CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: June 4, 2024
SUBJECT: Investment Report as of April 30, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of April 30, 2024.
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 City has approximately $68.1 million in cash and investments, yielding 3.180%. As a comparison, as of April 30, 2023, the City held $64.3 million, earning 2.720% on average.
That represents a nearly 6% increase in cash and investments, and a 17% increase in average yield. The average days to maturity increased from 516 to 772 days. This is due to the City's strategy to lock in these rates for four and five years in many cases. However, the City's portfolio continues to be balanced with at least $6 million maturating each of the next five years.
The last Federal Open Market Committee (FOMC) meeting ended on May 1st, and the minutes from that meeting were released on May 22nd. The minutes provided additional insights into the thought processes of the Committee members. For example, although the vote to leave rates unchanged was unanimous, "various participants mentioned a willingness to tighten policy further should risk to inflation materialize in a way that such an action became appropriate" ". And "although monetary policy was seen as restrictive, many participants commented on their uncertainty about the degree of restrictiveness.
These participants saw this uncertainty as coming from the possibility that high interest
rates may be having smaller effects than in the past, [and] that [neutral] rates may be higher than previously thought".
FOMC members have stated that they need to see several months of good data before voting to cut, and markets have adjusted rate cut expectations. After the release of the minutes on May 22nd , markets were pricing in a 60% chance the first rate cut would come in September, with a second cut in December at 50%. By way of comparison, earlier this year the markets had priced in six 25 basis point cuts in 2024.
Core inflation continues to decrease closer to 2%, but actual CPI has come in higher than expectations each of the first 4 months reported in 2024.
U.S. Core Consumer Price Index (CPI) YoY
holl 1Y 2Y 5Y max P
7 6
5 4
2 1
investing.com
2020 2021 2022 2023 2024
1980 2000
Release Date Time Actual Forecast Previous
Jun 12, 2024 (May) 08:30 3.6%
Мау 15, 2024 (Арг) 08:30 3.6% 3.6% 3.8%
Apr 10, 2024 (Mar) 08:30 3.8% 3.7% 3.8%
Mar 12, 2024 (Feb) 08:30 3.8% 3.7% 3.9%
Feb 13, 2024 (Jan) 09:30 3.9% 3.7% 3.9%
Jan 11, 2024 (Dec) 09:30 3.9% 3.8% 4.0%
The City continues to be in a strong position with its investment portfolio. The City can take advantage of these higher rates now via money market funds and short-term fixed income securities and can also purchase longer-term fixed income securities to lock in these rates for years to come.
The following table compares the portfolio balance as of April 2024 to March 2024.
Portfolio Balance March 2024 April 2024 Difference
Balance $62,782,111 $68,096,911 $5,314,800
• Over the past month, the City's total cash and investments experienced a net increase of $5,314,800. The large increase is mostly due to a $6.2 allotment of property taxes received during the month of April.
• The percentage of pooled investments decreased to 0.26%. 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, decreased to 772 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 4. 232% to 4.272%. The net yield of OCIP increased from 4. 369% to 4.526%. The net yield for the First American money market funds in the City's custodian account decreased from 5.190% to
5.170%. In general, staff does anticipate the pooled yields to continue to get closer to the current Fed Funds rate. However, since a portion of each of the pools is invested in longer-term securities, it is unlikely that the pooled funds will produce higher yields than the Fed Funds rate until the FOMC lowers the Fed Funds rate.
Average Monthly Yield Comparison - 04/2019 through 04/2024
6.00%
• PMIA
5.00%
4.00% — S&P GIP
3.00% - --• Fed Fundis
2.00%
- - 1
1.00%
0.00%
10/2022
• The average weighted yield of City investments, including investment pools and money market, increased from 3.046% to 3.180%. 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.
• Anchmais i prescited beverage weighted yield to short term and long-term City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
3.180% 4.720% 5.250 5.440% 4.526% 4.272%
The monthly Investment Report as of April 30, 2024, is attached.
ALTERNATIVES CONSIDERED
The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of April 30, 2024.
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.
Samara Setonseau
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of April 30, 2024
ATTACHMENT A
Investment Report as of April 30, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
April 30, 2024
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
June 4, 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 10-25
PARS Statement 26
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 April 30, 2024, 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.
Samara 8 Retons In An
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
City of Laguna Niguel
Summary of Cash and Investments
4/30/2024
Coupor Purchased
Description Yield Cost
etty Cash/Change Drawer $ 2,500.00 $
4.900% 4,647,701.00
US Bank Money Market 5,170% 4,841,089.65
cal Agency Investment Fur 4.272% 103,001,79
ange County Investment Po 4.526% 78,003.13
US Treasury Note:
912828YH7 12/22/2023 9/30/2024 1.500% 4,779% 1,463,062.50 1,476,405.00 91282CFX4 11/10/2023 11/30/2024 4.500% 5,206% 992,812,50 995,050.00 9128283P3 12/22/2023 12/31/2024 2.250% 4.635% 1,464,600.00 1,469,955.00 91282CHD6 2/26/2024 5/31/2025 4.250% 4.810% 1,489,755.00 1,484,175.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,049,540.00 91282CJS1 4/19/2024 12/31/2025 4.250% 5.000% 987,870,00 985,980.00 91282CKB6 4/19/2024 2/28/2026 4.625% 4,950% 994,220,00 992,270.00 91282C1K8 11/30/2023 11/15/2026 4.625% 4,310% 1,008,640.00 992,420.00 9128284V9 12/22/2023 8/15/2028 2.875% 3.791% 1,441,875.00 1,390,545.00 91282CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 994,340.00 91282CDL2 12/22/2023 11/30/2028 1.500% 3.780% 1,571,710.00 1,518,195.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 1,969,680.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 11475,175.00 1,460,865.00 Certificates of Deposit: 6.24%
949764GT5 10/24/2023 4/24/2025 5.500% 5,500% 250,000.00 250,820.00 83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,722.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 249,620.00 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 248,890.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 249,147.50 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 248,720.00 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 247,535.00 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 247,617.50 20033A4/2 7/26/2023 7/26/2028 4.450% 4.450% 250,000,00 248,237.50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 248,722.50 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000,00 253,915.00 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 253,925.00 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 247,925.00 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 246,987.50 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 246,997.50 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 243,325.00 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 243,320.00 Federal Home Loan Mortgage Corporation: 7.62%
3134GV5R5 7/15/2020 7/15/2024 0.570% 1,000,000.00 989,990.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 4,188,112.71 3,884,000.00 Federal National Mortgage Association:
3135G05X7 1/29/2021 8/25/2025 0.375% 8,645,922.29 8,172,258.00 Federal Farm Credit Banks:
3133EPYW9 10/20/2023 10/20/2025 5.125% 999,000.00 999,300.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 3,995,360.00 3,776,000.00 3133EPH81 12/8/2023 10/4/2027 4.500% 2,024,580.00 1,974,760.00 3133EPW84 1/30/2024 1/18/2029 3.875% 2,493,800.00 2,409,200.00 3133EP3B9 2/26/2024 2/13/2029 4.125% 1,494,975.00 1,461,450.00 Federal Home Loan Banks: 16.60% 25.00%
3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 948,290.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 592,018.75 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,827,280.00 3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 999,000.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1,100% 4,665,690.00 4,197,420.00 3130AWC24 5/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 1,942,180.00
53.08% 60.00%
Total City Investments Including Investment Pools 3 68,096,910.93 97.83% 3 65,850,620.31 stricted for Specific U
RS 115 Pension Tru $ 2,000,000.00 20.00% $ 2,091,544.68 verage weighted maturity of Investments, excluding Investment Pools 900 days verage weighted maturity of Investments, including Investment Pools and Money Market 772 days
2.875%
3.180%
• Market value of City investments is provided by US Bank TE: Market value disclosure is for informational purposes only. City policy is to hold all investments to maturity; therefore, = realized gain or loss reflected between the cost and market value of an investment will not be realiz 2 5/22/24, 3:05 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund May 22, 2024
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly.
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARK WAY
LAGUNA NIGUEL, CA 92677
Iran Type Definitions
Account Number: 98-30-408
April 2024 Statement
Web
Effective Transaction Type Tran Confirm Confirm
Date Date Number Number Authorized Caller Amount
4/15/2024 4/12/2024 QRD 1751921 N/A SYSTEM 1,088.91
Account Summary
Total Deposit: 1,088.91 Beginning Balance: 101,912.88
Total Withdrawal: 0.00 Ending Balance: 103,001.79
3 https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 PMIA/LAIF Performance Report
as of 5/15/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 03/31/24 Effective Yields(1)
LAIF Apportionment Ratel?). 4.30 April 4.272
0.00011755619077389 March 4.232
LAIF Administrative Cost!* 0.27 February 4.122
0.994191267 January 4.012
PMIA Daily!) 4.22 December 3.929
4.12 November 3.843
226
Pooled Money Investment Account
Monthly Portfolio Composition (1)
4/30/24
$171.5 billion
Corporate
Commercial Bonds
Paper 0.41%
Time Loans
6.54%_
Deposits 0.20%
2.99%
Certificates of
Deposit/Bank Notes.
8.84%
Treasuries
58.43%
Agencies/
22.59%
Chart does not include $1,969,000.00 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 Tole ah tepostiermen othe dudes esten person the lie suity me a pension oyment pursuant to overnment code 20825 he percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides t/ ministrative 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 the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
State of California
PMIA Pooled Money Investment Account
Market Valuation
4/30/2024
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 35,373,771,328.36 35,812,925,867.50 NA
Notes $ 64,807,714,652.49 63,983,688,682.50 $ 372.328,906.00 Federal Agency:
SBA 257,148,292.59 $ 251,439,956.55 1,245,990.70
MBS-REMICS $ 1,969,219.55 $ 1,913,742.70$ 8,590.56
Debentures 8,032,854.727.68 $ 7.929,641,345.00 $ 48.426,221.95 Debentures FR 12,312.291.00
Debentures CL 1.600,000,000.00 1,585,020,400.00 $
Discount Notes 25.938,670,854.06 26,205,125,600.00 NA
Supranational Debentures 2,919,839,134.05 $ 2,874,057,240.00 $ 15,976,237.00 Supranational Debentures FR $ $ -
CDs and YCDs FR $ - $
Bank Notes
CDs and YCDs $ 15,150,015,000.00 15,144,578,111.20 $ 218,884,486.12 Commercial Paper $ 11,212,045,541.69 11,315,194,958.32 NA Corporate:
Bonds FR $
Bonds €A EA 699.090.069.71 679,642,499.00 $ 6,191,909.65 Repurchase Agreements $
Reverse Repurchase $ $ $
Time Deposits 5,125,000,000.00 5,125,000,000.00 NA
PMIA & GF Loans 349,834,000.00 $ 349,834,000.00 NA
TOTAL $ 171,467,952,820.18 $ 171,258.062,402.77 $ 675,374,632.98 Fair Value Including Accrued Interest $ 171,933,437,035.75 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 5 COUNTY OF ORANGE
OFFICE OF THE TREASURER-TAX COLLECTOR DANCE COUNT
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 451
SANTA ANA, CA 92702-451
TFOR
octreasurer.com/publicfunds
April 30, 2024
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
APRIL 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
04/01/2024 March 2024 Investment Admin Fee $ (1.33)
04/17/2024 January 2024 Interest Paid 285.48
Summary
Total Deposit: $ 285.48 Beginning Balance: $ 77,718.98
Total Withdrawal: $ (1.33) Ending Balance: $ 78,003.13
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 ENDED: APRIL 30, 2024
OCT INVESTMENT STATISTICS
Daily Yield at MONTHLY Current NAV
DESCRIPTION CURRENT BALANCES Duration of 04/30/2024 Gross Yield MARKET Value) $ 16,478,114,053
Orange County Treasurer's Pool (OCTP) COST (Capital) $ 16,574,463,178 1.09 4.526% 4.478% 0.9917 MONTHLY AVG Balance $ 16,509,843,256
BOOK Value S 16.613.606,581
SPECIFIC INVESTMENT ACCOUNTS STATISTICS ®)
MONTHLY MARKET Book Value Current NAV
DESCRIPTION CURRENT BALANCE Fund ross Yiel Valuel)
Pension Prepayment-CEO (PP-CEO) MARKET Valuo s 558,360,166 PP-CEO 4.597% $ 525,605,923 526,334,824 0.9996 Fountain Valley School District Fund 40 (FVSD) COST (Capital) $ 532,583,784 FVSD 2.650% 32,754,242 33,890,656 0.9705 532,583,784
MONTHLY NORMANCe S
560,225,480
BOND PROCEEDS ACCOUNT STATISTICS RI
CURRENT BALANCE Fund MONTHLY MARKET Book Value Current NAV DESCRIPTION Gross Yield Value")
CCCD Series 2017E Bonds (CCCD) MARKET Value S 21,997,948 COCD 3.338% $ 21,997,948 23,839,530 0.9324 COST (Capital) $ 24,774,817
MONTHLY AVG Balance $ 24,774,957
BOOK Value S 23,839,530
OCIF TOTALS
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCT Investments 16,574,463,178 OCTP $ 527,611,262
: 229,717,319
OCTP Cash 14,387,756 OCIP
OCEIP 297,893,943
Specific Investment Accounts 532,583,784 Specific Investment Accounts 19,877,708 Bond Proceeds Account 24,774,817 Bond Proceeds Account 667,724 Total Assets in the County Treasury 17.146.209.535| Total OCIF Year-To-Date Earnings 548.156.694
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCT - YTD NET YIELD 4.195% OCTP 424
90-DAY T-BILL YIELD - YTD AVERAGE 5.407% LGIP (Standard & Poors) 36 (1) Reported in compliance with the 2024 IPS Section Xll that requires at least quarterly reporting per Government Code Section (GCS) 53641 and 27134, and GCS 53607 which requires monthly investment transactions as reported in the pages following.
(2) Due to the longer term nature of PP-CEO, FVSD, and CCCD, they continue to stay below book values. The PP-CEO, FVSD, and CCCD have sufficient liquidity to meet projected cash flow needs. (3) Market values provided by Northem Trust and excludes accrued interest 5 ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA - ORANGE COUNTY TREASURER'S POOL
INVESTMENT TRENDS
INCREASE NET CHANGE INCREASE
APRIL 2024 MARCH 2024 (DECREASE) % APRIL 2023 (DECREASE) NET CHANGE % End Of Month Market Value' $ 16,478,114,053 $ 15,128,297,260 $ 1,349,816,793 8.92% $ 15,457,552,530 $ 1,020,561,524 6.60% End Of Month Book Value 16,613,606,581 $ 15,205,518,068 1,408,088,513 9.26% $ 15,620,672,445 $ 992,934,136 6.36% Monthly Average Balance? $ 16,509,843,256 $ 14,963,608,044 $ 1,546,235,212 10.33% $ 15,632,091,562 $ 877,751,694 5.62% Year-To-Date Average Balance? $ 14,772,422,435 $ 14,579,375,678 $ 193,046,757 1.32% $ 13,306,438,585 $ 1,465,983,850 11.02% Monthly Accrued Earnings? $ 61,415,308 $ 55,529,329 $ 5,885,979 10.60% $ 45,939,946 $ 15,475,362 33.69% Monthly Net Yield? 4.468% 4.300% 0.168% 3.91% 3.509% 0.959% 27.33% Year-To-Date Net Yield? 4.195% 4.161% 0.034% 0.82% 2.338% 1.857% 79.43% Annual Estimated Gross Yield* 4.050% 4.050% 0.000% 0.00% 2.615% 1.435% 54.88% Weighted Average Maturity (WAM) 424 361 63 17.42% 209 215 102.64% 1 Market values provided by Northern Trust, excludes accrued interest 2 The Manly Acred aring are it an ho raile any reclan the Monty one ering Mantis Net lad Year To bail it yed so higher a proper set oN ag 1% rang 5 25% -5,50%, andrivestment yields. that are higher than the current portfolio yield and the maturing securities, respectively. 4 The Annual Estimated Gross Yield is higher than the prior year due to continued higher yields from short-term rate increases. The Annual Estimated Gross Yield for April 2023 is reported at the actual annual gross yields for FY 22-23. 5 The WAM is higher than the prior month and year due to longer term purchases. The financial market is not pricing a change in rates at the next FOMC meeting in June 2024. 6 ORANGE COUNTY TREASURER - TAX COLLECTOR
OCTP INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT (1) April 30, 2024
Investment Type Credit Quality
0.01%
100% 100% 0.01%
3.09%
90% 90%
21.57%
20% 80%
70% 70%
Percent 60%
60%
50% 50% 99.99%
Investment Type in Percent
40% 75.33% 40%
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands InThousands %
U.S. GOVERNMENT AGENCIES $ 12,516,349 75.33% I US GOVERNMENT $ 16,614,566 99.99% U. S. TREASURIES 3,584,814 21.57% NR 1,376 0.01%
MONEY MARKET MUTUAL FUNDS l 513,403 3.09% 16,615,942 100.00% LOCAL AGENCY INVESTMENT FUND 1,376 0.01%
16.615.942 100.00%
(1) Market values provided by Northern Trust and include accrued interest. 9 20057
022M-.00402-04
usbank
CITY OF LAGUNA NIGUEL Page 1 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
MARKET VALUE SUMMARY
Current Period
04/01/24 to 04/30/24
Change: 2,370,587.37
Beginning Market Value $58,649,496.53 $70,000,000
Taxable Interest 175,931.62 $60,000,000
Cash Receipts 3,000,000.00 $50,000,000
Cash Disbursements -400,000.00 $40,000,000
Change in Investment Value -405,344.25 $30,000,000
Ending Market Value $61,020,083.90 $20,000,000
$10,000,000
50-
Beginning Ending
MV MV
$58,649,496.53 $61,020,083.90
10 20057
00--M -UC-UU -122-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 2 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
$4,841,089.65
Cash & Equivalents 4,841,089.65 7.90 250,397.71
Taxable Bonds 56,178,994.25 92.10 1,653,475.00
Total Market Value $61,020,083.90 100.00 $1,903,872.71
Taxable Bonds
$56,178,994.25
Fixed Income Summary
Corporate Issues
$4,226,427.50
US Government Issues
$51,952,566.75
11 20057
- -M -UC-UU -122-0
220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 3 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 175,931.62
Total Current Period Income $175,931.62
20057
00--M -UC-UU -122-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 4 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
CASH SUMMARY
Cash
Beginning Cash 04/01/2024 $784.59
Taxable Interest 175,931.62
Cash Receipts 3,000,000.00
Cash Disbursements -400,000.00
Purchases -3,457,265.00
Net Money Market Activity 680,548.79
Ending Cash 04/30/2024 $0.00
13 20057
- -M -UC-UU -122-
220657-00-04007-
usbank
CITY OF LAGUNA NIGUEL Page 5 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
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
4,841,089.650 1.0000 4,841,089.65 4,841,089.65 0.00 7.9 250,397.71 5.17 Total Cash/Money Market $4,841,089.65 $4,841,089.65 $0.00 7.9 $250,397.71 Total Cash & Equivalents $4,841,089.65 $4,841,089.65 $0.00 7.9 $250,397.71 Taxable Bonds
US Government Issues
- HLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 97.1000 3,884,000.00 4,188,112.71 -304,112.71 6.4 60,000.00 1.54 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 98.9990 989,990.00 1,000,000.00 -10,010.00 1.6 5,700.00 0.58 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 93.9340 8,172,258.00 8,645,922.29 -473,664.29 13.4 32,625.00 0.40 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 94.4000 3,776,000.00 3,995,360.00 -219,360.00 6.2 115,000.00 3.05 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 96.3680 2,409,200.00 2,493,800.00 -84,600.00 3.9 96,875.00 4.02 14 20057
00--M-UC-UU -122-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 6 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 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 Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 97.4300 1,461,450.00 1,494,975.00 -33,525.00 2.4 61,875.00 4.23 Federal Farm Credit Bks - 3133EPH81
4.500 10/04/2027
2,000,000.000 98.7380 1,974,760.00 2,024,580.00 -49,820.00 3.2 90,000.00 4.56 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 99.9300 999,300.00 999,000.00 300.00 1.6 51,250.00 5.13 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 94.7230 592,018.75 625,000.00 -32,981.25 1.0 4,500.00 0.76 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 94.8290 948,290.00 1,000,000.00 -51,710.00 1.6 7,400.00 0.78 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 91.3640 1,827,280.00 2,001,415.36 -174,135.36 3.0 15,000.00 0.82 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 93.2760 4,197,420.00 4,665,690.00 -468,270.00 6.9 34,375.00 2.01 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 97.1090 1,942,180.00 2,006,180.00 -64,000.00 3.2 80,000.00 4.12 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 99.9000 999,000.00 1,004,010.00 -5,010.00 1.6 51,250.00 5.13 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 102.4770 2,049,540.00 2,104,000.00 -54,460.00 3.4 137,500.00 6.71 15 20057
00-157-0040-04
usbank
CITY OF LAGUNA NIGUEL Page 7 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 ASSET DETAIL (continued)
Security Description Percent
Unrealized of Tota Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield U S Treasury Note - 912828YH7
1.500 09/30/2024
1,500,000.000 98.4270 1,476,405.00 1,463,062.50 13,342.50 2.4 22,500.00 1.52 U S Treasury Note - 91282CDL2
1.500 11/30/2028
1,750,000.000 86.7540 1,518,195.00 1,571,710.00 -53,515.00 2.5 26,250.00 1.73 U S Treasury Note - 9128283P3
2.250 12/31/2024
1,500,000.000 97.9970 1,469,955.00 1,464,600.00 5,355.00 24 33,750.00 2.30 US Treasury Note - 9128284V9
2.875 08/15/2028
1,500,000.000 92.7030 1,390,545.00 1,441,875.00 -51,330.00 2.3 43,125.00 3.10 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 97.3910 1,460,865.00 1,475,175.00 -14,310.00 2.4 61,875.00 4.24 U S Treasury Note - 91282CHD6
4.250 05/31/2025
1,500,000.000 98.9450 1,484,175.00 1,489,755.00 -5,580.00 2.4 63,750.00 4.29 U S Treasury Note - 91282CJS1
4.250 12/31/2025
1,000,000.000 98.5980 985,980.00 987,870.00 -1,890.00 1.6 42,500.00 4.31 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 98.4840 1,969,680.00 2,031,720.00 -62,040.00 3.2 87,500.00 4.44 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.5050 995,050.00 992,812.50 2,237.50 1.6 45,000.00 4.52 U S Treasury Note - 91282CKB6
4.625 02/28/2026
1,000,000.000 99.2270 992,270.00 994,220.00 -1,950.00 1.6 46,250.00 4.66 16 20057
- -M-UC-UU -122-8
220657-00-04007-1
usbank
CITY OF LAGUNA NIGUEL Page 8 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 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 - 91282CJA0
4.625 09/30/2028
1,000,000.000 99.4340 994,340.00 1,005,380.00 -11,040.00 1.6 46,250.00 4.65 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 99.2420 992,420.00 1,008,640.00 -16,220.00 1.6 46,250.00 4.66 Total US Government Issues $51,952,566.75 $54,174,865.36 -$2,222,298.61 85.1 $1,458,350.00 Corporate Issues
American Express all BK - 02589AF64
5.000 11/01/2028
250,000.000 101.5660 253,915.00 250,000.00 3,915.00 0.4 12,500.00 4.92 Bank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 99.4890 248,722.50 250,000.00 -1,277.50 0.4 11,250.00 4.52 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 99.0140 247,535.00 249,875.00 -2,340.00 0.4 11,000.00 4.44 Celtic Bk Salt Lake City Utah - 15118RM38
CD
4.600 12/08/2027
250,000.000 99.6590 249,147.50 250,000.00 -852.50 0.4 11,500.00 4.62 Centier Bk Whitting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 99.8480 249,620.00 250,000.00 -380.00 0.4 11,750.00 4.71 17 20057
--M-UC-UU -122-1
220657-00-04007
usbank
CITY OF LAGUNA NIGUEL Page 9 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 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 99.2950 248.237.50 250,000.00 -1,762.50 0.4 11,125.00 4.48 Discover BK Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 99.0470 247,617.50 249,875.00 -2,257.50 0.4 11,000.00 4.44 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 98.7990 246,997.50 250,000.00 -3,002.50 0.4 10,750.00 4.35 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 99.4880 248,720.00 250,000.00 -1,280.00 0.4 11,375.00 4.57 Medallion BK Utah - 58404DTX9
4.300 12/22/2028
250,000.000 98.7950 246,987.50 250,000.00 -3,012.50 0.4 10,750.00 4.35 Sallie Mae Bk Salt Lake City - 795451DH3
CD
4.400 12/13/2028
250,000.000 99.1700 247,925.00 250,000.00 -2,075.00 0.4 11,000.00 4.44 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
5.450 04/30/2025
250,000.000 100.2890 250,722.50 250,000.00 722.50 0.4 13,625.00 5.43 Spiritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 97.3300 243,325.00 250,000.00 -6,675.00 0.4 9,875.00 4.06 18 20057
00-2.0400-04
usbank
CITY OF LAGUNA NIGUEL Page 10 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 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 99.5560 248,890.00 250,000.00 -1,110.00 0.4 11,500.00 4.62 Synchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 101.5700 253,925.00 250,000.00 3,925.00 0.4 12,500.00 4.92 Vinta BK Mtn View - 903572GQ2
3.950 02/14/2029
250,000.000 97.3280 243,320.00 250,000.00 -6,680.00 0.4 9,875.00 4.06 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.3280 250,820.00 250,000.00 820.00 0.4 13,750.00 5.48 Total Corporate Issues $4,226,427.50 $4,249,750.00 -$23,322.50 6.9 $195,125.00 Total Taxable Bonds $56,178,994.25 $58,424,615.36 -$2,245,621.11 92.1 $1,653,475.00 Total Assets $61,020,083.90 $63,265,705.01 -$2,245,621.11 100.0 $1,903,872.71 Estimated Current Yield 3.12
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 20057
00--M -UC-UU -122-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 11 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 ASSET DETAIL MESSAGES (continued)
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. 20 20057
D0-157.004-04
usbank
CITY OF LAGUNA NIGUEL Page 12 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 04/01/2024 $784.59 $60,488,988.80
04/01/24 Asset Income Interest Earned On 11,250.00
IS Treasury Nt 1.500% 9/30/2
.0075 USD/$1 Pv On 1,500,000 Par Value Due 3/31/2
04/01/24 Asset Income Interest Earned On 23.125.00
0.S2125 USDJS1 Pon 1.000,00 Par Value Due 3/31/24
04/01/24 Asset Income Interest Earned On 24,178.11
First Am Treas Ob Fd CIZ
Interest From 3/1/24 To 3/31/24
04/04/24 Asset Income Interest Earned On 30,000.00
FF C B Deb 4.500% 10/04/27
0.015 USD/$1 Pv On 2,000,000 Par Value Due 4/4/24
04/08/24 Asset Income Interest Earned On 976.71
Celtic BK C D 4.600% 12/08/27
0.003907 USD/$1 Pv On 250,000 Par Value Due 4/8/24
04/09/24 Cash Disbursement Cash Disbursement -400,000.00 Paid To City Of Laguna Niguel
Perins Da 0410202 king
04/12/24 Purchase -1,475,175.00 1,475,175.00
urchased Through Cantor Fitzgerald & C
,500,000 Par Value At 98.345 %
04/12/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -2,028.69 U S Treasury Nt 4.125% 3/31/29
Income Debit 2,028.69-USD
04/15/24 Asset Income Interest Earned On 5,515.07
0.02206 USD/S P400 25000 Par Value Due 414124
04/15/24 Asset Income Interest Earned On 838.70
Uinta Bk Mtn C D 3.950% 2/14/29
0.003355 USD/$1 Pv On 250,000 Par Value Due 4/14/24
21 20057
00--M -UC-UU -122-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 13 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
04/18/24 Cash Receipt 3,000,000.00
ransfer Of Fiunds To Custody Accoun
04/19/24 Purchase -994,220.00 994,220.00
Purchased Through Cantor Fitzgerald & Co.
1,000,000 Par Value At 99.422 %
04/19/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -6,283.97 U S Treasury Nt 4.625% 2/28/26
Income Debit 6,283.97-USD
04/19/24 Purchase Purchased 1,000,000 Par Value Of -987,870.00 987,870.00 J S Treasury Nt 4.250% 12/31/25
urchased Through Cantor Fitzgerald & C
000,000 Par Value At 98.787
04/19/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -12,843.41 J S Treasury Nt 4.250% 12/31/25
ncome Debit 12,843.41 - USD
04/19/24 Asset Income Interest Earned On 5,515.07
Discover Bk C D 4.400% 4/17/28
0.02206 USD/$1 Pv On 250,000 Par Value Due 4/19/24
04/22/24 Asset Income Interest Earned On 25,625.00
F FC B Deb 5.125% 10/20/25
0.025625 USD/$1 Pv On 1,000,000 Par Value Due 4/20/24
04/22/24 Asset Income Interest Earned On 913.01
Medallion Bk C D 4.300% 12/22/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 4/22/24
04/24/24 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 4/24/24
04/26/24 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 4/26/24
22 20057
0--M-UC-UU - 122-0.
0220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 14 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
04/26/24 Asset Income Interest Earned On 57,500.00
F F C B 2.875% 4/26/27
0.014375 USD/$1 Pv On 4,000,000 Par Value Due 4/26/24
04/29/24 Asset Income 955.48
04/29/24 Asset Income Interest Earned On 913.01
First Natl Bk C D 4.300% 12/28/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 4/28/24
04/29/24 Asset Income Interest Earned On 838.70
piritbank Tulsa C D 3.950% 1/31/
003355 USD/$1 Pv On 250,000 Par Value Due 4/29/:
04/30/24 Asset Income Interest Earned On 6,831.16
Sofi Bk Natl C D 5.450% 4/30/25
0.027325 USD/$1 Pv On 250,000 Par Value Due 4/30/24
Purchase Cos Am treas Ob Fa Cir The Period 4/ 124 - 4/30124 0f -3,192,357.21 3,192,357.21 Sale Combined Sales For The Period 4/ 1/24 - 4/30/24 Ol 3,872,906.00 -3,872,906.00 First Am Treas Ob Fd CIZ
Ending Balance 04/30/2024 $0.00 $63,265,705.01
23 20057
00--M -UC-UU -122-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 15 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024
BOND SUMMARY
50%
40%
30%
20%
10%
0%
2024 2025 2026 2027 2028 2029
Percentage of
Par Value Market Value Category
MATURITY
2024 5,000,000.00 4,931,400.00 8.78
2025 :1,325,000.0 20,616,104.25 36.70
2026 8,500,000.00 8,009,390.00 14.26
2027 7,000,000.00 6,747,137.50 12.01
2028 10,500,000.00 10,056,802.50 17.90
2029 6,000,000.00 5,818,160.00 10.35
Total of Category $58,325,000.00 $56,178,994.25 100.00
MOODY'S RATING
Aaa 53,075,000.00 50,962,576.75 90.71
N/A 2,750,000.00 2,717,210.00 4.84
NOT RATED 2,500,000.00 2.499.207.50 4.45
Total of Category $58,325,000.00 $56,178,994.25 100.00
24 20057
00.070042-04
usbank
CITY OF LAGUNA NIGUEL Page 16 of 16
ACCOUNT NUMBER: 6736304200 April 1, 2024 to April 30, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 34,825,000.00 33, 183,156.75 59.07
N/A 19,250,000.00 18,769,410.00 33.41
NOT RATED 4,250,000.00 4,226,427.50 7.52
Total of Category $58,325,000.00 $56,178,994.25 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 25 PUBLIC
AGENCY PARS
RETIREMENT
SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 4/1/2024 to 4/30/2024 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of Balance as of
4/1/2024 Contributions Earnings Expenses Distributions Transfers 4/30/2024 Source
PENSION $2,162,364.19 50,00 -S69,771.39 $1,048.12 $0,00 $0.00 S2,091,544.68 Totals S2,162,364.19 $0.00 -S69,771.39 S1,048.12 $0.00 S0.00 S2,091,544.68 Investment Selection
Source
PENSION Moderate - Index
Investment Objective
Source
he dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise PENSION ignificant portion of total return, although growth through capital appreciation is equally important. The portfoli will be allocated between equity and fixed income investments Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION -3.23% -0.49% 5.96% -0.37% 5/26/2020
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns: Information is deemed reliable but may be subject to change.
Investment Retum: Annualized rate of retur is the retum 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( • 800 540 6369| www pars. org 26