The listing of investments is not intended as, nor shall CBIC be responsible for, investment advice or guidance. This week, more Quality Upgrades from Municipal Bonds to U. S. Treasuries.^{Se
Note Below}

Contractors Bonding and Insurance Company
Date	Security	Type	Shares	Yield	Cost	G/L	Description
6/30	State	Bond	$500,000	4.00%	$565,078		Purchase
6/25	State	Bond	$250,000	6.30%	$321,278		Purchase
6/20	State	Bond	$710,000	4.50%	$710,000		Maturity

Note

A.M. Best Company rates CBIC "A", and describes CBIC's investment policy as follows:

"A significant portion of the company's investment portfolio consists of medium term bonds, comprised of a well diversified portfolio mostly of government issues. Despite the low yield environment, management has not sought higher yield by investing in longer term or lower quality securities."

"The company also invests in a diverse portfolio of common stocks, representing about 3.0% of invested assets, comprised of well capitalized companies that produce a favorable dividend yield."