To:
FROM:
DATE:
SUBJECT:
CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
Honorable Mayor and Council Members
Tamara S. Letourneau, City Manager
February 17, 2026
Investment Report as of December 31 , 2025
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of December 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 Federal Open Market Committee (FOMC) held its first meeting of 2026 at the end of January. As had been expected by the financial markets, the FOMC left the Federal Funds rate unchanged at a target rate of 3.50%-3.75%. The CME Fed Watch tool is predicting rates to remain at this level until the meeting in June. Rates are predicted to be at 3.00%-3.25% by the end of 2026.
As the City's portfolio holds a weighted average maturity of 1,569 days, changes to the Fed funds rates will have a minimal effect. The short-term securities , like the money market accounts and LAIF will be affected, but the interest income from the U.S.
Treasuries and fixed asset securities will not be affected. The City has invested over $48.5 million in fixed income assets, with a combined average yield of 4.104%.
FedWatch Tool
arvtlRlte
"""'" Compare
hSlon<:al
9Det20:?e ZQZI )1 Dec:2026
Target Rate Probab1h11es for 9 Dec 2026 Fed Meeung
MIO NICE P'ftiOA VOlUM£ PRIOR OI EASE HO CkANGE HIKE
9613l5 9SQ 47157 908% 92'11, 00"
11-,ton,:.. Curren1t.1r9e1rue1s350•375
lotPIOI
Chort
r, ..
OOIS
CVOL
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....
0.19b
100-225
33.59'
20.~
-
V'S-JOO 100-llS 32S·JSO
T ,,uget R.ate 11n bps I
The City's portfolio continues to be in a strong position. In addition to eclipsing the US Treasury rates for six months, one year, and five years, the City's weighted average yield of the portfolio now exceeds the LAIF yield. The City's portfolio holds a weighted average maturity of over 4 ½ years, while maintaining sufficient liquidity. As of December 31 , 2025, $6.9 million was held in money market accounts. Historically, the City receives approximately 67% of annual property tax allotments between the months of January through June. Given the City's property tax budget of $30.2 million in Fiscal Year 2025- 2026, that would mean approximately $20.2 million will be received before June 2026.
City staff will continuously evaluate the cash flow needs and determine if any of those funds should be invested in longer-term securities or held in the money market accounts or LAIF to ensure cash flow needs are met.
Furthermore , most of the portfolio currently has an unrealized gain providing the City with the flexibility to sell some US Treasuries or Agency securities for additional liquidity. In total, $38.6 million of the portfolio is in an unrealized gain position and can be sold at a gain if necessary.
The following table compares the portfolio balance for the prior two months:
Portfolio Balance November 2025 December 2025 Difference Balance $53,379,729 $55,580,723 $2,200,994
• Over the past month, the City's total cash and investments experienced a net increase of $2,200,994. In December, the City received a portion of the 2025- 2026 property tax allotment from the County, resulting in the increase noted. • The percentage of pooled investments in the Local Agency Investment Fund (LAIF) decreased to 0.20% due to an increase in the overall portfolio.
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Page3
• The average weighted maturity of City investments , including investment pools and money market funds, decreased to 1,569 days, mostly due to an increase in funds held in the money market investment, which has a maturity of one day.
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 4.096% to 4.025%. This represents the sixteenth consecutive month the LAIF yield has decreased . The net yield for the money market funds in the City's safekeeping account decreased to
3.670%. The Fed Funds rate and the LAIF/PMIA rate are nearly even, and on a downward trend, based on the most recent graphic provided by the State Controller.
0 ....
N N
0 0
N N
N <'I
Average Monthly Yield Comparison -1212020 through 12/2025 .,... .,...
N
0 0
Ss a;
--PMIA
--S&P
- - - - Fed Funds
December Yields
PMIA 4.025%
S&P GIP 4.090%
Fed Funds 3. ns¾
• The average weighted yield of City investments , including investment pools and money market funds, decreased from 4.063% to 4.042%. 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.
• 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
4.042% 3.730% 3.480% 3.590% 4.025%
The monthly Investment Report as of December 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 December 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. ~~~
City Manager
Attachment:
Trevor Agrelius
Finance Director
A. Monthly Investment Report as of December 31 , 2025
ATTACHMENT A
Investment Report as of December 3 1, 2025
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
December 31, 2025
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
February 17, 2026
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
TABLE OF CONTENTS
Statement of Compliance/Non-Compliance
Report of Cash and Investments
LAIF Investment Reports
Wells Fargo Statement
PARS Statement
1 2
3-5
6-14
15 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 December 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 mont hs.
~YM]d~
Tamara S. Letourneau
C ity Manager
~~ 11~
Trevor Agrelius
Finance Director
City of Laguna Niguel
Summary of Cash and Investment s
12/31/ 2025
Settlement Maturity Coupon Purchased Percent of Max Allow ed Per Marke t Anticipated total Description Date Dat e Rate Yield Cost Portfolio Investment Policy Value Inte rest earned Petty Cash/ Change Drawers 2,500 .00 0.00% N/ A 2,500 .00 Checking & Investment Accounts 3.414% 1,900 ,696.59 3.42% N/ A 1,900,696.59 Safekeeping Money Market 3.670% 4,985,431.86 8.97 % 10.00% 4,985 ,431.86 local Agency Investment Fund 4.025% 110,171.60 0.20% >$40 million or 55% 110,171.60 US Treasury Note : 53.97% N/ A
91282CJK8 11/ 30/ 2023 11/ 15/ 2026 4.625% 4.310% 1,008,640.00 1,008,945 .31 128,749 .72 91282CJAO 11/10 / 2023 9/30 / 2028 4.625% 4.50 0% 1,005,380 .00 1,028,398 .44 221,376 .41 91282CJN2 12/ 8/2023 11/ 30/ 2028 4.375 % 4.020% 2,031,720.00 2,046,093 .76 407,033 .11 91282CKG5 4/ 12/ 2024 3/ 31/ 2029 4.250% 4.500 % 1,475 ,175.00 1,525,546 .88 329,913 .80 91282CFJ5 10/ 24/ 2024 8/ 31/2029 3.125% 4.000% 961,730 .00 983,671.88 186,760 .06 91282CLN9 11/ 6/2024 9/30 / 2029 3.500% 4.310% 970,990.00 995,781.25 205,120 .71 91282CMA6 12/ 20/ 2024 11/ 30/ 2029 4.125% 4.330% 990,940 .00 1,017,421 .88 212,304 .96 91282CMDO 1/ 13/2025 12/31 / 2029 4.375% 4.47 0% 995,790 .00 1,026,875 .00 221,095 .66 91282CGZ8 5/ 13/ 2025 4/ 30/ 2030 3.500% 4.000% 1,466,505 .00 1,490 ,332.04 291,372.45 91282CHW4 11/ 21/ 2025 8/31 / 2030 4.125% 3.619% 4,087 ,812 .50 4,073 ,906 .24 706,859 .61 91282CMC2 4/ 24/ 2025 12/ 31/ 2031 4.500 % 4.075% 1,024 ,620.00 1,036,171.88 279,346 .50 91282CFV8 4/ 11/ 2025 11/ 15/ 2032 4.125% 4.126% 1,999,870 .00 2,023,906 .26 627,306 .89 91282CJJ1 1/7 / 2025 11/ 15/2 033 4.500% 4.530% 1,496 ,655 .00 1,551,503.91 600,713 .03 9128 2CKQ3 1/ 13/ 2025 5/ 15/ 2034 4.375% 4.660% 978,560.00 1,022,890 .63 425,899 .88 91282CLF6 10/ 9/ 2024 8/ 15/ 2034 3.875% 4.079% 1,955,400 .00 1,970 ,625 .00 786,025 .96 91282CLW9 12/ 20/ 2024 11/ 30/ 2034 4.250% 4.349% 3,968,200.00 4,045,937 .52 1,717,119 .88 91282CMMO 3/ 25/ 2025 2/ 15/ 2035 4.625% 4.275% 3,083,550 .00 3,116,484 .39 1,305,216.03 91282CNC1 5/ 15/ 2025 5/ 15/ 2035 4.125% 4.375 % 495,000 .00 504,570 .32 216,681 .16 Certificates of Deposit: 7.20% 30%
15140RCY3 7/ 25/2023 7/ 26/ 2027 4.700% 4.700% 250,000 .00 253,877 .38 47,064 .38 8562834(7 7/ 31/2023 8/ 2/ 2027 4.600% 4.600% 250,000 .00 253,534 .40 46,094 .52 15118RM38 12/ 8/ 2023 12/8/2 027 4.600% 4.600% 250,000 .00 254,206.85 46,031 .51 33610RVD2 12/ 12/ 2023 12/10/ 2027 4.550 % 4.550 % 250,000 .00 254,009 .95 45,468.84 05580AY24 7/ 18/ 2023 4/ 14/ 2028 4.400 % 4.408% 249,875.00 253,607.23 52,266 .02 2546733V6 7/ 18/ 2023 4/ 17/2 028 4.400% 4.408% 249,875.00 253,700 .63 52,356 .55 20033A4J2 7/ 26/ 2023 7/2 6/ 2028 4.45 0% 4.450% 250,000 .00 254,280.90 55,685 .96 062119CD2 7/ 28/ 2023 7/2 8/ 2028 4.500% 4.500 % 250,000 .00 254,593 .48 56,311 .64 02589AF64 11/ 1/ 2023 11/ 1/ 2028 5.000% 5.000% 250,000 .00 258,170.38 62,568.49 87165E3V7 11/ 3/ 2023 11/ 3/ 2028 5.000% 5.000% 250,000 .00 258,182.85 62,568 .49 795451DH3 12/ 13/ 2023 12/ 13/ 2028 4.400% 4.400% 250,000 .00 254,257.08 55,060 .27 58404DTX9 12/22/ 2023 12/2 2/2 028 4.300% 4.300% 250,000 .00 253,638 .03 53,808.90 32110YK46 12/ 28/ 2023 12/ 28/ 2028 4.300 % 4.300% 250,000 .00 253,648.28 53,808 .90 848608F86 1/ 31/ 2024 1/ 31/ 2029 3.950% 3.950 % 250,000 .00 251,203 .20 49,4 29.11 903572GQ2 2/ 14/ 2024 2/1 4/ 2029 3.950% 3.950% 250,000 .00 251,175.60 49,429 .11 89 235MPR6 6/ 28/ 2024 6/2 8/ 2029 4.500% 4.500 % 250,000 .00 255,579.50 56,280 .82 Federal Farm Credit Banks: 10.82% 25.00%
3133EPH81 12/ 8/2023 10/4/ 2027 4.500% 4.150% 2,024,580.00 2,033 ,698.98 321,347 .99 3133EPW84 1/ 30/ 2024 1/ 18/ 2029 3.875% 3.930% 2,493,800 .00 2,525,958 .13 487,370.28 3133EP389 2/26/ 2024 2/ 13/ 2029 4.125% 4.200% 1,494,975 .00 1,524,451.05 312,052.48 Federal National Mortgage Association: 8.16 % 25.00%
31359MGK3 11/ 21/ 2025 11/ 15/ 2030 6.625 % 3.649 % 4,537,880 .00 4,513,626 .12 825,667 .89 Federal Home loan Banks: 7.26% 25.00%
3130AWC24 6/ 23/ 2023 6/9/ 2028 4.000% 3.930% 2,006 ,180.00 2,022,806 .60 391,622.28 3130AOFR6 11/2 1/ 2025 12/ 8/ 2028 4.000% 3.507% 2,028 ,220.00 2,025 ,282 .92 216,896 .79
26.24% 60.00%
Total City Investments Including Inve stment Pools 55,580,722 .55 100 .00% 56,181 ,352 .18 $ 12,268,087 .06 Restricted for Specific Use
PARS llS Pension Trust 2,000,000 .00 3.47% 20.00% 2,570,721.95 Average weighted maturity of Investments, excluding Investment Pools: 1,795 days Average we ighted maturity of Investments, including Investment Pools and Money Market : 1,569 days Average weighted yield of Investments , excluding Investment Pools: 4.104% Average weighted yield of Investments , including Investment Pools and Mone y Market : 4.042% • Market value of City investments is provided by Wells Fargo Bank 2 1/14/26 , 10:01 AM
California State Treasurer
Fiona MaJ 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
December 2025 Statement
Account Summary:
Total Deposit:
Total Withdrawal:
https ://laifms . treasurer .ca.gov/Reg ularStatement.aspx LAIF Regular Monthly Statement
January 14, 2026
LAlF Home
PMIA Average MonthlY.
Yields
Tran TY.P-e Definitions
0.00 Beginning Balance :
0.00 Ending Balance :
3 110, 171.60
I I 0, 171.60
1 /1
PMIA/LAIF Performance Report
as of 01/07 /25
Quarterly Performance
Quarter Ended 9/30/25
PMIA Average Monthly
Effective Yieldsl1l
LAIF Apportionment Rate(2L
LAIF Earnings Ratio(21 :
LAIF Adm inistrat ive Cost(ll":
LAIF Fair Value Factor(11 :
PMIA Daily(11 :
PMIA Quarter to DateI1I:
PMIA Average LifeI1I:
4.34 0.00011893333163814
0.26 1.001929581
4.19 4.24
254
December
November
Octobe r
September
August
July
Pooled Money Investment Account
Monthly Portfolio Composition Ill
11/30/25
Time
Deposits
3.39%
Certificate s of
Deposit/Bank Notes
9.97%
$155.9 billion
Corporate
Bonds
0.61%
Loans
4.025
4.096
4.150
4.212
4.251
4.258
Treasuries
55.33%
Agencies
25.05%
Chart does not include $936 ,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 ta Government Cade 20825 (c)(l).
•The percentage of administrative cost equals the total administrative cast divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% af quarterly EARNINGS of the Jund. 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% af quarterly EARNINGS of the fund Jar the subsequent fiscal year.
Source:
111 State of California, Office of the Treasurer
121 State of California , Office of the Contro ller
4 ~~ \NVEST,f(. State of California ~~ ~~ ....
~-. • • ~ [e (')
~ - 0
Pooled Money Investment Account
~ , ~~ Market Valuation
~~ 4..~
~ llouio11'1'
12/31/2025
Carrying Cost Plus
Description Accrued Interest Purch. Amortized Cost Fair Value United States Treasury:
Bills $ 48,970,617,951.23 $ 49,338,506,593.25 $ 49,356,440,050,00 Notes $ 42,852,981 ,933,63 $ 42,838,254,758,50 $ 43,106,408,200.00 Federal Aqencv:
SBA $ 272,728,568.94 $ 272,659,522.31 $ 269,920,982.04
MBS-REMICs $ 910,223.69 $ 910,223.69 $ 919,160.27
Debentures $ 4,721 ,257,842.07 $ 4,721 ,039,439.29 $ 4,740,550,040.00 Debentures FR $ - $ - $ -
Debentures CL $ 2,850,000,000,00 $ 2,850,000,000.00 $ 2,862,628,300.00 Discount Notes $ 28,745,345,423.63 $ 29,066,588,951.47 $ 29,075,974,500.00 Supranational Debentures $ 3,935,666,630.98 $ 3,935,426,630,98 $ 3,957,557,380.00 Supranational Debentures FR $ - $ - $ -
CDs and YCDs FR $ - $ - $ -
Bank Notes $ 200,000,000.00 $ 200,000,000.00 $ 200,027,928.43 CDs and YCDs $ 14,800,000,000.00 $ 14,800,000,000,00 $ 14,803,815,924.21 Commercial Paper $ 8,752,131 ,958.23 $ 8,834,027,027.73 $ 8,837,032,333.36 Corporate :
Bonds FR $ - $ - $ -
Bonds $ 947,357,886.31 $ 947,182,657.15 $ 949,664,822.00 Repurchase Agreements $ - $ - $ -
Reverse Repurchase $ - $ - $ -
Time Deposits $ 5,282,000,000.00 $ 5,282,000,000,00 $ 5,282,000,000.00 PMIA & GF Loans $ 262,742,740.00 $ 262,742,740,00 $ 262,742,740.00 TOTAL $ 162,593,741 ,158.71 $ 163,349,338,544,37 $ 163, 705,682,360,31 Fair Value Including Accrued Interest $ 164,409,018,402.48 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 (1.002181483 ) 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 $20,043,629.66 or $20,000,000.00 x1 .002181483 5 Accrued Interest
NA
$ 413,989,011.00
$ 1,029,710.08
$ 3,970.77
$ 44,662,554.90
$ -
$ 25,636,928.00
NA
$ 45, 105,985,00
$ -
$ -
$ 3,284,861.11
$ 160,042, 100,00
NA
$ -
$ 9,580,921 .31
$ -
$ -
NA
NA
$ 703,336,042.17
■
028364 1038569 0012 10117 UNl'4160422 -00008735 74687 -0010 27584 01/0 5126 P Wells Fargo Securities, LLC
Wells Fargo Bank, N.A.
Combined Account Summary
CITY OF LAGUNA NIGUEL
30111 CROWN VALLEY PARKWAY
Statement Period
12/01/2025 - 12/31/2025
Account Number
1 BD83672
Total Account Value Summary -us Dollar (USDJ This summary does not reflect the -----------------------------------------■ va l ue of unpriced securities. Amount Last Statement Period
Cash $ 1,868.49 $
Money Market Mutual Funds
Bonds
Stocks
1,061 ,511.58
49,423,861 .09
0.00 Total Account Value $ 50,487,241.16 $
Value Change Since Last Statement Period
Percent Increase Since Last Statement Period
Value Last Year-End
Percent Increase Since Last Vear-End
$
$
"""Includes amortized Par value of municipal leases and notes.
Total Income Summary uso
This Period
Amount This % Repurchase agreements are reflected
Statement Period Portfolio at par value.
45,213.70 0%
4,985,431.86 9%
49,182,552.13 91 %
0.00 0%
=54~,=2~13~,~1=97=_-=5=9 100%
3,725,956.53
7%
N/A
N/A
Year-To-Date
Interest
Dividends/Capital Gains
$ 212,621.91 $ 694,098.77
0.00 18,758.68
0.00 Money Market Mutual Funds Dividends
Other
Income Total
Total Interest Charged uso
Description
Debit Interest For December 2025
Total Interest Charged
$
0.00 4,643.58
0.00 217,265.49 $
$
Total Money Market Mutual Funds Summary uso
Description
Opening Balance
Deposits and Other Additions
Distributions and Other Subtractions
Dividends Reinvested
Change in Value
Closing Balance
6 Brokerage
$
$
712,857.45
This Period
0.00 0.00
Amount
1,061,511 .58
3,919,276.70
0.00 4,643.58
0.00 4,985,431.86
■ Wells Fargo Securities, LLC
550 S Tryon St.
Charlotte , NC 28202
Wells Fargo Securities , LLC
333 MARKET ST
SAN FRANCISCO CA 94105
WILLIAMS/LEWIS
1-415-644-9152
028365 1038569 0012 1011 7 UNt'4160<122 00008735 74887 0010 27584 01/05126 P
Wells Fargo Securities, LLC
Account Statement
Statement Period
12/01/2025 - 12/31/2025
CITY OF LAGUNA NIGUEL
30111 CROWN VALLEY PARKWAY
Account Number
18083672
Account Value Summary uso This summary does not reflect the --------------------------------------- value of unpriced securities.
Amount Last Amount This % Repurchase agreements are reflected Statement Period Statement Period Portfolio at par value.
Cash $ 0.00 $ 0.00 0%
Money Market Mutual Funds 0.00 0.00 0%
Bonds 0.00 0.00 0%
Stocks 0.00 0.00 0%
Total Account Value $ 0.00 $ 0.00 0%
Value Change Since Last Statement Period
Percent Increase Since Last Statement Period
Value Last Year-End
Percent Increase Since Last Year-End
Income Summary uso
Interest
Dividends/Capital Gains
Money Market Mutual Funds Dividends
Other
Income Total
Interest Charged uso
Description
Debit Interest For December 2025
Total Interest Charged
$
$
$ 0.00
$
This Period
0.00 $
0.00 0.00
0.00 0.00 $
$
N/A
N/A
N/A
Year-To-Date
0.00 0.00
0.00 0.00
0.00 This Period
0.00 0.00
Money Market Mutual Funds Summary uso
Description
Opening Balance
Deposits and Other Additions
Distributions and Other Subtractions
Dividends Reinvested
Change in Value
Closing Balance
7 Brokerage
$
$
Amount
0.00 0.00
0.00 0.00
0.00 0.00
Important Information
This statement is provided to customers of Wells Fargo Securities, LLC ("WFS"), or customers of affiliated broker-dealers whose accounts are introduced to and carried by WFS. Statements are provided monthly for accounts with transactions and/or security positions.
For WFS customers who choose to maintain a safekeeping account at Wells Fargo Bank , N.A. ("Bank"), this statement is accompanied by a separate Bank safekeeping statement . The Bank safekeeping statement , if applicable , contains a list of securities held in safekeeping by the Bank as of the statemen t date.
Pricing: Security and other asset prices shown on the statement are obtained from independent vendors or internal pricing models. While we believe the prices are reliable, we cannot guarantee their accuracy . The prices indicated herein are as of the slated valuation dale, which may not be the date of this statement, and are subject lo change without notice.
For exchange- listed securities, the price provided is the closing price at month end. For unlisted securities , ii is the "bid" price at month end. The prices of CDs that mature in one year or less are shown at last price traded . The prices of CDs that mature in greater than one year and of other instruments that trade infrequently are estimated using similar securities for which prices are available. Prices on the statement may not necessarily be obtained when the asset is sold.
Brokered CD Pricing and Disclosure Statement: Like bonds , brokered CDs are subject lo price fluctuation and the value of a CD, if sold prior to maturity, may be less than al the time of its purchase . Significan t loss of principal could result. While WFS generally makes a market in CDs it underwrites, the secondary market for CDs that ii does not underwrite may be very limited . In those cases, WFS will use its best efforts to help investors find a buyer. The Wells Fargo Securities, LLC Certificate of Disclosure Statement can be found at
www.wellsfargo.com/assels/pdf/cib/regulalory /cd-disclosure.pdf.
SIPC: WFS is a member of the Securities Investor Protection Corporation ("SIPC"). In the event of insolvency or liquidation of WFS, securities held in safekeeping at WFS are covered by SIPC against the loss, but not investment risk, up to a maximum of $500,000 per customer, which includes a $250,000 limit on claims for cash held in the account. SIPC protection does not provide any protection whatsoever against investment risk, including the loss of principal on an investment. This coverage does not apply to securities held in safekeeping by the Bank. Additional information about SIPC, including a SIPC brochure , may be obtained by visiting www.sipc.org or by calling SIPC at 1-202-371-8300 .
FINRA BrokerCheck Program: WFS is a member of the Financial Industry Regulatory Authority (FINRA). Under its BrokerCheck program , FINRA provides certain information regarding the disciplinary history of broker/dealers and their associated persons. Information can be obtained from the FINRA BrokerCheck program hotline number (1-800-289-9999) or the FINRA website (www.finra.org). A brochure describing the FINRA BrokerCheck program will be furnished upon written request .
Free Credit Balances : Any customer free credit balances may be used in the business of WFS subject to limitations imposed by Rule 15c3-3 under the Securities Exchange Act of 1934. On demand , a customer has the right to receive delivery of the following : any free credit balances to which he or she is entitled, any fully paid securities to which he or she is entitled, and any securities purchased on margin upon full payment of indebtedness to WFS.
Equity Order Routing: WFS customers may request additional order routing information with respect to SEC Rule 606 by contacting their WFS sales represen tative. There are two reports available to WFS customers under amended Rule 606: (i) the 606(b)(1) held on-demand customer report and (ii) the 606(b)(3) not held on-demand customer report in the six months prior to the request. These reports can be found at www.wellsfargo.com/cib/regulatory
Equity Extended Hours Trading : See important information relating to equities trading before and after regular trading hours at:
www.wellsfargo.com/cib/regulatory
Equity Open Orders : Open orders will remain in effect until executed or canceled by you. Failure to cancel an open order may result in the transaction being executed for your account. WFS has no responsibility to cancel an open order at its own initiative.
Dividend Reinvestment : In any dividend reinvestment transaction, WFS acted as agent. Additional information regarding transactions of this nature will be furnished to a customer upon written request.
Account Transfers : A fee will be charged to customers transferring their existing WFS account to another broker/dealer or any other financial institution.
Non-deposit investment products recommended , offered or sold by WFS, including mutual funds, are not federally insured or guaranteed by or obligations of the Federal Deposit Insurance Corporation ("FDIC "), the Federal Reserve System or any other agency ; are not bank deposits; are not obligations of, or endorsed or guaranteed in any way by any bank or WFS; and are subject to risk, including the possible loss of principal, that may cause the value of the investment and investment return to fluctuate .
When the investment is sold, the value may be higher or lower than the amount originally invested. WFS is a subsidiary of Wells Fargo & Company, is not a bank or thrift , and is separate from any other affiliated bank or thrift. WFS is a registered broker-dealer and member of FINRA. No affiliate of WFS is responsible for the securities sold by WFS.
Trade Confirmat ions: Investment purchases and sales are subject to the terms and conditions stated on the trade confirmation relating to that transaction. In the event of a conflict between the trade confirma tion and this statement . the trade confirmation will govern .
Listed Options : Commissions and other charges related lo the execution of listed option transactions have been included in confirma tions of such transactions that have been previously furnished and are available upon request. Promptly advise your WFS sales representative of any material change in your investment objectives or financial situation.
Financial Statements : WFS financial statements are available upon request.
8
Customer Complaints and Reporting Discrepancies :
Customer complaints, statement reporting inaccuracies or discrepancies should be promptly reported in writing to:
Customer Service
550 S Tryon St
Floor: 06, MAC: D1086-063
Charlotte , NC 28202-4200
[email protected]
In the event your account is introduced to WFS by an affiliated broker dealer as indicated on page 1 of your statement , you should also send a copy of your written correspondence to that introducing broker-dealer at the address appearing on that page.
Customers may also report complaints, inaccuracies or discrepancies by calling 1-800-645-3751 option 5. To further protect their rights, including rights under the Securities Investor Protection Act, customers should also re-confirm in writing to the above address any oral communications with WFS relating to the inaccuracies or discrepancies .
Mutual Funds: An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency . The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Institutional Prime Funds : You could lose money by investing in the fund. Because the share price of the fund will fluctuate. when you sell your shares they may be worth more or less than what you originally paid for them. During times of market stress , the fund may impose a discretionary liquidity fee upon sale of your shares, if the fund's board determines the fee is in the fund's best interest. The Prime fund will impose a mandatory liquidity fee when you redeem fund shares, if daily net redemptions exceed 5% of net assets and no exception applies.
Muni Substitute Interest: With respect lo transactio ns involving your purchase of a municipal security having interest that is exempt from federal and/or state income taxes, if you do not receive good delivery of such securities on settlement date (i.e .. all requirements for transferring title from the seller to the buyer have occurred) , the interest that you accrue from the settlement date of the transaction until you receive good delivery may be considered by the Internal Revenue Service ("IRS") lo be taxable ("substitute") interest. If you sell such securities before receiving good delivery, the IRS may consider all of the interest that you accrue to be taxable. You should consult with your tax advisors regarding the tax implication of any such fail to receive scenario.
Muni MSRB Disclosure: WFS is registered with the U.S. Securities and Exchange Commission ("SEC") and the Municipal Securities Rulemaking Board ("MSRB"). The website for the SEC is www.sec.gov and the website for the MSRB is www.msrb.org. There is a brochure available on the MSRB website that describes the protections provided by MSRB rules and how to file a complaint with the appropriate regulatory authority. ■ Wells Fargo Bank, N.A.
550 S Tryon St.
Charlotte , NC 28202
Wells Fargo Bank, N.A.
333 MARKET ST
SAN FRANCISCO CA 94105
WILLIAMS/LEWIS
1-415-644-9152
028366 1038569 0012 101 17 UN• 416042Z.CXJ008735 7488'/ 0010 27584 01/05126 P Wells Fargo Bank, N.A.
Account Statement
CITY OF LAGUNA NIGUEL
30111 CROWN VALLEY PARKWAY
Statement Period
12/01/2025 - 12/31/2025
Account Number
1 BD83672
Account Value Summary uso This summary does not reflect the --------------------------------------- value of unpriced securities.
Amount Last Amount This % Repurchase agreements are reflected Statement Period Statement Period Portfolio at par value.
Cash $ 1,868.49 $ 45,213.70 0%
Money Market Mutual Funds 1,061,511.58 4,985,431.86 9%
Bonds 49,423,861 .09 49,182,552 .13 91 %
Stocks 0.00 0.00 0%
Total Account Value $ 50,487,241.16 $ 54,213,197.69 100% Value Change Since Last Statement Period
Percent Increase Since Last Statement Period
$ 3,725,956.53
Value Last Year-End
Percent Increase Since Last Year-End
Income Summary uso
Interest
Dividends /Capital Gains
Money Market Mutual Funds Dividends
Other
Income Total
Interest Charged uso
Description
Debit Interest For December 2025
Total Interest Charged
$
$
$
This Period
212,621.91 $
0.00 4,643.58
0.00 217,265.49 $
$
Money Market Mutual Funds Summary uso
Description
Opening Balance
Deposits and Other Additions
Distributions and Other Subtractions
Dividends Reinvested
Change in Value
Closing Balance
9 $
$
Safekeeping
7%
N/A
N/A
Year-To-Date
694,098.77
0.00 18,758.68
0.00 712,857.45
This Period
0.00 0.00
Amount
1,061 ,511.58
3,919,276.70
0.00 4,643 .58
0.00 4,985,431.86
Important Information
This statement is provided to customers of Wells Fargo
Bank, N.A. (the "Bank"). Statements are provided
monthly for accounts with transactions and/or security
positions.
Pricing: Security and other asset prices shown on the
statement are obtained from independent vendors or
internal pricing models. While we believe the prices are reliable, we cannot guarantee their accuracy. The
prices indicated herein are as of the stated valuation
date, which may not be the date of this statement, and
are subject to change without notice. For
exchange-listed securities , the price provided is the
closing price of the relevant security at month end. For unlisted securities , it is the "bid" price of the relevant security at month end. The prices of instruments that
trade infrequently are estimated using similar securities for which prices are available. Prices on the statement may not necessarily be obtained when the asset is
sold.
Cash Balances: Cash held at the Bank is not covered
by SIPC, but is instead eligible for FDIC insurance of
up to $250,000 per depositor, per institution, in
accordance with FDIC rules.
Mutual Funds:An investment in the fund is not insured
or guaranteed by the Federal Deposit Insurance
Corporation or any other goverment agency. The
fund's sponsor has no legal obligation to provide
financial support to the fund, and you should not
expect that the sponsor will provide financial support
to the fund at any time.You have the right, in the
course of normal business operations, to withdraw
balances in the Bank Deposit Sweep or redeem
shares of the money market mutual fund used in the
sweep, subject to any open commitments in any of
your accounts and have the proceeds returned to
your accounts or remitted to you. Note, however, that
as required by federal banking regulations, the banks
in the Bank Deposit Sweep reserve the right to
require seven days prior notice before permitting a
transfer out of the Bank Deposit Sweep. In addition,
the money market mutual funds in the sweep reserve
the right to require one or more day's prior notice
before permitting withdrawals . The Bank makes
certain money market mutual funds available through
the Bank Deposit Sweep and has entered into
agreements with the mutual fund companies with
respect to the available funds. Mutual funds are sold
by prospectus only. Please read the prospectus for
further information including sales charges ,deferred
sales charges , withdrawal charges and management
or other fees.
Institutional Prime Funds: You could lose money by
investing in the fund. Because the share price of the
fund will fluctuate , when you sell your shares they
may be worth more or less than what you originally
paid for them. During times of market stress, the fund
may impose a discretionary liquidity fee upon sale of
your shares, if the fund's board determines the fee is
in the fund's best interest. The Prime fund will impose a mandatory liquidity fee when you redeem fund
shares, if daily net redemptions exceed 5% of the net
assets and no exception applies.
Muni Substitute Interest: With respect to transactions
involving your purchase of a municipal security having
interest that is exempt from federal and/or state
income taxes, if you do not receive good delivery of
such securities on settlement date (i.e., all
requirements for transferring title from the seller to the buyer have occurred), the interest that you accrue
from the settlement date of the transaction until you
receive good delivery may be considered by the
Internal Revenue Service ("IRS") to be taxable
("substitute") interest. If you sell such securities
before receiving good delivery, the IRS may consider
all of the interest that you accrue to be taxable. You
should consult with your tax advisor regarding the tax
implication of any such fail to receive scenario.
Muni MSRB Disclosure: WFS is registered with the U.S.
Securities and Exchange Commission ("SEC") and
the Municipal Securities Rulemaking Board
("MSRB"). The website for the SEC is www.sec.gov
and the website for the MSRB is www.msrb.org.
There is a brochure available on the MSRB website
that describes the protections provided by MSRB
rules and how to file a complaint with the appropriate
regulatory authority.
10
Non-deposit investment products offered or sold by the
Bank, including investments in mutual funds available
through the Bank, are not federally insured or guaranteed by or obligations of the U.S. government, the Federal Deposit Insurance Corporation ("FDIC"), the Federal Reserve System or any other government agency; are not bank deposits; are not obligations of, or endorsed or guaranteed in any way by any bank or the Bank; and are subject to risk, including the possible loss of principal, that may cause the value of the investment and the investment return to fluctuate. When the investment is sold, the amount may be higher or lower than the amount originally invested.
Customer Complaints and Reporting Discrepancies: All
inquiries, statement reporting inaccuracies or
discrepancies , or complaints regarding your account
or the activity therein should be directed to:
Customer Service
550 S Tryon St
Floor:06, MAC: 01086-063
Charlotte,NC 28202-4200
1-800-645-3751, option 5,
WFSCustomerService @Wellsfargo.com .
To further protect their rights, customers should also
reconfirm in writing to the above address any oral
communications with the Bank relating to inaccuracies
or discrepancies .
The Bank's financial statements are available upon
request.
CITY OF LAGUNA NIGUEL
Account Number: 18083672
Portfolio Holdings Security positions held with Wells Fargo Bank N.A.
Security ID Description Maturity Date
Bonds USO
91282CJK8 UNITED STATES TREASURY NOTE 11/15/26
15140RCY3 CENTIER BANK INTEREST BEARING 07/26/27
CERTIFICATE OF DEPOSIT
8562834C7 STATE BANK INDIA INTEREST 08/02/27
BEARING CERTIFICATE OF DEPOSIT
3133EPH81 FEDERAL FARM CREDIT BANK 10/04/27
15118RM38 CELTIC BANK INTEREST BEARING 12/08/27
CERTIFICATE OF DEPOSIT
33610RVD 2 FIRST PREMIER BANK INTEREST 12/10/27
BEARING CERTIFICATE OF DEPOSIT
05580AY24 BMW BANK NORTH AMERICA 04/14/28
INTEREST BEARING CERTIFICATE
OF DEPOSIT
2546733V6 CAPITAL ONE NA INTEREST 04/17/2 8
BEARING CERTIFICATE OF DEPOSIT
3130AWC24 FEDERAL HOME LOAN BANK 06/09/28
20033A4J2 COMENITY CAPITAL BANK INTEREST 07/26/28
BEARING CERTIFICATE OF DEPOSIT
062119CD2 BANK FIVE NINE INTEREST 07/28/28
BEARING CERTIFICATE OF DEPOSIT
91282CJA0 UNITED STATES TREASURY NOTE 09/30/28
02589AF64 AMERICAN EXPR NATL BK INTEREST 11 /01 /28
BEARING CERTIFICATE OF DEPOSIT
87165E3V7 SYNCHRONY BANK INTEREST 11 /03/28
BEARING CERTIFICATE OF DEPOSIT
91282CJN2 UNITED STATES TREASURY NOTE 11 /30/28
3130A0FR6 FEDERAL HOME LOAN BANK 12/08/28
795451 DH3 SALLIE MAE BANK/SALT LKE 12/13/28
INTEREST BEARING CERTIFICATE
OF DEPOSIT
58404DTX9 MEDALLION BANK UTAH INTEREST 12/22/28
BEARING CERTIFICATE OF DEPOSIT
32110YK46 FIRST NATL BK OF AMERICA 12/28/28
INTEREST BEARING CERTIFICATE
OF DEPOSIT
3133EPW84 FEDERAL FARM CREDIT BANK 01 /18/29
028367 1038569 0012 10117 UN#4160422 -00008735 7<1887 0010 27584 01/05,126 P Current Par / Market
Coupon Original Par Price*
4.625% 1,000,000.000 100.8945
4.700% 250,000.000 101 .5510
4.600% 250,000.000 101.4138
4.500% 2,000,000.000 101.6849
4.600% 250,000 .000 101 .6827
4.550% 250,000.000 101.6040
4.400 % 250,000.000 101.4429
4.400% 250,000.000 101.4803
4.000% 2,000,000.000 101.1403
4.450% 250,000.000 101 .7124
4.500% 250,000.000 101 .8374
4.625% 1,000,000.000 102.8398
5.000% 250,000.000 103.2682
5.000% 250,000.000 103.2731
4.375% 2,000,000.000 102.3047
4.000% 2,000,000.000 101 .2641
4.400% 250,000.000 101 .7028
4.300% 250,000.000 101.4552
4.300 % 250,000.000 101.4593
3.875% 2,500,000.000 101 .0383
11 Safekeeping
Statement Ending: December 31 , 2025
Market
Value
1,008,945.31
253,877.38
253,534.40
2,033 ,698.98
254,206.85
254,009.95
253,607.23
253,700.63
2,022,806.60
254,280.90
254,593.48
1,028,398.44
258,170.38
258,182.85
2,046,093.76
2,025,282 .92
254,257.08
253,638.03
253,648.28
2,525,958.13
Original Par
Pledged*• Callable
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
CITY OF LAGUNA NIGUEL
Account Number : 1 BD83672
Portfolio Holdings (Continued) Security positions held with Wells Fargo Bank N.A.
Security ID Description Maturity Date Coupon
Bonds USO
848608FB6 SPIRITBANK NA INTEREST BEARING 01 /31 /29 3.950%
CERTIFICATE OF DEPOSIT
3133EP3B9 FEDERAL FARM CREDIT BANK 02/13/29 4.125%
903572GQ2 UINTA BANK INTEREST BEARING 02/14/29 3.950%
CERTIFICATE OF DEPOSIT
91282CKG5 UNITED STATES TREASURY NOTE 03/31/29 4.125%
89235MPR6 TOYOTA FINANCIAL SGS BK 06/28/29 4.500%
INTEREST BEARING CERTIFICATE
OF DEPOSIT
91 282CFJ5 UNITED STATES TREASURY NOTE 08/31 /29 3.125% 91282CLN9 UNITED STATES TREASURY NOTE 09/30/29 3.500%
91282CMA6 UNITED STATES TREASURY NOTE 11 /30/29 4.125%
91282CMD0 UNITED STATES TREASURY NOTE 12/31 /29 4.375%
91282CGZ8 UNITED STATES TREASURY NOTE 04/30/30 3.500%
91282CHW4 UNITED STATES TREASURY NOTE 08/31 /30 4.125%
31359MGK3 FANNIE MAE 11/15/30 6.625%
91282CMC2 UNITED STATES TREASURY NOTE 12/31/31 4.500%
91282CFV8 UNITED STATES TREASURY NOTE 11 /15/32 4.125%
91282CJJ1 UNITED STATES TREASURY NOTE 11 /15/33 4.500%
91282CKQ3 UNITED STATES TREASURY NOTE 05/15/34 4.375%
91282CLF6 UNITED STATES TREASURY NOTE 08/15/34 3.875%
91282CLW9 UNITED STATES TREASURY NOTE 11 /15/34 4.250%
91282CMM0 UNITED STATES TREASURY NOTE 02/15/35 4.625%
91282CNC1 UNITED STATES TREASURY NOTE 05/15/35 4.250%
•s ee important information regarding security pricing on Page 2 .
Curr ent Par /
Q_ri_ginal Par
250,000.000
1,500,000.000
250,000.000
1,500,000.000
250,000.000
1,000,000.000
1,000,000.000
1,000,000.000
1,000,000.000
1,500,000.000
4,000,000.000
4,000,000.000
1,000,000.000
2,000,000.000
1,500,000.000
1,000,000.000
2,000,000.000
4,000,000.000
3,000,000.000
500,000.000
48,000,000.000
.. Total amount that is pledged to or held for another party or parties. Refer to the Pledge Detail Report for more information. 12 Market
Price•
100.4813
101 .6301
100.4702
101 .7031
102.2318
98.3672
99.5781
101 .7422
102.6875
99.3555
101 .8477
112.8407
103.6172
101 .1953
103.4336
102.2891
98.5313
101 .1484
103.8828
100.9141
Statement Ending: December 31, 2025
Market
Value
251 ,203.20
1,524,451 .05
251 ,175.60
1,525,546.88
255,579.50
983,671 .88
995,781 .25
1,017,421 .88
1,026,875.00
1,490,332.04
4,073,906.24
4,513,626.12
1,036,171 .88
2,023,906.26
1,551 ,503.91
1,022,890.63
1,970,625.00
4,045,937.52
3,116,484 .39
504,570.32
49,182,552.13
Original Par
Pledged ..
0.00 Callable
N
N
N
N
N
CITY OF LAGUNA NIGU EL
Account Number: 18D83672
Daily Account Activity
Your investment transactions during this statement period.
Settlement /
Transaction I Effective
Trade Date Date Activity
Income/ Payment Activity USO
12/01 /25 12/01 /25 Interest
12/01 /25 12/01/25 Interest
12/01 /25 12/01/25 Interest
12/08/25 12/08/25 Interest
12/08/25 12/08/25 Interest
12/09/25 12/09/25 Interest
12/12/25 12/12/25 Interest
12/15/25 12/ 15/25 Interest
12/15/25 12/15/25 Interest
12/22/25 12/22/25 Interest
12/26/25 12/26/25 Interest
12/29/25 12/29/25 Interest
12/29/25 12/29/25 Interest
12/29/25 12/29/25 Interest
12/31/25 12/31 /25 Interest
12/31 /25 12/31 /25 Interest
12/31 /25 12/31 /25 Interest
Cash Activity USO
Transaction I Settlement I
Trade Date Elf. Date Activity
12/18/25 12/18/25 ACH/DDA Transaction
Money Market Fund Activity
JPMorgan 100% UST C 3163
• As of December 31 , 2025
USO
Transaction
Date
12/01/25
12/01/25
12/02/25
12/08/25
Activit}'._
Beginning Balance
Purchase
Reinvest
Purchase
Purchase
028368 1038569 0012 10117 UN•<1160422-00008735 74887-0010 27584 01105/26 P Security ID Description
848608FB6 SPIRITBANK NA INTEREST BEARING
91282CJN2 UNITED STATES TREASURY NOTE
91282CMA6 UNITED STATES TREASURY NOTE
3130A0FR6 FEDERAL HOME LOAN BANK
15118RM38 CELTIC BANK INTEREST BEARING
3130AWC24 FEDERAL HOME LOAN BANK
33610RVD2 FIRST PREMIER BANK INTEREST
795451DH3 SALLIE MAE BANK/SALT LKE
903572GQ2 UINTA BANK INTEREST BEARING
58404DTX9 MEDALLION BANK UTAH INTEREST
20033A4J2 COMENITY CAPITA L BANK INTEREST
062119CD2 BANK FIVE NINE INTEREST
32110YK46 FIRST NATL BK OF AMERICA
89235MPR6 TOYOTA FINANCIAL SGS BK
848608FB6 SPIRITBANK NA INTEREST BEARING
91282CMC2 UNITED STATES TREASURY NOTE
91282CMD0 UNITED STATES TREASURY NOTE
Descrip_tion
DESIGNATED DDA
Dividend paid
this period
Shares
1 ,868.4900 0
4,643.58000
65, 186.64000
40,000 .00000
4,643.58
Price
1.0000
13 Par / Quantity
7 day*
simple yield
3.670%
Market Value .l!)_
1,061 ,511.58
1,868.49
65,186.64
40,000.00
Safekeeping
Price
Statement Ending: December 31 , 2025
Principal
Amount
30 day*
simple yield
3.720%
Dividend Amount
4,643.58
Income Debit / Credit
Amount Amount
811 .64 811.64
43,750.00 43,750.00
20,625.00 20,625.00
40,000.00 40,000.00
945.21 945.21
40,000.00 40,000.00
5,703.08 5,703.08
5,515.07 5,515.07
811 .64 811 .64
883.56 883.56
914.38 914.38
924.66 924.66
883.56 883.56
5,640.41 5,640.41
838.70 838.70
22,500.00 22,500.00
21 ,875.00 21 ,875.00
Debit Amount / Credit Amount /
Disbursements Receiets
3,750,000.00
Share Balance
1,061 ,511 .58000
1 ,063,380.07000
1,068,023.65000
1, 133,210.29000
1, 173,21 0.29000
CITY OF LAGUNA NIGUEL
Account Number : 1 8D83672
Money Market Fund Activity (Continued)
Transaction
Date Activitt Shares
12/08/25 Purchase 945.21000
12/10/25 Purchase 40,000 .00000
12/15/25 • Purchase 5,703.08000
12/16/25 Purchase 6,326.71000
12/18/25 Purchase 3, 750,000.00000
12/23/25 Purchase 883.56000
12/29/25 Purchase 914.38000
12/30/25 Purchase 7,448 .63000
Ending Balance
Price Market Value ($)
945.21
40,000.00
5,703.08
6,326 .71
3,750,000 .00
883.56
914.38
7,448.63
1.0000 4,985,431.86
14
Statement Ending: December 31, 2025
Dividend Amount Share Balance
1,174, 155.50000
1,214 , 155.50000
1,219 ,858.58000
1,226 , 185.29000
4,976, 185.29000
4,977,068.85000
4,977,983.23000
4,985,431 .86000
4,985,431.86000
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
Investm ent Selection
Source
PENSION Moderate - Index
Invest ment Objective
Source
Balance as of
12/1/2025
$2,567.453 92
S2.567 .453 .92
Contr ibut ions
$0 00
S0.00
Earnings Expenses
$4 ,525 13 $1 ,257 10
S4.525 .13 Sl,257 .10
Account Report for the Period
12/1/2025 to 12/31/2025
D 1stribut1on s Transfers
$000 $0 00
S0 .00 S0 .00
Balance as of
12/3 1/2025
$2,570,721 95
S2. 5 70.72195
PENSION
The dual goals or the Moderate Strategy are growth or principal and income It is expec ted that d1v1dend and interes t income will com prise a significan t portion of total return . although growth through cap ital app reciation 1s equa lly important The portfolio Investmen t Return
Source 1-Month
PENSION 0 18% 190%
will be allocated between equi ty and fixed income investments 1- Ycar 3-Yea rs
1302 % 1120%
Annual,zed Return
5-Ye ars
4 67%
JO-Years
lnformnt1 on as provided by US Bank. I rust cc for PARS Not f DlC lnsurL'Cf No Bank Guarantee May Lose Value Plan's Inception Date
5/26/2020
Past performance docs; not guarantee futur0 rc-;ulh Performance r1'turn-. may not reflect the deduction of applicable fees. which could rcduc1) returns Information is deemed reliable bul may be subject to cha11gc Investment Return Annualized ra!C of return 1<; the rclurn on an inveslmcmt over a period other than one year multiplied or divided to give a comparable one-year return Account lxllanccs circ inclu!;;1vc of I rust Administration 1 rustce and Investment Manaqement fees Hnartqu<1ncr'> - 4350 Von Karman Ave Su11c 100 Newport 8each CA 92660 800 540 6369 ~ax 949 250 1250 www par<; org 15