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HomeMy WebLinkAbout5(G) 2019 1st Q Investment Report 4646 Dakota Street SE Prior Lake, MN 55372 CITY COUNCIL AGENDA REPORT MEETING DATE: MAY 6, 2019 AGENDA #: 5G PREPARED BY: JASON ETTER, ACCOUNTING MANAGER PRESENTED BY: CATHY ERICKSON, FINANCE DIRECTOR AGENDA ITEM: CONSIDER APPROVAL OF 1ST QUARTER 2019 INVESTMENT REPORT GOAL AREA AND OBJEC- TIVE: High-Value City Services 1. Establish financial stability for all funds. DISCUSSION: Introduction The purpose of this agenda item is for the Council to consider approval of the in- vestment report for the first quarter of 2019. Current Circumstances Staff has prepared a list of investments as of March 31, 2019. The Investment Re- port Summary Narrative provides some supplementary information with respect to the investments currently held and the allowable forms of investments permitted by Minnesota Statute. The investment software provides the ability to generate reports and charts by bro- ker, security type, maturities, etc. The software also enables staff to track interest earned on an accrual basis versus a cash basis as well as changes in market value. Conclusion The City Council should approve the quarterly investment report. ALTERNATIVES: 1. Motion and second as part of the consent agenda to approve the 2019 1st Quarter Investment Report as submitted. 2. Motion and second to remove the Investment Report from the consent agenda for additional discussion. RECOMMENDED MOTION: Alternative 1. 2 INVESTMENT REPORT SUMMARY NARRATIVE The attached “Investment Portfolio – by Security Type” identifies the various types of investments and the brokers/banks the City of Prior Lake uses for investment purposes. As of March 31, 2019, the balance of the investment portfolio is $31,767,559. This is a decrease of $5M from December 31, 2018. The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 2.31% which is an increase from 2.30% as of December 31. The yield will fluctuate due in part to the balances that are in the short-term money market accounts and the very low rate that is paid on money market funds. At the end of March, the balance in the 4M money market was $5.2M. It continues to be challenging to find competitive rates for short-term investments---30 to 120-day ma- turities. These short-term securities are necessary to meet cash flow needs for payments to vendors (including construction contracts) and payroll. The following table shows the treasury rates for the 1st quarter of 2019 compared to the previous two years: As rates decrease, the market value of the existing securities will increase. As of March 31, 2019, the market value of the portfolio is less than the cost of the investments by $62K. The change in the fair value of the securities is adjusted against interest earnings in each of the funds. This is a paper loss for the first quarter of 2019; no actual gain is realized because the City holds the securities until maturity. 3 During the first quarter of 2019, the chart below shows how rates, especially mid to long-term securi- ties, have remained flat. Current long-term rates being offered by financial institutions continues to be very low. As the attached chart titled Investment Portfolio – Diversification, by Maturity Range indicates, approx- imately 18% or $5.8 million matures within 1 month. Of that total, $5.2 million is in the 4M investment pool which is currently generating the highest money market interest rates. These funds will be in- vested as the appropriate security (type, rate, and maturity) becomes available. Staff continues to look for opportunities to invest our short-term funds. Revision to the City’s investment policy is cur- rently being reviewed for possible updates. The City’s investment portfolio amount is a pool of funds identified on the monthly Treasurer’s Report. As shown on the March Treasurer’s Report, the balance of cash and investments, is $32.4M. Of this balance, $31.7M is investments and $681K is cash. Because City funds are pooled for investment purposes, interest is allocated to each fund monthly, and is based upon each individual fund’s propor- tionate share of the total amount. Overall, the total investment pool does not represent excess re- serves but rather available financial resources. In most instances, these funds were established and restricted for specific and designated purposes by either Minnesota Statutes or City Code to accom- plish the goals and objectives of the City. The constraints for each of the funds are noted on the Treasurer’s Report. Investments for local governments are restricted to only those permitted by Minnesota Statutes. Per the City of Prior Lake Investment Policy, the City has chosen to limit its allowable investments as fol- lows: 1. Bonds, notes certificates of indebtedness, treasury bills or other securities now or hereafter issued by the United States of America, its agencies and al- lowable instrumentalities; 2. Interest bearing checking and savings accounts, or any other investments constituting direct obligations of any bank; 4 3. Certificates of deposit at state and federally chartered institutions that are lim- ited to the amount of coverage provided by the Federal Deposit Insurance Corporation; 4. Money market accounts that are invested in above referenced government se- curities; 5. State and local securities which have at the time of investment one of the three highest credit ratings by a nationally recognized rating agency; 6. Investments may be made only in those savings banks or savings and loan associations the shares, or investment certificates of which are insured by the Federal Deposit Insurance Corporation; 7. Investment products that are considered as derivatives are specifically ex- cluded from approved investments. The breakdown of all security types held by the City is shown graphically in the attached document titled Investment Portfolio – Diversification, by Security Type. The investment policy also requires that all investment maturities shall not extend beyond ten (10) years with no more than 20% maturing beyond five (5) years. Change from one 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 year prior Market Value 4,285,583 8,832,074 13,268,206 10,231,597 5,559,979 1,274,396 1 1 1 1 1 0 1.00% 1.41% 1.75% 2.01% 2.07%1.07% Fixed Income Assets 24,503,598 23,651,598 25,316,943 26,580,050 26,207,580 1,703,982 24,242,681 23,294,942 24,895,694 26,249,015 26,145,555 1,902,874 922 863 920 929 870 (52) 651 605 678 716 678 27 2.13% 2.16% 2.31% 2.42% 2.36%0.24% Total Portfolio Value 28,789,181 32,483,672 38,585,149 36,811,647 31,767,559 2,978,378 28,528,264 32,127,016 38,163,900 36,480,612 31,705,534 3,177,270 102,208 112,312 105,654 129,632 120,321 18,113 (260,917) (356,657) (421,249) (331,035) (62,025) 198,892 785 628 604 670 718 (67) 554 440 445 517 559 5 1.96% 1.96% 2.12% 2.30% 2.31% 0.35% BENCHMARK 90 Day T-Bill 1.73% 1.93% 2.19% 2.45% 2.40% 0.67% 1.93% 2.11% 2.36% 2.56% 2.44% 0.51% 2.09% 2.33% 2.59% 2.63% 2.40% 0.31% Weighted Average Yield to Maturity @ Cost CITY OF PRIOR LAKE, MINNESOTA Quarterly Investment Report March 31, 2019 Local Government Investment Pools / Money Market Quarterly WAM (1) in Days Weighted Average Yield to Maturity Cost Value Market Value WAM (1) in Days WAM / Callable (1) in Days Weighted Average Yield to Maturity @ Cost 6 Month Treasury 1 Year Treasury Cost Value Market Value Accrued Interest Unrealized Gain / Loss WAM (1) in Days WAM / Callable (1) in Days City of Prior Lake - Quarterly Investment Report Change from one 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 year prior Market Value 4,285,583 8,832,074 13,268,206 10,231,597 5,559,979 1,274,396 1 1 1 1 1 0 1.00% 1.41% 1.75% 2.01% 2.07%1.07% Fixed Income Assets 24,503,598 23,651,598 25,316,943 26,580,050 26,207,580 1,703,982 24,242,681 23,294,942 24,895,694 26,249,015 26,145,555 1,902,874 922 863 920 929 870 (52) 651 605 678 716 678 27 2.13% 2.16% 2.31% 2.42% 2.36%0.24% Total Portfolio Value 28,789,181 32,483,672 38,585,149 36,811,647 31,767,559 2,978,378 28,528,264 32,127,016 38,163,900 36,480,612 31,705,534 3,177,270 102,208 112,312 105,654 129,632 120,321 18,113 (260,917) (356,657) (421,249) (331,035) (62,025) 198,892 785 628 604 670 718 (67) 554 440 445 517 559 5 1.96% 1.96% 2.12% 2.30% 2.31% 0.35% BENCHMARK 90 Day T-Bill 1.73% 1.93% 2.19% 2.45% 2.40% 0.67% 1.93% 2.11% 2.36% 2.56% 2.44% 0.51% 2.09% 2.33% 2.59% 2.63% 2.40% 0.31% Weighted Average Yield to Maturity @ Cost CITY OF PRIOR LAKE, MINNESOTA Quarterly Investment Report March 31, 2019 Local Government Investment Pools / Money Market Quarterly WAM (1) in Days Weighted Average Yield to Maturity Cost Value Market Value WAM (1) in Days WAM / Callable (1) in Days Weighted Average Yield to Maturity @ Cost 6 Month Treasury 1 Year Treasury Cost Value Market Value Accrued Interest Unrealized Gain / Loss WAM (1) in Days WAM / Callable (1) in Days City of Prior Lake - Quarterly Investment Report YTM @ Cost Cost Value Days to Maturity % of Portfolio Cash - 283,288 1 0.89% Certificate of Deposit 2.421 12,893,000 908 40.64% FHLB Bond 2.245 1,698,530 609 5.36% FHLMC Bond 2.075 3,715,000 756 11.71% FNMA Bond 1.824 1,900,000 855 5.99% LGIP 2.176 5,276,692 1 16.63% Municipal Bond 2.616 6,001,050 938 18.77% Total / Average 2.309 31,767,560 718 100.00% CITY OF PRIOR LAKE, MINNESOTA Investment Portfolio - Diversification, by Security Type March 31, 2019 Description City of Prior Lake - Quarterly Investment Report DescriptionCUSIP/Ticker Transaction ID Settlement Date YTM @ CostFace Amount/Shares Cost Value Book Value Market Value Maturity Date Days To Maturity Accrued Interest % of PortfolioCash - Northland Securities Cash CASH584506/30/2012 0.000 11,940.25 11,940.25 11,940.25 11,940.25N/A 10.04Morgan Stanley CashCASH508912/31/2010 0.000 21,874.11 21,874.11 21,874.11 21,874.11N/A 10.07Oppenheimer CashMM990512/27/2011 0.000 249,473.15 249,473.15 249,473.15 249,473.15 N/A 10.79Sub Total / Average0.000 283,287.51 283,287.51 283,287.51 283,287.51 1 0.00 0.89Allegiance Bank TX 2.2 11/3/2022 01748DAY2 58629 11/03/2017 2.200 245,000.00 245,000.00 245,000.00 239,742.30 11/03/2022 1,313 413.48 0.77Ally Bank 1.95 10/19/2020 02006L6D0 57803 10/19/2017 1.950 149,000.00 149,000.00 149,000.00 147,833.33 10/19/2020 568 1,297.52 0.47Ally Bk, Midvale, UT 1.25 9/3/2019 02006LL68 57803 09/01/2016 1.250 96,000.00 96,000.00 96,000.00 95,459.52 09/03/2019 156 98.63 0.30American Exp BK FSB, UT 1.95 7/17/2019 02587CAF7 35328 07/17/2014 1.950 245,000.00 245,000.00 245,000.00 244,718.25 07/17/2019 108 955.50 0.77Amex Centurion, Salt Lake City UT 2.2 12/11/2019 02587DWX2 27471 12/11/2014 2.200 245,000.00 245,000.00 245,000.00 244,404.65 12/11/2019 255 1,624.38 0.77Apex Bank 1.85 4/26/2021 03753XAU4 9176 10/25/2017 1.850 245,000.00 245,000.00 245,000.00 241,913.00 04/26/2021757 74.51 0.77Bank of New England 3.25 7/31/2023 06426KAN8 24540 07/31/2018 3.250 245,000.00 245,000.00 245,000.00 248,454.50 07/31/2023 1,583 0.00 0.77Bankwest SD 1.5 3/30/2023-17 06652CFN6 4009 03/30/20161.500 245,000.00 245,000.00 245,000.00 239,107.75 03/30/2023 1,460 10.07 0.77Barclays Bk Delaware 2.3 10/18/2022 06740KLD7 57203 10/18/2017 2.300 245,000.00 245,000.00 245,000.00 240,697.80 10/18/2022 1,297 2,531.89 0.77Bridgewater Bank 3.1 9/26/2022 108622HC8 58210 09/26/2018 3.100 245,000.00 245,000.00 245,000.00 245,151.90 09/26/2022 1,275 104.04 0.77Capital BK3.15 10/28/2022 139797HC1 34562 10/29/2018 3.150 245,000.00 245,000.00 245,000.00 247,702.35 10/28/2022 1,307 42.29 0.77Capital One Bank Glen Allen VA 2.25 9/30/2020 140420WD8 33954 09/30/2015 2.250 245,000.00 245,000.00 245,000.00 244,223.35 09/30/2020 549 15.10 0.77CF Bank 3.15 9/18/2023 15721UCQ0 28263 09/18/2018 3.150245,000.00 245,000.00 245,000.00 247,430.40 09/18/2023 1,632 274.87 0.77Citibank Sioux Falls 3.15 7/25/2022 17312QP86 7213 07/24/2018 3.150 245,000.00 245,000.00 245,000.00 247,763.60 07/25/2022 1,212 1,395.49 0.77City National Bank 3.05 8/8/2022 17801GBU2 3814 08/06/2018 3.050 245,000.00 245,000.00 245,000.00 246,986.95 08/08/2022 1,226 511.82 0.77COMENITY BK SALT LAKE CITY UT 2.6 11/24/2021 20033AJN7 57570 11/26/2014 2.600 245,000.00 245,000.00 245,000.00 245,330.75 11/24/2021 969 87.26 0.77Enerbank USA, UT 2.25 8/28/2020 29266NB48 57293 08/28/2014 2.250 245,000.00 245,000.00 245,000.00 244,247.85 08/28/2020 516 468.18 0.77Farm Bur Bank 1.7 2/7/2020 307660KT6 35157 11/08/2017 1.700 245,000.00 245,000.00 245,000.00 243,409.95 02/07/2020 313 262.45 0.77First Farmers 1.85 4/8/2021-18 320165JB0 12839 09/08/2017 1.850 245,000.00 245,000.00 245,000.00 242,060.00 04/08/2021 739 285.61 0.77First United Bk & Trust 3.3 9/26/2023-19 33742CAC1 4239 09/26/2018 3.300 245,000.00 245,000.00 245,000.00 245,176.40 09/26/2023 1,640 110.75 0.77GE Cap Bk Inc Retail 2.55 7/19/2021 36161TS48 33778 07/18/2014 2.550 150,000.00 150,000.00 150,000.00 150,358.50 07/19/2021 841 754.52 0.47GE Cap Ret BK, Draper UT 2.65 3/29/2021 36157QXM4 27314 03/28/2014 2.650 96,000.00 96,000.00 96,000.00 96,374.40 03/29/2021 729 20.91 0.30GE CAPITAL, UT 2.6 9/21/2020 36157QQQ3 27314 09/20/2013 2.600 150,000.00 150,000.00 150,000.00 149,853.00 09/21/2020 540 117.53 0.47Goldman Sachs 2.4 9/6/2022 38148PPC5 33124 09/06/2017 2.400 245,000.00 245,000.00 245,000.00 241,739.05 09/06/2022 1,255 402.74 0.77Harden County 3.1 9/28/2023 412022CJ2 5817 09/28/2018 3.100 245,000.00 245,000.00 245,000.00 246,908.55 09/28/2023 1,642 62.42 0.77HSBC Bank USA NA Step 12/30/2020-19 40434AH51 57890 01/14/2019 3.258 244,000.00 244,000.00 244,000.00 244,500.20 12/30/2020 640 1,353.70 0.77Industrial & Coml NY 2.65 2/14/2023 45581EAR2 24387 02/14/2018 2.650 245,000.00 245,000.00 245,000.00 243,071.85 02/14/2023 1,416 302.39 0.77Iowa State Clarksville 3.15 9/28/2023 46256YAY5 1594709/28/2018 3.150 245,000.00 245,000.00 245,000.00 247,413.25 09/28/2023 1,642 63.43 0.77JP Morgan Chase Step 5/30/2023-18 48126X3R4 628 05/30/2017 2.804 245,000.00 245,000.00 245,000.00 243,596.15 05/30/2023 1,521 405.76 0.77KS State Bank Manhattan 2.1 5/17/2022 50116CBE8 1989911/17/2017 2.100 245,000.00 245,000.00 245,000.00 240,092.65 05/17/2022 1,143 197.34 0.77Live Oak Banking Co 2.4 3/9/2020 538036DK7 58665 03/09/2018 2.400 245,000.00 245,000.00 245,000.00 244,828.50 03/09/2020 344 483.29 0.77Marine Bank 3 1/18/2022 56817TAH4 20250 07/18/2018 3.000 245,000.00 245,000.00 245,000.00 247,033.50 01/18/20221,024 261.78 0.77Marlin Business Bk 1.95 5/17/2021 57116AQG6 58267 11/17/2017 1.950 245,000.00 245,000.00 245,000.00 242,248.6505/17/2021 778 183.25 0.77Merrick Bank2.2 11/8/2022 59013JD71 34519 11/08/2017 2.200 245,000.00 245,000.00 245,000.00 239,710.45 11/08/2022 1,318 339.64 0.77Morgan Stanley Bk 2.45 1/25/2021 61747MG96 32992 01/25/2018 2.450 245,000.00 245,000.00 245,000.00 244,970.60 01/25/2021 666 1,068.94 0.77MS Private Bank 3.55 11/8/2023 61760ARS0 34221 11/08/2018 3.550 245,000.00 245,000.00 245,000.00 250,831.00 11/08/2023 1,683 3,407.51 0.77National Cooperative Bank3.4 12/21/2023 635573AL2 323612 12/24/2018 3.400 245,000.00 245,000.00 245,000.00 250,034.75 12/21/2023 1,726 2,213.73 0.77Nationwide Bank 1.85 2/28/2020 63861NAK1 34710 11/30/2017 1.850 245,000.00 245,000.00 245,000.00 243,618.20 02/28/2020 334 12.42 0.77NBT Bank, NY 2.1 8/27/2019 628779FP0 7230 08/27/2014 2.100 245,000.00 245,000.00 245,000.00 244,595.75 08/27/2019 149 451.07 0.77Northwest Bank 2 4/29/2022 66736ABJ7 58752 11/10/2017 2.000 245,000.00 245,000.00 245,000.00 239,489.95 04/29/2022 1,125 0.00 0.77Peoples United1.6 5/10/2019 71270QQW9 27334 05/10/20171.600 248,000.00 248,000.00 248,000.00 247,801.60 05/10/2019 40 1,532.84 0.78Pinnacle Bank 1.85 2/26/2021 72345SFT3 35583 08/30/2017 1.850 245,000.00 245,000.00 245,000.00 242,246.20 02/26/2021 698 0.00 0.77Sallie Mae Salt Lake Cty 1.7 10/25/2019 795450F26 58177 10/25/2017 1.700 245,000.00 245,000.00 245,000.00 244,005.30 10/25/2019 208 1,791.52 0.77Southern Sts Bk 2 4/20/2021 843879BB2 58558 12/20/20172.000 245,000.00 245,000.00 245,000.00 242,697.00 04/20/2021 751 147.67 0.77Spring Bank3.25 10/24/2023 849430AY9 58668 10/24/2018 3.250 245,000.00 245,000.00 245,000.00 248,454.50 10/24/2023 1,668 152.71 0.77STATE BK INDIA NEW YORK NY 2.6 12/6/2021 8562843H5 33682 12/05/2014 2.600 245,000.00 245,000.00 245,000.00 244,443.85 12/06/2021 981 2,024.44 0.77CashCertificate Of DepositCITY OF PRIOR LAKE, MINNESOTAInvestment Portfolio - By Security TypeMarch 31, 2019 Sterling Bank Poplar Bluff MO 3.1 1/11/2023 85916V-CY-9 57813 01/11/2019 3.100 245,000.00 245,000.00 245,000.00 247,156.00 01/11/2023 1,382 1,643.85 0.77TCF Sioux Falls SD 1.6 11/8/2019 872278Q82 28330 11/08/2017 1.600 245,000.00 245,000.00 245,000.00 243,784.80 11/08/2019 222 1,535.78 0.77Third Federal Savings 1.9 9/15/2020 88413QBQ0 30012 09/15/2017 1.900 245,000.00 245,000.00 245,000.00 243,000.80 09/15/2020 534 204.05 0.77UBS Bank USA 3.25 10/17/2022 90348JEG1 57565 10/17/2018 3.250 245,000.00 245,000.00 245,000.00 248,540.25 10/17/2022 1,296 305.41 0.77WebBank 2 9/28/2020-17 947547JR7 34404 09/28/2017 2.000245,000.00 245,000.00 245,000.00 243,321.75 09/28/2020 547 40.27 0.77Webster 5 Cnts 1.55 9/17/2021-17 94789PBV5 90297 03/18/2016 1.550 245,000.00 245,000.00 245,000.00 238,901.95 09/17/2021 901 135.25 0.77Wells Fargo SF 1.6 5/10/2019 949763GU4 3511 05/10/20171.600 245,000.00 245,000.00 245,000.00 244,808.90 05/10/2019 40 225.53 0.77Wex Bank 2.7 4/23/2020 92937CHR2 34697 07/23/2018 2.700245,000.00 245,000.00 245,000.00 245,565.95 04/23/2020 389 1,214.26 0.77Whitney BK - MS 1.65 4/22/2019 966594AY9 12441 04/20/2017 1.650 245,000.00 245,000.00 245,000.00 244,902.00 04/22/2019 22 1,794.21 0.77Sub Total / Average2.421 12,893,000.00 12,893,000.00 12,893,000.00 12,862,714.40 908 35,414.00 40.64FHLB 2 4/25/2022-193130ACKK910/25/2017 2.000 500,000.00 500,000.00 500,000.00 495,475.00 04/25/2022 1,121 4,333.33 1.58FHLB 2.375 12/13/20193130A0JR201/02/2019 2.600 700,000.00 698,530.00 698,904.96 699,811.00 12/13/2019 257 4,987.50 2.21FHLB Step 11/9/2020-18 3130ACPF511/09/2017 1.993 500,000.00 500,000.00 500,000.00 499,225.00 11/09/2020 589 3,944.44 1.58Sub Total / Average2.245 1,700,000.00 1,698,530.00 1,698,904.96 1,694,511.00 609 13,265.27 5.36FHLMC 2 11/30/20203134G3VF405/30/2012 2.000 1,790,000.00 1,790,000.00 1,790,000.001,778,633.50 11/30/2020 610 11,933.33 5.64FHLMC Step 5/22/2020-17 3134GBNG305/22/2017 2.482 475,000.00 475,000.00 475,000.00 474,814.75 05/22/2020 418 4,680.73 1.50FHLMC Step 7/19/2022-17 3134GBVF607/19/2017 2.240 750,000.00 750,000.00 750,000.00 745,935.00 07/19/2022 1,206 3,000.00 2.36FHLMC Step 8/24/2021-17 3134GADQ408/24/2016 1.815 700,000.00 700,000.00 700,000.00 695,730.00 08/24/2021 877 1,259.03 2.21Sub Total / Average2.075 3,715,000.00 3,715,000.00 3,715,000.00 3,695,113.25 756 20,873.09 11.71FNMA Step 7/19/2021-17 3136G3ZZ107/19/2016 1.733 400,000.00 400,000.00 400,000.00 396,328.00 07/19/2021 841 1,200.00 1.26FNMA Step 7/28/2021-16 3136G3XY607/28/2016 1.782 1,000,000.00 1,000,000.00 1,000,000.00993,190.00 07/28/2021 850 3,500.00 3.15FNMA Step 8/24/2021-17 3136G3V7708/24/2016 1.980 500,000.00 500,000.00 500,000.00 499,030.00 08/24/2021 877 1,027.78 1.58Sub Total / Average1.824 1,900,000.00 1,900,000.00 1,900,000.00 1,888,548.00 855 5,727.78 5.99League of Minnesota Cities - 4M Fund LGIP LGIP5101M11/30/2010 2.160 1,367,002.89 1,367,002.89 1,367,002.891,367,002.89 N/A 14.31League of Minnesota Cities - 4M LGIP LGIP5204M2017A Good Faith Deposit 06/13/2017 2.160 4.60 4.60 4.60 4.60 N/A10.00League of Minnesota Cities - 4M Plus Fund LGIP LGIP5101MP11/30/2010 2.200 2,166,501.27 2,166,501.27 2,166,501.272,166,501.27 N/A 16.83League of Minnesota Cities LGIP LGIP5204MP2017A Transfer from 4M2017A 09/21/2017 2.200 304.41 304.41 304.41 304.41 N/A 10.00League of Mn Cities LGIP LGIP52054M Good Faith Deposit 07/17/2018 2.160 1,742,878.42 1,742,878.42 1,742,878.42 1,742,878.42 N/A 15.49Sub Total / Average2.176 5,276,691.59 5,276,691.59 5,276,691.59 5,276,691.59 1 0.00 16.63Ansonia CT Bds 4 2/1/2021 036519PR102/01/2018 2.550 210,000.00 218,740.20 215,366.93 214,872.00 02/01/2021 673 1,400.00 0.66Bank Baroda New York 3.55 11/30/2023 06062R-7R-7 33681 11/30/2018 3.550 245,000.00 245,000.00 245,000.00 251,610.10 11/30/2023 1,705 2,899.17 0.77Desert Sands CA ISD 2.852 6/1/2021 250433QJ102/01/2018 2.578 1,165,000.00 1,175,100.55 1,171,586.951,172,351.15 06/01/2021 793 11,075.27 3.67Federal Farm CR 2.59 5/30/2024 3133EHLD307/16/2018 3.140 500,000.00 485,345.00 487,107.70 497,420.00 05/30/2024 1,887 4,316.67 1.58First Natl Bk Damariscotta 3.5 6/6/2023-19 32117B-CQ-9 4256 12/06/2018 3.500 245,000.00 245,000.00 245,000.00246,869.35 06/06/2023 1,528 571.67 0.77Iowa Westn Comm2.8 6/1/2023 462612SE302/12/2018 2.800 195,000.00 195,000.00 195,000.00 196,983.15 06/01/2023 1,523 1,820.00 0.61Kenosha WI2.398 9/1/2019 4898182S204/03/2017 1.648 470,000.00 478,290.80 471,449.24 469,342.00 09/01/2019 154 939.22 1.48Kentucky Assn of Cntys 2.5 2/1/2021 491196YV711/30/2017 2.051 465,000.00 471,379.80 468,704.58 463,251.60 02/01/2021 673 1,937.50 1.47Medallion Bk Salt Lake City 3.4 12/7/2022 58404D-CX-7 57449 12/07/2018 3.400 245,000.00 245,000.00 245,000.00249,802.00 12/07/2022 1,347 555.33 0.77Metropolitan Council 1.55 9/1/2019 591852UY209/01/2017 1.500 425,000.00 425,416.50 425,087.86 423,147.00 09/01/2019 154 548.96 1.34Minnetonka ISD 276 3 2/1/2021 604195YF812/18/2017 2.150 260,000.00 266,627.40 263,909.06 261,838.20 02/01/2021 673 1,300.00 0.82Monmouth OR Bds 2.9 4/1/2023 609694FZ201/30/2018 2.900 255,000.00 255,000.00 255,000.00 257,907.00 04/01/2023 1,462 3,697.50 0.80Monona Wis Ref 3 10/1/2022 610100XT109/18/2018 3.000 200,000.00 200,000.00 200,000.00 202,476.00 10/01/2022 1,280 3,216.67 0.63Moundsview ISD 621 3 2/1/2020 620637W4610/19/2017 1.800 300,000.00 308,013.00 302,946.10 300,969.00 02/01/2020 307 1,500.00 0.95Oak Creek WIS 4 10/1/2023 671137-YP-611/27/2018 3.402 280,000.00 287,434.00 286,912.91 296,556.40 10/01/2023 1,645 3,857.78 0.88South Lyon MI 2.69 5/1/2022 838736VU710/23/2017 2.250 250,000.00 254,702.50 253,210.00 251,727.50 05/01/2022 1,127 2,802.08 0.79Washington County Housing 4.25 1/1/2020-10 937791KN007/01/2010 4.250 245,000.00 245,000.00 245,000.00 247,545.55 01/01/2020 276 2,603.12 0.77Sub Total / Average2.616 5,955,000.00 6,001,049.75 5,976,281.33 6,004,668.00 938 45,040.94 18.77Total / Average2.309 31,722,979.10 31,767,558.85 31,743,165.39 31,705,533.75 718 120,321.08 100FHLB BondFHLMC BondFNMA BondLocal Government Investment PoolMunicipal Bond