CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: October 1, 2024
SUBJECT: Investment Report as of August 31, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of August 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
The Federal Reserve Open Market Committee (FOMC) cut the target range for the federal funds by 50 basis points to 4.75%-5.00% on September 18, 2024. The Committee also stated they believe inflation is moving "sustainably toward 2 percent" and believe the "risks to achieving its employment and inflation goals are roughly in balance". The median projection for interest rates from all FOMC members was 4.40% in 2024, 3.4% in 2025, and 2.0% in 2026, with the longer run neutral rate at 2.9%. This was a reduction from the last projections of 5.1%, 4.1%, 3.1%, and 2.8%, respectively. The Fed dot plot shows an overall reduction in the expected Federal Funds rate, but the projections for interest rates at the end of 2025 and beyond are more measured adjustments. The dot plot projects a nearly 150 basis point reduction between now and the end of 2025, as can be seen on the figure on the next page.
Figure 2. FOMC participants asessments of appropriate monetary policy: Midpoint of target range or target level for the federal funds rate
Ponient
10 •
000
00 HOCO 00001
• §o31}
• 00
60 1.
2024 2025 2026 Longer run
The City's portfolio is in a strong position. Many of the investments are outperforming the market, and City staff expects that to continue as this appears to be the start of a rate cutting cycle. City staff will continue to monitor the trends in the market and strategically build the investment portfolio to maximize the City's return while maintaining safety and liquidity. However, future returns will decrease with projected future rate cuts.
The following table compares the portfolio balance as of August 2024 to July 2024.
Portfolio Balance July 2024 August 2024 Difference
Balance $65,139,406 $59,550,609 ($5,588,797)
• Over the past month, the City's total cash and investments experienced a net decrease of $5,588, 797. This is a large spend down, but not unusual for the City to experience a net decrease in the month of August. August included several large outlays for approved capital projects, with the largest amount going towards the completion of the La Paz Road Long-term Phase II project.
The City spent approximately $1.5 million during the month of August for that project. There were several large outlays for one-time expenditures that occur each year, like insurance and the unfunded actuarial liability payment that were paid in August as well.
• The percentage of pooled investments increased to 0.30%. 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, decreased to 667 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 4.516% to 4.579%. The net yield of OCIP increased from 4.419% to 4.422%. The net yield for the First American money market funds in the City's custodian account decreased from 5.160% to
5.130%. Over the next six months, City staff anticipates the pooled yields to eclipse the Fed Funds rates, now that the Fed Funds rates are being cut. The graph below is the most up to date information available on the PMIA website.
Average Monthly Yield Comparison - 08/2019 through 08/2024
6.00%
→ PMIA
5.00%
4.00% - S&P GIP
3.00% ---• Fod Funds
2.00%
1.00%
0.00% 4.579%
S&P GIP 5.480%
11/2020 2/2021 11/2021 2/2022 5/2022 8/2022 11/2022 2/2023 62023 Fed Funds 5.310% • The average weighted yield of City investments, including investment pools and money market, decreased from 3.115% to 3.066%. 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
3.066% 3.710% 4.380% 4.890% 4.422% 4.579%
The monthly Investment Report as of August 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 August 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.
Jamass & Betownau
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachment:
A. Monthly Investment Report as of August 31, 2024
ATTACHMENT A
Investment Report as of August 31, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
August 31, 2024
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
October 1, 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 August 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.
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
City of Laguna Niguel
Summary of Cash and investments
8/31/2024
Coupon Purchased Percent of
Description Rate Yield Cost Portfolio
etty Cash/Change Drawer $ 2,500.00 0.00% $ 2,500.00
US Bank Checking & Investment Account 4.873% 3,851,660.13 6.47% 3,851,660,13 US Bank Money Market 5.130% 5,788,551.14 9.72% 5,788,551.14 cal Agency Investment Fun 4.579% 104,163.96 0.17% 104,163.96 range County Investment Po 4.422% 79,147.94 0.13% 79,147.94 US Treasury Note: 16.93%
912828YH7 12/22/2023 9/30/2024 1.500% 4.779% 1,463,062.50 1,495,845.00 91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 998,810.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,054,760.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,015,200.00 91282CJA0 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,032,340.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,048,200.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,523,670.00 Certificates of Deposit: 7.56%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 251,325.00 83407DBP0 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 251,172.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 255,280.00 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 254,645.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 255,447.50 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 255,045.00 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 254,350.00 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 254,442.50 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 255,360.00 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00
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 12/13/2028 4.400% 4.400% 250,000.00 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00
903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00
89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00
Federal Home Loan Mortgage Corporation:
3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 3,940,640.00 Federal National Mortgage Association:
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 8,369,487.00 Federal Farm Credit Banks: 18.48%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 1,009,720.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,895,320.00 3133EPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 2,036,540.00 3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800.00 2,509,800.00 3133EP389 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 1,522,905.00 Federal Home Loan Banks: 18.98% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,004,630.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 966,730.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 603,643.75 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,888,620.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,317,750.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 2,016,720.00
59.02% 60.00%
Total City Investments Including Investment Pools 3 59,550,608.53 100.00% 3 58,66,841.42 Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 20.00% $ 2,277,686.64 799 days
667 days
2.680%
3.066%
* Market value of City investments is provided by US Bank NOTE: rested said lose fed real poet any crypter an old it vet enter atiny thefore, any 2 9/25/24, 9:28 AM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, cPA
Local Agency Investment Fund September 25, 2024
P.O. Box 942809
Sacramento. CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly.
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARK WAY
LAGUNA NIGUEL, CA 92677
Iran Type Definitions
Account Number: 98-30-408
August 2024 Statement
Account Summary
Total Deposit: 0.00 Beginning Balance: 104,163.96
Total Withdrawal: 0.00 Ending Balance: 104,163.96
3 https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
COUNTY OF ORANGE
OFFICE OF THE TREASURER-TAX COLLECTOR
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFORNI SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
August 31, 2024
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
AUGUST 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
08/01/2024 July 2024 Investment Admin Fee (3.37)
08/22/2024 May 2024 Interest Paid 293.07
Summary
Total Deposit: $ 293.07 Beginning Balance: $ 78,858.24
Total Withdrawal: $ (3.37) Ending Balance: $ 79,147.94
PMIA/LAIF Performance Report LANCE WERNE
as of 9/18/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 06/30/24 Effective Yields(1)
AIF Apportionment Ratel?) 4.55 August 4,579
LAIF Earnings Ratio (2) 0.00012419067099490 July 4.516
AIF Administrative Cost- 0.16 June 4.480
AIF Fair Value Factor*) 0.996316042 May 4.332
4.52 April 4.272
4.36 March 4.232
217
Pooled Money Investment Account
Monthly Portfolio Composition (1)
8/31/24
$163.4 billion
Corporate
Commercial Bonds
Paper 0.51%
Time
5.79%_ Loans
Deposits
0.26%
3.22%
Certificates of
Deposit/Bank Notes
8.17%
Treasuries
Agencies o 58.85%
23.21%
Chart does not include $1,368,000.00 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 Votes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 2082 'c|(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a) *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that 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 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:
11) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
State of California
Pooled Money Investment Account
Market Valuation
8/31/2024
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 38,762,111,485.82 39,291,586,739.00 NA
Notes 55,200,844,865.61 55,236,928,686.50 $ 364,480,741.50 Federal Agency:
SBA $ 240,366,494.48 $ 245,583,041.80 $ 1,164,809.28
MBS-REMICS $ 1,368,214.04 1,350,447.78 5,968.72
Debentures 7,848,894,725.68 7,837,807,600.00 84,163,902.00 Debentures FR $
Debentures CL 2,050,000,000.00 2,054,902,550.00 25,868,040.00 Discount Notes $ 25,189,108,930.46 25,528,006,150.00 NA Supranational Debentures 2.599,568,038.71 2,601,212,350.00 $ 28,168,764.00 Supranational Debentures FR
CDs and YCDS FR $ - $ - $ -
Bank Notes
CDs and YCDs 13,350,000,000.00 13,358,112,156.40 $ 225,375,180.58 Commercial Paper 67 67 9.590,637,541.71 NA
9.467.742,041.75
Corporate:
Bonds FR $
Bonds $ 842,474,470.22 836,522,823.00 8,086,743.53
Repurchase Agreements $ $ :
Reverse Repurchase $ $
Time Deposits $ 5,259,000,000.00 5,259,000,000.00 NA
PMIA & GF Loans $ 418,402,000.00 $ 418,402,000.00 NA
TOTAL I$ 161,229,881,266.77 $ 162,260,052,086.19 737,314, 149.61 Fair Value Including Accrued Interest $ 162,997,366,235.80 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 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: AUGUST 31, 2024
OCTP INVESTMENT STATISTICS ()
DESCRIPTION CURRENT BALANCES Duration Daily Yield as MONTHLY Current NAV of 08/31/2024 Gross Yield
Market Value! $ 13,957,594,950
Orange County Treasurer's Pool (OCTP) Cost (Capital) $ 13,884,760,738 1.04 4.422% 4.382% 1.0015 Monthly Avg Balance S 14,002,723,645
BOOK IF INVESTMENT COUNTS STATISTICS 9T 13.936,626,010
DESCRIPTION CURRENT BALANCE Fund MARKET Value Book Value Current NAV Pension Prepayment-CEO (PP-CEO) Market Value! S 539,620,900 PP-CEO 5.105% 506,192,185 503,999,865 1.0044 Fountain Valley School District Fund 40 (FVSD) Cost (Capital) $ 532,390,205 FVSD 2.894% 33,428,715 33,781,522 0.9896 Monthly Avg Balance S 532,390,205
Book Vatue S 537,781,387
BOND PROCEEDS ACCOUNT STATISTICS *
DESCRIPTION CURRENT BALANCE Fund ION THL MARKET Value Book Value Current NAV ross Yiel
CCCD Series 2017E Bonds (CCCD) Market Value!) s 23,330,219 CCCD 3.301% $ 23,330,219 24,184,520 0.9647 Cost (Capital) S 25,143,785
Monthly Avg Balance S 25,105,937
Book Value S 24,184,520
OCIF TOTAL
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCTP Investments at Cost 13,884,760,738 , OCTP $ 107,586,120 OCTP Cash 19,663,775 OCIP 44,288,562
OCEIP 63,299,558
Specific Investment Accounts at Cost 532,390,205 Specific Investment Accounts 4,491,086 Bond Proceeds Account at Cost 25,143,785 Bond Proceeds Account 140,380 Total Assets in the County Treasury $ 14,461,958.503 | Total OCIF Year-To-Date Earnings 112,219,586
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCT - YTD NET YIELD 4.323% OCTP 384
90-DAY T-BILL YIELD - YTD AVERAGE 5.476% LGIP (Standard & Poors) 37 1) Reported in compliance with the 2024 IPS Section XII that requires at least quarterly reporting per Government Code Section (GCS) 53641 and 27134, and GCS 53607 which requires monthly investment ransactions as reported in the pages following
(2) The market values of FVSD and CCCD continue to stay below book values. The FVSD and CCCD have sufficient liquidity to meet projected cash flow needs. (3) Market values provided by Northem Trust and exclude accrued interest. 7 5
ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA - ORANGE COUNTY TREASURER'S POOL
INVESTMENT TRENDS
INCREASE AUGUST 2023 INCREASE
AUGUST 2024 JULY 2024 NET CHANGE % NET CHANGE %
(DECREASE) (DECREASE)
End Of Month Market Value' $ 13,957,594,950 $ 14,455,356,229 $ (497,761,279) -3.44% $ 13,700,249,239 257,345,711 1.88% End Of Month Book Value $ 13,936,626,010 $ 14,476,107,368 $ (539,481,358) -3.73% $ 13,854,241,587 82,384,423 0.59% Monthly Average Balance $ 14,002,723,645 $ 14,654,223,781 $ (651,500, 136) -4.45% $ 13,772,491,582 230,232,063 1.67% Year-To-Date Average Balance $ 14,328,473,713 $ 14,654,223,781 $ (325,750,068) -2.22% $ 14,021,291,683 307,182,030 2.19% Monthly Accrued Earnings? $ 52,588,544 $ 54,999,576 $ (2,411,032) -4.38% $ 45,992,591 6,595,953 14.34% Monthly Net Yield? 4.332% 4.314% 0.018% 0.42% 3.843% 0.489% 12.72% Year-To-Date Net Yield? 4.323% 4.314% 0.009% 0.21% 3.799% 0.524% 13.79% Annual Estimated Gross Yield? 3.500% 3.500% 0.000% 0.00% 4.249% -0.749% -17.63% Weighted Average Maturity (WAM) 384 397 (13) -3.27% 252 132 52.38% 1 Market values provided by Northern Trust and exclude accrued interest 2 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 securities, respectively. 3 The forecast for the OCT gross yield for fiscal year 2024-2025 of 3.50% is lower than the prior year actual primarily due to the financial markets pricing in several FOM rate cuts The Annual Estimated Gross Yield for August 2023 is reported at the aclual annual gross yields 4 The WAM is higher than the prior year due to longer term purchases. The financial market are pricing a change in rates at the next FOMC meeting in September 2024.
ORANGE COUNTY TREASURER - TAX COLLECTOR
OCT INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT August 31, 2024
Investment Type Credit Quality
0.01%
100% 100% 0.01%
9.20%
90% 90%
80% 22.58% 80%
70%
60%
50% 99.99%
40% 40%
68.21%
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands InThousands %
U.S. GOVERNMENT AGENCIES 9,519,920 68.21% US GOVERNMENT $ 13,956,203 99.99% U.S. TREASURIES 3,151,771 22.58% _INF 1,392 0.01%
MONEY MARKET MUTUAL FUNDS 1,284,512 9.20% 13,957,595 100.00% [LOCAL AGENCY INVESTMENT FUND 1,392 0.01%
13.957.595 100.00%
9 11
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ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
MARKET VALUE SUMMARY
Current Perio
8/01/24 to 08/31/2
Change: -3,871,690.44
Beginning Market Value $58,501,059.83 $70,000,000,
Taxable Interest 248,049.68 $60,000,000
Paid To/For Beneficiaries -4,000,000.00 $50,000,000
Cash Disbursements -500,000.00 $40,000,000
Short Term Gains/Losses 67,704.38 $30,000,000
Change in Investment Value 312,555.50 $20,000,000
Ending Market Value $54,629,369.39 $10,000,000
$0
Beginning Ending
MV MV
$58,501,059.83 $54,629,369.39
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ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
Cash & Equivalents 5,788,551.14 10.60 297,216.92 $5,788,551.14 Taxable Bonds 48,840,818.25 89.40 1,403,400.00
Total Market Value $54,629,369.39 100.00 $1,700,616.92
Taxable Bonds
$48,840,818.25
Fixed Income Summary
orporate Issue
4,589,487.5
US Government Issues
$44.251.330.75
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ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 248,049.68
Total Current Period Income $248,049.68
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ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
CASH SUMMARY
Cash
Beginning Cash 08/01/2024 $0.00
Taxable Interest 248,049.68
Paid To/For Beneficiaries -4,000,000.00
Cash Disbursements -500,000.00
Sales 8,017,734.38
Net Money Market Activity -3,765,784.06
Ending Cash 08/31/2024 $0.00
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ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
ASSET DETAIL
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolic Annual Income Current Yield Cash & Equivalents
Cash/Money Market
First American Treasury Oblig - 31846V542
Fd CIZ
#3678
5,788,551,140 1.0000 5,788,551.14 5,788,551.14 0.00 10.6 297,216.92 5.13 Total Cash/Money Market $5,788,551.14 $5,788,551.14 $0.00 10.6 $297,216.92 Total Cash & Equivalents $5,788,551.14 $5,788,551.14 $0.00 10.6 $297,216.92 Taxable Bonds
US Government Issues
FHLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 98.5160 3,940,640.00 4,188,112.71 -247,472.71 7.2 60,000.00 1.52 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 96.2010 8,369,487.00 8,645,922.29 -276,435.29 15.3 32,625.00 0.39 ederal Farm Credit Bks - 3133ENVD
875 04/26/202
4,000.000.000 97.3830 3,895,320.00 3,995,360.00 -100,040.00 7.1 115,000.00 2.95 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 100.3920 2,509,800.00 2,493,800.00 16,000.00 4.6 96,875.00 3.86 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 101.5270 1,522,905.00 1,494,975.00 27,930.00 2.8 61,875.00 4.06 14 21055
usbank
CITY OF LAGUNA NIGUEL Page 6 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 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
2,000,000.000 101.8270 2,036,540.00 2,024,580.00 11,960.00 3.7 90,000.00 4.42 ederal Farm Credit Bks - 3133EPYW
125 10/20/202
1,000,000.000 100.9720 1,009,720.00 999,000.00 10,720.00 1.8 51,250.00 5.08 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 96.5830 603,643.75 625,000.00 -21,356.25 1.1 4,500.00 0.74 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 96.6730 966,730.00 1,000,000.00 -33,270.00 1.8 7,400.00 0.76 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 94.4310 1,888,620.00 2,001,415.36 -112,795.36 3.5 15,000.00 0.79 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 95.9500 4,317,750.00 4,665,690.00 -347,940.00 7.9 84,375.00 1.95 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 100.8360 2,016,720.00 2,006,180.00 10,540.00 3.7 80,000.00 3.97 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.4630 1,004,630.00 1,004,010.00 620.00 1.8 51,250.00 5.10 U S Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 102.7380 2,054,760.00 2,104,000.00 -49,240.00 3.8 137,500.00 6.69 U S Treasury Note - 912828YH7
1.500 09/30/2024
1,500,000.000 99.7230 1,495,845.00 1,463,062.50 32,782.50 2.7 22,500.00 1.50 15 21055
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0220657-00-04007-1
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CITY OF LAGUNA NIGUEL Page 7 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 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 US Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 101.5780 1,523,670.00 1,475,175.00 48,495.00 2.8 61,875.00 4.06 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 102.4100 2,048,200.00 2,031,720.00 16,480.00 3.7 87,500.00 4.27 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.8810 998,810.00 992,812.50 5,997.50 1.8 45,000.00 4.50 U S Treasury Note - 91282CJA0
4.625 09/30/2028
1,000,000.000 103.2340 1,032,340.00 1,005,380.00 26,960.00 1.9 46,250.00 4.48 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 101.5200 1,015,200.00 1,008,640.00 6,560.00 1.9 46,250.00 4.56 Total US Government Issues $44,251,330.75 $45,224,835.36 -$973,504.61 81.0 $1,197,025.00 Corporate Issues
American Express Natl BK - 02589AF64
5.000 11/01/2028
250,000.000 104.3740 260,935.00 250,000.00 10,935.00 0.5 12,500.00 4.79 Bank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 102.3300 255,825.00 250,000.00 5,825.00 0.5 11,250.00 4.40 CY BK North Amer Sall Lake Cily - 05580AY24
4.400 04/14/2028
250,000.000 101.7400 254,350.00 249,875.00 4,475.00 0.5 11,000.00 4.32 16 21055
- -M -UC-UU - 244-
20657-00-04007-
usbank
CITY OF LAGUNA NIGUEL Page 8 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 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 Celtic Bk Salt Lake City Utah - 15118RM38
CD
4.600 12/08/2027
250,000.000 102.1790 255,447.50 250,000.00 5,447.50 0.5 11,500.00 4.50 Centier Bk Whitting Ind - 15140RCY3
C D
4.700 07/26/2027
250,000.000 102.1120 255,280.00 250,000.00 5,280.00 0.5 11,750.00 4.60 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 102.1440 255,360.00 250,000.00 5,360.00 0.5 11,125.00 4.36 Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 101.7770 254,442.50 249,875.00 4,567.50 0.5 11,000.00 4.32 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 101.8550 254,637.50 250,000.00 4,637.50 0.5 10,750.00 4.22 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 102.0180 255,045.00 250,000.00 5,045.00 0.5 11,375.00 4.46 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 101.8450 254,612.50 250,000.00 4,612.50 0.5 10,750.00 4.22 Sallie Mae Bk Salt Lake City - 795451DH3
4.400 12/13/2028
250,000.000 102.1800 255,450.00 250,000.00 5,450.00 0.5 11,000.00 4.31 17 21055
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220657-00-04007-0
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CITY OF LAGUNA NIGUEL Page 9 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 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 Sof Bk Nall Assn Cotonwood 1 - 834070BP0
5.450 04/30/2025
250,000.000 100.4690 251,172.50 250,000.00 1,172.50 0.5 13,625.00 5.42 Sritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 100.4920 251,230.00 250,000.00 1,230.00 0.5 9,875.00 3.93 State Bk India Chicago III - 8562834C7
4.600 08/02/2027
250,000.000 101.8580 254,645.00 250,000.00 4,645.00 0.5 11,500.00 4.52 Synchrony Bank CD - B7165E3V7
5.000 11/03/2028
250,000.000 104.3810 260,952.50 250,000.00 10,952.50 0.5 12,500.00 4.79 Toyota Finl Svgs Bk Hend Nv - 89235MPR6
4.500 06/28/2029
250,000.000 103.0070 257,517.50 250,000.00 7,517.50 0.5 11,250.00 4.37 Uinta Bk Mtn View - 903572GQ2
CD
3.950 02/14/2029
250,000.000 100.5040 251,260.00 250,000.00 1,260.00 0.5 9,875.00 3.93 18 21055
0200020-00
usbank
CITY OF LAGUNA NIGUEL Page 10 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 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 Wells Fargo Bank Natl Assn - 949764GT5
C D
5.500 04/24/2025
250,000.000 100.5300 251,325.00 250,000.00 1,325.00 0.5 13,750.00 5.47 Total Corporate Issues $4,589,487.50 $4,499,750.00 $89,737.50 8.4 $206,375.00 Total Taxable Bonds $48,840,818.25 $49,724,585.36 -$883,767.11 89.4 $1,403,400.00 Total Assets $54,629,369.39 $55,513,136.50 -$883,767.11 100.0 $1,700,616.92 Estimated Current Yield 3.11
ASSET DETAIL MESSAGES
Time of trade execution and trading party if not disclosed) will be provided upon request.
Estimate Curent Ye a sine endea come are and ey pret to graine real ester are it on freaking i see, rang or a dein. The semales. 19 21055
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CITY OF LAGUNA NIGUEL Page 11 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 08/01/2024 $0.00 $59,697,382.44
08/01/24 Asset Income Interest Earned On 24,206.87
rst Am Treas Ob Fd Cl
terest From 7/1/24 To 7/31/:
08/06/24 Cash Disbursement Cash Disbursement -500,000.00 aid To City Of Laguna Nigu
CH Transfer To Checkin
Per Ins Dtd 08/06/2024
08/07/24 Sale Sold 1,500,000 Par Value O 1,482,656.25 -1,464,600.00 J S Treasury Nt 2.250% 12/31/24
Trade Date 8/6/24
Sold Through Cantor Fitzgerald & Co.
1,500,000 Par Value At 98.84375 %
08/07/24 Sell Accrued Interest Received Accrued Interest On Sale Of 3,485.05 U S Treasury Nt 2.250% 12/31/24
Income Credit 3,485.05 USD
08/07/24 Sale Sold 1,500,000 Par Value O1 1,447,500.00 -1,441,875.00 A S Treasury Nt 2875% 8115/28
1.50,000 Par Value At 56-5% a Co.
08/07/24 Sell Accrued Interest Received Accrued Interest On Sale Of 20,614.70 U S Treasury Nt 2.875% 8/15/28
Income Credit 20,614.70 USD
08/07/24 Sale old 1,750,000 Par Value ( 1,590,859.38 -1,571,710.00 S Treasury Nt 1.500% 11/30/:
Trade Date 8/6/24
176000 an ale 50 02020%
08/07/24 Sell Accrued Interest Received Accrued Interest On Sale Of 4,877.05 U S Treasury Nt 1.500% 11/30/28
Income Credit 4,87705 USD
08/08/24 Asset Income Interest Earned On 976.71
Celtic Bk C D 4.600% 12/08/27
0.003907 USD/$1 Pv On 250,000 Par Value Due 8/8/24
20 21055
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CITY OF LAGUNA NIGUEL Page 12 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
08/12/24 Asset Income Interest Earned On 30,000.00
FHLM C 1.500% 2/12/25
0.0075 USD/$1 Pv On 4,000,000 Par Value Due 8/12/24
08/13/24 Asset Income Interest Earned On 30,937.50
FF C B Deb 4.125% 2/13/29
0.020625 USD/$1 Pv On 1,500,000 Par Value Due 8/13/24
08/14/24 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 8/14/24
08/15/24 Asset Income Interest Earned On 68,750.00
US Treasury Bd 6.875 08/15/2025
0.034375 USD/$1 Pv On 2,000,000 Par Value Due 8/15/24
08/19/24 Cash Disbursement Cash Disbursement -2,500,000.00 Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund DDA 8/19/24
08/20/24 Cash Disbursement Cash Disbursement -1,500,000.00 Paid To City Of Laguna Niguel
posit To Checking Aco
) Fund DDA 8/20/:
08/21/24 Sale Soid 1,000,000 Par Value Of 998,437.50 -987,870.00 U S Treasury Nt 4.250% 12/31/25
Trade Date 8/20/24
1000 a Value A 38432 Co.
08/21/24 Sell Accrued Interest Received Accrued Interest On Sale Of 6,005.43 U S Treasury Nt 4.250% 12/31/25
Income Credit 6,005.43 USD
08/21/24 Sale Sold 1,000,000 Par Value Of 1,004,375.00 -994,220.00 US Treasury Nt 4.625% 2/28/26
Trade Date 8/20/24
1.000 an ale A 00438
08/21/24 Sell Accrued Interest Received Accrued Interest On Sale Of 21,868.21 U S Treasury Nt 4.625% 2/28/26
Income Credit 21,868.21 USD
21 21055
0220.u000000-04
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CITY OF LAGUNA NIGUEL Page 13 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
08/21/24 Sale old 1,500,000 Par Value ( 1,493,906.25 -1,489,755.00 S Treasury Nt 4.250% 5/31/2
08/21/24 Sell Accrued Interest Received Accrued Interest On Sale Of 14,282.79 Ins me Cred 423-9 US 25
08/22/24 Asset Income Interest Earned On 913.01
Medallion Bk C D 4.300% 12/22/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 8/22/24
08/26/24 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 8/24/24
08/26/24 Asset Income Interest Earned On 16,312.50
F N MA 0.375% 8/25/25
0.001875 USD/$1 Pv On 8,700,000 Par Value Due 8/25/24
08/26/24 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 8/26/24
08/28/24 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 8/28/24
08/28/24 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 8/28/:
Purchase mbined Purchases For The Period 8/ 1/24 - 8/31/24 -8,265,784.06 8,265,784.06 st Am Treas Ob Fd Cl
Sale Combined Sales For The Period 8/ 1/24 - 8/31/24 Of 4,500,000.00 -4,500,000.00 First Am Treas Ob Fd CIZ
Ending Balance 08/31/2024 $0.00 $55,513,136.50
22 21055
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CITY OF LAGUNA NIGUEL Page 14 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024
SALE/MATURITY SUMMARY
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
Taxable Bonds
US Treasury Note
1.500 11/30/2028
91282CDL2
08/07/24 Sold 1,750,000 Par -1,571,710.00 1,590,859.38 19,149.38 Value
Trade Date 8/6/24
Sold Through Cantor Fitzgerald & Co.
1,750,000 Par Value At 90.90625029 %
US Treasury Note
2.250 12/31/2024
9128283P3
08/07/24 Sold 1,500,000 Par -1,464,600.00 1,482,656.25 18,056.25 Value
Trade Date 8/6/24
Sold Through Cantor Fitzgerald & Co.
1,500,000 Par Value At 98.84375%
US Treasury Note
2.875 08/15/2028
9128284V9
08/07/24 Sold 1,500,000 Par -1,441,875.00 1,447,500.00 5,625.00 Value
Trade Date 8/6/24
Sold Through Cantor Fitzgerald & Co.
1,500,000 Par Value At 96.5 %
US Treasury Note
4.250 05/31/2025
91282CHD6
08/21/24 Sold 1,500,000 Par -1,489,755.00 1,493,906.25 4,151.25 Value
Trade Date 8/20/24
Sold Through Cantor Fitzgerald & Co.
1,500,000 Par Value At 99.59375%
23 21055
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CITY OF LAGUNA NIGUEL Page 15 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024 SALE/MATURITY SUMMARY (continued)
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
US Treasury Note
4.250 12/31/2025
91282CJS1
08/21/24 Sold 1,000,000 Par -987,870.00 998,437.50 10,567.50 Value
Trade Date 8/20/24
Sold Through Cantor Fitzgerald & Co.
1,000,000 Par Value At 99.84375 %
US Treasury Note
4.625 02/28/2026
UST4626A
08/21/24 Sold 1,000,000 Par -994,220.00 1,004,375.00 10,155.00 Value
Trade Date 8/20/24
Sold Through Cantor Fitzgerald & Co.
1,000,000 Par Value At 100.4375%
Total Taxable Bonds -$7,950,030.00 $8,017,734.38 $67,704.38 Total Sales & Maturities -$7,950,030.00 $8,017,734.38 $67,704.38
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Short-Term Gain (Loss): $108,629.38 Estimates should not be used for tax purposes
24 21055
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CITY OF LAGUNA NIGUEL Page 16 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 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 2,500,000.00 2,494,655.00 5.11
2025 18,825,000.00 18,452,108.25 37.79
2026 7,500,000.00 7,221,570.00 14.79
2027 7,000,000.00 6,952,277.50 14.23
2028 7,250,000.00 7,403,825.00
2029 6,250,000.00 6,316,382.50 12.35
Total of Category $49,325,000.00 $48,840,818.25 100.00
MOODY'S RATING
Aaa 44,825,000.00 44,251,330.75 90.60
N/A 1,750,000.00 1,778,057.50 3.64
NOT RATED 2,750,000.00 2,811,430.00 5.76
Total of Category $49,325,000.00 $48,840,818.25 100.00
25 21055
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CITY OF LAGUNA NIGUEL Page 17 of 17
ACCOUNT NUMBER: 6736304200 August 1, 2024 to August 31, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 34,825,000.00 34,082,505.75 69.78
N/A 10,000,000.00 10,168,825.00 20.82
NOT RATED 4,500,000.00 4,589,487.50 9.40
Total of Category $49,325,000.00 $48,840,818.25 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 26 PARS PUBLIC AGENCY
RETIREMENT SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 8/1/2024 to 8/31/2024 Tamara Letourneau
City Manager
ity of Laguna Nigur
0111 Crown Valley Parkwa
Laguna Niguel, CÁ 92677
Account Summary
Balance as of 8l32020
Source 8/1/2024 Contributions Earnings Expenses Distributions Transfers PENSION $2.240.905.04 $0.00 $37,854.46 $1.072.86 $0.00 $0.00 $2.277,686.64 Totals $2,240.905.04 $0.00 $37.854,46 $1,072.86 $0.00 $0.00 $2.277.686.64 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 significan PENSION portion of total return, although growth through capital appreciation is equally important. The portfolic 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-Ycars Plan's Inception Date PENSION 1.69% 5.79% 14.23% 1.58% 5/26/2020
Information as provided by US Bank, Trustee for PARS: Not FDIC Insured: No Bank Guarantee, May Lose Value st 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 chan! estment 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 retu Account balances are inclusive of trust Acministration, 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 27