To:
FROM:
DATE:
SUBJECT:
CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
Honorable Mayor and Council Members
Tamara S. Letourneau, City Manager
May 6, 2025
Investment Report as of March 31, 2025
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of March 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 City's investment portfolio continues to be well positioned, despite uncertain and turbulent economic news over the past few months.
The next Federal Open Market Committee (FOMC) meeting will be held on May 6-7, 2025. It is largely expected that the FOMC will leave the federal funds rate unchanged at
4.25%-4.50%. However, the most recent dot plot and projections provided by the FOMC indicate the members projecting two rate cuts in 2025. The CME FedWatch Tool is currently predicting a 62% chance the target federal funds rate will be 50 basis points lower after the July 2025 FOMC meeting. Nevertheless, a Fed Funds rate of 3. 75%-
4.00% is still historically quite high when comparing to the past twenty years, and given the projections over the next few years, is still an attractive long-term yield. The dot plot predicts the longer-term rate will be 3.00%, meaning the projected rates at the end of 2025 will still be elevated.
Page2
Fed members are still projecting two rate cuts this year Count(~)
16 - Dots below med ;,u, Dots at medi;rn - Dots above medi,rn ..- Median dot (RHSJ Median dot(% ) 14 12
10 8
6 4
2 0
0 4.375
2024 2025
5.0 3.375 4.0
3 3.0
2.0 , .0
0.0 2026 2027 Longer Term
Source: Bloombe rg, as of 3/19/2025 .
Forecasts contained herein are for illustrative purposes only, may be based upon prop rietary research and are developed through analysis of histor ical public data.
The City is well positioned for the current interest rate environment and has sufficient flexibility to pivot in the event conditions change. Over the next four months the City will have $10.2 million in low-yielding securities mature. Those investments are earning an average yield of 0.553%, so the City will see a significant increase in return when those funds are reinvested at these elevated rates. In addition, the City will receive an additional $5 million in property taxes in May.
Due to the change in the City's Investment Policy in 2024, the City is permitted to utilize funds from the $15.0 Emergency Operating Reserve to purchase U.S. Treasury securities with a maximum maturity of ten years. This change has been a great benefit to the City's portfolio. Through April, the City purchased $14.5 million in U.S. Treasuries with a maturity between five and ten years. Those securities are yielding a combined 4.30%, or $620,000 in interest per year! That additional yield will provide the City with additional flexibility in the years to come, especially if interest rates decrease as currently projected.
Those U.S. Treasuries have been staggered so they mature throughout the next five to ten years, consistent with the City's current practices. Lastly, the City has continued to maintain safety and liquidity as the top two goals of the investment strategy, with at least $4.3 million maturing each of the next five years.
The following table compares the portfolio balance as of March 2025 to February 2025. :Pe>rtfallo BalanQO 1: : ' : Febru.tu.y 202_5 : ;:March ~ll Difference Balance $61,527,906 $61,577,250 $49,344
• Over the past month, the City's total cash and investments experienced a net increase of $49,344. The City did receive approximately $1 .5 million in property taxes during the month, but those receipts were offset by capital project expenditures, leaving the month over month change mostly flat.
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
• The percentage of pooled investments in the Local Agency Investment Fund (LAIF) stood at 0.17%.
• The average weighted maturity of City investments, including investment pools and money market funds, increased to 1, 146 days. As the City is strategically investing in longer-term, high-yielding securities, the average weighted maturity is expected to increase. 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 4.333% to 4.313%. The net yield for the First American money market funds in the City's custodian account decreased from 4.250% to 4.220%. This is the sixth consecutive month the money market and LAIF rates decreased. The Fed Funds rate and the LAIF/PMIA rate are nearly even, and on a downward trend.
Average Monthly Yield Comparison - 03/2020 through 03/2025 - PMIA
--S&P
- - - • Fed Funds
March Yields
0 0 0 0
N N N N
N N N N
"' "'
<"l
"' v v v v .,.,
N N N N N N N N N N N N N N N N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 £:! C:! ~ ~ C:! C:! ~ ~ ~ C:! C:! N £:! ~ C:! ~ C:! £:! ~ ~ ~ <"l CD "'
CD CD en N "'
en <"l CD
PMIA 4.313¾
S&P GIP 4.630¾
Fed Funds 4.310¾
....
• The average weighted yield of City investments, including investment pools and money market funds, decreased from 3.221 % to 3.220%. The decrease is mostly due to the decrease in money market yield. The City's average weighted yield of City investments , including investment pools and money market funds, 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 LAIF
Yield Treasury Treasury Treasury
3.220% 3.960% 4.030% 4.230% 4.313%
The monthly Investment Report as of March 31, 2025, is attached .
Page4
ALTERNATIVES CONSIDERED
The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of March 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. ~}!tttW@µ/)1)_
City Manager
Attachment:
.---rj\/"'-- ~ ~
Trevor Agrelius
Finance Director
A. Monthly Investment Report as of March 31, 2025
ATTACHMENT A
Investment Report as of March 31, 2025
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
March 31, 2025
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
May 6, 2025
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
TABLE OF CONTENTS
Statement of Compliance/N"on-Compliance
Report of Cash and Investments
LAIF Investment Reports
US Bank Statement
PARS Statement
1 2
3-5
6-20
21 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 March 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
City Manager
~ f\/'-, A~
Trevor Agrelius
Finance Director
City of Laguna Niguel
Summary of Cash and Investments
3/31/2025
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 s 2,500.00 US Bank Checking & Investment Accounts 3.949% 3,457,473.51 5.61% N/A 3,457,473.51 US Bank Money Market 4.220% 1,069,248.72 1.74% 10.00% 1,069,248.72 Local Agency Investment Fund 4.313% 106,62S.05 0.17% >$40 million or 55% 106,62S.05 US Treasury Note: 34.89% N/A
912810EV6 6/22/2023 8/15/2025 6.87S% 4.311% 2,104,000.00 2,021,480.00 91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,010,390.00 91282CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,023,280.00 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,031,100.00 91282CHD6 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,510,965.00 91282CFJ5 10/24/2024 8/31/2029 3.125% 4.000% 961,730.00 967,380.00 91282CLN9 11/6/2024 9/30/2029 3.500% 4.310% 970,990.00 981,840.00 91282CMA6 12/20/2024 11/30/2029 4.125% 4.330% 990,940.00 1,007,730.00 91282CMDO 1/13/2025 12/31/2029 4.375% 4.470% 995,790.00 1,018,160.00 91282CJJ1 1/7/2025 11/15/2033 4.500% 4.530% 1,496,655.00 1,535,865.00 91282CKQ3 1/13/2025 5/15/2034 4.375% 4,660% 978,560.00 1,013,520.00 91282CLF6 10/9/2024 8/15/2034 3,875% 4.079% 1,955,400.00 1,949,380.00 91282CLW9 12/20/2024 11/30/2034 4.250% 4.349% 3,968,200.00 4,011,880.00 91282CMMO 3/25/2025 2/15/2035 4.625% 4.270% 1,542,540.00 1,549,695.00 Certificates of Deposit: 7.31%
949764GT5 10/24/2023 4/24/2025 5.500% 5.500% 250,000.00 250,160.00 83407DBPO 10/30/2023 4/30/2025 5.450% 5.450% 250,000.00 250,150.00 15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 253,317.50 8562834(7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 252,787.50 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 253,097.50 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 252,802.50 05580AY24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 251,915.00 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 252,000.00 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 252,527.50 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000.00 252,917.50 02589AF64 11/1/2023 11/1/2028 5,000% 5.000% 250,000.00 257,222.50 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000.00 257,232.50 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 252,307.50 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000.00 251,522.50 32110YK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 251,530.00 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 248,495.00 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 248,452.50 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00 253,590.00 Federal National Mortgage Association: 14.04% 25.00%
3135GOSX7 1/29/2021 8/25/2025 0.375% 0.519% 8,645,922.29 8,566,281.00 Federal Farm Credit Banks: 17.88% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5,178% 999,000.00 1,004,570.00 3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,909,800.00 3133EPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 2,025,680.00 3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800 00 2,487,400.00 3133EP389 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 1,505,265.00 Federal Home Loan Banks: 18.35% 25.00%
3130AWLY4 7/25/2023 6/13/2025 5.125% 4.900% 1,004,010.00 1,001,460 .00 3130AJTF6 7/14/2020 7/14/2025 0.740% 0.740% 1,000,000.00 989,650.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.720% 625,000.00 618,087.50 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,924,100.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,364,685.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 2,005,000.00
50.27% 60.00%
Total City Investments Including Investment Pools $ 61,577,249.93 100.00% $ 61,212,518.28 Restricted for Specific Use
PARS 115 Pension Trust $ 2,000,000.00 20.00% $ 2,287,522.53 Average weighted maturity of investments, excluding Investment Pools: 1,240 days Average weighted maturity of Investments, including Investment Pools and Money Market : 1,146 days Average weighted yield of Investments, excluding Investment Pools: 3.155% Average weighted yield of investments, including Investment Pools and Money Market: 3,220% • Market value of City investments is provided by US Bank 2 4/4/25, 9:43 AM
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-000 I
(916) 653-300 I
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Account Number: 98-30-408
March 2025 Statement
Account Summan:
Total Deposit:
Total Withdrawal:
https://laifms .treasurer .ca.gov/RegularStatement.aspx LAIF Regular Monthly Statement
April 04, 2025
Tran TY.P.e Definition
0.00 Beginning Balance :
0.00 Ending Balance:
3 106,625.05
106,625.05
1/1
PMIA/LAIF Performance Report
as of 04/23/25
Quarterly Performance
Quarter Ended 3/31/25
PMIA Average Monthly
Effective Yieldsl11
LAIF Apportionment Rate121:
LAIF Earnings Ratio121:
LAIF Administrative Cost111•:
LAIF Fair Value Factor11>:
PMIA Daily11>:
PMIA Quarter to Date11>:
PMIA Average Life11>:
4.48 0.00012266258268207
0.26 1.000849191
4.30 4.34
244
March
February
January
December
November
October
Pooled Money Investment Account
Monthly Portfolio Composition <11
3/31/25
$156.8 billion
Commercial
Paper
6.76%
Corporate
Bonds
0.60%
Certificates of
Deposit/Bank Nelles
9.25%
4.313
4.333
4.366
4.434
4.477
4.518
Treasuries
S2.98%
Agencies
26.95%
Chart does not include $1,138,000.00 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 Notes: The apportionment rate includes interest earned on the Ca/PERS Supplemental Pension Payment pursuant to Government Code 20825 {c)(1/ 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 law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day 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:
Il l State of California, Office of the Treasurer
i>J State of California , Office of the Controller
~"( \NVES7".ff, State of California
!:/,~~:f-,..
.:f.~ • -9'.
Pooled Money Investment Account ~ g
.... - c::,
~J ~~ Market Valuation .,.~ ~ ... ~
·Hau101~ ·
3/31/2025
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value United States Treasurv :
Bills $ 40,147,336,135.36 $ 40,475 ,086,722.20 $ 40,480 ,617,490.00 Notes $ 42,918,275,329 .21 $ 42,905,793,758.30 $ 43,039 ,332,894.00 Federal Agency:
SBA $ 209,725,735.24 $ 209,725,735.24 $ 213,398,560.71
MBS-REMICs $ 1,137,937.87 $ 1,137,937.87 $ 1,127,788.60 Debentures $ 6,726,125,283.48 $ 6,726,125,283.48 $ 6,723,244,200.00 Debentures FR $ - $ - $ -
Debentures CL $ 2,750,000,000.00 $ 2,750,000,000.00 $ 2,758,623,500.00 Discount Notes $ 29,244, 125,236.00 $ 29,523,194,138.66 $ 29,512,185,000 .00 Supranational Debentures $ 3,336,408,572.81 $ 3,335,613,056.14 $ 3,334,716,800.00 Supranational Debentures FR $ - $ - $ -
CDs and YCDs FR $ - $ - $ -
Bank Notes $ - $ -
CDs and YCDs $ 14,500,000,000.00 $ 14,500,000,000.00 $ 14,500,669,836.83 Commercial Paper $ 10,600,784,777 .74 $ 10,703,897 ,041.65 $ 10,704,693,041 .66 Corporate:
Bonds FR $ - $ - $ -
Bonds $ 940,730,522.83 $ 940,109,761.72 $ 935,812,095.00 Repurchase Agreements $ - $ - $ -
Reverse Repurchase $ - $ - $ -
Time Deposits $ 5,184,500,000 .00 $ 5,184,500,000.00 $ 5,184,500,000.00 PMIA & GF Loans $ 233,331,000 .00 $ 233,331,000.00 $ 233,331 ,000.00 TOTAL $ 156,792,480,530 .54 $ 157,488,514,435.26 $ 157,622,252,206.80 Fair Value Including Accrued Interest $ 158,282,089,372.32 Repurchase Agreements, Time Deposits , PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost).
The value of each participating dollar equals the fair value divided by the amortized cost (1 .000849191) As an example: if an agency has an account balance of $20,000,000 .00, then the agency would report its participation in the LAIF valued at $20,016,983 .81 or $20,000,000.00 x1 .000849191 5 Accrued Interest
NA
$ 377,246,656.00
$ 840,069.51
$ 4,964.16
$ 51,486,574.00
$ -
$ 30,063,449.00
NA
$ 19,165,126.50
$ -
$ -
$ -
$ 173,222,847.19
NA
$ -
$ 7,807,479.16
$ -
$ -
NA
NA
$ 659,837,165.52
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CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Beginning Market Value
Taxable Interest
Change in Investment Value
Ending Market Value
MARKET VALUE SUMMARY
Current Period
03/01/25 to 03/31/25
$57,402,222.88 $70,000,000
119,906.59
123,790.25
$57,645,919.72
6 $60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
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0220657-00-04007-04
March 1, 2025 to March 31 , 2025
Change: 243,696.84
Beginning
MV
$57,402,222.88
1 Ending
MV
$57,645,919.72
[!Ijbank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Assets
Cash & Equivalents
Taxable Bonds
Total Market Value
Current Period %of
Market Value Total
1,069,248.72 1.90
56,576,671.00 98.10
$57,645,919.72 100.00
ASSET SUMMARY
Estimated
Annual Income
45,078.81
1,855,275.00
$1,900,353.81
7 Taxable Bonds _
$56,576,671.00
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~
March 1, 2025 to March 31, 2025
,,------Cash & Equiv
- $1,069,248.72
Fixed Income Summary
_____ Corporate Issues
I - $4,542,027.50
US Government Issues --,
$52,034,643.50
[!Ijbank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Taxable Interest
Total Current Period Income
INCOME SUMMARY
Income Received
Current Period
119,906.59
$119,906.59
8 24541
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March 1 , 2025 to March 31 , 2025
C!!]bank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Beginning Cash 03/01/2025
Taxable Interest
Purchases
Net Money Market Activity
Ending Cash 03/31/2025
CASH SUMMARY
Cash
$0.00
119,906.59
-1,542,540.00
1,422,633.41
$0.00
9 24541
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[fl
March 1, 2025 to March 31, 2025
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[!Ljbank.
CITY OF LAGUNA NIGUEL Page 5 of 15
ACCOUNT NUMBER: 6736304200 March 1, 2025 to March 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
First American Treasury Oblig - 31846V542
Fd CIZ
#3678
1,069,248.720 1.0000 1,069,248.72 1,069,248.72 0.00 1.9 45,078.81 4.22 Total Cash/Money Market $1,069,248.72 $1,069,248.72 $0.00 1.9 $45,078.81 Total Cash & Equivalents $1,069,248.72 $1,069,248.72 $0.00 1.9 $45,078.81 Taxable Bonds
US Government Issues
FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 98.4630 8,566,281.00 8,645,922.29 -79,641.29 14.9 32,625.00 0.38 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 97.7450 3,909,800.00 3,995,360.00 -85,560.00 6.8 115,000.00 2.94 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 99.4960 2,487,400.00 2,493,800.00 -6,400.00 4.3 96,875.00 3.89 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 100.3510 1,505,265.00 1,494,975.00 10,290.00 2.6 61,875.00 4.11 Federal Farm Credit Bks - 3133EPH81
4,500 10/04/2027
2,000,000.000 101.2840 2,025,680.00 2,024,580.00 1,100.00 3.5 90,000.00 4.44 10 .
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CITY OF LAGUNA NIGUEL Page 6 of 15
ACCOUNT NUMBER: 6736304200 March 1, 2025 to March 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 - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.4570 1,004,570.00 999,000.00 5,570.00 1.7 51,250.00 5.10 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 98.8940 618,087.50 625,000.00 -6,912.50 1.1 4,500.00 0.73 Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 98.9650 989,650.00 1,000,000.00 -10,350.00 1.7 7,400.00 0.75 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 96.2050 1,924,100.00 2,001,415.36 -77,315.36 3.3 15,000.00 0.78 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 96.9930 4,364,685.00 4,665,690.00 -301,005.00 7.6 84,375.00 1.93 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 100.2500 2,005,000.00 2,006,180.00 -1 ,180.00 3.5 80,000.00 3.99 Federal Home Loan Bks - 3130AWL Y 4
5.125 06/13/2025
1,000,000.000 100.1460 1,001,460.00 1,004,010.00 -2,550.00 1.7 51,250.00 5.12 US Treasury Bond - 912810EV6
6.875 08/15/2025
2,000,000.000 101.0740 2,021,480.00 2,104,000.00 -82,520.00 3.5 137,500.00 6.80 U S Treasury Note - 91282CMMO
02/15/2035
1,500,000.000 103.3130 1,549,695.00 1,542,540.00 7,155.00 2.7 69,375.00 4.48 US Treasury Note - 91282CFJ5
3.125 08/31/2029
1,000,000.000 96.7380 967,380.00 961,730.00 5,650.00 1.7 31,250.00 3.23 11 24541
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CITY OF LAGUNA NIGUEL Page 7 of 15
ACCOUNT NUMBER: 6736304200 March 1, 2025 to March 31, 2025 ASSET DETAI L {conti nued)
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 98.1840 981,840.00 970,990.00 10,850.00 1.7 35,000.00 3.56 US Treasury Note - 91282CLF6
3.875 08/15/2034
2,000,000.000 97.4690 1,949,380.00 1,955,400.00 -6,020.00 3.4 77,500.00 3.98 US Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 100.7310 1,510,965.00 1,475,175.00 35,790.00 2.6 61,875.00 4.09 US Treasury Note - 91282CMA6
4.125 11/30/2029
1,000,000.000 100.7730 1,007,730.00 990,940.00 16,790.00 1.7 41,250.00 4.09 US Treasury Note - 91282CLW9
4.250 11/15/2034
4,000,000.000 100.2970 4,011,880.00 3,968,200.00 43,680.00 7.0 170,000.00 4.24 U S Treasury Note - 91282CKQ3
4.375 05/15/2034
1,000,000.000 101.3520 1,013,520.00 978,560.00 34,960.00 1.8 43,750.00 4.32 US Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 101.5550 2,031,100.00 2,031,720.00 -620.00 3.5 87,500.00 4.31 US Treasury Note - 91282CMDO
4.375 12/31/2029
1,000,000.000 101.8160 1,018,160.00 995,790.00 22,370.00 1.8 43,750.00 4.30 US Treasury Note - 91282CJJ1
4.500 11/15/2033
1,500,000.000 102.3910 1,535,865.00 1,496,655.00 39,210.00 2.7 67,500.00 4.39 U S Treasury Note - 91282CJAO
4.625 09/30/2028
1,000,000.000 102.3280 1,023,280.00 1,005,380.00 17,900.00 1.8 46,250.00 4.52 12 24541
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[!ljbank.
. fi
CITY OF LAGUNA NIGUEL Page 8 of 15
ACCOUNT NUMBER: 6736304200 March 1, 2025 to March 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
1,000,000.000 101.0390 1,010,390.00 1,008,640.00 1,750.00 1.8 46,250.00 4.58 Total US Government Issues $52,034,643.50 $52,441,652.65 -$407,009.15 90.3 $1,648,900.00 Corporate Issues
American Express Natl Bk - 02589AF64
CD
5.000 11/01/2028
250,000.000 102.8890 257,222.50 250,000.00 7,222.50 0.4 12,500.00 4.86 Bank Five Nine Oconomowoc Wis - 062119CD2
CD
4.500 07/28/2028
250,000.000 101.1670 252,917.50 250,000.00 2,917.50 0.4 11,250.00 4.45 Bmw Bk North Amer Salt Lake City - 05580AY24
CD
4.400 04/14/2028
250,000.000 100.7660 251,915.00 249,875.00 2,040.00 0.4 11,000.00 4.37 Celtic Bk Salt Lake City Utah - 15118RM38
CD
4.600 12/08/2027
250,000.000 101.2390 253,097.50 250,000.00 3,097.50 0.4 11,500.00 4.54 Centier Bk Whitting Ind - 15140RCY3
CD
4.700 07/26/2027
250,000.000 101.3270 253,317.50 250,000.00 3,317.50 0.4 11 ,750.00 4.64 Comenity Cap Bk Draper - 20033A4J2
CD
4.450 07/26/2028
250,000.000 101.0110 252,527.50 250,000.00 2,527.50 0.4 11 ,125.00 4.40 13 24541
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[!libank.
CITY OF LAGUNA NIGUEL Page 9 of 15
ACCOUNT NUMBER: 6736304200 March 1, 2025 to March 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
CD
4.400 04/17/2028
250,000.000 100.8000 252,000.00 249,875.00 2,125.00 0.4 11,000.00 4.36 First Natl Bk Amer East Lans - 32110YK46
CD
4.300 12/28/2028
250,000.000 100.6120 251,530.00 250,000.00 1,530.00 0.4 10,750.00 4.27 First Premier Bk Sioux Falls - 33610RVD2
CD
4.550 12/10/2027
250,000.000 101.1210 252,802.50 250,000.00 2,802.50 0.4 11,375.00 4.50 Medallion Bk Utah - 58404DTX9
CD
4.300 12/22/2028
250,000.000 100.6090 251,522.50 250,000.00 1,522.50 0.4 10,750.00 4.27 Sallie Mae Bk Salt Lake City - 795451DH3
CD
4.400 12/13/2028
250,000.000 100.9230 252,307.50 250,000.00 2,307.50 0.4 11,000.00 4.36 Safi Bk Natl Assn Cottonwood H - 83407DBP0
CD
5.450 04/30/2025
250,000.000 100.0600 250,150.00 250,000.00 150.00 0.4 13,625.00 5.45 Spiritbank Tulsa Okla - 848608FB6
CD
3.950 01/31/2029
250,000.000 99.3980 248,495.00 250,000.00 -1 ,505.00 0.4 9,875.00 3.97 State Bk India Chicago Ill - 8562834C7
CD
4.600 08/02/2027
250,000.000 101.1150 252,787.50 250,000.00 2,787.50 0.4 11 ,500.00 4.55 14 [!Ljbank.
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
102.8930 257,232.50 250,000.00
101.4360 253,590.00 250,000.00
99.3810 248,452.50 250,000.00
100.0640 250,160.00 250,000.00
$4,542,027.50 $4,499,750.00
$56,576,671.00 $56,941 ,402.65
$57,645,919.72 $58,010,651.37
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. 15 Unrealized
Gain/Loss
7,232.50
3,590.00
-1,547.50
160.00
$42,277.50
-$364,731.65
-$364, 731.65
Percent
of Total
Portfolio
0.4 0.4
0.4 0.4
7.9 98.1
100.0
24541
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•
March 1, 2025 to March 31, 2025
Estimated
Annual Income
12,500.00
11,250.00
9,875.00
13,750.00
$206,375.00
$1,855,275.00
$1,900,353.81
Estimated
Current Yield
4.86 4.44
3.97 5.50
3.29 ~ bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
ASSET DETAIL MESSAGES (continued)
24541
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0220657 -00-04007-04
March 1, 2025 to March 31 , 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 [!ljbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
TRANSACTION DETAIL
Date
Posted Activity
Beginning Balance 03/01/2025
03/03/25 Asset Income
03/10/25 Asset Income
03/11/25 Asset Income
03/14/25 Asset Income
03/24/25 Asset Income
03/24/25 Asset Income
03/25/25 Purchase
03/25/25 Purchase Accrued Interest
03/26/25 Asset Income
03/28/25 Asset Income
Description
Interest Earned On
First Am Treas Ob Fd Cl Z
Interest From 2/1/25 To 2/28/25
Interest Earned On
Celtic Bk CD 4.600% 12/08/27
0.003529 USD/$1 Pv On 250,000 Par Value Due 3/8/25
Interest Earned On
F H L B Deb 1.875% 9/11/26
0.009375 USD/$1 Pv On 4,500,000 Par Value Due 3/11/25
Interest Earned On
Uinta Bk Mtn CD 3.950% 2/14/29
0.00303 USD/$1 Pv On 250,000 Par Value Due 3/14/25
Interest Earned On
Medallion Bk CD 4.300% 12/22/28
0.003299 USD/$1 Pv On 250,000 Par Value Due 3/22/25
Interest Earned On
Wells Fargo C D 5.500% 4/24/25
0.004219 USD/$1 Pv On 250,000 Par Value Due 3/24/25
Purchased 1,500,000 Par Value Of
U S Treasury Nt 4.625% 2/15/35
Trade Date 3/24/25
Purchased Through Cantor Fitzgerald & Co.
1,500,000 Par Value At 102.836 %
Paid Accrued Interest On Purchase Of
U S Treasury Nt 4.625% 2/15/35
Income Debit 7,282.46- USO
Interest Earned On
Comenity Cap Bk CD 4.450% 7/26/28
0.003414 USD/$1 Pv On 250,000 Par Value Due 3/26/25
Interest Earned On
Bank Five Nine C D 4.500% 7/28/28
0.003452 USD/$1 Pv On 250,000 Par Value Due 3/28/25
17 Cash
24541
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~~
~
March 1, 2025 to March 31, 2025
Tax Cost
$0.00 $57,890,744.78
6,540.09
882.19
42,187.50
757.53
824.66
1,054.79
-1,542,540.00 1,542,540.00
-7,282.46
853.42
863.01
[!I3bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
TRANSACTION DETAIL (continued)
Date
Posted Activity
03/28/25 Asset Income
03/31/25 Asset Income
03/31/25 Asset Income
03/31/25 Asset Income
03/31/25 Asset Income
Purchase
Sale
Ending Balance 03/31/2025
Description
Interest Earned On
First Natl Bk CD 4.300% 12/28/28
0.003299 USD/$1 Pv On 250,000 Par Value Due 3/28/25
Interest Earned On
Spiritbank Tulsa CD 3.950% 1/31/29
0.003355 USD/$1 Pv On 250,000 Par Value Due 3/31/25
Interest Earned On
US Treasury Nt 3.500% 9/30/29
0.0175 USD/$1 Pv On 1,000,000 Par Value Due 3/31/25
Interest Earned On
US Treasury Nt 4.125% 3/31/29
0.020625 USD/$1 Pv On 1,500,000 Par Value Due 3/31/25
Interest Earned On
U S Treasury Nt 4.625% 9/30/28
0.023125 USD/$1 Pv On 1,000,000 Par Value Due 3/31/25
Combined Purchases For The Period 3/ 1/25 - 3/31/25 Of
First Am Treas Ob Fd Cl Z
Combined Sales For The Period 3/ 1/25- 3/31/25 Of
First Am Treas Ob Fd Cl Z
18 Cash
824.66
838.70
17,500.00
30,937.50
23,125.00
-127, 189.05
1,549,822.46
$0.00
24541
00- -M -UC-UU -091-04
0220657-00-04007-04
March 1, 2025 to March 31, 2025
Tax Cost
127,189.05
-1,549,822.46
$58,010,651.37
~ 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
2035 - 2039
Total of Category
- -
MOODY'S RA TING
Aaa
N/A
BOND SUMMARY
' nn
2026 2027 2028 2029 2030
19 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
1,500,000.00
$56,825,000.00
52,325,000.00
1,750,000.00
24541
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~
~
March 1, 2025 to March 31, 2025
.--7n, ,
2033 2034 2035
-
2039
Percentage of
Market Value Category
14,701,838.50 25.99
7,299,175.00 12.91
6,947,485.00 12.28
7,338,555.00 12.98
10,229,277.50 18.08
0.00 0.00
0.00 0.00
0.00 0.00
1,535,865.00 2.71
6,974,780.00 12.32
1,549,695.00 2.73
$56,576,671.00 100.00
52,034,643.50 91 .97
1,758,817.50 3.11
[!Iibank.
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
$56,825,000.00
30,825,000.00
21,500,000.00
4,500,000.00
$56,825,000.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 20 24541
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March 1, 2025 to March 31, 2025
Market Value
2,783,210.00
$56,576,671.00
30,401,978.50
21,632,665.00
4,542,027.50
$56,576,671.00
Percentage of
Category
4.92 100.00
53.74 38.24
8.02 100.00
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
Totals
Investment Selection
Source
PENSION Moderate - Index
Investment Objective
Source
Balance as of
3/1/2025
$2,340,551 46
52,340,551 .46
Contnbutions
$000
S0.00
Earrnngs
-$51,880 25
-$51,880 25
Expenses
$1,148 68
$1,148.68
Account Report for the Perioq
3/1/2025 to 3/31/2025
D1stnbut1ons Transfers
$0 00 $000
so 00 SOOO
Balance as of
3/31/2025
$2,287,522 53
52,287,522 .53
PENSION
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 portion of total return, although growth through capital appreciation is equally important The portfolio Investment Return
Source 1-Month 3-Months
PENSION -2 22% 012%
w,11 be allocated between equity and fixed income investments 1-Year 3-Years
640% 3 60%
Annualized Rc1urn
5-.Yaars 10-Years
Jnlnut\l'Jt.lof1 as provided by US B,!tnf( (rustee for PARS.. Not •oc Insured No Bank Gtlilrnr:t~ May Lose Value Plan's Incept ion Date
5/26/2020
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 subjecl to change Investment Return Annualized rate of return is lhe return on an investment over a period other than one year multiplied or divided to give a comparable one-year return AcCXlt.11'11 Uilln:nc.ci nrc: ·~ 01 I rust ~Ufii fi(W\_ l fUUl.'fl 11f'ld lr~llnt'ffl dtlr\obOCmtJfM tt;M Headquarters - 4350 Von Karman Ave , Suite 100. Newport Beach CA 92660 800 540 6369 Fax 94 9 250 1250 www pars org 21