HomeMy WebLinkAboutFS 2016-07-06 Item 2C - Report - 2016 1st Quarter Investment City of Tukwila
Allan Ekberg, Mayor
INFORMATIONAL MEMORANDUM
TO: Mayor Ekberg
Finance and Safety Committee
FROM: Peggy McCarthy, Finance Director
BY: Vicky Carlsen, Deputy Finance Director
DATE: July 6, 2016
SUBJECT: First Quarter 2016 Cash & Investment Report
ISSUE
The first quarter Investment Report is included with this memorandum and is discussed below.
BACKGROUND
City funds are invested to earn a reasonable return while preserving principal and allowing
sufficient liquidity to meet the City's operating needs. To achieve these objectives investments
are diversified by type, by financial institution, and by maturities in compliance with the City
Investment Policy.
DISCUSSION
Portfolio Components
As of March 31, 2016, the portfolio totaled $52.6 million comprised of $38.5 million in cash and
cash equivalents and $14.1 in longer term investments. The portfolio balance increased by $1.9
million from a December 31, 2015 balance of $50.7 million. Details on individual fund activity is
provided below in the Fund Cash Investment Balances section.
In January, the City purchased an agency (Federal Home Mortgage Corp) for $1 million with an
interest rate of 0.75% and an agency (Federal Farm Credit Bank) for $1 million with an interest
rate of 1.38%.
Portfolio Performance
The portfolio weighted average yield on March 31, 2016, was .51%. Considering the portfolio's
weighted average maturity was 1.0 years, and the yield on the cash & cash equivalent accounts
was .11%, the portfolio yield of 0.51% is still relatively favorable. The yield has been sustained
by the 4.14% average yield on the municipal bond investments, the .22% yield on the certificate
of deposits, the .94% yield on the agencies, and the .45% earnings credit on the US Bank
depository account.
Investment income through the end of March 2016 for all investments is $100,551 against an
annual budget of$227,322.
Not included in the portfolio is interest earned from the operating and capital loans to the MPD.
The operating loan is being repaid on a monthly basis and will be paid in full by May 2023. Interest
earned on the loan through March 2016 is $4,139. The capital loan is being repaid semi-annually
and will be paid in full by December 2022. Interest accrued through March 2016 is $4,396.
Attached to the investment report are amortization schedules for both loans to the MPD.
13
INFORMATIONAL MEMO
Page 2
Policy Compliance and Liquidity Analysis
As of the end of the 1St quarter, the portfolio profile is well within the range of all the investment
policy parameters. There is currently a healthy mix of investments with a range of maturity dates.
Current investments allow for adequate cash flow requirements.
Fund Cash & Investment Balances
Total fund cash and investments balances are $51.0 million, which is $8.9 million higher than first
quarter 2015.
The general fund total cash and investment balance is $5.7million, which is $278K lower than
March of 2015. Transfers from the general fund to debt service funds for first quarter 2015 were
not recorded until second quarter, whereas they were recorded in first quarter for 2016.
The arterial street fund in the capital projects fund group shows the largest change with an
increase of $6.3 million. The City issued $5.8 million LTGO bonds as partial funding for the
Interurban South and BAR Bridge projects. Proceeds are expected to be spent by the end of
2016.
Utility funds all have increases in fund balances from the prior year through March.
Investment Environment
While the Federal Reserve increased the target rate from zero to 0.25% in December 2015, it was
anticipated that an additional rate hike could occur in June of 2016. However, in June, it was
decided that a rate hike in June would be postponed. The forecast for US economic growth was
revised downward to 2.0% from 2.2% and the Reserve is continuing their caution with rate hikes.
Locally, the steady growth realized in 2015 is expected to continue through 2016. There is growth
in housing permits, housing inventories are low and rents are rising. Employment shows growth
while unemployment rates in King County continue to fall.
The portfolio will continue to be managed to take advantage of investment opportunities as they
arise.
RECOMMENDATION
Presentation is for information only.
ATTACHMENTS
Cash and Investment Report
Policy Compliance & Liquidity Analysis
Cash and Investment Balances by Fund
Treasury Rates and Yield Curves
Amortization Schedule—MPD Operating Loan
Amortization Schedule— MPD Capital Loan
14
CITY OF TUKWILA
CASH&INVESTMENT REPORT
March 31,2016
(a) (c) (d)
Rating Purchase Maturity Term Par Book Yield to Annualized
Agency/Issuer Moodys Investment Type Date Date Yrs Value Balance Maturity Return
CASH&CASH EQUIVALENTS
US Bank Depository Various (b) $13,382,042 $13,382,042 (e) 13,822
0.45%
Washington State Treasurer LGIP Investment Pool Various (b) 10,960,283 10,960,283 (f) 11,432
0.4488%
Columbia Bank Money market Various (b) 14,162,295 14,162,295 (f) 15,501
0.52
Total Cash&.Cash Equivalents 38,504,620 38,504,620 0.11,/. 40,755
INVESTMENTS
Certificates of Deposit 1.90
Bank of Washington Certificate of Deposit 4/1/2015 5/1/2016 1.1 250,000 250,000 0.80% 493
Sound Community Bank Certificate of Deposit 3/4/2014 3/4/2017 3.0 3,000,000 3,181,470 0.85% 6,733
CERTIFICATES OF DEPOSIT--TOTAL 2.9 3,250,000 3,431,470 0.22% 7,226
Agencies
Federal Home Loan Mtg Corp US agency 4/10/2014 5/13/2016 2.1 2,000,000 2,000,476 0.50% 10,000
(FHLMC)
FNMA US agency 6/6/2014 8/23/2017 3.2 1,000,000 999,274 1.00% 10,008
Federal Home Loan Mtg Corp US agency 1/12/2016 5/26/2017 1.4 1,000,000 999,000 0.75% 7,500
(FHLMC)
FHLB US agency 9/21/2015 9/21/2018 3.0 1,000,000 1,000,000 1.22% M 12,200
FHLMC US agency 5/29/2015 5/25/2018 3.0 1,000,000 1,000,000 1.25% (0 12,500
Federal Farm Credit Bank US agency 1/19/2016 12/21/2018 2.9 1,000,000 1,001,597 1.38% M 13,750
(FFCB)
TOTAL AGENCIES 2.5 7,000,000 7,000,347 0.94% 65,958
Taxable Municipal Bonds
Washington State Convention Aa3 Lodging Tax Bonds 11/30/2010 7/1/2016 5.6 500,000 500,728 3.60% 18,026
Center Facility
City of Marysville,sinking 2014- Aa3 LTGO Refunding 11/23/2010 12/1/2017 5.5 290,000 327,149 3.37% 11,025
2017,ave 5.5 years
Skagit County BAB Aa3 1/12/2016 12/1/2017 0.4 365,000 365,000 2.85% 10,403
UW Biomedical Center Aat Revenue Bonds 12/14/2010 7/1/2017 6.6 500,000 501,586 4.05% 20,314
UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2019 8.6 500,000 502,565 4.70% 23,621
Douglas County,ESD,sinking Aai UTGO 12/23/2010 12/1/2020 8.9 1,135,000 1,144,802 4.55% 52,088
2018-2020,ave 9 yrs
Port of Anacortes Al LTGO 12/17/2010 9/112020 9.7 340,000 333,598 5.00% 16,680
TOTAL MUNICIPAL BONDS 6.3 3,630,000 3,675,428 4.14% 152,157
Total Investments 3;g: 13;880,000 14,107,245 :1.60% 225,341
TOTAL CASH CASH EQUIVALENTS&INVESTMENTS 1.0 $52,384,620 $52,611,865 0.51% $266,095
Current Portfolio leld
(a)On calleable bonds,term is calculated to final maturity even though call date may occur first;term of liquid investments is
one day;on sinking fund bonds,average maturity is used to calculate term.
(b)No fixed maturity,funds are available within one day. Percent of Cash&Investment Portfolio
(c) Yield to Maturity represents average rate for the year for various investment vehicles. Cash
(d)Annualized Return represents actual earnings for the fiscal year for bonds. Agencies 27%
(e)Represents earning credit from US Bank. City earns interest up to the amount of fees. 14% ;wat
(f)Represents rate in effect for period ending this report. li
the annualized return above the current CD rates.
the annualized return above the current CD rates.
(h)Annualized Return represents actual earnings through current reporting period
Money
Market
29%
LGIP
CDs 23%
7%
15
CITY OF TUKWILA
Policy Compliance& Liquidity Analysis
CASH&INVESTMENT REPORT
March 31,2016
As of Report Date
Available Available Available in
Portfolio Within 1 Year Within 5 5- 10 Years
Liquidity Analysis&Maturity Diversification Amount Years
Funds immediately available $ 38,504,620 $ 38,504,620 $38,504,620
Fixed Maturity Investments, maturing in:
0-90 days after Report Date 2,250,476
91-180 days after Report Date 500,728
181-270 days after Report Date -
271-360 days after Report Date 3,181,470
Investments maturing in 1 year or less 5,932,674 5,932,674 5,932,674
Investments maturing in 1-3 years 5,828,606 5,828,606
Investments maturing in 3-5 years 1,980,965 1,980,965
Investments maturing in 5-7 years
Investments maturing in 7-10 years -
Investments maturing in more than 1 year 7,809,571
and less than 10 years.
TOTALS $ 52,246,865 $ 44,437,294 $52,246,865 $
85% 100% 0%
Liquidity Requirements and Funds Available for Investing:
Funds immediately available $ 38,504,620
Restrictions&designations:
Operating liquidity (a) 14,000,000
Liquidity threshold 14,000,000
Funds available for longer term investing $ 24,504,620
(a) Represents largest one month decline in portfolio balance over the most recent 36 month period doubled;or the
equivalent of a 100%cushion.
Portfolio POLICY Policy
Financial Institution Diversification Amount %of Total MAXIMUM Met?
US Bank $ 13,382,042 25.4% 50.0% Yes
Washington State Treasurer 10,960,283 20.8% 75.0% Yes
Columbia Bank 14,162,295 26.9% 50.0% Yes
Sound Community Bank 3,181,470 6.0% 50.0%. Yes
Other financial institutions 10,925,775 20.8% 50.0% Yes
Total $ 52,611,865 100.0%
Portfolio POLICY Policy
Investment Mix _Amount %of Total MAXIMUM Met?
Depository 13,382,042 25.4% insured by PDPC Yes
State Investment Pool 10,960,283 20.8% 75.0% Yes
Money market 14,162,295 26.9% insured by PDPC Yes
Certificate of Deposit 3,431,470 6.5% insured by PDPC Yes
US Agency 7,000,347 13.3% 75.0% Yes
Municipal Bonds 3,675,428 7.0% no limit specified in policy Yes
Total 52,611,865 100.0%
Weighted Average Maturites: Years Performance Analysis
Certificates of deposit. 2.9 Current portfolio yield 0.51%
Benchmarks:
Municipal bonds 6.3 6 month treasury 0.39%
Total Investments 3.8 2 year treasury 0.73%
Total Portfolio 1.0 Local Govt Invst Pool (f)0.4488%
POLICY MAXIMUM 3.5
Policy Met? Yes
Note:Cash and cash equivalents are available within one day and are factored
into the Total Portfolio weighted average maturity.
16
CITY OF TUKWILA
Cash & Investment Balances By Fund and Fund Group
CASH& INVESTMENT REPORT
March 31,2016
Balances Balances Balances Balances Balances
�Fund Group 03/31116 03/31/15 03/31/14.:' 03/3.1/13 03/31112
General 000 GENERAL 5,663,247 $5,941,116 $6,545,525 $ 944,197 $3,277,604
General Total 5,663,247 5,941,116 6,545,525 944,197 3,277,604
Special Revenue 101 HOTEL/MOTEL TAX 658,235 452,750 433,781 440,090 453,083
105 CONTINGENCY 5,587,107 5,772,086 5,764,212 1,461,267 1,457,930
107 FIRE EQUIP.CUM.RESERVE - - - 945,312 943,501
109 DRUG SEIZURE FUND 10,257 49,977 68,308 147,083 226,462
Special Revenue Total 6,255,599 6,274,813 6,266,301 2,993,751 3,080,975
Debt Service 200 DEBT SERVICE 378,884 400 - - -
206 L.I.GUARANTEE 669,148 669,147 668,997 -
208 LIMITED TAX G.O.BONDS 2000 - - - - 70
209 LIMITED TAX G.O.BONDS 2003 1 1 1 3,012,901 3,302,738
210 LIMITED TAX G.O.REFUNDING 2003 195 195 195 (55) 853
211 LIMITED TAX G.O.REFUNDING 2008 203,191 416 416 (84) 5,105
212 LTGO SCORE BONDS 2 2 1,453 126 707
213 LTGO SCORE BLD AMER BONDS - - - 995 616
214 LTGO 2010 Series A 164,603 2,710 5,910 (614) 37
215 LTGO 2010 Series B - - - 4,612 4,611
216 VALLEY COM Refunding bonds 2010 794 794 74 14 14
217 LIMITED TAX GO BONDS REFUNDING 137,708 539 214 (299) -
218 LTGO 2013 28,283 - - -
233 LID#33 108,515 121,290 42,591 - -
Debt Service Total 1,691 324 795,493 719,850 3,017,595 3,314,751
Capital Project 103 STREET 815,696 1,119,402 1,365,235 1,045,854 919,276
104 ARTERIAL STREET 4,484,245 (56,259) 875,506 588,392 4,595,453
301 LAND ACO,REC&PARK DEVLPMNT 2,347,596 1,336,048 1,159,087 1,088,513 1,665,327
302 FACILITY REPLACEMENT 1,174,351 1,037,559 1,967,648 2,103,024 2,019,099
303 GENERAL GOVERNMNT IMPROVEMENTS 378,675 399,945 404,809 804,988 584,287
304 FIRE IMPACT FEES 560,927 516,235 438,317 359,809 316,591
Capital Project Total 9,761,490 4,352,930 6,210,602 5,990,581 10,100,032
Enterprise 400 UTILITY ON ACCT(overpayments) 25,257 16,614 18,491 22,585 18,449
401 WATER 6,237,109 5,391,569 5,698,414 5,306,169 3,994,145
402 SEWER 6,862,764 4,937,844 3,431,464 1,917,966 1,219,446
411 FOSTER GOLF COURSE 634,362 671,946 371,314 218,979 (143,232)
412 SURFACE WATER 3,924,594 3,096,696 3,066,715 3,433,716 3,126,965
Enterprise Total 17,684,086 14,114,669 12,586,398 10,899,416 8,215,773
Internal Service 501 EQUIPMENT RENTAL 5,175,880 5,036,571 4,482,904 4,398,645 3,652,343
502 INSURANCE 3,799,298 4,764,528 5,491,187 6,559,638 6,502,805
503 INSURANCE-LEOFF 1 973,476 813,557 910,664 1,839,349 1,888,703
Internal Service Total 9,948,653 10,614,656 10,884,755 12,797,632 12,043,850
;Grand Total 51,004,398 1 1 421093,676 1 1 43,213,432 1 1 36,643,172 1 1 40,032,985 f
Fundsnot included in the Grand Total are the fiduciarV funds. However,,,these balances $1,607;467 are:included'in the investment balances:
17
CITY OF TUKWILA
Treasury Rates and Yield Curves
CASH & INVESTMENT REPORT
March 31, 2016
Rates at March 31, 2016 Rates at March 31, 2015
Closing
l g
Term �
Rate % Term
3/31/2016 Change Change
3mo 0.21% 0.18% 86% 3mo 0.03%
6mo 0.39% 0.25% 64% limo 0.14%
1 Yr 0.59% 0.33% 56% 1 Yr 0.26%
2Yr 0.739/6 0.17% 23% 2Yr' 0.56%
3Yr 0.87% -0.02% -2% 3Yr 0.89%
5Yr 1.21% -0.16% -13% 5Yr 1.37%
10Yr 1.78% -0.16% -9% 10Yr 1.94%
30Yr.. 2.61%. 0.07% 3% 30Yr' 2.54%
Source: US Department of the Treasury
Comparison of Treasury Rates
3.00%
2.50%
2.00%
1.50% —0--3/31/2016
--M-3/31/2015
1.00%
0.50%
0.00
3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 10 yr 30 yr
18
MPD Operating Loan-through end of 2015 only
Period Accumulated Interest
(Date) Beg Bal Funding Payments Interest End Bal Interest Principal Pmt Pmt
10/1/2011 $ - $ 191,294 $ - $ 319 $ 191,613 $ 319
11/1/2011 191,612.82 - 319.35 191,932.18 638.18
12/1/2011 191,932.18 - 319.89 192,252.07 958.07
1/1/2012 192,252.07 - 320.42 192,572.49 1,278.49
2/1/2012 192,572.49 - 320.95 192,893.44 1,599.44
3/1/2012 192,893.44 - - 321.49 193,214.93 1,920.93
4/1/2012 193,214.93 225,000.00 - 697.02 418,911.95 2,617.95
5/1/2012 418,911.95 - - 698.19 419,610.14 3,316.14
6/1/2012 419,610.14 - 699.35 420,309.49 4,015.49
7/1/2012 420,309.49 - 700.52 421,010.01 4,716.01
8/1/2012 421,010.01 - 701.68 421,711.69 5,417.69
9/1/2012 421,711.69 - - 702.85 422,414.54 6,120.54
10/1/2012 422,414.54 433,706.00 - 1,426.87 857,547.41 7,547.41
11/1/2012 857,547.41 - - 1,429.25 858,976.66 8,976.66
12/1/2012 858,976.66 - - 1,431.63 860,408.28 10,408.28
1/1/2013 860,408.28 250,000.00 - 1,850.68 1,112,258.96 12,258.96
2/1/2013 1,112,258.96 - - 1,853.76 1,114,112.73 14,112.73
3/1/2013 1,114,112.73 - 1,856.85 1,115,969.58 15,969.58
4/1/2013 1,115,969.58 - 1,859.95 1,117,829.53 17,829.53
5/1/2013 1,117,829.53 19,692.58 1,863.05 1,100,000.00 19,692.58 19,692.58
6/1/2013 1,100,000.00 10,121.48 1,833.33 1,091,711.85 21,525.91 8,288.15 1,833.33
7/1/2013 1,091,711.85 - 10,121.48 1,819.52 1,083,409.89 23,345.43 8,301.96 1,819.52
8/1/2013 1,083,409.89 - 10,121.48 1,805.68 1,075,094.10 25,151.12 8,315.80 1,805.68
9/1/2013 1,075,094.10 - 10,121.48 1,791.82 1,066,764.44 26,942.94 8,329.66 1,791.82
10/1/2013 1,066,764.44 10,121.48 1,777.94 1,058,420.90 28,720.88 8,343.54 1,777.94
11/1/2013 1,058,420.90 10,121.48 1,764.03 1,050,063.46 30,484.92 8,357.45 1,764.03 rior
12/1/2013 1,050,063.46 10,121.48 1,750.11 1,041,692.08 32,235.02 8,371.37 1,750.11
1/1/2014 1,041,692.08 - 10,121.48 1,736.15 1,033,306.76 33,971.18 8,385.33 1,736.15
2/1/2014 1,033,306.76 - 10,121.48 1,722.18 1,024,907.45 35,693.35 8,399.30 1,722.18
3/1/2014 1,024,907.45 - 10,121.48 1,708.18 1,016,494.15 37,401.53 8,413.30 1,708.18
4/1/2014 1,016,494.15 - 10,121.48 1,694.16 1,008,066.83 39,095.69 8,427.32 1,694.16
5/1/2014 1,008,066.83 10,121.48 1,680.11 999,625.46 40,775.80 8,441.37 1,680.11
6/1/2014 999,625.46 - 10,121.48 1,666.04 991,170.02 42,441.84 8,455.44 1,666.04
7/1/2014 991,170.02 - 10,121.48 1,651.95 982,700.49 44,093.79 8,469.53 1,651.95
8/1/2014 982,700.49 10,121.48 1,637.83 974,216.85 45,731.63 8,483.65 1,637.83
9/1/2014 974,216.85 - 10,121.48 1,623.69 965,719.06 47,355.32 8,497.79 1,623.69
10/1/2014 965,719.06 - 10,121.48 1,609.53 957,207.11 48,964.85 8,511.95 1,609.53
11/1/2014 957,207.11 - 10,121.48 1,595.35 948,680.98 50,560.20 8,526.13 1,595.35
12/1/2014 948,680.98 - 10,121.48 1,581.13 940,140.63 52,141.33 8,540.34 1,581.14
1/1/2015 940,140.63 - 10,121.48 1,566.90 931,586.06 53,708.24 8,554.58 1,566.90
2/1/2015 931,586.06 - 10,121.48 1,552.64 923,017.22 55,260.88 8,568.84 1,552.64
3/1/2015 923,017.22 10,121.48 1,538.36 914,434.10 56,799.24 8,583.12 1,538.36
4/1/2015 914,434.10 - 10,121.48 1,524.06 905,836.68 58,323.30 8,597.42 1,524.06
5/1/2015 905,836.68 - 10,121.48 1,509.73 897,224.93 59,833.03 8,611.75 1,509.73
6/1/2015 897,224.93 - 10,121.48 1,495.37 888,598.82 61,328.40 8,626.11 1,495.37
7/1/2015 888,598.82 - 10,121.48 1,481.00 879,958.34 62,809.40 8,640.48 1,481.00
8/1/2015 879,958.34 - 10,121.48 1,466.60 871,303.46 64,276.00 8,654.88 1,466.60
9/1/2015 871,303.46 - 10,121.48 1,452.17 862,634.15 65,728.17 8,669.31 1,452.17
10/1/2015 862,634.15 - 10,121.48 1,437.72 853,950.39 67,165.89 8,683.76 1,437.72
11/1/2015 853,950.39 - 10,121.48 1,423.25 845,252.16 68,589.14 8,698.23 1,423.25
12/1/2015_ _845,25_2.1_6 10,121.48_ 1,40_8.75 8_36,539.44_ 69,997.90_ _8,712.73_ 1,408.75
--1/1/2016 836,539.44----------10,121.48 1,394.23---827,812.19 71,392.13 8,727.25 1,394.23
2/1/2016 827,812.19 - 10,121.48 1,379.69 819,070.40 72,771.82 8,741.79 1,379.69
3/1/2016 819,070.40 - 10,121.48 1,365.12 810,314.03 74,136.93 8,756.36 1,365.12
4/1/2016 810,314.03 - 10,121.48 1,350.52 801,543.08 75,487.46 8,770.96 1,350.52
5/1/2016 801,543.08 - 10,121.48 1,335.91 792,757.50 76,823.36 8,785.57 1,335.91
6/1/2016 792,757.50 - 10,121.48 1,321.26 783,957.28 78,144.62 8,800.22 1,321.26 rent
7/1/2016 783,957.28 - 10,121.48 1,306.60 775,142.40 79,451.22 8,814.88 1,306.60
8/1/2016 775,142.40 - 10,121.48 1,291.90 766,312.82 80,743.12 8,829.58 1,291.90
9/1/2016 766,312.82 - 10,121.48 1,277.19 757,468.53 82,020.31 8,844.29 1,277.19
10/1/2016 757,468.53 - 10,121.48 1,262.45 748,609.50 83,282.76 8,859.03 1,262.45
11/1/2016 748,609.50 - 10,121.48 1,247.68 739,735.70 84,530.44 8,873.80 1,247.68
12/1/2016 739,735.70 - 10,121.48 1,232.89 730,847.11 85,763.33 8,888.59 1,232.89 --
19
Capital Loan to MPD Repayment Schedule
MPD Capital Loan
PAYMENT BEGINNING PRINCIPAL INTEREST INTEREST
DUE DATE BALANCE PAYMENT RATE PAYMENT ENDING
2/1/2013 Ar°oodtttheMP 0 1,000,000:00
6/1/2013 1,000,000.00 (50,731.67) 0.02 (5,833.33) 949,268.33
1211/2013 949,268.33 (48,258.90) 0.02 (8,306.10) 901,009.43
6/1/2014 901,009.43 (48,681.17) 0.02 (7,883.83) 852,328.26
12/1/2014 852,328.26 (49,107.13) 0.02 (7,457.87) 803,221.13 Prior
6/1/2015 803,221.13 (49,536.82) 0.02 (7,028.18) 753,684.31
1_2/1/2015__ 753,684.31__ (49,970.26 ____0.02___�,594_7�__70_3,714.05_
6/1/2016 703,714.05 (46,537.07) 0.03 (10,027.93) 657,176.98 1 Current
12/1/2016 657,176.98 (47,200.23) 0.03 (9,364.77) 609,976.75
6/1/2017 609,976.75 (47,872.83) 0.03 (8,692.17) 562,103.92
12/1/2017 562,103.92 (48,555.02) 0.03 (8,009.98) 513,548.90
6/1/2018 513,548.90 (49,246.93) 0.03 (7,318.07) 464,301.97
12/1/2018 464,301.97 (49,948.70) 0.03 .(6,616.30) 414,353.27
6/1/2019 414,353.27 (48,277.93) 0.04 (8,287.07) 366,075.34
12/1/2019 366,075.34 (49,243.49) 0.04 (7,321.51) 316,831.85
6/1/2020 316,831.85 (50,228.36) 0.04 (6,336.64) 266,603.49
12/1/2020 266,603.49 (51,232.93) 0.04 (5,332.07) 215,370.56
6/1/2021 215,370.56 (52,257.59) 0.04 (4,307.41) 163,112.97
12/1/2021 163,112.97 (53,302.74) 0.04 (3,262.26) 109,810.23
6/1/2022 109,810.23 (54,368.80) 0.04 (2,196.20) 55,441.43
12/1/2022 55,441.43 (55,441.43) 0.04 (1,108.83) 0.00
(131,285.26)
20