CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: November 19, 2024
SUBJECT: Investment Report as of September 30, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of September 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
There has been a lot of activity in the markets since the August 2024 Investment Report.
The Country held its general election to determine who the next President will be, along with many legislative bodies. The equity markets have increased since the election. As of the close of trading on November 5th , the S&P 500 stood at just over 5,750 points. As of the date this report is being written, the S&P 500 now stands at over 5,970 points, representing a gain of nearly 4% in approximately one week. Those gains have also trickled down to the bond markets, where the five-year Treasury stands at 4.30% as of the date this is written. Prior to the election, the five-year rate was approximately 4.18%.
Furthermore the Federal Reserve Open Market Committee (FOMC) held there previously scheduled November meeting on November 74, just a day after the election results. The FOMC lowered the discount rate of the Fed funds by 25 basis points to 4.50%-4.75%.
The vote among members was unanimous. Overall, the money market funds are now earning 4.50% as opposed to the 5.15% prior to the two rate cuts. However, City staff has been anticipating this reduction and has been diligently purchasing investments over the past eighteen months, so other impacts will be negligible.
Despite the Fed lowering rates by a combined 75 basis points during the last two FOMC meetings, the five-year Treasury rate available in the market has increased from about
3.70% to now 4.30%, an increase of 50 basis points. This increase comes at a great time for the City. The County of Orange provides the Fiscal Year 2024-2025 Property Tax Apportionment Schedule, included below. With the City's projected property tax revenue at nearly $29.0 million for Fiscal Year 2024-2025, the City expects to receive approximately 15%, or $4.4 million in the month of November, and $14.5 million before the end of the year. Those additional funds can be utilized to purchase securities that are currently yielding close to if not more than 4% for up to five to ten years.
FY 2024-25 Property Tax Apportionment Schedule
Note: Apportionment Dates and Available Dates are subject to change Secured: All Funds (Teeter and non-Teeter)
Apportionment Apportionment Available Apportionment Based On Estimated% of Number Date Date Collections as of: Secured Levy
11/05/2024 11/07/2024 10/25/2024 7% - 10%
2 11/25/2024 11/27/2024 11/15/2024 5% - 10%
12/17/2024 12/19/2024 12/09/2024 30% - 35%
01/07/2025 01/09/2025 12/27/2024 1% - 5%
03/11/2025 03/13/2025 02/28/2025 5% - 7%
04/15/2025 04/17/2025 04/09/2025 30% - 35%
05/13/2025 05/15/2025 05/02/2025 1% - 5%
07/14/2025 07/16/2025 07/08/2025 1% - 2%
The City has another $14.5 million of lower earning investments maturing in 2025. These securities were all purchased prior to 2022, before the Federal Reserve began raising interest rates. The average weighted yield of those investments is 0.49%. It is reasonable to assume that those funds will be reinvested at a much higher interest rate, which could potentially provide a significant boost to the weighted average yield of the City's total portfolio.
The following table compares the portfolio balance as of September 2024 to August 2024.
Portfolio Balance August 2024 September 2024 Difference Balance $59,550,609 $59,092,243 ($458,366)
• Over the past month, the City's total cash and investments experienced a net decrease of $458,366. It is not unusual for the City to experience a net decrease in the month of September as the City does not historically receive any property tax monies during this month.
• The percentage of pooled investments increased to 0.31%. 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 647 days. No new purchases were made
during the month of September, resulting in a decrease in average weighted maturity. 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 4.575% to 4.579%. The net yield of OCIP increased from 4.422% to 4.508%. The net yield for the First American money market funds in the City's custodian account decreased from 5.130% to
4.750%. This decrease is directly rated to the FOMC decision to lower the Fed Funds rate. As can be seen below, this is the closest the PMIA/LAIF rate has been to the Fed Funds rate since September of 2022. As the FOMC contemplates further rate cuts, it is likely the MIA/LAIF rate will exceed the Fed Funds rate in the near future. City staff will monitor the yields and position the portfolio as needed to maximize returns.
Average Monthly Yield Comparison - 09/2019 through 09/2024
6.00%
2---
5.00%
4.00% - S&P GIP
3.00% ---•Fed Funds
2.00%
1.00%
September Yields
0.00% PHIA 4.575%
S&P GIP 5.420%
9/2019 12/2019 3/2020 6/2020 9/2020 3/202 6/202: 9/2021 12/2021 3/2022 6/2022 9/2022 12/2022 3/2023 6/2023 9/2023 12/2023 3/2024 6/2024 9/2024 Fed Funds 5.128% • The average weighted yield of City investments, including investment pools and money market, decreased from 3.066% to 3.002%. The decrease is due to the change in the Fed Funds rate, as noted above. 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
3.002% 3.580% 3.980% 4.380% 4.508% 4.575%
The monthly Investment Report as of September 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 September 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.
Two An
Duty tate fare:
Trevor Agrelius
Cite Manager Finance Director
Attachment:
A. Monthly Investment Report as of September 30, 2024
ATTACHMENT A
Investment Report as of September 30, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
September 30, 2024
lamara S. Letourneal
CITY MANAGEF
Trevor Agrelius
FINANCE DIRECTOR
November 19, 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 September 30, 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
City Manage: Finance Director
City of Laguna Niguel
Summary of Cash and Investments
9/30/2024
Settlement Maturity Coupon Purchased Percent of Max Allowed Per Market Description Rate Yield Cost Portfolio Investment Policy Value Date Date
$ 2,500.00 0.00% N/A $ 2,500.00
Petty Cash/Change Drawers 4,968,365.72
US Bank Checking & Investment Accounts 4.687% 4,968,365.72 8.41% N/A US Bank Money Market 4.750% 5,676,254.76 9.61% 10.00% 5,676,254.76 Local Agency Investment Fund 4.575% 104,163.96 0.18% >$40 million or 55% 104,163.96 Orange County Investment Pool 4.508% 79,435.99 0.13% >$40 million or 55% 79,435.99
14.58% N/A
US Treasury Note:
91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 999,600.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,055,200.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,019,960.00 91282CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,038,830.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,061,260.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,534,050.00 Certificates of Deposit: 7.61%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 251,517.50 83407DBP0 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 251,375.00 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 255,865.00 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 255,240.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 256,357.50 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 255,940.00 33610RVD2 255,950.00
05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00
7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 256,060.00 2546733V6 257,627.50
20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00
062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 258,097.50 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000.00 263,450.00 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 263,460.00 87165E3V7 257,927.50
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% 250,000.00 257,122.50 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 257,132.50 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 253,667.50 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 253,660.00 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00 259,360.00 Federal Home Loan Mortgage Corporation: 7.09%
3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 3,954,000.00 Federal National Mortgage Association: 14.63%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 8,427,255.00 Federal Farm Credit Banks: 18.63% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 1,012,540.00 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,928,880.00 3133ENVD9
10/4/2027 4.500% 4.150% 2,024,580.00 2,048,200.00
3133EPH81 12/8/2023
3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800.00 2,524,175.00 3133EP3B9 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 1,531,395.00 Federal Home Loan Banks: 19.13% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,006,670.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 974,300.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 607,187.50 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,903,760.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,346,865.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 2,030,640.00
59.47% 60.00%
Total City Investments Including Investment Pools 3 59092,243.29 100.00% 358.45,297.93 Restricted for Specific Use
PARS 115 Pension Trust 14,459,035.00 70,886.28 $ 2,000,000.00 20.00% $ 2,316,433.75 verage weighted maturity of Investments, excluding Investment Pool 0.49% 792 days verage weighted maturity of Investments, including Investment Pools and Money Marke 647 days Average weighted yield of Investments, excluding Investment Pools 2.617% verage weighted yield of Investments, including Investment Pools and Money Market 3.002% * Market value of City investments is provided by US Bank 2 10/31/24, 8:31 AM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund October 31, 2024
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly.
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARK WAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number: 98-30-408
September 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
MUI LOS ------
sionment Rate?: 4.71 September 4.575
Earnings Ratio: 0.00012912073474208 August 4.579
istrative Cost(1)* 0.26 July 4.516
r Value Factor: 1.002061084 June 4.480
PMIA Daily 1): 4.58 May 4.332
uarter to Date: 4.56 April 4.272
A Average Life: 231
Pooled Money Investment Account
Monthly Portfolio Composition (1)
9/30/24
$161.6 billion
Corporate
Commercial Bonds
Paper 0.51%
Time 6.08%
Loans
Deposits 0.26%
3.19%
Certificates of
Deposit/Bank Notes
8.76%
Treasuries
55.49%
Agencies.
25.71%
Chart does not include $1,343,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding. ‹ available here. View PMIA Daily Rates
State of California
Pooled Money Investment Account
Market Valuation
SHET LAUDIT HOTD 9/30/2024
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury:
Bills $ 37,219,132,119.94 $ 37,611,761.722.45 S 37,649,874,730.00 NA Notes $ 52,438,209,673.44 $ 52,431,249,843.99 $ 52,628,447,237.50 $ 338.916,414.00 Federal Agency:
SBA $ 234,789,566.25 $ 234,789,566.25 $ 239,688,922.19| $ 1,137,293.83 MBS-REMICS 1,343,330.39 $ 1,343,330.39 $ 1,333,133.17 $ 5,860.17 Debentures $ 8,551,295,296.41 $ 8,550,807,275.58 $ 8,572,162,650.00 $ 88,174.874.00 Debentures FR $ - $ $
Debentures CL $ 1,900,000,000.00 $ 1,900,000,000.00 $ 1,915,595,500.00 $ 23,839,290.00 Discount Notes $ 27,802,855,756.89 $ 28,183,541,083.32 $ 28,201,570,100.00 NA Supranational Debentures $ 3,045,579,031.00 $ 3,045,427,121.27 $ 3,058,954,350.00 $ 30,087,194.50 Supranational Debentures FR $ $ - $ - $
CDs and YCDs FR $ - $ - $
Bank Notes $ $
CDs and YCDs $ 14,150,000,000.00 $ 14,150,000,000.00 $ 14,167,238,042.50 $ 234,857,430.54 Commercial Paper $ 9.817,309.625.04 $ 9,932,313,000.02 $ 9,943,126,375.07 NA Corporate:
Bonds FR $ $ $ $
Bonds $ 841,781,179.90 $ 841,450,311.84 $ 839,516,915.00 $ 7,674,799.03 Repurchase Agreements $ $ $ $
Reverse Repurchase $ $ $ $ -
Time Deposits $ 5,149,000,000.00 $ 5,149,000,000.00 $ 5,149,000,000.00 NA PMIA & GF Loans $ 419,106,000.00 419,106,000.00 $ 419,106,000.00 NA TOTAL $ 161,570,401,579.26 162.450,789,255.11 $ 162,785,613,955.43 $ 724,693,156.07 Fair Value Including Accrued Interest $ 163,510,307,111.50 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 (1.002061084).
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 $20,041,221.68 or $20,000,000.00 x 1.002061084. 5 COUNTY OF ORANGE
OR OFFICE OF THE TREASURER-TAX COLLECTOR CING COUNT
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
CALIFORATE SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
September 30, 2024
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
SEPTEMBER 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
09/02/2024 August 2024 Investment Admin Fee $ (3.39)
09/23/2024 June 2024 Interest Paid $ 291.44
Summary
Total Deposit: $ 291.44 Beginning Balance: $ 79,147.94
Total Withdrawal: $ (3.39) Ending Balance: $ 79,435.99
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 AND QUARTER ENDED: SEPTEMBER 30, 2024
OCT INVESTMENT STATISTICS (1)
CURRENT BALANCES Daily Yield as MONTHLY QUARTERLY Current NAV DESCRIPTION Duration of 09/30/2024 Gross Yield Gross Yield Market Value! 3 13,848,789,435
Cost (Capital) s 13,738,329,841
Orange County Treasurer's Pool (OCTP) 0.98 4.508% 4.460% 4.450% 1.0045 Monthly Avg Balance S 13,722,806,072
QUARTERLY AVG Balance S 14,126,584,499
Book Value s 13.786.357,297
SPECIFIC INVESTMENT ACCOUNTS STATISTICS"
CURRENT BALANCE Fund MONTHLY QUARTERLY MARKET Value?) Book Value Current NAV DESCRIPTION Gross Yiel Gross Yield
Market Valuel" s 542,761,821 PP-CEO 5.105% 5.105% 509,131,500 505,986,633 1.0062 Pension Prepayment-CEO (PP-CEO)
Fountain Valley School District Fund 40 (FVSD) Cost (Capital) S 532,390,205 FVSD 2.919% 2.903% 33,630,321 33,808,780 0.9947 Monthly Avg Balance S 532,390,205
QUARTERLY AVG Balance $ 532,390,205
Book Value S 539,795,413
BOND PROCEEDS ACCOUNT STATISTICS ®
Fund MONTHLY QUARTERLY MARKET Value*) Book Value Current NAV DESCRIPTION CURRENT BALANCE Gross Yietd Gross Yield
CCCD Series 2017E Bonds (CCCD) Market Valuel s 23,583,529 CCCD 3.179% 3.259% 23,583,529 24,230,803 0.9733 Cost (Capital) $ 25,244,982
Monthly Avg Balance $ 25,208,189
QUARTERLY AVG Balance $ 25,106,678
Book Value S 24,230,803
OCIF TOTALS
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCTP Investments at Cost 13,738,329,841 OCTP 158,438,592 OCT Cash 1,231,403 OCIP 65,844,137
OCEIP 92,594,455
Specific Investment Accounts at Cost 532,390,205 Specific Investment Accounts 6,664,824 Bond Proceeds Account at Cost 25,244,982 Bond Proceeds Account 206,253 Total Assets in the County Treasury 14.297.196,431 Total OCIF Year-To-Date Earnings 165,309,669
KEY POOL STATISTICS
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCT - YTD NET YIELD 4.350% OCTP 363
90-DAY T-BILL YIELD - YTD AVERAGE 5.440% LGIP (Standard & Poors) 33 (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 transactions 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 Northern Trust and exclude accrued interest. 7 5
ORANGE COUNTY TREASURER-TAX COLLECTOR
SUMMARY OF INVESTMENT DATA - ORANGE COUNTY TREASURER'S POOL
INVESTMENT TRENDS
INCREASE INCREASE
SEPTEMBER 2024 AUGUST 2024 NET CHANGE % SEPTEMBER 2023 NET CHANGE% (DECREASE) (DECREASE)
End Of Month Market Value' $ 13,848,769,435 $ 13,957,594,950 $ (108,825,515) -0.78% $ 13,421,097,401 427,672,034 3.19% End Of Month Book Value $ 13,786,357,297 5 13,936,626,010 (150,268,713) -1.08% $ 13,575,609,344 210,747,953 1.55% Monthly Average Balance $ 13,722,806,072 $ 14,002,723,645 (279,917,573) -2.00% $ 13,453,914,041 268,892,031 2.00% Year-To-Date Average Balance $ 14,126,584,499 $ 14,328,473,713 $ (201,889,214) -1.41% $ 13,832,165,802 294,418,697 2.13% Monthly Accrued Earnings? $ 50,850,472 $ 52,588,544 $ (1,738,072) -3.31% $ 45,492,058 5,358,414 11.78% Monthly Net Yield? 4.410% 4.332% 0.078% 1.80% 4.024% 0.386% 9.59% Year-To-Date Net Yield? 4.350% 4.323% 0.027% 0.62% 3.870% 0.480% 12.40% Annual Estimated Gross Yield 3.500% 3.500% 0.000% 0.00% 4.280% -0.780% -18.22% Weighted Average Maturity (WAM)* 363 384 (21) -5.47% 269 94 34.94% 1 Market values provided by Norther Trust and exclude accrued interest. 2 The Monthly Accrued Eamings, Monthly Net Yield and Year-To-Date Net Yield are higher than prior year due to the FOM target rate range of 4.75%-5.00%, and reinvestment yields that are higher than the current portfolio yield and the maturing securities, respectively 3 The forecast for the OCTP 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 FOMC rate cuts. The Annual Estimated Gross Yield for September 2023 is reported at the actual annual gross 4 The WAM is higher than the prior year due to longer term purchases. The FOMC lowered interest rates by 50 bp at the September 18, 2024 meeting and further cuts are expected this year. 6 ORANGE COUNTY TREASURER - TAX COLLECTOR
OCTP INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE PERCENT September 30, 2024
Investment Type Credit Quality
0.01% 0.01%
100% 100%
13.36%
90% 90%
80% 80%
21.80%
70% 70%
Percent
60% 60%
50% € 50% 99.99%
40% 40%
Security
64.83% 30%
30%
20% 20%
10% 10%
0% 0%
In Thousands % In Thousands %
_U. S. GOVERNMENT AGENCIES $ 8,977,663 64.83% LUS GOVERNMENT $ 13,847,377 99.99% U.S. TREASURIES 3,019,660 21.80% NR 1,392 0.01%
MONEY MARKET MUTUAL FUNDS 1,850,054 13.36% 13,848,769 100.00% LOCAL AGENCY INVESTMENT FUND 1,392 0.01%
13.848.769 100.00%
23989
00- -M -UC-UU -275-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 1 of 15
ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
MARKET VALUE SUMMARY
Current Period
09/01/24 to 09/30/24
Change: -1,328,537.13
Beginning Market Value $54,629,369.39 $70,000,000
Taxable Interest 137,703.62 $60,000,000
Paid To/For Beneficiaries -1,750,000.00 $50,000,000
Short Term Gains/Losses 36,937.50 $40,000,000
Change in Investment Value 246,821.75 $30,000,000
$20,000,000
Ending Market Value $53,300,832.26
$10,000,000
$0
Beginning Ending
MV MV
$54,629,369.39 $53,300,832.26
10 23989
00--M-UC-UU -275-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 2 of 15
ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
10.60 269,470.89 $5,676,254.76
Cash & Equivalents 5,676,254.76
Taxable Bonds 47,624,577.50 89.40 1,380,900.00
Total Market Value $53,300,832.26 100.00 $1,650,370.89
Taxable Bonds
$47,624,577.50
Fixed Income Summary
Corporate Issues
$4,619,810.00
US Government Issues
$43,004,767.50
11 23989
00--M -UC-UU -275-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 3 of 15
ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 137,703.62
Total Current Period Income $137,703.62
12 23989
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
CASH SUMMARY
Cash
Beginning Cash 09/01/2024 $0.00
Taxable Interest 137,703.62
Paid To/For Beneficiaries -1,750,000.00
Sales 1,500,000.00
Net Money Market Activity 112,296.38
Ending Cash 09/30/2024 $0.00
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 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
5,676,254.760 1.0000 5,676,254.76 5,676,254.76 0.00 10.6 269,470.89 4.75 Total Cash/Money Market $5,676,254.76 $5,676,254.76 $0.00 10.6 $269,470.89 Total Cash & Equivalents $5,676,254.76 $5,676,254.76 $0.00 10.6 $269,470.89 Taxable Bonds
US Government Issues
FHLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 98.8500 3,954,000.00 4,188,112.71 -234,112.71 7.4 60,000.00 1.52 F N MA - 3135G05X7
0.375 08/25/2025
8,700,000.000 96.8650 8,427,255.00 8,645,922.29 -218,667.29 15.8 32,625.00 0.39 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 98.2220 3,928,880.00 3,995,360.00 -66,480.00 7.4 115,000.00 2.93 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 100.9670 2,524,175.00 2,493,800.00 30,375.00 4.7 96,875.00 3.84 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 102.0930 1,531,395.00 1,494,975.00 36,420.00 2.9 61,875.00 4.04 14 23989
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 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 - 3133ЕРH81
4.500 10/04/2027
2,000,000.000 102.4100 2,048,200.00 2,024,580.00 23,620.00 3.8 90,000.00 4.39 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 101.2540 1,012,540.00 999,000.00 13,540.00 1.9 51,250.00 5.06 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 97.1500 607,187.50 625,000.00 -17,812.50 1.1 4,500.00 0.74 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 97.4300 974,300.00 1,000,000.00 -25,700.00 1.8 7,400.00 0.76 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 95.1880 1,903,760.00 2,001,415.36 -97,655.36 3.6 15,000.00 0.79 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 96.5970 4,346,865.00 4,665,690.00 -318,825.00 8.2 84,375.00 1.94 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 101.5320 2,030,640.00 2,006,180.00 24,460.00 3.8 80,000.00 3.94 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.6670 1,006,670.00 1,004,010.00 2,660.00 1.9 51,250.00 5.09 IS Treasury Bond - 912810EV
875 08/15/202
2,000,000.000 102.7600 2,055,200.00 2,104,000.00 -48,800.00 3.9 137,500.00 6.69 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 102.2700 1,534,050.00 1,475,175.00 58,875.00 2.9 61,875.00 4.03 15 23989
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 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 - 91282CJN2
4.375 11/30/2028
2,000,000.000 103.0630 2,061,260.00 2,031,720.00 29,540.00 3.9 87,500.00 4.24 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.9600 999,600.00 992,812.50 6,787.50 1.9 45,000.00 4.50 J S Treasury Note - 91282CJA(
1.625 09/30/2028
1,000,000.000 103.8830 1,038,830.00 1,005,380.00 33,450.00 1.9 46,250.00 4.45 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 101.9960 1,019,960.00 1,008,640.00 11,320.00 1.9 46,250.00 4.53 Total US Government Issues $43,004,767.50 $43,761,772.86 -$757,005.36 80.7 $1,174,525.00 Corporate Issues
American Express Natl BK - 02589AF64
5.000 11/01/2028
250,000.000 105.3800 263,450.00 250,000.00 13,450.00 0.5 12,500.00 4.74 Bank Five Nine Oconomowoc Wis - 062119CD2
C D
4.500 07/28/2028
250,000.000 103.2390 258,097.50 250,000.00 8,097.50 0.5 11,250.00 4.36 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 102.3800 255,950.00 249,875.00 6,075.00 0.5 11,000.00 4.30 Celtic Bk Salt Lake City Utah - 15118RM38
C D
4.600 12/08/2027
250,000.000 102.5430 256,357.50 250,000.00 6,357.50 0.5 11,500.00 4.49 16 23989
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 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 Centier Bk Whitting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 102.3460 255,865.00 250,000.00 5,865.00 0.5 11,750.00 4.59 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 103.0510 257,627.50 250,000.00 7,627.50 0.5 11,125.00 4.32 Discover Bk Greenwood Del - 2546733V6
C D
4.400 04/17/2028
250,000.000 102.4240 256,060.00 249,875.00 6,185.00 0.5 11,000.00 4.30 First Natl Bk Amer East Lans - 32110YK46
4.00 12228/2028
250,000.000 102.8530 257,132.50 250,000.00 7.132.50 0.5 10,750.00 4.18 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 102.3760 255,940.00 250,000.00 5,940.00 0.5 11,375.00 4.44 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 102.8490 257,122.50 250,000.00 7.122.50 0.5 10,750.00 4.18 Sallie Mae Bk Salt Lake City - 795451DH3
C D
4.400 12/13/2028
250,000.000 103.1710 257,927.50 250,000.00 7,927.50 0.5 11,000.00 4.26 Sof Bk Nat Assn Cottonwood H - 83407BBPO
5.450 04/30/2025
250,000.000 100.5500 251,375.00 250,000.00 1,375.00 0.5 13,625.00 5.42 17 23989
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 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 Spiritbank Tulsa Okla - 848608FB6
3950 01/31/2029
250,000.000 101.4670 253,667.50 250,000.00 3,667.50 0.5 9,875.00 3.89 State Bk India Chicago III - 8562834C7
C D
4.600 08/02/2027
250,000.000 102.0960 255,240.00 250,000.00 5,240.00 0.5 11,500.00 4.51 Synchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 105.3840 263,460.00 250,000.00 13,460.00 0.5 12,500.00 4.74 Toyota Finl Svgs Bk Hend Nv - 89235MPR6
4.500 06/28/2029
250,000.000 103.7440 259,360.00 250,000.00 9,360.00 0.5 11,250.00 4.34 Uinta Bk Mtn View - 903572GQ2
C D
3.950 02/14/2029
250,000.000 101.4640 253,660.00 250,000.00 3,660.00 0.5 9,875.00 3.89 Wells Fargo Bank Natl Assn - 949764GT5
CD
5.500 04/24/2025
250,000.000 100.6070 251,517.50 250,000.00 1,517.50 0.5 13,750.00 5.47 Total Corporate Issues $4,619,810.00 $4,499,750.00 $120,060.00 8.7 $206,375.00 Total Taxable Bonds $47,624,577.50 $48,261,522.86 -$636,945.36 89.4 $1,380,900.00 Total Assets $53,300,832.26 $53,937,777.62 -$636,945.36 100.0 $1,650,370.89 Estimated Current Yield 18 3.09
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request.
Estimated Current Yield and Estimated Annual Income are estimates provided for informational purposes only and should not be relied on for making investment, trading, or tax decisions. The estimates may not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the future. 19 23989
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 09/01/2024 $0.00 $55,513,136.50
09/03/24 Asset Income Interest Earned On 838.70
Spiritbank Tulsa C D 3.950% 1/31/2:
0.003355 USD/$1 Pv On 250,000 Par Value Due 8/31/2
09/03/24 Asset Income nterest Earned O 21,843.70
istAn To 024 To 3/3112
09/09/24 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 9/8/24
09/11/24 Asset Income Interest Earned On 42,187.50
F HL B Deb 1.875% 9/11/26
0.009375 USD/$1 Pv On 4,500,000 Par Value Due 9/11/24
09/16/24 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 9/14/24
09/18/24 Cash Disbursement Cash Disbursement -1,000,000.00 09/23/24 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 9/22/24
09/24/24 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 9/24/24
09/26/24 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 9/26/24
09/30/24 Cash Disbursement Cash Disbursement -750,000.00 Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund DDA 09/30/2024
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
09/30/24 Sale Matured 1,500,000 Par Value Of 1,500,000.00 -1,463,062.50 U S Treasury Nt 1.500% 9/30/24
Trade Date 9/30/24
1.500,000 Par Value At 100 %
09/30/24 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 9/28/24
09/30/24 Asset Income Interest Earned On 913.01
First Natl Bk C D 4.300% 12/28/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 9/28/24
09/30/24 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 9/29/24
09/30/24 Asset Income Interest Earned On 11,250.00
US Treasury Nt 1.500% 9/30/24
0.0075 USD/$1 Pv On 1,500,000 Par Value Due 9/30/24
09/30/24 Asset Income Interest Earned On 30,937.50
U S Treasury Nt 4.125% 3/31/29
0.020625 USD/$1 Pv On 1,500,000 Par Value Due 9/30/24
09/30/24 Asset Income terest Earned Or 23,125.00
) S Treasury Nt 4.625% 9/30/2
0.023125 USD/$1 Pv On 1,000,000 Par Value Due 9/30/24
Purchase ombined Purchases For The Period 9/ 1/24 - 9/30/24 C -1,637,703.62 1,637,703.62 irst Am Treas Ob Fd Cl Z
Sale Combine eas05 Fract Period 9/124 - 9/3024 0f 1,750,000.00 -1,750,000.00 Ending Balance 09/30/2024 $0.00 $53,937,777.62
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024
SALE/MATURITY SUMMARY
Settlement Estimated
Date Description Tax Cost Proceeds Gain/Loss
Taxable Bonds
U S Treasury Note
1.500 09/30/2024
912828YH7
09/30/24 Matured 1,500,000 -1,463,062.50 1,500,000.00 36,937.50 Par Value
Trade Date 9/30/24
1,500,000 Par Value At 100%
Total Taxable Bonds -$1,463,062.50 $1,500,000.00 $36,937.50 Total Sales & Maturities -$1,463,062.50 $1,500,000.00 $36,937.50
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Short-Term Gain (Loss): $145,566.88 Estimates should not be used for tax purposes
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 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 1,000,000.00 999,600.00 2.10
2025 18,825,000.00 18,540,045.00 38.93
2026 7,500,000.00 7,270,585.00 15.27
2027 7,000,000.00 7,000,482.50 14.70
2028 7,250,000.00 7,457,557.50 15.66
2029 6,250,000.00 6,356,307.50 13.34
Total of Category $47,825,000.00 $47,624,577.50 100.00
MOODY'S RATING
Aaa 43,325,000.00 43,004,767.50 90.30
N/A 1,750,000.00 1,791,977.50 3.76
NOT RATED 2,750,000.00 2,827,832.50 5.94
Total of Category $47,825,000.00 $47,624,577.50 100.00
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ACCOUNT NUMBER: 6736304200 September 1, 2024 to September 30, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 34,825,000.00 34,295,867.50 72.01
N/A 8,500,000.00 8,708,900.00 18.29
NOT RATED 4,500,000.00 4,619,810.00 9.70
Total of Category $47,825,000.00 $47,624,577.50 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 24 PARS PUBLIC AGENCY
• RETIREMENT SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 9/1/2024 to 9/30/2024 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of Balance as
9/1/2024 Contributions Earnings Expenses Distributions Transfers /30/202 Source
PENSION $2,277.686.64 $0.00 $39,854.08 $1,106.97 $0.00 $0.00 $2.316.433.75 -
Totals $2.277,686.64 $0.00 $39,854.08 $1,106.97 $0.00 $0,00 $2.316,433.75 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
1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date Source
PENSION 1.75% 6.42% 19.69% 2.83% 5/26/2020
Infermation 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 refiect 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 Adminustration, 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