To:
FROM:
DATE:
SUBJECT:
CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
Honorable Mayor and Council Members
Tamara S. Letourneau, City Manager
October 7, 2025
Investment Report as of August 31 , 2025
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of August 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
August and September were important months for the City of Laguna Niguel's investment portfolio. The most impactful event occurred on August 25th, when the City's $8.7 million Federal National Mortgage Association (FNMA) security matured. Those funds were earning just 0.519%, and on August 2ffh, those funds were earning 4.170%, an over 800% increase! The next significant event occurred on September 17th , when the Federal Open Market Committee (FOMC) reduced the Federal Funds rate by 25 basis points to a target range of 4.00%-4.25%. This was the first rate cut of 2025, with the last one occurring in December 2024. The FOMC cited concerns about slowing job growth, and the Committee elected to reduce the target rate despite inflation remaining above its stated 2% goal. According to the FOMC inflation projections , inflation will continue to stay above 2% until 2028. The FOMC also released the latest "Fed Dot Plot", and the dot plot suggests the Committee has divergent views on how many rate cuts will take place over the next few years, despite the consensus that rates will go down. The dot plot suggests there may be two additional cuts this calendar year, but projects just one reduction in 2026.
Page2
The Fed's dot plot showed a wide range of views
FOMC Dots Median
4.5 •
••••••
4.0 ~ •• •• • • • • • Q: • • • • • •
~ 3.5
• • I-
•
"0 • • • • • • C 3.0 ::> u.. • • •• •
~ • • •
u.. 2.5 •• • • • • • • ••
"t)
SI • Q.
E 2.0
2025 2026 2027 2028 Longer Term
Source: Bloomberg . FOMC DOT Plot as of 9/ 1712025.
Median dot represents the median forecast from the 9/ 17/2025 FOMC meeting . Forecasts contained herein are for ,tlustrabve purposes only. may be based upon proprietary research and are developed through analysis of historical public data.
The City's portfolio continues to be in a great position, with the average weighted yield at
3. 770%, with an average duration of 1,357 days, or nearly 4 years. That is the highest yield the portfolio has achieved since November 2008! The City's average yield currently exceeds the five-year Treasury yield! There is still $6.7 million invested in securities earning under 1.10% that will mature in calendar year 2026. Based on the FOMC dot plot, those funds will be able to be reinvested at a yield at least 300% higher.
The City's weighted average yield has increased in each of the last two months while the LAIF rate has declined in each of the past twelve months . These highlights demonstrate that the City strategically invested to take advantage of the higher yields when they were available.
The following table compares the portfolio balance as of August 2025 to July 2025.
Portfolio Balance July 2025 August2025 Difference
Balance $65,229,750 $58,510 ,701 ($6,719,049)
• Over the past month, the City's total cash and investments experienced a net decrease of $6,719,049. This decrease , though large, is not unusual this time of year as the City fully closes the prior fiscal year during the month of August.
Vendors are asked to provide all prior fiscal year invoices by August 15th to ensure they are included in the proper year. Additionally, the City does not receive any property taxes during these months. Property taxes represent more than 50% of total General Fund revenues.
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) increased to 0.19%. This was due to the reduction in size of the overall portfolio as the total amount invested in LAIF remained the same. • The average weighted maturity of City investments, including investment pools and money market funds, increased to 1,357 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 4.258% to 4.251 %. This represents the twelfth consecutive month the LAIF yield has decreased. The net yield for the First American money market funds in the City's custodian account decreased to 4.150%. The Fed Funds rate and the LAIF/PMIA rate are nearly even, and on a downward trend.
Average Monthly Yield Comparison - 08/2020 through 08/2025 -- -
- PMIA
- S&.P
- - - - Fed Funds
August Yields
0 0 ~ ~ ~ ~
:;::i ~
N :;::i .., .., .., .., si si si Sf I/) I/) ti)
N 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 N ~ ~ N
~ ~ ~ ~
N ~ ~ ~
N ~ ~ ~
N ~ N
~
N
co ~ N ~ ~ co ~ co ~ co ~ N co
PMIA 4.251%
S&P GIP 4.460%
Fed Funds 4.310%
~ ~ ~ ~ ~
• The average weighted yield of City investments, including investment pools and money market funds, increased from 3.336% to 3.770%. The 0.434% increase is the largest one month increase in yield since March 2023, when the City revised the investment strategy to focus on higher-yielding, longer-term securities. The increase is almost entirely due to the FNMA security maturing, as discussed above. 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
3.770% 3.680% 3.830% 4.010% 4.251%
The monthly Investment Report as of August 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 August 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. ~<j~
Tamara S. Letourneau
City Manager
Attachment:
Trevor Agrelius
Finance Director
A. Monthly Investment Report as of August 31 , 2025
c::::::------
ATTACHMENT A
Investment Report as of August 31, 2025
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
August 31, 2025
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
October 7, 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
I
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 August 31 , 2025, the City was in compliance with the Investment Policy adopted at the June 3, 2025, 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 .
~cfd~
Tamara S. Letourneau
City Manager
Trevor Agrelius
Finance Director
City of Laguna Niguel
Summary of Cash and Investments
8/31/2025
Settlement Maturity Coupon Purchased Percent of Max Allowed Per Market Anticipated total Description Date Date Rate Yield Cost Portfolio Investment Policy Value Interest earned Petty Cash/Change Drawers $ 2,500.00 0.00% N/A $ 2,500.00 US Bank Checking & Investment Accounts 3,897% 2,990,811.75 5.11% N/A 2,990,811.75 US Bank Money Market 4.150% 5,818,933.46 9.95% 10.00% 5,818,933.46 Local Agency Investment Fund 4.251% 108,981.11 0,19% >$40 million or 55% 108,981.11 US Treasury Note: 44.28% N/A
91282CJK8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,009,410.00 128,749.72 91282CJAO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,029,880.00 221,376.41 91282CJN2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720.00 2,047,040.00 407,033.11 91282CKG5 4/12/2024 3/31/2029 4.250% 4.500% 1,475,175.00 1,525,485.00 329,913.80 91282CFJ5 10/24/2024 8/31/2029 3.125% 4.000% 961,730.00 981,250,00 186,760.06 91282CLN9 11/6/2024 9/30/2029 3.500% 4.310% 970,990.00 994,650.00 205,120.71 91282CMA6 12/20/2024 11/30/2029 4.125% 4.330% 990,940.00 1,018,320.00 212,304.96 91282CMDO 1/13/2025 12/31/2029 4.375% 4.470% 995,790.00 1,028,320.00 221,095.66 91282CG28 5/13/2025 4/30/2030 3.500% 4.000% 1,466,505.00 1,488,465.00 291,372.45 91282CMC2 4/24/2025 12/31/2031 4.500% 4.075% 1,024,620.00 1,035,390.00 279,346.50 91282CFV8 4/11/2025 11/15/2032 4.125% 4.126% 1,999,870.00 2,022,340.00 627,306,89 91282CJJ1 1/7/2025 11/15/2033 4.500% 4.530% 1,496,655.00 1,546,755.00 600,713.03 91282CKQ3 1/13/2025 5/15/2034 4.375% 4.660% 978,560,00 1,019,530.00 425,899.88 91282CLF6 10/9/2024 8/15/2034 3.875% 4.079% 1,955,400,00 1,960,620.00 786,025.96 91282CLW9 12/20/2024 11/30/2034 4.250% 4.349% 3,968,200.00 4,026,240.00 1,717,119.88 91282CMMO 3/25/2025 2/15/2035 4.625% 4.275% 3,083,550.00 3,102,660.00 1,305,216.03 91282CNC1 5/15/2025 5/15/2035 4.125% 4.375% 495,000.00 501,565.00 216,681.16 Certificates of Deposit: 6.84% 30%
15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000.00 253,747.50 47,064.38 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 253,335.00 46,094.52 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 254,080.00 46,031.51 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000.00 253,805.00 45,468.84 05580AV24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 253,382.50 52,266.02 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875.00 253,475.00 52,356.55 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 254,220.00 55,685.96 062119CD2 7/28/2023 7/28/2028 4.500% 4.500% 250,000,00 254,572.50 56,311.64 02589AF64 11/1/2023 11/1/2028 5,000% 5.000% 250,000.00 258,455.00 62,568.49 87165E3V7 11/3/2023 11/3/2028 5.000% 5.000% 250,000,00 258,465,00 62,568.49 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 254,152.50 55,060.27 58404DTX9 12/22/2023 12/22/2028 4.300% 4.300% 250,000,00 253,500.00 53,808.90 32110VK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 253,510.00 53,808.90 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 250,762.50 49,429.11 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 250,755.00 49,429.11 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000.00 255,445.00 56,280.82 Federal Farm Credit Banks: 18.81% 25.00%
3133EPYW9 10/20/2023 10/20/2025 5.125% 5.178% 999,000.00 1,001,040.00 103,598.16 3133ENVD9 4/26/2022 4/26/2027 2.875% 2.900% 3,995,360.00 3,943,240.00 579,644.64 3133EPH81 12/8/2023 10/4/2027 4.500% 4.150% 2,024,580.00 2,031,640.00 321,347.99 3133EPW84 1/30/2024 1/18/2029 3.875% 3.930% 2,493,800.00 2,522,300.00 487,370.28 3133EP3B9 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975.00 1,519,875.00 312,052.48 Federal Home loan Banks: 14.82% 25.00%
3130AMFS6 8/12/2021 6/12/2026 0.750% 0.735% 2,001,415.36 1,951,420.00 71,133.87 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.100% 4,665,690.00 4,411,350.00 251,551.00 3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180.00 2,020,200.00 391,622.28
33.64% 60.00%
Total City Investments Including Investment Pools $ 58,510,701.68 100.00% s 58,725,873.82 $ 11,524,590.43 Restricted for Specific Use
PARS 115 Pension Trust s 2,000,000.00 3.31% 20.00% s 2,475,401.71 Average weighted maturity of Investments, excluding Investment Pools: 1,601 days Average weighted maturity of Investments, including Investment Pools and Money Market: 1,357 days Average weighted yield of Investments, excluding Investment Pools: 3.716% s 2,205,719.45 Average weighted yield of Investments, including Investment Pools and Money Market: 3.770% * Market value of City Investments is provided by US Bank 2 9/30/25, 3 34 PM
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
August 2025 Statement
Account Summary_
Total Deposit:
Total Withdrawal:
https://laifms .treasurer.ca.gov/RegularStatement.aspx
LAIF Regular Monthly Statement
September 30, 2025
LAlF Home
PMIA Average Monthl.Y.
Yields
Tran TY.Re Definitions
0.00 Beginning Balance:
0.00 Ending Balance :
3 108,981.11
I 08,981.11
1/1
~~ \NVES1"41, State of California
~
~ .......
~ • ' ?
Pooled Money Investment Account (:) (")
..... (")
~ - 0
g ~~ Market Valuation .... ....,
d' ()
:.;-,,,._ ~"
8/31/2025 ">r.1,ou1111r\ _-1;
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury :
Bills $ 43,226,961 ,477.07 $ 43,665,553,750.00 NA
Notes $ 42,241 ,684,807.58 $ 42,464,890,050.00 $ 380,128,310.00 Federal Agency:
SBA $ 235,966,595.68 $ 233,455,785 .91 $ 942,841 .91
MBS-REMICs $ 1,011 ,800.54 $ 1,020,033.56 $ 4,413.90
Debentures $ 6,000,752,965.46 $ 6,015,873,950.00 $ 69,482,882.00 Debentures FR $ - $ - $ -
Debentures CL $ 2,850,000,000.00 $ 2,862,565,900.00 $ 35,386,785.00 Discount Notes $ 34,385,538,791 .69 $ 34,739,285,600.00 NA Supranational Debentures $ 3,583,930,138.54 $ 3,600,621 ,070.00 $ 36,931 ,015.70 Supranational Debentures FR $ - $ - $ -
CDs and YCDs FR $ - $ - $ -
Bank Notes $ 100,000,000.00 $ 100,020,819.28 $ 649,250.00 CDs and YCDs $ 15,050,000,000.00 $ 15,051 ,918,998.64 $ 198,617,888.87 Commercial Paper $ 10,204,889,527.77 $ 10,311 ,166,305.54 NA Corporate :
Bonds FR $ - $ - $ -
Bonds $ 1,002,731 ,162.47 $ 1,004,644,403.00 $ 9,562,452.92 Repurchase Agreements $ - $ - $ -
Reverse Repurchase $ - $ - $ -
Time Deposits $ 5,249,000,000.00 $ 5,249,000,000.00 NA
PMIA & GF Loans $ 262,742,740.00 $ 262,742,740.00 NA
TOTAL $ 164,395,210,006.80 $ 165,562,759,405.93 $ 731 ,705,840.30 Fair Value Including Accrued Interest $ 166,294,465,246.23 Repurchase Agreements , Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 4 PMIA/LAIF Performance Report
as of 09/17/25
Quarterly Performance
Quarter Ended 6/30/25
PMIA Average Monthly
Effective Yieldsl1l
LAIF Apport ionme nt Rate'21 :
LAIF Ea rnin gs Ratio' 21 :
LAIF Admi nistrative Cost'1I":
LAIF Fair Value Facto r'1I:
PMIA Daily'1I:
PMIA Quarter to Date' 1I:
PMIA Average Lite'1I:
4.40 0.00012059828906715
0.18 l.001198310
4.26 4.27
248
August
July
June
May
April
Ma rch
Pooled Money Investment Account
Monthly Portfolio Composition (l l
8/31/25
nme
Deposits
3.18%
$165.3 billion
Corporate
Bonds
0.61%
Certificates of
Deposit/Bank Notes
9.16%
4.251
4.258
4.269
4.272
4.281
4.313
Treasuries
52.26%
Agencies
28.46%
Chart does not include $1,012 ,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 rote includes interest earned on the Ca/PERS Supplemental Pension Payment pursuant to Government Code 20825 /c)/1) .
*The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The low provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund . However, if the 13-week Doily 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:
111 State of California, Office of the Treasurer
121 State of California, Office of the Controller
5 [!Ljbank .
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
08/01/25 to 08/31/25
$62,318,680 .31
235,715.65
-7,400 ,000.00
-49,922.29
519,107.29
$55,623,580.96
6 $70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
22183
00- -M -UC-UU -242-04
0220657-00 -04007-04
August 1, 2025 to August 31 , 2025
Change: -6,695,099.35
Beginning
MV
$62,318,680 .31
Ending
MV
$55,623,580.96
[!Ijbank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Assets
Cash & Equivalents
Taxable Bonds
Total Market Value
Current Period % of
Market Value Total
5,818,933.46 10.50
49,804,647.50 89.50
$55,623,580.96 100.00
ASSET SUMMARY
Estimated
Annual Income
241 ,524.78
1,865,250.00
$2,106,774 .78
7 Taxable Bonds
$49,804,647.50 ___ _
22183
00- -M -UC-U U -242-0 4
0220657-00-04007-04
B9-~ci ~
August 1, 2025 to August 31 , 2025
Cash & Equiv
$5,818,933.46
Fixed Income Summary
_____ Corporate Issues
$4,065,662.50
US Government Issues
$45, 738,985.00 ___ _
[!Ljbank .
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Taxable Interest
Total Current Period Income
INCOME SUMMARY
Income Received
Current Period
235,715.65
$235,715.65
8 22 183
00- -M -UC-UU -242-04
022 0657- 00-04007-04
August 1, 2025 to August 31 , 2025
[!ljbank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER : 6736304200
Beginning Cash 08/01/2025
Taxable Interest
Paid To/For Beneficiaries
Sales
Net Money Market Activity
Ending Cash 08/31/2025
CASH SUMMARY
Cash
$0.00
235,715.65
-7,400,000.00
10,700,000.00
-3,535, 715.65
$0.00
9 22183
00- -M -UC-UU -242-04
02206 57-00- 04007 -04
~~
~
August 1, 2025 to August 31 , 2025
22183
00- -M -UC-UU -242-04
0220657-00 -04007 -04
[!Ljbank .
CITY OF LAGUNA NIGUEL Page 5 of 15
ACCOUNT NUMBER : 6736304200 August 1, 2025 to August 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
5,818,933.460 1.0000 5,818,933.46 5,818,933.46 0.00 10.5 241 ,524.78 4.15 Total Cash/Money Market $5,818,933.46 $5,818,933.46 $0.00 10.5 $241,524.78 Total Cash & Equivalents $5,818,933.46 $5,818,933.46 $0.00 10.5 $241,524.78 Taxable Bonds
US Government Issues
Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 98.5810 3,943,240.00 3,995,360.00 -52,120.00 7.1 115,000.00 2.92 Federal Farm Credit Bks - 3133EPW84
3.875 01/18/2029
2,500,000.000 100.8920 2,522,300.00 2,493,800.00 28,500.00 4.5 96,875.00 3.84 Federal Farm Credit Bks - 3133EP3B9
4.125 02/13/2029
1,500,000.000 101 .3250 1,519,875.00 1,494,975.00 24,900.00 2.7 61 ,875.00 4.07 Federal Farm Credit Bks - 3133EPH81
4.500 10/04/2027
2,000,000.000 101.5820 2,031 ,640.00 2,024,580.00 7,060.00 3.7 90,000.00 4.43 Federal Farm Credit Bks - 3133EPYW9
5.125 10/20/2025
1,000,000.000 100.1040 1,001 ,040.00 999,000.00 2,040.00 1.8 51 ,250.00 5.12 10 22183
00- -M -UC -UU -242-04
0220657-00-04007 -04
[!ljbank. B
CITY OF LAGUNA NIGUEL Page 6 of 15
ACCOUNT NUMBER: 6736304200 August 1, 2025 to August 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 Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 97.5710 1,951,420.00 2,001,415.36 -49,995.36 3.5 15,000.00 0.77 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 98.0300 4,411,350 .00 4,665,690.00 -254,340.00 7.9 84,375.00 1.91 Federal Home Loan Bks - 3130AWC24
4.000 06/09/2028
2,000,000.000 101.0100 2,020,200.00 2,006,180.00 14,020.00 3.6 80,000.00 3.96 US Treasury Note - 91282CMMO
02/15/2035
3,000,000.000 103.4220 3,102,660.00 3,083,550.00 19,110.00 5.6 138,750.00 4.47 US Treasury Note - 91282CFJ5
3.125 08/31/2029
1,000,000 000 98.1250 981,250.00 961 ,730.00 19,520.00 1.8 31 ,250.00 3.18 US Treasury Note - 91282CGZ8
3.500 04/30/2030
1,500,000.000 99.2310 1,488,465.00 1,466,505.00 21 ,960.00 2.7 52,500.00 3.53 US Treasury Note - 91282CLN9
3.500 09/30/2029
1,000,000.000 99.4650 994,650.00 970,990.00 23,660.00 1.8 35,000.00 3.52 US Treasury Note - 91282CLF6
3.875 08/15/2034
2,000,000.000 98.0310 1,960,620.00 1,955,400.00 5,220.00 3.5 77,500.00 3.95 US Treasury Note - 91282CKG5
4.125 03/31/2029
1,500,000.000 101 .6990 1,525,485.00 1,475,175.00 50,310.00 2.7 61 ,875.00 4.06 U S Treasury Note - 91282CFV8
4.125 11/15/2032
2,000,000.000 101.1170 2,022,340.00 1,999,870.00 22,470.00 3.6 82,500.00 4.08 11 22183
00- -M -UC-UU -242-04
0220657 -00-04007 -04
[!Ljbank.
CITY OF LAGUNA NIGUEL Page 7 of 15
ACCOUNT NUMBER: 6736304200 August 1, 2025 to August 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 --
US Treasury Note - 91282CMA6
4.125 11/30/2029
1,000,000.000 101.8320 1,018,320.00 990,940.00 27,380.00 1.8 41 ,250.00 4.05 US Treasury Note - 91282CNC1
4.250 05/15/2035
500,000.000 100.3130 501 ,565.00 495,000.00 6,565.00 0.9 21,250.00 4.24 US Treasury Note - 91282CLW9
4.250 11/15/2034
4,000,000.000 100.6560 4,026,240.00 3,968,200.00 58,040.00 7.2 170,000.00 4.22 U S Treasury Note - 91282CKQ3
4.375 05/15/2034
1,000,000.000 101.9530 1,019,530.00 978,560.00 40,970.00 1.8 43,750.00 4.29 US Treasury Note - 91282CJN2
4.375 11/30/2028
2,000,000.000 102.3520 2,047,040.00 2,031 ,720.00 15,320.00 3.7 87,500.00 4.27 US Treasury Note - 91282CMDO
4.375 12/31/2029
1,000,000.000 102.8320 1,028,320.00 995,790.00 32,530.00 1.8 43,750.00 4.25 US Treasury Note - 91282CJJ1
4.500 11/15/2033
1,500,000.000 103.1170 1,546,755.00 1,496,655.00 50,100.00 2.8 67,500.00 4.36 US Treasury Note - 91282CMC2
4.500 12/31/2031
1,000,000.000 103.5390 1,035,390.00 1,024,620.00 10,770.00 1.9 45,000.00 4.35 US Treasury Note - 91282CJAO
4.625 09/30/2028
1,000,000.000 102.9880 1,029,880.00 1,005,380.00 24,500.00 1.9 46,250.00 4.49 12 22183
00- -M -UC -UU -242-04
022065 7-00-04007-04
[!Ljbank. ~
CITY OF LAGUNA NIGUEL Page 8 of 15
ACCOUNT NUMBER: 6736304200 August 1, 2025 to August 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 ---
US Treasury Note - 91282CJK8
4.625 11/15/2026
1,000,000.000 100.9410 1,009,410.00 1,008,640.00 770.00 1.8 46,250.00 4.58 Total US Government Issues $45,738,985.00 $45,589,725 .36 $149,259.64 82.2 $1,686,250.00 Corporate Issues
American Express Natl Bk - 02589AF64
CD
5.000 11/01/2028
250,000.000 103.3820 258,455.00 250,000.00 8,455.00 0.5 12,500.00 4.84 Bank Five Nine Oconomowoc Wts - 062119CD2
CD
4.500 07/28/2028
250,000.000 101 .8290 254,572.50 250,000.00 4,572.50 0.5 11 ,250.00 4.42 Bmw Bk North Amer Salt Lake City - 05580AY24
CD
4.400 04/14/2028
250,000.000 101.3530 253,382.50 249,875.00 3,507.50 0.5 11 ,00000 4.34 Celtic Bk Salt Lake City Utah - 15118RM38
CD
4.600 12/08/2027
250,000.000 101 .6320 254,080.00 250,000.00 4,080.00 0.5 11 ,500.00 4.53 Centier Bk Whitting Ind - 15140RCY3
CD
4.700 07/26/2027
250,000.000 101.4990 253,747.50 250,000.00 3,747.50 0.5 11 ,750.00 4.63 Comenity Cap Bk Draper - 20033A4J2
CD
4.450 07/26/2028
250,000.000 101.6880 254,220.00 250,000.00 4,220.00 0.5 11 ,125.00 4.38 13 22183
00- -M -UC-UU -242-04
022065 7-00 -040 07-04
[!Ljbank.
CITY OF LAGUNA NIGUEL Page 9 of 15
ACCOUNT NUMBER: 6736304200 August 1, 2025 to August 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
250,000.000 101 .3900 253,475.00 249,875.00 3,600.00 0.5 11 ,000.00 4.34 First Natl Bk Amer East Lans - 3211 0YK46
CD
4.300 12/28/2028
250,000.000 101.4040 253,510.00 250,000.00 3,510.00 0.5 10,750.00 4.24 First Premier Bk Sioux Falls - 33610RVD2
CD
4.550 12/10/2027
250,000.000 101.5220 253,805.00 250,000.00 3,805.00 0.5 11 ,375.00 4.48 Medallion Bk Utah - 58404DTX9
CD
4. 300 12/22/2028
250,000.000 101.4000 253,500.00 250,000.00 3,500.00 0.5 10,750.00 4.24 Sallie Mae Bk Salt Lake City - 795451DH3
CD
4.400 12/13/2028
250,000.000 101.6610 254,152.50 250,000.00 4,152.50 0.5 11 ,000 00 4.33 Spiritbank Tulsa Okla - 848608FB6
CD
3.950 01/31/2029
250,000.000 100.3050 250,762.50 250,000.00 762.50 0.5 9,875.00 3.94 State Bk India Chicago Ill - 8562834C7
CD
4.600 08/02/2027
250,000.000 101.3340 253,335.00 250,000.00 3,335.00 0.5 11 ,500.00 4.54 Synchrony Bank CD - 87165E3V7
CD
5.000 11/03/2028
250,000.000 103.3860 258,465.00 250,000.00 8,465.00 0.5 12,500.00 4.84 14 [!Ljbank .
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Security Description
Shares/Face Amt
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
Total Corporate Issues
Total Taxable Bonds
Total Assets
Estimated Current Yield
Price
102.1780
100.3020
ASSET DETAIL (continued
Market Value Tax Cost
255,445.00 250,000.00
250,755.00 250,000.00
$4,065,662.50 $3,999,750.00
$49,804,647.50 $49,589,475 .36
$55,623,580 .96 $55,408,408.82
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request.
Unrealized
Gain/Loss
5,445.00
755.00
$65,912.50
$215,172.14
$215,172.14
Percent
of Total
Portfolio
0.5 0.5
7.3 89.5
100.0
22183
00- -M -UC-UU -242-04
0220657 -00-04007-04
~I
August 1, 2025 to August 31 , 2025
Estimated
Annual Income
11 ,250.00
9,875.00
$179,000.00
$1,865,250.00
$2,106,774.78
Estimated
Current Yield
4.40 3.94
3.78 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. 15 [!Ljbank .
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
TRANSACTION DETAIL
Date
Posted Activity
Beginning Balance 08/01/2025
08/01/25 Asset Income
08/05/25 Cash Disbursement
08/08/25 Asset Income
08/13/25 Asset Income
08/14/25 Cash Disbursement
08/14/25 Asset Income
08/15/25 Cash Disbursement
08/15/25 Sale
08/15/25 Asset Income
08/15/25 Asset Income
Description
Interest Earned On
First Am Treas Ob Fd Cl Z
Interest From 7/1/25 To 7/31/25
Cash Disbursement
Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund ODA 08/05/2025
Interest Earned On
Celtic Bk CD 4.600% 12/08/27
0.003907 USD/$1 Pv On 250,000 Par Value Due 8/8/25
Interest Earned On
FF CB Deb 4.125% 2/13/29
0.020625 USD/$1 Pv On 1,500,000 Par Value Due 8/13/25
Cash Disbursement
Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund ODA 08/14/2025
Interest Earned On
Uinta Bk Mtn CD 3.950% 2/14/29
0.003355 USD/$1 Pv On 250,000 Par Value Due 8/14/25
Cash Disbursement
Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund ODA 08/15/2025
Matured 2,000,000 Par Value Of
U S Treasury Bd 6.875 08/15/2025
Trade Date 8/15/25
2,000,000 Par Value At 100 %
Interest Earned On
US Treasury Bd 6.875 08/15/2025
0.034375 USD/$1 Pv On 2,000,000 Par Value Due 8/15/25
Interest Earned On
US Treasury Nt 3.875% 8/15/34
0.019375 USD/$1 Pv On 2,000,000 Par Value Due 8/15/25
16 Cash
$0.00
6,048.88
-1,300,000.00
976.71
30,937.50
-1,000,000.00
838.70
-2, 100,000.00
2,000,000.00
68,750.00
38,750.00
22183
00- -M -UC-UU -242-04
0220657-00-04007-04
August 1, 2025 to August 31 , 2025
Tax Cost
$62,622,615.46
-2, 104,000.00
[!Ljbank ~
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
TRANSACTION DETAIL (continued
Date
Posted Activity
08/15/25 Asset Income
08/22/25 Asset Income
08/25/25 Cash Disbursement
08/25/25 Sale
08/25/25 Asset Income
08/26/25 Asset Income
08/28/25 Asset Income
08/28/25 Asset Income
Purchase
Sale
Ending Balance 08/31/2025
Description
Interest Earned On
US Treasury NI 4.625% 2/15/35
0.023125 USD/$1 Pv On 3,000,000 Par Value Due 8/15/25
Interest Earned On
Medallion Bk CD 4.300% 12/22/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 8/22/25
Cash Disbursement
Paid To City Of Laguna Niguel
Deposit To Checking Acct
To Fund DOA 08/25/2025
Matured 8,700,000 Par Value Of
F N MA 0.375% 8/25/25
Trade Date 8/25/25
8,700,000 Par Value At 100 %
Interest Earned On
F N MA 0.375% 8/25/25
0.001875 USD/$1 Pv On 8,700,000 Par Value Due 8/25/25
Interest Earned On
Comenity Cap Bk C D 4.450% 7/26/28
0.003779 USD/$1 Pv On 250,000 Par Value Due 8/26/25
Interest Earned On
Bank Five Nine C D 4.500% 7/28/28
0.003822 USD/$1 Pv On 250,000 Par Value Due 8/28/25
Interest Earned On
First Natl Bk C D 4.300% 12/28/28
0.003652 USD/$1 Pv On 250,000 Par Value Due 8/28/25
Combined Purchases For The Period 8/ 1/25 - 8/31/25 Of
First Am Treas Ob Fd Cl Z
Combined Sales For The Period 8/ 1/25 - 8/31/25 Of
First Am Treas Ob Fd Cl Z
17 Cash
69,375.00
913.01
-3,000,000.00
8,700,000.00
16,312.50
944.86
955.48
913.01
-1 0,935, 715.65
7,400,000.00
$0.00
22183
00- -M -UC-UU -242-04
0220657 -00-04007 -04
~
August 1, 2025 to August 31 , 2025
Tax Cost
-8,645,922.29
10,935,715.65
-7,400,000.00
$55,408,408.82
[!lj bank.
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
Taxable Bonds
FNMA
0.375 08/25/2025
3135G05X7
U S Treasury Bond
6.875 08/15/2025
912810EV6
Total Taxable Bonds
Total Sales & Maturities
Settlement
Date
08/25/25
08/15/25
Description
Matured 8,700,000
Par Value
Trade Date 8/25/25
SALE/MATURITY SUMMARY
8,700,000 Par Value At 100 %
Matured 2,000,000
Par Value
Trade Date 8/15/25
2,000,000 Par Value At 100 %
SALE/MATURITY SUMMARY MESSAGES
Estimated Year-To-Date Long-Term Gain (Loss): ($242,045.00) Estimates should not be used for tax purposes
18 Tax Cost
-8,645,922.29
-2, 104,000.00
-$10,749,922.29
-$10,749,922.29
22183
00- -M -UC-UU -242-04
0220657-00-04007-04
August 1, 2025 to August 31 , 2025
Proceeds
8,700,000.00
2,000,000.00
$10,700,000.00
$10,700,000.00
Estimated
Gain /Loss
54,077.71
-104,000.00
-$49,922.29
-$49,922.29
[!Ljbank .
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: 6736304200
30%
24%
18%
12%
6%
0% I
2025
MATURITY
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035 - 2039
Total of Category
--
MOODY'S RATING
Aa1
N/A
BOND SUMMARY
I I ! I
2026 2027 2028 2029 2030
19 I I I I I
2031 2032 2033
Par Value
1,000,000.00
7,500,000.00
7,000,000.00
7,250,000.00
10,250,000.00
1,500,000.00
1,000,000 00
2,000,000.00
1,500,000.00
7,000,000.00
3,500,000.00
$49,500,000.00
45,500,000.00
1,750,000.00
22183
00- -M -UC-UU -242-04
0220657-00-04007-04
~
August 1, 2025 to August 31 , 2025
2034 2035
-
2039
Percentage of
Market Value Category
1,001,040.00 2.01
7,372,180.00 14.81
6,989,847.50 14.04
7,390,852.50 14.84
10,347,162.50 20.78
1,488,465.00 2.99
1,035,390.00 2 08
2,022,340.00 4 06
1,546,755.00 3.10
7,006,390.00 14 06
3,604,225.00 7.23
$49,804,647.50 100.00
45,738,985.00 91.84
1,770,985.00 3.56
[!lj bank.
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
2,250,000.00
$49,500,000 .00
19,500,000.00
26,000,000.00
4,000,000.00
$49,500,000.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds. 20 22183
00- -M -UC-UU -242-04
0220657 -00-04007-04
August 1, 2025 to August 31 , 2025
Market Value
2,294,677.50
$49,804,647.50
19,401,065.00
26,337,920.00
4,065,662.50
$49,804,647.50
Percentage of
Category
4.60 100.00
38.95 52.88
8.17 100.00
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
8/1/2025
$2,428,099.28
$2,428,099.28
Contributions
$0.00
S0.00
Earnings
$48,491.14
$48,491.14
Expenses
$1,188.71
$1,188.71
Account Report for the Period
8/1/2025 to 8/31/2025
Distributions Transfers
$0.00 $0.00
S0.00 S0.00
Balance as of
8/31/2025
$2,475,401.71
$2,475,401.71
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 2.00% 5.46%
will be allocated between equity and fixed Income investments. 1-Year 3-Years
9.33% 9.02%
Annualized Return
5-Years
4.86%
10-Years
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured: No Bank Guarantee; May lose Value Plan's Inception 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 ls deemed reliable but may be subject to change.
Investment Return: Annuallzed rate of return ls the return on an investment over a period other than one year multlplled 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 21