CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
1989
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: February 20, 2024
SUBJECT: Investment Report as of December 31, 2023
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of December 31, 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
December was an active and successful month for City investments. The City had $7 million of securities mature during the month and received approximately $6.5 million in property taxes during the month. Staff took advantage of this infusion and invested those funds in various securities and maturities spread throughout the next five years. In total, the City purchased $10.7 million of securities during the month in US Treasuries ($7.9 million), Certificates of Deposit ($0.8 million), and Federal Securities ($2.0 million). The securities mature as early as September 2024 through December 2028, with an average maturity of 3.6 years and an average purchased yield of 4. 188%. The City also increased the amount invested in the money market account, currently yielding 5.25%.
The City's portfolio is in a strong position going into the new year. $2.5 million in US Treasuries will be maturing in both January and February, and can be reinvested at these elevated rates, and the other half of the property tax allotments will be received in March and April. Those tax funds will be invested in the most effective manner as well. As of December 31st, the City's portfolio is well balanced, both for the maturity schedule, as well as the types of investments held, as can be seen from the charts below.
Market Percent of
Maturity Value Portfolio
2023 9,576,950 15.47%
2024 9,879,410 15.95%
2025 18,133,595 29.28%
2026 7,107,540 11.48%
2027 6,883,710 11.12%
2028 10,343,583 16.70%
Totals_61,924,788 100.00%
Market Percent of
Security Type Value Portfolio
US Treasury Note 21,076,990 34.04%
Federal Home Loan Banks 10,643,684 17.19%
Federal National Mortgage Association 8,133,804 13.13%
Federal Farm Credit Banks 6,901,200 11.14%
Federal Home Loan Mortgage Corporation 4,836,930 7.81%
US Bank Checking & Investment Accounts 4,275,195 6.90%
Certificates of Deposit 3,755,230 6.06%
US Bank Money Market 2,125,704 3.43%
Investment Pools 176,052 0.28%
Totals 61,924,788 100.00%
The Federal Reserve maintained its benchmark interest rate at the January 2024 Committee meeting, leaving the Fed Funds rate in a range of 5.25%-5.50%. In the policy statement issued by the Federal Open Market Committee (FOMC), they stated that "the Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent".
Chairman Jerome Powell also stated that a March rate cut wasn't the "most likely case or what we'd call the base case". And "I don't think it's likely the Committee will reach a level of confidence by the time of the March meeting to identify March as the time to [cut rates]".
As of the most recent FOMC dot plot provided in December, the Federal Reserve does anticipate reducing rates this year, with the average member anticipating three rate cuts.
Just prior to the FOMC press release and Chair Powell's comments, data was showing markets suggested a 55% chance the first rate cut would happen in March. After his comments, the odds decreased to 36%, with investors suggesting a 90% chance there will be at least one rate cut in May.
The following table compares the portfolio balance as of December 2023 to November 2023.
Portfolio Balance November 2023 November 2023 Difference Balance $58,503,599 $63,439,817 $4,936,218
• Over the past month, the City's total cash and investments experienced a net increase of $4,936,218. The City received approximately $6.5 million in property taxes County during the month, resulting in the increase noted. • The percentage of pooled investments decreased to 0.28%. 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 732 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 3.843% to 3.929%. The net yield of OCIP increased from 4.334% to 4.428%. The net yield for the First American money market funds in the City's custodian account increased to 5.250%. The PMIA rate still trails the Fed Funds rate by a significant amount, however, the gap is shortening as the FOMC has not raised the Fed Funds rate since July 2023.
Staff expects the pooled yields to continue to increase in the short term as those funds turnover lower earning investments.
Average Monthly Yeld Comparlson - 12/2018 through 12/2023
6.00%
5.00% → PMIA
4.00% — S&P GIP
3.00% -o-• Fed Funds
2.00%
1.00%
0.00% December Yialds
3.929°
6/2019 5.590
6/2020 9/2020 12/2020 3/2021 6/2021 9/2021 12/2021 3/2022 9/2022 9/2023 •ed Funds 5.310 • The average weighted yield of City investments, including investment pools and money market, increased from 2.983% to 3.064%. The increase is mostly due to purchases made during the month, as noted above. 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
City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
3.064% 3.840% 4.790% 5.260% 4.428% 3.929%
The monthly Investment Report as of December 31, 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 December 31, 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.
JamasalS Atonnan In
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of December 31, 2023
ATTACHMENT A
Investment Report as of December 31, 2023
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
December 31, 2023
TOTY MANAGERI
- Trevor Agrelius
FINANCE DIRECTOR
February 20, 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 10-27
PARS Statement 28
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 December 31, 2023, the City was in compliance with the Investment Policy adopted at the August 1, 2023, 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
1 City of Laguna Nigue
Summary of Cash and Investment:
12/31/2023
Settlement Maturity Coupon Purchased Percent of Maximum Alfowable Market Description Date Date Rate Yield Cost Portfolia Per Investment Policy Value etty Cash/Change Drawer: 2,500.00 0.00% N/A $ 2,500.00
JS Bank Checking & Investment Account 4.963% 4,272,694.87 6.74% N/A 4,272,694.87 US Bank Money Market 5.250% 2,125,704.09 3.35% 10.00% 2,125,704.09 cal Agency Investment Fu 3.929% 100,899.35 0.16% Lesser of $40 million or 55% 99,368,56 ange County Investment P 4.428% 76,683.05 0,12% Lesser of $40 million or 55% 76,683.05 US Treasury Note: 33.03% N/A
91282BV23 3/28/2023 12/31/2023 2.250% 4.350% 2,953,290.00 3,000,000.00 912828529 4/10/2023 1/31/2024 2.500% 4.530% 2,460,150.00 2,494,250.00 9128286G0 5/16/2023 2/29/2024 2.375% 4.501% 2,459,075.00 2,488,225.00 912828YH7 12/22/2023 9/30/2024 1.500% 4.779% 1,463,062.50 1,462,320.00 91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 996,330.00 9128283P3 12/22/2023 12/31/2024 2.250% 4.635% 1,464,600.00 1,462,995.00 912810EV6 6/22/2023 8/15/2025 6 875% 4.311% 2,104,000.00 2,077,900.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,015,780.00 9128284V9 12/22/2023 8/15/202B 2,875% 3.791% 1,441,375.00 1,435,485.00 91282CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,032,190.00 91282CDL2 12/22/2023 11/30/2028 3.780% 1,571,710.00 1,564,955.00 12/8/2023 11/30/2028 12500% 4.020% 2,031,720.00 2,046,560.00 91282CJN2
Certificates of Deposit: 5,91%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 251,467.50 83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 251,240,00 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 249,197.50 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 248,410.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 248,970.00 12/10/2027 4.550% 4.550% 250,000.00 248,552.50
33610RVD2 12/12/2023
05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 247,997.50 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 248,097.50 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 249,477.50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 250,012.50 02589AF64 11/1/2023 11/1/2028 5,000% 5.000% 250,000.00 256,355.00 8716SE3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 256,385.00 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 58404DTX9 12/22/2023 12/22/2028 4,300% 4300% 250,000.00 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 Federal Home Loan Mortgage Corporation: 8.18% 25.00%
3134GV5R5 7/15/2020 7/15/2024 0 570% 0.570% 1,000,000.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 Federal National Mortgage Association: 13.63% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 Federal Farm Credit Banks: 11.06% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3133EPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 Federal Home Loan Banks: 17.82% 25.00%
3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00
3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 3130AWLY4 7/25/2023 6/13/2025 5,125% 4.900% 1,004,010.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 3130AWC24 6/23/2023 6/9/2028 4,000% 3.930% 2,006,180.00 Restricted for Specific Use
PARS 115 Pension Trust $
Average weighted maturity of Investments, excluding Investment Pools: 861 days Average weighted maturity of Investments, including Investment Pools and Money Market: 732 days Average weighted yield of Investments, excluding Investment Pools: 2.754% Average weighted yield of Investments, including Investment Pools and Money Market: 3.064% * 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 1/17/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 12/31/23 Effective Yields(1)
LAIF Apportionment Rate?). 4.00 December 3.929
LAIF Earnings Ratio?) 0.00010932476863589 November 3.843 LAIF Administrative Cost"* 0.29 October 3.670
LAIF Fair Value Factor 2). 0.993543131 September 3.534
PMIA Daily). 3.96 August 3.434
3.81 July 3.305**
230
Pooled Money Investment Account
Monthly Portfolio Composition (1)
12/31/23
$158.0 billion
Corporate
Commercial Bonds
Paper 0.36%
Time
5.71% Loans
Deposits .0.21%
3.34%
Certificates of
Deposit/Bank Notes.
7.72%
Agencies. Treasuries
21.44% 61.22%
Chart does not include S2,164,000.00 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 20829 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a) ** Revised
Source:
i sate of calfornia, ofice of the Controler
3 State of California
Pooled Money Investment Account
Market Valuation
12/31/2023
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury:
Bills $ 26.992.679.410.54 $ 27,341,582,810.63 $ 27.352,122,000.00 NA Notes $ 68.988,369.285.87 $ 68.970.726,643.78 $ 68.066,367,000.00 $ 380,047.413.50 Federal Agency:
SBA $ 273,825,056.61 $ 273,825,056.61 $ 273,117,626.86 $ 1,326,636.53 MBS-REMICs $ 2,164,861.02 $ 2,164,861.02 $ 2,133,161.33 $ 9,501.16 Debentures $ 8,533,332,561.10 $ 8,532,907,561.09 $ 8,460,384,650.00 $ 60,973,579.20 Debentures FR $ $ $
Debentures CL $ 650,000,000.00 $ 650,000,000.00 $ 639,238,500.00 $ 4,456,111.50 Discount Notes $ 21,584.982,812.45 $ 21,861,271,194.36 $ 21,856,617,000.00 NA Supranational Debentures $ 2,819,756.450.14 $ 2,819,512,700.14 $ 2,788,881,800.00 $ 20,848.175.60 Supranational Debentures FR $ - $ $ - $
CDs and YCDs FR $ $ $ $
Bank Notes $ $ $
CDs and YCDS $ 12,200,000,000.00 $ 12,200,000,000.00 $ 12,207,619,357.44 $ 162.478.416.67 Commercial Paper $ 9,014,594,527.68 $ 9,116,638,444.29 $ 9,117,150,756.95 NA Corporate:
Bonds FR $ - $ $ $
Bonds $ 566,929,562.48 $ 566,697,340.26 551,864,240.00 $ 3,944,225.38 Repurchase Agreements $ $ - $ - $
Reverse Repurchase $ $ $ $
Time Deposits $ 5,284,000.000.00 5,284,000,000.00 $ 5,284,000,000.00 NA PMIA & GF Loans $ 325,717,000.00 $ 325.717.000.00 I$ 325,717,000.00 NA TOTAL $ 157,236,351,527.89 157,945,043,612.18 | S 156,925,213,092.58 $ 634,084,059.54 Fair Value Including Accrued Interest $ 157,559,297,152.12 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 (0.993543131).
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 $19,870,862.61 or $20,000,000.00 × 0.993543131. 4 1/9/24, 11:02 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 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
December 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
UNT) OFFICE OF THE TREASURER-TAX COLLECTOR PANIC COUNT
Shari L. Freidenrich, CPA, CCMT, CPFA, ACPFIM
P. O. BOX 4515
CALIFOR SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
December 31, 2023
CITY OF LAGUNA NIGUEL
Fund Number : 9LQ
DECEMBER 2023 STATEMENT
INVESTMENT BALANCE IN OCTP
Transactions
Transaction. Transaction Description Authorized Signer Amount Date
12/01/2023 November 2023 Investment Admin Fee (3.15)
12/28/2023 September 2023 Interest Paid 255.94
Summary
Total Deposit: $ 255.94 Beginning Balance: $ 76,430.26
Total Withdrawal: $ (3.15) Ending Balance: $ 76,683.05
6 ORANGE COUNTY TREASURER-TAX COLLECTOR
ORANGE COUNTY INVESTMENT FUND (OCIF)
ORANGE COUNTY TREASURER'S POOL (OCT), SPECIFIC INVESTMENT AND BOND PROCEEDS ACCOUNTS (" FOR THE MONTH AND QUARTER ENDED: DECEMBER 31, 2023
OCT INVESTMENT STATISTICS"
Daily Yield as MONTHLY QUARTERLY
DESCRIPTION CURRENT BALANCES Duration Gross Yield Current NAV of 12/31/2023 Gross Yield
MARKET Value $ 16,458,845,89B
COST (Capital) $ 16,341,928,871
Orange County Treasurer's Pool (OCTP) MONTHLY AVG Balance $ 15,963,786,311 0.76 4.428% 4.398% 4.282% 1.0021 QUARTERLY AVG Balance S 14,637,509,731
BOOK Value S 16.423.717.645
SPECIFIC INVESTMENT ACCOUNTS STATISTICS
MONTHLY QUARTERLY Market Value Book Value Current NAV
DESCRIPTION CURRENT BALANCE Fund
Gross Yield Gross Yield
Pension Prepayment-CEO (PP-CEO) MARKET Value S 550,454,660 PP-CEO 4.597% 4.598% $ 517,407,462 519,168,462 0.9966 Fountain Valley School District Fund 40 (FVSD) COST (Capital) s 532,662,559 FVSD 2.464% 2.475% 33,047,198 33,894,830 0.9750 MONTHLY AVG Balance $ 532,662,559
QUARTERLY AVG Balance $ 532,662,559
BOOK Value S 553,063,292
BOND PROCEEDS ACCOUNT STATISTICS (2)
DESCRIPTION CURRENT BALANCE Fund MONTHLY QUARTERLY Market Value Book Value Current NAV Gross Yield Gross Yield
CCCD Series 2017E Bonds (CCCD) MARKET Value $ 22,403,914 CCCD 3.150% 3.163% $ 22,403,914 23,553,755 0.9512 COST (Capital) $ 24,449,634
MONTHLY AVG Balance $ 24,416,627
QUARTERLY AVG Balance $ 24,358,456
BOOK Value S 23,553,755
OCIF TOTALS
INVESTMENTS& CASH YEAR-TO-DATE EARNINGS
OCTP $ 16,341,928,871 OCTP 297,542,061
OCIP 128,769,525
OCEIP 168,772,536
Specific Investment Accounts 532,662,559 Specific Investment Accounts 11,983,950 Bond Proceeds Account 24,449,634 Bond Proceeds Account 383,356 Cash 12,052,700
Total Assets in the County Treasury 16.911,093,764| Total OCIF Year-To-Date Earnings 309.909.367
KEY POOL STATISTICS
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCTP - YTD NET YIELD 4.059% OCTP 290
90-DAY T-BILL YIELD - YTD AVERAGE 5.423% LGIP (Standard & Poors) 44 5 7
ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA
INVESTMENT TRENDS
INCREASE NET CHANGE INCREASE
DECEMBER 2023 NOVEMBER 2023 DECEMBER 2022 NET CHANGE %
(DECREASE) % (DECREASE)
Orange County Investment Pool (OCIP)
End Of Month Market Value!? $ 7,231,597,126 $ 6,481,555,782 $ 750,041,344 11.57% $ 6,780,544,665 451,052,461 6.65% End Of Month Book Value!? 7,216,162,668 6,492,964,846 723,197,822 11.14% 6,878,820,237 $ 337,342,431 4.90% Monthly Average Balance $ 7,685,098,182 $ 6,376,044,258 1,309,053,924 20.53% $ 7,455,529,661 $ 229,568,521 3.08% Year-To-Date Average Balance $ 6,171,135,846 $ 5,868,343,379 302,792,467 5.16% $ 5,989,186,801 $ 181,949,045 3.04% Monthly Accrued Earnings? $ 28,719,098 23,113,656 5,605,442 24.25% $ 18,094,769 $ 10,624,329 58.71% Orange County Educational Investment Pool (OCEIP)
End Of Month Market Value!? $ 9,227,248,772 $ 7,982, 135,069 $ 1,245,113,703 15.60% $ 8,351,331,628 $ 875,917,144 10.49% End Of Month Book Value!? 9,207,554,977 $ 7,996,185,506 $ 1,211,369,471 15.15% 8,473,072,525 $ 734,482,452 8.67% Monthly Average Balance? $ 8,268,688,128 $ 7,852, 196,013 416,492,115 5.30% $ 7,291,108,209 $ 977,579,919 13.41% Year-To-Date Average Balance? $ 8,063,701,920 $ 8,022,704,679 40,997,242 0.51% $ 6,514,782,972 $ 1,548,918,949 23.78% Monthly Accrued Earnings? 31,273,899 $ 27,943,175 3,330,724 11.92% $ 17,600,484 $ 13,673,415 77.69% Orange County Treasurer's Pool (OCTP)
Monthly Net Yield? 4.348% 4.277% 0.071% 1.66% 2.766% 1.582% 57.18% Year-To-Date Net Yield? 4.059% 3.992% 0.067% 1.68% 1.699% 2.360% 138.93% Annual Estimated Gross Yield* 4.050% 4.050% 0.000% 0.00% 2.615% 1.435% 54.86% Weighted Average Maturity (WAM)® 290 286 4 1.48% 200 90 45.25% 2 The OCIP End of Month Market Value, End of Month Book Value and Monthly Average Balance are higher than the prior month due to higher property tax receipts in December than November. The OCEIP End of Month Market Value is higher thain the prior month and year the End of Month Book Value is higher thant the prior month, and the Monthly Average Balance and Year-To- Date Average Balance are higher than the prior year primarily due to an increase in property assessed values of 6.41% in FY 23-24 * The OC rating or arm es by 7% ince ly ,202, and retirement eid that reigner an he curen por to yed and he my ace series, respect Monthly Net Yeld and Year-To-Date Net Yeld are higher than pror year due to higher here rates with 4 The OCT Annual Estimated Gross Yield is higher than the prior year due to continued higher yields from short-term rate increases. The OCTP Annual Estimated Gross Yield for December 2022 is reported at the actual annual gross yields for FY 22-2:
5 The OCTP WAM is higher than the prior year due to longer term pruchases as the FMOC is expected to discountinue rate hikes for the next several months and may begin to lower rates afterwards 6 8
ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT December 31, 2023
Investment Type Credit Quality
100% 0.01% 100% 0.01%
13.38%
90% 90%
80% 80%
20.12%
70% 70%
60% 60%
50% 50% 99.99%
Investment Type in Percent 40% Security Type in 40%
35X8%
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands In Thousands
•U. S. GOVERNMENT AGENCIES $ 10,942,527 66.49% BUS GOVERNMENT $ 16,457,497 99.99% |U. S. TREASURIES 3,312,083 20.12% NR 1.349 0.01%
MONEY MARKET MUTUAL FUNDS 2,202,887 13.38% 16.458.846 100.00% [LOCAL AGENCY INVESTMENT FUND 1,349 0.01%
16.458.846 100.00%
11 9
24902
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0220657-00-04007-04
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CITY OF LAGUNA NIGUEL Page 1 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
MARKET VALUE SUMMARY
Current Period
12/01/23 to 12/31/23
Change: 5,077,699.30
Beginning Market Value $52,395,842.54 $70,000,000
Taxable Interest 122,472.58 $60,000,000
Cash Receipts 4,500,000.00 $50,000,000
Long Term Gains/Losses 8,644.06 $40,000,000
Short Term Gains/Losses 0.16 $30,000,000
Change in Investment Value 446,582.50
$20,000,000
Ending Market Value $57,473,541.84 $10,000,000
$0
Beginning Ending
MV MV
$52,395,842.54 $57,473,541.84
24902
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0220657-00-04007-04
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CITY OF LAGUNA NIGUEL Page 2 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
$2,125,704.09
Cash & Equivalents 2,125,704.09 3.70 111,566.41
Taxable Bonds 55,347,837.75 96.30 1,449,975.00
Total Market Value $57,473,541.84 100.00 $1,561,541.41
Taxable Bonds
$55,347,837.75
Fixed Income Summary
Corporate Issues
$3,755,230.00
US Government Issues
$51,592,607.75
24902
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CITY OF LAGUNA NIGUEL Page 3 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
INCOME SUMMARY
Income Receivec
Current Perioc
Taxable Interest 122,472.58
Total Current Period Income $122,472.58
24902
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CITY OF LAGUNA NIGUEL Page 4 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
CASH SUMMARY
Cash
Beginning Cash 12/01/2023 $0.00
Taxable Interest 122,472.58
Cash Receipts 4,500,000.00
Capital Gain Distributions 4.22
Purchases -11,247,547.50
Sales 4,000,000.00
Net Money Market Activity 2,625,070.70
Ending Cash 12/31/2023 $0.00
24902
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220657-00-04007-1
usbank
CITY OF LAGUNA NIGUEL Page 5 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 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
2,125,704.090 1.0000 2,125,704.09 2,125,704.09 0.00 3.7 111,566.41 5.25 Total Cash/Money Market $2,125,704.09 $2,125,704.09 $0.00 3.7 $111,566.41 Total Cash & Equivalents $2,125,704.09 $2,125,704.09 $0.00 3.7 $111,566.41 Taxable Bonds
US Government Issues
F HLMC - 3137EAEP0
1.500 02/12/2023
4,000,000.000 96.5410 3,861,640.00 4,188,112.71 -326,472.71 6.7 60,000.00 1.55 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 97.5290 975,290.00 1,000,000.00 -24,710.00 1.7 5,700.00 0.58 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 93.4920 8,133,804.00 8,645,922.29 -512,118.29 14.2 32,625.00 0.40 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 96.3470 3,853,880.00 3.995,360.00 -141,480.00 6.7 115,000.00 2.98 Federal Farm Credit Bks - 3133EPH81
4.500 10/04/2027
2,000,000.000 101.7350 2,034,700.00 2,024,580.00 10,120.00 3.5 90,000.00 4.42 24902
2022057-00-007.04
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CITY OF LAGUNA NIGUEL Page 6 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023 ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimate Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio innual Incom Current Yield Federal Farm Credit Bks - 3133EPYWg
5.125 10/20/2025
1,000,000.000 101.2620 1,012,620.00 999,000.00 13,620.00 1.8 51,250.00 5.06 Federal Home Loan Bks - 3130AJTX
0.720 07/21/2025
625,000.000 94.5110 590,693.75 625,000.00 -34,306.25 1.0 4,500.00 0.76 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 94.6070 946.070.00 1,000,000.00 -53,930.00 1.6 7,400.00 0.78 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 92.1070 1,842,140.00 2,001,415.36 -159,275.36 3.2 15,000.00 0.81 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 94.4360 4,249,620.00 4,665,690.00 -416,070.00 7.4 84,375.00 1.98 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 100.3500 2,007,000.00 2,006,180.00 820.00 3.5 80,000.00 3.99 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.8160 1,008,160.00 1,004,010.00 4,150.00 1.8 51,250.00 5.08 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 103.8950 2,077,900.00 2,104,000.00 -26,100.00 3.6 137,500.00 6.62 U S Treasury Note - 912828YH7
1.500 09/30/2024
1,500,000.000 97.4880 1,462,320.00 1,463,062.50 -742.50 2.5 22,500.00 1.54 U S Treasury Note - 91282CDL2
1.500 11/30/2028
1,750,000.000 89.4260 1,564,955.00 1,571,710.00 -6,755.00 2.7 26,250.00 1.68 24902
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CITY OF LAGUNA NIGUEL Page 7 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 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 - 912828V23
2.250 12/31/2023
3,000,000.000 100.0000 3,000,000.00 2,953,290.00 46,710.00 5.2 67,500.00 2.25 U S Treasury Note - 9128283P3
2.250 12/31/2024
1,500,000.000 97.5330 1,462,995.00 1,464,600.00 -1,605.00 2.5 33,750.00 2.31 US Treasury Note - 9128286GO
2.375 02/29/2024
2,500,000.000 99.5290 2,488,225.00 2,459,075.00 29,150.00 4.3 59,375.00 2.39 US Treasury Note - 9128285Z9
2.500 01/31/2024
2,500,000.000 99.7700 2,494,250.00 2,460,150.00 34,100.00 4.3 62,500.00 2.51 U S Treasury Note - 9128284V9
2.875 08/15/2028
1,500,000.000 95.6990 1,435,485.00 1,441,875.00 -6,390.00 2.5 43,125.00 3.00 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 102.3280 2,046,560.00 2,031,720.00 14,840.00 3.6 87,500.00 4.27 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.6330 996,330.00 992,812.50 3,517.50 1.7 45,000.00 4.52 U S Treasury Note - 91282CJA0
4.625 09/30/2028
1,000,000.000 103.2190 1,032, 190.00 1,005,380.00 26,810.00 1.8 46,250.00 4.48 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 101.5780 1,015,780.00 1,008,640.00 7,140.00 1.8 46,250.00 4.55 Total US Government Issues $51,592,607.75 $53,111,585.36 -$1,518,977.61 89.8 $1,274,600.00 24902
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CITY OF LAGUNA NIGUEL Page 8 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 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 Corporate Issues
Cmerican Express all BK - 02589AF64
5.000 11/01/2028
250,000.000 102.5420 256,355.00 250,000.00 6,355.00 0.4 12,500.00 4.88 Cank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 100.0050 250,012.50 250,000.00 12.50 0.4 11,250.00 4.50 COW BK North Amer Sal Lake City - 0580AY24
4.400 04/14/2028
250,000.000 99.1990 247,997.50 249,875.00 -1,877.50 0.4 11,000.00 4.44 Celtic Bk Salt Lake City Utah - 15118RM38
4.600 12/08/2027
250,000.000 99.5880 248,970.00 250,000.00 -1,030.00 0.4 11,500.00 4.62 Centier Bk Whitting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 99.6790 249,197.50 250,000.00 -802.50 0.4 11,750.00 4.71 Comenily Cap Bk Draper - 20033A412
4.450 07/26/2028
250,000.000 99.7910 249,477.50 250,000.00 -522.50 0.4 11,125.00 4.46 Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 99.2390 248,097.50 249,875.00 -1,777.50 0.4 11,000.00 4.43 First Natl Bk Amer East Lans - 32110YK46
4.300 12128/2028
250,000.000 99.7610 249,402.50 250,000.00 -597.50 0.4 10,750.00 4.31 31 17
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ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 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 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 99.4210 248,552.50 250,000.00 -1,447.50 0.4 11,375.00 4.58 Medallion Bk Utah - 58404DTX9
L.300 1212212028
250,000.000 99.7430 249,357.50 250,000.00 -642.50 0.4 10,750.00 4.31 Sallie Mae Bk Salt Lake City - 795451DH3
CD
4.400 12/13/2028
250,000.000 100.1230 250,307.50 250,000.00 307.50 0.4 11,000.00 4.39 Sofi Bk Natl Assn Cottonwood H - 83407DBPO
5.450 04/30/2025
250,000.000 100.4960 251,240.00 250,000.00 1,240.00 0.4 13,625.00 5.42 State Bk India Chicago III - 8562834C7
4.600 08/02/2027
250,000.000 99.3640 248,410.00 250,000.00 -1,590.00 0.4 11,500.00 4.63 Sunchrone Bank CD- 8716553V7
5.000 11/03/2028
250,000.000 102.5540 256,385.00 250,000.00 6,385.00 0.4 12,500.00 4.88 24902
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CITY OF LAGUNA NIGUEL Page 10 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 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 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.5870 251,467.50 250,000.00 1,467.50 0.4 13,750.00 5.47 Total Corporate Issues $3,755,230.00 $3,749,750.00 $5,480.00 6.5 $175,375.00 Total Taxable Bonds $55,347,837.75 $56,861,335.36 -$1,513,497.61 96.3 $1,449,975.00 Total Assets $57,473,541.84 $58,987,039.45 -$1,513,497.61 100.0 $1,561,541.41 Estimated Current Yield 2.71
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed will be provided upon request. blicly traded assets are valued in accordance with market quotations or valuation methodologies from financial industry services believed by us to be reliable. Assets that are not publicly traded may ot necessarily reset prices at which assets could be bought or sold. Values are spared based on merel pard and may beater les free are great value all swe 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 nay not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the future 33 19
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CITY OF LAGUNA NIGUEL Page 11 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 12/01/2023 $0.00 $54,355,922.65
12/01/23 Asset Income Interest Earned On 16,704.05
First Am Treas Ob Fd Cl Z
Interest From 11/1/23 To 11/30/23
12/08/23 Purchase urchased 250,000 Par Value O -250,000.00 250,000.00 Celtic Bk C D 4.600% 12/08/2*
Trade Date 11/29/23
Purchased Through Cantor Fitzgerald & Co.
Purchased On The OTC Bulletin Board
250,000 Par Value At 100%
12/08/23 Purchase urchased 2,000,000 Par Value C -2,031,720.00 2,031,720.00 S Treasury Nt 4.375% 11/30/2
urchased Through Cantor Fitzgerald & C
000 Par Value At 101.5869
12/08/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -1,912.57 U S Treasury Nt 4.375% 11/30/28
Income Debit 1,912.57- USD
12/08/23 Purchase Purchased 2,000,000 Par Value Of -2,024,580.00 2,024,580.00 F F C B Deb 4.500% 10/04/27
Trade Date 12/7/23
12/08/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -1,000.00 F F C B Deb 4.500% 10/04/27
Income Debit 1,000.00-USD
12/08/23 Sale latured 4,000,000 Par Value C 4,000,000.00 -3,991,360.00 H L B Deb 3.625% 12/08/2
Trade Date 12/8/23
4,000,000 Par Value At 100%
12/08/23 Asset Income Interest Earned On 72,500.00
F HL B Deb 3.625% 12/08/23
0.018125 USD/$1 Pv On 4,000,000 Par Value Due 12/8/23
12/11/23 Asset Income Interest Earned On 41,777.78
F H L B Deb 4.000% 6/09/28
0.020889 USD/$1 Pv On 2,000,000 Par Value Due 12/9/23
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CITY OF LAGUNA NIGUEL Page 12 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
12/12/23 Purchase -250,000.00 250,000.00
12/12/23 Asset Income Interest Earned On 7,500.00
F HL B Deb 0.750% 6/12/26
0.00375 USD/$1 Pv On 2,000,000 Par Value Due 12/12/23
12/13/23 Purchase Purchased 250,000 Par Value Of -250,000.00 250,000.00 Sallie Mae Bk C D 4.400% 12/13/2
Purchased Through Cantor Fitzgerald & Co.
Purchased On The OTC Bulletin Board
250,000 Par Value At 100%
12/13/23 Asset Income Interest Earned On 21,781.25
F H L B Deb 5.125% 6/13/25
0.021781 USD/$1 Pv On 1,000,000 Par Value Due 12/13/23
12/21/23 Cash Receipt Cash Receipt 4.06
Short-Term Capital Gain Div
Sig Payable 1 02112012
12/21/23 Cash Receipt Cash Receipt 0.16
Long-Term Capital Gain Div
irst Am Treas Ob Fd CIZ
tcg Payable 12/21/23
12/21/23 Cash Receipt Cash Receipt 4,500,000.00
Received in Acorn Via a iguel
Due 10/26/21
Transfer Of Fiunds To Custody Account
12/22/23 Purchase urchased 250,000 Par Value O -250,000.00 250,000.00 Medallion B0 0D 4.300% 12122128
250,000 Par Value At 100%
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CITY OF LAGUNA NIGUEL Page 13 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
12/22/23 Purchase -1,441,875.00 1,441,875.00
12/22/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -15,117.19 Is me Deby 15217.19. US522
12/22/23 Purchase urchased 1,750,000 Par Value O -1,571,710.00 1,571,710.00 J S Treasury Nt 1.500% 11/30/2
Purchased Through Cantor Fitzgerald & Co
1,750,000 Par Value At 89.812 %
12/22/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -1,577.87 U S Treasury Nt 1.500% 11/30/28
Income Debit 1,577.87-USD
12/22/23 Purchase 5 Treasury 12.20% 1273124 -1,464,600.00 1,464,600.00 ade Date 12/21/2
1,50,00 Par Value A 9754 gerald 8 Co.
12/22/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -16,049.59 U S Treasury Nt 2.250% 12/31/24
Income Debit 16,049.59-USD
12/22/23 Purchase Purchased 1,500,000 Par Value Of -1,463,062.50 1,463,062.50 Trade Date 12150% 9/3024
12/22/23 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -5,102.46 U S Treasury Nt 1.500% 9/30/24
Income Debit 5,102.46-USD
12/26/23 Asset Income Interest Earned On 1,130.14
/ells Fargo C D 5.500% 4/24/2
004521 USD/$1 Pv On 250,000 Par Value Due 12/24/2
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CITY OF LAGUNA NIGUEL Page 14 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
12/26/23 Asset Income Comenly Cap BC D 4 450% 7126/28 914.38
0.003658 USD/$1 Pv On 250,000 Par Value Due 12/26/23
12/28/23 Asset Income Bank five Nine CD 4 500% 728/28 924.66 ).003699 USD/$1 Pv On 250,000 Par Value Due 12/28/2:
12/28/23 Purchase Fist Nat Bk C D 4 300% 2/202 -250,000.00 250,000.00 Trade Date 12/5/23
Purchased Through Cantor Fitzgerald & Co
Purchased On The OTC Bulletin Board
250,000 Par Value At 100%
Purchase Fis Am Treas as Fa Cor The Period 12/ 1/23 - 12/3123 0f -4,561,455.23 4,561,455.23 Sale First Am Treas OF Fa Ci eriod 12/ 123 - 1213123 0f 7,186,525.93 -7,186,525.93 Ending Balance 12/31/2023 $0.00 $58,987,039.45
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ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
SALE/MATURITY SUMMARY
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
Cash and Equivalents
irst American Treasury Oblig
id Cl Z
#3678
FUZXX
12/21/23 Cash Receipt 4.06 4.06
Short-Term Capital Gain Div
Stcg Payable 12/21/23
12/21/23 Cash Receipt 0.16 0.16
Long-Term Capital Gain Div
Ltcg Payable 12/21/23
Total First American Treasury Oblig Fd Cl $0.00 $4.22 $4.22 Total Cash and Equivalents $0.00 $4.22 $4.22
Taxable Bonds
Federal Home Loan Bks
3.625 12/08/2023
3130ATBLO
12/08/23 Matured 4,000,000 -3,991,360.00 4,000,000.00 8,640.00 Par Value
Trade Date 12/8/23
4,000,000 Par Value At 100%
Total Taxable Bonds -$3,991,360.00 $4,000,000.00 $8,640.00 Total Sales & Maturities -$3,991,360.00 $4,000,004.22 $8,644.22 24902
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ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Short-Term Gain (Loss): $187,380.62 Estimated Year-To-Date Long-Term Gain (Loss): $8,640.00 Estimates should not be used for tax purposes
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ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023
BOND SUMMARY
50%
40%
30%
20%
10%
0%
2023 2024 2025 2026 2027 2028
Percentage of
Par Value Market Value Category
MATURITY
2023 3,000,000.00 3,000,000.00 5.43
2024 10,000,000.00 9,879,410.00 17.85
2025 18,825,000.00 18,133,595.25 32.77
2026 7,500,000.00 7,107,540.00 12.84
2027 7,000,000.00 6,883,710.00 12.43
2028 10,500,000.00 10,343,582.50 18.68
Total of Category $56,825,000.00 $55,347,837.75 100.00
MOODY'S RATING
Aaa 52,075,000.00 50,617,317.75 91.45
N/A 2,250,000.00 2,221,585.00 4.01
NOT RATED 2,500,000.00 2,508,935.00 4.54
Total of Category $56,825,000.00 $55,347,837.75 100.00
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0022065-00400-04
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CITY OF LAGUNA NIGUEL Page 18 of 18
ACCOUNT NUMBER: 6736304200 December 1, 2023 to December 31, 2023 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 30,825,000.00 29,540,327.75 53.37
N/A 22,250,000.00 22,052,280.00 39.84
NOT RATED 3,750,000.00 3,755,230.00 6.79
Total of Category $56,825,000.00 $55,347,837.75 100.00
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 12/1/2023 to 12/31/2023 Tamara Letourneau
City Manager
'ity of Laguna Nigue
0111 Crown Valley Parkwa
Laguna Niguel, CA 92677
Account Summary
Balance as o Balance as of
Source 12/1/202: Contributions Earnings Expenses Distributions Transfers 12/31/2023 PENSION S2,016,709.69 $0.00 $88,205.07 5954,19 $0.00 $0.00 $2,103,960.57 Totals S2,016,709.69 $0.00 S88,205.07 $954.19 S0.00 $0.00 S2,103,960.57 Investment Selection
Source
PENSION Moderately Conservative HighMark PLUS
Investment Objective
Source
he dual goals of the Moderately Conservative Strategy are current income and moderate capital appreciation. The major portion of the assets PENSION ommitted to income-producing securities. Market fluctuations should be expecte Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION 4.37% 8.26% 11.24% 0.54% 5/26/2020
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value ast performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returs. Information is deemed reliable but may be subyect to chan comes are are cline or asia. Tase in tree niece earn yer lied did lie compate one year reur Headquarters - 4350 Von Karman Ave , Suite 100, Newport Beach, CA 92660 800 $40.6369 Fax 949.250.1250 www.pars.org