To:
FROM:
DATE:
SUBJECT:
CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
Honorable Mayor and Council Members
Tamara S. Letourneau, City Manager
April 15, 2025
Investment Report as of February 28, 2025
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of February 28, 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
Despite the recent economic news and ensuing volatility, the City's investment portfolio continues to be well positioned.
In March, the Federal Open Market Committee (FOMC) decided to maintain the target rate for the federal funds rate at 4.25%-4.50%. The FOMC stated they were "strongly committed to supporting maximum employment and returning inflation to its 2 percent objective". However, the United States equity and bond markets have been dealing with much more volatility in 2025, causing the interest rates to decline. To illustrate this, as of the date this staff report is being written, the 5-year Treasury rates stand at 3.75%, compared to its 52-week high of 4.61 % on January 13, 2025. Similarly, the 10-year Treasury rate is currently at 4.06%, compared to its 52-week high of 4. 79% on January 13, 2025.
Additionally, the CME FedWatch tool is now predicting three to four interest rate cuts before the end of 2025. The CME FedWatch tool can be used as a barometer for the market's expectations of where the Fed Funds rate is headed. Two months ago the tool
projected there was a 96% chance the Fed Funds rate would be at least 3.50% at the end of 2025. Now, that confidence level is only at 46.9%, strongly suggesting the market is predicting the FOMC may consider more rate cuts in the near-term. frdt'taktlfod
--------........ .....
, ....
.....
_,..,..,. ..... ..,.
_,_, ..,,. JU)lic312$
TARGIT RATE PROIIABILITIES FOR IO OEC 2025 FED MEETING
"'
-
JCCl-325
... Na ..-x."°'u. ~o, (AU. -~ ll9il:
..... JfD U,W IIOI>,_ OO'IL t Olilli
-
150-P S
'f.11~•-----------------
Source: CME FedWatch Tool
2025 is an important year for the City of Laguna Niguel's investment portfolio. Despite a $4 million Federal Agency Security recently maturing in February, there will be another $10.0 million in low interest earning securities maturing before the end of the year. When those funds become eligible for reinvestment, the City will be able to reinvest at a much higher rate. Thus, as the Fed Funds rate and the LAIF rate are projected to decrease in 2025, the City's portfolio yield is projected to increase. Additionally, the City has strategically made longer-term investments while the rates were high knowing that they wouldn't remain at those elevated levels forever. The current 943 average weighted maturity of the entire portfolio demonstrates that the City has been focusing on the long term.
The City continues to maintain safety in the portfolio, with strong levels of liquidity.
The following table compares the portfolio balance as of February 2025 to January 2025.
Portfolio Balance January 2025 February 2025 Difference Balance $64,995,357 $61,527,906 $3,467,451
• Over the past month, the City's total cash and investments experienced a net decrease of $3,467,451. As the City typically does not receive any property tax allotments from the County of Orange in the month of February, it is not unusual to experience a net decrease. Additionally, the City expended $1.2 million replacing synthetic turf at La Paz Sports Park in February. • The percentage of pooled investments stood at 0.17%. Pooled investments include the Local Agency Investment Fund (LAIF).
Page3
• The average weighted maturity of City investments, including investment pools and money market, increased to 943 days. The average weighted maturity of City investments, including investment pools and money market, is calculated as follows: Sum of days left until maturity of each individual investment multiplied by the cost of each individual investment divided by the total portfolio at cost, excluding cash in bank.
• The net yield of LAIF decreased from 4.366% to 4.333%. The net yield for the First American money market funds in the City's custodian account decreased from 4.270% to 4.250%. This is the fourth consecutive month the money market and LAIF rates decreased. The Fed Funds rate and the LAIF/PMIA rate are now nearly even, and on a downward trend.
Average Monthly Yield Comparison - 02/2020 through 02/2025
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
~
' ......
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ff
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.¥J' _.,.
N N N
0 0 0
~ ~ s
--------- ---
~
.. ... ...
N N N
0 0 0
f;l s; ~
- ~
- S&P
---•FedF~
Fobru&ry Ylolds
PIIIA -.339%
S&P GIP ._570%
Fed Funds -.:,1o,r.
• The average weighted yield of City investments, including investment pools and money market, increased from 3.019% to 3.221 %. The increase is mostly due to a maturity of the $4.0 million Federal Agency security mentioned earlier, earning just 0.337%. The City placed this matured security into the money market fund, which is earning 4.250%, representing a significant improvement.
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 Weighted 5-Year 1-Year 6-Month
Yield Treasury Treasury Treasury
3.221% 4.030% 4.080% 4.250%
The monthly Investment Report as of February 28, 2025, is attached.
ALTERNATIVES CONSIDERED
LAIF
4.333%
The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of February 28, 2025.
Page4
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. ~>£~
Tamara S. Letourneau
City Manager
Attachment:
Trevor Agrelius
Finance Director
A. Monthly Investment Report as of February 28, 2025
ATTACHMENT A
Investment Report as of February 28, 2025
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
February 28, 2025
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
April 15, 2025
CITY OF LAGUNA NIGUEL
INVESTl\,ffiNT REPORT
TABLE OF CONTENTS
Statement of Compliance/Non-Compliance
Report of Cash and Investments
LAIF Investment Reports
US Bank Statement
PARS Statement
1 2
3-5
6-21
22 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 February 28, 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.
~<tljd~
Tamara S. Letourneau
City Manager
Trevor Agrelius
Finance Director
City of Laguna Niguel
Summary of Cash and Investments
2/28/2025
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 s 2,500.00 US Bank Checking & Investment Accounts 3.982% 3,528,036.24 5.73% N/A 3,528,036 .24 US Bank Money Market 4.250% 2,491,882.13 4.05% 10.00% 2,491,882.13 Local Agency Investment Fund 4.333% 106,625.05 0.17% >$40 million or 55% 106,625.05 US Treasury Note: 32.41% N/A
912810EV6 6/22/2023 8/15/2025 6.875% 4.311% 2,104,000.00 2,025,860 .00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,009,730.00 91282CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,020,820 .00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,025,860.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,506,570 .00 91282CFJ5 10/24/2024 8/31/2029 3.125% 4.000% 961,730.00 963,710 .00 91282CLN9 11/6/2024 9/30/2029 3.500% 4.310% 970,990.00 978,750.00 91282CMA6 12/20/2024 11/30/2029 4.125% 4.330% 990,940.00 1,005,160.00 91282CMDO 1/13/2025 12/31/2029 4.375% 4.470% 995,790.00 1,015,630 .00 91282CJJ1 1/7/2025 11/15/2033 4.500% 4.530% 1,496,655.00 1,535,805.00 91282CKQ3 1/13/2025 5/15/2034 4.375% 4.660% 978,560.00 1,014,140 .00 91282CLF6 10/9/2024 8/15/2034 3.875% 4.079% 1,955,400.00 1,950,620 .00 91282CLW9 12/20/2024 11/30/2028 4.250% 4.349% 3,968,200.00 4,015,640.00 Certificates of Deposit : 7.31%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 250,507 .50 83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,367 .50 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 252,470 .00 85628340 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 251,917.50 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 252,195.00 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 251,802 .50 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 250,805.00 2546733V6 7/18/2023 4/ 17/2028 4.400% 4.408% 249.875.00 250,887.50 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 251,437 .50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 251,777.50 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000.00 256,065.00 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 256,075 .00 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 251,032.50 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 250,307.50 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 250,250.00 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 247,112.50 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 247,145.00 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00 252,177 .50 Federal National Mortgage Association: 14.05% 25.00%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 8,537,832 .00 Federal Farm Credit Banks: 17.89% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 1,005,390.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,890,640 .00 3133EPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 2,021,760 .00 3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800.00 2,481,100.00 3133EP3B9 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 1,501,635.00 Federal Home Loan Banks: 18.37% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,001,910 .00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 986,710.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 616,231.25 3130AMF56 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,917,780 .00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,357,305.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 1,999,420.00
50.31% 60.00%
Total City Investments Including Investment Pools $ 61,527,906.07 100.00% $ 61,039,384.17 Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 20.00% $ 2,340,551.46 Average weighted maturity of Investments, excluding Investment Pools: 1,048 days Average weighted maturity of Investments, including Investment Pools and Money Market: 943 days Average weighted yield of Investments , excluding Investment Pools: 3.124% Average weighted yield of Investments, including Investment Pools and Money Market: 3.221% • Market value of City investments is provided by US Bank 2 4/4/25, 9:43 AM
California State Treasurer
Fiona Ma1 CPA
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-300 l
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Account Number: 98-30-408
February 2025 Statement
Account Summary:
Total Deposit:
Total Withdrawal:
https://laifms.treasurer.ca .gov/RegularStatement.aspx
LAIF Regular Monthly Statement
April 04, 2025
LAIF Home
PMIA Average MonthlY
Yields
Tran TY.Re Definit ions
0.00 Beginning Balance :
0.00 Ending Balance:
3 106,625.05
106,625.05
1/1
,~vu,,.
t i
!:l --.._..,,."""'11■1 "' 'g ~ ... ___ ....
f,U:ir11J1,,
PMIA/LAIF Performance Report
as of 03/19/25
Quarterly Performance
Quarter Ended 12/31/24
PMIA Average Monthly
Effective Yieldsl11
LAIF Apportionment Rate121:
LA.IF Earnings Ratiotil :
LAIF Admin istrative Cost11)·:
LAIF Fair Value Factor(1l:
PMIA Daily(1l:
PMIA Quarter to Date!1l:
PMIA Average Life(1l:
4.62 0.00012664187216722
0.28 0.999621985
4.40 4.48
252
February
January
December
November
October
September
Pooled Money Investment Account
Monthly Portfolio Composition <11
2/28/25
$156.8 billion
Corporate
Bonds
0.57%
Certificates of
Deposit/Bank Notes
9.22%
4.333
4.366
4.434
4.477
4.518
4.575
Treasuries
53.01%
Agencies
27.36%
Chart does not Include $1,188,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Dally rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the Ca/PERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(l) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (o/. •The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The low provides that administrative casts are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rote on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8'!6 of quarterly EARNINGS of the fund for the subsequent fiscal year.
Source:
111 State of California, Office of the Treasurer
121 State of California, Office of the Controller
4 ~" ,~vEsr,i,.c: State of California
(;/,~~ .,,.
~. ~ . ~ Pooled Money Investment Account :e C'>
.....I tJ 1rro.:-- 0
~ , ~~ Market Valuation ~~ ,~~
'IIQUIOI, ~ .
2/28/2025
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury :
Bills $ 39,875,097,778 .62 $ 40,262,411,768.50 NA
Notes $ 43,246,461,455 .19 $ 43,349,665,677.00 $ 351,109 ,755.50 Federal Aoencv:
SBA $ 212,841,361.59 $ 214,362,681.26 $ 941,499.05
MBS-REMICs $ 1,187,711 .83 $ 1,175,922.60 $ 5,181 .29
Debentures $ 7,376,297 ,383.29 $ 7,364,904 ,300.00 $ 87,236,357.50 Debentures FR $ - $ - $ -
Debentures CL $ 2,650,000,000.00 $ 2,653,351,000 .00 $ 33,260,908.00 Discount Notes $ 29,506,976 ,618.08 $ 29,836,034,500.00 NA Supranational Debentures $ 3,143,641,256 .75 $ 3,135,707,000.00 $ 29,120 ,627.00 Supranational Debentures FR $ - $ - $ -
CDs and YCDs FR $ - $ - $ -
Bank Notes
CDs and YCDs $ 14,450,000,000.00 $ 14,449 ,207,094.59 $ 184,331,090.32 Commercial Paper $ 10,144,454,527.73 $ 10,268,769,222.26 NA Corporate:
Bonds FR $ - $ - $ -
Bonds $ 890,209,708 .25 $ 884,909,515.00 $ 8,117,375.40 Repurchase Agreements $ - $ - $ -
Reverse Repurchase $ - $ - $ -
Time Deposits $ 5,074,500,000.00 $ 5,074,500,000.00 NA
PMIA & GF Loans $ 225,114,000.00 $ 225,114,000.00 NA
TOTAL $ 156,796,781,801 .33 $ 157,720,112,681.21 $ 694,122 ,794.06 Fair Value Including Accrued Interest $ 158,414 ,235,475.27 Repurchase Agreements , Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 5 [!l1bank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Beginning Market Value
Taxable Interest
Paid To/For Beneficiaries
Long Term Gains/Losses
Change in Investment Value
Ending Market Value
MARKET VALUE SUMMARY
Current Period
02/01/25 to 02/28/25
$58,729,150.29
209,540.34
-2,000,000.00
-188,112.71
651,644.96
$57,402,222.88
6 $70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
20498
00- -M -UC-UU -060-04
0220657-00-04007-04
February 1, 2025 to February 28, 2025
Change: -1,326,927.41
Beginning
MV
$58,729,150.29
'
Ending
MV
$57,402,222.88
~ bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Assets
Cash & Equivalents
Taxable Bonds
Total Market Value
Current Period %of
Market Value Total
2,491,882.13 4.30
54,910,340.75 95.70
$57,402,222.88 100.00
ASSET SUMMARY
Estimated
Annual Income
105,865.57
1,785,900.00
$1,891,765.57
7 Taxable Bonds ___ ---'
$54,910,340.75
20498
00- -M -UC-UU -060-04
0220657-00-04007-04
~~~
~
February 1, 2025 to February 28, 2025
===-____ Cash & Equiv
- - $2,491,882.13
Fixed Income Summary
US Government Issues
$50,386,008.25 ___ _
Corporate Issues
r-- . .,..~---$4,524,332.50
~ bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Taxable Interest
Total Current Period Income
INCOME SUMMARY
Income Received
Current Period
209,540.34
$209,540.34
8 20498
00- -M -UC-UU -060-04
0220657-00-04007-04
February 1, 2025 to February 28, 2025
[!I3bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Beginning Cash 02/01/2025
Taxable Interest
Paid To/For Beneficiaries
Sales
Net Money Market Activity
Ending Cash 02/28/2025
CASH SUMMARY
Cash
$0.00
209,540.34
-2,000,000.00
4,000,000.00
-2,209,540.34
$0.00
9 20498
00- -M -UC-UU -060-04
0220657-00-04007-04
rm
February 1, 2025 to February 28, 2025
20498
00- -M -UC-UU -060-04
0220657-00-04007-04
[!libank.
CITY OF LAGUNA NIGUEL Page 5 of 16
ACCOUNT NUMBER: 6736304200 February 1, 2025 to February 28, 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
First American Treasury Oblig - 31846V542
Fd CIZ
#3678
2,491,882.130 1.0000 2,491,882.13 2,491,882.13 0.00 4.3 105,865.57 4.25 Total Cash/Money Market $2,491,882.13 $2,491,882.13 $0.00 4.3 $105,865.57 Total Cash & Equivalents $2,491,882.13 $2,491,882.13 $0.00 4.3 $105,865.57 Taxable Bonds
US Government Issues
FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 98.1360 8,537,832.00 8,645,922.29 -108,090.29 14.9 32,625.00 0.38 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 97.2660 3,890,640.00 3,995,360.00 -104,720.00 6.8 115,000.00 2.96 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 99.2440 2,481,100.00 2,493,800.00 -12,700.00 4.3 96,875.00 3.90 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 100.1090 1,501,635.00 1,494,975.00 6,660.00 2.6 61,875.00 4.12 Federal Farm Credit Bks - 3133EPH81
4.500 10/04/2027
2,000,000.000 101.0880 2,021,760.00 2,024,580.00 -2,820.00 3.5 90,000.00 4.45 10 20498
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0220657-00-04007-04
tmbank ~ .
CITY OF LAGUNA NIGUEL Page 6 of 16
ACCOUNT NUMBER: 6736304200 February 1, 2025 to February 28, 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 - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.5390 1,005,390.00 999,000.00 6,390.00 1.8 51,250.00 5.10 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 98.5970 616,231.25 625,000.00 -8,768.75 1.1 4,500.00 0.73 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 98.6710 986,710.00 1,000,000.00 -13,290.00 1.7 7,400.00 0.75 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 95.8890 1,917,780.00 2,001,415.36 -83,635.36 3.3 15,000.00 0.78 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 96.8290 4,357,305.00 4,665,690.00 -308,385.00 7.6 84,375.00 1.94 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 99.9710 1,999,420.00 2,006,180.00 -6,760.00 3.5 80,000.00 4.00 Federal Home Loan Bks - 3130AWLY4
5.125 06/13/2025
1,000,000.000 100.1910 1,001,910.00 1,004,010.00 -2, 100.00 1.7 51,250.00 5.11 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 101.2930 2,025,860.00 2,104,000.00 -78,140.00 3.5 137,500.00 6.79 U S Treasury Note - 91282CFJ5
3.125 08/31/2029
1,000,000.000 96.3710 963,710.00 961.730.00 1,980.00 1.7 31,250.00 3.24 U S Treasury Note - 91282CLN9
3.500 09/30/2029
1,000,000.000 97.8750 978,750.00 970,990.00 7,760.00 1.7 35,000.00 3.58 11 20498
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0220657-00-04007-04
[!li bank$
CITY OF LAGUNA NIGUEL Page 7 of 16
ACCOUNT NUMBER: 6736304200 February 1, 2025 to February 28, 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 - 91282CLF6
3.875 08/15/2034
2,000,000.000 97.5310 1,950,620.00 1,955,400.00 -4,780.00 3.4 77,500.00 3.97 U S Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 100.4380 1,506,570.00 1,475,175.00 31,395.00 2.6 61,875.00 4.11 US Treasury Note - 91282CMA6
4.125 11/30/2029
1,000,000.000 100.5160 1,005,160.00 990,940.00 14,220.00 1.8 41,250.00 4.10 US Treasury Note - 91282CLW9
4.250 11/15/2034
4,000,000.000 100.3910 4,015,640.00 3,968,200.00 47,440.00 7.0 170,000.00 4.23 US Treasury Note - 91282CKQ3
4.375 05/15/2034
1,000,000.000 101.4140 1,014,140.00 978,560.00 35,580.00 1.8 43,750.00 4.31 US Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 101.2930 2,025,860.00 2,031,720.00 -5,860.00 3.5 87,500.00 4.32 U S Treasury Note - 91282CMDO
4.375 12/31/2029
1,000,000.000 101.5630 1,015,630.00 995,790.00 19,840.00 1.8 43,750.00 4.31 US Treasury Note - 91282CJJ1
4.500 11/15/2033
1,500,000.000 102.3870 1,535,805.00 1,496,655.00 39,150.00 2.7 67,500.00 4.39 U S Treasury Note - 91282CJAO
4.625 09/30/2028
1,000,000.000 102.0820 1,020,820.00 1,005,380.00 15,440.00 1.8 46,250.00 4.53 12 20498
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0220657-00-04007-04
~ bank~ ~
CITY OF LAGUNA NIGUEL Page 8 of 16
ACCOUNT NUMBER: 6736304200 February 1, 2025 to February 28, 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
1,000,000.000 100.9730 1,009,730.00 1,008,640.00 1,090.00 1.8 46,250.00 4.58 Total US Government Issues $50,386,008.25 $50,899,112.65 -$513,104.40 87.8 $1,579,525.00 Corporate Issues
American Express Natl Bk - 02589AF64
CD
5.000 11/01/2028
250,000.000 102.4260 256,065.00 250,000.00 6,065.00 0.4 12,500.00 4.88 Bank Five Nine Oconomowoc Wis - 062119CD2
CD
4.500 07/28/2028
250,000.000 100.7110 251,777.50 250,000.00 1,777.50 0.4 11,250.00 4.47 Bmw Bk North Amer Salt Lake City - 05580AY24
CD
4.400 04/14/2028
250,000.000 100.3220 250,805.00 249,875.00 930.00 0.4 11,000.00 4.39 Celtic Bk Salt Lake City Utah - 15118RM38
CD
4.600 12/08/2027
250,000.000 100.8780 252,195.00 250,000.00 2,195.00 0.4 11,500.00 4.56 Centier Bk Whitting Ind - 15140RCY3
CD
4.700 07/26/2027
250,000.000 100.9880 252,470.00 250,000.00 2,470.00 0.4 11,750.00 4.65 Comenity Cap Bk Draper - 20033A4J2
CD
4.450 07/26/2028
250,000.000 100.5750 251,437.50 250,000.00 1,437.50 0.4 11 ,125.00 4.42 13 20498
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0220657-00-04007-04
[!ljbank.
CITY OF LAGUNA NIGUEL Page 9 of 16
ACCOUNT NUMBER: 6736304200 February 1, 2025 to February 28, 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
CD
4.400 04/17/2028
250,000.000 100.3550 250,887.50 249,875.00 1,012.50 0.4 11,000.00 4.38 First Natl Bk Amer East Lans - 3211 0YK46
CD
4.300 12/28/2028
250,000.000 100.1000 250,250.00 250,000.00 250.00 0.4 10,750.00 4.30 First Premier Bk Sioux Falls - 33610RVD2
CD
4.550 12/10/2027
250,000.000 100.7210 251,802.50 250,000.00 1,802.50 0.4 11,375.00 4.52 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 100.1230 250,307.50 250,000.00 307.50 0.4 10,750.00 4.29 Sallie Mae Bk Salt Lake City - 795451 DH3
CD
4.400 12/13/2028
250,000.000 100.4130 251,032.50 250,000.00 1,032.50 0.4 11,000.00 4.38 Sofi Bk Natl Assn Cottonwood H - 83407DBP0
CD
5.450 04/30/2025
250,000.000 100.1470 250,367.50 250,000.00 367.50 0.4 13,625.00 5.44 Spiritbank Tulsa Okla - 848608FB6
CD
3.950 01/31/2029
250,000.000 98.8450 247,112.50 250,000.00 -2,887.50 0.4 9,875.00 4.00 State Bk India Chicago Ill - 8562834C7
CD
4.600 08/02/2027
250,000.000 100.7670 251,917.50 250,000.00 1,917.50 0.4 11,500.00 4.56 14 [!libank~
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Security Description
Shares/Face Amt
Synchrony Bank CD - 87165E3V7
CD
5.000 11/03/2028
250,000.000
Toyota Finl Svgs Bk Hend Nv - 89235MPR6
CD
4.500 06/28/2029
250,000.000
Uinta Bk Min View - 903572GQ2
CD
3.950 02/14/2029
250,000.000
Wells Fargo Bank Natl Assn - 949764GT5
CD
5.500 04/24/2025
250,000.000
Total Corporate Issues
Total Taxable Bonds
Total Assets
Estimated Current Yield
ASSET DETAIL (continued)
Price Market Value Tax Cost
102.4300 256,075.00 250,000.00
100.8710 252,177.50 250,000.00
98.8580 247,145.00 250,000.00
100.2030 250,507.50 250,000.00
$4,524,332.50 $4,499,750.00
$54,910,340.75 $55,398,862.65
$57,402,222.88 $57,890,744.78
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 15 Unrealized
Gain/Loss
6,075.00
2,177.50
-2,855.00
507.50
$24,582.50
-$488,521.90
-$488,521.90
20498
00- -M -UC-UU -060-04
0220657-00-04007-04
rB
February 1, 2025 to February 28, 2025
Percent
of Total
Portfolio
0.4 0.4
0.4 0.4
7.9 95.7
100.0
Estimated
Annual Income
12,500.00
11 ,250.00
9,875.00
13,750.00
$206,375.00
$1,785,900.00
$1,891,765.57
Estimated
Current Yield
4.88 4.46
4.00 5.49
3.29 [!E3bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
ASSET DETAIL MESSAGES (continued)
20498
00- -M -UC-UU -060-04
0220657-00-04007-04
February 1, 2025 to February 28, 2025
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. 16 [!!3bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
TRANSACTION DETAIL
Date
Posted Activity
Beginning Balance 02/01/:?025
02/03/25 Asset Income
02/10/25 Asset Income
02/12/25 Sale
02/12/25 Asset Income
02/13/25 Asset Income
02/14/25 Asset Income
02/18/25 Cash Disbursement
02/18/25 Asset Income
02/18/25 Asset Income
02/24/25 Asset Income
Descrip_tion
Interest Earned On
First Am Treas Ob Fd Cl Z
Interest From 1/1/25 To 1/31/25
Interest Earned On
Celtic Bk C D 4.600% 12/08/27
0.003907 USD/$1 Pv On 250,000 Par Value Due 2/8/25
Matured 4,000,000 Par Value Of
F H L MC 1.500% 2/12/25
Trade Date 2/12/25
4,000,000 Par Value At 100 %
Interest Earned On
F H L MC 1.500% 2/12/25
0.0075 USD/$1 Pv On 4,000,000 Par Value Due 2/12/25
Interest Earned On
FF CB Deb 4.125% 2/13/29
0.020625 USD/$1 Pv On 1,500,000 Par Value Due 2/13/25
Interest Earned On
Uinta Bk Min CD 3.950% 2/14/29
0.003355 USD/$1 Pv On 250,000 Par Value Due 2/14/25
Cash Disbursement
Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund DDA 02/18/2025
Interest Earned On
U S Treasury Bd 6.875 08/15/2025
0.034375 USD/$1 Pv On 2,000,000 Par Value Due 2/15/25
Interest Earned On
US Treasury Nt 3.875% 8/15/34
0.019375 USD/$1 Pv On 2,000,000 Par Value Due 2/15/25
Interest Earned On
Medallion Bk C D 4.300% 12/22/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 2/22/25
17 Cash
$0.00
1,698.23
976.71
4,000,000.00
30,000.00
30,937.50
838.70
-2,000,000.00
68,750.00
38,750.00
913.01
20498
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0220657-00-04007-04
~
February 1, 2025 to February 28, 2025
Tax Cost
$59,869,317.15
-4,188,112.71
[!libank~
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
TRANSACTI ON DETAIL (continued)
Date
Posted Activity
02/24/25 Asset Income
02/25/25 Asset Income
02/26/25 Asset Income
02/28/25 Asset Income
02/28/25 Asset Income
02/28/25 Asset Income
02/28/25 Asset Income
Purchase
Sale
Ending Balance 02/28/2025
Description
Interest Earned On
Wells Fargo C D 5.500% 4/24/25
0.004671 USD/$1 Pv On 250,000 Par Value Due 2/24/25
Interest Earned On
F N M A 0.375% 8/25/25
0.001875 USD/$1 Pv On 8,700,000 Par Value Due 2/25/25
Interest Earned On
Comenity Cap Bk CD 4.450% 7/26/28
0.003779 USD/$1 Pv On 250,000 Par Value Due 2/26/25
Interest Earned On
Bank Five Nine C D 4.500% 7/28/28
0.003822 USD/$1 Pv On 250,000 Par Value Due 2/28/25
Interest Earned On
First Natl Bk CD 4.300% 12/28/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 2/28/25
Interest Earned On
Spiritbank Tulsa CD 3.950% 1/31/29
0.00303 USD/$1 Pv On 250,000 Par Value Due 2/28/25
Interest Earned On
US Treasury NI 3.125% 8/31/29
0.015625 USD/$1 Pv On 1,000,000 Par Value Due 2/28/25
Combined Purchases For The Period 2/ 1/25 - 2/28/25 Of
First Am Treas Ob Fd Cl Z
Combined Sales For The Period 2/ 1/25 - 2/28/25 Of
First Am Treas Ob Fd Cl Z
18 Cash
1,167.81
16,312.50
944.86
955.48
913.01
757.53
15,625.00
-4,209,540.34
2,000,000 .00
20498
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February 1, 2025 to February 28, 2025
Tax Cost
4,209,540.34
-2,000,000.00
$0.00 $57,890,744.78
[!I3bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Taxable Bonds
FHLMC
1 _500 02/12/2025
3137EAEP0
Total Taxable Bonds
Total Sales & Maturities
Settlement
Date
02/12/25
Description
Matured 4,000,000
Par Value
Trade Date 2/12/25
SALE/MATURITY SUMMARY
4,000,000 Par Value At 100 %
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Long-Term Gain (Loss): ($188,112.71) Estimates should not be used for tax purposes
19 Tax Cost
-4,188,112.71
-$4, 188,112.71
-$4, 188,112.71
20498
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Wil
February 1, 2025 to February 28, 2025
Proceeds
4,000,000.00
$4,000,000.00
$4,000,000.00
Estimated
Gain/Loss
-188,112.71
-$188,112.71
-$188,112.71
~ bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
40%
32%
24%
16%
8%
0%
2025
MATURITY
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Total of Category
--
MOODY'S RA TING
Aaa
N/A
BOND SUMMARY
I
I
I I
I
I
2026 2027 2028 2029 2030
20 2031 2032
Par Value
14,825,000.00
7,500,000.00
7,000,000.00
7,250,000.00
10,250,000.00
0.00 0.00
0.00 1,500,000.00
7,000,000.00
$55,325,000.00
50,825,000.00
1,750,000.00
20498
00- -M -UC-UU -060-04
0220657-00-04007-04
February 1, 2025 to February 28, 2025
C ,n
2033 2034
Percentage of
Market Value Category
14,674,808.25 26.73
7,284,815.00 13.27
6,920,785.00 12.61
7,314,737.50 13.32
10,198,990.00 18.57
0.00 0.00
0.00 0.00
0.00 0.00
1,535,805.00 2.79
6,980,400.00 12.71
$54,910,340.75 100.00
50,386,008.25 91.76
1,750,590.00 3.19
[!11bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
NOT RATED
Total of Category
S&P RATING
AA+
N/A
NOT RATED
Total of Category
BOND SUMMARY (continued )
Par Value
2,750,000.00
$55,325,000.00
30,825,000.00
20,000,000.00
4,500,000.00
$55,325,000.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 21 20498
00- -M -UC-UU -060-04
0220657-00-04007-04
~
February 1, 2025 to February 28, 2025
Market Value
2,773,742.50
$54,910,340.75
30,317,713.25
20,068,295.00
4,524,332.50
$54,910,340.75
Percentage of
Category
5.05 100.00
55.21 36.55
8.24 100.00
CITY OF LAGUNA NIGUEL
PUBLIC AGENCY
RETIREMENT SERVICES
PARS Post-Employment Benefits Trust
Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Source
PENSION
Total s
Investment Selection
Source
PENSION Mod erate - Index
Investment Objective
Source
Balance as of
2/1/2025
$2,327.4 99 14
S2,327.49914
Contributions
$000
$0.00
Earnings
$14,186 55
$14,186 .55
Expenses
$1,134 23
$1,134.23
Account Report for the Period
2/1/2025 to 2/28/2025
Distributions Transfers
$000 $000
so.oo $0 .00
Batance as of
2/28/ 2025
$2,340 ,551 46
$2,340 .551 46
PENSION
The dual goal s of the Mod erate Strategy are gro wth of principal and income It is expected that dividend and interest incom e will compri se a significant porti on of tot al return , although growth through capital appreciat ion is equally important The portfo lio Investment Return
Source 1-Month 3-Months
PENSION 061% -016%
will be allocated between equity and fixed income investments 1-Year 3-Ycars
1112% 402 %
Annuallmd Return
5-Yc""' 10 -Ycars
Information as provided by US Bank. lrustee for PARS. Not F0fC Insured. No Bank Guarantee. May Lose Value Plan's lnccptten Date
5/26/20 20
Past performance does not guarantee future results Performance returns may not renect 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 lrUSI Ad.minislration. T rusree and Investment MiJnlJC}t.lfflOfU fees Headquarters· 4350 Van Karman Ave. Suite 100. Newport Beach, CA 92660 800 540 6369 Fax 949 250 1250 www pars org 22