CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: September 17, 2024
SUBJECT: Investment Report as of July 31, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of July 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
Although there was no Federal Open Market Committee (FOMC) meeting in August, the Chair of the FOMC, Jerome Powell, provided a public address at Jackson Hole, Wyoming on August 23ra. Most notably, he stated, "the time has come for policy to adjust".
However, the timing and pace of rate cuts will be determined based on future data. Chair Powell also stated that he believes the FOMC's current level of policy gives them "ample room to respond to any risks we may face, including the unwelcome further weakening in labor market conditions". . He went on to recap the economy at large in the sequence of events as he saw them since the start of the pandemic. He believes a large part of the increase in inflation was due to "pent-up demand, stimulative policies, pandemic changes in work and leisure practices, and the additional savings associated with constrained services". During 2022, he said, "the global nature of inflation was unlike any period since the 1970's". Chair Powell concluded his remarks by saying the Committee plans to review the FOMC Statement on Longer-Run Goals and Monetary Policy later this year, and that they "will be open to criticism and new ideas, while preserving the strengths of our framework."
Overall, the tone of this address was that of a clear policy shift. The FOMC has not declared victory over inflation yet, as they are committed to returning inflation to the 2% goal, but Chair Powell referenced the 4.5% decrease from the peak 7.1% inflation in June 2022. He said that the decrease occurred "in a context of low unemployment - a welcome and historically unusual result.
There are also several key reports due before the next FOMC meeting on September 18"h, as can be seen in the graphic below. Each of these reports will provide the Federal Reserve Officials with key data and will determine whether the Fed decides to leave rates unchanged or initiates a 25 or 50 basis point rate cut.
The weeks remaining to the Fed's big rate decision on Sept 18 are peppered with key events. — Fed funds now -e 25 cut -e 50 cut
5.8%
5.7 Retail Powell speaks Retail
5.6 sales at Jackson Hole PCE Payrolls sales
5.5 1
5.4 10 poo a 5.385G
5.3 CPI FOMC
5.2 minutes GDP
1Q2 5.13%
5.1 2nd) FOMC day
/ 25250?
4.9 • 4.8896
4.8 4.7
13-Aug 16-Aug 21-Aug 26-Aug 29-Aug 9-Sep 12-Sep 17-Sep 20-Sep 25-Sep Note: Larger circles signify more important events
Source: LSEG
Reuters Graphics
As of the date this report is being written, the CME FedWatch tool is projecting a 100% chance that a rate cut will occur, with a 59% chance it will be 25 basis points, and 41% at 50 basis points. The year-end projection has the Fed Funds rate between 4.00-4.50 percent, which would mean the rates would be reduced by approximately 1.25% between now and the end of December 2024.
With the policy shift in place and rate cuts coming soon, the City continues to be in a strong position. City staff will continue to monitor the trends in the market and strategically build the investment portfolio to take advantage of opportunities to capture gains and lock in these elevated rates. However, the five-year Treasury yield currently sits at 3.54% as a result of these statements by Chair Powell, so it is expected that future returns in the City's portfolio will gradually decrease in line with the Treasury rates.
The following table compares the portfolio balance as of July 2024 to June 2024.
Portfolio Balance June 2024 July 2024 Difference
Balance $68,906,110 $65,139,406 ($3,766,704)
• Over the past month, the City's total cash and investments experienced a net decrease of $3,766,704. It is not unusual for the City to experience a net decrease over the months of June through October as property tax allotments are mostly received in November and April. With over 40% of total City revenues coming from property tax allotments, the lack of receipts during those months results in a temporary, and projected cash spend down. The month of July typically includes 2 invoices for the Orange County Sheriff because the true up June invoice is sent in July. This resulted in an additional spend down of over $1.2 million.
• The percentage of pooled investments increased to 0.28%. The City did not move any funds into the pooled accounts, but the increase was the result of the decrease in the overall size of the portfolio, as the pools now hold a larger share of the total portfolio. Pooled investments include the Local Agency Investment Fund (LAIF) and the Orange County Investment Pool (OCIP). • The average weighted maturity of City investments, including investment pools and money market, increased to 732 days. 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 4.480% to 4.516%. The net yield of OCIP decreased from 4.543% to 4.419%. The net yield of LAIF is now exceeding the net yield of OCIP, which hasn't happened since October 2022. The net yield for the First American money market funds in the City's custodian account decreased from 5.170% to 5.160%. 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. The graph below is the most up to date information available on the PMIA website.
Average Monthly Yield Comparison - 06/2019 through 06/2024
6.00%
5.00% — PMIA
4.00% - S&P GIP
3.00% ---- Fed Funds
2.00%
1.00%
0.00% PMLA June Vialdie 4.480%
3/2023 6/2023 9/2023 3/2024 6/2024 S&P GIP 5.490%
6/2019 9/2019 12/2019 3/2020 6/2020 9/2020 12/2020 3/2021 6/2021 9/2021 12/2021 3/2022 6/2022 9/2022 12/2022 12/2023 Fed Funds 5.310%
• The average weighted yield of City investments, including investment pools and money market, decreased from 3.203% to 3.115%. 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
3.155% 3.970% 4.730% 5.140% 4.419% 4.516%
The monthly Investment Report as of July 31, 2024, is attached.
ALTERNATIVES CONSIDERED
The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of July 31, 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.
Justin Maure for :
Trevor Agrelius
Tay Manager Finance Director
Attachment:
A. Monthly Investment Report as of July 31, 2024
ATTACHMENT A
Investment Report as of July 31, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
July 31, 2024
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
September 17, 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 10-26
PARS Statement 27
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 July 31, 2024, the City was in compliance with the Investment Policy adopted at the June 4, 2024, 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.
Trevor Agrelius
Finance Director
7/31/2024
Yield Cost
2,500.00
5,256,501.79
2,022,767.08
Local Agency Investment Fund 104,163,96
Orange County Investment Pool 78,858.24
US Treasury Note: N/A
912828YH7 12/22/2023 9/30/2024 1.500% 4.779% 1,463,062.50 1,490,280.00 91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 997,620.00 9128283P3 12/22/2023 12/31/2024 2.250% 4.635% 1,464,600.00 1,482,465.00 91282CHD6 2/26/2024 5/31/2025 4.250% 4.810% 1,489,755.00 1,492,335.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,048,780.00 91282CJS1 4/19/2024 12/31/2025 4.250% 5.000% 987,870.00 996,290.00 91282CKB6 4/19/2024 2/28/2026 4.625% 4.950% 994,220.00 1,002,580.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,009,180.00 9128284V9 12/22/2023 8/15/2028 2.875% 3.791% 1,441,875.00 1,438,245.00 91282CIAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,024,770.00 91282CDL2 12/22/2023 11/30/2028 1.500% 3.780% 1,571,710.00 1,579,655.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,033,120.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,511,370.00 Certificates of Deposit: 6.91%
4/24/2025 5.500% 5,500% 250,000.00 250,945.00
949764GT5 10/24/2023
83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,787.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 251,855.00 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 251,307.50 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 251,772.50 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 251,390.00
4.400% 4.408% 249,875.00 250,572.50
05580AY24 7/18/2023 4/14/2028
2546733V6 7/18/2023 4/17/2028 4,400% 4.408% 249,875.00 250,660.00 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 251,510.00 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 251,977.50 02589AF64 11/1/2023 11/1/2028 5.000% 5,000% 250,000.00
87165E3V7 11/3/2023 11/3/2028 5.000% 5,000% 250,000.00
795451DH3 12/13/2023 4.400% 4.400% 250,000.00
58404DTX9 12/22/2023 4.300% 4.300% 250,000.00
32110YK46 12/28/2023 4.300% 4.300% 250,000.00
848608FB6 1/31/2024 3.950% 3.950% 250,000.00
903572GQ2 2/14/2024 3.950% 3.950% 250,000.00
89235MPR6 6/28/2024 4.500% 4.500% 250,000.00
Federal Home Loan Mortgage Corporation:
3137EAEP0 1/29/2021 1,500% 0.337% 4,188,112.71
Federal National Mortgage Association:
3135G05X7 1/29/2021 0.375% 0.519% 8,645,922.29
Federal Farm Credit Banks:
3133EPYW9 10/20/2023 5.125% 5.178% 999,000.00
3133ENVD9 4/26/2022 2.875% 2.900% 3,995,360.00
3133EPH81 12/8/2023 4.500% 4.150% 2,024,580.00
3133EPW84 1/30/2024 3.875% 3.930% 2,493,800.00
3133EP3B9 2/26/2024 4.125% 4.200% 1,494,975.00
Federal Home Loan Banks: 17,35% 25.00%
3130AWLY4 7/25/2023 5.125% 4.900% 1,004,010.00
3130AJTF6 7/14/2020 0.740% 0.740% 1,000,000.00
3130AJTX7 7/21/2020 0.720% 0.720% 625,000.00
3130AMFS6 8/12/2021 0.750% 0.735% 2,001,415.36
3130A8XY4 10/18/2021 1.875% 1.100% 4,665,690.00
3130AWC24 6/23/2023 4.000% 3.930% 2,006,180.00
53.95%
Total City Investments Including Investment Pools 3 65,139,406.43 100.00% PA 15 Prnsocie vse $ 2,000,000.00
826 days
Alerge weted matuit of nerimon, eciuaing leimen pos and Mony Matet:. 732 days
2.922%
Average wetied vel of emens, edutin veten ra and Meney Mariket. 3.155% • Market value of City investments is provided by US Bank NoT Matereue ae es e ere eaen epos ny crypty s halal eint o ateiy terdre, mny 2 8/1/24, 2:26 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
August 01, 2024
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
PMIA Average Monthly.
(916) 653-3001
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Iran Type Definitions
Account Number: 98-30-408
July 2024 Statement
Web
Effective Transaction Type Tran Confirm Confirm
Date Date Number Number Authorized Caller Amount
7/15/2024 7/12/2024 ORD 1757049 N/A SYSTEM 1,162.17
Account Summary
Total Deposit: 1,162.17 Beginning Balance: 103,001.79
Total Withdrawal: 0.00 Ending Balance: 104,163.96
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 PMIA/LAIF Performance Report
as of 8/22/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 06/30/24 Effective Yields(1)
4.55 July 4.516
0.00012419067099490 June 4.480
0.16 May 4.332
LAIF Fair Value Factor!. 0.996316042 April 4.272
4.52 March 4.232
4.36 February 4.122
217
Pooled Money Investment Account
Monthly Portfolio Composition (1)
7/31/24
$170.8 billion
Corporate
Commercial Bonds
Paper 0.44%
Time
6.07%. Loans
Deposits 0.24%
3.09%
Certificates of
Deposit/Bank Notes
8.31%
Treasuries
59.17%
Agencies
22.68%
Chart does not include $1,394,000.00 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 Note at testermed rate ides esten person te left Sul red rain rene pursuant to Government Code 20825- The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides tha dministrative 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 subsequent fiscal year.
Source
11) State of California, Office of the Treasure
(2) State of Calfiornia, Office of the Controller
State of California
Pooled Money Investment Account
Market Valuation
7/31/2024
Carrying Cost Plus
Accrued Interest Purch. Fair Value Accrued Interest
Description
United States Treasury:
$ 41,939.954,445.84 42,512,495,348.50 NA
Bills
Notes 59,113,939,716.78 58,869,617,733.00 $ 424,205,708.00 Federal Agency:
SBA 243,005,100.60 247,345,430.53 $ 1,177,502.63
MBS-REMICS 1,393,997.21 $ 1,367,919.70 $ 6,081.20
Debentures 7,950, 158,519.06 $ 7,897,843,475.00 $ 71,800,570.00 Debentures FR $
Debentures CL 2,050,000,000.00 2.048.222,200.00 $ 11.816,668.50 Discount Notes 25,745,075,833.27 26,069,152,200.00 NA
Supranational Debentures $ 2,749,827,533.33 $ 2,731.503,650.00 $ 25,105,459.00 Supranational Debentures FR $ -
CDs and YCDs FR $
Bank Notes
Ds and YCDs $ 14,200,015,000.00 14,201,039,481.92 $ 224.477,902.76 Commercial Paper $ 10,359,791,180.64 10,486,013,597.15 NA Corporate:
Bonds FR $ $ $ -
743,024,634.11 732,282.707.00 $ 7,435,756.78
Bonds $ $
Repurchase Agreements $ $
: $
Reverse Repurchase $
Time Deposits 5,269,000,000.00 5,269,000,000.00 NA
PMIA & GF Loans $ 418,402,000.00 418,402,000.00 NA
TOTAL $ 170,783.587,960.84 $ 171,484,285,742.80 $ 766.025.648.87 Fair Value Including Accrued Interest $ 172,250,311,391.67 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 SINCE COUNT
ORAN OFFICE OF THE TREASURER-TAX COLLECTOR
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFOR SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
July 31, 2024
CITY OF LAGUNA NIGUEL
Fund Number : 9LQ
JULY 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
07/01/2024 June 2024 Investment Admin Fee $
07/19/2024 April 2024 Interest Paid $ 289.19
Summary
Total Deposit: $ 289.19 Beginning Balance: $ 78,569.05
Total Withdrawal: $ Ending Balance: $ 78,858.24
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: JULY 31, 2024
OCT INVESTMENT STATISTICS (22
Daily Yield as MONTHLY Current NAV
DESCRIPTION CURRENT BALANCES Duration of 07/31/2024 Gross Yield MARKET Value $ 14,455,356,229
COST (Capital) $ 14,426,198,984 1.07 4.419% 4,364% 0.9986 Orange County Treasurer's Pool (OCTP) MONTHLY AVG Balance $ 14,654,223,781
14,476,107,368
SO IF VETE AUNTS STATISTICS T
Fund MONTHLY MARKET Book Value Current NAV
DESCRIPTION CURRENT BALANCE Gross Yield Value)
MARKET Value S 536,145,715 PP-CEO 5.105% $ 502,964,033 501,946,871 1.0020 COST (Capital) s 532,390,205 FVSD 2.897% 33,191,683 33,753,535 0.9834 MONTHLY AVG Balance 532,390,205
3OOK Value : 535,700,407
BOND PROCEEDS ACCOUNT STATISTICS ®I
MONTHLY MARKET Book Value Current NAV
DESCRIPTION CURRENT BALANCE Fund Gross Yield Value")
CCD Series 2017E Bonds (CCD) MARKET Values) S 23,025,092 CCCD 3.296% $ 23,025,092 24,090,459 0.9558 COST (Capital) $ 25,054,081
MONTHLY AVG Balance $ 25,005,909
BOOK Value $ 24,090,459
OCIF TOTI
INVESTMENTS& CASH YEAR-TO-DATE EARNINGS
14,426,198,984 OCTP 54,999,576
OCTP Investments
OCTP Cash 77,878,833 OCIP 22,749,583
OCEIP 32,249,993
532,390,205 Specific Investment Accounts 2,245,589
Specific Investment Accounts
Bond Proceeds Account 25,054,081 Bond Proceeds Account 70,004 Total Assets in the County Treasury 15,061,522,103 | Total OCIF Year-To-Date Earnings 57,315,169
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM
OCT - YTD NET YIELD 4.314% OCTP 397
30-DAY T-BILL YIELD - YTD AVERAGE 5.337% LGIP (Standard & Poors) 38 (1) Reported in compliance with the 2024 IPS Section XIl that requires at least quarterly reporting per Govemment Code Section (GCS) 53641 and 27134, and GCS 53607 which requires monthly investren ransactions as reported in the pages following
(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 exclude accrued interest. 5 ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA - ORANGE COUNTY TREASURER'S POOL
INVESTMENT TRENDS
INCREASE INCREASE
JULY 2024 JUNE 2024 NET CHANGE % JULY 2023 (DECREASE) NET CHANGE % (DECREASE)
End Of Month Market Value' $ 14,455,356,229 15,031,074,673 (575,718,444) -3.83% 14,598,069,813 (142,713,584) -0.98% End Of Month Book Value $ 14,476,107,368 15,116,940,626 (640,833,258) 4.24% 14,776,373,981 (300,266,613) -2.03% Monthly Average Balance 14,654,223,781 15,179,019,008 CA (524,795,227) -3.46% $ 14,270,091,783 384,131,998 2.69% Year-To-Date Average Balance 14,654,223,781 14,912,088,826 (257,865,045) -1.73% 69 14,270,091,783 384,131,998 2.69% Monthly Accrued Earnings? 54,999,576 56,523,703 (1,524, 127) -2.70% 46,514,499 8,485,077 18.24% Monthly Net Yield? 4.314% 4.492% -0.178% -3.96% 3.756% 0.558% 14.86% Year-To-Date Net Yield? 4.314% 4.246% 0.068% 1.60% 3.756% 0.558% 14.86% Annual Estimated Gross Yield? N/A 4.310% N/A N/A 4.268% N/A N/A Weighted Average Maturity (WAM)* 397 407 (10) -2.46% 236 161 68.22% 2 Maker vales pruide ay Northern Try an ed and gear To-Date Net Yeld are higher than prior year due lo the FOM target ral range of 526% -5,50%, and roivestment violds that are higher than the curent potfolio yield and the maturing socuties, respectively. 3 The (AM is higher, an tre pia years langer teth purchases. The ina tal make are pried a sange fates he ne role ating pember 024lds for FY 2324.
ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT July 31, 2024
Investment Type Credit Quality
0.01% 0.01%
100% 100%
7.26%
90% 90%
80% 21.66% 80%
70% 70%
60% 60%
50% 50% 99.99%
40% 40%
71.07%
30% 30%
20% 20%
10% 10%
0%
In Thousands InThousands
U.S. GOVERNMENT AGENCIES 10,274,226 71.07% US GOVERNMENT 14,453,964 99.99% U.S. TREASURIES 3,131,198 21.66% NR 1,392 0.01%
MONEY MARKET MUTUAL FUNDS 1,048,540 7.26% 14.455,356 100.00% LOCAL AGENCY INVESTMENT FUND 1.392 0.01%
14.455.356 100.00%
20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 1 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024
MARKET VALUE SUMMARY
Current Period
07/01/24 to 07/31/24
Change: -4,302,662.80
Beginning Market Value $62,803,722.63 $70,000,000
Taxable Interest 140,878.20 $60,000,000
Cash Disbursements -5,000,000.00 $50,000,000
Change in Investment Value 556,459.00 $40,000,000
Ending Market Value $58,501,059.83 $30,000,000
$20,000,000
$10,000,000
$O
Beginning Ending
MV MV
$62,803,722.63 $58,501,059.83
10 20671
00- -M -UC-UU-214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 2 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income Cash & Equiv
$2,022,767.08
Cash & Equivalents 2,022,767.08 3.50 104,370.45
Taxable Bonds 96.50 1,659,025.00
Total Market Value $58,501,059.83 100.00 $1,763,395.45
Taxable Bonds
$56.478,292.75
Fixed Income Summary
Corporate Issues
$4524 427.50
US Government Issues
$51.953,865.25
11 12
$140,878.20 Total Current Period Income
140,878.20 Taxable Interest
Current Period
Income Received
INCOME SUMMARY
July 1, 2024 to July 31, 2024 ACCOUNT NUMBER: 6736304200
usbank
0220657-00-04007-04
00--M -UC-UU -214-04
20671
13 $0.00 Ending Cash 07/31/2024
3,859,121.80 Net Money Market Activity
1,000,000.00 Sales
-5,000,000.00 Cash Disbursements
140,878.20 Taxable Interest
$0.00 Beginning Cash 07/01/2024
Cash
CASH SUMMARY
July 1, 2024 to July 31, 2024 ACCOUNT NUMBER: 6736304200
usbank
0220657-00-04007-04
00--M -UC-UU -214-04
20671
20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 5 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 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
2,022,767.080 1.0000 2,022,767.08 2.022,767.08 0.00 3.5 104,370.45 5.16 Total Cash/Money Market $2,022,767.08 $2,022,767.08 $0.00 3.5 $104,370.45 Total Cash & Equivalents $2,022,767.08 $2,022,767.08 $0.00 3.5 $104,370.45 Taxable Bonds
US Government Issues
1.50002 2303EAEPO
4,000,000.000 98.1410 3,925,640.00 4,188,112.71 -262,472.71 6.7 60,000.00 1.53
5.375 0 2 320205X7
8,700,000.000 95.5470 8,312,589.00 8,645,922.29 -333,333.29 14.2 32,625.00 0.39 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 96.7410 3,869,640.00 3,995,360.00 -125,720.00 6.6 115,000.00 2.97 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 99.3970 2,484,925.00 2,493,800.00 -8,875.00 4.2 96,875.00 3.90 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 100.6950 1,510,425.00 1,494,975.00 15,450.00 2.6 61,875.00 4.10 14 20671
00--M -UC-UU -214-04
0220657-00-04007104
usbank
CITY OF LAGUNA NIGUEL Page 6 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 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 - 3133EPH81
4.500 10/04/2027
2,000,000.000 101.0770 2,021,540.00 2,024,580.00 -3,040.00 3.5 90,000.00 4.45 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.6920 1,006,920.00 999,000.00 7,920.00 1.7 51,250.00 5.09 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 96.1170 600,731.25 625,000.00 -24,268.75 1.0 4,500.00 0.75 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 96.1230 961,230.00 1,000,000.00 -38,770.00 1.6 7,400.00 0.77 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 93.5990 1,871,980.00 2,001,415.36 -129,435.36 3.2 15,000.00 0.80 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 95.1470 4,281,615.00 4,665,690.00 -384,075.00 7.3 84,375.00 1.97 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 99.9050 1,998, 100.00 2,006,180.00 -8,080.00 3.4 80,000.00 4.00 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.1840 1,001,840.00 1,004,010.00 -2,170.00 1.7 51,250.00 5.12 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 102.4390 2,048,780.00 2,104,000.00 -55,220.00 3.5 137,500.00 6.71 U S Treasury Note - 912828YH7
1.500 09/30/2024
1,500,000.000 99.3520 1,490,280.00 1,463,062.50 27,217.50 2.5 22,500.00 1.51 15 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 7 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 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 - 91282CDL2
1.500 11/30/2028
1,750,000.000 90.2660 1,579,655.00 1,571,710.00 7,945.00 2.7 26,250.00 1.66 U S Treasury Note - 9128283P3
2.250 12/31/2024
1,500,000,000 98.8310 1,482,465.00 1,464,600.00 17,865.00 2.5 33,750.00 2.28 US Treasury Note - 9128284V9
2.875 08/15/2028
1,500,000.000 95.8830 1,438,245.00 1,441,875.00 -3,630.00 2.5 43,125.00 3.00 US Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 100.7580 1,511,370.00 1,475,175.00 36,195.00 2.6 61,875.00 4.09 U S Treasury Note - 91282CHD6
4.250 05/31/2025
1,500,000.000 99.4890 1,492,335.00 1,489,755.00 2,580.00 2.6 63,750.00 4.27 U S Treasury Note - 91282CJS1
4.250 12/31/2025
1,000,000.000 99.6290 996,290.00 987,870.00 8,420.00 1.7 42,500.00 4.27 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 101.6560 2,033,120.00 2,031,720.00 1,400.00 3.5 87,500.00 4.30 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.7620 997,620.00 992,812.50 4,807.50 1.7 45,000.00 4.51 U S Treasury Note - 91282CKB6
4.625 02/28/2026
1,000,000.000 100.2580 1,002,580.00 994,220.00 8,360.00 1.7 46,250.00 4.61 U S Treasury Note - 91282CJAO
4.625 09/30/2028
102.4770 1,024,770.00 1,005,380.00 19,390.00 1.8 46,250.00 4.51 1,000,000.000
16 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 8 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 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 - 91282CJK8
4.625 11/15/2026
1,000,000.000 100.9180 1,009,180.00 1,008,640.00 540.00 1.7 46,250.00 4.58 Total US Government Issues $51,953,865.25 $53,174,865.36 -$1,221,000.11 88.8 $1,452,650.00 Corporate Issues
American Express Natl Bk - 02589AF64
5.000 11/01/2028
250,000.000 102.7440 256,860.00 250,000.00 6,860.00 0.4 12,500.00 4.87 Bank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 100.7910 251,977.50 250,000.00 1,977.50 0.4 11,250.00 4.46 Bmw Bk North Amer Salt Lake City - 05580AY24
C D
4.400 04/14/2028
250,000.000 100.2290 250,572.50 249,875.00 697.50 0.4 11,000.00 4.39 Celtic Bk Salt Lake City Utah - 15118RM38
4.600 12/08/2027
250,000.000 100.7090 251,772.50 250,000.00 1,772.50 0.4 11,500.00 4.57 Centier Bk Whitting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 100.7420 251,855.00 250,000.00 1,855.00 0.4 11,750.00 4.66 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 100.6040 251,510.00 250,000.00 1,510.00 0.4 11,125.00 4.42 17 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 9 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024 ASSET DETAIL (continued)
Security Description Percent
of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Portfolio Annual income Current Yield Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 100.2640 250,660.00 249,875.00 785.00 0.4 11,000.00 4.39 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 100.1180 250,295.00 250,000.00 295.00 0.4 10,750.00 4.29 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 100.5560 251,390.00 250,000.00 1,390.00 0.4 11,375.00 4.52 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 100.1160 250,290.00 250,000.00 290.00 0.4 10,750.00 4.29 Sallie Mae Bk Salt Lake City - 795451DH3
4.400 12/13/2028
250,000.000 100.4780 251,195.00 250,000.00 1,195.00 0.4 11,000.00 4.38 Sofi Bk Natl Assn Cottonwood H - 83407DBPO
5.450 04/30/2025
250,000.000 100.3150 250,787.50 250,000.00 787.50 0.4 13,625.00 5.43 Spiritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 98.7130 246,782.50 250,000.00 -3,217.50 0.4 9,875.00 4.00 State Bk India Chicago III - 8562834C7
4.600 08/02/2027
250,000.000 100.5230 251,307.50 250,000.00 1,307.50 0.4 11,500.00 4.58 20671
00- -M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 10 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 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 Synchrony Bank CD - 87165E3V7
CD
5.000 11/03/2028
250,000.000 102.7480 256,870.00 250,000.00 6,870.00 0.4 12,500.00 4.87 Toyota Finl Svgs Bk Hend Nv - 89235MPR6
4.500 06/28/2029
250,000.000 101.0460 252,615.00 250,000.00 2,615.00 0.4 11,250.00 4.45 Uinta Bk Mtn View - 903572GQ2
C D
3.950 02/14/2029
250,000.000 98.6970 246,742.50 250,000.00 -3,257.50 0.4 9,875.00 4.00 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.3780 250,945.00 250,000.00 945.00 0.4 13,750.00 5.48 Total Corporate Issues $4,524,427.50 $4,499,750.00 $24,677.50 7.7 $206,375.00 Total Taxable Bonds $56,478,292.75 $57,674,615.36 -$1,196,322.61 96.5 $1,659,025.00 Total Assets $58,501,059.83 $59,697,382.44 -$1,196,322.61 100.0 $1,763,395.45 Estimated Current Yield 3.01
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 19 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 11 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024 ASSET DETAIL MESSAGES (continued)
Preced a ales from re are mal souras. Assets for uh a curer alue not available may be refleced at a previous value or as hot valied, a par value, or at antial vales Values shown be 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. may no resent he dal value dad en by your mesment anes pry prede no guaranta a your investments may barin he nitraking investment, trading, or tax decisions. The estimates 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 12 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 07/01/2024 $0.00 $64,556,504.24
07/01/24 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 6/29/24
07/01/24 Asset Income Interest Earned On 16,875.00
U S Treasury Nt 2.250% 12/31/24
0.01125 USD/$1 Pv On 1,500,000 Par Value Due 6/30/24
07/01/24 Asset Income Interest Earned On 21,250.00
U S Treasury Nt 4.250% 12/31/25
0.02125 USD/$1 Pv On 1,000,000 Par Value Due 6/30/24
07/01/24 Asset Income Interest Earned On 25,779.06
First Am Treas Ob Fd CIZ
Interest From 6/1/24 To 6/30/24
07/08/24 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 7/8/24
07/15/24 Cash Disbursement Cash Disbursement -1,000,000.00 Paid To City Of Laguna Niguel
ACH Transfer To Checking
07/15/24 Sale Matured 1,000,000 Par Value Of 1,000,000.00 -1,000,000.00 FHLMCMTN 0.570% 7/15/24
Trade Date 7/15/24
1.000.000 Par Value At 100%
07/15/24 Asset Income Interest Earned On 3,700.00
F HL B Deb 0.740% 7/14/25
0.0037 USD/$1 Pv On 1,000,000 Par Value Due 7/14/24
07/15/24 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 7/14/24
07/15/24 Asset Income Interest Earned On 2,850.00
FHLMGMTN0.570% 7/15/24
0.00285 USD/$1 Pv On 1,000,000 Par Value Due 7/15/24
07/18/24 Asset Income Interest Earned On 48,437.50
FF CB Deb 3.875% 1/18/29
0.019375 USD/$1 Pv On 2,500,000 Par Value Due 7/18/24 21 20671
00- _M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 13 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024 TRANSACTION DETAIL (continued)
Date Cash
Posted Activity Description Tax Cost
07/22/24 Asset Income Interest Earned On 883.56
Medallion Bk C D 4.300% 12/22/28
0.003534 USD/$1 Pv On 250,000 Par Value Due 7/22/24
07/23/24 Asset Income Interest Earned On 2,250.00
F HL B Deb 0.720% 7121/25
0.0036 USD/$1 Pv On 625,000 Par Value Due 7/21/24
07/23/24 Cash Disbursement Cash Disbursement -1,000.00
Paid To City Of Laguna Niguel
ACH Transfer To Checking
07/24/24 Cash Disbursement Cash Disbursement -999,000.00 Paid To City Of Laguna Niguel
ACH Transfer To Checking
07/24/24 Asset Income Interest Earned On 1,130.14
Wells Fargo CD 5.500% 4/24/25
0.004521 USD/S1 Pv On 250,000 Par Value Due 7/24/24
07/25/24 Asset Income Interest Earned On 5,858.90
Centier Bk C D 4.700% 7/26/27
0.023436 USD/$1 Pv On 250,000 Par Value Due 7/25/24
07/26/24 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 7/26/24
07/29/24 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 7/28/24
883.56
07/29/24 Asset Income Fig: Nal BK C D 4.300% 128128
0.003534 USD/$1 Pv On 250,000 Par Value Due 7/28/24
07/30/24 Cash Disbursement Cash Disbursement -3,000,000.00 Paid To City Of Laguna Niguel
ACH Transfer To Checking
Per Ins Dtd 07/30/2024
07/31/24 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 7/31/24
22 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 14 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
07/31/24 Asset Income Interest Earned On 5,734.25
State Bk India C D 4.600% 8/02/27
0.022937 USD/$1 Pv On 250,000 Par Value Due 7/31/24
Purchase Combined Purchases For The Period 7/ 1/24 - 7/31/24 Of -1,139,878.20 1,139,878.20 First Am Treas Ob Fd CIZ
Sale 4,999,000.00 -4,999,000.00
Fis Am Treas 0b FaCe Period 124-713121 0f
Ending Balance 07/31/2024 $0.00 $59,697,382.44
20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 15 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024
SALE/MATURITY SUMMARY
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
Taxable Bonds
FHLMC MTN
0.570 07/15/2024
3134GV5R5
07/15/24 Matured 1,000,000 -1,000,000.00 1,000,000.00
Par Value
Trade Date 7/15/24
1,000,000 Par Value At 100%
Total Taxable Bonds -$1,000,000.00 $1,000,000.00 $0.00
Total Sales & Maturities $1,000,000.00 $1,000,000.00 $0.00
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Short-Term Gain (Loss): $40,925.00 Estimates should not be used for tax purposes
24 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 16 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024
BOND SUMMARY
50% /
40%
30%
20%
10 %
2024 2025 2026 2027 2028 2029
Percentage of
Par Value Market Value Category
MATURITY
2024 4,000,000.00 3,970,365.00 7.03
2025 21,325,000.00 20,848,087.75 36.92
2026 8,500,000.00 8,165,355.00 14.46
2027 7,000,000.00 6,897,505.00 12.21
10,500,000.00 10,344,120.00 18.31
2028 11.07
2029 6,250,000.00 6,252,860.00
Total of Category 557,575,000.00 $56,478,292.75 100.00
MOODY'S RATING
53,075,000.00 51,953,865.25 91.99
Aaa 3.10
N/A 1,750,000.00 1,749,250.00
NOT RATED 2,750,000.00 2,775,177.50 4.91
Total of Category $57,575,000.00 $56,478,292.75 100.00
25 20671
00--M -UC-UU -214-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 17 of 17
ACCOUNT NUMBER: 6736304200 July 1, 2024 to July 31, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 34,825,000.00 33,847,175.25 59.93
N/A 18,250,000.00 18,106,690.00 32.06
NOT RATED 4,500,000.00 4,524,427.50 8.01
$57,575,000.00 $56,478,292.75 100.00
Total of Category
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 26 PUBLIC AGENCY
PARS PURE SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 7/1/2024 to 7/31/2024 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of lance as
7/1/2024 Contributions Earnings Expenses Distributions Transfers 31/20 Source
PENSION $2.179,842,51 $0.00 $62,122.05 $1,059.52 $0.00 $0.00 $2.240,905.04 Totals $2,179,842.51 $0.00 $62,122.05 $1.059.52 $0.00 $0.00 $2.240,905.04 Investment Selection
Source
PENSION Moderate - Index
Investment Objective
Source
The dual at often pere ready tem alto go grin and no a pected as dudent and are ere wii compase
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 2.85% 7.29% 11.02% 1.24% 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 appicable 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 Administrauon. Trustee and Investment Management rees Headquarters 4350 Von Karman Ave, Suite 100. Newport Beach. CA 92660 800 540 6369 Fax 949 250 1250 www.pars org 27