,686 OCIP $ 55,800,138
OCEIP 7,887,464,104 OCEIP 82,199,009
Specific Investment Accounts 532,662,559
Bond Proceeds Account 24,293,993
Cash 5,796,315
Total Assets in the County Treasury $ 14,048.266.657 Total OCTP Year-To-Date Earnings 137,999,147
KEY POOL STATISTICS
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCT - QUARTERLY YIELD 3.924% OCTP 269
90-DAY T-BILL YIELD - YTD AVERAGE 5.432% LGIP (Standard & Poors) 34 (1) Reported in compliance with Government Code Section 53646 (b)(1), with 2023 IPS requiring at least quarterly reporting per Government Code Section 53646 (d). (2) The current NAV for OCTP has increased slightly to 0.9929 from 0.9908. Short-term rates continue to rise, causing the market values on OCTP, PP-CEO, FVSD, and CCCD to continue to stay below book values. The OCTP, PP-CEO, FVSD, and CCCD have sufficient liquidity to meet projected cash flow needs. 5 ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA
INVESTMENT TRENDS
INCREASE NET CHANGE INCREASE
SEPTEMBER 2023 AUGUST 2023 SEPTEMBER 2022 NET CHANGE%
(DECREASE) (DECREASE)
Orange County Investment Pool (OCIP)
End Of Month Market Value' $ 5,595,448,141 5,720,224,967 $ (124,776,826) -2.18% $ 5,348,175,685 $ 247,272,456 4.62% End Of Month Book Value' $ 5,635,023,750 5,763,369,315 (128,345,565) -2.23% $ 5,468,057,996 $ 166,965,754 3.05% Monthly Average Balance $ 5,572,858,127 $ 5,521,334,125 51,524,002 0.93% $ 5,297,263,888 275,594,239 5.20% Year-To-Date Average Balance $ 5,613,037,245 $ 5,633,126,804 (20,089,559) -0.36% 5,452,758,289 $ 160,278,956 2.94% Monthly Accrued Earnings? 18,743,059 $ 18,385,882 $ 357,177 1.94% $ 5,891,744 $ 12,851,315 218.12% Orange County Educational Investment Pool (OCEIP)
End Of Month Market Value 2 7,883,685,034 8,028,456,308 $ (144,771,274) -1.80% $ 6,205,476,136 1,678,208,898 27.04% End Of Month Book Value!? $ 7,940, 117,686 $ 8,089,848,990 $ (149,731,304) - 1.85% 6,346,169,856 $ 1,593,947,830 25.12% Monthly Average Balance? $ 7,881,055,914 $ 8,251,157,457 (370,101,543) 4.49% $ 6,166,016,371 $ 1,715,039,543 27.81% Year-To-Date Average Balance? 8,219,128,557 $ 8,388, 164,879 $ (169,036,322) -2.02% $ 6,346,213,819 $ 1,872,914,738 29.51% Monthly Accrued Earnings $ 26,748,998 $ 27,606,708 $ (857,710) -3.11% $ 6,462,195 $ 20,286,803 313.93% Orange County Treasurer's Pool (OCTP)
Monthly Net Yield? 4.024% 3.843% 0.181% 4.71% 1.228% 2.796% 227.80% Year-To-Date Net Yield? 3.870% 3.799% 0.071% 1.88% 0.999% 2.872% 287.58% Annual Estimated Gross Yield* 4.050% 4.050% 0.000% 2.62% 2.615% 1.435% 54.86% Weighted Average Maturity (WAM) 269 252 17 6.58% 255 13 5.25% The C Ve and CE have surent laudy to me arde at a salow er CP and CElP are lower than book values, Shorterm rates rose sharpy in FY 202023 wil the increase this fal year i les, he maket values on these pois remain below bok valu The OCEIP End of Month Market Value, End of Month Book Value, Monthly Average Balance and Year-To-Date Average Balance are higher than the prior year primarily due to funding for new District programs by federal and state governme 6 ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT September 30, 2023
Investment Type Credit Quality
100% 0.01% 100% 0.01%
5.75%
90% 90%
17.94%
80% 80%
70% 70%
60% 60%
50% 50% 99.99%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
BU.S. GOVERNMENT AGENCIES • U.S. TREASURIES
US Government INR
MONEY MARKET MUTUAL FUNDS LOCAL AGENCY INVESTMENT FUND
Orange County Treasurer's Pool Orange County Treasurer's Pool Investment Type by Market Value - (%) Credity Quality by Market Value (%) In Thousands InThousands %
•U. S. GOVERNMENT AGENCIES $ 10,284,514 76.30% I US GOVERNMENT 13,478,133 99.99% ]U. S. TREASURIES 2,418,287 17.94% NR 1,000 0.01%
MONEY MARKET MUTUAL FUNDS 775,332 5.75% 13,479,133 100.00% LOCAL AGENCY INVESTMENT FUND 1,000 0.01%
13.479.133 100.00%
22750
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ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
MARKET VALUE SUMMARY
Current Period
09/01/23 to 09/30/23
Change: -2,003,441.75
Beginning Market Value $56,303,658.79 $70,000,000
Taxable Interest 61,535.25 $60,000,000
Cash Disbursements -2,000,000.00 $50,000,000
Change in Investment Value -64,977.00 $40,000,000
$54,300,217.04 $30,000,000
Ending Market Value
$20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$56,303,658.79 $54,300,217.04
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ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
$4,076,006.54
Cash & Equivalents 4,076,006.54 7.50 213,073.00
Taxable Bonds 50,224,210.50 92.50 1, 130,350.00
Total Market Value $54,300,217.04 100.00 $1,343,423.00
Taxable Bonds
$50,224,210.50
Fixed Income Summary
Corporate Issues
$1,454,340.00
US Government Issues
$48,769,870.50
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ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 61,535.25
Total Current Period Income $61,535.25
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ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
CASH SUMMARY
Cash
Beginning Cash 09/01/2023 $0.00
Taxable Interest 61,535.25
Cash Disbursements -2,000,000.00
Net Money Market Activity 1,938,464.75
Ending Cash 09/30/2023 $0.00
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ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
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
Fo Camerican Treasury Oblig - 31846V542
#3678
4,076,006.540 1.0000 4,076,006.54 4,076,006.54 0.00 7.5 213,073.00 5.23 Total Cash/Money Market $4,076,006.54 $4,076,006.54 $0.00 7.5 $213,073.00 Total Cash & Equivalents $4,076,006.54 $4,076,006.54 $0.00 7.5 $213,073.00 Taxable Bonds
US Government Issues
= H L MC - 3137EAEPC
1.500 02/12/2025
4,000,000.000 95.0520 3,802,080.00 4,188,112.71 -386,032.71 7.0 60,000.00 1.58 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 96.1290 961,290.00 1,000,000.00 -38,710.00 1.8 5,700.00 0.59 FN MA - 3135G05X7
0.375 08/25/2025
8,700,000.000 91.4690 7,957,803.00 8,645,922.29 -688,119.29 14.7 32,625.00 0.41 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 93.5760 3,743,040.00 3,995,360.00 -252,320.00 6.9 115,000.00 3.07 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 92.1180 575,737.50 625,000.00 -49,262.50 1.1 4,500.00 0.78 22750
D0-25.004007-04
usbank
CITY OF LAGUNA NIGUEL Page 6 of 11
ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023 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 92.2140 922,140.00 1,000,000.00 -77,860.00 1.7 7,400.00 0.80 Federal Home Loan Bks - 3130AMFS6
.750 06/12/2026
2,000,000.000 89.5860 1,791,720.00 2,001,415.36 -209,695.36 3.3 15,000.00 0.84 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 91.7040 4,126,680.00 4,665,690.00 -539,010.00 7.6 84,375.00 2.04 Federal Home Loan Bks - 3130ATBLO
3.625 12/08/2023
4,000,000.000 99.6630 3,986,520.00 3,991,360.00 -4,840.00 7.3 145,000.00 3.64 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 97.1180 1,942,360.00 2,006,180.00 -63,820.00 3.6 80,000.00 4.12 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 99.8220 998.220.00 1,004,010.00 -5,790.00 1.8 51,250.00 5.13 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 103.1370 2,062,740.00 2,104,000.00 -41,260.00 3.8 137,500.00 6.67 U S Treasury Note - 912828T26
1.375 09/30/2023
3,000,000.000 100.0000 3,000,000.00 2,954,430.00 45,570.00 5.5 41,250.00 1.38 U S Treasury Note - 912828T91
1.625 10/31/2023
2,500,000.000 99.7030 2,492,575.00 2,461,250.00 31,325.00 4.6 40,625.00 1.63 U S Treasury Note - 912828U57
2.125 11/30/2023
2,500,000.000 99.4540 2,486,350.00 2,469,100.00 17,250.00 4.6 53,125.00 2.14 22750
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220657-00-04007-1
usbank
CITY OF LAGUNA NIGUEL Page 7 of 11
ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023 ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimate Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Incom Current Yield U S Treasury Note - 912828V23
2.250 12/31/2023
3,000,000.000 99.2030 2,976,090.00 2,953,290.00 22,800.00 5.5 67,500.00 2.27 US Treasury Note - 9128286GO
2.375 02/29/2024
2,500,000.000 98.7540 2,468,850.00 2,459,075.00 9,775.00 4.5 59,375.00 2.40 U S Treasury Note - 9128285Z9
2.500 01/31/2024
2,500,000.000 99.0270 2,475,675.00 2,460,150.00 15,525.00 4.6 62,500.00 2.52 Total US Government Issues $48,769,870.50 $50,984,345.36 -$2,214,474.86 89.8 $1,062,725.00 Corporate Issues
Can Five Nine Oconomowo Wis - 062119CD2
4.500 07/28/2028
250,000.000 96.6330 241,582.50 250,000.00 -8,417.50 0.4 11,250.00 4.66 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 96.4970 241,242.50 249,875.00 -8,632.50 0.4 11,000.00 : 4.56 Contier BK Whiting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 98.0210 245,052.50 250,000.00 -4,947.50 0.5 11,750.00 4.79 Comenity Cap Bk Draper - 20033A4/2
4.450 07/26/2028
250,000.000 96.4250 241,062.50 250,000.00 -8,937.50 0.4 11,125.00 4.61 Discover Bk Greenwood Del - 2546733V6
L.OO 04117/2028
250,000.000 96.4830 241,207.50 249,875.00 -8,667.50 0.4 11,000.00 4.56 22750
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220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 8 of 11
ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023 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 State Bk India Chicago III - 8562834C7
4.600 08/02/2027
250,000.000 97.6770 244,192.50 250,000.00 -5,807.50 0.4 11,500.00 4.71 Total Corporate Issues $1,454,340.00 $1,499,750.00 -$45,410.00 2.7 $67,625.00 Total Taxable Bonds $50,224,210.50 $52,484,095.36 -$2,259,884.86 92.5 $1,130,350.00 Total Assets $54,300,217.04 $56,560,101.90 -$2,259,884.86 100.0 $1,343,423.00 Estimated Current Yield 2.47
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. stimated Current Yield and Estimated Annual Income are estimates provided for informational purposes only and should not be relied on for making investment, trading, or tax decisions. The estimate ay not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the futur 22750
00- -M -UC-UU -273-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 9 of 11
ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 09/01/2023 $0.00 $58,498,566.65
09/01/23 Asset Income Interest Earned On 17,447.41
Fere From 80123 To 313123
09/05/23 Cash Disbursement -2,000,000.00
09/11/23 Asset Income Interest Earned On 42,187.50
F HL B Deb 1.875% 9/11/26
0.009375 USD/$1 Pv On 4,500,000 Par Value Due 9/11/23
09/26/23 Asset Income Interest Earned On 944.86
Comenity Cap Bk C D 4.450% 7/26/28
0.003779 USD/$1 Pv On 250,000 Par Value Due 9/26/23
09/28/23 Asset Income Interest Earned On 955.48
Bank Five Nine C D 4.500% 7/28/28
0.003822 USD/$1 Pv On 250,000 Par Value Due 9/28/23
Purchase Fis Am Treas ObFa CorThe Period 9 123- 9/30/23 0f -61,535.25 61,535.25 Sale Combined Sales For The Period 9/1/23 - 9/30/23 C 2,000,000.00 -2,000,000.00 irst Am Treas Ob Fd CI 2
Ending Balance 09/30/2023 $0.00 $56,560,101.90
22750
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CITY OF LAGUNA NIGUEL Page 10 of 11
ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023
BOND SUMMARY
50% I
40%
0%
2023 2024 2025 2026 2027 2028
Percentage of
Par Value Market Value Category
MATURITY
2023 15,000,000.00 14,941,535.00 29.75
2024 6,000,000.00 5,905,815.00 11.76
2025 17,325,000.00 16,318,720.50 32.50
2026 6,500,000.00 5,918,400.00 11.79
2027 4,500,000.00 4,232,285.00 8.42
2028 3,000,000.00 2,907,455.00 5.78
Total of Category $52,325,000.00 $50,224,210.50 100.00
MOODY'S RATING
Aaa 49,825,000.00 47,808,580.50 95.19
N/A 1,250,000.00 1,202,872.50 2.40
NOT RATED 1,250,000.00 1,212,757.50 2.41
Total of Category $52,325,000.00 $50,224,210.50 100.00
22750
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CITY OF LAGUNA NIGUEL Page 11 of 11
ACCOUNT NUMBER: 6736304200 September 1, 2023 to September 30, 2023 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 31,825,000.00 29,846,300.50 59.43
N/A 19,000,000.00 18,923,570.00 37.68
NOT RATED 1,500,000.00 1,454,340.00 2.89
Total of Category $52,325,000.00 $50,224,210.50 100.00
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 9/1/2023 to 9/30/2023 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of Balance as of
Source 9/1/2023 Contributions Earnings Expenses Distributions Transfers 9/30/2023 PENSION $2,005,160.31 $0,00 -$57,941.78 $983.48 $0.00 $0,00 $1,946,235.05 Totals S2,005,160.31 $0.00 -S57,941.78 5983.48 $0.00 50.00 $1,946,235.05 Investment Selection
Source
PENSION Moderately Conservative HighMark PLUS
Investment Objective
Source
The dual goals of the Moderately Conservative Strategy are current income and moderate capital appreciation. The major portion of the assets is PENSION committed to income-producing securities. Market fluctuations should be expected Investment Return
Annualized Retur
Source 1-Month 3-Months 1-Year 3-Years -Year 10-Years Plan's Inception Date PENSION -2.89% -2.76% 6.38% -0.14% 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 retums Information is deemed reliable but may be subject to change Investment Retum: Annualized rate of retum is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year retum.
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave, Suite 100, Newport Beach, CA 92660 800 S40.6369 Fax 949 250 1250 www.pars.ors