Trump Portfolio Includes Chicago Sewer and Airport Bonds

President Donald Trump holds financial stakes in local government debt instruments issued by Chicago-area agencies, according to economic disclosure statements released this summer. The records indicate investments in bonds from the Metropolitan Water Reclamation District of Greater Chicago and the Chicago Department of Aviation. These holdings exist alongside equity positions in several major corporations headquartered in the region.

The disclosures show Trump invested in two bond issues from the water reclamation district in 2025. One investment was valued between $500,001 and $1 million, while the other fell between $1,000,001 and $5 million. Both bonds carry a 5% interest rate. One matures in 2028 and the other in 2032. Officials stated that four bonds totaling between $880,000 and $6.9 million are due in 2028, while three bonds ranging from $10 million to over $48 million are due in 2032. The records do not specify which exact series Trump purchased.

Trump also holds at least five bonds tied to the city’s aviation department, which manages O’Hare and Midway airports. Three of these bonds are linked to O’Hare and two to Midway. The total value of these investments is estimated between $250,001 and $5 million. A city official noted that the Midway bonds may have been issued in 2023 or 2025, while the O’Hare bonds could date from 2017 through 2025. These are revenue bonds used for capital improvements, refinancing, or both. Maturity dates range from 2036 to 2053, with interest rates of at least 5%.

The president’s portfolio includes equity investments in multiple Illinois-based or Chicago-centric companies. Disclosed positions include AbbVie Inc., a North Chicago pharmaceutical firm, with one account valued between $1,000,001 and $5 million. He also holds stakes in ADM, a Loop-based agribusiness, valued between $15,001 and $50,000, and Conagra Brands, a Chicago food company, valued between $50,001 and $100,000. Deere & Co., a downstate farm machinery maker, appears in one account with a value between $500,001 and $1 million.

Further holdings include Exelon Corp., the parent company of ComEd, valued between $100,001 and $250,000, and Illinois Tool Works, a Glenview industrial manufacturer, valued between $500,001 and $1 million. Records also list investments in Kraft Heinz Co., McDonald’s Corp., Northern Trust, and United Airlines. Trump’s business interests extend to a loan benefiting the Wisconsin Dells community, valued between $15,001 and $50,000. He also retains income from the Trump Tower along the Chicago River, which includes condominiums, a hotel, and retail space.

Trump’s aides have stated that trading in securities is handled by third-party institutions to avoid potential conflicts of interest. Neither the White House nor the Trump Organization provided comment on the specific Chicago holdings. A spokesman for the water reclamation district recently said the agency’s credit ratings look strong and speak to its stable condition. When asked about investors, the spokesman said the agency would have no clue who holds the bonds.

The Metropolitan Water Reclamation District is governed by a nine-member elected board, currently composed entirely of Democrats. Several Republicans are running for seats in the upcoming general election. Reformers have long questioned the need for a separate agency with its own police force to manage sewage and flooding in Cook County. The district borrows through the bond market for capital improvements and debt refinancing.

Chicago has been a frequent target of Trump’s rhetoric, particularly regarding immigration enforcement and crime rates. In 2025, his administration dispatched immigration agents to the city to track down individuals without legal status. Despite the public criticism, the financial ties to the region remain embedded in his personal portfolio. The investments represent a small portion of a diverse global portfolio that spans financial services, pharmaceuticals, defense, energy, entertainment, and health care sectors.