CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: January 21, 2025
SUBJECT: Investment Report as of November 30, 2024
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of November 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
2025 is going to be an important year for the City of Laguna Niguel's Investment portfolio.
In total, the City has $18.8 million in securities maturing in 2025. $14.5 million of that amount was purchased in 2021 or earlier, prior to the time the Federal Reserve began increasing interest rates, and is yielding just 0.49%. According to the CME Group FedWatch Tool (image on the next page), there is a greater than 99% chance that the Fed Funds rate will be at least 3.50% in October 2025, which is the date the last of that $14.5 million matures. The City will be able to reinvest those funds into the market at a return that is 7x higher than it is currently, which will serve to bolster the entire portfolio.
Both the 5-year and 10-year Treasury rates remain near 20-year highs, so although they still could move higher, this is a great time to have so much liquidity available to re-enter the market.
FedNetch Tooli
Target Rate 29 Jan25 19 Mar25 7 May25 10 dun25 30J/25 1756p25 290112510D4c2s
MEETING INFORUATION PROBABILTES
Congare
MEETING DATE CONTRACT EXPIRES MO PRICE PRIOR VOLUME PREOR ON EASE NO CHUNGE Probabilse 32.0% 00%
17 Sop 2025 Zaus 30 Sep 2025 95 9025 1924 1SA52 690%
Apregned
TARGET RATE PROBABILITIES FOR 17 SEP 2025 FED MEETING
Historical
Current target rate is 425-450
Matercal
100%
Downicade
But Plot 30%
Chant
Tabie
Tools 60%
SOR Watch Probablity
41,9%
ESTR Wach 40%
32.0%
20.6%
20%
4.9%
0.6%
350-375 375-400 400-425 425-850
523-550
Target Rate (in bps)
Source: CME FedWatch Tool
In addition to the maturities occurring in 2025, based on the apportionment schedule below, the City expects to receive over $15.0 million in property taxes between January 2025 and April 2025. Those funds will also be invested to take advantage of these elevated rates.
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%
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 made strategic decisions like adding the provision to permit investment in Treasuries up to 10 years for the economic uncertainty reserve. These decisions provide significant flexibility and opportunity. For example, the City has already taken advantage of the recent uptick in the 10-year Treasury rates. In December and January, the City purchased $7.5 million of 10-year Treasury notes, with an average yield of over 4.40%.
Based on the most recent Federal Reserve dot plot on the next page, the Fed Funds rate is expected to decrease to approximately 3.0% in December 2027. If those projections hold true, the City will be earning 4.40% on that $7.5 million through 2034! Given the projections provided by the Federal Reserve, the City is in a strong position going into the future.
Figure 1: December 2024 Fed Dot Plot Showing Projected Target Range of Fed Funds Rate Yearend Yearend Yearend Yearend
Sep 17, 2024 2024 2025 2026 2027
Fed Funds Median: Median: Median: Median:
Target 4.25-4.50% 3.75-4.00% 3.25-3.50% 3.00-3.25%
6.0%
5.5%
5.25-5.50%
100 5.0%
bps
0000
4.5%
•
000 4.0%
0000000000 e0
000
3.5%
• •
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2024 2025 2026 2027
Source: December 18, 2024 FOMC Summary of Economic Projections and Bondsawy calculations.
The following table compares the portfolio balance as of November 2024 to October 2024.
Portfolio Balance October 2024 November 2024 Difference Balance $56,019,199 $58,277,925 $2,258,726
• Over the past month, the City's total cash and investments experienced a net increase of $2,258,726. The City received its first allotment from the County of Orange for property taxes in November and should receive nearly $29.0 million from November to May. As a result, the City's total cash and investments balances typically increases on a month-over-month basis at this time of year. • The percentage of pooled investments decreased to 0.32%. In the month of November, the City did not move any funds into the pooled accounts, but the decrease was the result of an increase in the overall size of the portfolio, as the pools now hold a smaller 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 783 days. With the City focusing on longer- term investments, the average weighted maturity should continue to increase over the next several months. 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 4.518% to 4.477%. The net yield of OCIP decreased from 4.401% to 4.348%. The net yield for the First American money market funds in the City's custodian account decreased from 4.690% to
4.510%. This is the second consecutive month each of the money market, OCIP and LAIF rates all decreased in this rate cycle. The spread between the Fed Funds rate and the PMIA/LAIF rate is also the closest it's been since 2022, as can be seen below.
Average Monthly Yield Comparison - 11/2019 through 11/2024
6.00%
500% - PHIA
100% - S&P GIP
3.00% - -- Fed Funds
2.00%
1.00%
November Yields
0.00% PHIA 4477%
S&P GIP 5.010%
11/2019 2/2020 5/2020 8/2020 11/2020 22021 5/2021 8/2021 50022 8/2022 11/2022 2/2023 5/2023 8/2023 11/2023 2/2024 5/2024 8/2024 11/2024 Fed Funds 4.616% • The average weighted yield of City investments, including investment pools and money market, increased from 2.867% to 2.895%. The increase mostly due to an increase in the overall portfolio, as the money market accounts and longer- term securities are yielding close to 4.50% on average. 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 • 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
2.895% 4.050% 4.300% 4.420% 4.348% 4.477%
The monthly Investment Report as of November 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 November 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.
Lamara SOSetowneau
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachment:
A. Monthly Investment Report as of November 30, 2024
ATTACHMENT A
Investment Report as of November 30, 2024
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
November 30, 2024
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
January 21, 2025
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 10-23
PARS Statement 24
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 November 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.
Samar Setonsean In h
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
City of Laguna Niguel
Summary of Cash and Investments
11/30/2024
Maturity Coupon Purchased Market
Description Date Rate Yield Cost Value
Petty Cash/Change Drawers 2,500.00 2,500.00
US Bank Checking & Investment Accounts 4.269% 4,938,884.27 4,938,884.27 US Bank Money Market 4.510% 1,001,478.00 1,001,478.00
Local Agency Investment Fund 4.477% 105,399.23 0.18% 105,399.23 Orange County Investment Pool 4.348% 80,020.44 0.14% 80,020.44 US Treasury Note: 21.46% N/A
91282CFX4 11/10/2023 11/30/2024 4.500% 5.206% 992,812.50 1,000,000.00 912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,038,680.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,007,810.00 91282 CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,017,580.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,018,900.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,500,585.00 91282CFJ5 10/24/2024 8/31/2029 3.125% 4.000% 961,730.00 957,850.00 91282CLN9 11/6/2024 9/30/2029 3.500% 4.310% 970,990.00 974,140.00 91282CLF6 10/9/2024 8/15/2034 3.875% 4.079% 1,955,400.00 1,948,760.00 Certificates of Deposit: 7.72%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 251,040.00 83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,947.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 253,415.00 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 252,825.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 253,560.00 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 253,172.50 05580AY24 7/18/2023 4/14/2028 4.400% 4,408% 249,875.00 252,420.00 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 252,510.00 20033A4J2 7/26/2023 7/26/2028 4,450% 4.450% 250,000.00 253,247.50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 253,680.00 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000.00 258,462.50 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 258,477.50 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 253,135.00 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 252,337.50 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 252,347.50 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 249,042.50 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 249,035.00 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00 254,560.00 Federal Home Loan Mortgage Corporation: 7.19%
3137EAEPO 1/29/2021 2/12/2025 1.500% 0.337% 4,188,112.71 3,976,200.00 Federal National Mortgage Association: 19.843
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 8,451,093.00 Federal Farm Credit Banks: 18.89%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 1,006,350.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,880,080.00 3133ЕPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 2,015,840.00 3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800.00 34973500 3133EP3B9 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 Federal Home Loan Banks: 19.39% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,003,480.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 977,440.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 610,375.00 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,897,380.00 3130A8XY4 10/18/2021 9/11/2026 1.100% 4,665,690.00 4,318,155.00 6/23/2023 6/9/2028 4,805% 3.930% 2,006,180.00 1,988,660.00 3130AWC24
60.30% 60.009
Total City Investments Including Investment Pools $ 58,277,924.80 100.00% S 57,241,559.94 Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 20.00% $ 2,347,645.86 875 days
Average weighted matury of vestment, excluding hestment Pools and Money Market: 783 days
2.729%
Average wested yel of wesmens, excluding hivestment Po and Money Market: 2.895% * Market value of City investments is provided by US Bank 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 t compare it priate the real parate The recent ash spendown has reduced the funds in the money market count, thus causing the federal agency securites 2 1/9/25, 1:45 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund January 09, 2025
P.O. Box 942809
LAIF Home
Sacramento, CA 94209-0001
PMIA Average Monthly.
(916) 653-3001
Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number: 98-30-408
November 2024 Statement
Account Summary
Total Deposit: 0.00 Beginning Balance: 105,399.23
Total Withdrawal: 0.00 Ending Balance: 105,399.23
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 PMIA/LAIF Performance Report LINCT WESTINE
as of 12/18/24
Quarterly Performance PMIA Average Monthly
Quarter Ended 09/30/24 Effective Yields(1)
AIF Apportionment Rate 4.71 November 4.477
LAIF Earnings Ratio 0.00012912073474208 October 4.518
AlF Administrative Cost 0.26 September 4.575
AIF Fair Value Factor 1.002061084 August 4.579
4.58 July 4.516
PMIA Quarter to Date(4). 4.56 June 4.480
PIA Average Life(* 231
Pooled Money Investment Account
Monthly Portfolio Composition (1)
11/30/24
$146.8 billion
Corporate
Commercial Bonds
Paper 0.61%
Time 6.63%. Loans
Deposits 0.13%
3.51%
Certificates of
Deposit/Bank Notes
8.96%
Treasuries
55.96%
Agencies/
24.20%
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 *ele The nest ament one lude enter me on lies it or 2 rain payment pursuent to Government code 20825 •the prete co or notes let adi te on lie rete renterst entry the ole protestay of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.
Source:
(1) State of California, Office of the Treasurer
12) State of California, Office of the Controller
State of California
PMIA Pooled Money Investment Account
POOLED
Market Valuation
11/30/2024
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 33.479,187,061.12 $ 33,879.016,263.00 NA
Notes 47,532,340,656.74 $ 47.522,175,967.00 $ 417,376.746.00 Federal Agency:
SBA 225,713,880.56 $ 228.069.095.41 $ 1,092,715.12
MBS-REMICS 1,264,478.32 $ 1,262,944.51 5,516.18
Debentures 7,726,084,722.29 $ 7.704,310,675.00 77.770,496.50 Debentures FR
Debentures CL 2,400,000,000.00 2,403,781,150.00 15,631,790.50 Discount Notes 22,183,108,645.74 22.439,919,700.00 NA
Supranational Debentures $ 2.995,143.614.33 $ 2.977,081,050.00 33,601,066.50 Supranational Debentures FR $ $ $
CDs and YCDs FR $ $ - $
Bank Notes
CDs and YCDs $ 13,150,000,000.00 13,153,174,578.47 $ 200,949,590.28 Commercial Paper $ 9,738,446,277.76 $ 9,848,648,722.23 NA Corporate:
Bonds FR $ $
Bonds $ 898,251.479.90 $ 889,127,381.00 $ 8,562,311.16
Repurchase Agreements $
69 69
Reverse Repurchase $ $
Time Deposits 5,148,500,000.00 5,148,500,000.00 NA
PMIA & GF Loans 194,249,000.00 $ 194,249,000.00 NA
TOTAL $ 145,672,289,816.76 $ 146,389,316,526.62 | $ 754,990,232.24 Fair Value Including Accrued Interest $ 147,144,306,758.86 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 5 COUNTY OF ORANGE
OR OFFICE OF THE TREASURER-TAX COLLECTOR CHANCE COUNSE
Shari L. Freidenrich, CPA, CCMT, CPFA, ACPFIM
P. O. BOX 4515
SANTA ANA, CA 92702-4515
octreasurer.gov/publicfunds
November 30, 2024
CITY OF LAGUNA NIGUEL
Fund Number: 9LQ
NOVEMBER 2024 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
11/01/2024 October 2024 Investment Admin Fee (3.41)
11/21/2024 August 2024 Interest Paid 296.73
Summary
Total Deposit: $ 296.73 Beginning Balance: $ 79,727.12
Total Withdrawal: $ (3.41) Ending Balance: $ 80,020.44
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 NOVEMBER 30,2024
OCTP INVESTMENT STATISTICS a
CURRENT BALANCES Daily Yield as MONTHLY
DESCRIPTION Duration of 11/30/2024 Current NAV
Gross Yield
Market Value! s 14,342,347,238
Orange County Treasurer's Pool (OCT) Cost (Capital) s 14,285,862,932 0,82 4.348% 4.373% 1.0000 Monthly Avg Balance $ 14,185,273,736
Book Value $ 14,341,972,751
SPECIFIC INVESTMENT ACCOUNTS STATISTICS"
DESCRIPTION CURRENT BALANCE Fund MONTHLY MARKET Valuela Book Value Current NAV Gross Yield
Pension Prepayment-CEO (PP-CEO) Market Value) $ 545,203,985 PP-CEO 5.105% 511,728,984 510,026,396 1.0033 Fountain Valley School District Fund 40 (FVSD) Cost (Capital) s 532,390,205 FVSD 2.920% 33,475,001 33,864,024 0.9885 Monthly Avg Balance 5 532,390,205
Book Value S 543,890,420
BOND PROCEEDS ACCOUNT STATISTICS I*
DESCRIPTION CURRENT BALANCE Fund MONTHL MARKET Value) Book Value Current NAV Gross Yiek
CCCD Series 2017E Bonds (CCCD) Market Value) s 23,134,115 CCCD 3.144% 23,134,115 24,307,286 0.9517 Cost (Capital) $ 25,339,496
Monthly Avg Balance $ 25,312,339
Book Value 3 24,307,286
OCIF TOT
INVESTMENTS & CASH YEAR-TO-DATE EARNINGS
OCT Investments at Cost $ 14,285,862,932 OCTP 261,507,058 OCTP Cash 16,943,877 OCIP 113,513,701
OCEIP 147,993,357
Specific Investment Accounts at Cost 532,390,205 Specific Investment Accounts 11,084,254 Bond Proceeds Account at Cost 25,339,496 Bond Proceeds Account 337,701 Total Assets in the County Treasury 14,860,536,510| Total OCIF Year-To-Date Earnings 272.929.013
INTEREST RATE YIELD WEIGHTED AVERAGE MATURITY (WAM)
OCT - YTD NET YIELD 4.328% OCTP 313
90-DAY T-BILL YIELD - YTD AVERAGE 5.010% LGIP (Standard & Poors) 34 1) Reported in compliance with the 2024 IPS Section XI that requires at least quarterly reporting per Government Code Section (GCS) 53646 and 27134, and GCS 53607 which requires monthly investmen ansactions 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
INGREASE INCREASE
NOVEMBER 2024 OCTOBER 2024 NET CHANGE% NOVEMBER 2023 NET CHANGE % (DECREASE (DECREASE)
End Of Month Market Value' $ 14,342,347,238 $ 14,221,816,165 120,531,073 0.85% $ 14,384,245,600 (41,898,362) -0.29% End Of Month Book Value $ 14,341,972,751 $ 14,214,506,020 $ 127,466,731 0.90% $ 14,490,317,820 (148,345,069) -1.02% Monthly Average Balance $ 14,185,273,736 $ 13,861,987,952 $ 323,285,784 2.33% $ 14,228,240,271 (42,966,535) -0.30% Year-To-Date Average Balance $ 14,085,403,037 $ 14,060,435,362 $ 24,967,675 0.18% $ 13,891,048,058 194,354,979 1.40% Monthly Accrued Earnings $ 51,634,267 51,434,198 $ 200,069 0.39% $ 51,056,831 577,436 1.13% Monthly Net Yield 4.323% 4.267% 0.056% 1.31% 4.277% 0.046% 1.08% Year-To-Date Net Yield 4.328% 4.330% -0.002% -0.05% 3.992% 0.336% 8.42% Annual Estimated Gross Yield? 3.500% 3.500% 0.000% 0.00% 4.280% -0.780% -18.22% Weighted Average Maturity (WAM) 313 337 (24) -7.12% 286 27 9.44% 1 Market values provided by Northern Trust and exclude accrued interest 2 The forecast for the OCT 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 September and November by 75 basis points and pricing in additional cuts in FY 24-25. The Annual Estimated Gross Yield for November 2023 is reported at the actual annual gross ylelds for FY 23-24.
ORANGE COUNTY TREASURER'S POOL
INVESTMENT TYPE AND CREDIT QUALITY BY MARKET VALUE
November 30, 2024
Investment Type Credit Quality
0.01%
100% 100% 0.01%
8.87%
90% 90%
80% 24.46% 80%
70%
60%
50% 99.99%
Investment Type in Percent
40% 40%
66.66%
30% 30%
20% 20%
10% 10%
0% 0%
In Thousands In Thousands
U.S. GOVERNMENT AGENCIES 9,560,936 66.66% US GOVERNMENT $ 14,340,939 99.99% U.S. TREASURIES 3,507,666 24.46% NR 1.408 0.01%
MONEY MARKET MUTUAL FUNDS 1,272,337 8.87% 14.342.347 100.00% LOCAL AGENCY INVESTMENT FUND 1.408 0.01%
$ 14.342,347 100.00%
9 10
20474
00--M -UC-UU -335-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL Page 1 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024
MARKET VALUE SUMMARY
Current Period
11/01/24 to 11/30/24
Change: 104,637.03
Beginning Market Value $52,010,118.97 $60,000,000
Taxable Interest 48,213.53 $50,000,000
Change in Investment Value 56,423.50
$40,000,000
Ending Market Value $52,114,756.00 $30,000,000
$20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$52,010,118.97 $52,114,756.00
10 20474
0--M -UC-UU -335-0
220657-00-04007-0
usbank
CITY OF LAGUNA NIGUEL Page 2 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024
ASSET SUMMARY
Current Period % of Estimated
Assets Market Value Total Annual Income
Cash & Equiv
$1,001,478.00
Cash & Equivalents 1,001,478.00 1.90 45,175.20
Taxable Bonds 51,113,278.00 98.10 1,524,650.00
Total Market Value $52,114,756.00 100.00 $1,569,825.20
Taxable Bonds
$51,113,278.00
Fixed Income Summary
Corporate Issues
$4,554,215.00
US Government Issues
$46,559,063.00
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CITY OF LAGUNA NIGUEL Page 3 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 48,213.53
Total Current Period Income $48,213.53
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024
CASH SUMMARY
Cash
Beginning Cash 11/01/2024 $0.00
Taxable Interest 48,213.53
Purchases -1,936,530.00
Net Money Market Activity 1,888,316.47
Ending Cash 11/30/2024 $0.00
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 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
Fa Camerican Treasury Oblig - 31848VS42
#3678
1,001,478.000 1.0000 1,001,478.00 1,001,478.00 0.00 1.9 45,175.20 4.51 Total Cash/Money Market $1,001,478.00 $1,001,478.00 $0.00 1.9 $45,175.20 Total Cash & Equivalents $1,001,478.00 $1,001,478.00 $0.00 1.9 $45,175.20 Taxable Bonds
US Government Issues
F HLM C - 3137EAEP
1.500 02/12/202
4,000,000.000 99.4050 3,976,200.00 4,188,112.71 -211,912.71 7.6 60,000.00 1.51 FN MA - 3135G05X7
0.375 08/25/2025
8,700,000.000 97.1390 8,451,093.00 8,645,922.29 -194,829.29 16.2 32,625.00 0.39 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 97.0020 3,880,080.00 3,995,360.00 -115,280.00 7.4 115,000.00 2.96 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 98.8860 2,472,150.00 2,493,800.00 -21,650.00 4.7 96,875.00 3.92 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 99.8370 1,497,555.00 1,494,975.00 2,580.00 2.9 61,875.00 4.13 14 20474
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CITY OF LAGUNA NIGUEL Page 6 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 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 - 3133EPH81
4.500 10/04/2027
2,000,000.000 100.7920 2,015,840.00 2,024,580.00 -8,740.00 3.9 90,000.00 4.46 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.6350 1,006,350.00 999,000.00 7,350.00 1.9 51,250.00 5.09 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 97.6600 610,375.00 625,000.00 -14,625.00 1.2 4,500.00 0.74 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 97.7440 977,440.00 1,000,000.00 -22,560.00 1.9 7,400.00 0.76 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 94.8690 1,897,380.00 2,001,415.36 -104,035.36 3.6 15,000.00 0.79 Federal Home Loan Bks - 3130A8XY,
1.875 09/11/2026
4,500,000.000 95.9590 4,318, 155.00 4,665,690.00 -347,535.00 8.3 84,375.00 1.95 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 99.4330 1,988,660.00 2,006,180.00 -17,520.00 3.8 80,000.00 4.02 ederal Home Loan Bks - 3130AWLY.
.125 06/13/202:
1,000,000.000 100.3480 1,003,480.00 1,004,010.00 -530.00 1.9 51,250.00 5.11 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 101.9340 2,038,680.00 2,104,000.00 -65,320.00 3.9 137,500.00 6.74 U S Treasury Note - 91282CFJ5
3.125 08/31/2029
1,000,000.000 95.7850 957,850.00 961,730.00 -3,880.00 1.8 31,250.00 3.26 15 20474
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 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 - 91282CLN9
3.500 09/30/2029
1,000,000.000 97.4140 974,140.00 970,990.00 3,150.00 1.9 35,000.00 3.59 U S Treasury Note - 91282CLF6
3.875 08/15/2034
2,000,000.000 97.4380 1,948,760.00 1,955,400.00 -6,640.00 3.7 77,500.00 3.98 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 100.0390 1,500,585.00 1,475,175.00 25,410.00 2.9 61,875.00 4.12 U S Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 100.9450 2,018,900.00 2,031,720.00 -12,820.00 3.9 87,500.00 4.33 U S Treasury Note - 91282CFX4
4.500 11/30/2024
1,000,000.000 100.0000 1,000,000.00 992,812.50 7,187.50 1.9 45,000.00 4.50 U S Treasury Note - 91282CJA0
4.625 09/30/2028
1,000,000.000 101.7580 1,017,580.00 1,005,380.00 12,200.00 2.0 46,250.00 4.54 U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 100.7810 1,007,810.00 1,008,640.00 -830.00 1.9 46,250.00 4.59 Total US Government Issues $46,559,063.00 $47,649,892.86 -$1,090,829.86 89.3 $1,318,275.00 Corporate Issues
American Express Natl Bk - 02589AF64
5.000 11/01/2028
250,000.000 103.3850 258,462.50 250,000.00 8,462.50 0.5 12,500.00 4.84 16 20474
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 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 Cok Five Nine Oconomowoc Wis - 062119CD2
4.500 07/28/2028
250,000.000 101.4720 253,680.00 250,000.00 3,680.00 0.5 11,250.00 4.43 CD BK North Amer Salt Lake City - 05560AY24
4.400 04/14/2028
250,000.000 100.9680 252,420.00 249,875.00 2,545.00 0.5 11,000.00 4.36 Celtic Bk Salt Lake City Utah - 15118RM38
4.600 12/08/2027
250,000.000 101.4240 253,560.00 250,000.00 3,560.00 0.5 11,500.00 4.53 Centier BK Whitting Ind - 15140RCY3
C.700 07126/2027
250,000.000 101.3660 253,415.00 250,000.00 3,415.00 0.5 11,750.00 4.64 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 101.2990 253,247.50 250,000.00 3,247.50 0.5 11,125.00 4.39 Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 101.0040 252,510.00 249,875.00 2,635.00 0.5 11,000.00 4.36 First Natt Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 100.9390 252,347.50 250.000.00 2,347.50 0.5 10,750.00 4.26 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 101.2690 253,172.50 250,000.00 3,172.50 0.5 11,375.00 4.49 17 20474
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 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 Medallion Bk Utah - 58404DTX9
4.300 122212028
250,000.000 100.9350 252,337.50 250,000.00 2,337.50 0.5 10,750.00 4.26 Sallie Mae Bk Salt Lake City - 795451DH3
4.400 12/13/2028
250,000.000 101.2540 253,135.00 250,000.00 3,135.00 0.5 11,000.00 4.35 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
5.450 04130/2025
250,000.000 100.3790 250,947.50 250,000.00 947.50 0.5 13,625.00 5.43 Spiritbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 99.6170 249,042.50 250,000.00 -957.50 0.5 9,875.00 3.96 State Bk India Chicago III - 8562834C7
2.800 08/02027
250,000.000 101.1300 252,825.00 250,000.00 2,825.00 0.5 11,500.00 4.55 Synchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 103.3910 258,477.50 250,000.00 8,477.50 0.5 12,500.00 4.84 Toyota Finl Svgs Bk Hend Nv - 89235MPR6
CD
4.500 06/28/2029
250,000.000 101.8240 254,560.00 250,000.00 4,560.00 0.5 11,250.00 4.42 Uinta Bk Mtn View - 903572GQ2
3.950 02/14/2029
250,000.000 99.6140 249,035.00 250,000.00 -965.00 0.5 9,875.00 3.96 18 20474
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CITY OF LAGUNA NIGUEL Page 10 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 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 Wells Fargo Bank Natl Assn - 949764GT5
C D
5.500 04/24/2025
250,000.000 100.4160 251,040.00 250,000.00 1,040.00 0.5 13,750.00 5.48 Total Corporate Issues $4,554,215.00 $4,499,750.00 $54,465.00 8.7 $206,375.00 Total Taxable Bonds $51,113,278.00 $52,149,642.86 -$1,036,364.86 98.1 $1,524,650.00 Total Assets $52,114,756.00 $53,151,120.86 -$1,036,364.86 100.0 $1,569,825.20 Estimated Current Yield 3.01
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. stimated 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 estimate ay not represent the actual value earned by your investments and they provide no guarantee of what your investments may earn in the futur 19 .
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CITY OF LAGUNA NIGUEL Page 11 of 14
ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 11/01/2024 $0.00 $53,102,907.33
11/01/24 Asset Income Interest Earned On 6,301.37
merican Express C D 5.000% 11/01/2
. 025205 USD/$1 Pv On 250,000 Par Value Due 11/1/2
11/01/24 Asset Income Interest Earned On 18,073.71
Fiere To SOb2a TO 10/31/24
11/04/24 Asset Income Interest Earned On 6,301.37
Synchrony Bank C D 5.000% 11/03/28
0.025205 USD/$1 Pv On 250,000 Par Value Due 11/3/24
11/06/24 Purchase Purchased 1,000,000 Par Value Of -970,990.00 970,990.00 U S Treasury Nt 3.500% 9/30/29
Trade Date 11/5/24
Purchased Through Cantor Fitzgerald & Co.
1,000,000 Par Value At 97.099%
11/06/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -3,557.69 U S Treasury Nt 3.500% 9/30/29
income Debit 3,557.69-USD
11/06/24 Purchase Purchased 1,000,000 Par Value Of -965,540.00 965,540.00 J S Treasury Nt 3.875% 8/15/34
Trade Date 11/5/24
rchased Through Cantor Fitzgerald & C
000,000 Par Value At 96.554
11/06/24 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -8,739.81 U S Treasury Nt 3.875% 8/15/34
Income Debit 8,739.81-USD
11/08/24 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 11/8/24
11/14/24 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 11/14/24
11/15/24 Asset Income Interest Earned On 23,125.00
U S Treasury Nt 4.625% 11/15/26
0.023125 USD/$1 Pv On 1,000,000 Par Value Due 11/15/24
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
11/22/24 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 11/22/24
11/25/24 Asset Income Interest Earned On 1,167.81
004F7 SO 2000 Par Value Due 112424
11/26/24 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 11/26/24
11/29/24 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 11/28/24
11/29/24 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 11/28/24
Purchase ombined Purchases For The Period 11/ 1/24 - 11/30/24 ( -60,511.03 60,511.03 rst Am Treas Ob Fd Cl
Sale 1,948,827.50 -1,948,827.50
Ending Balance 11/30/2024 $0.00 $53,151,120.86
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024
BOND SUMMARY
50%
40%
30%
20%
10%
0%-
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
2038
Percentage of
Par Value Market Value Category
MATURITY
2024 1,000,000.00 1,000,000.00 1.96
2025 18,825,000.00 18,565,605.50 36.33
2026 7,223,345.00 14.14
2027 2020000 6,908,892.50 13.51
2028 7,311,757.50 14.30
2029 8,250,000.00 8,154,917.50 15.95
2030 0.00 0.00
2031 0.00 0.00
2032 0.00 0.00
2033 0.00 0.00
2034 - 2038 2,000,000.00 1,948,760.00
Total of Category $51,825,000.00 $51,113,278.00 100.00
MOODY'S RATING
Aaa 17,325,000.00 46,559,063.00 91.09
N/A 22 1,750,000.00 1,763,175.00 3.45
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ACCOUNT NUMBER: 6736304200 November 1, 2024 to November 30, 2024 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
NOT RATED 2,750,000.00 2,791,040.00 5.46
Total of Category $51,825,000.00 $51,113,278.00 100.00
S&P RATING
AA+ 34,825,000.00 34,094,758.00 66.70
N/A 12,500,000.00 12,464,305.0 24.39
NOT RATED 4,500,000.00 4,554,215.00 8.91
Total of Category $51,825,000.00 $51,113,278.00 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 23 PARS PUBLIC AGENCY
• RETIREMENT SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 11/1/2024 to 11/30/2024 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
ance as Balance as of
Source 1/20 Contributions Earnings Expenses Distributions Transfers 11/30/2024 PENSION $2.275,128.32 $0.00 $73.647.32 $1,129.78 $0 00 $0.00 $2.347,645.86 Totals $2.275.128.32 $0.00 $73,647.32 $1,129.78 $0.00 $0.00 $2,347,645,86 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 3.24% 3.23% 1707% 3.06% 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 deered 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 Marusoment fees | Headquarters - 4350 Von Karman Ave , Suite 100, Newport Beach, CA 92660| 800 540 6369 Fax 949.250 1250 www pars org 24