HomeMy WebLinkAbout5B 2019 2nd Q Investment Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: AUGUST 5th, 2019
AGENDA #: 5B
PREPARED BY: DANIELLE AMIRA, ACCOUNTANT
PRESENTED BY: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF 2ND 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 second quarter of 2019.
Current Circumstances
Staff has prepared a list of investments as of June 30th, 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 2nd
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 June 30, 2019, the balance of the investment portfolio is $39,299,686. This is an increase of
$7.5M from March 31st, 2019.
The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 2.22% which is
a decrease from 2.31% as of March 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 June, the balance in the 4M money market was $12.6M. This includes $3M in bond pro-
ceeds that will be spent as the project work is completed. It also includes funds from the 1st half tax
settlement which will be invested based on future cash flow needs.
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 2nd
quarter of 2019 compared to the previous two years:
As rates decrease, the market value of the existing securities will increase. As of June 30, 2019, the
market value of the portfolio is more than the cost of the investments by $122K. The change in the fair
value of the securities is adjusted against interest earnings in each of the funds. This is a paper gain
for the second quarter of 2019; no actual gain is realized because the City holds the securities until
maturity.
3
During the second quarter of 2019, the chart below shows how rates are showing a slight decrease,
especially mid to long term securities. 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 35% or $13.9 million matures within 1 month. Of that total, $12.6 million is in the 4M invest-
ment pool which is currently generating the highest money market interest rates. These funds will be
invested as the appropriate security (type, rate, and maturity) becomes available. Staff continues to
look for opportunities to invest our short-term funds.
The City’s investment portfolio amount is a pool of funds identified on the monthly Treasurer’s Report.
As shown on the June Treasurer’s Report, the balance of cash and investments, is $41.2M. Of this
balance, $39.3M is investments and $1.9M 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
6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 year prior
Market Value 8,832,074 13,268,206 10,231,597 5,559,979 13,668,660 4,836,586
1 1 1 1 1 0
1.41%1.75%2.01%2.07%1.95%0.54%
Fixed Income Assets
23,651,598 25,316,943 26,580,050 26,207,580 25,631,026 1,979,428
23,294,942 24,895,694 26,249,015 26,145,555 25,752,883 2,457,941
863 920 929 870 841 (22)
605 678 716 678 642 37
2.16%2.31%2.42%2.36%2.37%0.21%
Total Portfolio Value
32,483,672 38,585,149 36,811,647 31,767,559 39,299,686 6,816,014
32,127,016 38,163,900 36,480,612 31,705,534 39,421,544 7,294,528
112,312 105,654 129,632 120,321 111,297 (1,015)
(356,657)(421,249)(331,035)(62,025)121,857 478,514
628 604 670 718 549 (79)
440 445 517 559 419 (21)
1.96%2.12%2.30%2.31%2.22%0.26%
BENCHMARK
90 Day T-Bill 1.93%2.19%2.45%2.40%2.12%0.19%
2.11%2.36%2.56%2.44%2.09%-0.02%
2.33%2.59%2.63%2.40%1.92%-0.41%
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
Weighted Average Yield to
Maturity @ Cost
CITY OF PRIOR LAKE, MINNESOTA
Quarterly Investment Report
June 30, 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
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
Cash - 1,026,603 1 2.62%
Certificate of Deposit 2.466 12,600,924 916 32.10%
FHLB Bond 2.245 1,698,530 518 4.33%
FHLMC Bond 2.016 3,240,000 715 8.25%
FNMA Bond 1.824 1,900,000 764 4.84%
LGIP 2.110 12,642,058 1 32.21%
Municipal Bond 2.546 6,191,572 866 15.65%
Total / Average 2.22 39,299,686 549 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Security Type
June 30, 2019
Description
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
0-1 Month 1.952 13,913,660 1 35.45%
1-3 Months 1.656 1,244,707 62 3.15%
3-6 Months 2.207 1,433,530 151 3.66%
6-9 Months 2.374 1,288,013 223 3.26%
9-12 Months 2.700 245,000 298 0.62%
1-2 Years 2.185 7,510,848 568 19.05%
2-3 Years 2.027 4,974,703 857 12.66%
3-4 Years 2.699 4,830,000 1,246 12.30%
4-5 Years 3.022 3,859,225 1,638 9.85%
Total / Average 2.220 39,299,686 549 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Maturity Range
June 30, 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 1,400.48 1,400.48 1,400.48 1,400.48 N/A 10.00Morgan Stanley CashCASH508912/31/2010 0.000 300,956.92 300,956.92 300,956.92 300,956.92 N/A 10.77Oppenheimer CashMM990512/27/2011 0.000 724,245.34 724,245.34 724,245.34 724,245.34 N/A 11.85Sub Total / Average Cash0.000 1,026,602.74 1,026,602.74 1,026,602.74 1,026,602.74 1 0.00 2.62Allegiance Bank TX 2.2 11/3/2022 01748DAY2 58629 11/03/2017 2.200 245,000.00 245,000.00 245,000.00 243,716.20 11/03/2022 1,222 398.71 0.62Ally Bank 1.95 10/19/2020 02006L6D0 57803 10/19/2017 1.950 149,000.00 149,000.00 149,000.00 148,550.02 10/19/2020 477 573.14 0.38Ally Bk, Midvale, UT 1.25 9/3/2019 02006LL68 57803 09/01/2016 1.250 96,000.00 96,000.00 96,000.00 95,788.80 09/03/2019 65 397.81 0.24American Exp BK FSB, UT 1.95 7/17/2019 02587CAF7 35328 07/17/2014 1.950 245,000.00 245,000.00 245,000.00 244,963.25 07/17/2019 17 2,146.60 0.62Amex Centurion, Salt Lake City UT 2.2 12/11/2019 02587DWX2 27471 12/11/2014 2.200 245,000.00 245,000.00 245,000.00 244,958.35 12/11/2019 164 280.58 0.62Apex Bank 1.85 4/26/2021 03753XAU4 9176 10/25/2017 1.850 245,000.00 245,000.00 245,000.00 243,473.65 04/26/2021666 62.09 0.62Bank Baroda New York 3.55 11/30/2023 06062R-7R-7 33681 11/30/2018 3.550 245,000.00 245,000.00 245,000.00 254,711.80 11/30/2023 1,614 724.79 0.62Bank of New England 3.25 7/31/2023 06426KAN8 24540 07/31/2018 3.250 245,000.00 245,000.00 245,000.00 251,556.20 07/31/2023 1,492 0.00 0.62Bankwest SD 1.5 3/30/2023-17 06652CFN6 4009 03/30/20161.500 245,000.00 245,000.00 245,000.00 243,049.80 03/30/2023 1,369 0.00 0.62Barclays Bk Delaware 2.3 10/18/2022 06740KLD7 57203 10/18/2017 2.300 245,000.00 245,000.00 245,000.00 244,605.55 10/18/2022 1,206 1,127.00 0.62Bridgewater BK Bloomington 2.55 6/17/2024-19 108622HU8 FDIC# 58210 06/17/2019 2.550 245,000.00 245,000.00 245,000.00 243,816.65 06/17/2024 1,814 222.51 0.62Capital BK3.15 10/28/2022 139797HC1 34562 10/29/2018 3.150 245,000.00 245,000.00 245,000.00 251,213.20 10/28/2022 1,216 21.14 0.62Capital One Bank Glen Allen VA 2.25 9/30/2020 140420WD8 33954 09/30/2015 2.250 245,000.00 245,000.00 245,000.00 245,200.90 09/30/2020 458 1,389.45 0.62CF Bank 3.15 9/18/202315721UCQ0 28263 09/18/2018 3.150 245,000.00 245,000.00 245,000.00 250,632.55 09/18/2023 1,541 253.73 0.62Citibank Sioux Falls 3.15 7/25/2022 17312QP86 7213 07/24/2018 3.150 245,000.00 245,000.00 245,000.00 251,269.55 07/25/2022 1,121 3,319.58 0.62City National Bank 3.05 8/8/2022 17801GBU2 3814 08/06/2018 3.050 245,000.00 245,000.00 245,000.00 250,554.15 08/08/2022 1,135 491.34 0.62COMENITY BK SALT LAKE CITY UT 2.6 11/24/2021 20033AJN7 57570 11/26/2014 2.600 245,000.00 245,000.00 245,000.00 247,717.05 11/24/2021 878 69.81 0.62Enerbank USA, UT 2.25 8/28/2020 29266NB48 57293 08/28/2014 2.250 245,000.00 245,000.00 245,000.00 245,196.00 08/28/2020 425 1,842.53 0.62Farm Bur Bank 1.7 2/7/2020 307660KT6 35157 11/08/2017 1.700 245,000.00 245,000.00 245,000.00 244,338.50 02/07/2020 222 251.04 0.62First Farmers 1.85 4/8/2021-18 320165JB0 12839 09/08/2017 1.850 245,000.00 245,000.00 245,000.00 243,522.65 04/08/2021 648 273.19 0.62GE Cap Bk Inc Retail 2.55 7/19/2021 36161TS48 33778 07/18/2014 2.550 150,000.00 150,000.00 150,000.00 151,332.00 07/19/2021 750 1,708.15 0.38GE 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 96,745.92 03/29/2021 638 655.17 0.24GE CAPITAL, UT 2.6 9/21/2020 36157QQQ3 27314 09/20/2013 2.600 150,000.00 150,000.00 150,000.00 150,394.50 09/21/2020 449 1,089.86 0.38Goldman Sachs 2.4 9/6/2022 38148PPC5 33124 09/06/2017 2.400 245,000.00 245,000.00 245,000.00 245,617.40 09/06/2022 1,164 1,868.71 0.62Harden County 3.1 9/28/2023 412022CJ2 5817 09/28/2018 3.100 245,000.00 245,000.00 245,000.00 250,145.00 09/28/2023 1,551 41.62 0.62HSBC Bank USA NA Step 12/30/2020-19 40434AH51 57890 01/14/2019 3.258 244,000.00 244,000.00 244,000.00 245,290.76 12/30/2020 549 0.00 0.62Industrial & Coml NY 2.65 2/14/2023 45581EAR2 24387 02/14/2018 2.650 245,000.00 245,000.00 245,000.00 246,749.30 02/14/2023 1,325 284.60 0.62Iowa State Clarksville 3.15 9/28/2023 46256YAY5 1594709/28/2018 3.150 245,000.00 245,000.00 245,000.00 250,610.50 09/28/2023 1,551 1,987.52 0.62JP Morgan Chase Step 5/30/2023-18 48126X3R4 628 05/30/2017 2.804 245,000.00 245,000.00 245,000.00 244,585.95 05/30/2023 1,430 431.94 0.62KS State Bank Manhattan 2.1 5/17/2022 50116CBE8 1989911/17/2017 2.100 245,000.00 245,000.00 245,000.00 243,939.15 05/17/2022 1,052 183.25 0.62Live Oak Banking Co 2.4 3/9/2020 538036DK7 58665 03/09/2018 2.400 245,000.00 245,000.00 245,000.00 245,389.55 03/09/2020 253 467.18 0.62Marine Bank 3 1/18/202256817TAH4 20250 07/18/2018 3.000 245,000.00 245,000.00 245,000.00 249,645.20 01/18/2022 933 241.64 0.62Marlin Business Bk 1.95 5/17/2021 57116AQG6 58267 11/17/2017 1.950 245,000.00 245,000.00 245,000.00 243,870.5505/17/2021 687 170.16 0.62Merrick Bank2.2 11/8/2022 59013JD71 34519 11/08/2017 2.200 245,000.00 245,000.00 245,000.00 243,679.45 11/08/2022 1,227 324.88 0.62Morgan Stanley Bk 2.45 1/25/2021 61747MG96 32992 01/25/2018 2.450 245,000.00 245,000.00 245,000.00 245,975.10 01/25/2021 575 2,565.45 0.62MS Private Bank 3.55 11/8/2023 61760ARS0 34221 11/08/2018 3.550 245,000.00 245,000.00 245,000.00 253,932.70 11/08/2023 1,592 1,262.92 0.62National Cooperative Bank3.4 12/21/2023 635573AL2 323612 12/24/2018 3.400 245,000.00 245,000.00 245,000.00 253,219.75 12/21/2023 1,635 205.40 0.62Nationwide Bank 1.85 2/28/2020 63861NAK1 34710 11/30/2017 1.850 245,000.00 245,000.00 245,000.00 244,495.30 02/28/2020 243 0.00 0.62NBT Bank, NY 2.1 8/27/2019 628779FP0 7230 08/27/2014 2.100 245,000.00 245,000.00 245,000.00 244,867.70 08/27/2019 58 1,733.79 0.62Northwest Bank 2 4/29/2022 66736ABJ7 58752 11/10/2017 2.000 245,000.00 245,000.00 245,000.00 243,302.15 04/29/2022 1,034 0.00 0.62Pinnacle Bank 1.85 2/26/2021 72345SFT3 35583 08/30/2017 1.850 245,000.00 245,000.00 245,000.00 243,628.00 02/26/2021 607 0.00 0.62Sallie Mae Salt Lake Cty 1.7 10/25/2019 795450F26 58177 10/25/2017 1.700 245,000.00 245,000.00 245,000.00 244,610.45 10/25/2019 117 753.12 0.62Silvergate Bank 2.45 6/28/2024-19 828373GN4 FDIC #27330 06/28/2019 2.450 245,000.00 245,000.00 245,000.00 242,576.95 06/28/2024 1,825 98.67 0.62Southern Sts Bk 2 4/20/2021 843879BB2 58558 12/20/20172.000 245,000.00 245,000.00 245,000.00 244,140.05 04/20/2021 660 134.25 0.62CashCertificate Of DepositCITY OF PRIOR LAKE, MINNESOTAInvestment Portfolio - By Security TypeJune 30, 2019
Spring Bank3.25 10/24/2023 849430AY9 58668 10/24/2018 3.250 245,000.00 245,000.00 245,000.00 251,649.30 10/24/2023 1,577 130.89 0.62STATE BK INDIA NEW YORK NY 2.6 12/6/2021 8562843H5 33682 12/05/2014 2.600 245,000.00 245,000.00 245,000.00 246,977.15 12/06/2021 890 436.30 0.62Sterling Bank Poplar Bluff MO 3.1 1/11/2023 85916V-CY-9 57813 01/11/2019 3.100 245,000.00 245,000.00 245,000.00 250,632.55 01/11/2023 1,291 3,537.40 0.62TCF Sioux Falls SD 1.6 11/8/2019 872278Q82 28330 11/08/2017 1.600 245,000.00 245,000.00 245,000.00 244,490.40 11/08/2019 131 569.21 0.62Third Federal Savings 1.9 9/15/2020 88413QBQ0 30012 09/15/2017 1.900 245,000.00 245,000.00 245,000.00 244,171.90 09/15/2020 443 1,364.62 0.62UBS Bank USA 3.25 10/17/2022 90348JEG1 57565 10/17/2018 3.250 245,000.00 245,000.00 245,000.00 252,004.55 10/17/2022 1,205 283.60 0.62WebBank 2 9/28/2020-17947547JR7 34404 09/28/2017 2.000 245,000.00 245,000.00 245,000.00 244,456.10 09/28/2020 456 26.85 0.62Webster 5 Cnts 1.55 9/17/2021-17 94789PBV5 90297 03/18/2016 1.550 245,000.00 245,000.00 245,000.00 241,467.10 09/17/2021 810 124.85 0.62Wells Fargo BK NA Sioux Falls 2.75 5/17/2024 949763-B6-2 3511 06/11/2019 2.650 200,000.00 200,924.00 200,914.26 200,676.00 05/17/2024 1,783 195.89 0.51Wex Bank 2.7 4/23/202092937CHR2 34697 07/23/2018 2.700 245,000.00 245,000.00 245,000.00 246,036.35 04/23/2020 298 2,863.48 0.62Sub Total / Average Certificate Of Deposit2.466 12,600,000.00 12,600,924.00 12,600,914.26 12,680,139.60 916 39,586.41 32.10FHLB 2 4/25/2022-193130ACKK910/25/2017 2.000 500,000.00 500,000.00 500,000.00 500,360.00 04/25/2022 1,030 1,805.56 1.27FHLB 2.375 12/13/20193130A0JR201/02/2019 2.600 700,000.00 698,530.00 699,292.70 700,420.00 12/13/2019 166 785.07 1.78FHLB Step 11/9/2020-183130ACPF511/09/2017 1.993 500,000.00 500,000.00 500,000.00 500,115.00 11/09/2020 498 1,416.67 1.27Sub Total / Average FHLB Bond2.245 1,700,000.00 1,698,530.00 1,699,292.70 1,700,895.00 518 4,007.30 4.33FHLMC 2 11/30/20203134G3VF405/30/2012 2.000 1,790,000.00 1,790,000.00 1,790,000.001,792,649.20 11/30/2020 519 2,983.33 4.56FHLMC Step 7/19/2022-17 3134GBVF607/19/2017 2.240 750,000.00 750,000.00 750,000.00 750,045.00 07/19/2022 1,115 6,708.33 1.91FHLMC Step 8/24/2021-17 3134GADQ408/24/2016 1.815 700,000.00 700,000.00 700,000.00 699,762.00 08/24/2021 786 4,287.50 1.78Sub Total / Average FHLMC Bond2.016 3,240,000.00 3,240,000.00 3,240,000.00 3,242,456.20 715 13,979.16 8.25FNMA Step 7/19/2021-173136G3ZZ107/19/2016 1.733 400,000.00 400,000.00 400,000.00 399,788.00 07/19/2021 750 2,683.33 1.02FNMA Step 7/28/2021-163136G3XY607/28/2016 1.782 1,000,000.00 1,000,000.00 1,000,000.00997,710.00 07/28/2021 759 8,444.44 2.55FNMA Step 8/24/2021-173136G3V7708/24/2016 1.980 500,000.00 500,000.00 500,000.00 499,980.00 08/24/2021 786 3,500.00 1.27Sub Total / Average FNMA Bond1.824 1,900,000.00 1,900,000.00 1,900,000.00 1,897,478.00 764 14,627.77 4.84League of Minnesota Cities - 4M Fund LGIP LGIP5101M11/30/2010 2.100 7,431,937.21 7,431,937.21 7,431,937.217,431,937.21 N/A 118.93League of Minnesota Cities - 4M LGIP LGIP5204M2017A Good Faith Deposit 06/13/2017 2.100 0.00 0.00 0.00 0.00 N/A10.00League of Minnesota Cities - 4M Plus Fund LGIP LGIP5101MP11/30/2010 2.160 2,178,279.74 2,178,279.74 2,178,279.742,178,279.74 N/A 15.55League of Minnesota Cities LGIP LGIP5204MP2017A Transfer from 4M2017A 09/21/2017 2.160 0.26 0.26 0.26 0.26 N/A 10.00League of MN Cities LGIPLGIP52064M Phone Wire Purchase 06/04/2019 2.100 2,377,934.84 2,377,934.84 2,377,934.84 2,377,934.84 N/A 16.06League of Mn Cities LGIPLGIP52054M Good Faith Deposit 07/17/2018 2.100 653,905.69 653,905.69 653,905.69 653,905.69 N/A 11.67Sub Total / Average Local Government Investment Pool2.110 12,642,057.74 12,642,057.74 12,642,057.74 12,642,057.74 1 0.00 32.21Ansonia CT Bds 4 2/1/2021 036519PR102/01/2018 2.550 210,000.00 218,740.20 214,641.24 215,510.40 02/01/2021 582 3,476.67 0.53Desert Sands CA ISD 2.852 6/1/2021 250433QJ102/01/2018 2.578 1,165,000.00 1,175,100.55 1,170,831.071,182,067.25 06/01/2021 702 2,676.52 2.97Federal Farm CR 2.59 5/30/2024 3133EHLD307/16/2018 3.140 500,000.00 485,345.00 487,729.43 500,010.00 05/30/2024 1,796 1,079.17 1.27First Natl Bk Damariscotta 3.5 6/6/2023-19 32117B-CQ-9 4256 12/06/2018 3.500 245,000.00 245,000.00 245,000.00246,543.50 06/06/2023 1,437 547.85 0.62Iowa Westn Comm2.8 6/1/2023 462612SE302/12/2018 2.800 195,000.00 195,000.00 195,000.00 200,450.25 06/01/2023 1,432 439.83 0.50Kenosha WI2.398 9/1/2019 4898182S204/03/2017 1.648 470,000.00 478,290.80 470,592.87 470,014.10 09/01/2019 63 3,725.56 1.20Kentucky Assn of Cntys 2.5 2/1/2021 491196YV711/30/2017 2.051 465,000.00 471,379.80 468,203.66 467,013.45 02/01/2021 582 4,811.46 1.18Medallion Bk Salt Lake City 3.4 12/7/2022 58404D-CX-7 57449 12/07/2018 3.400 245,000.00 245,000.00 245,000.00253,168.30 12/07/2022 1,256 532.19 0.62Metropolitan Council 1.55 9/1/2019 591852UY209/01/2017 1.500 425,000.00 425,416.50 425,035.94 424,468.75 09/01/2019 63 2,177.53 1.08Minnetonka ISD 276 3 2/1/2021 604195YF812/18/2017 2.150 260,000.00 266,627.40 263,380.50 263,580.20 02/01/2021 582 3,228.33 0.66Monmouth OR Bds 2.9 4/1/2023 609694FZ201/30/2018 2.900 255,000.00 255,000.00 255,000.00 262,229.25 04/01/2023 1,371 1,828.21 0.65Monona Wis Ref 3 10/1/2022 610100XT109/18/2018 3.000 200,000.00 200,000.00 200,000.00 205,390.00 10/01/2022 1,189 1,483.33 0.51Moundsview ISD 621 3 2/1/2020 620637W4610/19/2017 1.800 300,000.00 308,013.00 302,072.82 301,269.00 02/01/2020 216 3,725.00 0.76Oak Creek WIS 4 10/1/2023 671137-YP-611/27/2018 3.402 280,000.00 287,434.00 286,530.49 301,322.00 10/01/2023 1,554 2,768.89 0.71Rhode IS Infrastructure Bk 2.18 10/1/2023 7622F-DD-706/27/2019 2.151 435,000.00 435,522.00 435,520.99 436,835.70 10/01/2023 1,554 316.10 1.11South Lyon MI 2.69 5/1/2022 838736VU710/23/2017 2.250 250,000.00 254,702.50 252,950.81 254,940.00 05/01/2022 1,036 1,102.15 0.64Washington County Housing 4.25 1/1/2020-10 937791KN007/01/2010 4.250 245,000.00 245,000.00 245,000.00 247,102.10 01/01/2020 185 5,177.33 0.62Sub Total / Average Municipal Bond2.546 6,145,000.00 6,191,571.75 6,162,489.82 6,231,914.25 866 39,096.12 15.65Total / Average2.222 39,253,660.48 39,299,686.23 39,271,357.26 39,421,543.53 549 111,296.76 100FHLB BondFHLMC BondFNMA BondLocal Government Investment PoolMunicipal Bond