CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: July 16, 2024
SUBJECT: Investment Report as of May 31, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of May 31, 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
left the Federal Funds (Fed Funds) rate unchanged at 5.25% - 5.50% for the seventh straight meeting. The FOMC stated that "it will not be appropriate to reduce the federal funds target range until inflation moves sustainably toward 2%." As part of that meeting, the Committee members updated the "Fed dot plot" which provides a snapshot of where each Committee member projects the interest rates to go over a 1, 2, 3 or longer-term timeframe. In general, all Committee members expect rates to decrease over the next several years, but as can be seen on the first chart on the next page, the pace at which that decrease is projected to take place differs between Committee members, but also changed from March 2024. Many Committee members see a slower pace of decreases in the Fed Funds rates, following the "higher for longer" trend we've heard.
FED FORECAST SIGNALS JUST 1 RATE CUT IN 2024
• MARCH 2024 • JUNE 2024
5.5%
5.0%
0000000• • •
000000000
4.5%
ae8°
aa0000000 •
4.0%
•
• a00 :
3.5%
a000o G000000
....
3.0%
•
•
2.5%
2.0%
2024 2025 2026 LONGER RUN
Additionally, as recently as July 2nd, Fed Chair Jerome Powell stated that the US is back on a "disinflationary path" but said the Fed would need more data before reducing the Fed Funds rate. He did not comment on when the US rate cuts may begin, but acknowledged the Fed is in a sensitive phase in this rate cycle where the risks to its inflation and employment goals "have come back much closer to balance", meaning neither can take full priority in setting policy on rates. However, he did indicate that he does not believe inflation will reach the 2% target until late 2025 or 2026.
The US unemployment has been at
or below 4% for more than two years, Chart 1. Unemployment rate, seasonally adjusted, and many Fed policy makers have June 2022 - June 2024
used that statistic to urge patience in Percent
deciding when to cut the benchmark 5.5
policy rate. However, the un-
5.0 employment rate has risen from
3.5% in July 2023 to 4.1% in June 4.5
2024. Some Fed Officials are calling 4.0
statistics like this and others like it
"warning signs that the real economy 3.5
is weakening" and that the Fed 3.0
needs to be careful to not keep
monetary policy to such a tight level 2.5
Jum-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar.24 Jun-24 for longer than needed.
The City's investment portfolio continues to remain in a strong position. The City has $13.0 million of securities maturing in Fiscal Year 2024-2025, and of that amount, $5.0 million were purchased in Fiscal Year 2020-2021, earning significantly less than what is projected to be available for reinvestment this year. The City's current 3.221% average yield is at the highest level since May 2009! And at that time, the portfolios average duration (excluding pools) was 534 days, meaning the average security would mature in
1.46 years. Today the average duration is 869 days, meaning the average security will mature in 2.38 years, or almost a full year longer. These data points show that the City has been very successful at capturing these higher rates while they've been available.
The following table compares the portfolio balance as of May 2024 to April 2024.
Portfolio Balance April 2024 May 2024 Difference
Balance $68,096,911 $69,513,433 $1,416,522
• Over the past month, the City's total cash and investments experienced a net increase of $1,416,522. The increase is mostly due to a $4.0 million allotment of property taxes received during the month of April. Several progress payments for ongoing capital projects and the monthly payment to Orange County Sheriffs offset some of those property tax proceeds. • The percentage of pooled investments remained at 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 730 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 4.272% to 4.332%. The net yield of OCIP decreased from 4.526% to 4.415%. The net yield for the First American money market funds in the City's custodian account increased from 5.170% to 5.180%.
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 - 05/2019 through 05/2024
6.00%
5.00% →- PMIA
4.00% - S&P GIP
3.00% ---- Fed Funds
2.00%
1.00%
May Yields
0.00% PMIA 4.332%
8/2021 2/2024 5/2024 S&P GIP 5.490%
5/20 8/2019 11/2019 2/2020 5/2020 8/2020 11/2020 5/2021 2/2022 5/2022 8/2022 11/2022 2/2023 5/2023 8/2023 11/2023 Fed Funds 5.310%
• The average weighted yield of City investments, including investment pools and money market, increased from 3. 180% to 3.221%. The City's average weighted yield of City investments, including investment pools and money market, is calculated by taking the total investment earnings divided by the total portfolio at cost, and includes cash in the sweep investments.
A comparison of the City's average weighted yield to short-term and long-term benchmarks is presented below:
City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
3.221% 4.520% 5.180 5.420% 4.415% 4.332%
The monthly Investment Report as of May 31, 2024, is attached.
ALTERNATIVES CONSIDERED
Report a ou Nay 31, e not to receive and file the City of Laguna Niguel Investment
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 Betousean. Tw A
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of May 31, 2024
ATTACHMENT A
Investment Report as of May 31, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
May 31, 2024
Tamara S. Letourneal
CITY MANAGEF
Trevor Agrelius
FINANCE DIRECTOR
July 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 10-25
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 May 31, 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 S Betasian.
Tamara S. Letourneau
City Manager Finance Director
5/31/2024
Settlement
Description Date Yield
202800
Petty Cash/Change Drawers $
US Bank Checking & Investment Accounts 4,888,929.33
US Bank Money Market 6,016,104.11
103,001.79
78,282.51
US Treasury Note:
912828YH7 12/22/2023 9/30/2024 1.500% 4.779% 1,463,062,50 1,481,400.00 91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 995,820.00 9128283P3 12/22/2023 12/31/2024 2.250% 4.635% 1,464,600.00 1,474,230.00 91282CHD6 2/26/2024 5/31/2025 4.250% 4.810% 1,489,755.00 1,486,200.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2.90400000 2,048,280.00 91282CIS1 4/19/2024 12/31/2025 4.250% 5.000% 988,440,00 91282CKB6 4/19/2024 2/28/2026 4.625% 4.950% 994,220.00 994,570.00 91282C1K8 11/30/2023 11/15/2026 4,625% 4,310% 1,008,640.00 996,800.00 9128284V9 12/22/2023 8/15/2028 2.875% 3.791% 1,441,875.00 1,404,375.00 91282CIAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,002,700.00 91282CDL2 12/22/2023 11/30/2028 1.500% 3.780% 1,571,710.00 1,535,905.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 1,987,260.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,474,575.00 Certificates of Deposit: 6.11%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 250,357.50 834070BP0 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,172.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 248,792.50 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 248,075.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 248,167.50 33610RVD2 12/12/2023 12/10/2027 4.550% 250,000.00 247,797.50 05580AY24 7/18/2023 4/14/2028 4.408% 249,875.00 246,505.00 2546733V6 7/18/2023 4/17/2028 4,408% 249,875.00 246,582.50 20033A4J2 7/26/2023 7/26/2028 4.450% 250,000.00 247,057.50 062119CD2 7/28/2023 7/28/2028 4.500% 250,000.00 247,530.00 02589AF64 11/1/2023 11/1/2028 5.000% 250,000.00 252,495.00 87165E3V7 11/3/2023 11/3/2028 5.000% 250,000.00 252,505.00 795451DH3 12/13/2023 12/13/2028 250,000.00 246,660.00
58404DTX9 12/22/2023 12/22/2028 250,000.00 245,682.50
32110YK46 12/28/2023 12/28/2028 250,000.00 245,687.50
848608FB6 1/31/2024 1/31/2029 250,000.00 242,080.00
903572GQ2 2/14/2024 2/14/2029 250,000.00 242,032.50
Federal Home Loan Mortgage Corporation:
3134GV5R5 7/15/2020 1,000,000.00 994,200.00
3137EAEPO 1/29/2021 4,188,112.71 3,897,720.00
Federal National Mortgage Association:
3135G05X7 1/29/2021 8,645,922.29 8,215,236.00
Federal Farm Credit Banks:
3133EPYW9 10/20/2023 10/20/2025 999,000.00 1,001,290.00 3133ENVD9 4/26/2022 4/26/2027 3,995,360.00 3,804,360.00 3133EРH81 12/8/2023 10/4/2027 2,024,580.00 1,988,680.00 3133EPW84 1/30/2024 1/18/2029 2,493,800.00 2,433,450.00 3133EP3B9 2/26/2024 2/13/2029 1,494,975.00 1,475,325.00 Federal Home Loan Banks 16.26% 25.00%
3130AWLY4 7/25/2023 6/13/2025 1,004,010.00 999,570.00
3130AJTF6 7/14/2020 7/14/2025 1,000,000.00 953,730.00
3130AJTX7 7/21/2020 7/21/2025 625,000.00 595,431.25
3130AMFS6 8/12/2021 6/12/2026 2,001,415.36 1,841,640.00 3130A8XY4 10/18/2021 9/11/2026 4,665,690.00 4,216,680.00 3130AWC24 6/23/2023 6/9/2028 2,006,180.00 1,963,120.00
60.00%
Total City Investments Including Investment Pools 3 69,513,433.10 3 67,547,315.48 Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 20.00% $ 2,156,048.00 Average weighted maturity of Investments, excluding Investment Pools: 869 days Average weighted maturity of Investrents, including Investment Pools and Money Market 730 days erage weighted yield of Investments, excluding Investment Pool 2.875% erage weighted yield of Investments, including Investment Pools and Money Mark 3.221% * 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, a realized gain or loss reflected between the cost and market value of an investment will not be realiz 2 7/5/24, 2:27 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund July 05, 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
Tran Type Definitions
Account Number: 98-30-408
May 2024 Statement
Account Summary.
Total Deposit: 0.00 Beginning Balance: 103,001.79
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 6/19/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 03/31/24 Effective Yields(1)
LAIF Apportionment Ratel?). 4.30 May 4.332
LAIF Earnings Ratio. 0.00011755619077389 April 4.272
LAIF Administrative Cost 4)*. 0.27 March 4.232
LAIF Fair Value Factor (1), 0.994191267 February 4.122
PMIA Daily). 4.22 January 4.012
PMIA Quarter to Date?): 4.12 December 3.929
PMIA Average Life() 226
Pooled Money Investment Account
Monthly Portfolio Composition (1)
5/31/24
$162.3 billion
Corporate
Commercial Bonds
Paper 0.42%
Time 6.84% Loans
Deposits 0.22%
3.14%
Certificates of
Deposit/Bank Notes J
9.18%
Treasuries
56.98%
Agencies_
23.22%
Chart does not include $1,943,000,00 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 ele the estame rate le enter per on the pes til end enin rent usuant to Government code 206825 *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The / aw provides tha administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day o the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subseque nt fiscal year.
Source:
(4) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
4 State of California
Pooled Money Investment Account
Market Valuation
5/31/2024
Carrying Cost Plus
Description Accrued interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 31,345,507,540.42 $ 31,767,627,811.00 NA
Notes $ 61,147.508,679.17 60,503,198,652.50 $ 408,680,291.50 Federal Agency:
SBA $ 252,674,245.95 $ 256,430,968.71 $ 1.224.472.42
MBS-REMICS $ 1,943,259.80 $ 1,890,061.12 8,477.31
Debentures $ 8.032.854.727.68 $ 7,940,234,515.00 $ 75,035,208.45 Debentures FR $ $
Debentures CL t7 tA tA 1,850,000,000.00 $ 1,833,569,750.00 $ 11,078,374.50 Discount Notes 24.628.901,680.57 24,899,296,200.00 NA
Supranational Debentures 2.919,839,134.05 2,876,348,080.00 $ 28,492,736.90 Supranational Debentures FR $ $
CDs and YCDS FR $ $ - $ -
Bank Notes
CDs and YCDs $ 14,900,015,000.00 14,894,671,773.49 $ 245,321,277.76 Commercial Paper $ 11.106.150,972.23 11,228,693,958.35 NA Corporate
Bonds FF
Bonds 675,060,154.90 657,079,080.00 $ 6,535,000.03
Repurchase Agreements $ $ -
Reverse Repurchase $ $ $
Time Deposits 5,105,000,000.00 $ 5,105,000,000.00 NA
PMIA & GF Loans $ 363,727,000.00 $ 363,727,000.00 NA
TOTAL $ 162,329,182,394.77 $ 162,327,767,850.17 776,375,838.87 Fair Value Including Accrued Interest $ 163,104,143,689.04 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 5 COUNTY OF ORANGE
OR OFFICE OF THE TREASURER-TAX COLLECTOR OING COUNT
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFO SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
May 31, 2024
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
MAY 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
05/01/2024 April 2024 Investment Admin Fee (0.64)
05/20/2024 February 2024 Interest Paid 280.02
Summary
Total Deposit: $ 280.02 Beginning Balance: $ 78,003.13
Total Withdrawal: $ (0.64) Ending Balance: $ 78,282.51
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: MAY 31, 2024
OCTP INVESTMENT STATISTICS ()
DESCRIPTION CURRENT BALANCES Daily Yield as MONTHLY Current NAV Duration of 05/31/2024 Gross Yield
MARKET Value(3) $ 15,583,740,635
Orange County Treasurer's Pool (OCTP) COST (Capital) s 15,643,115,550 1.08 4.415% 4.376% 0.9936 MONTHLY AVG Balance S 16,041,822,552
BOOK INVESTMEN ACCOUNTS STATISTICS) 15,684,369,794
Fund MONTHLY MARKET Book Value Current NAV
DESCRIPTION CURRENT BALANCE Gross Yield Value()
Pension Prepayment-CEO (PP-CEO) MARKET Value(" $ 561,055,222 PP-CEO 4.597% $ 528,115,934 528,170,834 0.9999 Fountain Valley School District Fund 40 (FVSD) COST (Capital) $ 523,779,713 FVSD 2.623% 32,939,287 33,913,177 0.9713 MONTHLY AVG Balance 532,583,784
BOOK Value 562,084,011
BOND PROCEEDS ACCOUNT STATISTICS (R)
MONTHLY MARKET Book Value Current NAV
DESCRIPTION CURRENT BALANCE Fund Gross Yield Valuel*)
CCCD Series 2017E Bonds (CCCD) MARKET Value $ 22,317,153 CCCD 3.275% $ 22,317,153 23,934,632 0.9324 COST (Capital) S 24,866,588
MONTHLY AVG Balance $ 24,842,514
BOOK Value $ 23,934,632
OCIF TOTALS
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCT Investments 15,643,115,550 OCTP $ 587,769,721
OCT Cash 12,026,211 OCIP 256,932,870
OCEIP 331,836,851
Specific Investment Accounts 532,583,784 Specific Investment Accounts 21,900,737 Bond Proceeds Account 24,966,588 Bond Proceeds Account 736,825 Total Assets in the County Treasury 16.212.592,133 Total OCIF Year-To-Date Earnings 610.407,283
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCTP - YTD NET YIELD 4.212% OCTP 419
90-DAY T-BILL YIELD - YTD AVERAGE 5.406% 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) The market values of OCTP, PP-CEO, FVSD, and CCCD, continue to stay below book values. The OCTP, PP-CEO, FVSD, and CCCD have sufficient liquidity to meet projected cash flow needs. (3) Market values provided by Northern Trust and excludes accrued interest. 7 5
ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA - ORANGE COUNTY TREASURER'S POOL
INVESTMENT TRENDS
INCREASE MAY 2023 INCREASE
MAY 2024 APRIL 2024 (DECREASE) NET CHANGE% NET CHANGE % (DECREASE)
End Of Month Market Value' $ 15,583,740,635 $ 16,478,114,053 $ (894,373,418) -5.43% $ 14,488,976,783 1,094,763,852 7.56% End Of Month Book Value $ 15,684,369,794 $ 16,613,606,581 $ (929,236,787) -5.59% $ 14,666,862,954 1,017,506,840 6.94% Monthly Average Balance $ 16,041,822,552 $ 16,509,843,256 $ (468,020,704) -2.83% $ 15,116,487,964 925,334,588 6.12% Year-To-Date Average Balance? $ 14,887,822,446 $ 14,772,422,435 $ 115,400,011 0.78% $ 13,470,988,529 1,416,833,917 10.52% Monthly Accrued Earnings? $ 60,158,459 $ 61,415,308 $ (1,256,849) -2.05% $ 46,634, 186 13,524,273 29.00% Monthly Net Yield? 4.366% 4.468% -0.102% -2.28% 3.566% 0.800% 22.43% Year-To-Date Net Yield? 4.212% 4.195% 0.017% 0.41% 2.465% 1.747% 70.87% Annual Estimated Gross Yield 4.050% 4.050% 0.000% 0.00% 2.615% 1.435% 54.88% Weighted Average Maturity (WAM)S 419 424 (5) -1.18% 227 192 84.58% 1 Market values provided by Northern Trust, excludes accrued interest. 2 The Year-To- Date Average Balance is higher than the prior year primarily due to an increase in properly assessed values of 6.41% in FY 23-24. 3 The Monthly Accrued Earnings, Monthly Net Yield and Year-To-Date Net Yield are higher than prior year due to the FOM target rate range of 5.25% -5.50%, and reinvestment yields that are higher than the current portfolio yield and the maturing securilies, 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 Eslimated Gross Yield for May 2023 is reported at the aclual 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 July 2024.
ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT) May 31, 2024
Investment Type Credit Quality
0.01% 0.01%
100% 3.23% 100%
90% 90%
21.12%
80% 80%
70% 70%
60% 60%
50% 1 50%6 99.99%
Investment Type in Percent
40% 40%
75.64%
Security
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands % InThousands %
U. S. GOVERNMENT AGENCIES $ 11,787,432 75.64% • US GOVERNMENT $ 15,582,365 99.99% U.S. TREASURIES 3,291,939 21.12% NR 1,376 0.01%
MONEY MARKET MUTUAL FUNDS 502,994 3.23% 15.583.741 100.00% LOCAL AGENCY INVESTMENT FUND 1.376 0.01%
$ 15.583.741 100.00%
(1) Market values provided by Northern Trust and exclude accrued interest. 9 11
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ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
MARKET VALUE SUMMARY
Current Perioc
05/01/24 to 05/31/24
Change: 1,455,187.46
Beginning Market Value $61,020,083.90 $70,000,000)
Taxable Interest 175,014.46 $60,000,000
Cash Receipts 1,000,000.00 $50,000,000
Change in Investment Value 280,173.00 $40,000,000
$62,475,271.36 $30,000,000
Ending Market Value
$20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$61,020,083.90 $62,475,271.36
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ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Varket Value Total Annual Income
Cash & Equiv
$6,016,104.11
Cash & Equivalents 6,016,104.11 9.60 311,808.12
Taxable Bonds 56,459, 167.25 90.40 1,653,475.00
Total Market Value $62,475,271.36 100.00 $1,965,283.12
Taxable Bonds
$56,459,167.25
Fixed Income Summary
Corporate Issues
$4,208,180.00
US Government Issues
$52,250,987.25
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ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 175,014.46
Total Current Period Income $175,014.46
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ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
CASH SUMMARY
Cash
Beginning Cash 05/01/2024 $0.00
Taxable Interest 175,014.46
Cash Receipts 1,000,000.00
Net Money Market Activity -1,175,014.46
Ending Cash 05/31/2024 $0.00
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ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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
6,016,104.110 1.0000 6,016,104.11 6,016,104.11 0.00 9.6 311,808.12 5.18 Total Cash/Money Market $6,016,104.11 $6,016,104.11 $0.00 9.6 $311,808.12 Total Cash & Equivalents $6,016,104.11 $6,016,104.11 $0.00 9.6 $311,808.12 Taxable Bonds
US Government Issues
F HLMC - 3137EAEPC
.500 02/12/2025
4,000,000.000 97.4430 3,897,720.00 4,188,112.71 - 290,392.71 6.2 60,000.00 1.54 FHLMG MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 99.4200 994,200.00 1,000,000.00 -5,800.00 1.6 5,700.00 0.57 F N MA - 3135G05X7
0.375 08/25/2025
8,700,000.000 94.4280 8,215,236.00 8,645,922.29 -430,686.29 13.1 32,625.00 0.40 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 95.1090 3,804,360.00 3,995,360.00 -191,000.00 6.1 115,000.00 3.02 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 97.3380 2,433,450.00 2,493,800.00 -60,350.00 3.9 96,875.00 3.98 14 20292
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220657-00-04007-
usbank
CITY OF LAGUNA NIGUEL Page 6 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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 - 3133ЕР3B9
4.125 02/13/2029
1,500,000.000 98.3550 1,475,325.00 1,494,975.00 -19,650.00 2.4 61,875.00 4.19 Federal Farm Credit Bks - 3133EPH81
4.500 10/04/2027
2,000,000.000 99.4340 1,988,680.00 2,024,580.00 -35,900.00 3.2 90,000.00 4.53 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.1290 1,001,290.00 999,000.00 2,290.00 1.6 51,250.00 5.12 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 95.2690 595,431.25 625,000.00 -29,568.75 1.0 4,500.00 0.76 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 95.3730 953,730.00 1,000,000.00 -46,270.00 1.5 7,400.00 0.78 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 92.0820 1,841,640.00 2,001,415.36 -159,775.36 2.9 15,000.00 0.81 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 93.7040 4,216,680.00 4,665,690.00 -449,010.00 6.7 84,375.00 2.00 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 98.1560 1,963,120.00 2,006,180.00 -43,060.00 3.1 80,000.00 4.07 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 99.9570 999,570.00 1,004,010.00 4,440.00 1.6 51,250.00 5.13 U S Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 102.4140 2,048,280.00 2,104,000.00 -55,720.00 3.3 137,500.00 6.71 15 20292
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CITY OF LAGUNA NIGUEL Page 7 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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 - 912828YH7
1.500 09/30/2024
1,500,000.000 98.7600 1,481,400.00 1,463,062.50 18,337.50 2.4 22,500.00 1.52 U S Treasury Note - 91282CDL2
1.500 11/30/2028
1,750,000.000 87.7660 1,535,905.00 1,571,710.00 -35,805.00 2.5 26,250.00 1.71 U S Treasury Note - 9128283P3
2.250 12/31/2024
1,500,000.000 98.2820 1,474,230.00 1,464,600.00 9,630.00 2.4 33,750.00 2.29 U S Treasury Note - 9128284V9
2.875 08/15/2028
1,500,000.000 93.6250 1,404,375.00 1,441,875.00 -37,500.00 2.2 43,125.00 3.07 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 98.3050 1,474,575.00 1,475,175.00 -600.00 2.4 61,875.00 4.20 U S Treasury Note - 91282CHD6
4.250 05/31/2025
1,500,000.000 99.0800 1,486,200.00 1,489,755.00 -3,555.00 2.4 63,750.00 4.29 U S Treasury Note - 91282CJS1
4.250 12/31/2025
1,000,000.000 98.8440 988,440.00 987,870.00 570.00 1.6 42,500.00 4.30 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 99.3630 1,987,260.00 2,031,720.00 -44,460.00 3.2 87,500.00 4.40 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.5820 995,820.00 992,812.50 3,007.50 1.6 45,000.00 4.52 U S Treasury Note - 91282CKB6
4.625 02/28/2026
1,000,000.000 99.4570 994,570.00 994,220.00 350.00 1.6 46,250.00 4.65 16 20292
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CITY OF LAGUNA NIGUEL Page 8 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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
1,000,000.000 100.2700 1,002,700.00 1,005,380.00 -2,680.00 1.6 46,250.00 4.61 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 99.6800 996,800.00 1,008,640.00 -11,840.00 1.6 46,250.00 4.64 Total US Government Issues $52,250,987.25 $54,174,865.36 -$1,923,878.11 83.6 $1,458,350.00 Corporate Issues
American Express Natl Bk - 02589AF64
5.000 11/01/2028
250,000.000 100.9980 252,495.00 250,000.00 2,495.00 0.4 12,500.00 4.95 Bank Five Nine Oconomowoc Wis - 062119CD2
CD
4.500 07/28/2028
250,000.000 99.0120 247,530.00 250,000.00 -2,470.00 0.4 11,250.00 4.54 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 98.6020 246,505.00 249,875.00 -3,370.00 0.4 11,000.00 4.46 Celtic Bk Salt Lake City Utah - 15118RM38
4.600 12/08/2027
250,000.000 99.2670 248,167.50 250,000.00 -1,832.50 0.4 11,500.00 4.63 Centier Bk Whitting Ind - 15140RCY3
4.00 07126/2027
250,000.000 99.5170 248,792.50 250,000.00 -1,207.50 0.4 11,750.00 4.72 17 20292
00- -M -UC-UU - 153-0.
220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 9 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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 98.8230 247,057.50 250,000.00 -2,942.50 0.4 11,125.00 4.50 Discover Bk Greenwood Del - 2546733V6
2.400 04117/2028
250,000.000 98.6330 246,582.50 249,875.00 -3,292.50 0.4 11,000.00 4.46 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 98.2750 245,687.50 250,000.00 -4,312.50 0.4 10,750.00 4.38 First Premier Bk Sioux Falls - 33610RVD2
CD
4.550 12/10/2027
250,000.000 99.1190 247,797.50 250,000.00 -2,202.50 0.4 11,375.00 4.59 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 98.2730 245,682.50 250,000.00 -4,317.50 0.4 10,750.00 4.38 Sallie Mae Bk Salt Lake City - 795451DH3
4.400 12/13/2028
250,000.000 98.6640 246,660.00 250,000.00 -3,340.00 0.4 11,000.00 4.46 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
5.450 04/30/2025
250,000.000 100.0690 250,172.50 250,000.00 172.50 0.4 13,625.00 5.45 Spiritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 96.8320 242,080.00 250,000.00 -7,920.00 0.4 9,875.00 4.08 18 20292
022050040-04
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CITY OF LAGUNA NIGUEL Page 10 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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 Yielc State Bk India Chicago III - 8562834C7
4.600 08/02/2027
250,000.000 99.2300 248,075.00 250,000.00 -1,925.00 0.4 11,500.00 4.64 Synchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 101.0020 252,505.00 250,000.00 2,505.00 0.4 12,500.00 4.95 Uinta Bk Mtn View - 903572GQ2
C D
3.950 02/14/2029
250,000.000 96.8130 242,032.50 250,000.00 -7,967.50 0.4 9,875.00 4.08 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.1430 250,357.50 250,000.00 357.50 0.4 13,750.00 5,49 Total Corporate Issues $4,208,180.00 $4,249,750.00 -$41,570.00 6.7 $195,125.00 Total Taxable Bonds $56,459,167.25 $58,424,615.36 -$1,965,448.11 90.4 $1,653,475.00 Total Assets $62,475,271.36 $64,440,719.47 -$1,965,448.11 100.0 $1,965,283.12 Estimated Current Yield 3.14
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 19 20292
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CITY OF LAGUNA NIGUEL Page 11 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
ASSET DETAIL MESSAGES (continued)
Publicly 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 be reflected at values from other external sources. Assets for which a current value is not available may be reflected at a previous value or as not valued, at par value, or at a nominal value. Values shown do not necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation. stimated Current Yield and Estimated Annual Income are estimates provided for informational purposes only and should not be relied on for making investment, trading, or tax decisions. The estimate ay not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the futur 20 20292
022400040504
usbank
CITY OF LAGUNA NIGUEL Page 12 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 05/01/2024 $0.00 $63,265,705.01
05/01/24 Asset Income Interest Earned On 6,232.88
American Express C D 5.000% 11/01/2
.024932 USD/$1 Pv On 250,000 Par Value Due 5/1/2
05/01/24 Asset Income Interest Earned On 20,814.80
st Am Treas Ob Fd Cl
terest From 4/1/24 To 4/30/
05/03/24 Asset Income Interest Earned On 6,232.88
Synchrony Bank C D 5.000% 11/03/28
0.024932 USD/$1 Pv On 250,000 Par Value Due 5/3/24
05/08/24 Asset Income Interest Earned On 945.21
Celtic Bk C D 4.600% 12/08/27
0.003781 USD/$1 Pv On 250,000 Par Value Due 5/8/24
05/09/24 Cash Receipt Cash Receipt 1,000,000.00
Recd From City Of Laguna Niguel
05/13/24 Asset Income Reversal Of Interest Earned On -784.59 Spiritbank Tulsa C D 3.950% 1/31/29
0.003138 USD/$1 Pv On 250,000 Par Value Due 3/29/24
05/13/24 Asset Income Reversal Of Interest Earned On -838.70 Spiritbank Tulsa C D 3.950% 1/31/29
-0.003355 USD/$1 Pv On 250,000 Par Value Due 4/29/24
05/13/24 Asset Income Interest Earned On 811.64
Spiritbank Tulsa C D 3.950% 1/31/29
0.003247 USD/$1 Pv On 250,000 Par Value Due 4/30/24
05/13/24 Asset Income Interest Earned On 838.70
Spiritbank Tulsa C D 3.950% 1/31/29
0.003355 USD/$1 Pv On 250,000 Par Value Due 3/31/24
05/14/24 Asset Income Interest Earned On 811.64
Uinta Bk Mtn C D 3.950% 2/14/29
0.003247 USD/$1 Pv On 250,000 Par Value Due 5/14/24
21 20292
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0220657-00-04007-0
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CITY OF LAGUNA NIGUEL Page 13 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
05/15/24 Asset Income Interest Earned On 23,125.00
U S Treasury Nt 4.625% 11/15/26
0.023125 UŚD/$1 Pv On 1,000,000 Par Value Due 5/15/24
05/22/24 Asset Income terest Earned O 883.56
ledallion Bk C D 4.300% 12/22/2
0.003534 USD/$1 Pv On 250,000 Par Value Due 5/22/24
05/24/24 Asset Income Interest Earned On 1,130.14
Wells Fargo C D 5.500% 4/24/25
0.004521 USD/$1 Pv On 250,000 Par Value Due 5/24/24
05/28/24 Asset Income Interest Earned On 914.38
Comenity Cap Bk C D 4.450% 7/26/28
0.003658 USD/$1 Pv On 250,000 Par Value Due 5/26/24
05/28/24 Asset Income Interest Earned On 924.66
Bank Five Nine C D 4.500% 7/28/28
0.003699 USD/$1 Pv On 250,000 Par Value Due 5/28/24
05/28/24 Asset Income Interest Earned On 883.56
First Natl Bk C D 4.300% 12/28/28
0.003534 USD/$1 Pv On 250,000 Par Value Due 5/28/24
05/31/24 Asset Income Interest Earned On 838.70
Spiritbank Tulsa C D 3.950% 1/31/29
0.003355 USD/$1 Pv On 250,000 Par Value Due 5/31/24
05/31/24 Asset Income Interest Earned On 13,125.00
S Treasury Nt 1.500% 11/30/2
0075 USD/$1 Pv On 1,750,000 Par Value Due 5/31/
05/31/24 Asset Income Interest Earned On 31,875.00
U S Treasury Nt 4.250% 5/31/25
0.02125 USD/$1 Pv On 1,500,000 Par Value Due 5/31/24
05/31/24 Asset Income Interest Earned On 43,750.00
U S Treasury Nt 4.375% 11/30/28
0.021875 USD/$1 Pv On 2,000,000 Par Value Due 5/31/24
05/31/24 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 5/31/24
Purchase Combined Purchases For The Period 5/ 1/24 - 5/31/24 Of -1,176,637.75 1,176,637.75 First Am Treas Ob Fd CIZ 22
20292
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CITY OF LAGUNA NIGUEL Page 14 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
Sale Fis An teas 0 face erod 5129-5131210t 1,623.29 -1,623.29 Ending Balance 05/31/2024 $0.00 $64,440,719.47
23 20292
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CITY OF LAGUNA NIGUEL Page 15 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 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 4,945,650.00 8.76
2025 21,325,000.00 20,686,427.25 36.64
2026 8,500,000.00 8,049,690.00 14.26
2027 7,000,000.00 6,785,872.50 12.02
2028 10,500,000.00 10,124,065.00 17.93
2029 6,000,000.00 5,867,462.50 10.39
Total of Category $58,325,000.00 $56,459,167.25 100.00
MOODY'S RATING
Aaa 53,075,000.00 51,256,787.25 90.79
N/A 2,750,000.00 2,713,177.50 4.81
NOT RATED 2,500,000.00 2,489,202.50 4.40
Total of Category $58,325,000.00 $56,459,167.25 100.00
24 20292
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CITY OF LAGUNA NIGUEL Page 16 of 16
ACCOUNT NUMBER: 6736304200 May 1, 2024 to May 31, 2024
BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 34,825,000.00 33,386,232.25 59.13
N/A 19,250,000.00 18,864,755.00 33.41
NOT RATED 4,250,000.00 4,208,180.00 7.46
Total of Category $58,325,000.00 $56,459,167.25 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 25 PARS PUBLIC AGENCY
• RETIREMENT SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 5/1/2024 to 5/31/2024 Tamara Letourneau
City Manager
ity of Laguna Nigue
0111 Crown Valley Parkwa
Laguna Niguel, CA 92677
Account Summary
alance as Balance as of
Source 1/20 Contributions Earnings Expenses Distributions Transfers 5/31/2024 PENSION $2,091,544.68 $0,00 S65,541.19 $1,037.87 50.00 50.00 $2,156,048.00 Totals S2,091,544.68 $0.00 $65,541.19 $1,037.87 S0.00 50.00 S2,156,048.00 Investment Selection
Source
PENSION Moderate - Index
Investment Objective
Source
The dual goal orient pric strely at mouth ugh ripal and ugh me it apect has dividen impo race come will comprise a
PENSION
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 3.13% 1.91% 10.12% 0.44% 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 deered reliable but may be subject to change.
Investment Retum: Annualized rate of return 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 S40 6369 Fax 949 250 1250 www.pars.org 26