HomeMy WebLinkAbout5I 2019 4th Q Investment Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: JANUARY 21, 2020
AGENDA #: 5I
PREPARED BY: JASON ETTER, ACCOUNTING MANAGER
PRESENTED BY: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF 4TH QUARTER 2019 INVESTMENT REPORT
GOAL AREA AND
OBJECTIVE:
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
investment report for the fourth quarter of 2019.
Current Circumstances
Staff has prepared a list of investments as of December 31, 2019. The Invest-
ment Report Summary Narrative provides some supplementary information with
respect to the investments currently held and the allowable forms of invest-
ments permitted by Minnesota Statute.
The investment software provides the ability to generate reports and charts by
broker, security type, maturities, etc. The software also enables staff to track in-
terest 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 4th
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.
INVESTMENT REPORT SUMMARY NARRATIVE
2
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 December 31, 2019, the balance of the investment portfolio is $37,972,158. This is an increase
of $750K from September 30, 2019.
The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 1.87% which is
a decrease from 2.16% as of September 30. 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 December, the balance in the 4M money market was $7.9M.
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 4th
quarter of 2019 compared to the previous two years:
As rates decrease, the market value of the existing securities will increase. As of December 31, 2019,
the market value of the portfolio is more than the cost of the investments by $236K. 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 fourth quarter of 2019; no actual gain is realized because the City holds the securities until
maturity.
During the fourth quarter of 2019, the chart below shows how rates are showing a slight decrease, es-
pecially mid to long term securities. Current long-term rates being offered by financial institutions con-
tinues to be very low.
3
As the attached chart titled Investment Portfolio – Diversification, by Maturity Range indicates, approx-
imately 33% or $12.5 million matures within 1 month. Of that total, $7.9 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 December Treasurer’s Report, the balance of cash and investments, is $38.7M. Of
this balance, $37.8M is investments and $900K 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;
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;
4
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
12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 year prior
Market Value 10,231,597 5,559,979 13,668,660 10,371,851 12,267,010 2,035,413
1 1 1 1 1 0
2.01% 2.07% 1.95% 1.71% 0.92%-1.09%
Fixed Income Assets
26,580,050 26,207,580 25,631,026 26,844,156 25,705,148 (874,902)
26,249,015 26,145,555 25,752,883 27,109,395 25,941,106 (307,909)
929 870 841 903 931 2
716 678 642 720 861 145
2.42% 2.36% 2.37% 2.33% 2.32%-0.10%
Total Portfolio Value
36,811,647 31,767,559 39,299,686 37,216,007 37,972,158 1,160,512
36,480,612 31,705,534 39,421,544 37,481,246 38,208,116 1,727,504
129,632 120,321 111,297 119,459 112,473 (17,159)
(331,035) (62,025) 121,857 265,239 235,958 566,993
670 718 549 651 630 (40)
517 559 419 519 582 65
2.30% 2.31% 2.22% 2.16% 1.87% -0.43%
BENCHMARK
90 Day T-Bill 2.45% 2.40% 2.12% 1.88% 1.55% -0.90%
2.56% 2.44% 2.09% 1.83% 1.60% -0.96%
2.63% 2.40% 1.92% 1.75% 1.59% -1.04%
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
December 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
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
Cash - 4,307,757 1 11.39%
Certificate of Deposit 2.356 14,475,059 971 38.28%
FHLMC Bond 2.071 2,540,000 511 6.72%
FNMA Bond 1.733 400,000 566 1.05%
LGIP 1.422 7,959,253 1 21.05%
Municipal Bond 2.367 8,290,089 1,010 21.51%
Total / Average 1.868 37,972,158 630 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Security Type
December 31, 2019
Description
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
0-1 Month 0.988 12,512,010 1 33.09%
1-3 Months 1.930 1,043,013 49 2.74%
3-6 Months 2.700 245,000 114 0.64%
6-9 Months 2.113 793,366 249 2.09%
9-12 Months 2.022 2,429,000 320 6.42%
1-2 Years 2.176 5,427,762 519 14.27%
2-3 Years 2.374 5,776,091 953 15.23%
3-4 Years 2.758 5,426,968 1,324 14.20%
4-5 Years 2.056 4,318,948 1,716 11.32%
Total / Average 1.868 37,972,158 630 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Maturity Range
December 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 0.000 243,950.25 243,950.25 243,950.25 243,950.25 N/A 10.65Morgan Stanley CashCASH508912/31/2010 0.000 62,016.42 62,016.42 62,016.42 62,016.42N/A 10.16Oppenheimer CashMM990512/27/2011 0.000 4,001,790.20 4,001,790.20 4,001,790.204,001,790.20 N/A 110.58Sub Total / Average Cash0.000 4,307,756.87 4,307,756.87 4,307,756.87 4,307,756.87 1 0.00 11.39Allegiance Bank TX 2.2 11/3/2022 01748DAY2 58629 11/03/2017 2.200 245,000.00 245,000.00 245,000.00 247,653.35 11/03/2022 1,038 413.48 0.65Ally Bank 1.95 10/19/202002006L6D0 57803 10/19/2017 1.950 149,000.00 149,000.00 149,000.00 149,354.62 10/19/2020 293 581.10 0.39Alma Bank 1.8 9/11/2023020080BM8 58424 09/11/2019 1.800 245,000.00 245,000.00 245,000.00 244,691.30 09/11/2023 1,350 241.64 0.65Apex Bank 1.85 4/26/202103753XAU4 9176 10/25/2017 1.850 245,000.00 245,000.00 245,000.00 245,553.70 04/26/2021 482 74.51 0.65Bank Baroda New York 3.55 11/30/2023 06062R-7R-7 33681 11/30/2018 3.550 245,000.00 245,000.00 245,000.00 260,787.80 11/30/2023 1,430 724.79 0.65Bank of New England 3.25 7/31/2023 06426KAN8 24540 07/31/2018 3.250 245,000.00 245,000.00 245,000.00 257,031.95 07/31/2023 1,308 0.00 0.65Bankers Bank West Denver CO 1.8 9/30/2024 06610T-EE-1 23210 09/30/2019 1.800 245,000.00 245,000.00 245,000.00243,642.70 09/30/2024 1,735 12.08 0.65Barclays Bk Delaware 2.3 10/18/2022 06740KLD7 57203 10/18/2017 2.300 245,000.00 245,000.00 245,000.00 248,307.50 10/18/2022 1,022 1,142.44 0.65BMW Bank of NA 1.8 4/11/2022 05580ASR6 35141 10/11/2019 1.800 247,000.00 247,000.00 247,000.00 247,311.22 04/11/2022 832 986.65 0.65Capital BK3.15 10/28/2022139797HC1 34562 10/29/2018 3.150 245,000.00 245,000.00 245,000.00 254,067.45 10/28/2022 1,032 42.29 0.65Capital One Bank Glen Allen VA 2.25 9/30/2020 140420WD8 33954 09/30/2015 2.250 245,000.00 245,000.00 245,000.00 246,092.70 09/30/2020 274 1,389.45 0.65Capital One Nat'l Assn McLean 2.1 8/14/2024 14042RMW8 4297 08/14/2019 2.100 247,000.00 247,000.00 247,000.00 249,089.62 08/14/2024 1,688 1,975.32 0.65Celtic Bank 1.8 8/30/202315118RRF6 57056 08/30/2019 1.800 245,000.00 245,000.00 245,000.00 244,696.20 08/30/2023 1,338 0.00 0.65CF Bank 3.15 9/18/202315721UCQ0 28263 09/18/2018 3.150 245,000.00 245,000.00 245,000.00 256,561.55 09/18/2023 1,357 274.87 0.65Citibank Sioux Falls 3.15 7/25/2022 17312QP86 7213 07/24/2018 3.150 245,000.00 245,000.00 245,000.00 253,413.30 07/25/2022 937 3,383.01 0.65City National Bank 3.05 8/8/2022 17801GBU2 3814 08/06/2018 3.050 245,000.00 245,000.00 245,000.00 252,911.05 08/08/2022 951 511.82 0.65COMENITY BK SALT LAKE CITY UT 2.6 11/24/2021 20033AJN7 57570 11/26/2014 2.600 245,000.00 245,000.00 245,000.00 249,561.90 11/24/2021 694 87.26 0.65Discover Bank 1.9 5/11/2023 254672YR3 5649 09/17/2019 2.001 245,000.00 244,135.15 244,203.33 245,543.90 05/11/2023 1,227 637.67 0.65Enerbank USA, UT 2.25 8/28/2020 29266NB48 57293 08/28/2014 2.250 245,000.00 245,000.00 245,000.00 245,967.75 08/28/2020 241 1,887.84 0.65Enterprise Bank & Trust 1.8 11/8/2024 29367SJQ8 2723711/08/2019 1.800 245,000.00 245,000.00 245,000.00 243,481.00 11/08/2024 1,774 277.89 0.65Enterprise Bank Allison Park PA 1.8 9/27/2024 29367R-LA-2 34786 09/27/2019 1.800 245,000.00 245,000.00 245,000.00 243,657.40 09/27/2024 1,732 1,147.81 0.65Farm Bur Bank 1.7 2/7/2020307660KT6 35157 11/08/2017 1.700 245,000.00 245,000.00 245,000.00 245,019.60 02/07/2020 38 262.45 0.65First Farmers 1.85 4/8/2021-18 320165JB0 12839 09/08/2017 1.850 245,000.00 245,000.00 245,000.00 245,066.15 04/08/2021 464 285.61 0.65First Source Bank 1.7 10/29/2021 33646CLT9 9087 12/31/2019 1.700 245,000.00 245,000.00 245,000.00 244,992.65 10/29/2021 668 0.00 0.65First United Bank & Trust 2.1 8/30/2024-20 33742CAM94239 08/30/2019 2.100 245,000.00 245,000.00 245,000.00 245,218.05 08/30/2024 1,704 0.00 0.65Firstbank Puerto Rico 1.8 9/6/2022 33767GAE8 30387 09/06/2019 1.800 245,000.00 245,000.00 245,000.00 245,063.70 09/06/2022 980 302.05 0.65GE Cap Bk Inc Retail 2.55 7/19/2021 36161TS48 33778 07/18/2014 2.550 150,000.00 150,000.00 150,000.00 152,203.50 07/19/2021 566 1,739.59 0.40GE 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 97,152.00 03/29/2021 454 655.17 0.25GE CAPITAL, UT 2.6 9/21/2020 36157QQQ3 27314 09/20/2013 2.600 150,000.00 150,000.00 150,000.00 150,807.00 09/21/2020 265 1,089.86 0.40Goldman Sachs 2.4 9/6/2022 38148PPC5 33124 09/06/2017 2.400 245,000.00 245,000.00 245,000.00 248,895.50 09/06/2022 980 1,868.71 0.65Harden County 3.1 9/28/2023 412022CJ2 5817 09/28/2018 3.100 245,000.00 245,000.00 245,000.00 256,198.95 09/28/2023 1,367 62.42 0.65Industrial & Coml NY 2.65 2/14/2023 45581EAR2 24387 02/14/2018 2.650 245,000.00 245,000.00 245,000.00 251,102.95 02/14/2023 1,141 302.39 0.65Iowa State Clarksville 3.15 9/28/2023 46256YAY5 1594709/28/2018 3.150 245,000.00 245,000.00 245,000.00 256,593.40 09/28/2023 1,367 1,987.52 0.65CITY OF PRIOR LAKE, MINNESOTAInvestment Portfolio - By Security TypeDecember 31, 2019CashCertificate Of Deposit
DescriptionCUSIP/Ticker Transaction ID Settlement Date YTM @ CostFace Amount/Shares Cost Value Book Value Market Value Maturity Date Days To Maturity Accrued Interest % of PortfolioCITY OF PRIOR LAKE, MINNESOTAInvestment Portfolio - By Security TypeDecember 31, 2019JP Morgan Chase Step 5/30/2023-18 48126X3R4 628 05/30/2017 2.804 245,000.00 245,000.00 245,000.00 245,132.30 05/30/2023 1,246 431.94 0.65KS State Bank Manhattan 2.1 5/17/2022 50116CBE8 1989911/17/2017 2.100 245,000.00 245,000.00 245,000.00 246,972.25 05/17/2022 868 197.34 0.65Lee Bank 2 11/15/2024523391BC3 33645 11/15/2019 2.000 245,000.00 245,000.00 245,000.00 245,124.95 11/15/2024 1,781 214.79 0.65Live Oak Banking Co 2.4 3/9/2020 538036DK7 58665 03/09/2018 2.400 245,000.00 245,000.00 245,000.00 245,357.70 03/09/2020 69 483.29 0.65Marine Bank 3 1/18/202256817TAH4 20250 07/18/2018 3.000 245,000.00 245,000.00 245,000.00 251,328.35 01/18/2022 749 261.78 0.65Marlin Business Bk 1.95 5/17/2021 57116AQG6 58267 11/17/2017 1.950 245,000.00 245,000.00 245,000.00 245,904.0505/17/2021 503 183.25 0.65Merrick Bank2.2 11/8/202259013JD71 34519 11/08/2017 2.200 245,000.00 245,000.00 245,000.00 247,655.80 11/08/2022 1,043 339.64 0.65Morgan Stanley Bk 2.45 1/25/2021 61747MG96 32992 01/25/2018 2.450 245,000.00 245,000.00 245,000.00 247,031.05 01/25/2021 391 2,614.79 0.65MS Private Bank 3.55 11/8/2023 61760ARS0 34221 11/08/2018 3.550 245,000.00 245,000.00 245,000.00 259,898.45 11/08/2023 1,408 1,262.92 0.65National Cooperative Bank3.4 12/21/2023 635573AL2 323612 12/24/2018 3.400 245,000.00 245,000.00 245,000.00 259,616.70 12/21/2023 1,451 228.22 0.65Nationwide Bank 1.85 2/28/2020 63861NAK1 34710 11/30/2017 1.850 245,000.00 245,000.00 245,000.00 245,090.65 02/28/2020 59 12.42 0.65Northwest Bank 2 4/29/202266736ABJ7 58752 11/10/2017 2.000 245,000.00 245,000.00 245,000.00 246,406.30 04/29/2022 850 0.00 0.65Pinnacle Bank 1.85 2/26/2021 72345SFT3 35583 08/30/2017 1.850 245,000.00 245,000.00 245,000.00 245,509.60 02/26/2021 423 0.00 0.65Preferred Bank LA Calif 1.95 8/30/2024 740367HR1 33539 08/30/2019 1.950 249,000.00 249,000.00 249,000.00 249,415.83 08/30/2024 1,704 0.00 0.66Sallie Mae Bank Utah 1.9 9/18/2024 7954504D4 58177 09/18/2019 1.900 245,000.00 245,000.00 245,000.00 244,794.20 09/18/2024 1,723 1,326.36 0.65Southern Sts Bk 2 4/20/2021 843879BB2 58558 12/20/20172.000 245,000.00 245,000.00 245,000.00 246,024.10 04/20/2021 476 147.67 0.65Spring Bank3.25 10/24/2023 849430AY9 58668 10/24/2018 3.250 245,000.00 245,000.00 245,000.00 257,752.25 10/24/2023 1,393 152.71 0.65STATE BK INDIA NEW YORK NY 2.6 12/6/2021 8562843H5 33682 12/05/2014 2.600 245,000.00 245,000.00 245,000.00 249,010.65 12/06/2021 706 453.75 0.65Sterling Bank Poplar Bluff MO 3.1 1/11/2023 85916V-CY-9 57813 01/11/2019 3.100 245,000.00 245,000.00 245,000.00 254,150.75 01/11/2023 1,107 3,599.82 0.65Third Federal Savings 1.9 9/15/2020 88413QBQ0 30012 09/15/2017 1.900 245,000.00 245,000.00 245,000.00 245,428.75 09/15/2020 259 1,364.62 0.65TIAA FSB Jacksonville FLA 1.95 8/26/2022 87270LCR2 34775 08/28/2019 1.950 247,000.00 247,000.00 247,000.00 248,039.87 08/26/2022 969 1,834.23 0.65UBS Bank USA 3.25 10/17/2022 90348JEG1 57565 10/17/2018 3.250 245,000.00 245,000.00 245,000.00 254,662.80 10/17/2022 1,021 305.41 0.65Washington Federal 1.95 8/28/2024 938828BN9 28088 08/28/2019 1.950 245,000.00 245,000.00 245,000.00 245,414.0508/28/2024 1,702 39.27 0.65WebBank 2 9/28/2020-17947547JR7 34404 09/28/2017 2.000 245,000.00 245,000.00 245,000.00 245,066.15 09/28/2020 272 40.27 0.65Webster 5 Cnts 1.55 9/17/2021-17 94789PBV5 90297 03/18/2016 1.550 245,000.00 245,000.00 245,000.00 244,394.85 09/17/2021 626 135.25 0.65Wells Fargo BK NA Sioux Falls 2.75 5/17/2024 949763-B6-2 3511 06/11/2019 2.650 200,000.00 200,924.00 200,819.91 205,974.00 05/17/2024 1,599 210.96 0.53Wells Fargo Natl Bk West 1.8 12/13/2022 949495AA3 27389 12/13/2019 1.800 245,000.00 245,000.00 245,000.00 244,850.55 12/13/2022 1,078 253.73 0.65Wex Bank 2.7 4/23/202092937CHR2 34697 07/23/2018 2.700 245,000.00 245,000.00 245,000.00 245,806.05 04/23/2020 114 2,917.85 0.65Sub Total / Average Certificate Of Deposit2.356 14,475,000.00 14,475,059.15 14,475,023.24 14,679,504.41 971 43,359.97 38.28FHLMC 2 11/30/20203134G3VF405/30/2012 2.000 1,790,000.00 1,790,000.00 1,790,000.001,796,390.30 11/30/2020 335 2,983.33 4.73FHLMC Step 7/19/2022-173134GBVF607/19/2017 2.240 750,000.00 750,000.00 750,000.00 750,082.50 07/19/2022 931 6,750.00 1.98Sub Total / Average FHLMC Bond2.071 2,540,000.00 2,540,000.00 2,540,000.00 2,546,472.80 511 9,733.33 6.72FNMA Step 7/19/2021-173136G3ZZ107/19/2016 1.733 400,000.00 400,000.00 400,000.00 400,032.00 07/19/2021 566 3,600.00 1.06Sub Total / Average FNMA Bond1.733 400,000.00 400,000.00 400,000.00 400,032.00 566 3,600.00 1.06League of Minnesota Cities - 4M Fund LGIP LGIP5101M11/30/2010 1.380 2,328,121.76 2,328,121.76 2,328,121.762,328,121.76 N/A 16.16League of Minnesota Cities - 4M LGIP LGIP5204M2017A Good Faith Deposit 06/13/2017 0.000 0.00 0.00 0.00 0.00 N/A10.00FHLMC BondFNMA BondLocal Government Investment Pool
DescriptionCUSIP/Ticker Transaction ID Settlement Date YTM @ CostFace Amount/Shares Cost Value Book Value Market Value Maturity Date Days To Maturity Accrued Interest % of PortfolioCITY OF PRIOR LAKE, MINNESOTAInvestment Portfolio - By Security TypeDecember 31, 2019League of Minnesota Cities - 4M Plus Fund LGIP LGIP5101MP11/30/2010 1.460 4,209,611.58 4,209,611.58 4,209,611.584,209,611.58 N/A 111.13League of MN Cities LGIPLGIP52064M Phone Wire Purchase 06/04/2019 1.380 1,383,423.08 1,383,423.08 1,383,423.08 1,383,423.08 N/A 13.66League of Mn Cities LGIPLGIP52054M Good Faith Deposit 07/17/2018 1.380 38,096.66 38,096.66 38,096.66 38,096.66 N/A 10.10Sub Total / Average Local Government Investment Pool1.422 7,959,253.08 7,959,253.08 7,959,253.08 7,959,253.08 1 0.00 21.05Ansonia CT Bds 4 2/1/2021036519PR102/01/2018 2.550 210,000.00 218,740.20 213,173.90 214,300.80 02/01/2021 398 3,500.00 0.56Armada Mich Area Schools Ref Bond 2.712 5/1/2022 042105MG808/29/2019 1.750 400,000.00 409,996.00 408,726.02 408,552.00 05/01/2022 852 1,808.00 1.06Canadian Cnty Okla Indpt Sch Dist 2 11/1/2024 135537-GT-9 Dated Date 11/1/20 1st Coupon 11/07/2019 2.000 285,000.00 285,000.00 285,000.00 281,181.00 11/01/2024 1,767 950.00 0.75Columbus Ohio2.333 12/1/2022 199492-CT-408/26/2019 1.750 100,000.00 101,840.00 101,644.12 101,392.00 12/01/2022 1,066 194.42 0.26Columbus Ohio City Sch Dist 2.036 12/1/2022 199507-6K-510/17/2019 1.901 135,000.00 135,552.15 135,515.86 135,062.10 12/01/2022 1,066 229.05 0.36Desert Sands CA ISD 2.852 6/1/2021 250433QJ102/01/2018 2.578 1,165,000.00 1,175,100.55 1,169,302.701,181,216.80 06/01/2021 518 2,768.82 3.08Edgewood Ohio City 5 12/1/2023 280455ET912/19/2019 2.101 215,000.00 238,512.40 238,316.87 236,859.05 12/01/2023 1,431 358.33 0.57Federal Way Wash2.2 12/1/2024 314031-HH-112/11/2019 2.150 475,000.00 476,111.50 476,099.27 476,553.25 12/01/2024 1,797 580.56 1.26Iowa Westn Comm2.8 6/1/2023 462612SE302/12/2018 2.800 195,000.00 195,000.00 195,000.00 200,456.10 06/01/2023 1,248 455.00 0.52Kentucky Assn of Cntys 2.5 2/1/2021 491196YV711/30/2017 2.051 465,000.00 471,379.80 467,190.82 467,273.85 02/01/2021 398 4,843.75 1.23Massachusetts St Dev 2.785 5/1/2024 57584FEM812/20/2019 1.920 240,000.00 248,647.20 248,587.53 248,704.80 05/01/2024 1,583 1,114.00 0.63Medallion Bk Salt Lake City 3.4 12/7/2022 58404D-CX-7 57449 12/07/2018 3.400 245,000.00 245,000.00 245,000.00256,064.20 12/07/2022 1,072 555.33 0.65Minnetonka ISD 276 3 2/1/2021 604195YF812/18/2017 2.150 260,000.00 266,627.40 262,311.75 263,096.60 02/01/2021 398 3,250.00 0.69Monmouth OR Bds 2.9 4/1/2023 609694FZ201/30/2018 2.900 255,000.00 255,000.00 255,000.00 262,155.30 04/01/2023 1,187 1,848.75 0.67Monona Wis Ref 3 10/1/2022 610100XT109/18/2018 3.000 200,000.00 200,000.00 200,000.00 205,238.00 10/01/2022 1,005 1,500.00 0.53Moundsview ISD 621 3 2/1/2020 620637W4610/19/2017 1.800 300,000.00 308,013.00 300,307.09 300,288.00 02/01/2020 32 3,750.00 0.79Northwest Local Sch District Hamilton & Butler 667712CF811/15/2019 2.069 360,000.00 376,408.80 375,897.76 376,452.00 12/01/2023 1,431 1,495.00 0.95Northwest Local Sch District Hamilton & Butler 667712CG611/15/2019 2.169 370,000.00 389,010.60 388,536.11 388,703.50 12/01/2024 1,797 1,536.53 0.98Oak Creek WIS 4 10/1/2023671137-YP-611/27/2018 3.402 280,000.00 287,434.00 285,757.25 299,980.80 10/01/2023 1,370 2,800.00 0.74Oklahoma Cnty Okla Metro 2.65 6/1/2024 67869T-AD-707/15/2019 2.286 500,000.00 508,255.00 507,472.56 512,765.00 06/01/2024 1,614 7,729.17 1.32Rhode IS Infrastructure Bk 2.18 10/1/2023 7622F-DD-706/27/2019 2.151 435,000.00 435,522.00 435,459.31 438,253.80 10/01/2023 1,370 2,370.75 1.15San Antonio TX ISD 5.033 8/15/2020 796269TX612/06/2019 1.751 150,000.00 153,366.00 153,033.39 153,051.00 08/15/2020 228 2,852.03 0.40South Lyon MI 2.69 5/1/2022 838736VU710/23/2017 2.250 250,000.00 254,702.50 252,426.73 254,935.00 05/01/2022 852 1,120.83 0.66St. Charles County MO Francis Howell School Distri 787642-4F-108/07/2019 2.531 200,000.00 209,956.00 208,839.58 207,644.00 03/01/2023 1,156 2,666.67 0.53Univ of North Carolina NC 1.778 12/1/2021 914713N2412/20/2019 1.800 200,000.00 199,914.00 199,915.33 199,918.00 12/01/2021 701 296.33 0.53Washington County Housing 4.25 1/1/2020-10 937791KN007/01/2010 4.250 245,000.00 245,000.00 245,000.00 245,000.00 01/01/2020 1 5,206.25 0.65Sub Total / Average Municipal Bond2.367 8,135,000.00 8,290,089.10 8,253,513.95 8,315,096.95 1,010 55,779.57 21.51Total / Average1.868 37,817,009.95 37,972,158.20 37,935,547.14 38,208,116.11 630 112,472.87 100Municipal Bond