CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: January 16, 2024
SUBJECT: Investment Report as of November 30, 2023
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of November 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
The Fed's dot plot
As was anticipated, the Federal Interest rate projections by officials at the Federal Open Market Committee Open Market Committee (FOMC)
elected not to increase interest
rates at the policy meeting in
December 2023. The Fed dot plot оссы
signaled that the Federal Reserve :
no longer expects to raise rates, •
with 17 of the 19 members :
:
anticipating a rate cut in 2024, and
the majority expecting 3 or more
rate cuts. After the FOMC press •
release was publicized the odds for
a March 2024 rate cut increased Longertun
Each dot represents a year erd projection leam Deember 2023, Publed December 1,2023 1 79L PA SMT from 45% to 65%. Sources: The federal fieserve
Reuters Graphics
Federal Reserve Chairman Jerome stated that the Committee believes the policy rate Is likely "at or near its peak for this tightening cycle", and that "it's not likely that we will hike" rates again. The press release along with those statements provided a significant pivot, and the market yields were affected, as can be seen below:
Bond market isn't waiting for the Fed
The Fed hasn't started cutting interest rates yet but the bond market is already delivering rate cuts of its own. - 2 year Treasury yield — Fed funds rate
5%
4 3
Jan. April July Oct. Jan. April July Oct.
2022 2023
Note:
Source: LSEG
Reuters Graphics
FRED « - Market Yeld on US. Treasury Securities ar 5-Year Constant Maturity, Quoted on an investment Beels 2023-04-Cт 2023-07-01 2023-08-01 2023-09-01 2023-10-01 1023-11-0 2023-12-01 202601-01 Source Board of Govermors af the Federal Reserve System (US) Press eroticed ame Shaded areas increte to teresars
The 5-year Treasury rates decreased from the 4.95% high on October 18th to 3.78% on December 27'. As City staff had been strategically purchasing investments from March through November, the City was able to take advantage of the higher yields and lock those yields in over the next several years. From March 2023 through December 2023, the City actively purchased both short-term and long-term securities to maximize the potential yield of the portfolio. As of November 30th, the City is holding $26.4 million in securities purchased within that window, earning an average yield of 4.70%! That average yield is higher than OCIP, LAIF, and the current 5-year Treasury rates. The City of Laguna Niguel continues to be in a strong position given the current interest rate environment.
The following table compares the portfolio balance as of November 2023 to October 2023.
Portfolio Balance October 2023 November 2023 Difference Balance $57,729,800 $58,503,599 $773,799
• Over the past month, the City's total cash and investments experienced a net increase of $773,799. The City received a portion of its property tax allotment from the County during the month, resulting in the increase noted. • The percentage of pooled investments remained at 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, increased to 567 days. This increase is due to the longer- term purchases made among US Treasuries and Certificates of Deposit during the month. 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 3.670% to 3.843%. The net yield of OCIP increased from 4.220% to 4.334%. The net yield for the First American money market funds in the City's custodian account increased to 5.240%. 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 - 11/2018 through 11/2023
6.00%
5.00% →-PMIA
4.00% — S&P GIP
3.00% -a. Fed Funds
2.00%
1.00%
0.00% PMIA November Y84%
SP GIF 5,5809
32019 11/2020 2/2021 5/2021 8/2021 11/2021 1! Ш!!! ed Fund 5.3109 • The average weighted yield of City investments, including investment pools and money market, increased from 2.960% to 2.983%. The increase is due to a larger share of the portfolio being invested in the money market fund and short- term securities. The City also purchased three securities during the month yielding at least 5%. 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 on the next page.
City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
2.983% 4.310% 5. 160% 5.380% 4.334% 3.843%
The monthly Investment Report as of November 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 November 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.
Samosa Soletonseau An
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of November 30, 2023
ATTACHMENT A
Investment Report as of November 30, 2023
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
November 30, 2023
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
January 16, 2024
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 10-23
PARS Statement 24
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 November 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.
Jamarals Detowneau TwA
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Cit
Summary
Settlement Maturity Coupon Purchased Percent of Maximum Allowable Market Description Date Date Rate Yield Portfollo Per Investment Polly Value Petty Cash/Change Drawers 2,500.00 0.00% N/A 2,500.00
US Bank Checking & Investment Accounts 4.965% 6.78% N/A 3,967,846.49 US Bank Money Market 5.240% 8.12% 10.00% 4,750,774,79
cal Agency Investment Fu 3.843% 0.17% Lesser of $40 million or 55% 99,368.56 ange County Investment Po 4.334% 0.13% Lesser of $40 million or 55% 76,430.26 US Treasury Note: 18.75% N/A
912828V23 3/28/2023 12/31/2023 2250% 4.350% 2,992,140.00 91282B5Z9 4/10/2023 1/31/2024 2.500% 4.530% 2,487,850.00 9128286G0 5/16/2023 2/29/2024 2,375% 4.501% 2,481,150.00 91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 993,090.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,066,560.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,004,300.00 91282CJA0 11/10/2023 9/30/2028 4.625% 4.500% 1,013,130.00 Certificates of Deposit: 3.42%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,202.50 83407DBP0 10/30/2023 4/30/2025 5.450% 5.450% 249,925.00 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 245,190.00
8562834C7 7/31/2023 B/2/2027 4.500% 4.600% 244,307.50
055B0AY24 7/18/2023 4/14/2028 4.400% 4.408% 240,840.00
2546733V6 7/18/2023 4/17/2028 4,400% 4,408% 240,900.00
20033A4J2 | 7/26/2023 7/26/2028 4.450% 4.450% 240,945.00 062119CD2 7/2B/2023 7/28/2028 4.500% 4.500% 241,452.50
02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 246,470.00
87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 246,470.00
Federal Home Loan Mortgage Corporation: 887% 25.00%
3134GV5R5 7/15/2020 7/15/2024 0.570% 0.570% 969,550.00
3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 3,839,760.00 Federal National Mortgage Association: 14,78% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,061,594.00 Federal Farm Credit Banks: 8.54% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 1,005,340.00 3133ENVD9 4/26/2022 | 4/26/2027 2.875% 2.900% 3,796,560.00 Federal Hame Loan Banks': 26.14% 25.00%
3130ATBLO 9/19/2022 12/8/2023 3.625% 3.B10% 3,991,360.00 3,998,680.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 931,420.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 583,581.25 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,819,760.00 3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,002,760.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,182,480.01 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 1,968,660.0
58.32% 60.00%
3 58,503,598.75 95.70% 356,541,987,85
Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 3.42% 20.00% $ 2,016,709.69 Average weighted maturity of Investments, excluding Investment Pools: 669 days Average weighted maturity of Investments, including Investment Pools and Money Market: 567 days Average weighted yield of Investments, excluding Investment Pools: 2605% Average weighted yield of Investments, including Investment Pools and Money Market: 2.983% * Market value of City investments is provided by US Bank Investments in FHLB appear high of 10/31/2023 due to market fluctuations and timing of property tax receipts. In accordance with the City's Investment Policy, the FHLB investment will be under the stated limitation within 90 days.
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 LACT WYESTERE
PMIA/LAIF Performance Report
as of 12/20/23
Quarterly Performance PMIA Average Monthly
Quarter Ended 09/30/23 Effective Yields(1)
LAIF Apportionment Rate(2). 3.59 November 3.843
LAIF Earnings Ratio(2). 0.00009812538629360 October 3.670 LAIF Administrative Cost 4)* 0.29 September 3.534
LAIF Fair Value Factor ). 0.986307739 August 3.434
PMIA Daily) 3.48 July 3.305**
PMIA Quarter to Date'). 3.42 June 3.167
PMIA Average Life!: 256
Pooled Money Investment Account
Monthly Portfolio Composition (1)
11/30/23
$159.4 billion
Corporate
Commercial Bonds
Time Paper 0.34%
5.47% Loans
Deposits
0.20%
3.28%
Certificates of
Deposit/Bank Notes.
8.09%
Agencies. Treasuries
22.04%| 60.58%
Chart does not include $2,218,000.00 in mortgages, which equates to 0.001%. 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). ** Revised
Source:
(1) State of California, Office of the Treasurer
12) State of Calfiornia, Office of the Controller
State of California
Pooled Money Investment Account
Market Valuation
PAST LOUT IN 11/30/2023
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills $ 26,146,882,764.70 26,467,270,000.00 NA
6s 6s 69,132,605,500.00 375,677,549.50
Notes $ 70,421,449,289.71
Federal Agency:
SBA $ 278,327,955.68 $ 277. 68149.03 8 1,290,199.38
MBS-REMICS 2,218,337.15 $ 2,161,118.72 9,751.23
Debentures 9,032,711,657.80 $ 8,913,069,150.00 61,701,363.70 Debentures FR $
Debentures CL $ 650,000,000.00 634,230,000.00 $ 4,456,111.50 Discount Notes $ 22.339,266,013.87 22,658,825,500.00 NA Supranational Debentures 2,819.404,130.97 2,771,250,900.00 $ 20,848,175.60 Supranational Debentures FR $ $ $
CDs and YCDs FR $ - $
Bank Notes
CDs and YCDs 12,900,000,000.00 $ 12,900,873,505.19 $ 151,642,638.95 Commercial Paper $ 8,720,346,180.51 $ 8,806,875,027.72 NA Corporate:
Bonds FR $ $
Bonds $ 542,063,913.55 $ 522,537,770.00 $ 3,551,253.13
Repurchase Agreements $ $
Reverse Repurchase $ - $
Time Deposits $ 5,229,000,000.00 $ 5,229,000,000.00 NA
PMIA & GF Loans $ 325,717,000.00 $ 325,717,000.00 NA
TOTAL $ 159,407,387,243.94 $ 158,642,063,620.66 $ 619,177,042.99 Fair Value Including Accrued Interest $ 159,261,240,663.65 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 4 1/9/24, 10:34 AM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund January 09, 2024
P.O. Box 942809
LAIF Home
Sacramento, CA 94209-0001
(916) 653-3001 PMIA Average Monthly.
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number: 98-30-408
November 2023 Statement
Account Summary
Total Deposit: 0.00 Beginning Balance: 100,899.35
Total Withdrawal: 0.00 Ending Balance: 100,899.35
5 https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
COUNTY OF ORANGE
ORT OFFICE OF THE TREASURER-TAX COLLECTOR COINCE COUNT
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFORN SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
November 30, 2023
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
NOVEMBER 2023 STATEMENT
INVESTMENT BALANCE IN OCIP
Transactions
Transaction Transaction Description Authorized Signer Amount Date
11/01/2023 October 2023 Investment Admin Fee (3.25)
11/29/2023 August 2023 Interest Paid 251.90
Summary
Total Deposit: $ 251.90 Beginning Balance: $ 76,181.61
Total Withdrawal: $ (3.25) Ending Balance: $ 76,430.26
6 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 ENDED: NOVEMBER 30, 2023
OCT INVESTMENT STATISTICS*)
CURRENT BALANCES Average Days to Maturity Dally Yield as of MONTHLY Current NAV DESCRIPTION 11/30/2023 Gross Yield
MARKET Value $ 14,463,690,851
COST (Capital) $ 14,417,895,225 286 4.334% 4.327% 0.9982 Orange County Treasurer's Pool (OCT)
MONTHLY AVG Balance $ 14,228,240,271
BOOK Value s 14,489,150,352
SPECIFIC INVESTMENT ACCOUNTS STATISTICS (2)
DESCRIPTION CURRENT BALANCE Fund MONTHLY Market Value Book Value Current NAV Gross Yield
Pension Prepayment-CEO (PP-CEO) MARKET Value S 547,881,025 PP-CEO 4.597% $ 515,134,413 517,332,452 0.9958 Fountain Valley School District Fund 40 (FVSD) COST (Capital) $ 532,662,559 FVSD 2.499% 32,746,612 33,874,371 0.9667 MONTHLY AVG Balance $ 532,662,559
BOOK Value $ 551,206,823
BOND PROCEEDS ACCOUNT STATISTICS ?)
DESCRIPTION CURRENT BALANCE Fund MONTHLY Market Value Book Value Current NAV Gross Yield
CCCD Series 2017E Bonds (CCCD) MARKET Value $ 21,812,323 CCCD 3.200% $ 21,812,323 23,530,603 0.9270 COST (Capital) $ 24,387,309
MONTHLY AVG Balance $ 24,362,929
BOOK Vatue $ 23,530,603
OCIF TOTALS
INVESTMENTS YEAR-TO-DATE EARNINGS
OCTP $ 14,417,895,225 OCTP $ 237,549,064
OCIP 100,050,427
OCEIP 137,498,637
Specific investment Accounts 532,662,559 Specific Investment Accounts 8,010,518 Bond Proceeds Account 24,387,309 Bond Proceeds Account 318,032 Cash 41,207,584
Total Assets in the County Treasury $ 15,016,152,677 Total OCIF Year-To-Date Earnings 5 245,877,614
KEY POOL STATISTICS
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCTP - YTD NET YIELD 3.992% OCTP 286
90-DAY T-BILL YIELD - YTD AVERAGE 5.436% LIP (Standard & Poors) 41 (1) Reported in compliance with Govemment Code Section 53646 (bX1), with 2023 IPS requiring at least quarterly reporting per Government Code Section 53646 (d). 2) The current NAV for OCTP has increased slightly to 0.9982 from 0.9937. Short-term rates continue to rise, causing the market values on OCTP, PP-CEO, FVSD, and CCCD to continue t stay below book values. The OCTP, PP-CEO, FVSD, and CCCD have sufficient liquidity to meet projected cash flow needs 7 ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA
INVESTMENT TRENDS
INCREASE NET CHANGE INCREASE
NOVEMBER 2023 OCTOBER 2023 NOVEMBER 2022 (DECREASE) NET CHANGE % (DECREASE) %
Orange County Investment Pool (OCIP)
End Of Month Market Value' $ 6,481,555,782 $ 6,522,438,734 (40,882,952) -0.63% $ 6,274,423,603 $ 207,132,179 3.30% End Of Month Book Value' 6,492,964,846 $ 6,558,009,582 $ (65,044,736) -0.99% $ 6,388,490,979 $ 104,473,867 1.64% Monthly Average Balance $ 6,376,044,258 $ 6,023,913,061 $ 352, 131,197 5.85% $ 6,263,822,194 $ 112,222,064 1.79% Year-To-Date Average Balance $ 5,868,343,379 $ 5,715,756,199 $ 152,587,180 2.67% 5,695,918,229 $ 172,425,150 3.03% Monthly Accrued Earnings? $ 23,113,656 $ 21,136,633 1,977,023 9.35% 12,549,253 $ 10,564,403 84.18% Orange County Educational Investment Pool (OCEIP)
End Of Month Market Value' $ 7,982, 135,069 $ 7,627,789,582 $ 354,345,487 4.65% $ 6,759,999,601 1,222,135,468 18.08% End Of Month Book Value!? $ 7,996,185,506 7,669,579,425 $ 326,606,081 4.26% $ 6,883,259,501 $ 1,112,926,005 16.17% Monthly Average Balance? $ 7,852, 196,013 $ 7,706,589,551 145,606,462 1.89% 6,551,746,482 $ 1,300,449,531 19.85% Year-To-Date Average Balance? $ 8,022,704,679 $ 8,090,993,805 $ (68,289,127) -0.84% $ 6,359,517,924 $ 1,663, 186,755 26.15% Monthly Accrued Earnings® $ 27,943,175 $ 27,356,453 $ 586,722 2.14% $ 13,125,739 $ 14,817,436 112.89% Orange County Treasurer's Pool (OCTP)
Monthly Net Yield 4.277% 4.071% 0.206% 5.05% 1.772% 2.504% 141.28% Year-To-Date Net Yield 3.992% 3.920% 0.072% 1.84% 1.436% 2.555% 177.90% Annual Estimated Gross Yield* 4.050% 4.050% 0.000% 0.00% 2.615% 1.435% 54.86% Weighted Average Maturity (WAM)® 286 272 14 5.01% 235 51 21.61% 1 Market values provided by Bloomberg and Northern Trust. Market values for OCIP and OCEIP are lower than book values. Short-term rates rose sharply in FY 2022-2023 while the increase this fiscal year is less, the market values on these pools remain below book values.
The OCIP and OCEIP have sufficient liquidity to meet projected cash flow needs. the current portfolio vield and the maturing securities, respeclively. * The OCT NAM Highe han the prior year due to anger arm parase the rid is expected o scout at fies or te no several monits ant may begin love rais ava reported at the cual anal gras yels for VY 23. 8 ORANGE COUNTY TREASURER - TAX COLLECTOR
OCTP INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT November 30, 2023
Investment Type Credit Quality
100% 0.01% 100% 0.01%
8.98%
90% 90%
80% 17.46% 80%
70% 70%
60% 60%
50% 50% 99.99%
Investment Type in Percent 40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
• U.S. GOVERNMENT AGENCIES • U.S. TREASURIES
MONEY MARKET MUTUAL FUNDS • LOCAL AGENCY INVESTMENT FUND •US Government I NR Orange County Treasurer's Pool Orange County Treasurer's Pool Investment Type by Market Value - (%) Credity Quality by Market Value (%) In Thousands % In Thousands %
IU. S. GOVERNMENT AGENCIES $ 10,637,371 73.55% • US GOVERNMENT 14,462,342 99.99% U.S. TREASURIES 2,525,802 17.46% I NR 1,349 0.01%
MONEY MARKET MUTUAL FUNDS 1,299,165 8.98% 14.463,691 100.00% LOCAL AGENCY INVESTMENT FUND 1.349 0.01%
14.463.691 100.00%
19319
0- -M -UC-UU -335-0
220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 1 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
MARKET VALUE SUMMARY
Current Period
11/01/23 to 11/30/23
Change: -1,064,375.20
Beginning Market Value $53,460,217.74 $60,000,000
Taxable Interest 50,763.55 $50,000,000
Cash Disbursements -1,500,000.00
Short Term Gains/Losses 30,900.00 $40,000,000
353,961.25 $30,000,000
Change in Investment Value
$20,000,000
Ending Market Value $52,395,842.54
$10,000,000
$0
Beginning Ending
MV MV
$53,460,217.74 $52,395,842.54
10 19319
00--M -UC-UU -335-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 2 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
9.10 $4,750,774.79
Cash & Equivalents 4,750,774.79 248,967.25
Taxable Bonds 47,645,067.75 90.90 1,236,475.00
Total Market Value $52,395,842.54 100.00 $1,485,442.25
Taxable Bonds
$47.645.067.75
Fixed Income Summary
Corporate Issues
$2,446,702.50
US Government Issues
$45,198,365.25
11 19319
00--M -UC-UU -335-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 3 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 50,763.55
Total Current Period Income $50,763.55
12 19319
00--M -UC-UU - 335-0
0220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 4 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
CASH SUMMARY
Cash
Beginning Cash 11/01/2023 $0.00
Taxable Interest 50,763.55
Cash Disbursements -1,500,000.00
Purchases -3,506,832.50
Sales 2,500,000.00
Net Money Market Activity 2,456,068.95
Ending Cash 11/30/2023 $0.00
13 19319
00--M -UC-UU -335-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 5 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 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
First American Treasury Oblig - 31846V542
Fd CIZ
#3678
4,750,774.790 1.0000 4,750,774.79 4,750,774.79 0.00 9.1 248,967.25 5.24 Total Cash/Money Market $4,750,774.79 $4,750,774.79 $0.00 9.1 $248,967.25 Total Cash & Equivalents $4,750,774.79 $4,750,774.79 $0.00 9.1 $248,967.25 Taxable Bonds
US Government Issues
- H L MC - 3137EAEP(
1.500 02/12/202:
4,000,000.000 95.9940 3,839,760.00 4,188,112.71 -348,352.71 7.3 60,000.00 1.56 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 96.9550 969,550.00 1,000,000.00 -30,450.00 1.9 5,700.00 0.59 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 92.6620 8,061,594.00 8,645,922.29 -584,328.29 15.4 32,625.00 0.40 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 94.9140 3,796,560.00 3,995,360.00 -198,800.00 7.2 115,000.00 3.03 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.5340 1,005,340.00 999,000.00 6,340.00 1.9 51,250.00 5.10 14 19319
0--M -UC-UU -335-0.
0220657-00-04007-0
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CITY OF LAGUNA NIGUEL Page 6 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 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 - 3130AJTX7
0.720 07/21/2025
625,000.000 93.3730 583,581.25 625,000.00 -41,418.75 1.1 4,500.00 0.77 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 93.1420 931,420.00 1,000,000.00 -68,580.00 1.8 7,400.00 0.79 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 90.9880 1,819,760.00 2,001,415.36 -181,655.36 3.5 15,000.00 0.82 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 92.9440 4,182,480.00 4,665,690.00 -483,210.00 8.0 84,375.00 2.02 Federal Home Loan Bks - 3130ATBLO
3.625 12/08/2023
4,000,000.000 99.9670 3,998,680.00 3,991,360.00 7,320.00 7.6 145,000.00 3.63 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 98.4330 1,968,660.00 2,006,180.00 -37,520.00 3.8 80,000.00 4.06 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.2760 1,002,760.00 1,004,010.00 -1,250.00 1.9 51,250.00 5.11 U S Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 103.3280 2,066,560.00 2,104,000.00 -37,440.00 3.9 137,500.00 6.65 U S Treasury Note - 912828V23
2.250 12/31/2023
3,000,000.000 99.7380 2,992,140.00 2,953,290.00 38,850.00 5.7 67,500.00 2.26 U S Treasury Note - 9128286GO
2.375 02/29/2024
2,500,000.000 99.2460 2,481,150.00 2,459,075.00 22,075.00 4.7 59,375.00 2.39 15 19319
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CITY OF LAGUNA NIGUEL Page 7 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 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 U S Treasury Note - 9128285Z9
2.500 01/31/2024
2,500,000.000 99.5140 2,487,850.00 2,460,150.00 27,700.00 4.7 62,500.00 2.51 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.3090 993,090.00 992,812.50 277.50 1.9 45,000.00 4.53 U S Treasury Note - 91282CJA0
4.625 09/30/2028
1,000,000.000 101.3130 1,013,130.00 1,005,380.00 7,750.00 1.9 46,250.00 4.56 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 100.4300 1,004,300.00 1,008,640.00 -4,340.00 1.9 46,250.00 4,60 Total US Government Issues $45,198,365.25 $47,105,397.86 -$1,907,032.61 86.3 $1,116,475.00 Corporate Issues
Cmerican Express Nat BK - 02588AF64
5.000 11/01/2028
250,000.000 98.5880 246,470.00 250,000.00 -3,530.00 0.5 12,500.00 5.07 Bank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 96.5810 241,452.50 250,000.00 -8,547.50 0.5 11,250.00 4.66 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 96.3360 240,840.00 249,875.00 -9,035.00 0.5 11,000.00 4.57 Centier Bk Whitting Ind - 15140RCY3
CD
4.700 07/26/2027
250,000.000 98.0760 245,190.00 16 250,000.00 -4,810.00 0.5 11,750.00 4.79 19319
0.206/0405-04
usbank
CITY OF LAGUNA NIGUEL Page 8 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 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 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 96.3780 240,945.00 250,000.00 -9,055.00 0.5 11,125.00 4.62 Discover Bk Greenwood Del - 2546733V6
CD
4.400 04/17/2028
250,000.000 96.3600 240,900.00 249,875.00 -8,975.00 0.5 11,000.00 4.57 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
5.450 04/30/2025
250,000.000 99.9700 249,925.00 250,000.00 -75.00 0.5 13,625.00 5.45 State Bk India Chicago III - 8562834C7
CD
4.600 08/02/2027
250,000.000 97.7230 244,307.50 250,000.00 -5,692.50 0.5 11,500.00 4.71 Synchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 98.5880 246,470.00 250,000.00 -3,530.00 0.5 12,500.00 5.07 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.0810 250,202.50 250,000.00 202.50 0.5 13,750.00 5.50 Total Corporate Issues $2,446,702.50 $2,499,750.00 -$53,047.50 4.7 $120,000.00 Total Taxable Bonds $47,645,067.75 $49,605,147.86 -$1,960,080.11 90.9 $1,236,475.00 Total Assets $52,395,842.54 $54,355,922.65 -$1,960,080.11 100.0 $1,485,442.25 Estimated Current Yield 2.83
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CITY OF LAGUNA NIGUEL Page 9 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request.
Estimated 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 estimates may not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the future. 18 19319
2022057-04005-04
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CITY OF LAGUNA NIGUEL Page 10 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 11/01/2023 $0.00 $55,774,259.10
11/01/23 Cash Disbursement Cash Disbursement -1,500,000.00 11/01/23 Purchase -250,000.00 250,000.00
Trade Date 10/26/23
Purchased Through Cantor Fitzgerald & Co.
Purchased On The OTC Bulletin Board
250,000 Par Value At 100%
11/01/23 Asset Income 25,760.80
terest From 10/1/23 To 10/31/2
11/03/23 Purchase urchased 250,000 Par Value O -250,000.00 250,000.00 Synchrony Bank C D 5.000% 11/03/2
Purchased Through Cantor Fitzgerald & Co.
Purchased On The OTC Bulletin Board
250,000 Par Value At 100%
11/10/23 Purchase -1,005,380.00 1,005,380.00
Trade Date 11/9/23
1,00, 00 Par Value At 100558 ald 8 c
11/10/23 Purchase Accrued Interest Paid Accrued Interest On Purchase O -5,181.01 J S Treasury Nt 4.625% 9/30/28
11/10/23 Purchase urchased 1,000,000 Par Value -992,812.50 992,812.50 S Treasury Nt 4.500% 11/30/2
Surchased Through Cantor Fitzgerald & Co
1,000,000 Par Value At 99.28125 %
11/10/23 Purchase Accrued Interest PS Treasury N 4 500% pushase or -20,040.98 Income Debit 20,040.98-USD
19 19319
- -M -UC-UU -335-1
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CITY OF LAGUNA NIGUEL Page 11 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
11/24/23 Asset Income Interest Earned On 1,167.81
Wells Fargo C D 5.500% 4/24/25
0.004671 USD/$1 Pv On 250,000 Par Value Due 11/24/23
11/27/23 Asset Income Interest Earned On 944.86
Comenity Cap Bk C D 4.450% 7/26/2
.003779 USD/$1 Pv On 250,000 Par Value Due 11/26/2
11/28/23 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 11/28/23
11/30/23 Sale Matured 2,500,000 Par Value Ol 2,500,000.00 -2,469,100.00 J S Treasury Nt 2.125% 11/30/23
rade Date 11/30/2:
,500,000 Par Value At 100 9
11/30/23 Asset Income Interest Earned On 26,562.50
U S Treasury Nt 2.125% 11/30/23
0.010625 USD/$1 Pv On 2,500,000 Par Value Due 11/30/2:
11/30/23 Asset Income Interest Earned On 22,500.00
U S Treasury Nt 4.500% 11/30/24
0.0225 USD/$1 Pv On 1,000,000 Par Value Due 11/30/23
11/30/23 Purchase Purchased 1,000,000 Par Value O1 -1,008,640.00 1,008,640.00 J S Treasury Nt 4.625% 11/15/26
P.00,00 Par Value A 100-554grald 8 Co.
11/30/23 Purchase Accrued Interest -1,905.91
Purchase mbined Purchases For The Period 11/ 1/23 - 11/30/23 ( - 2,577,891.45 2,577,891.45 st Am Treas Ob Fd CI
Sale Combined Sales For The Period 11/ 1/23 - 11/30/23 Of 5,033,960.40 -5,033,960.40 First Am Treas Ob Fd CIZ
Ending Balance 11/30/2023 $0.00 $54,355,922.65
20 19319
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CITY OF LAGUNA NIGUEL Page 12 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
SALE/MATURITY SUMMARY
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
Taxable Bonds
US Treasury Note
2.125 11/30/2023
912828U57
11/30/23 Matured 2,500,000 -2,469,100.00 2,500,000.00 30,900.00 Par Value
Trade Date 11/30/23
2,500,000 Par Value At 100 %
Total Taxable Bonds -$2,469,100.00 $2,500,000.00 $30,900.00 Total Sales & Maturities -$2,469,100.00 $2,500,000.00 $30,900.00
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Short-Term Gain (Loss): $187,380.62 Estimates should not be used for tax purposes
21 19319
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CITY OF LAGUNA NIGUEL Page 13 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023
BOND SUMMARY
50%
40%
30%
20%
10%
0%
2023 2024 2025 2026 2027 2028
Percentage of
Par Value Market Value Category
MATURITY
2023 7,000,000.00 6,990,820.00 14.68
2024 7,000,000.00 6,931,640.00 14.55
2025 18,825,000.00 17,991,142.75 37.77
2026 7,500,000.00 7,006,540.00 14.70
2027 4,500,000.00 4,286,057.50 8.99
2028 4,500,000.00 4,438,867.50 9.31
Total of Category $49,325,000.00 $47,645,067.75 100.00
MOODY'S RATING
Aaa 45,825,000.00 44,228,815.25 92.83
N/A 1,250,000.00 1,211,002.50 2.54
NOT RATED 2,250,000.00 2,205,250.00 4.63
Total of Category $49,325,000.00 $47,645,067.75 100.00
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CITY OF LAGUNA NIGUEL Page 14 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2023 to November 30, 2023 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 32,825,000.00 31,190,595.25 65.46
N/A 14,000,000.00 14,007,770.00 29.40
NOT RATED 2,500,000.00 2,446,702.50 5.14
Total of Category $49,325,000.00 $47,645,067.75 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 23 PUBLIC
AGENCY
RETIREMENT PARS
SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 11/1/2023 to 11/30/2023 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 11/1/2023 Contributions Earnings Expenses Distributions Transfers 11/30/2023 PENSION $1,906,288.73 $0.00 $111,346.39 5925.43 $0.00 $0,00 $2,016,709.69 Totals S1,906,288.73 $0.00 S111,346.39 $925.43 $0.00 $0.00 S2,016,709.69 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 Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION 5.84% 0.73% 4.80% -0.26% 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 return.
Iccount 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 24