To:
FROM:
DATE:
SUBJECT:
CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
Honorable Mayor and Council Members
Tamara S. Letourneau, City Manager
April 21, 2026
Investment Report as of February 28, 2026
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of February 28, 2026.
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) last met on March 18th and elected to leave the federal funds rate unchanged at a target of 3.50-3. 75%. The next meeting will be held on April 29, 2026. Although the latest Fed Dot Plot provided an average consensus of one projected rate cut in 2026, the CME Fed Watch Tool has shifted dramatically over the past month. The tool still leaves a potential cut on the table, but now there is just a 33% chance of a cut by December 31, 2026, as compared to a 95%+ chance of a cut last month. (See figures 1 and 2 on the next page for the end of year projections currently and the projections shared as part of last month's investment report.).
Furthermore , the low end of the target rate was 2.00-2.25% last month, and now that low end is 2.75-3.00%, and the tool now includes a 1% chance rates will be increased to 3.75-
4.00% by the end of the year. So the markets expectations have changed from interest rates easing by the end of the year to an assumption rates will be higher for longer.
Figure 1
Updated CME Tool Projections
29 Apr26 17 Jun26 19 Jul26 16 Sep26 28 Oi:126 I Dee2I 27 Jan27 17 M;n27 28 Apr27 9 Jun27 28 JuC7 15 Sep27 27 Ocl27 8 Dec27 IILEfflrollARi
9 Dec 2026
CONTRACT
zaz,
Mi:ETIHG IHroAW.AltON
EXPIRES
31 Dec2026
Target Rate Probabilrt,es for 9 Dec 2026 Fed Meeting
I00X
'""
"""
4()"
0.311,
275-300 300- 325
Figure 2
IIIDf'flJCE PRIOR VOLUME
96 4450
Current target rate ts 350 - 375
2 8 . 311,
32:5-JS0
Target Rate (in bps)
Projections shared in the January Investment Report
33 12
PRIORO I
85,536
3S0-S75
18 Mar26 29 Apr26 17 Jun26 29 Jul26 16 Sep26 28 Ocl26 I Dcc28 27 Jan27 17 Mar27 28 Apl27 9 Jun27 28 Jul27 15 Sep27 TT Oct27 8 Oec:27
IIEETING DATE
9 Dec2026
CONTRACT
2026
MEETING INFORMATION
EXPIRES
31 Dec:2026
MID PRICE PAIORVOUJIIE
96 917S
Target Rate Probabilities for 9 Dec 2026 Fed Meeting
Current target rate is 350 - 375
100"
.. ,.
•••
•o•
27.7"
20~
12.7"
3.0%
0.3%
0~
200- 225 225 -25 0 250-275 275-300
Target R.ue On bps)
2 1,645
PRKJIIOI
74,363
32.4"
300-325
EAS6
J31 %
EASE
954%
19.39'
32.5-350
PROSABllffiES
NO CHANGE
659%
1.0%
3 75 -400
PAOBABIUTIES
NOCHAMGE
46%
4.6%
350-375
HIKE
10%
Q
....
Page3
The five-year Treasury rates have also been in flux recently. At the end of February, the 5-year Treasury rate was 3.51%, and on March 27th, the 5-year Treasury rate touched above 4.14%, an increase of 0.63% in less than one month. The 5-year Treasury rate had been under 4.00% since July 18, 2025, representing a significant move to the upside. As of the date of this report, the five-year rate has decreased marginally to 3.87%, however that is still historically high when comparing rates this century (Figure 3). These increases in Treasury yields will impact short-term securities like money market funds and LAIF very quickly, so City staff will be monitoring those yields closely. That increase also grants the City additional opportunities to lock in higher rates.
As of the end of February, the City's average weighted yield of the portfolio exceeded each of the benchmark indexes the City has historically used (US Treasury Rates of 6- months, 1-year and 5-years and LAIF).
Figure 3
FRED ;p - Mar1ta! Yleld on U.S. Treaswy securttias et 7Yur Constant Manrity . Quoted on an rnvestment Basis 7 2002 20G< 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 The City's portfolio continues to be in a strong position. The City expects to receive an additional $13.3 million in property taxes between now and the end of the fiscal year. For liquidity purposes, most of those funds will be deposited in a short-term investment vehicle like LAIF or money market accounts. However, City staff will evaluate potential investment options now that treasury rates have started to increase.
The City's section 115 Trust balance was $2.65 million at the end of February, representing an increase of over 32% since inception.
The following table compares the portfolio balance for the prior two months:
Portfolio Balance Last Month I CurrentMonth I Difference Balance $60,999, 158 I $57.413,239 I $3,585,919
• Over the past month, the City's total cash and investments experienced a net decrease of $3,585,919. As February is not a month that the City historically receives property tax allotments from the County, the decrease in cash was expected.
Page4
• The percentage of pooled investments in the Local Agency Investment Fund (LAIF) increased to 0.19% due to a decrease in the overall portfolio. • The average weighted maturity of City investments, including investment pools and money market funds, increased to 1,469 days, mostly due to a decrease in the money market funds, which have a maturity of one day. The average weighted maturity for the portfolio, excluding money market funds, is 1,736 days. The average weighted maturity of City investments, including investment pools and money market funds, is calculated by taking the 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.
• The net yield of LAIF decreased from 3.931% to 3.871%. This represents the eighteenth consecutive month the LAIF yield has decreased. The net yield for the money market funds in the City's safekeeping account decreased to
3.550%. 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 (Figure 4).
Figure 4
6.00-%
5 .()()%
4.00%
Average Monthly Yield Comparison - 02/2021 ttirough 0212026 ---------... .__
..,,,,.,,-
_ .....
3.00% +------ -r-------:__.a:=:::.... ________ ____,l ,7 --
-.,,-
,; ~ 2.00% +---- -----,;~ .c:.....- _____ ____ _
,Y_/ I __,
- PMIA
- S&P
---- F&d Funds
February Yields
1.00% +-- -------:~ '------ ----- ---__;:
0.1)0% J2=:a-fMll!l ... ~ -----.-- ----~.,........_,..:..___,.___, ;;; ~ i::i
N
~ M .., M M "' ... ..,. "' .,, .,, .,, .,, ""
PMIA 3.871%
~
N N
~
N N N
:::: N IN N N
~ ~ 0 0
~
0 ~ ~
0 0 0 0 0 0 0
~
N ~ ;a s ~
IN
~ ~ ;:;J s: ~ s ~ "'
~ i:?l ~
S&P GIP 3.700%
Fad FundS 3.tl40%
• The average weighted yield of City investments, including investment pools and money market funds, increased from 3.990% to 4.016% , mostly due to the decreased balance in the money market funds, which are now one of the lowest earning investments. 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
4.016% 3.510% 3.480% 3.600% 3.871%
The monthly Investment Report as of February 28, 2026, is attached.
Page5
ALTERNATIVES CONSIDERED
The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of February 28, 2026.
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.
Attachment:
Trevor Agrelius
Finance Director
A. Monthly Investment Report as of February 28, 2026
ATTACHMENT A
Investment Report as of February 28, 2026
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
February 28, 2026
Tamara S. Letourneau
CITY MANAGER
Trevor Agrelius
FINANCE DIRECTOR
April 21, 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
6-13
14 City of Laguna Niguel
Statement of Compliance/Non-Compliance with the City's Investment Policy The undersigned officers of the City of Laguna Niguel hereby certify that:
As of February 28, 2026, 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.
Trevor Agrelius
Finance Director
City of Laguna Niguel
Summary of Cash and Investments
2/28/26
Settlement Maturity Coupon Purchased Percent of Max Allowed Per Market Anticipated total Desafptfon Date Date Rate Yield Cost Portfolio Investment Policy Value Interest earned Petty Cash/Change Drawers 2,500 .00 0.00% N/A s 2,500 .00 Checking & Investment Accounts 3,490% 3,442,247.42 6.00% N/A 3,442,247.42 Safekeeping Money Market 3.550% 5,275,232.77 9.19% 10.00% 5,275,232.77 Local Agency Investment Fund 3.871% 111,336 ,51 a 19% >$40 million or 55% 111,336.51 US Treasury Note: 52.25% N/A
912820K8 11/30/2023 11/15/2026 4.625% 4.310% 1,008,640.00 1,006,968.75 128,749 .72 912820AO 11/10/2023 9/30/2028 4.625% 4.500% 1,005,380.00 1,030,507.81 221,376 41 912820N2 12/8/2023 11/30/2028 4.375% 4.020% 2,031,720 .00 2,051,484 .38 407,033.11 91282CKG5 4/12/2024 3/31/2029 4.250% 4.500% 1,475 ,175 .00 1,531,816.41 329,913.80 91282CFJ5 10/24/2024 8/31/2029 3.125% 4.000% 961,730.00 990,078 .12 186,760.06 91282CLN9 11/6/2024 9/30/2029 3.500% 4.310% 970,990.00 1,002,265.62 205,120 .71 91282CMA6 12/20/2024 11/30/2029 4.125% 4.330% 990,940.00 1,023,671.88 212,304.96 91282CMDO 1/13/2025 12/31/2029 4,375% 4.470% 995,790 ,00 1,032,929 .69 221,095 .66 91282CGZ8 5/13/2025 4/30/2030 3.500% 4.000% 1,466 ,505.00 1,501,523.43 291,372.45 91282CHW4 11/21/2025 8/31/2030 4.125% 3.619% 4,087 ,812.50 4,103,125.00 706,859.61 91282CMC2 4/24/2025 12/31/2031 4.500% 4,075% 1,024 ,620 .00 1,046,328 .12 279,346.50 91282CFV8 4/11/2025 11/15/2032 4.125% 4.126% 1,999,870 .00 2,050,312.50 627,306 .89 912820J1 1/7/2025 11/15/2033 4.500% 4.530% 1,496,655.00 1,571,718.75 600,713 .03 91282CKQ3 1/13/2025 5/15/2034 4.375% 4.660% 978,560 ,00 1,038,359.38 425,899.88 91282CLF6 10/9/2024 8/15/2034 3.875% 4.079% 1,955,400 .00 2,002,968 .76 786,025 .96 91282CLW9 12/20/2024 11/30/2034 4.250% 4.349% 3,968,200 ,00 4,110,312.52 1,717,119 .88 91282CMMO 3/25/2025 2/15/2035 4.625% 4.275% 3,083,550 .00 3,165 ,234.39 1,305,216 .03 91282CNC1 5/15/2025 5/15/2035 4.125% 4.375% 495,000 .00 512,851.57 216,681.16 Certificates of Deposit: 6.97% 30%
15140RCY3 7/25/2023 7/26/2027 4.700% 4.700% 250,000 .00 253,091.10 47,064.38 8562834C7 7/31/2023 8/2/2027 4.600% 4.600% 250,000.00 252,782.00 46,094 .52 15118RM38 12/8/2023 12/8/2027 4.600% 4.600% 250,000.00 253,371 .25 46,031.51 33610RVD2 12/12/2023 12/10/2027 4.550% 4.550% 250,000 .00 253,098.20 45,468.84 05580AV24 7/18/2023 4/14/2028 4.400% 4.408% 249,875.00 252,725.50 52,266.02 2546733V6 7/18/2023 4/17/2028 4.400% 4.408% 249,875 .00 252,820 .38 52,356.55 20033A4J2 7/26/2023 7/26/2028 4.450% 4.450% 250,000.00 253,554 .03 55,685.96 062119CD2 7/28/2023 7/28/2028 4,500% 4.500% 250,000 .00 253,765.43 56,311 ,64 02589AF64 11/1/2023 11/1/2028 5.000% 5.000% 250,000 .00 257,280.75 62,568.49 87165E3V7 11/3/2023 11/3/2028 5,000% 5.000% 250,000.00 257,295.73 62,568.49 795451DH3 12/13/2023 12/13/2028 4.400% 4.400% 250,000.00 253,641.58 55,060.27 58404DlX9 12/22/2023 12/22/2028 4.300% 4 .300% 250,000 ,00 253,164.85 53,808 .90 32110VK46 12/28/2023 12/28/2028 4.300% 4.300% 250,000.00 253,100 .93 53,808.90 848608FB6 1/31/2024 1/31/2029 3.950% 3.950% 250,000.00 250,872.40 49,429.11 903572GQ2 2/14/2024 2/14/2029 3.950% 3.950% 250,000.00 250,887.73 49,429 .11 89235MPR6 6/28/2024 6/28/2029 4.500% 4.500% 250,000 .00 254,941.13 56,280.82 Federal Farm Credit Banks: 10.47% 25.00%
3133EPH81 12/8/2023 10/4/2027 4,500% 4 .150% 2,024,580.00 2,031 ,918.78 321,347 ,99 3133EPW84 1/30/2024 1/18/2029 3.875% 3,930% 2,493,800 ,00 2,530,915.70 487,370.28 3133EP3B9 2/26/2024 2/13/2029 4.125% 4.200% 1,494,975 .00 1,529 ,619 ,78 312,052.48 Federal National Mortgage Association: 7.90% 25.00%
31359MGK3 11/21/2025 11/ 15/2030 6.625% 3.649% 4,537 ,880 00 4,535,206.40 825,667.89 Federal Home Loan Banks: 7.03% 25.00%
3130AWC24 6/23/2023 6/9/2028 4.000% 3.930% 2,006,180 .00 2,026,128 .70 391,622.28 3130AOFR6 11/21/2025 12/8/2028 4.000% 3.507% 2,028,220.00 2,029,287.96 216,896 .79
25.40% 60.00%
Total City Investments Including Investment Pools 57,413,239 .20 100.00% $ S8,343.2"4.09 s 12,l68,087.06 Restricted for Specific Use
PARS 115 Pension Trust 2,000,000 .00 3.37% 20.00% 2,652,795 .42 Average weighted maturity of Investments, excluding Investment Pools: 1,736 days Average weighted maturity of Investments, including Investment Pools and Money Market : 1,469 days Average weighted yield of Investments, excluding Investment Pools: 4.104% Average weighted yield of Investments, including Investment Pools and Money Market: 4 .016% • Market value of City investments is provided by Wells Fargo Bank 2 3/13/26, 11:17 AM
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARKWAY
LAGUNA NIGUEL, CA 92677
Account Number: 98-30-408
February 2026 Statement
Account Summa!Y
Total Deposit:
Total Withdrawal:
https://laifms.treasurer.ca.gov/RegularStatement.aspx
LAIF Regular Monthly Statement
March 13, 2026
LAIF Home
PMIAAverag e MonthlY. Yields
Tran TypeD efinilion s
0.00 Beginning Balance:
0.00 Ending Balance:
3 111,336.51
111,336.51
1/1
PMIA/LAIF Performance Report
as of 03/04/26
Quarterly Performance
Quarter Ended 12/31/25
PMIA Average Monthly
Effective Yields11l
LAIF Apportionment Ratet2l:
LAIF Earnings Ratiot2l:
LAIF Administrative Cost11,•:
LAIF Fair Value Factor11l:
PMIA Dailyt1l:
PMIA Quarter to Datet1l:
PMIA Average Life11l:
4.20 0.00011512010685708
0.27 1.002181483
3.97 4.09
244
February
January
December
November
October
September
Pooled Money Investment Account
Monthly Portfolio Composition 111
1/31/26
$170.9 billion
Corporate
Bonds
0.56%
Certificates of
Deposit/Ban k Notes
9.52%
3.871
3.931
4.025
4.096
4.150
4.212
Treasuries
57.45%
Agendes
23.67%
Chart does not include $882,000 ,00 in mortgages, which equate s 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} .
*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 Daily Treasury Bill Rate on the last doy 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
~'\ \~VES1,tr.
~i; t<'+..,. State of California
~ ~
Pooled Money Investment Account fe C"> _, 0
Cl c::
Cl ~
Market Valuation
0- ..., .,. ~
~ ... <'); ,❖ ....
"· 110 U\01~ .
2/28/2026
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value
United States Treasury:
Bills $ 47,664,003,238 .60 $ 48,028,821,850.00
Notes $ 46,143,711,158.37 $ 46,415,071,450.00
Federal Agency:
SBA $ 263,291,500.18 $ 260,935,485 .97
MBS-REMICs $ 854,995.93 $ 861,927.38
Debentures $ 4,371,268,194.13 $ 4,393,480,220 .00
Debentures FR $ - $ -
Debentures CL $ 2,700,000,000.00 $ 2,710,466,100 .00
Discount Notes $ 25,612,054,715.31 $ 25,826,447,300.00
Supranational Debentures $ 4,385,766,092 .74 $ 4,412,888,930.00 Supranational Debentures FR $ - $ -
CDs and YCDs FR $ - $ -
Bank Notes $ 300,000,000.00 $ 299,776,933.65
CDs and YCDs $ 15,550,000,000.00 $ 15,549,326,269 .79
Commercial Paper $ 9,855,965,152.67 $ 9,927,424,597 .25 Corporate :
Bonds FR $ - $ -
Bonds $ 937,775,270.89 $ 940,589,787.00
Repurchase Agreements $ - $ -
Reverse Repurchase $ - $ -
Time Deposits $ 5,452,000,000 .00 $ 5,452,000,000.00
PMIA & GF Loans $ 263,795,740.00 $ 263,795,740 .00
TOTAL $ 163,500,486,058 .82 $ 164,481,886,591.04
Fair Value Including Accrued Interest $ 165,150,152,269.73 Repurchase Agreements, Time Deposits , PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 5 Accrued Interest
NA
$ 358,351,603.00
$ 993,472.89
$ 3,729.85
$ 51,146,794.40
$ -
$ 34,673,578.50
NA
$ 42,505,211.20
$ -
$ -
$ 2,305,361.11
$ 169,621,652.70
NA
$ -
$ 8,664,275.04
$ -
$ -
NA
NA
$ 668,265,678.69
■
0J246510425720D111O117UN#4167597-00010084 74886 00103184603104126P Wells Fargo Securities, LLC
Wells Fargo Bank, N.A.
Combined Account Summary
Statement Period
02/01/2026 - 02/28/2026
CITY OF LAGUNA NIGUEL
30111 CROWN VALLEY PARKWAY
Account Number
1BD83672
Total Account Value Summary -us Dollar (USDJ 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 7,599,625.69 5,275,232.77 10% Bonds 48,990,524.70 49,511,927.39 90%
Stocks 0.00 0.00 0%
Total Account Value $ 56,590,150.39 $ 54,787,160.16 100% Value Change Since Last Statement Period
Percent Decrease Since Last Statement Period
Value Last Year-End
Percent Increase Since Last Year-End
$ (1,802,990.23)
$
3%
54,213,197.69
1%
***Includes amortized Par value of municipal leases and notes.
Total Income Summary uso
Interest
Dividends/Capital Gains
Money Market Mutual Funds Dividends
Other
Income Total
Total Interest Charged uso
Description
De6il lnleresl l=offe6 ruary 2026
$
$
This Period
149,371.74 $
0.00 26,235.34
0.00 175,607.08 $
Total Interest Charged $
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
$
$
Year-To-Date
209,274.30
0.00 35,312.91
0.00 244,587.21
This Period
0.00 0.00
Amount
7,599,625.69
149,371.74
(2,500,000.00)
26,235.34
0.00 5,275,232.77
■ Wells Fargo Securities, LLC
550 S Tryon St.
Charlotte, NC 28202
Wells Fargo Securities, LLC
333 MARKET ST
SAN FRANCISCO, CA 94105
USA
WILLIAMS/LEWIS
1-415-644-9026
0324661042572001110117UN#4167597-00010084741ll:l600103184603104126P Wells Fargo Securities, LLC
Account Statement
CITY OF LAGUNA NIGUEL
30111 CROWN VALLEY PARKWAY
Statement Period
02/01/2026 - 02/28/2026
Account Number
1BD83672
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 February 2026
Total Interest Charged
$
$
$ 0.00
$
This Period
0.00 $
0.00 0.00
0.00 0.00 $
$
NIA
0.00 NIA
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
s
$
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 statement 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 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 at month end. For unlisted securities, it 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 to price fluctuation and the value of a CD, if sold prior to maturity, may be less than at the time of its purchase . Significant loss of principal could result. While WFS generally makes a market in CDs it underwrites, the secondary market for CDs that it 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/assets/pdf/cib/regulatory/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 representative. 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 Confirmations: 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 confirmation and this statement, the trade confirmation will govern.
Listed Options: Commissions and other charges related to the execution of listed option transact.ions have been included in confirmations 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 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 lax 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
USA
WILLIAMS/LEWIS
1-415-644-9026
032467 10425 72 0011 10117 UN#4 167S97-00D100B4 74tlli6 0010 311146 03104126 P
Wells Fargo Bank, N.A.
Account Statement
Statement Period
02/01/2026 - 02/28/2026
CITY OF LAGUNA NIGUEL
30111 CROWN VALLEY PARKWAY
Account Number
18D83672
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 7,599,625.69 5,275,232.77 10% Bonds 48,990,524.70 49,511,927.39 90%
Stocks 0.00 0.00 0%
Total Account Value $ 56,590,150.39 $ 54,787,160.16 100% Value Change Since Last Statement Period
Percent Decrease 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 ForFeoruary 2026
Total Interest Charged
$
$
$ (1,802,990.23)
3%
$ 54,213,197.69
1%
This Period
149,371.74 $
0.00 26,235.34
0.00 175,607.08 $
$
Year-To-Date
209,274.30
0.00 35,312.91
0.00 244,587.21
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
9 s
$
Safekeeping
Amount
7,599,625.69
149,371 .74
(2,500,000.00)
26,235.34
0.00 5,275,232.77
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.defer red
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 conside r
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
lhe Municipal Securities Rulemaking Board
("MSRB"). The website for the SEC is www.sec.gov
and the website for the MSRB is www.msrb.or g.
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: D1086-063
Charlotte.NC 28202-4200
1-800-645-3751 , option 5,
[email protected].
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 Statement Ending: February 28, 2026 Account Number: 1 BD83672
Portfolio Holdings Security positions held with Wells Fargo Bank N.A.
Current Par/ Market Market Original Par
Security ID Description Maturity Date Coupon Original Par Price* Value Pledged** Callable Bonds USO
91282CJK8 UNITED STATES TREASURY NOTE 11/15/26 4.625% 1,000,000.000 100.6969 1,006,968.75 15140RCY3 CENTIER BANK INTEREST BEARING 07/26/27 4.700% 250,000.000 101.2364 253,091.10 N
CERTIFICATE OF DEPOSIT
8562834C7 STATE BANK INDIA INTEREST 08/02/27 4.600% 250,000.000 101.1128 252,782.00 N
BEARING CERTIFICATE OF DEPOSIT
3133EPH81 FEDERAL FARM CREDIT BANK 10/04/27 4.500% 2,000,000.000 101.5959 2,031,918.78 N 15118RM38 GEL TIC BANK INTEREST BEARING 12/08/27 4.600% 250,000.000 101.3485 253,371.25 N
CERTIFICATE OF DEPOSIT
33610RVD2 FIRST PREMIER BANK INTEREST 12/10/27 4.550% 250,000.000 101.2393 253,098.20 N
BEARING CERTIFICATE OF DEPOSIT
05580AY24 BMW BANK NORTH AMERICA 04/14/28 4.400% 250,000.000 101.0902 252,725.50 N
INTEREST BEARING CERTIFICATE
OF DEPOSIT
2546733V6 CAPITAL ONE NA INTEREST 04/17/28 4.400% 250,000.000 101.1282 252,820.38 N
BEARING CERTIFICATE OF DEPOSIT
3130AWC24 FEDERAL HOME LOAN BANK 06/09/28 4.000% 2,000,000.000 101.3064 2,026,128.70 N 20033A4J2 COMENITY CAPITAL BANK INTEREST 07/26/28 4.450% 250,000.000 101.4216 253,554.03 N
BEARING CERTIFICATE OF DEPOSIT
062119CD2 BANK FIVE NINE INTEREST 07/28/28 4.500% 250,000.000 101.5062 253,765.43 N
BEARING CERTIFICATE OF DEPOSIT
91282CJA0 UNITED STATES TREASURY NOTE 09/30/28 4.625% 1,000,000.000 103.0508 1,030,507.81 02589AF64 AMERICAN EXPR NATL BK INTEREST 11/01/28 5.000% 250,000.000 102.9123 257,280.75 N
BEARING CERTIFICATE OF DEPOSIT
87165E3V7 SYNCHRONY BANK INTEREST 11/03/28 5.000% 250,000.000 102.9183 257,295.73 N
BEARING CERTIFICATE OF DEPOSIT
91282CJN2 UNITED STATES TREASURY NOTE 11/30/28 4.375% 2,000,000.000 102.5742 2,051,484.38 3130A0FR6 FEDERAL HOME LOAN BANK 12/08/28 4.000% 2,000,000.000 101.4644 2,029,287.96 N 795451DH3 SALLIE MAE BANK/SALT LKE 12/13/28 4.400% 250,000.000 101.4566 253,641.58 N
INTEREST BEARING CERTIFICATE
OF DEPOSIT
58404DTX9 MEDALLION BANK UTAH INTEREST 12/22/28 4.300% 250,000.000 101.2659 253,164.85 N
BEARING CERTIFICATE OF DEPOSIT
32110YK46 FIRST NATL BK OF AMERICA 12/28/28 4.300% 250,000.000 101.2404 253,100.93 N
INTEREST BEARING CERTIFICATE
OF DEPOSIT
3133EPW84 FEDERAL FARM CREDIT BANK 01/18/29 3.875% 2,500,000.000 101.2366 2,530,915.70 N 11 0324681042572001110117UNl4167597 00010084 74B!16 00103164603104126P Safekeeping
CITY OF LAGUNA NIGUEL Statement Ending: ~ebruary 28, 2026 Account Number: 1 BD83672
Portfolio Holdings (Continued) Security positions held with Wells Fargo Bank N.A.
Current Par/ Market Market Original Par
Security ID Description Maturity Date Coupon Original Par Price* Value Pledged** Callable Bonds USO
848608FB6 SPIRITBANK NA INTEREST BEARING 01/31/29 3.950% 250,000.000 100.3490 250,872.40 N
CERTIFICATE OF DEPOSIT
3133EP3B9 FEDERAL FARM CREDIT BANK 02/13/29 4.125% 1,500,000.000 101.9747 1,529,619.78 N 903572GQ2 UINTA BANK INTEREST BEARING 02/14/29 3.950% 250,000.000 100.3551 250,887.73 N
CERTIFICATE OF DEPOSIT
91282CKG5 UNITED STATES TREASURY NOTE 03/31/29 4.125% 1,500,000.000 102.1211 1,531,816.41 89235MPR6 TOYOTA FINANCIAL SGS BK 06/28/29 4.500% 250,000.000 101.9765 254,941.13 N
INTEREST BEARING CERTIFICATE
OF DEPOSIT
91282CFJ5 UNITED STATES TREASURY NOTE 08/31/29 3.125% 1,000,000.000 99.0078 990,078.12 91282CLN9 UNITED STATES TREASURY NOTE 09/30/29 3.500% 1,000,000.000 100.2266 1,002,265.62 91282CMA6 UNITED STATES TREASURY NOTE 11/30/29 4.125% 1,000,000.000 102.3672 1,023,671.88 91282CMD0 UNITED STATES TREASURY NOTE 12/31/29 4.375% 1,000,000.000 103.2930 1,032,929.69 91282CGZB UNITED STATES TREASURY NOTE 04/30/30 3.500% 1,500,000.000 100.1016 1,501,523.43 91282CHW4 UNITED STATES TREASURY NOTE 08/31/30 4.125% 4,000,000.000 102.5781 4,103, 125.00 31359MGK3 FANNIE MAE 11/15/30 6.625% 4,000,000.000 113.3802 4,535,206.40 N 91282CMC2 UNITED STATES TREASURY NOTE 12/31/31 4.500% 1,000,000.000 104.6328 1,046,328.12 91282CFV8 UNITED STATES TREASURY NOTE 11/15/32 4.125% 2,000,000.000 102.5156 2,050,312.50 91282CJJ1 UNITED STATES TREASURY NOTE 11/15/33 4.500% 1,500,000.000 104.7813 1,571,718.75 91282CKQ3 UNITED STATES TREASURY NOTE 05/15/34 4.375% 1,000,000.000 103.8359 1,038,359.38 91282CLF6 UNITED STATES TREASURY NOTE 08/15/34 3.875% 2,000,000.000 100.1484 2,002,968.76 91282CLW9 UNITED STATES TREASURY NOTE 11/15/34 4.250% 4,000,000.000 102.7578 4,110,312.52 91282CMM0 UNITED STATES TREASURY NOTE 02/15/35 4.625% 3,000,000.000 105.5078 3,165,234.39 91282CNC1 UNITED STATES TREASURY NOTE 05/15/35 4.250% 500,000.000 102.5703 512,851.57 48,000,000.000 49,511,927.39 0.00
*See important information regarding security pricing on Page 2. **Total amount that is pledged to or held for another party or parties. Refer to the Pledge Detail Report for more information. 12 CITY OF LAGUNA NIGUEL
Account Number: 18D83672
Daily Account Activity
Your investment transactions during this statement period.
Settlement/
Transaction/ Effective
Trade Date Date Activity
Income/ Payment Activity USO
02/02/26 02/02/26 Interest
02/02/26 02/02/26 Interest
02/09/26 02/09/26 Interest
02/13/26 02/13/26 Interest
02/17/26 02/17/26 Interest
02/17/26 02/17/26 Interest
02/19/26 02/19/26 Interest
02/23/26 02/23/26 Interest
02/26/26 02/26/26 Interest
Cash Activity USO
Transaction/ Settlement/
Trade Date Eff. Date Activi_!l
02/09/26 02/09/26 ACH/DDA Transaction
Money Market Fund Activity
JPMorgan 100% UST C 3163
* As of February 28, 2026
USO
Transaction
Date Activitl
Beginning Balance
02/02/26 Purchase
02/02/26 Reinvest
02/03/26 Purchase
02/09/26 Purchase
02/09/26 Redemption
02/13/26 Purchase
02/17/26 Purchase
02/19/26 Purchase
02/23/26 Purchase
02/26/26 Purchase
Ending Balance
032469 1042572OO1110117UN#4167597 00010084 748B6 OO1031846O3/O4126P Security_ ID Description
8562834C7 STATE BANK INDIA INTEREST
848608FB6 SPIRITBANK NA INTEREST BEARING
15118RM38 CELTIC BANK INTEREST BEARING
3133EP3B9 FEDERAL FARM CREDIT BANK
91282CLF6 UNITED STATES TREASURY NOTE
91282CMM0 UNITED STATES TREASURY NOTE
903572GQ2 UINTA BANK INTEREST BEARING
58404DTX9 MEDALLION BANK UTAH INTEREST
20033A4J2 COMENITY CAPITAL BANK INTEREST
Descrip_tion
DESIGNATED DDA
Dividend paid
this period
26,235.34
Shares Price
1.0000
838.70000
26,235.34000
5,797.26000
976.71000
(2,500,000.00000)
30,937 .50000
1 08, 125.00000
838.70000
913.01000
944.86000
1.0000
13 Par/ Quanti_!l
7 day*
simple yield
3.550%
Market Value i!)_
7,599,625.69
838.70
5,797.26
976.71
(2,500,000.00)
30,937.50
108,125.00
838.70
913.01
944.86
5,275,232.77
Safekeeping
Price
Statement Ending:
February 28, 2026
Principal
Amount
30 day•
simple yield
3.550%
Dividend Amount
26,235.34
Income Debit/ Credit
Amount Amount
5,797.26 5,797.26
838.70 838.70
976.71 976.71
30,937.50 30,937.50
38,750.00 38,750.00
69,375.00 69,375.00
838.70 838.70
913.01 913.01
944.86 944.86
Debit Amount/ Credit Amount/
Disbursements Receiets
2,500,000.00
Share Balance
7,599,625.69000
7,600,464.39000
7,626,699.73000
7,632,496.99000
7,633,473. 70000
5, 133,473.70000
5, 164,411.20000
5,272,536.20000
5,273,374.90000
5,274,287.91000
5,275,232. 77000
5,275,232. 77000
■
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
2/1/2026
$2,611,830 11
$2,611,830.11
Contributions
$000
$000
Earnings
$42,968.30
$42,968 30
Expenses
$2,002 .99
$2,002 99
Account Report for the Period
2/1/2026 to 2/28/2026
Distributions Transfers
$0 .00
$000 $0.00
Balance as of
2/28/2026
$2,652,795.42
$2,652,795 42
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 1-65% 3.48%
will be allocated between equity and fixed income investments 1-Year 3-Yeors
14.02% 1164%
Annualizea Return
5-Ye~r,
5.30%
10-Yellrs
Informal.Ion as prov,oed by US Bank, Trustee for PARS Not FDIC Insured No Bank Guarantee . May Lose Value Plan's Inception Date
5/26/2020
Past performa nce does not guarantee future results Performance returns may not reflect the deduct ion of apphc.:Jbfe fees. wl"uch cou ld reduce returns Information 1s deemed reliable but may be subJect to chclnge Investment Return Annualized rate of return Is the return on an investment over a period other than one year multiplied or dIv1ded to give a compa rable one-year return Account balances are inclusive of Trust Adm1n1strat1on Trustee and Investment Mi.1ne:s:ment fees Headquarters - 4350 Von Karman Ave Suite 100 Newport Beach, CA 92660 800 540 6369 Fax 9492501250 www pars org 14