CITY OF LAGUNA NIGUEL
CIty CouncIL AGenDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: August 6, 2024
SUBJECT: Investment Report as of June 30, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of June 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 July Federal Open Market Committee (FOMC) meeting concluded on July 31, 2024, and the Committee elected to leave the Federal Funds (Fed Funds) rate unchanged at
5.25% - 5.50% for the eighth straight meeting. The FOMC statement on their decision repeated that "it will not be appropriate to reduce the federal funds target range until inflation moves sustainably toward 2%." However, their statement said "job gains have moderated and the unemployment rate has moved up but remains low" as opposed to "remained strong, and the unemployment rate has remained low". They also defined inflation as "somewhat elevated" as opposed to "elevated" and indicated "there has been some further progress toward the Committee's 2 percent inflation objective" . In his press conference, chairman Jerome Powell stated, "a broad set of indicators suggests that conditions in the labor market have returned to about where they stood on the eve of the pandemic - strong but not overheated". Regarding future reductions to the Fed Funds rate, he said the "second-quarter's inflation readings have added to our confidence, and more good data would further strengthen that confidence ". Furthermore, in the question- and-answer portion, Fed Chair Powell said that if inflation data and employment data continued to trend the way the Committee expects, "a rate cut could be on the table at
the September meeting". Inflation has been trending lower, increasing at the slowest pace since March 2021, per the chart below:
FED'S PREFERRED INFLATION GAUGE SHOWS PRICES ROSE AT
SLOWEST PACE SINCE MARCH 2021
The Personal Consumption Expenditures (PCE) Price Index excluding food and energy and the Consumer Price Index (CPI) excluding food and energy, since 1/1/2020.
PERCENT CHANGE FROM A YEAR AGO
CORE CPI
CORE PCE
0%
2020 2022 2023 2024
yahoo! finance
SOURCE: BUREAU OF LABOR STATISTICS • SHADED AREAS INDICATE US RECESSIONS The City's investment portfolio continues to remain in a strong position. The City's current
3.203% average yield remains at the at the highest levels since May 2009, with a significant amount of lower yielding securities maturing over the next twelve months.
Those monies will be able to be reinvested in a higher yielding environment, which will increase our average yields in the future.
The following table compares the portfolio balance as of June 2024 to May 2024.
Portfolio Balance May 2024 June 2024 Difference
Balance $69,513,433 $68,906,110 ($607,323)
• Over the past month, the City's total cash and investments experienced a net decrease of $607,323. It is not unusual for the month of June to experience a net decrease as over 40% of total City revenues come from property tax allotments from the County of Orange. Those allotments predominantly come during the months of November and December and April and May each year.
So, when a decrease occurs in one of the other eight months it is not a cause for concern.
• 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 718 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 4.332% to 4.480%. The net yield of OCIP increased from 4.415% to 4.543%. The net yield for the First American money market funds in the City's custodian account decreased from 5.180% 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 - 06/2019 through 06/2024
6.00%
- PMIA
5.00%
4.00% - S&P GIP
3.00% - - - •Fed Funds
2.00%
1.00% June Yields
0.00% PMIA 4.480%
S&P GIP 5.490%
6/2019 9/2019 12/2019 9/2020 12/2020 3/2021 6/2021 9/2021 12/2021 6/2022 9/2022 12/2022 3/2023 6/2023 9/2023 12/2023 3/2024 6/2024 Fed Funds 5.310% • The average weighted yield of City investments, including investment pools and money market, decreased from 3.221% to 3.203%. The decrease is due to the spend down of total cash and investments as those funds are invested in the money market accounts, earning over 5.0%. 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
3.203% 4.330% 5.090% 5.330% 4.543% 4.480%
The monthly Investment Report as of June 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 June 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. puton. g. Marten Tr
My Manageromena Trevor Agrelius
Finance Director
Attachments:
A. Monthly Investment Report as of June 30, 2024
ATTACHMENT A
Investment Report as of June 30, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
June 30, 2024
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
August 6, 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 10-24
PARS Statement 25
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 June 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.
Tamara S.Letourneau Trevor Agrelius
City Manager Finance Director
City of Laguna Niguel
Summary of Cash and Investments
6/30/2024
Settlement Coupon Market
Maturity Value
Description Date Rate Cost
$ 2,500.00 $ 2,500.00
Petty Cash/Change Drawers 4,165,534.44
US Bank Checking & Investment Accounts 4,165,534.44
US Bank Money Market 5,881,888.88 5,881,888.88
Local Agency Investment Fund 103,001.79 102,403.48
Orange County Investment Pool 78,569.05 78,569.05
US Treasury Note: N/A
912828YH7 12/22/2023 9/30/2024 1.500% 1,463,062.50 1,485,345.00 91282CFX4 11/10/2023 11/30/2024 4.500% 992,812.50 996,670.00 9128283P3 12/22/2023 12/31/2024 2.250% 1,464,600.00 1,477,470.00 91282CHD6 2/26/2024 5/31/2025 4.250% 1,489,755.00 1,487,475.00 912810EV6 6/22/2023 8/15/2025 6.875% 2,104,000.00 2,046,260.00 91282CJS1 4/19/2024 12/31/2025 4.250% 987,870.00 990,430.00 91282CKB6 4/19/2024 2/28/2026 4.625% 994,220.00 996,410.00 91282CJK8 11/30/2023 11/15/2026 4.625% 1,008,640.00 999,530.00 9128284V9 12/22/2023 8/15/2028 2.875% 1,441,875.00 1,413,285.00 91282CJA0 11/10/2023 9/30/2028 4.625% 1,005,380.00 1,008,480.00 91282CDL2 12/22/2023 11/30/2028 1.500% 1,571,710.00 1,548,610.00 91282CJN2 12/8/2023 11/30/2028 4.375% 2,031,720.00 1,999,680.00 91282CHD6 4/12/2024 3/31/2029 4.250% 1,475,175.00 1,484,715.00 Certificates of Deposit: 6.53%
949764GT5 10/24/2023 4/24/2025 5.500% 250,000.00 250,532.50 83407DBPO 10/30/2023 4/30/2025 5.450% 250,000.00 250,315.00 15140RCY3 7/25/2023 7/26/2027 4.700% 250,000.00 248,807.50 8562834C7 7/31/2023 8/2/2027 4.600% 250,000.00 248,120.00 15118RM38 12/8/2023 12/8/2027 4.600% 250,000.00 248,595.00 33610RVD2 12/12/2023 12/10/2027 4.550% 250,000.00 248,200.00 05580AY24 7/18/2023 4/14/2028 4.400% 249,875.00 247,340.00 2546733V6 7/18/2023 4/17/2028 4.400% 249,875.00 247,427.50 20033A4J2 7/25/2023 7/26/2028 4.450% 250,000.00 248,242.50 062119CD2 7/28/2023 7/28/2028 4.500% 250,000.00 248,712.50 02589AF64 11/1/2023 11/1/2028 5.000% 250,000.00 253,712.50 87165E3V7 11/3/2023 11/3/2028 5.000% 250,000.00 253,722.50 795451DH3 12/13/2023 12/13/2028 4.400% 250,000.00 248,022.50 58404DTX9 12/22/2023 12/22/2028 4.300% 250,000.00 247,115.00 32110YK46 12/28/2023 12/28/2028 4.300% 250,000.00 247,127.50 848608FB6 1/31/2024 1/31/2029 3.950% 250,000.00 243,590.00 903572GQ2 2/14/2024 2/14/2029 3.950% 250,000.00 243,592.50 89235MPRG 6/28/2024 6/28/2029 4.500% 250,000.00 249,812.50 Federal Home Loan Mortgage Corporation: 7.53%
3134GV5R5 7/15/2020 7/15/2024 0.570% 1,000,000.00 997,940.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 4,188,112.71 3,907,960.00 Federal National Mortgage Association: 8,248,470.00
3135G05X7 1/29/2021 8/25/2025 0.375% 8,645,922.29
Federal Farm Credit Banks:
3133EPYW9 10/20/2023 10/20/2025 5.125% 999,000.00 1,001,670.00 3133ENVD9 4/26/2022 4/25/2027 2.875% 3,995,360.00 3,819,120.00 3133EPH81 12/8/2023 10/4/2027 4.500% 2,024,580.00 1,995,620.00 3133EPW84 1/30/2024 1/18/2029 3.875% 2,493,800.00 2,448,375.00 3133EP3B9 2/26/2024 2/13/2029 4.125% 1,494,975.00 1,484,235.00 Federal Home Loan Banks: 16.40% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 1,004,010.00 999,430.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 955,630.00
3130AITX7 7/21/2020 7/21/2025 0.720% 597,331.25
3130AMFS6 8/12/2021 6/12/2026 0.750% 1,849,500.00
3130A8XY4 10/18/2021 9/11/2026 1.875% 4,235,805.00
3130AWC24 6/23/2023 6/9/2028 4.000% 1,973,400.00
52.45% 60.00%
Total City Investments Including Investment Pools 100.00% 3 67,152,729.60 Restricted for Spedfic Use
PARS 115 Pension Trust 20.00% $ 2,179,842.51
Average weighted maturity of Investments, excluding investment Pools: 843 days Average weighted maturity of Investments, including Investment Pools and Money Market: 718 days verage weighted yield of Investments, excluding Investment Pool:
verage weighted yield of Investments, including investment Pools and Money Marke * 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 7/5/24, 2:28 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 MIA 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
June 2024 Statement
Account Summary.
Total Deposit: 0.00 Beginning Balance: 103,001.79
Total Withdrawal: 0.00 Ending Balance: 103,001.79
3 1/1
https://laifms.treasurer.ca.gov/RegularStatement.aspx
PMIA/LAIF Performance Report
as of 7/10/24 THAT LOUIT THO
Quarterly Performance PMIA Average Monthly
Quarter Ended 03/31/24 Effective Yields)
LAIF Apportionment Ratel?). 4.30 June 4.480
LAIF Earnings Ratio?). 0.00011755619077389 May 4.332
LAIF Administrative Cost) * 0.27 April 4.272
LAIF Fair Value Factor"): 0.994191267 March 4.232
PMIA Daily(2). 4.22 February 4.122
PMIA Quarter to Date("). 4.12 January 4.012
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.
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 otes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 2082 ) 1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a *Thingrate cot are not lived of trely rins of he fun. ever if the a reiters the are priest day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.
Source:
(1) 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
6/30/2024
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury:
Bills $ 39,152,874,329.72 $ 39,597,554,203.90 $ 39,587.768,752.50 NA Notes $ 62,176,581,824.56 $ 62,141,474,346.68 $ 61,651,762,504.00 I$ 416,898,092.00 Federal Agency:
SBA $ 247,843,562.04 $ 247,843,562.04 $ 251,790,529.61 $ 1,200,799.53 MBS-REMICS $ 1,567,186.59 $ 1,567,186.59 $ 1,529,976.88 $ 6,836.72 Debentures $ 8,184,587,071.78 $ 8,182,672,988.45 $ 8,108,396,505.00 $ 75,509,041.45 Debentures FR $ $ $ $
Debentures CL $ 2,250,000,000.00 $ 2,250,000,000.00 $ 2,235,914,150.00 $ 13,689,585.50 Discount Notes $ 29,807,385,861.03 $ 30,141,723,379.95 30,121,121,250.00 NA Supranational Debentures $ 2,970,189,533.33 $ 2,970,189,533.33 $ 2,937,719,880.00 $ 28,822,792.40 Supranational Debentures FR I$ $ $ $
CDs and YCDs FR $ $ $
Bank Notes $ $
CDs and YCDs $ 15,450,015,000.00 $ 15,450,000,000.00 15,446,181,621.02 $ 248,570,152.74 Commercial Paper $ 11,683,558,041.73 $ 11,815,541,750.00 $ 11,811,742,819.45 NA Corporate:
Bonds FR $ $ $ $
Bonds $ 693,227,689.67 692,770,418.83 $ 678,296,776.00 $ 7,163,534.78 Repurchase Agreements $ $ - $ $ -
Reverse Repurchase $ $ - $ $
Time Deposits $ 5,060,000,000.00 $ 5,060,000,000.00 5,060,000,000.00 NA PMIA & GF Loans $ 362,908,000.00 $ 362,908,000.00 $ 362,908,000.00 NA TOTAL $ 178,040,738,100.45 $ 178,914,245,369.77 $ 178,255,132,764.46 $ 791,860,835.12 Fair Value Including Accrued Interest $ 179,046,993,599.58 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 (0.996316042).
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 $19.926.320.84 or $20,000,000.00 x 0.996316042 5 COUNTY OF ORANGE
ORg OFFICE OF THE TREASURER-TAX COLLECTOR SAC COURTE
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFORNI SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
June 30, 2024
CITY OF LAGUNA NIGUEL
Fund Number : 9LQ
JUNE 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer
Amount
Date
06/03/2024 May 2024 Investment Admin Fee (0.67)
06/19/2024 March 2024 Interest Paid $ 287.21
Summary
Total Deposit: $ 287.21 Beginning Balance: $ 78,282.51
Total Withdrawal: $ (0.67) Ending Balance: $ 78,569.05
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, QUARTER, AND FISCAL YEAR ENDED: JUNE 30, 2024
OCT INVESTMENT TISTICS
Daily Yield as MONTHLY QUARTERLY ANNUAL
DESCRIPTION CURRENT BALANCES Duration of 06/30/2024 Gross Yield Gross Yield Gross Yield Current NAV MARKET Value! s 15,032,313,486
COST (Capital) $ 15,073,535,583
Orange County Treasurer's Pool (OCTP) MONTHLY AVG Balance S 15,179,019,008 1.05 4.543% 4.492% 4.149% 4.280% 0.9944 QUARTERLY AVG Balance $ 15,910,228,272
ANNUAL AVG Balance S 14,912,088,826
BOOK Value 15,116,940,626
SPECIFIC INVESTMENT ACCOUNTS STATISTICS "
MONTHLY QUARTERLY ANNUAL MARKET
DESCRIPTION CURRENT BALANCE Fund Gross Yield Gross Yield Book Value Current NAV Gross Yield Value)
Pension Prepayment-CEO (PP-CEO) MARKET Value'S 533,005,739 PP-CEO 4.541% 4.587% 4.604% 500,069,987 499,893,877 1.0004 Fountain Valley School District Fund 40 (FVSD) COST (Capital s 532,390,205 FVSD 2.910% 2.732% 2.572% 32,935,752 33,725,548 0.9766 MONTHLY AVG Balance $ 532,378,100
QUARTERLY AVG Balance $ 532,515,222
ANNUAL AVG Balance $ 532,616,958
BOOK Value $ 533,619.426
BOND PROCEEDS ACCOUNT STATISTICS (2)
MONTHLY QUARTERLY ANNUAL MARKET
DESCRIPTION CURRENT BALANCE Fund Book Value Current NAV Gross Yield Gross Yield Gross Yield Value
CCCD Series 2017E Bonds (CCCD) MARKET Value S 22,480,812 CCCD 3.362% 3.331% 3.289% $ 22,480,812 23,960,152 0.9383 COST (Capital) S 24,928,132
MONTHLY AVG Balance $ 24,903,016
QUARTERLY AVG Balance $ 24,840,163
ANNUAL AVG Balance $ 24,493,575
BOOK Value s 23,960,152
OCIF TOTALS
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCT Investments 15,073,535,583 OCTP 614,293,424
OCTP Cash 54,250,863 OcIP 279,637,579
OCEIP 364,655,845
Specific Investment Accounts 532,390,205 Specific Investment Accounts 23,837,762 Bond Proceeds Account 24,928,132 Bond Proceeds Account 805,454 Total Assets in the County Treasury Is 15.685,104,783 Total OCIF Year-To-Date Eamings 668,936,640
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCTP. YTD NET YIELD 4.246% OCTP 407
90-DAY T-BILL YIELD - YTD AVERAGE 5.376% LGIP (Standard & Poors) 36 ages ore in compliance with the 2024 IPS Section l that requires at least quarterty reporting per lovemment Code Section (CS) 3641 and 27134, and CS 53607 which requires month investment transactions as reported in the (2) The market values of OCTP, FVSD, and CCCD, continue to stay below book values. The OCTP, FVSD, and CCCD have sufficient liquidity to meet projected cash flow needs. (3) Market values provided by Northem Trust and excludes accrued interest. 7 5
ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA - ORANGE COUNTY TREASURER'S POOL
INVESTMENT TRENDS
INCREASE INCREASE
JUNE 2024 MAY 2024 NET CHANGE% JUNE 2023 NET CHANGE%
(DECREASE) (DECREASE)
End Of Month Market Value' $ 15,032,313,486 $ 15,583,740,635 $ (551,427,149) -3.54% 5 14,562,974,738 469,338,748 3.22% End Of Month Book Value $ 15,116,940,626 $ 15,684,369,794 (567,429,168) -3.62% $ 14,745,091,712 371,848,914 2.52% Monthly Average Balance $ 15,179,019,008 $ 16,041,822,552 $ (862,803,544) -5.38% $ 14,500,098,218 678,920,790 4.68% Year-To-Date Average Balance? $ 14,912,088,826 $ 14,887,822,446 $ 24,266,380 0.16% $ 13,556,747,669 1,355,341,157 10.00% Monthly Accrued Earnings? 56,523,703 $ 60,158,459 $ (3,634,756) -6.04% 44,886,895 11,636,808 25.92% Monthly Net Yield 4.480% 4.366% 0.114% 2.61% 3.732% 0.748% 20.03% Year-To-Date Net Yield? 4.246% 4.212% 0.034% 0.81% 2.576% 1.670% 64.82% Annual Estimated Gross Yield* 4.310% 4.310% 0.000% 0.00% 2.615% 1.695% 64.81% Weighted Average Maturity (WAM) S 407 419 (12) -2.86% 225 182 80.89% Market values provided by Northern Trust and excludes accrued intere:
The Year-To- Date Average Balance is higher than the prior year primarily due to an increase in property assessed values of 6.41% in FY 23-2 3 The Monthly Accrued Earnings, Monthly Net Yield and Year-To-Date Net Yield are higher than prior year due to the FOMC target rate range of 5.25% -5.50%, and reinvestment 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 June 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 FOM meeting in July 2024. 6 ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT June 30, 2024
Investment Type Credit Quality
0.01% 0.01%
100% 100%
5.28%
90% 90%
20.99%
80% 80%
70% 70%
Percent
60% 60%
50% 50% 99.99%
Investment Type in Percent
40% Security Type 40%
73.72%
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands In Thousands
U.S. GOVERNMENT AGENCIES $ 11,081,223 73.72% US GOVERNMENT 15,030,937 99.99% U.S. TREASURIES 3,155,611 20.99% NR 1,376 0.01%
MONEY MARKET MUTUAL FUNDS 794,103 5.28% 15,032,313 100.00% LOCAL AGENCY INVESTMENT FUND 1,376 0.01%
$ 15.032.313 100.00%
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ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024
MARKET VALUE SUMMARY
Current Period
06/01/24 to 06/30/24
Change: 328,451.27
Beginning Market Value $62,475,271.36 $70,000,000
Taxable Interest 115,784.77 $60,000,000
Change in Investment Value 212,666.50 $50,000,000
$40,000,000
Ending Market Value $62,803,722.63
$30,000,000
$20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$62,475,271.36 $62,803,722.63
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ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
$5,881,888.88
Cash & Equivalents 5,881,888.88 9.40 304,323.75
Taxable Bonds 56,921,833.75 90.60 1,664,725.00
Total Market Value $62,803,722.63 100.00 $1,969,048.75
Taxable Bonds
$56.921.833.75
Fixed Income Summary
Corporate Issues
$4,472,987.50
US Government Issues
$52,448,846.25
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ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 115,784.77
Total Current Period Income $115,784.77
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CITY OF LAGUNA NIGUEL Page 4 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024
CASH SUMMARY
Cash
Beginning Cash 06/01/2024 $0.00
Taxable Interest 115,784.77
Purchases -250,000.00
Net Money Market Activity 134,215.23
Ending Cash 06/30/2024 $0.00
13 24162
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CITY OF LAGUNA NIGUEL Page 5 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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
5,881,888.880 1.0000 5,881,888.88 5,881,888.88 0.00 9.4 304,323.75 5.17 Total Cash/Money Market $5,881,888.88 $5,881,888.88 $0.00 9.4 $304,323.75 Total Cash & Equivalents $5,881,888.88 $5,881,888.88 $0.00 9.4 $304,323.75 Taxable Bonds
US Government Issues
F HLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 97.6990 3,907,960.00 4,188,112.71 -280,152.71 6.2 60,000.00 1.53 F HLMC MTN - 3134GV5R!
0.570 07/15/2024
1,000,000.000 99.7940 997,940.00 1,000,000.00 -2,060.00 1.6 5,700.00 0.57 N MA - 3135G05X
375 08/25/202
8,700,000.000 94.8100 8,248,470.00 8,645,922.29 - 397,452.29 13.1 32,625.00 0.40 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 95.4780 3,819,120.00 3,995,360.00 -176,240.00 6.1 115,000.00 3.01 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 97.9350 2,448,375.00 2,493,800.00 -45,425.00 3.9 96,875.00 3.96 14 24162
00220500040-04
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CITY OF LAGUNA NIGUEL Page 6 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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 98.9490 1,484,235.00 1,494,975.00 -10,740.00 2.4 61,875.00 4.17 Federal Farm Credit Bks - 3133EPH81
4.500 10/04/2027
2,000,000.000 99.7810 1,995,620.00 2,024,580.00 -28,960.00 3.2 90,000.00 4.51 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.1670 1,001,670.00 999,000.00 2,670.00 1.6 51,250.00 5.12 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 95.5730 597,331.25 625,000.00 -27,668.75 1.0 4,500.00 0.75 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 95.5630 955,630.00 1,000,000.00 44,370.00 1.5 7,400.00 0.77 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 92.4750 1,849,500.00 2,001.415.36 -151,915.36 2.9 15,000.00 0.81 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 94.1290 4,235,805.00 4,665,690.00 -429,885.00 6.7 84,375.00 1.99 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 98.6700 1,973,400.00 2,006,180.00 -32,780.00 3.1 80,000.00 4.05 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 99.9430 999,430.00 1,004,010.00 -4,580.00 1.6 51,250.00 5.13 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 102.3130 2,046,260.00 2,104,000.00 -57,740.00 3.3 137,500.00 6.72 15 24162
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CITY OF LAGUNA NIGUEL Page 7 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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 J S Treasury Note - 912828YH
.500 09/30/2024
1,500,000.000 99.0230 1,485,345.00 1,463,062.50 22,282.50 2.4 22,500.00 1.51 U S Treasury Note - 91282CDL2
1.500 11/30/2028
1,750,000.000 88.4920 1,548,610.00 1,571,710.00 -23,100.00 2.5 26,250.00 1.69 U S Treasury Note - 9128283P3
2.250 12/31/2024
1,500,000.000 98.4980 1,477,470.00 1,464,600.00 12,870.00 2.4 33,750.00 2.28 U S Treasury Note - 9128284V9
2.875 08/15/2028
1,500,000.000 94.2190 1,413,285.00 1,441,875.00 -28,590.00 2.3 43,125.00 3.05 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 98.9810 1,484,715.00 1,475,175.00 9,540.00 2.4 61,875.00 4.17 US Treasury Note - 91282CHD6
4.250 05/31/2025
1,500,000.000 99.1650 1,487,475.00 1,489,755.00 -2,280.00 2.4 63,750.00 4.29 U S Treasury Note - 91282CJS1
4.250 12/31/2025
1,000,000.000 99.0430 990,430.00 987,870.00 2,560.00 1.6 42,500.00 4.29 US Treasury Note - 91282CJ2
4.375 11/30/2028
2,000,000.000 99.9840 1,999,680.00 2,031,720.00 -32,040.00 3.2 87,500.00 4.38 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.6670 996,670.00 992,812.50 3,857.50 1.6 45,000.00 4.51 US Treasury Note - 91282CKB6
4.625 02/28/2026
1,000,000.000 99.6410 996,410.00 994,220.00 2,190.00 1.6 46,250.00 4.64 16 24162
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CITY OF LAGUNA NIGUEL Page 8 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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
1,000,000.000 100.8480 1,008,480.00 1,005,380.00 3,100.00 1.6 46,250.00 4.59 S Treasury Note - 91282CJK
625 11/15/202
1,000,000.000 99.9530 999,530.00 1,008,640.00 -9,110.00 1.6 46,250.00 4.63 Total US Government Issues $52,448,846.25 $54,174,865.36 -$1,726,019.11 83.5 $1,458,350.00 Corporate Issues
American Express Natl Bk - 02589AF64
5.000 11/01/2028
250,000.000 101.4850 253,712.50 250,000.00 3,712.50 0.4 12,500.00 4.93 Bank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 99.4850 248,712.50 250,000.00 -1,287.50 0.4 11,250.00 4.52 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 98.9360 247,340.00 249,875.00 -2,535.00 0.4 11,000.00 4.45 Celtic Bk Salt Lake City Utah - 15118RM38
4.600 12/08/2027
250,000.000 99.4380 248,595.00 250,000.00 -1,405.00 0.4 11,500.00 4.63 Centier Bk Whitting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 99.5230 248,807.50 250,000.00 -1,192.50 0.4 11,750.00 4.72 17 24162
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CITY OF LAGUNA NIGUEL Page 9 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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 - 20033A4/2
4.450 07/26/2028
250,000.000 99.2970 248,242.50 250,000.00 -1,757.50 0.4 11,125.00 4.48 Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 98.9710 247,427.50 249,875.00 -2,447.50 0.4 11,000.00 4.45 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 98.8510 247,127.50 250,000.00 -2,872.50 0.4 10,750.00 4.35 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 99.2800 248,200.00 250,000.00 -1,800.00 0.4 11,375.00 4.58 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 98.8460 247,115.00 250,000.00 -2,885.00 0.4 10,750.00 4.35 Sallie Mae Bk Salt Lake City - 795451DH3
C D
4.400 12/13/2028
250,000.000 99.2090 248,022.50 250,000.00 -1,977.50 0.4 11,000.00 4.43 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
5.450 04/30/2025
250,000.000 100.1260 250,315.00 250,000.00 315.00 0.4 13,625.00 5.44 Spiritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 97.4360 243,590.00 250,000.00 -6,410.00 0.4 9,875.00 4.05 18 24162
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CITY OF LAGUNA NIGUEL Page 10 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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 99.2480 248,120.00 250,000.00 -1,880.00 0.4 11,500.00 4.63 Suhan ak871655377
5.000 11/03/2028
250,000.000 101.4890 253,722.50 250,000.00 3,722.50 0.4 12,500.00 4.93 Toyota Finl Svgs Bk Hend Nv - 89235MPR6
4.500 06/28/2029
250,000.000 99.9250 249,812.50 250,000.00 - 187.50 0.4 11,250.00 4.50 Uinta Bk Mtn View - 903572GQ2
CD
3.950 02/14/2029
250,000.000 97.4370 243,592.50 250,000.00 -6,407.50 0.4 9,875.00 4.05 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.2130 250,532.50 250,000.00 532.50 0.4 13,750.00 5.49 Total Corporate Issues $4,472,987.50 $4,499,750.00 -$26,762.50 7.1 $206,375.00 Total Taxable Bonds $56,921,833.75 $58,674,615.36 -$1,752,781.61 90.6 $1,664,725.00 Total Assets $62,803,722.63 $64,556,504.24 -$1,752,781.61 100.0 $1,969,048.75 Estimated Current Yield 3.13
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CITY OF LAGUNA NIGUEL Page 11 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 20 24162
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CITY OF LAGUNA NIGUEL Page 12 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 06/01/2024 $0.00 $64,440,719.47
06/03/24 Asset Income 24,732.04
06/10/24 Asset Income Interest Earned On 976.71
Cellic Bk C D 4.600% 12/08/27
0.003907 USD/$1 Pv On 250,000 Par Value Due 6/8/24
06/10/24 Asset Income Interest Earned On 40,000.00
F HL B Deb 4.000% 6/09/28
0.02 USD/$1 Pv On 2,000,000 Par Value Due 6/9/24
06/12/24 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 6/12/24
06/12/24 Asset Income Interest Earned On 5,703.08
First Premier Bk C D 4.550% 12/10/27
0.022812 USD/$1 Pv On 250,000 Par Value Due 6/12/24
06/13/24 Asset Income Interest Earned On 25,625.00
F HL B Deb 5.125% 6/13/25
0.025625 USD/$1 Pv On 1,000,000 Par Value Due 6/13/24
06/13/24 Asset Income Interest Earned On 5,515.07
Sallie Mae Bk C D 4.400% 12/13/28
0.02206 USD/$1 Pv On 250,000 Par Value Due 6/13/24
06/14/24 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 6/14/24
06/24/24 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 6/22/24
06/24/24 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 6/24/24
06/26/24 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 6/26/24
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CITY OF LAGUNA NIGUEL Page 13 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
06/28/24 Asset Income Interest Earned On 955.48
Bank Five Nine C D 4.500% 7/28/28
0.003822 USD/$1 Pv On 250,000 Par Value Due 6/28/24
06/28/24 Asset Income Interest Earned On 913.01
rst Natl Bk C D 4.300% 12/28/2
003652 USD/$1 Pv On 250,000 Par Value Due 6/28/2
06/28/24 Purchase Purchased 250,000 Par Value Of -250,000.00 250,000.00 Toyota Finl C D 4.500% 6/28/2
rade Date 6/24/2.
Purchase Fis An treas 0b Fa Cozhe Pend 61 1724-6/3012401 -115,784.77 115,784.77 Sale Fus in treas 06 coperiod 61724-61302401 250,000.00 -250,000.00 Ending Balance 06/30/2024 $0.00 $64,556,504.24
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CITY OF LAGUNA NIGUEL Page 14 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 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 4,957,425.00 8.71
2025 21,325,000.00 20,735,503.75 36.43
2026 3,500,000.00 8,081,245.00 1126
2027 7,000,000.00 6,808,462.50
2028 10,500,000.00 10,184,877.50 17.89
2029 6,250,000.00 6,154,320.00 10.81
Total of Category $58,575,000.00 $56,921,833.75 100.00
MOODY'S RATING
Aaa 53,075,000.00 51,450,906.25 90.39
N/A 2,750,000.00 2,724,872.50 4.79
NOT RATED 2,750,000.00 2,746,055.00 4.82
Total of Category $58,575,000.00 $56,921,833.75 100.00
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CITY OF LAGUNA NIGUEL Page 15 of 15
ACCOUNT NUMBER: 6736304200 June 1, 2024 to June 30, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 34,825,000.00 33,516,546.25 58.88
N/A 19,250,000.00 18,932,300.00 33.26
NOT RATED 4,500,000.00 4,472,987.50 7.86
Total of Category $58,575,000.00 $56,921,833.75 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 24 PARS AUREN SERVICES PUBLIC AGENCY
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 6/1/2024 to 6/30/2024 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Badnesser balance as c
Source Contributions Earnings Expenses Distributions Transfers /30/202 PENSION S2,156,048.00 $0.00 $24,829.42 $1,034.91 $0.00 $0.00 $2,179,842.51 Totals S2,156,048.00 S0.00 S24,829,42 $1,034.91 S0.00 S0.00 S2,179,842.51 Investment Selection
Source
PENSION Moderate - Index
Investment Objective
Source
The dual goals of the Moderate Strategy are growth of principal and income. It is expected that dividend and interest income will comprise a PENSION significant portion of total return, although growth through capital appreciation is equally important. The portfolio 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 1.15% 0.95% 9.37% 0.51% - - 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 Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
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 Fax 949.250.1250 www.pars.org 25