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Investment Report 09-30-14Portfolio Analytics Analysis for: CITY OF CHANHASSEN Presented by: Jennifer Curtis September 30, 2014 Investments: NOT FDIC Insured • May Lose Value • No Bank Guarantee 1 of 12 Summary CITY OF CHANHASSEN Total Par Value:$26,112,600 Avg. Market Yield:1.14 Total Market Value (w/o accrd):$26,125,505 l Avg. Book Yield:1.34 Unrealized G/L ($000):($14)Avg. Coupon:1.59 First Year Book Income:$282,000 l Avg. Price:100.049 3 Month Cash Flow Projection:$4,408,687 Avg. Effective Duration:1.96 Number of Bonds:66 l Avg. Convexity:-0.14 %Portfolio Floating Rate:0 Avg. Life (Years):2.11l CD 2,946 282000 AGENCY 1350 PASS-THRU 5651 ARM 1,153 Callable(%Portfolio-Mkt Val) Sector Distribution(%Portfolio-Mkt Val) Coupon Distribution(%Portfolio-Mkt Val) Mdys/S&P ST Ratings Distribution Not Callable, 83 Callable, 17 0 5 10 15 20 25 30 35 0.00 - 0.99 1.00 - 1.99 2.00 - 2.99 3.00 - 3.99 5.00 - 5.99 27 32 34 4 4 AGY, 27 Tax Muni, 44 MUNI, 1 CD, 21 MMF, 8 The information contained herein, while believed to be reliable, is not guaranteed..Data from BondEdge.2 of 12 Distribution Graphs CITY OF CHANHASSEN Call Distribution(%Portfolio-Mkt Val) Agency Distribution(%Portfolio-Mkt Val)Municipal State Distribution(%Portfolio-Mkt Val) Duration Distribution(%Portfolio-Mkt Val) 0 5 10 15 20 25 MN OR CT WI NY PA MA 20 9 7 3 2 2 1 0 5 10 15 20 25 30 35 40 <0.00 0.00 - 0.99 1.00 - 2.99 3.00 - 3.99 4.00 - 5.99 6.00 - 7.99 8.00+ . 37 35 13 15 . . 0 2 4 6 8 10 12 FHLB FNMA FHLMC 9 12 6 NC/Not Priced To Call, 94% Priced to Call, 6% The information contained herein, while believed to be reliable, is not guaranteed.Data from BondEdge.3 of 12 Portfolio History CITY OF CHANHASSEN *All averages market weighted Date Total Par Value Unrealized G/L($000) Effective Duration Convexity Avg. Life Yrs Avg. Mkt YTW Benchmark Tsy Yld Avg. Bk Yld Avg. Coupon Avg. Price Avg. Mdy's Rating #Issues 9/30/14 $26,112,600 ($14)1.96 -0.14 2.11 1.14 0.08 1.34 1.59 100.049 Aa1 66 6/30/14 $29,255,733 $68 1.76 -0.13 1.74 0.89 0.08 1.19 1.41 100.379 Aa1 67 3/31/14 $26,170,331 $37 1.87 -0.15 2.02 0.94 0.07 1.22 1.56 100.761 Aa1 61 12/31/13 $33,874,552 ($34)1.48 -0.09 1.53 0.81 0.11 0.95 1.21 100.437 Aa1 64 9/30/13 $29,930,000 $43 1.60 -0.12 1.56 0.79 0.15 1.13 1.51 100.997 Aa1 62 6/28/2013 $31,781,000 $79 1.65 -0.12 1.74 0.78 0.15 1.09 1.49 101.147 Aa1 61 3/28/13 $27,258,000 $268 1.82 -0.09 1.75 0.62 0.15 1.25 1.69 102.067 Aa1 55 12/31/12 $29,447,000 $287 1.68 -0.09 1.60 0.57 0.15 1.13 1.52 101.991 Aa1 56 9/28/12 $26,429,000 $513 2.13 -0.09 2.08 0.76 0.23 1.55 2.14 103.256 Aa1 60 6/29/12 $29,339,000 $473 1.84 -0.12 1.75 0.77 0.22 1.39 1.86 102.572 Aa1 55 3/30/12 $25,125,000 $442 2.08 -0.09 2.28 1.03 0.33 1.80 2.34 102.831 Aa1 45 12/30/11 $25,910,000 $347 1.88 -0.03 1.87 1.03 0.12 1.69 2.34 102.692 Aa1 46 9/30/11 $22,070,000 $369 2.08 -0.02 2.20 1.09 0.25 1.96 2.45 102.886 Aa1 36 6/30/11 $24,427,000 $244 1.91 -0.08 1.93 1.19 0.18 1.84 2.13 101.676 Aaa 39 3/31/11 $21,503,000 $60 1.82 -0.13 1.84 1.18 0.26 1.67 2.18 100.836 Aaa 36 12/31/10 $25,326,000 $160 1.77 -0.14 1.68 1.24 0.29 1.44 1.92 100.832 Aaa 43 9/30/10 $20,742,000 $228 1.34 -0.05 1.30 0.71 0.26 1.77 2.21 101.576 AGY 33 6/30/10 $24,387,000 $234 0.79 -0.01 0.77 0.69 0.32 2.52 3.09 101.710 AGY 42 4/30/10 $21,083,000 $233 0.62 0.00 0.64 0.34 0.45 2.54 3.23 101.681 AGY 41 3/31/10 $24,083,000 $282 0.98 -0.19 1.16 0.86 0.40 2.59 3.23 101.791 AGY 44 1/29/10 $33,510,000 $320 0.85 -0.07 1.07 1.03 0.34 2.79 3.26 101.507 AGY 79 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 9/ 3 0 / 1 4 6/ 3 0 / 1 4 3/ 3 1 / 1 4 12 / 3 1 / 1 3 9/ 3 0 / 1 3 6 / 2 8 / 2 0 1 3 3/ 2 8 / 1 3 12 / 3 1 / 1 2 9/ 2 8 / 1 2 6/ 2 9 / 1 2 3/ 3 0 / 1 2 12 / 3 0 / 1 1 9/ 3 0 / 1 1 6/ 3 0 / 1 1 3/ 3 1 / 1 1 12 / 3 1 / 1 0 9/ 3 0 / 1 0 6/ 3 0 / 1 0 4/ 3 0 / 1 0 3/ 3 1 / 1 0 1/ 2 9 / 1 0 History of Par Value The information contained herein, while believed to be reliable, is not guaranteed..Data from BondEdge.4 of 12 Position by Sector CITY OF CHANHASSEN Par Coupon Call Acq Acq Worst Mkt Mkt Book Eff Gain/Loss Sector [$000]Cusip Issuer MDY S&P (%)Maturity Date Price Date Date Price Mkt Val % Port YTW Yld Dur Conv ($000) $500 3136FPGM3 FEDERAL NATL MTG ASSN Aaa AA+2.00 9/24/2015 N/A 104.739 7/11/2012 9/24/2015 101.732 $509 1.94 0.24 0.51 0.98 0.01 $1.34 $500 313370TW8 FEDERAL HOME LOAN BANKS Aaa AA+2.00 9/9/2016 N/A 105.392 7/12/2012 9/9/2016 102.612 $514 1.96 0.64 0.68 1.91 0.02 $0.38 $500 3134G5BK0 FEDERAL HOME LN MTG CORP Aaa AA+1.35 1/17/2018 10/17/2014 99.975 8/12/2014 1/17/2018 99.745 $500 1.91 1.43 1.36 1.62 -1.26 ($1.15) $240 3134G3ZK9 FEDERAL HOME LN MTG CORP Aaa AA+1.20 7/30/2018 N/A 100.000 7/30/2012 7/30/2018 98.477 $237 0.90 1.61 1.20 3.76 0.08 ($3.66) $500 3130A07J3 FEDERAL HOME LOAN BANKS Aaa AA+1.85 11/5/2018 11/5/2015 100.848 12/4/2013 11/5/2018 99.933 $503 1.92 1.87 1.40 3.08 -0.59 ($2.77) $750 3133832J9 FEDERAL HOME LOAN BANKS Aaa AA+0.75 11/21/2018 11/21/2014 100.000 5/21/2013 5/21/2017 98.655 $742 2.83 1.70 0.69 2.61 -1.05 ($10.09) $750 3134G4QX9 FEDERAL HOME LN MTG CORP Aaa AA+1.50 12/27/2018 12/27/2014 100.000 12/31/2013 12/27/2014 100.230 $755 2.88 0.55 1.50 1.58 -1.22 $1.73 $1,155 31358BAA6 FEDERAL NATL MTG ASSN PRIN S Aaa AA+0.00 2/1/2019 N/A 91.430 6/19/2014 2/1/2019 90.669 $1,047 3.99 2.27 1.95 4.35 0.11 ($14.56) $600 3135G0UR2 FEDERAL NATL MTG ASSN Aaa AA+1.50 2/26/2019 11/26/2014 99.025 3/10/2014 2/26/2019 98.941 $594 2.27 1.75 1.71 2.75 -1.31 ($1.13) $500 3136FTR68 FEDERAL NATL MTG ASSN Aaa AA+1.65 2/28/2019 N/A 99.675 3/5/2012 2/28/2019 99.372 $498 1.90 1.80 1.70 4.29 0.11 ($2.14) $500 3136G22K2 FEDERAL NATL MTG ASSN Aaa AA+2.00 11/20/2019 5/20/2016 100.000 5/20/2014 11/20/2019 99.509 $501 1.91 2.10 2.00 4.21 -0.41 ($2.45) $695 313381TY1 FEDERAL HOME LOAN BANKS Aaa AA+1.00 1/29/2020 10/29/2014 97.555 12/4/2013 1/29/2020 97.634 $680 2.59 2.28 1.95 3.67 -1.14 ($4.62) AGY $7,190 1.25 3.95 98.219 $7,079 26.98 1.56 1.43 2.94 -0.59 ($39.12) $480 081617PT3 BEND ORE FULL FAITH CREDIT Aa3 N/A 2.10 11/1/2014 N/A 100.000 11/30/2010 11/1/2014 100.105 $485 1.85 0.87 2.10 0.09 0.00 $0.50 $345 604195VS3 MINNETONKA MINN INDPT SCH D Aaa N/A 0.50 1/1/2015 N/A 100.000 7/2/2013 1/1/2015 100.083 $346 1.32 0.17 0.50 0.25 0.00 $0.29 $500 603790CZ7 MINNEAPOLIS MINN SPL SCH DI Aa1 AA+2.00 2/1/2015 N/A 103.158 12/18/2012 2/1/2015 100.490 $504 1.92 0.54 0.50 0.34 0.00 ($0.06) $225 620535V68 MOUND MINN TAXABLE GO BDS 2 N/A AA 2.00 2/1/2015 N/A 102.605 5/2/2013 2/1/2015 100.576 $227 0.87 0.28 0.50 0.34 0.00 $0.17 $275 305229DM5 FAIRMONT MINN INDPT SCH DIS Aa2 N/A 2.65 2/1/2015 N/A 100.000 8/12/2010 2/1/2015 100.686 $278 1.06 0.60 2.65 0.34 0.00 $1.89 $1,300 51043PAB2 LAKE PARK-AUDUBON MINN INDP N/A AA+2.75 2/1/2015 N/A 100.000 7/22/2010 2/1/2015 100.736 $1,315 5.01 0.55 2.75 0.34 0.00 $9.57 $500 68607VNS0 OREGON ST DEPT ADMINISTRATI Aa2 AAA 5.13 4/1/2015 N/A 112.260 7/29/2011 4/1/2015 102.397 $525 2.00 0.35 1.67 0.49 0.00 $3.37 $210 976860YZ3 WISCONSIN RAPIDS WIS GO REF Aa3 N/A 1.25 6/1/2015 N/A 101.600 5/10/2012 6/1/2015 100.514 $212 0.81 0.48 0.72 0.66 0.00 $0.34 $500 64966JG26 NEW YORK N Y TAXABLE GO BDS Aa2 AA 1.00 8/1/2015 N/A 100.764 6/25/2012 8/1/2015 100.484 $503 1.92 0.42 0.75 0.83 0.01 $1.38 $615 081617PU0 BEND ORE FULL FAITH CREDIT Aa3 N/A 2.60 11/1/2015 N/A 100.000 11/30/2010 11/1/2015 101.689 $632 2.41 1.03 2.60 1.06 0.01 $10.39 $200 751622HA2 RAMSEY CNTY MINN CAP IMPT B Aaa AAA 2.00 2/1/2016 N/A 103.346 6/24/2013 2/1/2016 101.848 $204 0.78 0.61 0.70 1.32 0.01 $0.25 $510 951427X40 WEST BEND WIS TAXABLE G O R Aa3 N/A 2.88 3/1/2016 N/A 103.450 10/19/2010 3/1/2016 102.738 $525 2.00 0.93 2.19 1.39 0.01 $9.12 $500 941247V62 WATERBURY CONN GO BDS 2012B A1 AA-1.76 4/1/2016 N/A 101.160 6/26/2012 4/1/2016 100.446 $507 1.93 1.46 1.44 1.47 0.02 ($0.12) $500 862811U46 STRATFORD CONN PENSION OBLI A1 AA 2.64 8/1/2016 N/A 105.800 6/12/2012 8/1/2016 102.059 $512 1.95 1.50 1.20 1.79 0.02 ($2.75) $250 5476438G4 LOWELL MASS GO PARKING GARA Aa2 N/A 5.50 9/15/2016 N/A 117.611 7/18/2012 9/15/2016 106.829 $268 1.02 1.93 1.15 1.87 0.02 ($3.92) $625 081617PV8 BEND ORE FULL FAITH CREDIT Aa3 N/A 3.10 11/1/2016 N/A 100.000 11/30/2010 11/1/2016 103.439 $655 2.49 1.42 3.10 2.00 0.03 $21.49 $500 56516PNY5 MAPLE GROVE MINN TAXABLE GO N/A AAA 2.00 2/1/2017 N/A 104.782 1/10/2013 2/1/2017 101.738 $510 1.95 1.24 0.80 2.28 0.03 ($5.17) $500 591852UW6 METROPOLITAN COUNCIL MINN M Aaa AAA 1.20 9/1/2017 N/A 100.395 7/24/2012 9/1/2017 100.265 $502 1.91 1.11 1.12 2.88 0.05 $0.18 $900 20772JKK7 CONNECTICUT ST TAXABLE GO B Aa3 AA 1.26 10/15/2017 N/A 101.627 11/29/2012 10/15/2017 99.447 $900 3.43 1.45 0.92 2.98 0.06 ($14.18) $500 084509SW9 BERKS CNTY PA GO BDS 2012A Aa1 N/A 1.26 11/15/2017 N/A 101.167 11/29/2012 11/15/2017 100.219 $503 1.92 1.19 1.02 3.07 0.06 ($2.61) $70 161664DV6 CHASKA MINN GO TAX INCR REF N/A AA 2.00 12/1/2017 N/A 101.444 8/15/2013 12/1/2017 102.129 $72 0.27 1.31 1.65 3.08 0.06 $0.74 $380 604195VV6 MINNETONKA MINN INDPT SCH D Aaa N/A 1.10 1/1/2018 N/A 100.000 7/2/2013 1/1/2018 99.429 $379 1.44 1.28 1.10 3.21 0.06 ($2.17) $175 269408MF4 EAGAN MINN TAX INCR BDS 201 Aaa AAA 2.00 2/1/2018 N/A 104.054 6/13/2013 2/1/2018 101.095 $177 0.68 1.66 1.10 3.24 0.06 ($3.23) $190 751622AJ0 RAMSEY CNTY MINN TAXABLE GO Aaa AAA 5.10 2/1/2018 2/1/2017 115.720 11/25/2011 2/1/2017 108.287 $207 0.79 1.48 1.90 2.26 0.01 $1.92 $75 161664DW4 CHASKA MINN GO TAX INCR REF N/A AA 2.00 12/1/2018 N/A 100.000 8/15/2013 12/1/2018 100.918 $76 0.29 1.77 2.00 4.01 0.09 $0.69 $400 113835H54 BROOKLYN CENTER MINN GO TAX N/A AA 3.00 2/1/2021 N/A 101.876 1/24/2014 2/1/2021 102.064 $410 1.56 2.64 2.70 5.84 0.19 $1.41 Tax Muni $11,225 2.30 1.72 101.271 $11,436 43.59 1.04 1.62 1.65 0.03 $29.46 $150 161664BT3 CHASKA MINN GO IMPT BDS 201 N/A AA 2.00 2/1/2016 N/A 104.964 8/16/2012 2/1/2016 101.939 $153 0.58 0.82 0.83 1.32 0.01 $0.01 MUNI $150 2.00 1.34 101.939 $153 0.58 0.82 0.83 1.32 0.01 $0.01 $249 06278CPS8 BANK INDIA NEW YORK N Y N/A N/A 0.30 10/15/2014 N/A 100.000 4/16/2014 10/15/2014 99.995 $249 0.95 0.43 0.30 0.04 0.00 ($0.01) $249 33583CHE2 FIRST NIAGARA BK N A NY N/A N/A 0.25 10/17/2014 N/A 100.000 4/17/2014 10/17/2014 99.992 $249 0.95 0.43 0.25 0.05 0.00 ($0.02) $249 60688MHK3 MIZUHO BK USA INSTL CTF DEP N/A N/A 0.20 11/14/2014 N/A 100.000 5/14/2014 11/14/2014 99.937 $249 0.95 0.72 0.20 0.12 0.00 ($0.16) $249 92937CAV0 WEX BK MIDVALE UTAH N/A N/A 0.35 11/28/2014 N/A 100.000 5/29/2013 11/28/2014 100.009 $249 0.95 0.29 0.35 0.16 0.00 $0.02 $249 17669WEP6 CITIZENS ST BK OKEMAH OKLA N/A N/A 0.20 3/5/2015 N/A 100.000 6/5/2014 3/5/2015 99.813 $249 0.95 0.64 0.20 0.43 0.00 ($0.47) $249 59013JAF6 MERRICK BK SOUTH JORDAN UTAH N/A N/A 0.30 3/20/2015 N/A 100.000 6/20/2014 3/20/2015 99.913 $249 0.95 0.49 0.30 0.47 0.00 ($0.22) $249 084601BG7 BERKSHIRE BK PITTSFIELD MA N/A N/A 0.30 3/27/2015 N/A 100.000 6/27/2014 3/27/2015 99.906 $249 0.95 0.50 0.30 0.49 0.00 ($0.23) $249 06426RK69 BANK OF CHINA NEW YORK CITY N/A N/A 0.45 5/6/2015 N/A 100.000 8/6/2014 5/6/2015 99.969 $249 0.95 0.51 0.46 0.60 0.00 ($0.08) $247 87164DFE5 SYNOVUS BK COLUMBUS GA N/A N/A 0.40 5/14/2015 N/A 100.000 8/14/2014 5/14/2015 99.934 $247 0.94 0.51 0.41 0.62 0.00 ($0.16) $249 20033AEY8 COMENITY CAP BK UTAH N/A N/A 0.35 6/2/2015 N/A 100.000 6/2/2014 6/2/2015 99.860 $249 0.95 0.56 0.35 0.67 0.00 ($0.35) $249 07370WGR1 BEAL BK USA LAS VEGAS NEV N/A N/A 0.35 6/3/2015 N/A 100.000 6/4/2014 6/3/2015 99.826 $249 0.95 0.62 0.36 0.67 0.00 ($0.43) Ratings The information contained herein, while believed to be reliable, is not guaranteed.Data from BondEdge.5 of 12 Position by Sector CITY OF CHANHASSEN Par Coupon Call Acq Acq Worst Mkt Mkt Book Eff Gain/Loss Sector [$000]Cusip Issuer MDY S&P (%)Maturity Date Price Date Date Price Mkt Val % Port YTW Yld Dur Conv ($000) Ratings $247 05568PV95 BMW BK NORTH AMER UTAH N/A N/A 1.75 4/13/2017 N/A 100.000 4/13/2012 4/13/2017 101.580 $253 0.96 1.12 1.75 2.47 0.04 $3.90 $247 36160XUC9 GE CAP BK INC N/A N/A 2.05 8/21/2017 N/A 100.000 8/19/2011 8/21/2017 101.875 $252 0.96 1.38 2.05 2.82 0.05 $4.63 $248 02587DLY2 AMERICAN EXPRESS CENTRN N/A N/A 1.05 1/31/2018 N/A 100.000 1/31/2013 1/31/2018 99.886 $248 0.95 1.08 1.05 3.30 0.07 ($0.28) $248 94768NJF2 WEBSTER BK WATERBURY N/A N/A 1.00 2/6/2018 N/A 100.000 2/6/2013 2/6/2018 99.896 $248 0.95 1.03 1.00 3.32 0.07 ($0.26) $248 060624XH1 BANK BARODA NEW YORK N Y N/A N/A 1.25 3/8/2018 N/A 100.000 3/8/2013 3/8/2018 99.418 $247 0.94 1.43 1.25 3.38 0.07 ($1.44) $247 795450RT4 SALLIE MAE BK SLT LAKE CITY N/A N/A 2.00 12/11/2018 N/A 100.000 12/11/2013 12/11/2018 100.445 $250 0.95 1.89 2.00 4.04 0.10 $1.10 $247 38147JZT2 GOLDMAN SACHS BK USA NY N/A N/A 2.00 5/14/2019 N/A 100.000 5/14/2014 5/14/2019 99.529 $248 0.94 2.11 2.00 4.42 0.11 ($1.16) $247 06740KHS9 BARCLAYS BK DEL N/A N/A 2.10 8/13/2019 N/A 100.000 8/13/2014 8/13/2019 99.081 $245 0.94 2.30 2.10 4.66 0.12 ($2.27) $247 2.54671E+13 DISCOVER BK GREENWOOD DEL N/A N/A 2.10 8/13/2019 N/A 100.000 8/13/2014 8/13/2019 99.126 $246 0.94 2.29 2.10 4.66 0.12 ($2.16) $247 02587CAT7 AMERICAN EXP FED SVGS BK INS N/A N/A 2.05 8/14/2019 N/A 100.000 8/14/2014 8/14/2019 99.118 $245 0.94 2.24 2.05 4.67 0.12 ($2.18) $247 628779FN5 NBT BK NA NORWICH NY N/A N/A 2.10 8/20/2019 N/A 100.000 8/20/2014 8/20/2019 99.038 $245 0.93 2.31 2.10 4.68 0.12 ($2.38) CD $5,457 1.04 2.18 99.916 $5,464 20.83 1.13 1.04 2.12 0.05 ($4.60) $1,719 0006CHAN6 AMERICANA N/A N/A 0.35 10/1/2014 N/A 100.000 6/30/2014 10/1/2014 100.000 $1,733 6.60 0.35 0.35 0.00 0.00 $0.00 $260 0003CHAN3 WF N/A N/A 0.01 10/1/2014 N/A 100.000 6/30/2014 10/1/2014 100.000 $260 0.99 0.01 0.01 0.00 0.00 $0.00 $54 0008CHAN2 NORTHLAND N/A N/A 0.00 10/1/2014 N/A 100.000 6/30/2014 10/1/2014 100.000 $54 0.21 0.00 0.00 0.00 0.00 $0.00 $6 0002CHAN5 4M N/A N/A 0.02 10/1/2014 N/A 100.000 6/30/2014 10/1/2014 100.000 $6 0.02 0.02 0.02 0.00 0.00 $0.00 $52 0010CHAN8 STERNE N/A N/A 0.01 10/1/2014 N/A 100.000 6/30/2014 10/1/2014 100.000 $52 0.20 0.01 0.01 0.00 0.00 $0.00 MMF $2,091 0.29 0.00 100.000 $2,104 8.02 0.29 0.29 0.00 0.00 $0.00 Total:$26,113 1.59 2.28 100.049 $26,237 100.00 1.14 1.34 1.96 -0.14 ($14.26) The information contained herein, while believed to be reliable, is not guaranteed.Data from BondEdge.6 of 12 Ratings Alert Report CITY OF CHANHASSEN Rating Actions:Watchlist/Outlook/Upgrades/Downgrades/Reinstated/Withdrawn/Confirmed/Initial Ratings Identifier Issuer Coupon Maturity Currcy Sector/State NO ALERTS * WATCHLIST: UPG/POS = Possible Upgrade; DNG/NEG Possible Downgrade; UNC/DEV/EVO = Uncertain (Possible Upgrade or Downgrade) Report shows called bonds, call announcements and pre-refundings occurring since 06/30/2014. Fitch From Fitch To Fitch Date Moodys From Moodys To Moodys Date S&P From S&P To S&P Date The information contained herein, while believed to be reliable, is not guaranteed.Data from BondEdge.7 of 12 Call Report CITY OF CHANHASSEN Flat Scenario +100 Scenario +200 Scenario Projected Projected Projected CUSIP Issuer Name Coupon Maturity Eff Dur Conv Cash Flow Date of Call Date of Call Date of Call 3134G4QX9 FEDERAL HOME LN MTG CORP 1.50 12/27/2018 1.58 -1.22 $750,000 Dec-14 Jun-16 3134G5BK0 FEDERAL HOME LN MTG CORP 1.35 1/17/2018 1.62 -1.26 $500,000 Apr-15 Apr-17 3130A07J3 FEDERAL HOME LOAN BANKS 1.85 11/5/2018 3.08 -0.59 $500,000 Nov-15 Mar-17 3133832J9 FEDERAL HOME LOAN BANKS 0.75 11/21/2018 2.61 -1.05 $750,000 Nov-15 May-17 May-18 3135G0UR2 FEDERAL NATL MTG ASSN 1.50 2/26/2019 2.75 -1.31 $600,000 Nov-15 Feb-18 313381TY1 FEDERAL HOME LOAN BANKS 1.00 1/29/2020 3.67 -1.14 $695,000 Apr-16 3136G22K2 FEDERAL NATL MTG ASSN 2.00 11/20/2019 4.21 -0.41 $500,000 May-16 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 2/1/2018 2.26 0.01 $190,000 Feb-17 Feb-17 Feb-17 The information contained herein, while believed to be reliable, is not guaranteed.Data from BondEdge.8 of 12 Portfolio Shock CITY OF CHANHASSEN Avg Eff $ Mkt Value $Price Yield Change (bp)Total Income Price Life Dur Convexity Mkt Value Change Change -300 4.41 0.99 3.42 1.04 1.03 0.02 $27,394,204 $1,268,699 $894,537 -250 3.90 1.00 2.90 1.03 1.01 0.02 $27,259,810 $1,134,305 $757,378 -200 3.39 1.01 2.38 1.02 1.00 0.02 $27,126,616 $1,001,111 $622,571 -150 2.89 1.02 1.88 1.01 0.99 0.02 $26,995,152 $869,647 $489,853 -100 2.39 1.02 1.38 1.00 0.99 0.01 $26,864,150 $738,645 $359,487 -50 1.92 1.04 0.88 0.99 0.99 0.00 $26,740,330 $614,825 $230,688 0 1.45 1.02 0.43 1.01 1.09 -0.09 $26,617,401 $491,896 $111,556 50 0.96 1.11 -0.15 1.38 1.23 -0.12 $26,488,270 $362,765 ($39,450) 100 0.38 1.20 -0.82 1.40 1.31 -0.03 $26,336,076 $210,571 ($213,707) 150 -0.25 1.29 -1.54 1.50 1.42 0.00 $26,171,838 $46,333 ($402,855) 200 -0.87 1.37 -2.24 1.49 1.43 0.02 $26,008,782 ($116,723)($585,995) 250 -1.48 1.45 -2.94 1.48 1.42 0.02 $25,848,061 ($277,444)($767,045) 300 -2.08 1.53 -3.62 1.47 1.41 0.02 $25,690,027 ($435,478)($945,482) Horizon Months 12 Reinvestment Rate 0.037 Aged Simulation Base Currency USD $26,125,505.00 ----------- Returns(%) ----------- ($1,500,000) ($1,000,000) ($500,000) $0 $500,000 $1,000,000 -3 0 0 -2 5 0 -2 0 0 -1 5 0 -1 0 0 -5 0 050 10 0 15 0 20 0 25 0 30 0 Price Change The information contained herein, while believed to be reliable, is not guaranteed.Data from BondEdge.9 of 12 MONTHLY CASH FLOW CALENDAR CITY OF CHANHASSEN Assumes flat rate Date Int CF Maturity CF Call CF Put CF Sink CF Int CF- MBS/ABS Princ CF-MBS/ABS Prepay CF-MBS/ABS Princ CF Period Cashflow Run-Off YTW Run-Off Bk Yld Oct-14 39,494 2,588,600 0 0 0 0 0 0 2,588,600 2,628,094 0.00 0.29 Nov-14 41,619 978,000 0 0 0 0 0 0 978,000 1,019,619 0.67 1.17 Dec-14 10,974 0 750,000 0 0 0 0 0 750,000 760,974 -0.01 1.50 Jan-15 12,669 345,000 0 0 0 0 0 0 345,000 357,669 0.16 0.50 Feb-15 81,982 2,300,000 0 0 0 0 0 0 2,300,000 2,381,982 1.05 2.03 Mar-15 29,995 747,000 0 0 0 0 0 0 747,000 776,995 0.54 0.27 Apr-15 26,922 500,000 500,000 0 0 0 0 0 1,000,000 1,026,922 0.32 1.51 May-15 37,864 496,000 0 0 0 0 0 0 496,000 533,864 0.51 0.43 Jun-15 6,188 708,000 0 0 0 0 0 0 708,000 714,188 0.82 0.46 Jul-15 8,307 0 0 0 0 0 0 0 0 8,307 0.00 0.00 Aug-15 52,925 500,000 0 0 0 0 0 0 500,000 552,925 0.39 0.75 Sep-15 28,760 500,000 0 0 0 0 0 0 500,000 528,760 0.19 0.51 Oct-15 12,236 0 0 0 0 0 0 0 0 12,236 0.00 0.00 Nov-15 39,473 615,000 1,850,000 0 0 0 0 0 2,465,000 2,504,473 1.13 1.56 Dec-15 3,920 0 0 0 0 0 0 0 0 3,920 0.00 0.00 Jan-16 8,307 0 0 0 0 0 0 0 0 8,307 0.00 0.00 Feb-16 45,920 350,000 0 0 0 0 0 0 350,000 395,920 1.21 0.64 Mar-16 23,772 510,000 0 0 0 0 0 0 510,000 533,772 0.66 2.19 Apr-16 14,374 500,000 695,000 0 0 0 0 0 1,195,000 1,209,374 0.69 1.74 May-16 20,318 0 500,000 0 0 0 0 0 500,000 520,318 0.21 2.00 Jun-16 3,920 0 0 0 0 0 0 0 0 3,920 0.00 0.00 Jul-16 4,832 0 0 0 0 0 0 0 0 4,832 0.00 0.00 Aug-16 42,425 500,000 0 0 0 0 0 0 500,000 542,425 3.01 1.20 Sep-16 16,440 750,000 0 0 0 0 0 0 750,000 766,440 0.52 0.84 Oct-16 7,840 0 0 0 0 0 0 0 0 7,840 0.00 0.00 Nov-16 15,331 625,000 0 0 0 0 0 0 625,000 640,331 0.79 3.10 Dec-16 3,920 0 0 0 0 0 0 0 0 3,920 0.00 0.00 Jan-17 4,832 0 0 0 0 0 0 0 0 4,832 0.00 0.00 Feb-17 35,825 500,000 190,000 0 0 0 0 0 690,000 725,825 0.55 1.98 Mar-17 4,550 0 0 0 0 0 0 0 0 4,550 0.00 0.00 Apr-17 7,845 247,000 0 0 0 0 0 0 247,000 254,845 1.12 1.75 May-17 5,625 0 0 0 0 0 0 0 0 5,625 0.00 0.00 Jun-17 3,920 0 0 0 0 0 0 0 0 3,920 0.00 0.00 Jul-17 4,832 0 0 0 0 0 0 0 0 4,832 0.00 0.00 Aug-17 25,990 247,000 0 0 0 0 0 0 247,000 272,990 1.38 2.05 Sep-17 4,565 500,000 0 0 0 0 0 0 500,000 504,565 0.01 1.12 Oct-17 5,693 900,000 0 0 0 0 0 0 900,000 905,693 0.36 0.92 Nov-17 5,633 500,000 0 0 0 0 0 0 500,000 505,633 0.05 1.02 Dec-17 3,922 70,000 0 0 0 0 0 0 70,000 73,922 0.16 1.65 Jan-18 4,843 628,000 0 0 0 0 0 0 628,000 632,843 0.60 1.08 Feb-18 23,438 423,000 0 0 0 0 0 0 423,000 446,438 0.79 1.04 Mar-18 1,556 248,000 0 0 0 0 0 0 248,000 249,556 1.43 1.25 May-18 2,470 0 0 0 0 0 0 0 0 2,470 0.00 0.00 Jun-18 3,220 0 0 0 0 0 0 0 0 3,220 0.00 0.00 Jul-18 1,440 240,000 0 0 0 0 0 0 240,000 241,440 0.23 1.20 Aug-18 20,438 0 0 0 0 0 0 0 0 20,438 0.00 0.00 Nov-18 2,470 0 0 0 0 0 0 0 0 2,470 0.00 0.00 Dec-18 3,227 322,000 0 0 0 0 0 0 322,000 325,227 1.51 2.00 Feb-19 20,470 1,655,000 0 0 0 0 0 0 1,655,000 1,675,470 0.54 1.87 May-19 2,474 247,000 0 0 0 0 0 0 247,000 249,474 2.11 2.00 Aug-19 16,329 988,000 0 0 0 0 0 0 988,000 1,004,329 2.28 2.09 Totals 856,334.00 21,227,600.00 4,485,000.00 0.00 0.00 0.00 0.00 0.00 25,712,600.00 26,568,934.00 The information contained herein, while believed to be reliable, is not guaranteed. 10 of 12 MONTHLY CASH FLOW CALENDAR CITY OF CHANHASSEN Assumes flat rate Date Int CF Maturity CF Call CF Put CF Sink CF Int CF- MBS/ABS Princ CF-MBS/ABS Prepay CF-MBS/ABS Princ CF Period Cashflow Run-Off YTW Run-Off Bk Yld $856,334 $21,227,600 $4,485,000 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 Int CF Maturity CF Call CF The information contained herein, while believed to be reliable, is not guaranteed. 11 of 12 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. Wells Fargo Securities and/or its affiliates may provide advice, may make markets in or may, from time to time, acquire, hold or sell positions in any of the securities to which this indicative valuation relates, either for its own account or for the account of others. PLEASE READ THE FOLLOWING IMPORTANT EXPLANATION AND CAUTION: Wells Fargo Securities LLC, Member NFA, NYSE, FINRA and SIPC This account summary was prepared by Wells Fargo Securities Portfolio Analytic Services 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. 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 Institutional Securities, LLC, a member of FINRA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC carries and provides clearing services for Wells Fargo Institutional Securities, LLC customer accounts. Wells Fargo Securities, LLC, Wells Fargo Institutional Securities, LLC, and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. 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. 12 of 12