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Minnesota Municipal Power Agency <br />Notes to Financial Statements <br />December 31, 2022 and 2021 <br />Note 2: Cash, Cash Equivalents, and Investments - Continued <br />Concentration of Credit Risk <br />Concentration of credit risk is the risk associated with the amount of investments the Agency has with <br />any one issuer that exceeds 5% or more of its total investments. Investments issued or explicitly <br />guaranteed by the U.S. Government are excluded from this requirement. The Agency does not have an <br />investment policy related to investing 5% or more of the Agency's portfolio in the securities of a single <br />issue. At December 31, 2022 and 2021, the Agency had the following investment concentrations: <br />Portfolio Composition <br />December 31, <br />2022 2021 <br />Federal Home Loan Mortgage Corporation 6.0% 7.1% <br />Investment Income <br />Investment income was comprised of the following for the years ended December 31, 2022 and 2021: <br />Interest and dividend income <br />Net decrease in the fair value of investments <br />Realized gains on sales of investments <br />Net investment income <br />2022 2021 <br />$ 1,603,373 <br />(765,617) <br />129.129 <br />$ 477,496 <br />(241,505) <br />$ 966,885 $ 235,991 <br />160 <br />22 <br />