CITY OF LAGUNA NIGUEL
CITY CoUncIL AGENDA ITEM
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: March 4, 2025
SUBJECT: Investment Report as of January 31, 2025
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of January 31, 2025.
BACKGROUND
The City Investment Policy requires the City Manager to submit an Investment Report monthly to the City Council that contains a summary of investment transactions, including investment types, percent of portfolio, yield, purchase date, maturity date, issuer or institution, par and dollar amount invested, market value, source of market valuation, the portfolio's average weighted yield and maturity, and a description of any local agency funds or investments under the management of contracted parties.
Submission of, and the City Council's action of receiving and filing this report, addresses Goal #2, fiscal sustainability, in the City's Strategic Plan.
ANALYSIS
The minutes became available last week from the last Federal Open Market Committee (FOMC) meeting in 2025. Although the Committee unanimously elected to maintain the target range for federal funds at 4.25-4.50% at the January meeting, the minutes provided additional insights into the thought processes of Committee Members. The minutes seemed to indicate that the Committee is comfortable pausing interest rate reductions for the time being as they observe additional data. The minutes also showed some Committee members feeling the current rate is close to neutral, meaning future additional reductions may be limited.
As of now, the CME FedWatch tool is predicting a nearly 70% chance the FOMC will reduce the target Fed Funds rate at the June 18, 2025, Federal Reserve meeting.
However, the probability of rates being at least 3.50% at the end of 2025 stands at 83.2%, compared to more than 96% just two weeks ago. This will be something staff will be monitoring closely. A screenshot of the tool is provided on the next page.
19 Mar25 7 May25 18 Jun25 30 Ju25 17 Sep25 29 0e25 • DecEs 2811026 18M625 2940126 28 0c2s 9 Dec26
MEETING INFORMATION PROBABLTES
MEETINO DATE EXMIRES MD PRICE PRIOR VOLUME PRIOR OI EASE NO CHANGE MIKE 10 Dec 2025 31 Dec 2025 7.311 14,771 957% 43% 00%
202 90 2330
TARGET RATE PROBABILITIES FOR 10 DEC 2025 FED MEETING = Current target rate is 425-450
50%
60%
Probability
40%
32.2%
28.0%
18.7%
20%
13.2%
3.3% 4.3%
0.4%
0%
275-300 300-325 325-350 350-375 375-400 400-425 425-450 Target Rate (in bps)
Source: CME FedWatch Tool
The market rate in 2025 is significant because the City has $14.5 million in securities maturing in 2025 that were originally purchased in 2020 and 2021. The average yield of that $14.5 million is 0.49%. Given the projections for interest rates provided above, if the City were to reinvest that $14.5 million at 3.50%, the expected average yield for the City's portfolio would be 3.69%. And if the City were able to reinvest those securities at 3.75%, the City's expected average yield would increase to 3.74%! Either scenario would represent the largest weighted average yield for the City in over fifteen years! And despite a recent decrease in both the 5-year and 10-year Treasury rates, the yields remain near 20-year highs, so this is a great time to have liquidity available to re-enter the market.
The City's maturity schedule has also been strategically staggered so there is a minimum of $7.0 million maturing in each of the next five years. That $7.0 million total doesn't include the additional $7.0-$10.0 million typically invested in the short-term money market or investment pool accounts to ensure sufficient liquidity. The City is following the investment policy objectives of 1) safety, 2) liquidity, and 3) yield.
BOND SUMMARY
40%.
32%
24%
16%
8%
0%
2025 2026 2027 2028 2029 2030 2032 2033 2034
Percentage
Par Value Market Value Categor
MATURITY
2025 8.654.348.5
254,800
6.899.790 00
2026 7.288.327 50 1243
10.090.927. 50
0.00 203: 0.00
2032 0.00
500 000. 4979450 2.56
000000 3.791.870.0 11.62
Total of Category $59.325.000.00 S58.446.808.S0 100.00
The following table compares the portfolio balance as of January 2025 to December 2024.
Portfolio Balance December 2024 January 2025 Difference Balance $61,137,884 $64,995,357 $3,857,473
• Over the past month, the City's total cash and investments experienced a net increase of $3,857,473. The City received another allotment of property taxes in January, resulting in the increase month-over-month. As the City receives large allotments of property taxes in January, 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 0.16%. 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 by 12.5% to 918 days. This is mostly due to the $3.5 million in additional purchases made to five- and ten-year U.S. Treasuries this month. With the City focusing on longer-term investments due to the projected future decrease in interest rates, 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 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 4.434% to 4.366%. The net yield of OCIP remained at 4.301%. The net yield for the First American money market funds in the City's custodian account decreased from 4.330% to 4.270%. This is the third consecutive month each of the money market, OCIP and LAIF rates all decreased in this rate cycle. The Fed Funds rate and the LAIF/PMIA rate are nearly even.
Average Monthly Yield Comparison - 12/2019 through 12/2024
6.00%
5.00% - PMIA
4.00% — S&P GIP
3.00% - - - -Fed Funds
2.00%
1.00%
0.00%
12/2019 3/2020 9/2022 12/2022 3/2023 6/2023 12/2024 Fed Funds 4460% • The average weighted yield of City investments, including investment pools and money market, increased from 2.937% to 3.019%. The increase is mostly due to an increase in the overall portfolio, as the City is now capturing additional money market yield of 4.27%, and the additional investments in U.S.
Treasuries, yielding an average of 4.55%. 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
3.019% 4.360% 4.170% 4.280% 4.301% 4.366%
The monthly Investment Report as of January 31, 2025, is attached.
ALTERNATIVES CONSIDERED
The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of January 31, 2025.
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.
Jamasa tousseau. Two An
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director
Attachment:
A. Monthly Investment Report as of January 31, 2025
ATTACHMENT A
Investment Report as of January 31, 2025
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
January 31, 2025
Tamara S. Letourneal
CITY MANAGEF
Trevor Agrelius
FINANCE DIRECTOR
March 4, 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 Bank Statement 6
US Bank Statement 7-22
PARS Statement 23
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 January 31, 2025, the City was in compliance with the Investment Policy adopted at the June 4, 2024, Regular City Council Meeting.
Sufficient investment liquidity from cash and cash equivalents and anticipated revenues are available to meet the City's budgeted expenditure requirements for the next six months.
Tamara S. Letourneau Trevor Agrelius
City Manager Finance Director.
City of Laguna Niguel
Summary of Cash and Investments
1/31/2025
Settlement Maturity Coupon Purchased Percent of Max Allowed Per Market Description Date Date Rate Yield Cost Portfolio Investment Policy Value Petty Cash/Change Drawers 2,500.00 0.00% N/A $ 2,500.00 US Bank Checking & Investment Accounts 4.002% 5,016,305.93 7.72% N/A 5,016,305.93 US Bank Money Market 4.270% 282,341.79 0.43% 10.00% 282,341.79 Local Agency Investment Fund 4.366% 106,625.05 0.16% >$40 million or 55% 106,625.05 Orange County Investment Pool 4.301% 609.09 0.00% >$40 million or 55% 609.09 US Treasury Note: 30.68% N/A
912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,032,580.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,006,840.00 91282CJA0 11/10/2023 9/30/2028 4.625% 1,005,380.00 1,011,170.00 91282CJN2 12/8/2023 11/30/2028 4.375% 2,031,720.00 2,005,000.00 91282CHD6 4/12/2024 3/31/2029 4.250% 1,475,175.00 1,488,870.00 91282CFJ5 10/24/2024 8/31/2029 3.125% 961,730.00 950,120.00 91282CLN9 11/6/2024 9/30/2029 3.500% 970,990.00 965,200.00 91282CMA6 12/20/2024 11/30/2029 4.125% 990,940.00 991,250.00 91282CMDO 1/13/2025 12/31/2029 4.375% 995,790.00 1,001,800.00 91282CJJ1 1/7/2025 11/15/2033 4.500% 4.530% 1,496,655.00 1,497,945.00 91282CKQ3 1/13/2025 5/15/2034 4.375% 4.660% 978,560.00 987,810.00 91282CLF6 10/9/2024 8/15/2034 3.875% 4.079% 1,955,400.00 1,897,180.00 91282CLW9 12/20/2024 11/30/2028 4.250% 4.349% 3,968,200.00 3,906,880.00 Certificates of Deposit: 6.92%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 250,640.00 83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,587.50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 252,530.00 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 252,000.00 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 252,382.50 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 252,077.50 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 251,155.00 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 251,237.50 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 251,672.50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 252,077.50 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000.00 256,427.50 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 256,437.50 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 251,277.50 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 250,437.50 32110YK46 12/28/2023 12/28/2028 4.300% 250,000.00 250,435.00 848608FB6 1/31/2024 1/31/2029 3.950% 250,000.00 247,245.00 903572GQ2 2/14/2024 2/14/2029 3.950% 250,000.00 247,192.50 89235MPR6 6/28/2024 6/28/2029 4.500% 250,000.00 252,420.00 Federal Home Loan Mortgage Corporation: 6.44% 25.00%
3137EAEPO 1/29/2021 2/12/2025 1.500% 4,188,112.71 3,997,160.00 Federal National Mortgage Association: 13.30% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 8,645,922.29 8,515,386.00 Federal Farm Credit Banks: 16.94% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 999,000.00 1,006,220.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 3,995,360.00 3,869,240.00 3133EPH81 12/8/2023 10/4/2027 4.500% 2,024,580.00 2,011,560.00 3133EPW84 1/30/2024 1/18/2029 3.875% 2,493,800.00 2,458,800.00 3133EP3B9 2/26/2024 2/13/2029 4.125% 1,494,975.00 1,488,030.00 Federal Home Loan Banks: 17.39% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 1,004,010.00 1,002,880.00 3130AJTF6 7/14/2020 7/14/2025 0.740% 1,000,000.00 984,420.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 625,000.00 614,775.00 3130AMFS6 8/12/2021 6/12/2026 0.750% 2,001,415.36 1,907,980.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 4,665,690.00 4,339,980.00 3130AWC24 6/23/2023 6/9/2028 4.000% 2,006,180.00 1,979,500.00
54.07% 60.00%
Total City Investments Including Investment Pools 5 64.995.357.22 100.00% 3 63,855,19.36 stricted for Specific u
RS 115 Pension Tru $ 2,000,000.00 20.00% $ 2,327,499.14 average weighted maturity of Investments, excluding Investment Pools: 1,001 days Average weighted maturity of Investments, including Investment Pools and Money Marke 918 days Average weighted yield of Investments, excluding Investment Pools 2.928% Average weighted yield of Investments, including Investment Pools and Money Market 3.019% * Market value of City investments is provided by US Bank 2 2/26/25, 12:47 PM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, cPA
Local Agency Investment Fund February 26, 2025
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
Tran Type Definitions
Account Number: 98-30-408
January 2025 Statement
Effective Transaction Type Confirm Confirm
Number Number Authorized Caller Amount
1/15/2025 1/14/2025 QRD 1767359 N/A SYSTEM 1,225.82
Account Summary.
Total Deposit: 1,225.82 Beginning Balance: 105,399.23
Total Withdrawal: 0.00 Ending Balance: 106,625.05
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 PMIA/LAIF Performance Report
as of 02/05/25
Quarterly Performance PMIA Average Monthly
Quarter Ended 12/31/24 Effective Yields(1)
LAIF Apportionment Ratel?). 4.62 January 4.366
LAIF Earnings Ratio 2). 0.00012664187216722 December 4.434 LAIF Administrative Cost (2)* 0.28 November 4.477
LAIF Fair Value Factor(2) 0.999621985 October 4.518
PMIA Daily"). 4.40 September 4.575
PMIA Quarter to Date. 4.48 August 4.579
PMIA Average Life". 252
Pooled Money Investment Account
Monthly Portfolio Composition (1)
12/31/24
$155.4 billion
Corporate
Commercial Bonds
Paper 0.58%
Time 6.40%. Loans
Deposits - 0.13%
3.27%
Certificates of
Deposit/Bank Notes
8.46%
Treasuries
55.91%
Agencies /
25.25%
Chart does not include $1,239,000.00 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 CalPERS Supplemental Pension Payment pursuant to Government Code 208. )(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 ( The pereive of are notes aul rent aisle on divide re the are rest ering the are proudes tay 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:
(2) State of California, Office of the Treasurer
(2) State of California, Office of the Controller
4 State of California
Pooled Money Investment Account
Market Valuation
1/31/2025
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills 42,926,380,346.04 43,388,983,305.00 NA
Notes 47,712,004,249.09 47,674,732,330.50 $ 462,691,523.00 Federal Agency:
SBA 216,168,173.61 I$ 216,352,890.86 956,235.00
MBS-REMICS $ 1,213,098.54 $ 1,199,058.14 5,292.04
Debentures 7,826,369,240.48 $ 7,805,873,300.00 87,552,618.50 Debentures FR $ $
Debentures CL 2,350,000,000.00 $ 2,348,999,000.00 $ 27,068,389.50 Discount Notes 28,215,247,930.56 $ 28,518,879,650.00 NA Supranational Debentures $ 3.046.274,656.75 3,028,880,500.00 $ 29,094,096.50 Supranational Debentures FR $ $ $
CDs and YCDs FR $ $ $
Bank Notes
CDs and YCDs 14,400,000,000.00 14,402,301,575.23 $ 196,794,618.03 Commercial Paper $ 10,044,014,430.49 10,160,255,208.31 NA Corporate:
Bonds FR $ $ $
Bonds 895,310,112.42 $ 887,014,670.00 $ 8,848,653.91
Repurchase Agreements :
Reverse Repurchase $ - $
Time Deposits $ 5,068,500,000.00 $ 5,068,500,000.00 NA
PMIA & GF Loans $ 194,249,000.00 $ 194,249,000.00 NA
TOTAL $ 162,895,731,237.98 $ 163,696,220,488.04 $ 813,011,426.48 Fair Value Including Accrued Interest $ 164,509,231,914.52 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 DANCE COUTE
Shari L. Freidenrich, CPA, CCMT, CPFA, ACPFIM
P. O. BOX 4515
CALIFOR SANTA ANA, CA 92702-4515
octreasurer.gov/publicfunds
January 31, 2025
CITY OF LAGUNA NIGUEL
Fund Number : 9LQ
JANUARY 2025 STATEMENT
Transactions
Transaction Transaction Description Authorized Signer Amount Date
01/01/2025 December 2024 Investment Admin Fee (1.70)
01/01/2025 FY 2023/2024 Investment Admin Fee Refund 5.39 01/10/2025 October 2024 Interest Paid $ 294.48
01/29/2025 FY 2023/2024 Interest on Refund $ 0.43
Summary
Total Deposit: $ 300.30 Beginning Balance: $ 310.49
Total Withdrawal: $ (1.70) Ending Balance: $ 609.09
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CITY OF LAGUNA NIGUEL Page 1 of 16
ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
MARKET VALUE SUMMARY
Current Period
01/01/25 to 01/31/25
Change: 3,672,680.41
Beginning Market Value $55,056,469.88 $70,000,000
Taxable Interest 58,765.16 $60,000,000
Cash Receipts 3,500,000.00 $50,000,000
Change in Investment Value 113,915.25 $40,000,000
Ending Market Value $58,729,150.29 $30,000,000
$20,000,000
$10,000,000
$0
Beginning Ending
MV MV
$55,056,469.88 $58,729, 150.29
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
ASSET SUMMARY
Current Period Total Estimated
Assets Market Value Annual Income
Cash & Equivalents 282,341.79 0.50 12,045.76
Taxable Bonds 58,446,808.50 99.50 1,845,900.00
Total Market Value $58,729,150.29 100.00 $1,857,945.76
Fixed Income Summary
Corporate Issues
$4,528,232.50
US Government Issues
$53.918,576.00
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
INCOME SUMMARY
Income Received
Current Period
Taxable Interest 58,765.16
Total Current Period Income $58,765.16
9 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
CASH SUMMARY
Cash
Beginning Cash 01/01/2025 $0.00
Taxable Interest 58,765.16
Cash Receipts 3,500,000.00
Purchases -3,471,005.00
Net Money Market Activity -87,760.16
Ending Cash 01/31/2025
10 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
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 - 31846V542
#3678
282,341.790 1.0000 282,341.79 282,341.79 0.00 0.5 12,045.76 4.27 Total Cash/Money Market $282,341.79 $282,341.79 $0.00 0.5 $12,045.76 Total Cash & Equivalents $282,341.79 $282,341.79 $0.00 0.5 $12,045.76 Taxable Bonds
US Government Issues
HLMC - 3137EAEF
500 02/12/202
4,000,000.000 99.9290 3,997,160.00 4,188,112.71 -190,952.71 6.8 60,000.00 1.50 F N MA - 3135G05X7
0.375 08/25/2025
8,700,000.000 97.8780 8,515,386.00 8,645,922.29 -130,536.29 14.5 32,625.00 0.38 -ederal Farm Credit Bks - 3133ENVD:
875 04/26/2027
4,000,000.000 96.7310 3,869,240.00 3,995,360.00 -126,120.00 6.6 115,000.00 2.97 Federal Farm Credit Bks - 3133EPW84
3875 01/18/2029
2,500,000.000 98.3520 2,458,800.00 2,493,800.00 -35,000.00 4.2 96,875.00 3.94 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 99.2020 1,488,030.00 1,494,975.00 -6,945.00 2.5 61,875.00 4.16 11 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 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
2,000,000.000 100.5780 2,011,560.00 2,024,580.00 -13,020.00 3.4 90,000.00 4.47 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.6220 1,006,220.00 999,000.00 7,220.00 1.7 51,250.00 5.09 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 98.3640 614,775.00 625,000.00 -10,225.00 1.0 4,500.00 0.73 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 98.4420 984,420.00 1,000,000.00 -15,580.00 1.7 7,400.00 0.75 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 95.3990 1,907,980.00 2,001,415.36 -93,435.36 3.2 15,000.00 0.79 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 96.4440 4,339,980.00 4,665,690.00 -325,710.00 7.4 84,375.00 1.94 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 98.9750 1,979,500.00 2,006,180.00 -26,680.00 3.4 80,000.00 4.04 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.2880 1,002,880.00 1,004,010.00 -1,130.00 1.7 51,250.00 5.11 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 101.6290 2,032,580.00 2,104,000.00 -71,420.00 3.5 137,500.00 6.76 US Treasury Note - 91282CJ5
3.125 08/31/2029
1,000,000.000 95.0120 950,120.00 961,730.00 -11,610.00 1.6 31,250.00 3.29 12 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 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 96.5200 965,200.00 970,990.00 -5,790.00 1.6 35,000.00 3.63 U S Treasury Note - 91282CLF6
3.875 08/15/2034
2,000,000.000 94.8590 1,897,180.00 1,955,400.00 -58,220.00 3.2 77,500.00 4.08 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 99.2580 1,488,870.00 1,475,175.00 13,695.00 2.5 61,875.00 4.16 US Treasury Note - 91282CMA6
4.125 11/30/2029
1,000,000.000 99.1250 991,250.00 990,940.00 310.00 1.7 41,250.00 4.16 US Treasury Note - 91282CLW9
4.250 11/15/2034
4,000,000.000 97.6720 3,906,880.00 3,968,200.00 -61,320.00 6.7 170,000.00 4.35 US Treasury Note - 91282CKQ3
4.375 05/15/2034
1,000,000.000 98.7810 987,810.00 978,560.00 9,250.00 1.7 43,750.00 4.43 US Treasury Note - 91282CJ2
4.375 11/30/2028
2,000,000.000 100.2500 2,005,000.00 2,031,720.00 -26,720.00 3.4 87,500.00 4.36 US Treasury Note - 91282CMDO
4.375 12/31/2029
1,000,000.000 100.1800 1,001,800.00 995,790.00 6,010.00 1.7 43,750.00 4.37 U S Treasury Note - 91282CJJ1
4.500 11/15/2033
1,500,000.000 99.8630 1,497,945.00 1,496,655.00 1,290.00 2.6 67,500.00 4.51 US Treasury Note - 91282CJA0
4.625 09/30/2028
1,000,000.000 101.1170 1,011,170.00 1,005,380.00 5,790.00 1.7 46,250.00 4.57 13 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield U S Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 100.6840 1,006,840.00 1,008,640.00 -1,800.00 1.7 46,250.00 4.59 Total US Government Issues $53,918,576.00 $55,087,225.36 -$1,168,649.36 91.8 $1,639,525.00 Corporate Issues
American Express Natl Bk - 02589AF64
5.000 11/01/2028
250,000.000 102.5710 256,427.50 250,000.00 6,427.50 0.4 12,500.00 4.88 Bank Five Nine Oconomowoc Wis - 062119CD2
CD
4.500 07/28/2028
250,000.000 100.8310 252,077.50 250,000.00 2.077.50 0.4 11,250.00 4.46 Bmw Bk North Amer Salt Lake City - 05580AY24
4.400 04/14/2028
250,000.000 100.4620 251,155.00 249,875.00 1,280.00 0.4 11,000.00 4.38 Celtic Bk Salt Lake City Utah - 15118RM38
4.600 12/08/2027
250,000.000 100.9530 252,382.50 250,000.00 2,382.50 0.4 11,500.00 4.56 Center BK Whiting Ind - 15140RCY3
4.700 07/26/2027
250,000.000 101.0120 252,530.00 250,000.00 2,530.00 0.4 11,750.00 4.65 Comenity Cap Bk Draper - 20033A4J2
4.450 07/26/2028
250,000.000 100.6690 251,672.50 250,000.00 1,672.50 0.4 11,125.00 4.42 14 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 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 Discover Bk Greenwood Del - 2546733V6
4.400 04/17/2028
250,000.000 100.4950 251,237.50 249,875.00 1,362.50 0.4 11,000.00 4.38 First Natl Bk Amer East Lans - 32110YK46
4.300 12/28/2028
250,000.000 100.1740 250,435.00 250,000.00 435.00 0.4 10,750.00 4.29 First Premier Bk Sioux Falls - 33610RVD2
4.550 12/10/2027
250,000.000 100.8310 252,077.50 250,000.00 2,077.50 0.4 11,375.00 4.51 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 100.1750 250,437.50 250,000.00 437.50 0.4 10,750.00 4.29 Sallie Mae Bk Salt Lake City - 795451DH3
4.400 12/13/2028
250,000.000 100.5110 251,277.50 250,000.00 1,277.50 0.4 11,000.00 4.38 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
CD
5.450 04/30/2025
250,000.000 100.2350 250,587.50 250,000.00 587.50 0.4 13,625.00 5.44 Spitbank Tulsa Okla - 848608FB6
3.950 01/31/2029
250,000.000 98.8980 247.245.00 250,000.00 -2,755.00 0.4 9,875.00 3.99 State Bk India Chicago II - 8562834C7
4.600 08/02/2027
250,000.000 100.8000 252,000.00 250,000.00 2,000.00 0.4 11,500.00 4.56 15 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Synchrony Bank CD - 87165E3V7
5.000 11/03/2028
250,000.000 102.5750 256,437.50 250,000.00 6,437.50 0.4 12,500.00 4.87 Toyota Finl Svgs Bk Hend Nv - 89235MPR6
4.500 06/28/2029
250,000.000 100.9680 252,420.00 250,000.00 2,420.00 0.4 11,250.00 4.46 Uinta Bk Mtn View - 903572GQ2
CD
3.950 02/14/2029
250,000.000 98.8770 247,192.50 250,000.00 -2,807.50 0.4 9,875.00 3.99 Wells Fargo Bank Natl Assn - 949764GT5
5.500 04/24/2025
250,000.000 100.2560 250,640.00 250,000.00 640.00 0.4 13,750.00 5.49 Total Corporate Issues $4,528,232.50 $4,499,750.00 $28,482.50 7.7 $206,375.00 Total Taxable Bonds $58,446,808.50 $59,586,975.36 -$1,140,166.86 99.5 $1,845,900.00 Total Assets $58,729,150.29 $59,869,317.15 -$1,140,166.86 100.0 $1,857,945.76 Estimated Current Yield 3.16
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 16 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 ASSET DETAIL MESSAGES (continued)
Publicly traded assets are valued in accordance with market quotations or valuation methodologies from financial industry services believed by us to be reliable. Assets that are not publicly traded may be reflected at values from other external sources. Assets for which a current value is not available may be reflected at a previous value or as not valued, at par value, or at a nominal value. Values shown do not necessarily reflect prices at which assets could be bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation.
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. 17 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 01/01/2025 $0.00 $56,310,551.99
01/02/25 Asset Income Interest Earned On 3,693.08
First Am Treas Ob Fd CIZ
Interest From 12/1/24 To 12/31/24
01/06/25 Cash Receipt Cash Receipt 1,500,000.00
Per is Dia o102023g
01/07/25 Purchase urchased 1,500,000 Par Value Of -1,496,655.00 1,496,655.00 J S Treasury Nt 4.500% 11/15/33
Trade Date 1/6/25
urchased Through Cantor Fitzgerald & C
500,000 Par Value At 99.777
01/07/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -9,882.60 U S Treasury Nt 4.500% 11/15/33
Income Debit 9,882.60- USD
01/08/25 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 1/8/25
01/09/25 Cash Receipt Cash Receipt 2,000,000.00
Transfer From Checking
Per Ins Dtd 01/09/2025
01/13/25 Purchase Purchased 1,000,000 Par Value Of -995,790.00 995,790.00 U S Treasury Nt 4.375% 12/31/29
urchased Through Cantor Fitzgerald & Co
,000,000 Par Value At 99.579 9
01/13/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of -1,571.13 U S Treasury Nt 4.375% 12/31/29
Income Debit 1,571.13-USD
01/13/25 Purchase Purchased 1,000,000 Par Value Of -978,560.00 978,560.00 J S Treasury Nt 4.375% 5/15/34
Purchased Through Cantor Fitzgerald & Co.
1,000,000 Par Value At 97.856 %
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
01/13/25 Purchase Accrued Interest Paid Accrued Interest On Purchase Of - 7,130,52 S Treasury Nt 4.375% 5/15/3
come Debit 7,130.52- US
01/14/25 Asset Income Interest Earned On 3,700.00
F HL B Deb 0.740% 7/14/25
0.0037 USD/$1 Pv On 1,000,000 Par Value Due 1/14/25
01/14/25 Asset Income nterest Earned Or 838.70
Jinta Bk Mtn C D 3.950% 2/14/25
0.003355 USD/$1 Pv On 250,000 Par Value Due 1/14/25
01/21/25 Asset Income Interest Earned On 2,250.00
F HL B Deb 0.720% 7/21/25
0.0036 USD/$1 Pv On 625,000 Par Value Due 1/21/25
01/21/25 Asset Income Interest Earned On 48,437.50
FF C B Deb 3.875% 1/18/29
0.019375 USD/$1 Pv On 2,500,000 Par Value Due 1/18/25
01/22/25 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 1/22/25
01/24/25 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 1/24/25
01/27/25 Asset Income Interest Earned On 5,923.29
Centier Bk C D 4.700% 7/26/27
0.023693 USD/$1 Pv On 250,000 Par Value Due 1/25/25
01/27/25 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 1/26/25
01/28/25 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 1/28/25
01/28/25 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 1/28/25
19 20676
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 TRANSACTION DETAIL (continued)
Date
Posted Activity Description Cash Tax Cost
01/31/25 Asset Income Interest Earned On 838.70
5.0135 USDiS PY 012500 Par Value Due 1/3125
01/31/25 Asset Income nate Badia D 4600% 810212 5,797.26 . 023189 USD/$1 Pv On 250,000 Par Value Due 1/31/2
Purchase Fus An Treas Oo Fa or The Period 1 125- 1312501 -3,577,349.41 3,577,349.41 Sale Combined Sales For The Period 1/1/25 - 1/31/25 O 3,489,589.25 -3,489,589.25 First Am Treas Ob Fd C1 2
Ending Balance 01/31/2025 $0.00 $59,869,317.15
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025
BOND SUMMARY
40%
32%
24%
16%
8%
0% 2030 2033 2034
2025 2026 2027 2028 2029 2031 2032
Percentage of
Par Value Market Value Category
MATURITY
2025 18,825,000.00 18,654,648.50 31.92
2026 7,254,800.00 12.42
2027 6,889,790.00 11.79
2028 7,266,827.50 12.43
2029 10,090,927.50 17.26
2030 0.00
000 0.00
2031
2032 0.00
2033 1.000.00000 1,497,945.00 2282
2034 6,791,870.00
Total of Category $59,325,000.00 $58,446,808.50 100.00
MOODY'S RATING
Aaa 4,825,000.00 53,918,576.00 92.25
N/A 1,750,000.00 1,751,847.50 3.00
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ACCOUNT NUMBER: 6736304200 January 1, 2025 to January 31, 2025 BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
NOT RATED 2,750,000.00 2,776,385.00 4.75
Total of Category $59,325,000.00 $58,446,808.50 100.00
S&P RATING
AA+ 34,825,000.00 34,175,931.00 58.47
N/A 20,000,000.00 19,742,645.00 33.78
NOT RATED 4,500,000.00 4,528,232.50 7.75
Total of Category $59,325,000.00 $58,446,808.50 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds.
PUBLIC AGENCY
PARS RULE ANCES
CITY OF LAGUNA NIGUEL Account Report for the Pid
PARS Post-Employment Benefits Trust 1/1/2025 1/31/2025
Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of
Source 1/1/2025 Contributions Earnings Expenses Distributions Transfers PENSION $2.288.081.82 $0.00 $40,559.52 $1,142.20 $0.00 $0.00 $2.327.499.14 Totals $2.288.081.82 $0.00 $40,559.52 $1.142.20 $0.00 $0.00 $2,327.499.14 Investment Selection
Source
PENSION Moderate - Index
Investment Objective
Source
PENSION
Investment Return
An Sayear Return
Source 1-Month 3-Months 1-Year 3-Years 10-Years Plan's Inception Date PENSION 1.77% 2.45% 11.22% 3.32% 5/26/2020
Information as provided by US Bank, Trustee for PARS: Not FOIC 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 949.250.1250 www.pars.org 23