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Investment Report 12-31-17CITY OF CHANHASSEN Reid Christianson 12/29/2017 Confidential-For Discussion and General Information Purposes Only 1/13 Summary Par Value ($000):$31,196 Portfolio Market Yield:2.21 12 Mo Book Income ($000):$364 Mkt Val w/accrd ($000):$31,276 Portfolio Book Yield:1.36 12 Mo Cash Flow ($000):$13,951 Wtg Avg. Mat (Years):1.51 Book Value ($000):$31,273 12 Mo Mat Cash Flow ($000):$13,339 Effective Duration:1.40 Unr Gain/(Loss) ($000):($112)12 Mo Call Cash Flow ($000):$190 Convexity:-0.02 % Portfolio Callable:4.89 12 Mo Int Income ($000):$423 % Portfolio Floating Rate:0.00 Avg. Coupon (%):1.49 12 Mo Amort Prem/Disc ($000):($33) Number of Bonds:80 Avg. Mkt Price ($):99.94 Current Accrued Interest ($000):$116 Summary Characteristics Performance Characteristics Cash Flow Characteristics Sector Distribution S&P Long-Term Ratings Distribution Moody Long-Term Ratings Distribution ($000)% of Portfolio % of Portfolio % of Portfolio % of Portfolio % of Portfolio Cash Flow Distribution Duration Distribution Coupon Distribution 0 10 20 30 40 50 60 70 80 90 100 AAA AA N/A 0 10 20 30 40 50 60 70 80 90 100 Aaa Aa N/A 0 10 20 30 40 50 60 70 80 90 100 6,551 1,729 5,672 13,036 3,580 1,689 . 2,000 4,000 6,000 8,000 10,000 12,000 14,000 1M 1-3M 3-12M 1-3YR 3-5YR 5-7YR 45 43 8 5 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 2.99 3.00 - 3.99 4.00 - 5.99 27 40 20 8 2 3 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 1.99 2.00 - 2.99 3.00 - 3.99 4.00 - 4.99 5.00 - 5.99 2/13 2 Year Cash Flow Interest Principal Prepay Total Cumulative Run - Off Run - Off Date Interest ($)Call ($)Maturity ($)MBS($)MBS($)MBS($)Cash Flow($)Cash Flow($)Mkt YTW (%)Book Yld (%) Jan-18 32,157 0 6,328,574 0 0 0 6,360,731 6,360,731 3.79 0.35 Feb-18 73,686 0 1,585,000 0 0 0 1,658,686 8,019,417 0.21 1.06 Mar-18 12,019 0 248,000 0 0 0 260,019 8,279,436 1.19 1.25 Apr-18 29,668 0 246,000 0 0 0 275,668 8,555,104 1.42 1.37 May-18 18,200 0 494,000 0 0 0 512,200 9,067,304 1.50 1.33 Jun-18 52,205 0 747,000 0 0 0 799,205 9,866,509 1.52 1.31 Jul-18 20,007 0 488,000 0 0 0 508,007 10,374,516 1.72 1.40 Aug-18 80,983 0 500,000 0 0 0 580,983 10,955,499 1.72 1.00 Sep-18 11,295 0 1,241,000 0 0 0 1,252,295 12,207,794 1.60 1.28 Oct-18 27,496 0 492,000 0 0 0 519,496 12,727,290 1.62 1.45 Nov-18 20,619 0 837,000 0 0 0 857,619 13,584,909 1.70 1.43 Dec-18 44,343 0 322,000 0 0 0 366,343 13,951,252 1.68 2.00 Jan-19 13,925 0 355,000 0 0 0 368,925 14,320,177 1.18 1.80 Feb-19 73,572 0 2,905,000 0 0 0 2,978,572 17,298,749 1.62 1.66 Mar-19 6,344 0 744,000 0 0 0 750,344 18,049,093 1.80 1.59 Apr-19 25,325 0 0 0 0 0 25,325 18,074,418 0.00 0.00 May-19 9,458 0 247,000 0 0 0 256,458 18,330,876 1.91 2.00 Jun-19 40,134 0 249,000 0 0 0 289,134 18,620,010 1.85 1.15 Jul-19 9,509 0 0 0 0 0 9,509 18,629,519 0.00 0.00 Aug-19 37,914 0 988,000 0 0 0 1,025,914 19,655,433 2.00 2.09 Sep-19 5,134 0 500,000 0 0 0 505,134 20,160,567 1.92 1.15 Oct-19 25,087 0 1,633,000 0 0 0 1,658,087 21,818,654 1.59 1.67 Nov-19 6,749 0 560,000 0 0 0 566,749 22,385,403 2.27 1.80 Dec-19 39,886 0 701,000 0 0 0 740,886 23,126,289 2.02 1.69 Totals:715,715 0 22,410,574 0 0 0 23,126,289 Monthly Cash Flows & Run-off Book Yield 0.00 0.50 1.00 1.50 2.00 2.50 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Interest ($)Call ($)Maturity ($)Book Yld (%) 3/13 Sector Par Avg Cpn Avg Mat Mkt Price Mkt Val Book Unr.Gain/Loss Port Mkt YTW Book Yld Eff. Sector ($000)Moody S&P (%)(Yrs)($)($000)Price ($000)(%) (%)(%)Duration Conv. Govt 8,818 Aaa AA+1.15 2.22 98.64 8,698 99.57 (82)27.87 2.04 1.61 1.94 (0.12) CD 8,155 N/A N/A 1.59 1.14 99.92 8,149 100.00 (6)26.14 1.67 1.60 1.11 0.01 MMF 5,453 N/A N/A 0.06 0.00 100.00 5,453 100.00 0 17.44 0.06 0.06 0.00 0.00 MUNI 8,770 Aa1 AA+2.63 2.08 101.04 8,862 101.32 (24)28.55 4.19 1.71 1.97 0.04 Total:31,196 Aaa AA+1.49 1.51 99.89 31,161 100.25 (112)100.00 2.21 1.36 1.40 (0.02) 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 Ratings 4/13 Positions by Sector tandard Holdings Sector CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000) Port (%) Mkt YTW(%) Bk Yield(%)Eff Dur Conv 3133EEP95 FEDERAL FARM CR BKS 1.10 06/01/2018 500 Aaa AA+N/A 99.85 06/19/2017 99.82 499 99.93 (1)1.60 1.52 1.25 0.42 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.70 239 100.00 (1)0.77 1.71 1.20 0.58 0.00 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.54 498 100.00 (2)1.60 1.72 1.00 0.66 0.00 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 97.86 1,130 97.91 (1)3.61 2.00 1.95 1.08 0.01 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 99.78 499 99.95 (1)1.60 1.85 1.70 1.14 0.01 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.69 493 100.00 (7)1.58 1.92 1.15 1.71 0.02 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.55 616 96.84 (2)1.97 1.96 1.80 1.78 0.02 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA-N/A 92.56 08/05/2015 95.77 536 96.62 (5)1.71 2.27 1.80 1.90 0.02 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 99.07 495 100.00 (5)1.60 2.02 1.55 1.97 0.03 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+11/18/2017 100.00 05/18/2016 98.43 492 100.00 (8)1.58 2.08 1.40 1.97 (0.32) 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 98.23 491 101.00 (14)1.57 2.12 0.96 2.39 0.04 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 98.53 493 100.66 (11)1.58 2.04 1.26 2.73 0.05 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 93.67 731 95.55 (15)2.34 2.16 1.50 3.02 0.05 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 107.66 646 108.68 (6)2.07 2.27 2.01 3.65 0.08 3134GAQ31 FEDERAL HOME LN MTG CORP 2.15 01/26/2022 500 Aaa AA+01/26/2018 99.95 11/14/2017 99.42 497 99.95 (3)1.60 2.30 2.16 2.10 (1.41) 3130ABLN4 FEDERAL HOME LOAN BANKS 2.50 06/28/2024 345 Aaa AA+06/28/2019 100.00 10/11/2017 99.04 342 100.00 (3)1.09 2.66 2.50 4.16 (1.16) Govt 1.15 03/18/2020 8,818 98.64 8,698 99.57 (82)27.87 2.04 1.61 1.94 (0.12) 20451PMC7 COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 248 N/A N/A 100.00 06/30/2015 100.00 248 100.00 0 0.80 0.78 1.25 0.01 0.00 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A 100.00 01/31/2013 99.98 248 100.00 (0)0.80 1.20 1.05 0.09 0.00 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A 100.00 02/06/2013 99.97 248 100.00 (0)0.80 1.23 1.00 0.11 0.00 61760ADB2 MORGAN STANLEY PVT BK PURCHA 1.35 02/20/2018 246 N/A N/A 100.00 08/17/2017 100.01 246 100.00 0 0.79 1.29 1.37 0.14 0.00 23322GPL5 DMB CMNTY BK DEFOREST WIS 1.20 02/28/2018 246 N/A N/A 100.00 06/30/2017 99.99 246 100.00 (0)0.79 1.28 1.20 0.17 0.00 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A 100.00 03/08/2013 100.01 248 100.00 0 0.80 1.19 1.25 0.19 0.00 46176PGU3 INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 246 N/A N/A 100.00 06/30/2017 99.99 246 100.00 (0)0.79 1.41 1.37 0.26 0.00 20350ACU3 COMMUNITY BK CHESAPEAKE 1.35 05/11/2018 246 N/A N/A 100.00 08/11/2017 99.96 246 100.00 (0)0.79 1.47 1.37 0.36 0.00 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A 100.00 05/14/2015 99.92 248 100.00 (0)0.79 1.53 1.30 0.37 0.00 856285DE8 STATE BK INDIA NEW YORK NY 1.40 06/12/2018 247 N/A N/A 100.00 09/12/2017 99.95 247 100.00 (0)0.79 1.52 1.42 0.45 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 99.93 248 100.00 (0)0.80 1.72 1.60 0.50 0.00 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 100.08 249 100.00 0 0.80 1.23 1.35 0.67 0.00 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.83 246 100.00 (0)0.79 1.59 1.35 0.72 0.00 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.86 246 100.00 (0)0.79 1.60 1.41 0.74 0.01 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.87 246 100.00 (0)0.79 1.61 1.45 0.77 0.01 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 99.86 246 100.00 (0)0.79 1.63 1.45 0.79 0.01 61747MB42 MORGAN STANLEY BK N A UTAH 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.85 246 100.00 (0)0.79 1.69 1.52 0.87 0.01 06426WUU4 BANK OF CHINA NEW YORK CITY 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.85 246 100.00 (0)0.79 1.69 1.52 0.87 0.01 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 100.28 248 100.00 1 0.79 1.71 2.00 0.94 0.01 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 99.77 248 100.00 (1)0.79 1.80 1.61 1.19 0.01 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 99.75 248 100.00 (1)0.79 1.81 1.61 1.21 0.01 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.69 245 100.00 (1)0.79 1.81 1.55 1.22 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 100.14 247 100.00 0 0.79 1.90 2.00 1.34 0.01 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 98.97 246 100.00 (3)0.79 1.85 1.15 1.47 0.01 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.13 247 100.00 0 0.80 2.01 2.10 1.57 0.02 2.547E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.31 248 100.00 1 0.80 1.90 2.10 1.58 0.02 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 99.99 247 100.00 (0)0.80 2.05 2.05 1.58 0.02 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 100.12 247 100.00 0 0.80 2.02 2.10 1.59 0.02 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 100.37 248 100.00 1 0.79 2.01 2.20 1.93 0.02 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.57 245 100.00 (4)0.78 1.99 1.25 1.95 0.02 14042RJJ1 CAPITAL ONE NATL ASSN VA 2.15 10/12/2021 247 N/A N/A 100.00 10/12/2017 99.63 246 100.00 (1)0.79 2.25 2.15 3.60 0.08 05580AKQ6 BMW BK NORTH AMER SALT LAKE 2.05 10/13/2021 247 N/A N/A 100.00 10/13/2017 99.27 245 100.00 (2)0.79 2.25 2.05 3.61 0.08 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 101.60 250 100.00 4 0.80 2.13 2.55 3.77 0.08 CD 1.59 02/19/2019 8,155 99.92 8,149 100.00 (6)26.14 1.67 1.60 1.11 0.01 0008CHAN2 NORTHLAND 0.07 12/30/2017 1,487 N/A N/A 100.00 12/01/2017 100.00 1,487 100.00 0 4.75 0.07 0.07 0.00 0.00 0010CHAN8 US BANK 0.38 12/30/2017 25 N/A N/A 100.00 12/01/2017 100.00 25 100.00 0 0.08 0.38 0.38 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 12/30/2017 3,770 N/A N/A 100.00 12/01/2017 100.00 3,770 100.00 0 12.05 0.00 0.00 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 12/30/2017 0 N/A N/A 100.00 12/01/2017 100.00 0 100.00 0 0.00 0.00 0.00 0.00 0.00 0003CHAN3 WF 1.11 12/30/2017 172 N/A N/A 100.00 12/01/2017 100.00 172 100.00 0 0.55 1.12 1.12 0.00 0.00 MMF 0.06 12/30/2017 5,453 100.00 5,453 100.00 0 17.44 0.06 0.06 0.00 0.00 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A 100.00 07/02/2013 99.70 379 100.00 (1)1.22 62.18 1.10 0.01 0.00 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 01/28/2018 115.72 11/25/2011 100.28 191 100.00 1 0.62 1.60 5.10 0.08 0.00 0363032D6 ANOKA-HENNEPIN MINN INDPT S 2.00 02/01/2018 480 N/A AA+N/A 101.44 10/27/2016 100.29 481 100.10 1 1.55 (1.22)0.85 0.09 0.00 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 104.05 06/13/2013 100.21 175 100.08 0 0.57 (0.35)1.10 0.09 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.67 498 100.10 (2)1.60 1.80 1.15 0.66 0.00 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 345 Aaa AAA N/A 100.94 11/05/2015 99.93 345 100.27 (1)1.11 1.71 1.30 0.83 0.01 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 100.36 75 100.00 0 0.24 1.60 2.00 0.91 0.01 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 355 Aa1 AA+N/A 100.00 12/22/2016 100.62 357 100.00 2 1.15 1.17 1.80 0.99 0.01 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 101.68 508 102.26 (3)1.65 1.93 1.40 1.06 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 104.63 5 1.81 0.68 1.45 1.05 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 105.02 1 0.78 0.68 1.10 1.05 0.01 882722J69 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 106.62 06/24/2015 103.19 1,027 102.78 4 3.31 1.35 1.58 1.70 0.02 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+N/A 100.00 05/14/2015 99.10 203 100.00 (2)0.65 2.07 1.60 1.92 0.02 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 101.28 (3)0.64 2.00 1.40 2.10 0.03 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.09 (10)1.64 1.94 1.11 2.29 0.03 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 100.43 492 102.61 (11)1.58 2.31 1.40 2.34 0.03 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 100.11 501 100.00 1 1.60 2.10 2.15 2.35 0.03 5/13 Positions by Sector tandard Holdings Sector CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000) Port (%) Mkt YTW(%) Bk Yield(%)Eff Dur Conv 161664HA8 CHASKA MINN TAXABLE GO BDS 1.95 02/01/2021 140 N/A AA N/A 100.00 11/29/2017 99.29 139 100.00 (1)0.45 2.19 1.95 2.98 0.05 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.87 8 1.33 2.03 2.70 2.92 0.05 809557BA8 SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 120 N/A AA+N/A 100.00 12/28/2017 99.51 119 100.00 (1)0.38 2.48 2.35 3.88 0.09 161664HB6 CHASKA MINN TAXABLE GO BDS 2.10 02/01/2022 140 N/A AA N/A 100.00 11/29/2017 99.12 139 100.00 (1)0.44 2.33 2.10 3.89 0.09 092765EW2 BLAINE MINN TAXABLE GO IMPT 2.25 02/01/2023 395 N/A AA+N/A 100.00 12/05/2017 99.08 391 100.00 (4)1.25 2.44 2.25 4.78 0.13 809557BB6 SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 120 N/A AA+N/A 100.00 12/28/2017 99.42 119 100.00 (1)0.38 2.62 2.50 4.75 0.13 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.18 516 104.01 (4)1.67 2.42 2.25 4.65 0.13 161664HC4 CHASKA MINN TAXABLE GO BDS 2.25 02/01/2023 145 N/A AA N/A 100.00 11/29/2017 98.94 143 100.00 (2)0.46 2.47 2.25 4.77 0.13 161664HD2 CHASKA MINN TAXABLE GO BDS 2.40 02/01/2024 150 N/A AA N/A 100.00 11/29/2017 98.89 148 100.00 (2)0.48 2.60 2.40 5.62 0.18 MUNI 2.63 01/25/2020 8,770 101.04 8,862 101.32 (24)28.55 4.19 1.70 1.97 0.04 Total: 1.49 07/03/2019 31,196 99.89 31,161 100.25 (112)100.00 2.21 1.36 1.40 (0.02) 6/13 Positions by Maturity T cl. Table 2 Hldgs M CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000)Port (%) Mkt YTW(%) Book Yield(%)Eff Dur Conv 0008CHAN2 NORTHLAND 0.07 12/30/2017 1,487 N/A N/A 100.00 12/01/2017 100.00 1,487 100.00 0 4.75 0.07 0.07 0.00 0.00 0010CHAN8 US BANK 0.38 12/30/2017 25 N/A N/A 100.00 12/01/2017 100.00 25 100.00 0 0.08 0.38 0.38 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 12/30/2017 3,770 N/A N/A 100.00 12/01/2017 100.00 3,770 100.00 0 12.05 0.00 0.00 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 12/30/2017 0 N/A N/A 100.00 12/01/2017 100.00 0 100.00 0 0.00 0.00 0.00 0.00 0.00 0003CHAN3 WF 1.11 12/30/2017 172 N/A N/A 100.00 12/01/2017 100.00 172 100.00 0 0.55 1.12 1.12 0.00 0.00 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A 100.00 07/02/2013 99.70 379 100.00 (1)1.22 62.18 1.10 0.01 0.00 20451PMC7 COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 248 N/A N/A 100.00 06/30/2015 100.00 248 100.00 0 0.80 0.78 1.25 0.01 0.00 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A 100.00 01/31/2013 99.98 248 100.00 (0)0.80 1.20 1.05 0.09 0.00 0363032D6 ANOKA-HENNEPIN MINN INDPT S 2.00 02/01/2018 480 N/A AA+N/A 101.44 10/27/2016 100.29 481 100.10 1 1.55 (1.22)0.85 0.09 0.00 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 104.05 06/13/2013 100.21 175 100.08 0 0.57 (0.35)1.10 0.09 0.00 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 01/28/2018 115.72 11/25/2011 100.28 191 100.00 1 0.62 1.60 5.10 0.08 0.00 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A 100.00 02/06/2013 99.97 248 100.00 (0)0.80 1.23 1.00 0.11 0.00 61760ADB2 MORGAN STANLEY PVT BK PURCHA 1.35 02/20/2018 246 N/A N/A 100.00 08/17/2017 100.01 246 100.00 0 0.79 1.29 1.37 0.14 0.00 23322GPL5 DMB CMNTY BK DEFOREST WIS 1.20 02/28/2018 246 N/A N/A 100.00 06/30/2017 99.99 246 100.00 (0)0.79 1.28 1.20 0.17 0.00 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A 100.00 03/08/2013 100.02 248 100.00 0 0.80 1.19 1.25 0.19 0.00 46176PGU3 INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 246 N/A N/A 100.00 06/30/2017 99.99 246 100.00 (0)0.79 1.41 1.37 0.26 0.00 20350ACU3 COMMUNITY BK CHESAPEAKE 1.35 05/11/2018 246 N/A N/A 100.00 08/11/2017 99.96 246 100.00 (0)0.79 1.47 1.37 0.36 0.00 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A 100.00 05/14/2015 99.92 248 100.00 (0)0.79 1.53 1.30 0.37 0.00 3133EEP95 FEDERAL FARM CR BKS 1.10 06/01/2018 500 Aaa AA+N/A 99.85 06/19/2017 99.82 499 99.93 (1)1.60 1.52 1.25 0.42 0.00 856285DE8 STATE BK INDIA NEW YORK NY 1.40 06/12/2018 247 N/A N/A 100.00 09/12/2017 99.95 247 100.00 (0)0.79 1.52 1.42 0.45 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 99.93 248 100.00 (0)0.80 1.72 1.60 0.50 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.70 239 100.00 (1)0.77 1.71 1.20 0.58 0.00 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.54 498 100.00 (2)1.60 1.72 1.00 0.66 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.67 498 100.10 (2)1.60 1.80 1.15 0.66 0.00 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 100.08 249 100.00 0 0.80 1.23 1.35 0.67 0.00 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.83 246 100.00 (0)0.79 1.59 1.35 0.72 0.00 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.86 246 100.00 (0)0.79 1.60 1.41 0.74 0.01 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.87 246 100.00 (0)0.79 1.61 1.45 0.77 0.01 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 99.86 246 100.00 (0)0.79 1.63 1.45 0.79 0.01 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 345 Aaa AAA N/A 100.94 11/05/2015 99.93 345 100.27 (1)1.11 1.71 1.30 0.83 0.01 06426WUU4 BANK OF CHINA NEW YORK CITY 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.85 246 100.00 (0)0.79 1.69 1.52 0.87 0.01 61747MB42 MORGAN STANLEY BK N A UTAH 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.85 246 100.00 (0)0.79 1.69 1.52 0.87 0.01 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 100.36 75 100.00 0 0.24 1.60 2.00 0.91 0.01 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 100.28 248 100.00 1 0.79 1.71 2.00 0.94 0.01 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 355 Aa1 AA+N/A 100.00 12/22/2016 100.62 357 100.00 2 1.15 1.17 1.80 0.99 0.01 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 97.86 1,130 97.91 (1)3.61 2.00 1.95 1.08 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 105.02 1 0.78 0.68 1.10 1.05 0.01 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 101.69 508 102.26 (3)1.65 1.93 1.40 1.06 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 104.63 5 1.81 0.68 1.45 1.05 0.01 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 99.78 499 99.95 (1)1.60 1.85 1.70 1.14 0.01 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 99.77 248 100.00 (1)0.79 1.80 1.61 1.19 0.01 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 99.75 248 100.00 (1)0.79 1.81 1.61 1.21 0.01 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.69 245 100.00 (1)0.79 1.81 1.55 1.22 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 100.14 247 100.00 0 0.79 1.90 2.00 1.34 0.01 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 98.97 246 100.00 (3)0.79 1.85 1.15 1.47 0.01 2.5467E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.31 248 100.00 1 0.80 1.90 2.10 1.58 0.02 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.13 247 100.00 0 0.80 2.01 2.10 1.57 0.02 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 99.99 247 100.00 (0)0.80 2.05 2.05 1.58 0.02 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 100.12 247 100.00 0 0.80 2.02 2.10 1.59 0.02 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.69 493 100.00 (7)1.58 1.92 1.15 1.71 0.02 882722J69 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 106.62 06/24/2015 103.19 1,027 102.78 4 3.31 1.35 1.58 1.70 0.02 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.55 616 96.84 (2)1.97 1.96 1.80 1.78 0.02 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA-N/A 92.56 08/05/2015 95.77 536 96.62 (5)1.71 2.27 1.80 1.90 0.02 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+N/A 100.00 05/14/2015 99.10 203 100.00 (2)0.65 2.07 1.60 1.92 0.02 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 100.37 248 100.00 1 0.79 2.01 2.20 1.93 0.02 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.57 245 100.00 (4)0.78 1.99 1.25 1.95 0.02 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 99.07 495 100.00 (5)1.60 2.02 1.55 1.97 0.03 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 101.28 (3)0.64 2.00 1.40 2.10 0.03 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.09 (10)1.64 1.94 1.11 2.29 0.03 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+11/18/2017 100.00 05/18/2016 98.43 492 100.00 (8)1.58 2.08 1.40 1.97 (0.32) 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 100.43 492 102.61 (11)1.58 2.31 1.40 2.34 0.03 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 100.11 501 100.00 1 1.60 2.10 2.15 2.35 0.03 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 98.23 491 101.00 (14)1.57 2.12 0.96 2.39 0.04 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 98.53 493 100.66 (11)1.58 2.04 1.26 2.73 0.05 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 93.67 731 95.55 (15)2.34 2.16 1.50 3.02 0.05 161664HA8 CHASKA MINN TAXABLE GO BDS 1.95 02/01/2021 140 N/A AA N/A 100.00 11/29/2017 99.29 139 100.00 (1)0.45 2.19 1.95 2.98 0.05 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.87 8 1.33 2.03 2.70 2.92 0.05 7/13 Positions by Maturity T cl. Table 2 Hldgs M CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000)Port (%) Mkt YTW(%) Book Yield(%)Eff Dur Conv 14042RJJ1 CAPITAL ONE NATL ASSN VA 2.15 10/12/2021 247 N/A N/A 100.00 10/12/2017 99.63 246 100.00 (1)0.79 2.25 2.15 3.60 0.08 05580AKQ6 BMW BK NORTH AMER SALT LAKE 2.05 10/13/2021 247 N/A N/A 100.00 10/13/2017 99.27 245 100.00 (2)0.79 2.25 2.05 3.61 0.08 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 107.66 646 108.68 (6)2.07 2.27 2.01 3.65 0.08 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 101.60 250 100.00 4 0.80 2.13 2.55 3.77 0.08 3134GAQ31 FEDERAL HOME LN MTG CORP 2.15 01/26/2022 500 Aaa AA+01/26/2018 99.95 11/14/2017 99.42 497 99.95 (3)1.60 2.30 2.16 2.10 (1.41) 809557BA8 SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 120 N/A AA+N/A 100.00 12/28/2017 99.51 119 100.00 (1)0.38 2.48 2.35 3.88 0.09 161664HB6 CHASKA MINN TAXABLE GO BDS 2.10 02/01/2022 140 N/A AA N/A 100.00 11/29/2017 99.12 139 100.00 (1)0.44 2.33 2.10 3.89 0.09 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.18 516 104.01 (4)1.67 2.42 2.25 4.65 0.13 161664HC4 CHASKA MINN TAXABLE GO BDS 2.25 02/01/2023 145 N/A AA N/A 100.00 11/29/2017 98.94 143 100.00 (2)0.46 2.47 2.25 4.77 0.13 092765EW2 BLAINE MINN TAXABLE GO IMPT 2.25 02/01/2023 395 N/A AA+N/A 100.00 12/05/2017 99.08 391 100.00 (4)1.25 2.44 2.25 4.78 0.13 809557BB6 SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 120 N/A AA+N/A 100.00 12/28/2017 99.42 119 100.00 (1)0.38 2.62 2.50 4.75 0.13 161664HD2 CHASKA MINN TAXABLE GO BDS 2.40 02/01/2024 150 N/A AA N/A 100.00 11/29/2017 98.89 148 100.00 (2)0.48 2.60 2.40 5.62 0.18 3130ABLN4 FEDERAL HOME LOAN BANKS 2.50 06/28/2024 345 Aaa AA+06/28/2019 100.00 10/11/2017 99.04 342 100.00 (3)1.09 2.66 2.50 4.16 (1.16) 0 1.49 07/03/2019 31,196 99.89 31,161 100.25 (112)100.00 2.21 1.36 1.40 (0.02) T 1.49 07/03/2019 31,196 99.89 31,161 100.25 (112)100.00 2.21 1.36 1.40 (0.02) 8/13 Alerts Actions Identifer Issuer Name Coupon Maturity Moodys From Moodys To Moodys Date S&P From S&P To S&P Date Fitch From Fitch To Fitch Date Sector Rating Actions:Watchlist/Outlook/Upgrades/Downgrades/Reinstated/Withdrawn/Confirmed/Initial Ratings UPGRADES:97705MDS WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 N/A N/A AA AA+10/19/2017OGVT-LocalAuth-WI 1AB29227 MATURING IN 4 WEEKS:0003CHAN WF 1.11 12/30/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0006CHAN BMO HARRIS BANK 0.00 12/30/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0008CHAN NORTHLAND 0.07 12/30/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0010CHAN US BANK 0.38 12/30/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 20451PMC COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-CD 1AB29227 604195VV MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A OGVT-LocalAuth-MN 1AB29227 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 Report shows called bonds, ca 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 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0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 * WATCHLIST: UPG/POS = Possible Upgrade; DNG/NEG Possible Downgrade; UNC/DEV/EVO = Uncertain (Possible Upgrade or Downgrade) 9/13 Call Projection Flat Scenario Coupon Eff Projected Call Projected CUSIP Issuer Name (%)Maturity Dur Convex Par($)Date of Call No Calls Projected 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 0 0 0 1/0/1900 0 0 0 12/2017 10/13 History Total Par Unrealized Wtg Avg Effective Mkt. Avg.Benchmark Avg Bk Average Average # of Date ($000)G/L ($000)Life(Yrs)Duration Convexity YTW (%)Tsy Yld (%)Yld (%)Coupon(%)Price($)Moody S&P Positions 12/29/2017 31,196 (112)1.51 1.40 (0.02)2.21 1.69 1.36 1.49 99.94 Aaa AA+80 09/29/2017 29,667 (37)1.37 1.31 0.01 1.48 1.34 1.32 1.48 100.23 Aa1 AA+73 06/30/2017 28,201 (46)1.55 1.44 (0.03)1.45 1.30 1.36 1.47 100.05 Aa1 AA+69 03/31/2017 29,892 (54)1.68 1.51 (0.05)1.35 1.15 1.27 1.35 100.00 Aa1 AA+70 12/30/2016 33,126 (58)1.51 1.44 (0.00)1.18 0.95 1.11 1.22 100.02 Aa1 AA+67 Ratings Historical Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 Dec-17Sep-17Jun-17Mar-17Dec-16 Avg Bk Yld(%)Avg Benchmark Tsy Yld(%) 11/13 Rate Shock Avg Eff Market Mkt Value Change Mkt V w/o Accrd Int Yield Change Total Income Price Life Dur Convexity Value ($)w/o Accrd Int ($) Change - Instantaneous($) 31160643 -150 2.63 1.50 1.13 0.72 0.70 0.01 32,099,810 820,460 352,427 640,040 -100 2.38 1.60 0.78 0.71 0.69 0.01 32,021,847 742,870 243,365 428,459 -50 2.14 1.69 0.45 0.73 0.71 (0.02)31,946,306 667,461 139,600 215,943 0 1.88 1.79 0.09 0.83 0.74 (0.03)31,865,395 586,755 28,979 0 50 1.59 1.89 (0.29)0.82 0.76 (0.01)31,774,409 496,077 (91,612)(220,306) 100 1.30 1.98 (0.68)0.81 0.77 0.01 31,683,224 405,400 (212,516)(440,923) 150 1.01 2.08 (1.06)0.81 0.77 0.01 31,593,626 315,969 (331,549)(657,801) Horizon (Mo):12 Reinv. Rate(%):1.51 Aged-Govt Spot Curve Parallel Shift Yield Curve Assumptions: ----------------------Return %----------------------Mkt Value Change w/Accrd Int ($) Portfolio Market Value Change - ($)Change in Effective Duration 0.50 0.75 1.00 -150 -100 -50 0 50 100 150(800,000) (600,000) (400,000) (200,000) 0 200,000 400,000 600,000 800,000 1,000,000 -150 -100 -50 0 50 100 150 Mkt Value Change w/Accrd int($)Mkt Value Change w/o Accrd Int($)Mkt Value w/o Accrd Int Change-Instantaneous($) 12/13 Important Disclosures Relating to Conflicts of Interest and Potential Conflicts of Interest Accuracy of Information About Wells Fargo Securities Copyright© 2018 Wells Fargo & Company SECURITIES: NOT FDIC:-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. Wells Fargo Securities, LLC may sell or buy the subject securities to/from customers on a principal basis. Wells Fargo Securities, LLC has or may have proprietary positions in the securities mentioned herein. The trading desk has or may have proprietary positions in the securities mentioned herein. The author’s compensation is based on, among other things, Wells Fargo Securities, LLC’s overall performance, the profitability of Wells Fargo Securities, LLC’s Markets Division and the profitability of the trading desk. This account summary was prepared by Wells Fargo Securities Fixed Income Market and Portfolio Strategy and is not a substitute for your monthly statement or trade confirmation. Prices and yields are current as of the date of this summary and are subject to change and availability; past performance is no guarantee of future results. Municipal leases are shown at their par value. Any rating provided for a municipal lease investment is a rating associated with the lessee, and does not constitute a rating of the lease investment itself. For Securities held away from Wells Fargo Securities, cost data and acquisition dates have not been verified and positions may not be covered by SIPC. The indicative valuation(s) provided in this report are for information purposes only and are intended for use solely by the addressee. The information contained herein is derived from sources that Wells Fargo Securities in good faith considers reliable, however Wells Fargo Securities does not guarantee the accuracy, reliability or completeness of this information and makes no warranty, express or implied, with respect thereto. The indicative valuations do not represent advice, an offer to purchase or sell any security or other instrument either at the indicative valuation(s) or any other price(s). There is no representation that any transaction can or could have been effected at the indicative valuation(s). The indicative valuations contained herein represent estimates as of the stated valuation date and are subject to change without notice. Such estimates do not necessarily reflect Wells Fargo Securities' internal bookkeeping or theoretical model-based valuation. The indicative valuations are based on certain assumptions, and different assumptions, by Wells Fargo Securities or any other source may yield substantially different results. These valuations also may vary from those of another Wells Fargo division, since they may use other sources of market information or make calculations as of a different time. Wells Fargo Securities is not responsible for any loss or damage arising out of any person's use of or reliance upon the information contained herein or otherwise, including but not limited to, errors (including errors of transmission), inaccuracies, omissions, changes in market factors or other conditions or any other circumstances whether or not such errors are within Wells Fargo Securities' control. Under no circumstances shall Wells Fargo Securities be liable for special or consequential damages that arise from any person's use of or reliance upon the information contained herein, even if Wells Fargo Securities has been advised of the possibility of such damages. 13/13