Loading...
Investment Report 03-31-14Po r t f o l i o A n a l y t i c s An a l y s i s f o r : CI T Y O F C H A N H A S S E N Pr e s e n t e d b y : Je n n i f e r C u r t i s Ma r c h 3 1 , 2 0 1 4 In v e s t m e n t s : N O T F D I C I n s u r e d • M a y L o s e V a l u e • N o B a n k G u a r a n t e e 1 of 12 Su m m a r y CI T Y O F C H A N H A S S E N To t a l P a r V a l u e : $2 6 , 1 7 0 , 3 3 1 Av g . M a r k e t Y i e l d : 0.94 To t a l M a r k e t V a l u e ( w / o a c c r d ) : $2 6 , 3 6 9 , 4 5 3 l Av g . B o o k Y i e l d : 1 .22 Un r e a l i z e d G / L ( $ 0 0 0 ) : $3 7 Av g . C o u p o n : 1.56 Fi r s t Y e a r B o o k I n c o m e : $2 7 5 , 0 0 0 l Av g . P r i c e : 1 00.761 3 M o n t h C a s h F l o w P r o j e c t i o n : $6 , 2 9 1 , 5 1 0 Av g . E f f e c t i v e D u r a t i o n : 1.87 Nu m b e r o f B o n d s : 61 l Av g . C o n v e x i t y : -0.15 %P o r t f o l i o F l o a t i n g R a t e : 0 Av g . L i f e ( Y e a r s ) : 2.02 CD 2, 9 4 6 2 75 0 0 0 A G E N C Y 1 3 5 0 PA S S - T H R U 56 5 1 AR M 1 , 1 5 3 % P o r t f o l i o C a l l a b l e Se c t o r D i s t r i b u t i o n Co u p o n D i s t r i b u t i o n Md y s / S & P S T R a t i n g s D i s t r i b u t i o n No t C a l l a b l e , 84 Ca l l a b l e , 1 6 05101520253035 0. 0 0 - 0. 9 9 1. 0 0 - 1. 9 9 2. 0 0 - 2. 9 9 3. 0 0 - 3. 9 9 5.00 -5.99 28 34 30 4 4 AG Y , 2 1 Ta x M u n i , 45 MU N I , 1 CD , 1 7 MM F , 16 Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . . Data from BondEdge. 2 of 12 Di s t r i b u t i o n G r a p h s CI T Y O F C H A N H A S S E N Ca l l D i s t r i b u t i o n a s % P o r t Ag e n c y D i s t r i b u t i o n a s % P o r t Mu n i c i p a l S t a t e D i s t r i b u t i o n a s % P o r t Du r a t i o n D i s t r i b u t i o n a s % P o r t 0510152025 MN OR CT WI NY PA MA 22 9 7 3 2 2 1 051015202530354045 <0 . 0 0 0 . 0 0 - 0 . 9 9 1 . 0 0 - 2 . 9 9 3 . 0 0 - 3 . 9 9 4 . 0 0 - 5 . 9 9 6 . 0 0 - 7 . 9 9 8 . 0 0 + . 42 30 21 6 2 . 024681012 FH L B FN M A FH L M C 11 6 4 NC / N o t P r i c e d To C a l l , 9 4 % Pr i c e d t o C a l l , 6% Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . Data from BondEdge. 3 of 12 Po r t f o l i o H i s t o r y CI T Y O F C H A N H A S S E N *A l l a v e r a g e s m a r k e t w e i g h t e d Da t e T o t a l P a r V a l u e U nr e a l i z e d G/ L ( $ 0 0 0 ) Ef f e c t i v e Du r a t i o n Co n v e x i t y Av g . L i f e Yr s Av g . M k t YT W Be n c h m a r k Ts y Y l d Av g . B k Y l d Av g . Co u p o n Avg. PriceAvg. Mdy's Rating #Issues 3/ 3 1 / 1 4 $ 2 6 , 1 7 0 , 3 3 1 $ 3 7 1. 8 7 -0 . 1 5 2. 0 2 0 . 9 4 0. 0 7 1. 2 2 1 . 5 6 1 0 0 . 7 6 1 A a 1 6 1 12 / 3 1 / 1 3 $ 3 3 , 8 7 4 , 5 5 2 ($ 3 4 ) 1. 4 8 -0 . 0 9 1. 5 3 0 . 8 1 0. 1 1 0. 9 5 1 . 2 1 1 0 0 . 4 3 7 A a 1 6 4 9/ 3 0 / 1 3 $ 2 9 , 9 3 0 , 0 0 0 $ 4 3 1. 6 0 -0 . 1 2 1. 5 6 0 . 7 9 0. 1 5 1. 1 3 1 . 5 1 1 0 0 . 9 9 7 A a 1 6 2 6 / 2 8 / 2 0 1 3 $ 3 1 , 7 8 1 , 0 0 0 $ 7 9 1 . 6 5 -0 . 1 2 1. 7 4 0 . 7 8 0. 1 5 1. 0 9 1 . 4 9 1 0 1 . 1 4 7 A a 1 6 1 3/ 2 8 / 1 3 $ 2 7 , 2 5 8 , 0 0 0 $ 2 6 8 1 . 8 2 -0 . 0 9 1. 7 5 0 . 6 2 0. 1 5 1. 2 5 1 . 6 9 1 0 2 . 0 6 7 A a 1 5 5 12 / 3 1 / 1 2 $ 2 9 , 4 4 7 , 0 0 0 $ 2 8 7 1 . 6 8 -0 . 0 9 1. 6 0 0 . 5 7 0. 1 5 1. 1 3 1 . 5 2 1 0 1 . 9 9 1 A a 1 5 6 9/ 2 8 / 1 2 $ 2 6 , 4 2 9 , 0 0 0 $ 5 1 3 2 . 1 3 -0 . 0 9 2. 0 8 0 . 7 6 0. 2 3 1. 5 5 2 . 1 4 1 0 3 . 2 5 6 A a 1 6 0 6/ 2 9 / 1 2 $ 2 9 , 3 3 9 , 0 0 0 $ 4 7 3 1 . 8 4 -0 . 1 2 1. 7 5 0 . 7 7 0. 2 2 1. 3 9 1 . 8 6 1 0 2 . 5 7 2 A a 1 5 5 3/ 3 0 / 1 2 $ 2 5 , 1 2 5 , 0 0 0 $ 4 4 2 2 . 0 8 -0 . 0 9 2. 2 8 1 . 0 3 0. 3 3 1. 8 0 2 . 3 4 1 0 2 . 8 3 1 A a 1 4 5 12 / 3 0 / 1 1 $ 2 5 , 9 1 0 , 0 0 0 $ 3 4 7 1 . 8 8 -0 . 0 3 1. 8 7 1 . 0 3 0. 1 2 1. 6 9 2 . 3 4 1 0 2 . 6 9 2 A a 1 4 6 9/ 3 0 / 1 1 $ 2 2 , 0 7 0 , 0 0 0 $ 3 6 9 2 . 0 8 -0 . 0 2 2. 2 0 1 . 0 9 0. 2 5 1. 9 6 2 . 4 5 1 0 2 . 8 8 6 A a 1 3 6 6/ 3 0 / 1 1 $ 2 4 , 4 2 7 , 0 0 0 $ 2 4 4 1 . 9 1 -0 . 0 8 1. 9 3 1 . 1 9 0. 1 8 1. 8 4 2 . 1 3 1 0 1 . 6 7 6 A a a 3 9 3/ 3 1 / 1 1 $ 2 1 , 5 0 3 , 0 0 0 $ 6 0 1. 8 2 -0 . 1 3 1. 8 4 1 . 1 8 0. 2 6 1. 6 7 2 . 1 8 1 0 0 . 8 3 6 A a a 3 6 12 / 3 1 / 1 0 $ 2 5 , 3 2 6 , 0 0 0 $ 1 6 0 1 . 7 7 -0 . 1 4 1. 6 8 1 . 2 4 0. 2 9 1. 4 4 1 . 9 2 1 0 0 . 8 3 2 A a a 4 3 9/ 3 0 / 1 0 $ 2 0 , 7 4 2 , 0 0 0 $ 2 2 8 1 . 3 4 -0 . 0 5 1. 3 0 0 . 7 1 0. 2 6 1. 7 7 2 . 2 1 1 0 1 . 5 7 6 A G Y 3 3 6/ 3 0 / 1 0 $ 2 4 , 3 8 7 , 0 0 0 $ 2 3 4 0 . 7 9 -0 . 0 1 0. 7 7 0 . 6 9 0. 3 2 2. 5 2 3 . 0 9 1 0 1 . 7 1 0 A G Y 4 2 4/ 3 0 / 1 0 $ 2 1 , 0 8 3 , 0 0 0 $ 2 3 3 0 . 6 2 0 . 0 0 0 . 6 4 0 . 3 4 0. 4 5 2. 5 4 3 . 2 3 1 0 1 . 6 8 1 A G Y 4 1 3/ 3 1 / 1 0 $ 2 4 , 0 8 3 , 0 0 0 $ 2 8 2 0 . 9 8 -0 . 1 9 1. 1 6 0 . 8 6 0. 4 0 2. 5 9 3 . 2 3 1 0 1 . 7 9 1 A G Y 4 4 1/ 2 9 / 1 0 $ 3 3 , 5 1 0 , 0 0 0 $ 3 2 0 0 . 8 5 -0 . 0 7 1. 0 7 1 . 0 3 0. 3 4 2. 7 9 3 . 2 6 1 0 1 . 5 0 7 A G Y 7 9 9/ 3 0 / 0 9 $ 2 8 , 5 7 3 , 0 0 0 $ 5 5 7 0 . 7 2 0 . 0 1 0 . 7 4 0 . 7 6 0. 4 0 3. 3 2 3 . 8 5 1 0 2 . 5 2 8 N / A 7 8 6/ 3 0 / 0 9 $ 3 5 , 1 7 7 , 0 0 0 $ 6 3 8 0 . 8 0 -0 . 0 1 0. 8 1 1 . 0 7 0. 5 1 3. 0 5 3 . 4 8 1 0 2 . 3 8 1 N / A 8 8 3/ 3 1 / 0 9 $ 3 6 , 0 2 7 , 0 0 0 $ 6 2 1 1 . 0 0 0 . 0 0 1 . 0 3 1 . 7 8 0. 6 4 3. 2 7 3 . 6 8 1 0 2 . 3 7 7 N / A 9 7 12 / 3 1 / 0 8 $ 4 2 , 7 4 5 , 0 0 0 $ 7 6 2 1 . 0 7 -0 . 0 3 1. 0 8 1 . 7 0 0. 4 9 3. 1 2 3 . 5 4 1 0 2 . 4 4 1 A G Y 1 0 7 $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$45,000,000 3/31/14 12/31/13 9/30/13 6 / 2 8 / 2 0 1 3 3 / 2 8 / 1 3 1 2 / 3 1 / 1 2 9 / 2 8 / 1 2 6 / 2 9 / 1 2 3 / 3 0 / 1 2 1 2 / 3 0 / 1 1 9 / 3 0 / 1 1 6 / 3 0 / 1 1 3 / 3 1 / 1 1 1 2 / 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 9 / 3 0 / 0 9 6 / 3 0 / 0 9 3 / 3 1 / 0 9 1 2 / 3 1 / 0 8 Hi s t o r y o f P a r V a l u e Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . . Data from BondEdge. 4 of 12 Po s i t i o n b y S e c t o r CI T Y O F C H A N H A S S E N Pa r Co u p o n C a l l A c q A c q W o r s t M k t Book E f f G a i n / L o s s Se c t o r [ $ 0 0 0 ] C u s i p Is s u e r MD Y S & P ( % ) M a t u r i t y D a t e P r i c e D a t e D a t e P r i c e M k t V a l % P o r t Y T W Y l d D u r C o n v ( $ 0 0 0 ) $5 0 0 3 1 3 6 F P G M 3 F E D E R A L N A T L M T G A S S N Aa a A A + 2 . 0 0 9/ 2 4 / 2 0 1 5 N/ A 1 0 4 . 7 3 9 7 / 1 1 / 2 0 1 2 9 / 2 4 / 2 0 1 5 1 0 2 . 4 8 5 $ 5 1 3 1 . 9 4 0 . 3 2 0 . 5 1 1 . 4 7 0 . 0 1 $ 1 . 4 2 $5 0 0 3 1 3 3 7 0 T W 8 F E D E R A L H O M E L O A N B A N K S A a a A A + 2 . 0 0 9/ 9 / 2 0 1 6 N/ A 1 0 5 . 3 9 2 7 / 1 2 / 2 0 1 2 9 / 9 / 2 0 1 6 1 0 3 . 2 4 4 $ 5 1 7 1 . 9 5 0 . 6 6 0 . 6 8 2 . 4 0 0 . 0 3 $ 0 . 3 2 $2 4 0 3 1 3 4 G 3 Z K 9 F E D E R A L H O M E L N M T G C O R P A a a A A + 1 . 2 0 7/ 3 0 / 2 0 1 8 7/ 3 0 / 2 0 1 4 1 0 0 . 0 0 0 7 / 3 0 / 2 0 1 2 7 / 3 0 / 2 0 1 8 9 8 . 0 7 3 $ 2 3 6 0 . 8 9 1 . 6 6 1 . 2 0 3 . 3 7 -0.77 ( $ 4 . 6 2 ) $5 0 0 3 1 3 0 A 0 7 J 3 F E D E R A L H O M E L O A N B A N K S A a a A A + 1 . 8 5 1 1/ 5 / 2 0 1 8 11 / 5 / 2 0 1 5 1 0 0 . 8 4 8 1 2 / 4 / 2 0 1 3 1 1 / 5 / 2 0 1 8 9 9 . 8 6 7 $ 5 0 3 1 . 9 0 1 . 8 8 1 . 4 0 3 . 7 6 -0.50 ( $ 4 . 1 9 ) $7 5 0 3 1 3 3 8 3 2 J 9 F E D E R A L H O M E L O A N B A N K S A a a A A + 0 . 6 3 1 1/ 2 1 / 2 0 1 8 5/ 2 1 / 2 0 1 4 1 0 0 . 0 0 0 5 / 2 1 / 2 0 1 3 5 / 2 1 / 2 0 1 7 9 7 . 6 3 4 $ 7 3 4 2 . 7 7 1 . 8 8 0 . 5 0 3 . 4 2 -0.85 ( $ 1 7 . 7 4 ) $7 5 0 3 1 3 4 G 4 Q X 9 F E D E R A L H O M E L N M T G C O R P A a a A A + 1 . 5 0 1 2/ 2 7 / 2 0 1 8 6/ 2 7 / 2 0 1 4 1 0 0 . 0 0 0 1 2 / 3 1 / 2 0 1 3 6 / 2 7 / 2 0 1 4 1 0 0 . 1 8 6 $ 7 5 4 2 . 8 5 0 . 7 2 1 . 5 0 1 . 8 4 -1.43 $1.39 $60 0 3 1 3 5 G 0 U R 2 F E D E R A L N A T L M T G A S S N Aa a A A + 1 . 5 0 2/ 2 6 / 2 0 1 9 5/ 2 6 / 2 0 1 4 9 9 . 0 2 5 3 / 1 0 / 2 0 1 4 2 / 2 6 / 2 0 1 9 9 8 . 7 2 6 $ 5 9 3 2 . 2 4 1 . 7 7 1 . 7 1 3 . 0 5 -1.39 ( $ 1 . 8 6 ) $5 0 0 3 1 3 6 F T R 6 8 F E D E R A L N A T L M T G A S S N Aa a A A + 1 . 6 5 2 /2 8 / 2 0 1 9 N/ A 9 9 . 6 7 5 3 / 5 / 2 0 1 2 2 / 2 8 / 2 0 1 9 9 9 . 2 9 2 $ 4 9 7 1 . 8 8 1 . 8 0 1 . 7 0 4 . 7 7 0 . 1 3 ($2.37) $6 0 0 3 1 3 0 A 0 W 8 9 F E D E R A L H O M E L O A N B A N K S A a a A A + 2 . 0 0 8 /2 8 / 2 0 1 9 5/ 2 8 / 2 0 1 4 1 0 0 . 0 0 0 2 / 2 8 / 2 0 1 4 8 / 2 8 / 2 0 1 9 9 9 . 2 5 9 $ 5 9 7 2 . 2 5 2 . 1 5 2 . 0 0 2 . 9 4 -1.73 ( $ 4 . 4 5 ) $6 9 5 3 1 3 3 8 1 T Y 1 F E D E R A L H O M E L O A N B A N K S A a a A A + 1 . 0 0 1 /2 9 / 2 0 2 0 4/ 2 9 / 2 0 1 4 9 7 . 5 5 5 1 2 / 4 / 2 0 1 3 1 / 2 9 / 2 0 2 0 9 6 . 6 9 9 $ 6 7 3 2 . 5 4 2 . 3 4 1 . 9 5 4 . 3 7 -0.88 ( $ 7 . 9 8 ) AG Y $5 , 6 3 5 1. 5 0 4. 4 3 9 9 . 4 4 0 $ 5 , 6 1 7 2 1 . 2 1 1 . 5 2 1 . 3 3 3 . 1 1 -0.80 ( $ 4 0 . 0 9 ) $5 0 0 5 9 1 8 5 2 U T 3 M E T R O P O L I T A N C O U N C I L M I N N M A a a A A A 0 . 4 0 9 /1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 7 / 2 4 / 2 0 1 2 9 / 1 / 2 0 1 4 9 9 . 9 8 4 $ 5 0 0 1 . 8 9 0 . 4 4 0 . 4 0 0 . 4 2 0 . 0 0 ($0.08) $4 8 0 0 8 1 6 1 7 P T 3 B E N D O R E F U L L F A I T H C R E D I T A a 3 N / A 2 . 1 0 1 1/ 1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 1 1 / 3 0 / 2 0 1 0 1 1 / 1 / 2 0 1 4 1 0 1 . 0 3 2 $ 4 8 9 1 . 8 5 0 . 3 3 2 . 1 0 0 . 5 8 0 . 0 0 $ 4 . 9 5 $3 4 5 6 0 4 1 9 5 V S 3 M I N N E T O N K A M I N N I N D P T S C H D A a a N / A 0 . 5 0 1/ 1 / 2 0 1 5 N/ A 1 0 0 . 0 0 0 7 / 2 / 2 0 1 3 1 / 1 / 2 0 1 5 1 0 0 . 2 0 3 $ 3 4 7 1 . 3 1 0 . 2 3 0 . 5 0 0 . 7 5 0 . 0 1 $ 0 . 7 0 $2 7 5 3 0 5 2 2 9 D M 5 F A I R M O N T M I N N I N D P T S C H D I S A a 2 N / A 2 . 6 5 2/ 1 / 2 0 1 5 N/ A 1 0 0 . 0 0 0 8 / 1 2 / 2 0 1 0 2 / 1 / 2 0 1 5 1 0 1 . 7 4 8 $ 2 8 1 1 . 0 6 0 . 5 4 2 . 6 5 0 . 8 3 0 . 0 1 $ 4 . 8 1 $1 , 3 0 0 5 1 0 4 3 P A B 2 L A K E P A R K - A U D U B O N M I N N I N D P N / A A A + 2 . 7 5 2/ 1 / 2 0 1 5 N/ A 1 0 0 . 0 0 0 7 / 2 2 / 2 0 1 0 2 / 1 / 2 0 1 5 1 0 1 . 8 3 9 $ 1 , 3 3 0 5 . 0 2 0 . 5 3 2 . 7 5 0 . 8 3 0 . 0 1 $ 2 3 . 9 1 $2 2 5 6 2 0 5 3 5 V 6 8 M O U N D M I N N T A X A B L E G O B D S 2 N / A A A 2 . 0 0 2/ 1 / 2 0 1 5 N/ A 1 0 2 . 6 0 5 5 / 2 / 2 0 1 3 2 / 1 / 2 0 1 5 1 0 1 . 4 5 4 $ 2 2 9 0 . 8 6 0 . 2 5 0 . 5 0 0 . 8 4 0 . 0 1 $ 0 . 4 7 $5 0 0 6 0 3 7 9 0 C Z 7 M I N N E A P O L I S M I N N S P L S C H D I A a 1 A A + 2 . 0 0 2/ 1 / 2 0 1 5 N/ A 1 0 3 . 1 5 8 1 2 / 1 8 / 2 0 1 2 2 / 1 / 2 0 1 5 1 0 1 . 2 2 1 $ 5 0 8 1 . 9 2 0 . 5 3 0 . 5 0 0 . 8 3 0 . 0 1 ($0.12) $5 0 0 6 8 6 0 7 V N S 0 O R E G O N S T D E P T A D M I N I S T R A T I A a 2 A A A 5 . 1 3 4 /1 / 2 0 1 5 N/ A 1 1 2 . 2 6 0 7 / 2 9 / 2 0 1 1 4 / 1 / 2 0 1 5 1 0 4 . 5 1 0 $ 5 3 5 2 . 0 2 0 . 5 9 1 . 6 7 0 . 9 6 0 . 0 1 $ 5 . 5 1 $2 1 0 9 7 6 8 6 0 Y Z 3 W I S C O N S I N R A P I D S W I S G O R E F A a 3 N / A 1 . 2 5 6/ 1 / 2 0 1 5 N/ A 1 0 1 . 6 0 0 5 / 1 0 / 2 0 1 2 6 / 1 / 2 0 1 5 1 0 0 . 9 3 7 $ 2 1 3 0 . 8 0 0 . 4 4 0 . 7 2 1 . 1 6 0 . 0 1 $ 0 . 6 8 $5 0 0 6 4 9 6 6 J G 2 6 N E W Y O R K N Y T A X A B L E G O B D S A a 2 A A 1 . 0 0 8/ 1 / 2 0 1 5 N/ A 1 0 0 . 7 6 4 6 / 2 5 / 2 0 1 2 8 / 1 / 2 0 1 5 1 0 0 . 7 7 6 $ 5 0 5 1 . 9 1 0 . 4 2 0 . 7 5 1 . 3 3 0 . 0 1 $ 2 . 2 4 $6 1 5 0 8 1 6 1 7 P U 0 B E N D O R E F U L L F A I T H C R E D I T A a 3 N / A 2 . 6 0 11 / 1 / 2 0 1 5 N/ A 1 0 0 . 0 0 0 1 1 / 3 0 / 2 0 1 0 1 1 / 1 / 2 0 1 5 1 0 3 . 3 1 2 $ 6 4 2 2 . 4 2 0 . 5 0 2 . 6 0 1 . 5 5 0 . 0 2 $ 2 0 . 3 7 $2 0 0 7 5 1 6 2 2 H A 2 R A M S E Y C N T Y M I N N C A P I M P T B A a a A A A 2 . 0 0 2/ 1 / 2 0 1 6 N/ A 1 0 3 . 3 4 6 6 / 2 4 / 2 0 1 3 2 / 1 / 2 0 1 6 1 0 2 . 5 2 2 $ 2 0 6 0 . 7 8 0 . 6 1 0 . 7 0 1 . 8 1 0 . 0 2 $ 0 . 3 2 $5 1 0 9 5 1 4 2 7 X 4 0 W E S T B E N D W I S T A X A B L E G O R A a 3 N / A 2 . 8 8 3/ 1 / 2 0 1 6 N/ A 1 0 3 . 4 5 0 1 0 / 1 9 / 2 0 1 0 3 / 1 / 2 0 1 6 1 0 3 . 7 9 6 $ 5 3 1 2 . 0 0 0 . 8 7 2 . 1 9 1 . 8 7 0 . 0 2 $ 1 2 . 8 8 $5 0 0 9 4 1 2 4 7 V 6 2 W A T E R B U R Y C O N N G O B D S 2 0 1 2 B A 1 A A - 1 . 7 6 4/ 1 / 2 0 1 6 N/ A 1 0 1 . 1 6 0 6 / 2 6 / 2 0 1 2 4 / 1 / 2 0 1 6 1 0 0 . 4 4 6 $ 5 0 7 1 . 9 1 1 . 5 3 1 . 4 4 1 . 9 5 0 . 0 2 ($0.87) $5 0 0 8 6 2 8 1 1 U 4 6 S T R A T F O R D C O N N P E N S I O N O B L I A 1 A A 2 . 6 4 8 /1 / 2 0 1 6 N/ A 1 0 5 . 8 0 0 6 / 1 2 / 2 0 1 2 8 / 1 / 2 0 1 6 1 0 2 . 8 1 0 $ 5 1 6 1 . 9 5 1 . 4 1 1 . 2 0 2 . 2 6 0 . 0 3 ($2.47) $2 5 0 5 4 7 6 4 3 8 G 4 L O W E L L M A S S G O P A R K I N G G A R A A a 2 N / A 5 . 5 0 9 /1 5 / 2 0 1 6 N/ A 1 1 7 . 6 1 1 7 / 1 8 / 2 0 1 2 9 / 1 5 / 2 0 1 6 1 0 8 . 7 5 3 $ 2 7 2 1 . 0 3 1 . 8 4 1 . 1 5 2 . 3 2 0 . 0 3 ($4.36) $6 2 5 0 8 1 6 1 7 P V 8 B E N D O R E F U L L F A I T H C R E D I T A a 3 N / A 3 . 1 0 1 1/ 1 / 2 0 1 6 N/ A 1 0 0 . 0 0 0 1 1 / 3 0 / 2 0 1 0 1 1 / 1 / 2 0 1 6 1 0 5 . 5 5 1 $ 6 6 8 2 . 5 2 0 . 9 2 3 . 1 0 2 . 4 8 0 . 0 4 $ 3 4 . 6 9 $5 0 0 5 6 5 1 6 P N Y 5 M A P L E G R O V E M I N N T A X A B L E G O N / A A A A 2 . 0 0 2/ 1 / 2 0 1 7 N/ A 1 0 4 . 7 8 2 1 / 1 0 / 2 0 1 3 2 / 1 / 2 0 1 7 1 0 2 . 5 9 7 $ 5 1 5 1 . 9 4 1 . 0 7 0 . 8 0 2 . 7 7 0 . 0 4 ($3.78) $5 0 0 5 9 1 8 5 2 U W 6 M E T R O P O L I T A N C O U N C I L M I N N M A a a A A A 1 . 2 0 9 /1 / 2 0 1 7 N/ A 1 0 0 . 3 9 5 7 / 2 4 / 2 0 1 2 9 / 1 / 2 0 1 7 9 9 . 5 0 1 $ 4 9 8 1 . 8 8 1 . 3 5 1 . 1 2 3 . 3 7 0 . 0 6 ($3.82) $9 0 0 2 0 7 7 2 J K K 7 C O N N E C T I C U T S T T A X A B L E G O B A a 3 A A 1 . 2 6 1 0/ 1 5 / 2 0 1 7 N/ A 1 0 1 . 6 2 7 1 1 / 2 9 / 2 0 1 2 1 0 / 1 5 / 2 0 1 7 9 9 . 5 6 0 $ 9 0 1 3 . 4 0 1 . 3 9 0 . 9 2 3 . 4 6 0 . 0 7 ($14.62) $5 0 0 0 8 4 5 0 9 S W 9 B E R K S C N T Y P A G O B D S 2 0 1 2 A A a 1 N / A 1 . 2 6 1 1/ 1 5 / 2 0 1 7 N/ A 1 0 1 . 1 6 7 1 1 / 2 9 / 2 0 1 2 1 1 / 1 5 / 2 0 1 7 1 0 0 . 1 6 5 $ 5 0 3 1 . 9 0 1 . 2 1 1 . 0 2 3 . 5 5 0 . 0 7 ($3.45) $7 0 1 6 1 6 6 4 D V 6 C H A S K A M I N N G O T A X I N C R R E F N / A A A 2 . 0 0 1 2/ 1 / 2 0 1 7 N/ A 1 0 1 . 4 4 4 8 / 1 5 / 2 0 1 3 1 2 / 1 / 2 0 1 7 1 0 1 . 9 0 0 $ 7 2 0 . 2 7 1 . 4 6 1 . 6 5 3 . 5 3 0 . 0 7 $ 0 . 4 7 $3 8 0 6 0 4 1 9 5 V V 6 M I N N E T O N K A M I N N I N D P T S C H D A a a N / A 1 . 1 0 1/ 1 / 2 0 1 8 N/ A 1 0 0 . 0 0 0 7 / 2 / 2 0 1 3 1 / 1 / 2 0 1 8 9 9 . 2 1 7 $ 3 8 0 1 . 4 4 1 . 3 1 1 . 1 0 3 . 6 8 0 . 0 8 ($2.98) $1 7 5 2 6 9 4 0 8 M F 4 E A G A N M I N N T A X I N C R B D S 2 0 1 A a a A A + 2 . 0 0 2 /1 / 2 0 1 8 N/ A 1 0 4 . 0 5 4 6 / 1 3 / 2 0 1 3 2 / 1 / 2 0 1 8 1 0 1 . 9 0 9 $ 1 7 9 0 . 6 8 1 . 4 9 1 . 1 0 3 . 7 2 0 . 0 8 ($2.55) $1 9 0 7 5 1 6 2 2 A J 0 R A M S E Y C N T Y M I N N T A X A B L E G O A a a A A A 5 . 1 0 2 /1 / 2 0 1 8 2/ 1 / 2 0 1 7 1 1 5 . 7 2 0 1 1 / 2 5 / 2 0 1 1 2 / 1 / 2 0 1 7 1 0 8 . 8 6 1 $ 2 0 8 0 . 7 9 1 . 8 7 1 . 9 0 2 . 7 7 -0.02 $0.16 $75 1 6 1 6 6 4 D W 4 C H A S K A M I N N G O T A X I N C R R E F N / A A A 2 . 0 0 12 / 1 / 2 0 1 8 N/ A 1 0 0 . 0 0 0 8 / 1 5 / 2 0 1 3 1 2 / 1 / 2 0 1 8 1 0 0 . 6 4 4 $ 7 6 0 . 2 9 1 . 8 5 2 . 0 0 4 . 4 6 0 . 1 1 $ 0 . 4 8 $4 0 0 1 1 3 8 3 5 H 5 4 B R O O K L Y N C E N T E R M I N N G O T A X N / A A A 3 . 0 0 2/ 1 / 2 0 2 1 N/ A 1 0 1 . 8 7 6 1 / 2 4 / 2 0 1 4 2 / 1 / 2 0 2 1 9 9 . 8 4 4 $ 4 0 3 1 . 5 2 3 . 0 2 2 . 7 0 6 . 2 5 0 . 2 2 ($7.91) Ta x M u n i $1 1 , 7 2 5 2. 2 2 2. 1 4 1 0 1 . 8 3 7 $ 1 2 , 0 1 4 4 5 . 3 6 0 . 9 6 1 . 5 7 2 . 0 6 0 . 0 3 $ 6 5 . 6 4 $1 5 0 1 6 1 6 6 4 B T 3 C H A S K A M I N N G O I M P T B D S 2 0 1 N / A A A 2 . 0 0 2/ 1 / 2 0 1 6 N/ A 1 0 4 . 9 6 4 8 / 1 6 / 2 0 1 2 2 / 1 / 2 0 1 6 1 0 2 . 4 6 7 $ 1 5 4 0 . 5 8 0 . 6 4 0 . 8 3 1 . 8 1 0 . 0 2 ($0.26) MU N I $1 5 0 2. 0 0 1. 8 4 1 0 2 . 4 6 7 $ 1 5 4 0 . 5 8 0 . 6 4 0 . 8 3 1 . 8 1 0 . 0 2 ($0.26) $2 4 9 0 6 2 7 8 C F S 9 B A N K I N D I A N E W Y O R K N Y N/ A N / A 0 . 3 5 4 /2 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 9 / 3 0 / 2 0 1 3 4 / 2 / 2 0 1 4 1 0 0 . 0 0 0 $ 2 4 9 0 . 9 4 0 . 3 5 0 . 3 6 0 . 0 1 0 . 0 0 $ 0 . 0 0 $2 4 9 2 0 4 5 1 P E R 3 C O M P A S S B K B I R M I N G H A M A L A N / A N / A 0 . 3 0 4/ 2 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 1 0 / 2 / 2 0 1 3 4 / 2 / 2 0 1 4 1 0 0 . 0 0 0 $ 2 4 9 0 . 9 4 0 . 3 0 0 . 3 0 0 . 0 1 0 . 0 0 $ 0 . 0 0 $2 4 9 0 6 2 5 1 A Z F 0 B A N K H A P O A L I M B M N E W Y O R K N / A N / A 0 . 3 0 5/ 3 0 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 5 / 3 0 / 2 0 1 3 5 / 3 0 / 2 0 1 4 9 9 . 9 7 8 $ 2 5 0 0 . 9 4 0 . 4 4 0 . 3 0 0 . 1 6 0 . 0 0 ($0.05) $2 4 8 0 2 0 0 5 Q Y A 5 A L L Y B K M I D V A L E U T A H N/ A N / A 1 . 3 0 6 /9 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 1 2 / 7 / 2 0 1 1 6 / 9 / 2 0 1 4 1 0 0 . 1 5 6 $ 2 4 9 0 . 9 4 0 . 4 9 1 . 3 0 0 . 1 9 0 . 0 0 $ 0 . 3 9 $2 4 9 8 5 6 2 8 4 S 8 8 S T A T E B K I N D I A N E W Y O R K N Y N / A N / A 0 . 3 5 6/ 1 2 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 1 2 / 1 2 / 2 0 1 3 6 / 1 2 / 2 0 1 4 9 9 . 9 8 1 $ 2 4 9 0 . 9 4 0 . 4 5 0 . 3 6 0 . 2 0 0 . 0 0 ($0.05) $2 4 9 0 6 4 2 6 R J X 2 B A N K O F C H I N A N E W Y O R K C I T Y N / A N / A 0 . 2 5 8 /5 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 2 / 5 / 2 0 1 4 8 / 5 / 2 0 1 4 9 9 . 9 3 1 $ 2 4 9 0 . 9 4 0 . 4 6 0 . 2 5 0 . 3 5 0 . 0 0 ($0.17) $2 4 9 8 6 9 1 0 R B W 7 S U S Q U E H A N N A B K L I T I T Z P A N / A N / A 0 . 2 0 8 /7 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 2 / 7 / 2 0 1 4 8 / 7 / 2 0 1 4 9 9 . 9 1 2 $ 2 4 9 0 . 9 4 0 . 4 6 0 . 2 0 0 . 3 5 0 . 0 0 ($0.22) $2 4 5 3 6 1 5 9 S R A 1 G E C A P R E T A I L B K D R A P E R U T A H N / A N / A 1 . 9 0 8 /2 0 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 8 / 2 0 / 2 0 1 0 8 / 2 0 / 2 0 1 4 1 0 0 . 5 4 6 $ 2 4 7 0 . 9 3 0 . 5 1 1 . 9 0 0 . 3 9 0 . 0 0 $ 1 . 3 4 Ra t i n g s Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . Data from BondEdge. 5 of 12 Po s i t i o n b y S e c t o r CI T Y O F C H A N H A S S E N Pa r Co u p o n C a l l A c q A c q W o r s t M k t Book E f f G a i n / L o s s Se c t o r [ $ 0 0 0 ] C u s i p Is s u e r MD Y S & P ( % ) M a t u r i t y D a t e P r i c e D a t e D a t e P r i c e M k t V a l % P o r t Y T W Y l d D u r C o n v ( $ 0 0 0 ) Ra t i n g s $2 4 5 1 4 0 4 2 0 M Y 3 C A P I T A L O N E B K U S A N A T L A S S N N / A N / A 1 . 7 5 8/ 2 5 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 8 / 2 5 / 2 0 1 0 8 / 2 5 / 2 0 1 4 1 0 0 . 6 9 6 $ 2 4 7 0 . 9 3 0 . 0 4 1 . 7 5 0 . 4 0 0 . 0 0 $ 1 . 7 1 $2 4 5 1 4 0 4 2 E 3 R 9 C A P I T A L O N E N A T L A S S N V A N/ A N / A 1 . 7 5 8/ 2 5 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 8 / 2 5 / 2 0 1 0 8 / 2 5 / 2 0 1 4 1 0 0 . 5 0 5 $ 2 4 7 0 . 9 3 0 . 5 1 1 . 7 5 0 . 4 0 0 . 0 0 $ 1 . 2 4 $2 4 9 9 2 9 3 7 C A V 0 W E X B K M I D V A L E U T A H N/ A N / A 0 . 3 5 11 / 2 8 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 5 / 2 9 / 2 0 1 3 1 1 / 2 8 / 2 0 1 4 9 9 . 9 9 4 $ 2 4 9 0 . 9 4 0 . 3 6 0 . 3 5 0 . 6 6 0 . 0 0 ($0.01) $2 4 7 0 5 5 6 8 P V 9 5 B M W B K N O R T H A M E R U T A H N/ A N / A 1 . 7 5 4 /1 3 / 2 0 1 7 N/ A 1 0 0 . 0 0 0 4 / 1 3 / 2 0 1 2 4 / 1 3 / 2 0 1 7 1 0 1 . 5 8 7 $ 2 5 3 0 . 9 5 1 . 2 2 1 . 7 5 2 . 9 5 0 . 0 5 $ 3 . 9 2 $2 4 7 2 5 4 6 7 0 6 U 1 D I S C O V E R B K G R E E N W O O D D E L N / A N / A 1 . 8 5 4/ 1 8 / 2 0 1 7 N/ A 1 0 0 . 0 0 0 4 / 1 8 / 2 0 1 2 4 / 1 8 / 2 0 1 7 1 0 1 . 5 7 5 $ 2 5 3 0 . 9 5 1 . 3 2 1 . 8 5 2 . 9 6 0 . 0 5 $ 3 . 8 9 $2 4 7 3 6 1 6 0 X U C 9 G E C A P B K I N C N/ A N / A 2 . 0 5 8/ 2 1 / 2 0 1 7 N/ A 1 0 0 . 0 0 0 8 / 1 9 / 2 0 1 1 8 / 2 1 / 2 0 1 7 1 0 1 . 9 5 1 $ 2 5 2 0 . 9 5 1 . 4 6 2 . 0 5 3 . 2 9 0 . 0 6 $ 4 . 8 2 $2 4 8 0 2 5 8 7 D L Y 2 A M E R I C A N E X P R E S S C E N T R N N / A N / A 1 . 0 5 1/ 3 1 / 2 0 1 8 N/ A 1 0 0 . 0 0 0 1 / 3 1 / 2 0 1 3 1 / 3 1 / 2 0 1 8 9 9 . 4 9 4 $ 2 4 7 0 . 9 3 1 . 1 8 1 . 0 5 3 . 7 9 0 . 0 8 ($1.25) $2 4 8 9 4 7 6 8 N J F 2 W E B S T E R B K W A T E R B U R Y N/ A N / A 1 . 0 0 2 /6 / 2 0 1 8 N/ A 1 0 0 . 0 0 0 2 / 6 / 2 0 1 3 2 / 6 / 2 0 1 8 9 9 . 5 0 5 $ 2 4 7 0 . 9 3 1 . 1 3 1 . 0 0 3 . 8 1 0 . 0 8 ($1.23) $2 4 8 0 6 0 6 2 4 X H 1 B A N K B A R O D A N E W Y O R K N Y N / A N / A 1 . 2 5 3 /8 / 2 0 1 8 N/ A 1 0 0 . 0 0 0 3 / 8 / 2 0 1 3 3 / 8 / 2 0 1 8 9 8 . 9 5 4 $ 2 4 6 0 . 9 3 1 . 5 2 1 . 2 5 3 . 8 7 0 . 0 8 ($2.59) $2 4 7 7 9 5 4 5 0 R T 4 S A L L I E M A E B K S L T L A K E C I T Y N / A N / A 2 . 0 0 1 2/ 1 1 / 2 0 1 8 N/ A 1 0 0 . 0 0 0 1 2 / 1 1 / 2 0 1 3 1 2 / 1 1 / 2 0 1 8 9 9 . 9 3 6 $ 2 4 8 0 . 9 4 2 . 0 2 2 . 0 0 4 . 5 1 0 . 1 2 ($0.16) CD $4 , 4 5 8 1. 0 9 1. 6 1 1 0 0 . 2 5 9 $ 4 , 4 8 1 1 6 . 9 2 0 . 7 9 1 . 1 0 1 . 5 7 0 . 0 3 $ 1 1 . 5 5 $3 , 0 9 7 0 0 0 6 C H A N 6 A M E R I C A N A N/ A N / A 0 . 3 5 4/ 1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 3 / 2 8 / 2 0 1 3 4 / 1 / 2 0 1 4 1 0 0 . 0 0 0 $ 3 , 1 1 6 1 1 . 7 6 0 . 3 5 0 . 3 5 0 . 0 0 0 . 0 0 $ 0 . 0 0 $7 0 0 1 0 C H A N 8 S T E R N E N/ A N / A 0 . 0 1 4/ 1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 3 / 3 1 / 2 0 1 4 4 / 1 / 2 0 1 4 1 0 0 . 0 0 0 $ 7 0 . 0 3 0 . 0 1 0 . 0 1 0 . 0 0 0 . 0 0 $ 0 . 0 0 $1 , 0 6 8 0 0 0 3 C H A N 3 W F N/ A N / A 0 . 0 1 4/ 1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 3 / 2 8 / 2 0 1 3 4 / 1 / 2 0 1 4 1 0 0 . 0 0 0 $ 1 , 0 6 9 4 . 0 3 0 . 0 1 0 . 0 1 0 . 0 0 0 . 0 0 $ 0 . 0 0 $3 0 0 0 0 8 C H A N 2 N O R T H L A N D N/ A N / A 0 . 0 0 4/ 1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 9 / 3 0 / 2 0 1 3 4 / 1 / 2 0 1 4 1 0 0 . 0 0 0 $ 3 0 0 . 1 1 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 $ 0 . 0 0 $0 0 0 0 2 C H A N 5 4 M N/ A N / A 0 . 0 2 4/ 1 / 2 0 1 4 N/ A 1 0 0 . 0 0 0 3 / 2 8 / 2 0 1 3 4 / 1 / 2 0 1 4 1 0 0 . 0 0 0 $ 0 0 . 0 0 0 . 0 2 0 . 0 2 0 . 0 0 0 . 0 0 $ 0 . 0 0 MM F $4 , 2 0 2 0. 2 6 0. 0 0 1 0 0 . 0 0 0 $ 4 , 2 2 2 1 5 . 9 4 0 . 2 6 0 . 2 6 0 . 0 0 0 . 0 0 $ 0 . 0 0 To t a l : $2 6 , 1 7 0 1. 5 6 2. 1 9 1 0 0 . 7 6 1 $ 2 6 , 4 8 8 1 0 0 . 0 0 0 . 9 4 1 . 2 2 1 . 8 7 -0.15 $36.84 Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . Data from BondEdge. 6 of 12 Ra t i n g s A l e r t R e p o r t CI T Y O F C H A N H A S S E N Ra t i n g A c t i o n s : W a t c h l i s t / O u t l o o k / U p g r a d e s / D o w n g r a d e s / R e i n s t a t e d / W i t h d r a w n / C o n f i r m e d / I n i t i a l R a t i n g s Id e n t i f i e r I s s u e r Co u p o n M a t u r i t y C u r r c y Sector/State DO W N G R A D E S : 95 1 4 2 7 X 4 WE S T B E N D W I S T A X A B L E G O R 2 . 8 8 3 / 1 / 2 0 1 6 U S D A A 2 A A 3 1 / 3 1 / 2 0 1 4 N/ A N/A OGVT-LocalAuth-WI * W A T C H L I S T : U P G / P O S = P o s s i b l e U p g r a d e ; D N G / N E G P o s s i b l e D o w n g r a d e ; U N C / D E V / E V O = U n c e r t a i n ( P o s s i b l e U p g r a d e o r D o w n g r a d e ) Re p o r t S h o w s r a t i n g c h a n g e s , c a l l e d b o n d s , c a l l a n n o u n c e m e n t s a n d p r e - r e f u n d i n g s o c c u r r i n g s i n c e 1 2 / 3 1 / 2 0 1 3 . Fi t c h Fr o m Fi t c h T o Fitch Date Mo o d y s Fr o m Mo o d y s T o Mo o d y s Da t e S& P Fr o m S& P T o S& P Da t e Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . Data from BondEdge. 7 of 12 Ca l l R e p o r t CI T Y O F C H A N H A S S E N Fl a t S c e n a r i o + 1 0 0 S c e n a r i o + 2 0 0 S c e n a r i o Pr o j e c t e d P r o j e c t e d P r o j e c t e d CU S I P Is s u e r N a m e Co u p o n M a t u r i t y E f f D u r C o n v C a s h F l o w D a t e o f C a l l D a t e o f C a l l D a t e o f C a l l 31 3 4 G 4 Q X 9 FE D E R A L H O M E L N M T G C O R P 1. 5 0 12 / 2 7 / 2 0 1 8 1. 8 4 -1 . 4 3 $7 5 0 , 0 0 0 Ju n - 1 4 Mar-16 Dec-16 31 3 0 A 0 W 8 9 FE D E R A L H O M E L O A N B A N K S 2. 0 0 8/ 2 8 / 2 0 1 9 2. 9 4 -1 . 7 3 $6 0 0 , 0 0 0 Fe b - 1 5 May-17 31 3 5 G 0 U R 2 FE D E R A L N A T L M T G A S S N 1. 5 0 2/ 2 6 / 2 0 1 9 3. 0 5 -1 . 3 9 $6 0 0 , 0 0 0 Ma y - 1 5 Aug-17 31 3 0 A 0 7 J 3 FE D E R A L H O M E L O A N B A N K S 1. 8 5 11 / 5 / 2 0 1 8 3. 7 6 -0 . 5 0 $5 0 0 , 0 0 0 No v - 1 5 Oct-16 31 3 3 8 3 2 J 9 FE D E R A L H O M E L O A N B A N K S 0. 6 3 11 / 2 1 / 2 0 1 8 3. 4 2 -0 . 8 5 $7 5 0 , 0 0 0 No v - 1 5 May-17 May-18 31 3 3 8 1 T Y 1 FE D E R A L H O M E L O A N B A N K S 1. 0 0 1/ 2 9 / 2 0 2 0 4. 3 7 -0 . 8 8 $6 9 5 , 0 0 0 Ja n - 1 6 75 1 6 2 2 A J 0 RA M S E Y C N T Y M I N N T A X A B L E G O 5. 1 0 2/ 1 / 2 0 1 8 2. 7 7 -0 . 0 2 $1 9 0 , 0 0 0 Fe b - 1 7 Feb-17 Feb-17 Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . Data from BondEdge. 8 of 12 Po r t f o l i o S h o c k CI T Y O F C H A N H A S S E N Av g Ef f Mk t V a l u e $ M k t V a l u e $Price Yi e l d C h a n g e ( b p ) T o t a l I n c o m e P r i c e L i f e D u r C o n v e x i t y [ $ 0 0 0 ] Ch a n g e C h a n g e -3 0 0 3. 8 2 0. 8 7 2. 9 5 0. 9 0 0. 8 9 0. 0 1 $2 7 , 5 0 0 , 2 9 7 $1 , 1 3 0 , 8 4 4 $777,635 -2 5 0 3. 3 7 0. 8 7 2. 5 0 0. 8 9 0. 8 8 0. 0 1 $2 7 , 3 8 0 , 6 5 3 $1 , 0 1 1 , 2 0 0 $658,445 -2 0 0 2. 9 3 0. 8 8 2. 0 5 0. 8 9 0. 8 7 0. 0 1 $2 7 , 2 6 4 , 6 5 3 $8 9 5 , 2 0 0 $541,365 -1 5 0 2. 5 0 0. 8 9 1. 6 2 0. 8 8 0. 8 6 0. 0 1 $2 7 , 1 5 1 , 0 3 2 $7 8 1 , 5 7 9 $425,867 -1 0 0 2. 1 1 0. 8 8 1. 2 3 0. 9 0 0. 8 8 0. 0 1 $2 7 , 0 4 6 , 6 9 0 $6 7 7 , 2 3 7 $324,344 -5 0 1. 7 1 0. 8 3 0. 8 8 0. 9 0 0. 9 4 -0 . 0 5 $2 6 , 9 4 0 , 9 9 8 $5 7 1 , 5 4 5 $232,315 0 1. 2 8 0. 8 5 0. 4 3 1. 0 4 1. 0 2 -0 . 1 1 $2 6 , 8 2 7 , 0 6 6 $4 5 7 , 6 1 3 $114,180 50 0. 8 2 0. 9 4 -0 . 1 2 1. 3 1 1. 1 6 -0 . 1 1 $2 6 , 7 0 3 , 8 7 8 $3 3 4 , 4 2 5 ($32,698) 10 0 0. 2 8 1. 0 3 -0 . 7 5 1. 3 2 1. 2 4 -0 . 0 3 $2 6 , 5 6 1 , 8 2 3 $1 9 2 , 3 7 0 ($198,035) 15 0 -0 . 3 2 1. 1 3 -1 . 4 5 1. 4 4 1. 3 5 0. 0 0 $2 6 , 4 0 4 , 1 9 9 $3 4 , 7 4 6 ($381,302) 20 0 -0 . 9 0 1. 2 1 -2 . 1 2 1. 4 3 1. 3 6 0. 0 2 $2 6 , 2 4 8 , 9 8 7 ($ 1 2 0 , 4 6 6 ) ($557,978) 25 0 -1 . 4 8 1. 3 0 -2 . 7 8 1. 4 2 1. 3 6 0. 0 2 $2 6 , 0 9 6 , 0 9 5 ($ 2 7 3 , 3 5 8 ) ($732,280) 30 0 -2 . 0 5 1. 3 8 -3 . 4 3 1. 4 0 1. 3 5 0. 0 2 $2 5 , 9 4 5 , 8 7 9 ($ 4 2 3 , 5 7 4 ) ($903,945) Ho r i z o n M o n t h s 1 2 Re i n v e s t m e n t R a t e 0 . 0 5 9 Ag e d S i m u l a t i o n Ba s e C u r r e n c y U S D $2 6 , 3 6 9 , 4 5 3 . 0 0 -- - - - - - - - - - R e t u r n s ( % ) - - - - - - - - - - - ($1,000,000)($800,000)($600,000)($400,000)($200,000)$0$200,000$400,000$600,000$800,000$1,000,000 - 3 0 0 - 2 5 0 - 2 0 0 - 1 5 0 - 1 0 0 - 5 0 0 5 0 1 0 0 1 5 0 2 0 0 2 5 0 3 0 0 Pr i c e C h a n g e Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . Data from BondEdge. 9 of 12 MO N T H L Y C A S H F L O W C A L E N D A R CI T Y O F C H A N H A S S E N As s u m e s f l a t r a t e Da t e I n t C F M a t u r i t y C F C a l l C F P u t C F S i n k C F I n t C F - M B S / A B S P r i n c C F - M B S / A B S P r e p a y C F - M B S / A B S P r i n c C F P e r i o d C a s h f l o w Run-Off YTWRun-Off Bk Yld Ap r - 1 4 4 7 , 3 6 8 4 , 7 0 0 , 3 3 1 0 0 0 0 0 0 4, 7 0 0 , 3 3 1 4 , 7 4 7 , 6 9 9 0 . 0 0 0 . 2 7 Ma y - 1 4 3 4 , 0 3 0 24 9 , 0 0 0 0 0 0 0 0 0 24 9 , 0 0 0 28 3 , 0 3 0 0 . 4 4 0 . 3 0 Ju n - 1 4 1 3 , 7 8 1 49 7 , 0 0 0 75 0 , 0 0 0 0 0 0 0 0 1, 2 4 7 , 0 0 0 1 , 2 6 0 , 7 8 1 0 . 1 8 1 . 2 3 Ju l - 1 4 1 2 , 1 2 2 0 0 0 0 0 0 0 0 12 , 1 2 2 0 . 0 0 0 . 0 0 Au g - 1 4 8 5 , 8 8 2 1 , 2 3 3 , 0 0 0 0 0 0 0 0 0 1, 2 3 3 , 0 0 0 1 , 3 1 8 , 8 8 2 0 . 4 0 1 . 1 6 Se p - 1 4 2 9 , 7 8 1 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 52 9 , 7 8 1 1 . 2 9 0 . 4 0 Oc t - 1 4 2 7 , 3 3 4 0 0 0 0 0 0 0 0 27 , 3 3 4 0 . 0 0 0 . 0 0 No v - 1 4 3 3 , 7 7 3 72 9 , 0 0 0 0 0 0 0 0 0 72 9 , 0 0 0 76 2 , 7 7 3 0 . 3 3 1 . 5 0 De c - 1 4 5 , 2 3 3 0 0 0 0 0 0 0 0 5, 2 3 3 0.00 0 . 0 0 Ja n - 1 5 9 , 1 8 6 34 5 , 0 0 0 0 0 0 0 0 0 34 5 , 0 0 0 35 4 , 1 8 6 0 . 2 2 0 . 5 0 Fe b - 1 5 7 7 , 7 4 4 2 , 3 0 0 , 0 0 0 6 0 0 , 0 0 0 0 0 0 0 0 2, 9 0 0 , 0 0 0 2 , 9 7 7 , 7 4 4 1 . 1 2 2 . 0 2 Ma r - 1 5 2 8 , 7 5 7 0 0 0 0 0 0 0 0 28 , 7 5 7 0 . 0 0 0 . 0 0 Ap r - 1 5 2 7 , 3 5 7 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 52 7 , 3 5 7 0 . 5 9 1 . 6 7 Ma y - 1 5 3 1 , 3 5 3 0 60 0 , 0 0 0 0 0 0 0 0 60 0 , 0 0 0 63 1 , 3 5 3 1 . 2 8 1 . 7 1 Ju n - 1 5 5 , 2 4 3 21 0 , 0 0 0 0 0 0 0 0 0 21 0 , 0 0 0 21 5 , 2 4 3 1 . 1 0 0 . 7 2 Ju l - 1 5 8 , 3 0 7 0 0 0 0 0 0 0 0 8, 3 0 7 0.00 0 . 0 0 Au g - 1 5 3 8 , 1 2 2 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 53 8 , 1 2 2 0 . 2 8 0 . 7 5 Se p - 1 5 2 8 , 7 6 2 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 52 8 , 7 6 2 0 . 1 2 0 . 5 1 Oc t - 1 5 1 4 , 5 2 0 0 0 0 0 0 0 0 0 14 , 5 2 0 0 . 0 0 0 . 0 0 No v - 1 5 2 9 , 9 3 8 61 5 , 0 0 0 1 , 2 5 0 , 0 0 0 0 0 0 0 0 1, 8 6 5 , 0 0 0 1 , 8 9 4 , 9 3 8 0 . 7 9 1 . 4 3 De c - 1 5 3 , 9 2 0 0 0 0 0 0 0 0 0 3, 9 2 0 0.00 0 . 0 0 Ja n - 1 6 9 , 0 2 6 0 69 5 , 0 0 0 0 0 0 0 0 69 5 , 0 0 0 70 4 , 0 2 6 - 0 . 3 3 1 . 9 5 Fe b - 1 6 3 5 , 6 1 5 35 0 , 0 0 0 0 0 0 0 0 0 35 0 , 0 0 0 38 5 , 6 1 5 1 . 0 0 0 . 6 4 Ma r - 1 6 2 3 , 7 8 1 51 0 , 0 0 0 0 0 0 0 0 0 51 0 , 0 0 0 53 3 , 7 8 1 0 . 5 1 2 . 1 9 Ap r - 1 6 1 4 , 5 4 4 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 51 4 , 5 4 4 1 . 1 2 1 . 4 4 Ma y - 1 6 1 2 , 8 4 3 0 0 0 0 0 0 0 0 12 , 8 4 3 0 . 0 0 0 . 0 0 Ju n - 1 6 3 , 9 2 0 0 0 0 0 0 0 0 0 3, 9 2 0 0.00 0 . 0 0 Ju l - 1 6 4 , 8 3 2 0 0 0 0 0 0 0 0 4, 8 3 2 0.00 0 . 0 0 Au g - 1 6 3 2 , 1 2 1 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 53 2 , 1 2 1 2 . 5 9 1 . 2 0 Se p - 1 6 1 6 , 4 4 9 75 0 , 0 0 0 0 0 0 0 0 0 75 0 , 0 0 0 76 6 , 4 4 9 0 . 4 5 0 . 8 4 Oc t - 1 6 1 0 , 1 2 5 0 0 0 0 0 0 0 0 10 , 1 2 5 0 . 0 0 0 . 0 0 No v - 1 6 1 2 , 8 7 2 62 5 , 0 0 0 0 0 0 0 0 0 62 5 , 0 0 0 63 7 , 8 7 2 0 . 2 6 3 . 1 0 De c - 1 6 3 , 9 2 0 0 0 0 0 0 0 0 0 3, 9 2 0 0.00 0 . 0 0 Ja n - 1 7 4 , 8 3 2 0 0 0 0 0 0 0 0 4, 8 3 2 0.00 0 . 0 0 Fe b - 1 7 2 5 , 5 2 5 50 0 , 0 0 0 19 0 , 0 0 0 0 0 0 0 0 69 0 , 0 0 0 71 5 , 5 2 5 0 . 5 0 1 . 9 8 Ma r - 1 7 4 , 5 5 0 0 0 0 0 0 0 0 0 4, 5 5 0 0.00 0 . 0 0 Ap r - 1 7 1 0 , 1 3 7 49 4 , 0 0 0 0 0 0 0 0 0 49 4 , 0 0 0 50 4 , 1 3 7 1 . 2 7 1 . 8 0 Ma y - 1 7 3 , 1 5 5 0 0 0 0 0 0 0 0 3, 1 5 5 0.00 0 . 0 0 Ju n - 1 7 3 , 9 2 0 0 0 0 0 0 0 0 0 3, 9 2 0 0.00 0 . 0 0 Ju l - 1 7 4 , 8 3 2 0 0 0 0 0 0 0 0 4, 8 3 2 0.00 0 . 0 0 Au g - 1 7 1 5 , 6 7 9 24 7 , 0 0 0 0 0 0 0 0 0 24 7 , 0 0 0 26 2 , 6 7 9 1 . 4 6 2 . 0 5 Se p - 1 7 4 , 5 7 4 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 50 4 , 5 7 4 0 . 3 1 1 . 1 2 Oc t - 1 7 5 , 7 0 1 90 0 , 0 0 0 0 0 0 0 0 0 90 0 , 0 0 0 90 5 , 7 0 1 0 . 3 2 0 . 9 2 No v - 1 7 3 , 1 6 7 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 50 3 , 1 6 7 0 . 0 9 1 . 0 2 De c - 1 7 3 , 9 2 3 70 , 0 0 0 0 0 0 0 0 0 70 , 0 0 0 73 , 9 2 3 0 . 3 2 1 . 6 5 Ja n - 1 8 4 , 8 5 0 62 8 , 0 0 0 0 0 0 0 0 0 62 8 , 0 0 0 63 2 , 8 5 0 0 . 7 1 1 . 0 8 Fe b - 1 8 1 3 , 1 3 3 42 3 , 0 0 0 0 0 0 0 0 0 42 3 , 0 0 0 43 6 , 1 3 3 0 . 7 8 1 . 0 4 Ma r - 1 8 1 , 5 5 9 24 8 , 0 0 0 0 0 0 0 0 0 24 8 , 0 0 0 24 9 , 5 5 9 1 . 5 2 1 . 2 5 Ju n - 1 8 3 , 2 2 0 0 0 0 0 0 0 0 0 3, 2 2 0 0.00 0 . 0 0 Ju l - 1 8 1 , 4 4 0 24 0 , 0 0 0 0 0 0 0 0 0 24 0 , 0 0 0 24 1 , 4 4 0 0 . 2 2 1 . 2 0 Au g - 1 8 1 0 , 1 2 5 0 0 0 0 0 0 0 0 10 , 1 2 5 0 . 0 0 0 . 0 0 De c - 1 8 3 , 2 3 2 32 2 , 0 0 0 0 0 0 0 0 0 32 2 , 0 0 0 32 5 , 2 3 2 1 . 6 2 2 . 0 0 Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . 10 of 12 MO N T H L Y C A S H F L O W C A L E N D A R CI T Y O F C H A N H A S S E N As s u m e s f l a t r a t e Da t e I n t C F M a t u r i t y C F C a l l C F P u t C F S i n k C F I n t C F - M B S / A B S P r i n c C F - M B S / A B S P r e p a y C F - M B S / A B S P r i n c C F P e r i o d C a s h f l o w Run-Off YTWRun-Off Bk Yld Fe b - 1 9 1 0 , 1 2 5 50 0 , 0 0 0 0 0 0 0 0 0 50 0 , 0 0 0 51 0 , 1 2 5 0 . 1 4 1 . 7 0 To t a l s 9 1 0 , 2 4 0 . 0 0 2 1 , 6 8 5 , 3 3 1 . 0 0 4 , 0 8 5 , 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0. 0 0 0. 0 0 25 , 7 7 0 , 3 3 1 . 0 0 2 6 , 6 8 0 , 5 7 1 . 0 0 $9 1 0 , 2 4 0 $2 1 , 6 8 5 , 3 3 1 $4 , 0 8 5 , 0 0 0 0 5, 0 0 0 , 0 0 0 10 , 0 0 0 , 0 0 0 15 , 0 0 0 , 0 0 0 20 , 0 0 0 , 0 0 0 25 , 0 0 0 , 0 0 0 T o t a l C a s h F l o w In t C F Ma t u r i t y C F Ca l l C F Th e i n f o r m a t i o n c o n t a i n e d h e r e i n , w h i l e b e l i e v e d t o b e r e l i a b l e , i s n o t g u a r a n t e e d . 11 of 12 We l l s F a r g o S e c u r i t i e s i s n o t r e s p o n s i b l e f o r a n y l o s s o r d a m a g e a r i s i n g o u t o f a n y p e r s o n ' s u s e o f o r r e l i a n c e u p o n t h e i n f o r m a t i o n c o n t a i n e d h e r e i n o r o t h e r w i s e , i n c l u d i n g b u t n o t li m i t e d t o , e r r o r s ( i n c l u d i n g e r r o r s o f t r a n s m i s s i o n ) , i n a c c u r a c i e s , o m i s s i o n s , c h a n g e s i n m a r k e t f a c t o r s o r o t h e r c o n d i t i o n s o r a n y o t h e r c i r c u m s t a n c e s w h e t h e r o r n o t s u c h e r r o r s a r e wi t h i n W e l l s F a r g o S e c u r i t i e s ' c o n t r o l . U n d e r n o c i r c u m s t a n c e s s h a l l W e l l s F a r g o S e c u r i t i e s b e l i a b l e f o r s p e c i a l o r c o n s e q u e n t i a l d a m a g e s t h a t a r i s e f r o m a n y p e r s o n ' s u s e o f o r r e l i a n c e up o n t h e i n f o r m a t i o n c o n t a i n e d h e r e i n , e v e n i f W e l l s F a r g o S e c u r i t i e s h a s b e e n a d v i s e d o f t h e p o s s i b i l i t y o f s u c h d a m a g e s . We l l s F a r g o S e c u r i t i e s a n d / o r i t s a f f i l i a t e s m a y p r o v i d e a d v i c e , m a y m a k e m a r k e t s i n o r m a y , f r o m t i m e t o t i m e , a c q u i r e , h o l d o r s e l l p o s i t i o n s i n a n y o f t h e s e c u r i t i e s t o w h i c h t h i s in d i c a t i v e v a l u a t i o n r e l a t e s , e i t h e r f o r i t s o w n a c c o u n t o r f o r t h e a c c o u n t o f o t h e r s . PL E A S E R E A D T H E F O L L O W I N G I M P O R T A N T E X P L A N A T I O N A N D C A U T I O N : We l l s F a r g o S e c u r i t i e s L L C , M e m b e r N F A , N Y S E , F I N R A a n d S I P C Th i s a c c o u n t s u m m a r y w a s p r e p a r e d b y W e l l s F a r g o S e c u r i t i e s P o r t f o l i o A n a l y t i c S e r v i c e s a n d i s n o t a s u b s t i t u t e f o r y o u r m o n t h l y s t a t e m e n t o r t r a d e c o n f i r m a t i o n . P r i c e s a n d y i e l d s a r e cu r r e n t a s o f t h e d a t e o f t h i s s u m m a r y a n d a r e s u b j e c t t o c h a n g e a n d a v a i l a b i l i t y ; p a s t p e r f o r m a n c e i s n o g u a r a n t e e o f f u t u r e r e s u l t s . M u n i c i p a l l e a s e s a r e s h o w n a t t h e i r p a r v a l u e . A n y ra t i n g p r o v i d e d f o r a m u n i c i p a l l e a s e i n v e s t m e n t i s a r a t i n g a s s o c i a t e d w i t h t h e l e s s e e , a n d d o e s n o t c o n s t i t u t e a r a t i n g o f t h e l e a s e i n v e s t m e n t i t s e l f . We l l s F a r g o S e c u r i t i e s i s t h e t r a d e n a m e f o r t h e c a p i t a l m a r k e t s a n d i n v e s t m e n t b a n k i n g s e r v i c e s o f W e l l s F a r g o & C o m p a n y a n d i t s s u b s i d i a r i e s , i n c l u d i n g b u t n o t l i m i t e d t o W e l l s Fa r g o S e c u r i t i e s , L L C , a m e m b e r o f N Y S E , F I N R A , N F A a n d S I P C , W e l l s F a r g o I n s t i t u t i o n a l S e c u r i t i e s , L L C , a m e m b e r o f F I N R A a n d S I P C , W e l l s F a r g o P r i m e S e r v i c e s , L L C , a m e m b e r of F I N R A , N F A a n d S I P C , a n d W e l l s F a r g o B a n k , N . A . W e l l s F a r g o S e c u r i t i e s , L L C c a r r i e s a n d p r o v i d e s c l e a r i n g s e r v i c e s f o r W e l l s F a r g o I n s t i t u t i o n a l S e c u r i t i e s , L L C c u s t o m e r ac c o u n t s . W e l l s F a r g o S e c u r i t i e s , L L C , W e l l s F a r g o I n s t i t u t i o n a l S e c u r i t i e s , L L C , a n d W e l l s F a r g o P r i m e S e r v i c e s , L L C a r e d i s t i n c t e n t i t i e s f r o m a f f i l i a t e d b a n k s a n d t h r i f t s . Th e i n d i c a t i v e v a l u a t i o n ( s ) p r o v i d e d i n t h i s r e p o r t a r e f o r i n f o r m a t i o n p u r p o s e s o n l y a n d a r e i n t e n d e d f o r u s e s o l e l y b y t h e a d d r e s s e e . T h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s d e r i v e d f r o m so u r c e s t h a t W e l l s F a r g o S e c u r i t i e s i n g o o d f a i t h c o n s i d e r s r e l i a b l e , h o w e v e r W e l l s F a r g o S e c u r i t i e s d o e s n o t g u a r a n t e e t h e a c c u r a c y , r e l i a b i l i t y o r c o m p l e t e n e s s o f t h i s i n f o r m a t i o n a n d ma k e s n o w a r r a n t y , e x p r e s s o r i m p l i e d , w i t h r e s p e c t t h e r e t o . Th e i n d i c a t i v e v a l u a t i o n s d o n o t r e p r e s e n t a d v i c e , a n o f f e r t o p u r c h a s e o r s e l l a n y s e c u r i t y o r o t h e r i n s t r u m e n t e i t h e r a t t h e i n d i c a t i v e v a l u a t i o n ( s ) o r a n y o t h e r p r i c e ( s ) . T h e r e i s n o re p r e s e n t a t i o n t h a t a n y t r a n s a c t i o n c a n o r c o u l d h a v e b e e n e f f e c t e d a t t h e i n d i c a t i v e v a l u a t i o n ( s ) . T h e i n d i c a t i v e v a l u a t i o n s c o n t a i n e d h e r e i n r e p r e s e n t e s t i m a t e s a s o f t h e s t a t e d va l u a t i o n d a t e a n d a r e s u b j e c t t o c h a n g e w i t h o u t n o t i c e . S u c h e s t i m a t e s d o n o t n e c e s s a r i l y r e f l e c t W e l l s F a r g o S e c u r i t i e s ' i n t e r n a l b o o k k e e p i n g o r t h e o r e t i c a l m o d e l - b a s e d v a l u a t i o n . Th e i n d i c a t i v e v a l u a t i o n s a r e b a s e d o n c e r t a i n a s s u m p t i o n s , a n d d i f f e r e n t a s s u m p t i o n s , b y W e l l s F a r g o S e c u r i t i e s o r a n y o t h e r s o u r c e m a y y i e l d s u b s t a n t i a l l y d i f f e r e n t r e s u l t s . T h e s e va l u a t i o n s a l s o m a y v a r y f r o m t h o s e o f a n o t h e r W e l l s F a r g o d i v i s i o n , s i n c e t h e y m a y u s e o t h e r s o u r c e s o f m a r k e t i n f o r m a t i o n o r m a k e c a l c u l a t i o n s a s o f a d i f f e r e n t t i m e . 12 of 12