CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: December 17, 2024
SUBJECT: Investment Report as of October 31, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of October 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, f, 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 equity markets continue to produce strong gains, with the S&P 500 now approaching 6,100 points in early December. The bond market is on a different trajectory, however.
Since an initial increase to a 4.30% yield after the election results, the five-year Treasury rate has steadily retreated since November 22nd and is currently just above a 4.0% yield.
With the last FOMC meeting taking place on December 18th , the CME FedWatch tool is projecting a nearly 90% chance the Fed reduces the target rate by another 25 basis points to 4.25-4.50%. The Bureau of Labor Statistics released the November jobs report on December 6*, showing the country added 227,000 new jobs in November, but the unemployment rate increased by 0.1% to 4.2%. These figures reinforced the markets view that the Fed would decide on a 25-basis point cut in two weeks, but also strengthen the belief that the pace of rate cuts in 2025 will be less aggressive than once assumed.
In fact, at the New York Times' DealBook summit this past week, Federal Reserve Chairman Jerome Powell seemed to temper rate cut expectations leading into 2025. He said that because the economy is stronger than originally thought, "we can afford to be a little more cautious".
Despite the recent reduction in the bond market, the current 5-year Treasury yield of
4.04% is still near the highs for the year, and the highs of the past 20 years, as can be seen from the charts below:
1D 50 1M 3M TYTD 1Y 5Y ALL
1W - Display Studies +
+ Comparison
4.041
3.00 2.00
1.00 Jul 2021 Jul 2022 Jul 2023 Jul 2024 Jul
5D 1M 3M 6M YTD 5Y ALL
+ Comparison IM Dispiay - Studies
- 7,50
5,00
~ 0430
2.50 0.00
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 Source: CNBC
The charts show that these next several months should be a great time to buy additional securities. And this comes at an excellent time for the City. Based on the County of Orange Fiscal Year 2024-2025 Property Tax Apportionment Schedule, included below, the City should receive over $10.0 million before the end of the calendar year and another $4.0 million in January.
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 Lev
1 11/05/2024 11/07/2024 10/25/2024 7% - 10%
11/25/2024 11/27/2024 5% - 10%
12/17/2024 12/19/2024 30% - 35%
01/07/2025 01/09/2025 1% - 5%
03/11/2025 03/13/2025 5% - 7%
04/15/2025 04/17/2025 30% - 35%
05/13/2025 05/15/2025 05/02/2025 1% - 5%
8 07/14/2025 07/16/2025 1% - 2%
In addition, the City has another $14.5 million of lower earning investments maturing in 2025. The average weighted yield of those investments is 0.49%. It is very likely that interest rates will be significantly higher than 0.49%, so the portfolio's yield should receive a boost due to these factors.
The City strategically purchased its first ten-year Treasury in the month of November. The $1 million note expires in August 2034 and was purchased with a 4% yield, which is near the highest rate level since 2004, providing approximately $400,000 in interest to the City over the life of the investment.
The following table compares the portfolio balance as of October 2024 to September 2024.
Portfolio Balance September 2024 October 2024 Difference Balance $59,092,243 $56,019,199 ($3,073,044)
• Over the past month, the City's total cash and investments experienced a net decrease of $3,073,044. 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 0.33%. 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 749 days. The City purchased the ten-year Treasury Note and another five-year Treasury Note this past month, resulting in the increase 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 decreased from 4.579% to 4.518%. The net yield of OCIP decreased from 4.508% to 4.401%. The net yield for the First American money market funds in the City's custodian account decreased from 4.750% to
4.690%. This is the first month each of the money market, OCIP and LAIF rates all decreased in this rate cycle. This is also the closest spread noticed between the money market and the pooled accounts this cycle. 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 - 10/2019 through 10/2024
6.00%
5.00%
4.00% — S&P GIP
3.00% - - - - Fed Funds
2.00%
1.00%
0.00%
10/2019 1/2020 4/2020 7/2020 7/2022 10/2022 1/2023 4/2023 7/2023 Fed Funds 5.300% • The average weighted yield of City investments, including investment pools and money market, decreased from 3.002% to 2.867%. The decrease is in part due to the reductions in the money market yield and pooled investment accounts, but also due to the Treasuries purchased this month and the overall cash spend down. However, the purchases put the City in a strong position moving forward, and when the City receives property tax funds, those funds will be invested in high yield securities. 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
2.867% 4.150% 4.270% 4.430% 4.401% 4.518%
The monthly Investment Report as of October 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 October 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.
lanter fre
Letourneal Trevor Agrelius
Finance Director
Attachment:
A. Monthly Investment Report as of October 31, 2024
ATTACHMENT A
Investment Report as of October 31, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
October 31, 2024
Camara S. Letourneal
CITY MANAGEI
Trevor Agrelius
FINANCE DIRECTOR
December 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 10-24
PARS Statement 25
City of Laguna Niguel
Statement of Compliance/Non-Compliance with the City's Investment Policy The undersigned officers of the City of Laguna Niguel hereby certify that:
As of October 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.
Auti hate for., To An
Camara S Trevor Agrelius
Lity Manage Finance Director
City of Laguna Niguel
Summary of Cash and investments
10/31/2024
Purchased Percent of Market
Description Yield Cost Portfolio Value
Petty Cash/Change Drawers $ 2,500.00 0.00% $ 2,500.00
US Bank Checking & Investment Accounts 4.447% 2,728,665.77 4.87% 2,728,665.77 US Bank Money Market 4.690% 2,889,794.47 5.16% 2,889,794.47 Local Agency Investment Fund 4.518% 105,399.23 0.19% 105,399.23 Orange County Investment Pool 4.401% 79,727.12 0.14% 79,727.12 US Treasury Note: 15.38% N/A
91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 999,810.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,043,960.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,008,910.00 91282CIA0 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,016,410.00 91282CIN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,015,400.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,497,540.00 91282CFJ5 10/24/2024 8/31/2029 3.125% 4.000% 961,730.00 954,610.00 91282CLF6 10/9/2024 8/15/2034 3.875% 4.000% 989,860.00 967,500.00 Certificates of Deposit: 8.03%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 251,265.00 83407DBP0 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 251,217.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 254,737.50 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 254,127.50 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 254,800.00 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 254,422.50 05580AY24 7/18/2023 4/14/2028 4,400% 4.408% 249,875.00 253,702.50 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 253,795.00 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 254,542.50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 254,985.00 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000.00 259,800.00 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 259,810.00 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 254,412.50 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 253,582.50 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 253,590.00 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 250,240.00 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 250,202.50 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00 255,815.00 Federal Home Loan Mortgage Corporation:
3137EAEP0 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 3,966,560.00 Federal National Mortgage Association:
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 8,423,427.00 Federal Farm Credit Banks: 19.65%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 1,007,720.00 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,882,480.00 3133ENVD9
3133EPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 2,017,160.00 3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800.00 2,467,925.00 3133EP389 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 1,494,780.00 Federal Home Loan Banks: 20.18% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,004,980.00 3130AJTF6 7/14/2025 0.740% 0.740% 1,000,000.00 974,700.00 7/14/2020
3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 608,625.00 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,893,040.00 3130A8XY4 10/18/2021 9/11/2026 1.875 1.100% 4,665,690.00 4,312,980.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 1,986,760.00
62.74% 60.00%
Total City Investments Including Investment Pools 3 56,019,199.45 96.52% 3 54,926,411.09 Restricted for Specific Use $ 2,275,128.32
PARS 115 Pension Trust $ 2,000,000.00 20.00%
836 days
Average weighted maturity of vestments exuding investment Pols and Money Market: 749 days
2.671%
Average weighted yeld of investments, excluding investment Pois and Money Market: 2.867% •*Although the Federal Agency securities represent over 60% of the portfolio, the Ca. Government Code states that the City is in compliance with its investment policy as the percentage limit applies at the time of purchase. The recent cash spenddown has reduced the funds in the money market account, thus causing the federal agency securities to encompass a larger share of the overall portfolio.
2 12/5/24, 4:17 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, cPA
Local Agency Investment Fund December 05, 2024
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly.
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Iran Type Definitions
Account Number: 98-30-408
October 2024 Statement
Web
Effective Transaction Type Tran Confirm Confirm
Date Date Number Number Authorized Caller Amount
10/15/2024 10/14/2024 ORD 1762261 N/A SYSTEM 1,235.27
Account Summary
Total Deposit: 1,235.27 Beginning Balance: 104,163.96
Total Withdrawal: 0.00 Ending Balance: 105,399.23
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 PMIA/LAIF Performance Report
as of 12/04/24 HAT LOHT TO
Quarterly Performance PMIA Average Monthly
Quarter Ended 09/30/24 Effective Yields!)
LAIF Apportionment Rate?: 4.71 November 4.477
LAIF Earnings Ratio) 0.00012912073474208 October 4.518
0.26 September 4.575
1.002061084 August 4.579
4.58 July 4.516
4.56 June 4.480
231
Pooled Money Investment Account
Monthly Portfolio Composition (1)
10/31/24
$155.9 billion
Corporate
Commercial Bonds
Paper 0.59%
Time 7.06%_ Loans
Deposits .0.12%
3.38%
Certificates of
Deposit/Bank Notes
9.40%
Treasuries
53.92%
Agencies /
25.53%
Chart does not include $1,290,000.00 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 tes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 208 (1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288( 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:
Lisat of atoms, rice of the ratuler.
State of California
Pooled Money Investment Account
Market Valuation
10/31/2024
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills $ 32,880,087,469.34 $ 33,209.972,758.50 NA
Notes $ 51,186,320,513.47 $ 51,146,166,820.00 $ 446,045,364.45 Federal Agency:
SBA 228,608,046.51 $ 231,963,177.14 1.272 07212 8 1.106,822.11 MBS-REMICS $ 1,289,555.20 $ 5,625.58
Debentures 7.976.077.761.97 7,956.721,050.00 58,558.711.95 Debentures FR $ $
Debentures CL 2,100,000,000.00 2.101,528,500.00 $ 10,225,250.00 Discount Notes $ 26.411,859,972.15 26,761.597,600.00 NA Supranational Debentures $ 3.095.143,614.33 3,079,091,500.00 $ 24.723.206.05 Supranational Debentures FR $ $ -
CDs and YCDs FR $ - $ - $
Bank Notes
CDs and YCDs 14,650,000,000.00 14.655,477,794.91 217,034,631.99 Commercial Paper $ 11.009,054,666.67 11,138,780,180.59 NA Corporate:
Bonds FR
Bonds 918.470.924.34 909,016,955.00 $ 6,994,443.39
Repurchase Agreements $
Reverse Repurchase $ $ $
Time Deposits 5,268,500,000.00 $ 5,268,500,000.00 NA
PMIA & GF Loans 194,249,000.00 $ 194,249,000.00 NA
TOTAL $ 155,919,661,523.98 I$ 156.654.337.368.86 $ 764.694.055.52 Fair Value Including Accrued Interest $ 157,419,031,424.38 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 5 COUNTY OF ORANGE
OFFICE OF THE TREASURER-TAX COLLECTOR OMING COUNT
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
SANTA ANA, CA 92702-451!
LIFORN
octreasurer.gov/publicfunds
October 31, 2024
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
OCTOBER 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
10/01/2024 September 2024 Investment Admin Fee (3.29)
10/21/2024 July 2024 Interest Paid 294.42
Summary
Total Deposit: $ 294.42 Beginning Balance: $ 79,435.99
Total Withdrawal: $ (3.29) Ending Balance: $ 79,727.12
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: OCTOBER 31, 2024
OCT INVESTMENT STATISTICS 12
aily Yield MONTHLY Current NAV
DESCRIPTION CURRENT BALANCES Duration 10/31/20: Gross Yield Market Value!) s 14,221,816,165
Orange County Treasurer's Pool (OCTP) Cost (Capital S 14,163,051,203 0.86 4.401% 4.317% 1.0005 Monthly Avg Balance S 13,861,987,952
Book Value S 14,214.506,020
SPECIFIC INVESTMENT ACCOUNTS STATISTICS I
CURRENT BALANCE Fund MONTHLY MARKET Value!?! Book Value Current NAV DESCRIPTION Gross Yiel
Pension Prepayment-CEO (PP-CEO) Market Values) $ 543,361,800 Pp-CEO 5.105% 509,948,201 508,039,628 1.0038 Fountain Valley School District Fund 40 (FVSD) Cost (Capital) S 532,390,205 FVSD 2.899% 33,413,599 33,836,767 0.9875 Monthly Avg Balance 1 532,390,205
Book Value ! 541,876,395
BOND PROCEEDS ACCOUNT STATISTICS ")
CURRENT BALANCE Fund MONTHL MARKET Value 3) Book Value Current NAV DESCRIPTION ross Yie
CCCD Series 2017E Bonds (CCCD) Market Value) $ 22,916,513 CCCD 3.079% 22,916,513 24,223,518 0.9460 Cost (Capital) $ 25,246,662
Monthly Avg Balance S 25,246,963
Book Value S 24,223,518
OCIF TOTALS
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCT Investments at Cost 14,163,051,203 OCTP 209,872,790 OCT Cash 34,908,190 OCIP 89,132,310
OCEIP 120,740,480
Specific Investment Accounts at Cost 532,390,205 Specific Investment Accounts 8,910,471 Bond Proceeds Account at Cost 25,246,662 Bond Proceeds Account 272,285 Total Assets in the County Treasury 14,755.596.260 | Total OCIF Year-To-Date Eamings 219,055,546
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCT - YTD NET YIELD 4.330% 337
90-DAY T-BILL YIELD - YTD AVERAGE 5.096% LGIP (Standard & Poors) 33 1) Reported in compliance with the 2024 IPS Section XlI that requires at least quarterly reporting per Government Code Section (GCS) 53641 and 27134, and GCS 53607 which requires monthiy investmen 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 Norther 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
OCTOBER 2024 SEPTEMBER 2024 NET CHANGE % OCTOBER 2023 (DECREASE) NET CHANGE % (DECREASE)
End Of Month Market Value' $ 14,221,816,165 $ 13,848,769,435 $ 373,046,730 2.69% 5 14,083,265,318 138,550,847 0.98% End Of Month Book Value $ 14,214,506,020 $ 13,786,357,297 $ 428,148,723 3.11% $ 14,227,647,869 (13,141,849) -0.09% Monthly Average Balance $ 13,861,987,952 $ 13,722,806,072 $ 139,181,880 1.01% $ 13,730,502,612 131,485,340 0.96% Year-To-Date Average Balance $ 14,060,435,362 $ 14,126,584,499 $ (66,149,137) -0.47% $ 13,806,750,004 253,685,358 1.84% Monthly Accrued Earnings $ 51,434,198 $ 50,850,472 $ 583,726 1.15% $ 48,493,086 2,941,112 6.07% Monthly Net Yield 4.267% 4.410% -0.143% -3.24% 4.071% 0.196% 4.81% Year-To-Date Net Yield? 4.330% 4.350% -0.020% -0.46% 3.920% 0.410% 10.46% Annual Estimated Gross Yield? 3.500% 3.500% 0.000% 0.00% 4.280% -0.780% -18.22% Weighted Average Maturity (WAM)* 337 363 (26) -7.16% 272 65 23.90% 1 Market values provided by Norther Trust and exclude accrued interest. 2 The current Year-To-Date Net Yield was higher than the prior year due to the current portfolio's investments earning higher overall yields than the prior year. 3 The forecast for the OCTP gross yield for FY 24-25 of 3.50% is lower than the prior year actual primarily due to the Fed cutting short-term interest rates in Soptember and November by 75 basis points and pricing in additional cuts in FY 24-25. The Annual Estimated Gross Yield for October 2023 is reported at the actual annual gross yields for FY 23-24. 4 The WAM is higher than the prior year due to longer term purchases due to Fed discontinuing rate hikes in anticipation of rate cuts.
ORANGE COUNTY TREASURER'S POOL
INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE
October 31, 2024
Investment Type Credit Quality
0.01% 0.01%
100% 100%
7.70%
90% 90%
80% 24.61% 80%
70% 70%
I CO
60%
50% 50% 99.99%
40% 40%
67.68%
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands In Thousands %
•U.S. GOVERNMENT AGENCIES $ 9,625,303 67.68% LUS GOVERNMENT $ 14,220,408 99.99% U.S. TREASURIES 3,500,311 24.61% NR 1,408 0.01%
MONEY MARKET MUTUAL FUNDS 1,094,794 7.70% $ 14.221.816 100.00% LOCAL AGENCY INVESTMENT FUND 1,408 0.01%
14.221.816 100.00%
9 20639
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0220657-00-04007-04
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024
MARKET VALUE SUMMARY
Current Period
10/01/24 to 10/31/24
Change: -1,290,713.29
Beginning Market Value $53,300,832.26 $60,000,000
Taxable Interest 165,129.71 $50,000,000
Paid To/For Beneficiaries -1,000,000.00
$40,000,000
Change in Investment Value -455,843.00
$30,000,000
Ending Market Value $52,010,118.97 $20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$53,300,832.26 $52,010,118.97
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024
ASSET SUMMARY
Current Perio % of Estimated
Assets Market Valu Total Annual Income
Cash & Equiv
$2,889,794.47
Cash & Equivalents 2,889,794.47 5.60 135,447.87
Taxable Bonds 49,120,324.50 94.40 1,450,900.00
Total Market Value $52,010,118.97 100.00 $1,586,347.87
Taxable Bonds
$49,120,324.50
Fixed Income Summary
Corporate Issues
$4,575,047.50
US Government Issues
$44,545,277.00
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 165,129.71
Total Current Period Income $165,129.71
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024
CASH SUMMARY
Cash
Beginning Cash 10/01/2024 $0.00
Taxable Interest 165,129.71
Paid To/For Beneficiaries -1,000,000.00
Purchases -1,951,590.00
Net Money Market Activity 2,786,460.29
Ending Cash 10/31/2024 $0.00
13 20639
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 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
2,889,794.470 1.0000 2,889,794.47 2,889,794.47 0.00 5.6 135,447.87 4.69 Total Cash/Money Market $2,889,794.47 $2,889,794.47 $0.00 5.6 $135,447.87 Total Cash & Equivalents $2,889,794.47 $2,889,794.47 $0.00 5.6 $135,447.87 Taxable Bonds
US Government Issues
• HLMC - 3137EAEPI
.500 02/12/202:
4,000,000.000 99.1640 3,966,560.00 4,188,112.71 - 221,552.71 7.6 60,000.00 1.51 F N MA - 3135G05X7
0.375 08/25/2025
8,700,000.000 96.8210 8,423,427.00 8,645,922.29 -222,495.29 16.2 32,625.00 0.39 -ederal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 97.0620 3,882,480.00 3,995,360.00 -112,880.00 7.5 115,000.00 2.96 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 98.7170 2,467,925.00 2,493,800.00 -25,875.00 4.7 96,875.00 3.92 Federal Farm Credit Bks - 3133ЕР3B9
4.125 02/13/2029
1,500,000.000 99.6520 1,494,780.00 1,494,975.00 -195.00 2.9 61,875.00 4.14 14 20639
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 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
2,000,000.000 100.8580 2,017,160.00 2,024,580.00 -7,420.00 3.9 90,000.00 4.46 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.7720 1,007,720.00 999,000.00 8,720.00 1.9 51,250.00 5.09 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 97.3800 608,625.00 625,000.00 -16,375.00 1.2 4,500.00 0.74 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 97.4700 974,700.00 1,000,000.00 -25,300.00 1.9 7,400.00 0.76 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 94.6520 1,893,040.00 2,001,415.36 -108,375.36 3.6 15,000.00 0.79 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 95.8440 4,312,980.00 4,665,690.00 -352,710.00 8.3 84,375.00 1.96 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 99.3380 1,986,760.00 2,006, 180.00 -19,420.00 3.8 80,000.00 4.03 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.4980 1,004,980.00 1,004,010.00 970.00 1.9 51,250.00 5.10 U S Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 102.1980 2,043,960.00 2,104,000.00 -60,040.00 3.9 137,500.00 6.73 U S Treasury Note - 91282CFJ5
3.125 08/31/2029
1,000,000.000 95.4610 954,610.00 961,730.00 -7,120.00 1.8 31,250.00 3.27 15 20639
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CITY OF LAGUNA NIGUEL Page 7 of 15
ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 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 - 91282CLF6
3.875 08/15/2034
1,000,000.000 96.7500 967,500.00 989,860.00 -22,360.00 1.9 38,750.00 4.00 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 99.8360 1,497,540.00 1,475,175.00 22,365.00 2.9 61,875.00 4.13 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 100.7700 2,015,400.00 2,031,720.00 -16,320.00 3.9 87,500.00 4,34 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 99.9810 999,810.00 992,812.50 6,997.50 1.9 45,000.00 4.50 U S Treasury Note - 91282CJA0
4.625 09/30/2028
1,000,000.000 101.6410 1,016,410.00 1,005,380.00 11,030.00 2.0 46,250.00 4.55 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 100.8910 1,008,910.00 1,008,640.00 270.00 1.9 46,250.00 4.58 Total US Government Issues $44,545,277.00 $45,713,362.86 -$1,168,085.86 85.6 $1,244,525.00 Corporate Issues
Comerican Express Nal BK - 02589AF64
5.000 11/01/2028
250,000.000 103.9200 259,800.00 250,000.00 9,800.00 0.5 12,500.00 4.81 Bank Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 101.9940 254,985.00 250,000.00 4,985.00 0.5 11,250.00 4.41 16 20639
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CITY OF LAGUNA NIGUEL Page 8 of 15
ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 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 Bmw Bk North Amer Salt Lake City - 05580AY24
C D
4.400 04/14/2028
250,000.000 101.4810 253,702.50 249,875.00 3,827.50 0.5 11,000.00 4.34 Celtic Bk Salt Lake City Utah - 15118RM38
CD
4.600 12/08/2027
250,000.000 101.9200 254,800.00 250,000.00 4,800.00 0.5 11,500.00 4.51 Centier Bk Whitting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 101.8950 254,737.50 250,000.00 4,737.50 0.5 11,750.00 4.61 Comenity Cap BK Draper - 20033A4/2
4.450 07/26/2028
250,000.000 101.8170 254,542.50 250,000.00 4,542.50 0.5 11,125.00 4.37 Discover Bk Greenwood Del - 2546733V6
C D
4.400 04/17/2028
250,000.000 101.5180 253,795.00 249,875.00 3,920.00 0.5 11,000.00 4.33 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 101.4360 253,590.00 250,000.00 3,590.00 0.5 10,750.00 4.24 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 101.7690 254,422.50 250.000.00 4,422.50 0.5 11,375.00 4.47 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 101.4330 253,582.50 250,000.00 3,582.50 0.5 10,750.00 4.24 17 20639
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CITY OF LAGUNA NIGUEL Page 9 of 15
ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 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 Sallie Mae Bk Salt Lake City - 795451DH3
CD
4.400 12/13/2028
250,000.000 101.7650 254,412.50 250,000.00 4,412.50 0.5 11,000.00 4.32 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
5.450 04/30/2025
250,000.000 100.4870 251,217.50 250,000.00 1,217.50 0.5 13,625.00 5.42 Spiritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 100.0960 250,240.00 250,000.00 240.00 0.5 9,875.00 3.95 State Bk India Chicago III - 8562834C7
4.600 08/02/2027
250,000.000 101.6510 254,127.50 250,000.00 4,127.50 0.5 11,500.00 4.52 Ssnchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 103.9240 259,810.00 250,000.00 9,810.00 0.5 12,500.00 4.81 Toyota Finl Sugs BK Hend Nv - 89235MPR6
4.500 06/28/2029
250,000.000 102.3260 255,815.00 250,000.00 5,815.00 0.5 11,250.00 4.40 Uinta Bk Mtn View - 903572GQ2
CD
3.950 02/14/2029
250,000.000 100.0810 250,202.50 250,000.00 202.50 0.5 9,875.00 3.95 18 20639
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CITY OF LAGUNA NIGUEL Page 10 of 15
ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 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
5.500 04/24/2025
250,000.000 100.5060 251,265.00 250,000.00 1,265.00 0.5 13,750.00 5.47 Total Corporate Issues $4,575,047.50 $4,499,750.00 $75,297.50 8.8 $206,375.00 Total Taxable Bonds $49,120,324.50 $50,213,112.86 -$1,092,788.36 94.4 $1,450,900.00 Total Assets $52,010,118.97 $53,102,907.33 -$1,092,788.36 100.0 $1,586,347.87 Estimated Current Yield 3.05
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. may not represent the al alue an ely your estent and hey prefer guaranter rat our werent may are the tracking vestment, rain, or a eins. The stimates 19 20639
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 10/01/2024 $0.00 $53,937,777.62
10/01/24 Asset Income Interest Earned On 22,264.60
First Am Treas Ob Fa CIZ
interest From 9/1/24 To 9/30/24
10/04/24 Asset Income terest Earned O 45,000.00
, 522 USDIS PV On 2,00,00 Par Value Due 101412
10/08/24 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 10/8/24
10/09/24 Purchase Purchased 1,000,000 Par Value Of -989,860.00 989,860.00 U S Treasury Nt 4.125% 8/15/34
Trade Date 10/8/24
urchased Through Cantor Fitzgerald & C
000,000 Par Value At 98.9869
10/09/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -5,791.44 U S Treasury Nt 4.125% 8/15/34
Income Debit 5,791.44- USD
10/15/24 Asset Income Interest Earned On 5,515.07
Bmw Bk North C D 4.400% 4/14/28
0.02206 USD/$1 Pv On 250,000 Par Value Due 10/14/24
10/15/24 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 10/14/24
10/21/24 Asset Income Interest Earned On 5,515.07
Discover Bk C D 4.400% 4/17/28
0.02206 USD/$1 Pv On 250,000 Par Value Due 10/19/24
10/21/24 Asset Income Interest Earned On 25,625.00
FF CB Deb 5.125% 10/20/25
0.025625 USD/$1 Pv On 1,000,000 Par Value Due 10/20/24
10/22/24 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 10/22/24
20 20639
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
10/24/24 Cash Disbursement aid To cly of Laguna Nigu -1,000,000.00 • Fund DOA 1072412022
10/24/24 Purchase 5 Treasury IN 3125% Bal ° -961,730.00 961,730.00 rade Date 10/23/24
urchased Through Cantor Fitzgerald & Co
000,000 Par Value At 96.173
10/24/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -4,661.60 U S Treasury Nt 3.125% 8/31/29
Income Debit 4 661.60-USD
10/24/24 Asset Income Interest Earned On 1,130.14
Wells Fargo C D 5.500% 4/24/25
0.004521 USD/$1 Pv On 250,000 Par Value Due 10/24/24
10/28/24 Asset Income Interest Earned On 914.38
omenity Cap Bk C D 4.450% 7/26/2
003658 USD/$1 Pv On 250,000 Par Value Due 10/26/
10/28/24 Asset Income Interest Earned On 57,500.00
F F C B 2.875% 4/26/27
0.014375 USD/$1 Pv On 4,000,000 Par Value Due 10/26/24
10/28/24 Asset Income Interest Earned On 924.66
Bank Five Nine C D 4.500% 7/28/28
0.003699 USD/$1 Pv On 250,000 Par Value Due 10/28/24
10/28/24 Asset Income Interest Earned On 883.56
First Natl Bk CD 4.300% 12/28/28
0.003534 USD/$1 Pv On 250,000 Par Value Due 10/28/24
10/30/24 Asset Income Interest Earned On 6,831.16
Sofi Bk Natl C D 5.450% 4/30/25
0.027325 USD/$1 Pv On 250,000 Par Value Due 10/30/24
10/31/24 Asset Income Interest Earned On 838.70
Soba Tubs 056 130 Par alue Due 10/3124
Purchase Combined Purchases For The Period 10/ 1/24 - 10/31/24 Of -174,452.61 174,452.61 First Am Treas Ob Fd CI Z
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
Sale Fis Am Treas 05 FaCi eriod 101 124-10/3124 0f 2,960,912.90 -2,960,912.90 Ending Balance 10/31/2024 $0.00 $53,102,907.33
22 20639
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ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024
BOND SUMMARY
50%|
40%
30%
20%
10%
0% - T 2030 2031 2032 2033 2034
2024 2025 2026 2027 2028 2029
2038
Percentage of
Par Value Market Value Category
MATURITY
2024 1,000,000.00 999,810.00 2.04
2025 18,825,000.00 18,532,454.50 37.73
2026 7,214,930.00 14.69
2027 14.09
2028 14.90
2029 14.59
2030 0.00
2031 0.00 0.00
2032 0.00 0.00
2033 0.00 0.00 0.00
2034 - 2038 1,000,000.00 967,500.00
Total of Category $49,825,000.00 $49,120,324.50 100.00
MOODY'S RATING
Aaa 45,325,000.00 44,545,277.00 90.69
N/A 23 1,750,000.00 1,771,822.50 3.61
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CITY OF LAGUNA NIGUEL Page 15 of 15
ACCOUNT NUMBER: 6736304200 October 1, 2024 to October 31, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
NOT RATED 2,750,000.00 2,803,225.00 5.70
Total of Category $49,825,000.00 $49,120,324.50 100.00
S&P RATING
AA+ 34,825,000.00 34,041,137.00 69.30
N/A 10,500,000.00 10,504,140.00 21.38
NOT RATED 4,500,000.00 4,575,047.50 9.32
Total of Category $49,825,000.00 $49,120,324.50 100.00
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 10/1/2024 to 10/31/2024 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel. CA 92677
Account Summary
Balance as of alance as
Source 10/1/2024 Contributions Earnings Expenses Distributions Transfers 0/31/202 PENSION $2,316,433.75 $0.00 -$40,179.91 $1,125.52 $0.00 $0.00 $2.275,128.32 Totals S2,316,433.75 50.00 -S40,179.91 $1,125,52 $0.00 $0.00 S2.275.128.32 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 significant PENSION portion of total return, although growth through capital appreciation is equally important, The portfolio will be allocated between equity and fixed income investments Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date PENSION -1.73% 1.68% 20.02% 1.72% 5/26/2020
Information as provided by US Bank, Trustee for PARS: Not FDIC Insured: No Bank Guarantee, May Lose Value Past performance does not guarantee future results Performance returns may not reflect the deduction of applicable fees, which could reduce returns Information is deemed reliable but may be subject to change Investment Return Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return Account balances are inclusive of Trust Administration. Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave, Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949 2501250 wwwpars.org 25