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Investment Report 03-31-15CITY OF CHANHASSEN Jennifer Curtis 03/31/2015 Confidential-For Discussion and General Information Purposes Only 1 of 16 Table of Contents 1.Market Commentary 6.Call Projection 11.Glossary 2.Summary 7.Cash Flow 12.Disclaimer 3.Portfolio History 8.Portfolio Alerts 4.Sector 9.Positions by Sector 5.Parallel Simulation 10.Positions by Maturity Data from BondEdge 2 of 16 Market Commentary Treasury Yield Curve•Headwinds slowed growth in the first quarter. These included. (1) Durable goods orders fell 3.7 in January. (2) Consumer prices rose 0.2 percent in February. (3) Sustained low oil prices have hurt corporate profits in certain sectors. (4)Severe winter weather was considered a cause of weaker activity. (5) Core CPI was 0.2 percent in February. •The Wells Fargo Economics group revised their Q1 GDP growth forecast downward to 0.9% quarter-over-quarter. They do expect a stronger Q2 as the impact of poor weather has dissipated. •In the Eurozone, Germany has been a strong performer in Q1. (1) German industrial production was up 0.6 percent in January, and (2) German consumer confidence was at its highest level since 2001. •The Chinese government set a target of 7.0 percent GDP growth for 2015, the slowest target pace in 11 years. It is anticipated that the Chinese government will continue to provide economic stimulus to spur growth. •Looking ahead, reading the Fed tea leaves and watching economic data will be an important part of keeping current on the when a potential rate hike might happen. Market estimates since the March Fed meeting suggest the first Fed policy rate change will be in the latter half of 2015. Data from BondEdge 3 of 16 Summary Par Value ($000):$27,818 Portfolio YTW:.828 12 Mo Book Income ($000):$287 Mkt Val w/accrd ($000):$28,023 Portfolio Book Yield:1.205 12 Mo Cash Flow ($000):$13,453 Wt. Avg. Mat (Stated Yrs):2.144 Book Value ($000):$27,765 12 Mo Mat Cash Flow ($000):$10,982 Effective Duration:1.600 Unr Gain/(Loss) ($000):$133 12 Mo Call Cash Flow ($000):$2,100 Convexity:(.146)% Portfolio Callable:18.790 12 Mo Int Income ($000):$371 % Portfolio Floating Rate:0.000 Avg. Coupon (%):1.369 12 Mo Amort Prem/Disc ($000):($18) Number of Bonds:61 Avg. Mkt Price ($):100.287 Current Accrued Interest ($000):$125 ($000)% of Portfolio % of Portfolio % of Portfolio % of Portfolio % of Portfolio Cash Flow Distribution Duration Distribution Coupon Distribution Summary Characteristics Performance Characteristics Cash Flow Characteristics Sector Distribution S&P Long-Term Ratings Distribution Moody Long-Term Ratings 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 A N/A 0 10 20 30 40 50 60 70 80 90 100 6,874 1,261 5,318 10,111 4,439 671 . 2,000 4,000 6,000 8,000 10,000 12,000 1M 1-3M 3-12M 1-3YR 3-5YR 5-7YR 43 39 9 8 1 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 6.00 - 7.99 37 27 29 4 4 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 5.00 - 5.99 Data from BondEdge 4 of 16 History Total Par Unrealized *Wtg Avg Effective Mkt. Avg.Benchmark Avg Bk Average Average # of Date ($000)G/L ($000)Mat.(Stated Yrs)Duration Convexity YTW (%)Tsy Yld (%)Yld (%)Coupon(%)Price($)Moody S&P Positions 03/31/2015 27,818 133 2.14 1.60 (0.15)0.83 0.43 1.21 1.37 100.29 Aa1 AA+61 12/31/2014 30,188 0 2.06 1.69 (0.13)1.11 0.58 1.25 1.43 99.86 Aa1 AA+66 09/30/2014 26,112 (14)2.11 1.96 (0.14)1.14 0.08 1.34 1.59 100.05 Aa1 Aa1 66 06/30/2014 29,255 68 1.74 1.76 (0.13)0.89 0.08 1.19 1.41 100.38 Aa1 Aa1 67 03/31/2014 26,170 37 2.02 1.87 (0.15)0.94 0.07 1.22 1.56 100.76 Aa1 Aa1 61 12/31/2013 33,874 (34)1.53 1.48 (0.09)0.81 0.11 0.95 1.21 100.44 Aa1 Aa1 64 09/30/2013 29,930 43 1.56 1.60 (0.12)0.79 0.15 1.13 1.51 101.00 Aa1 Aa1 62 6/28/2013 31,781 79 1.74 1.65 (0.12)0.78 0.15 1.09 1.49 101.15 Aa1 Aa1 61 03/28/2013 27,258 268 1.75 1.82 (0.09)0.62 0.15 1.25 1.69 102.07 Aa1 Aa1 55 01/00/1900 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 *Weighted average life was changed to weighted average stated maturity as of 3/31/15 Ratings Historical Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 03/31/2015 12/31/2014 09/30/2014 06/30/2014 03/31/2014 12/31/2013 09/30/2013 6/28/2013 03/28/2013 Avg Bk Yld(%)Avg Benchmark Tsy Yld(%) Data from BondEdge 5 of 16 Sector Par Avg Cpn Avg Mat Mkt Price Mkt Val Book Val Unr.Gain/Loss Port Mkt YTW Book Yld Eff. Sector ($000)Moody S&P (%)(Yrs)($)($000)($000)($000)(%) (%)(%)Duration Conv. USD 27,818 Aa1 AA+1.37 2.14 100.29 27,898 27,765 133 100.00 0.83 1.21 1.60 (0.15) CD 5,201 N/A N/A 1.29 2.49 100.60 5,232 5,201 31 18.73 1.08 1.29 2.39 0.05 MMF 5,809 N/A N/A 0.22 0.00 100.00 5,809 5,809 0 20.85 0.22 0.22 0.00 0.00 US GOVT 8,558 Aaa AA+1.28 3.78 99.11 8,482 8,426 56 30.34 0.90 1.53 2.13 (0.54) AGY 8,558 Aaa AA+1.28 3.78 99.11 8,482 8,426 56 30.34 0.90 1.53 2.13 (0.54) MUNI 150 N/A AA 2.00 0.84 101.26 152 152 0 0.54 0.73 0.83 0.83 0.01 TAX MUNI 8,100 Aa2 AA+2.33 1.78 101.52 8,223 8,177 46 29.54 1.02 1.53 1.70 0.03 Total:27,818 Aa1 AA+1.37 2.14 100.29 27,898 27,765 133 100.00 0.83 1.21 1.60 (0.15) 0 0 0.00 0.00 0.00 0.00 0.00 0 0 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 0 0.00 0.00 0.00 0.00 0.00 Ratings Data from BondEdge 6 of 16 Rate Shock Avg Mkt Yield Eff Market Mkt Value Change Mkt V w/o Accrd Int Yield Change Total Income Price Life to Worst(%)Dur Convexity Value ($)w/o Accrd Int ($) Change - Instantaneous($) 28022529 27897921 -150 2.59 1.06 1.53 0.90 (0.21)0.88 0.02 28,746,944 295,638 426,838 605,664 -100 2.27 1.19 1.09 0.89 0.02 0.87 0.02 28,659,832 332,627 303,250 403,404 -50 1.97 1.32 0.65 0.88 0.24 0.86 0.01 28,574,804 369,617 181,894 203,655 0 1.68 1.45 0.22 0.87 0.46 0.85 0.01 28,491,827 406,607 62,491 0 50 1.39 1.58 (0.20)0.87 0.68 0.86 (0.00)28,410,833 443,597 (54,959)(231,274) 100 1.00 1.68 (0.68)1.10 1.04 0.98 (0.07)28,302,127 469,377 (189,148)(483,750) 150 0.41 1.73 (1.32)1.32 1.45 1.20 (0.06)28,137,616 483,669 (366,858)(749,338) Horizon (Mo):12 Reinv. Rate(%):1.79 Aged-Govt Spot Curve Parallel Shift Yield Curve Assumptions: ----------------------Return %----------------------Mkt Value Change w/Accrd Int ($) Portfolio Market Value Change - ($)Change in Effective Duration 0.00 0.25 0.50 0.75 1.00 1.25 1.50 -150 -100 -50 0 50 100 150(1,000,000) (800,000) (600,000) (400,000) (200,000) 0 200,000 400,000 600,000 800,000 -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($) Data from BondEdge 7 of 16 Call Projection Flat Scenario +100 Scenario +200 Scenario Coupon Eff Projected Call Projected Projected Projected CUSIP Issuer Name (%)Maturity Dur Convex Par($)Date of Call Date of Call Date of Call 3134G5BK0 FEDERAL HOME LN MTG CORP 1.35 01/17/2018 0.93 (0.88)500,000 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 1.77 0.02 190,000 3130A07J3 FEDERAL HOME LOAN BANKS 1.85 11/05/2018 1.46 (0.73)500,000 11/30/2015 3133832J9 FEDERAL HOME LOAN BANKS 0.88 11/21/2018 1.24 (0.91)750,000 11/30/2017 3135G0UR2 FEDERAL NATL MTG ASSN 1.50 02/26/2019 1.25 (1.07)600,000 08/31/2015 3136G22K2 FEDERAL NATL MTG ASSN 2.00 11/20/2019 2.31 (0.66)500,000 05/31/2016 31315P2Y4 FEDERAL AGRIC MTG CORP MTNS 2.03 12/23/2019 2.00 (0.89)500,000 12/31/2015 313381TY1 FEDERAL HOME LOAN BANKS 1.00 01/29/2020 1.27 (1.09)695,000 07/31/2016 3130A3V92 FEDERAL HOME LOAN BANKS 2.00 01/30/2020 1.09 (1.00)500,000 04/30/2015 04/30/2015 04/30/2015 3136G2FJ1 FEDERAL NATL MTG ASSN 2.00 09/18/2020 2.09 (1.29)480,000 03/31/2017 1.69 06/12/2019 1.50 (0.91)5,215,000 Data from BondEdge 8 of 16 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 (%) Mar-15 0 0 0 0 0 0 0 0 0.82 1.21 Apr-15 65,001 500,000 6,309,000 0 0 0 6,874,001 6,874,001 0.00 0.42 May-15 37,924 0 498,000 0 0 0 535,924 7,409,925 0.21 0.43 Jun-15 17,187 0 708,000 0 0 0 725,187 8,135,113 0.52 0.46 Jul-15 11,734 0 0 0 0 0 11,734 8,146,847 0.00 0.00 Aug-15 53,605 600,000 996,000 0 0 0 1,649,605 9,796,452 0.80 0.96 Sep-15 34,015 0 749,000 0 0 0 783,015 10,579,468 0.29 0.46 Oct-15 12,236 0 0 0 0 0 12,236 10,591,704 0.00 0.00 Nov-15 38,132 500,000 862,000 0 0 0 1,400,132 11,991,836 1.57 1.76 Dec-15 14,862 500,000 0 0 0 0 514,862 12,506,699 1.74 2.03 Jan-16 11,682 0 0 0 0 0 11,682 12,518,381 0.00 0.00 Feb-16 45,950 0 350,000 0 0 0 395,950 12,914,331 1.08 0.64 Mar-16 28,613 0 510,000 0 0 0 538,613 13,452,945 0.63 2.19 Apr-16 12,290 0 500,000 0 0 0 512,290 13,965,235 1.41 1.44 May-16 24,552 500,000 0 0 0 0 524,552 14,489,786 1.93 2.00 Jun-16 9,774 0 0 0 0 0 9,774 14,499,560 0.00 0.00 Jul-16 12,858 695,000 0 0 0 0 707,858 15,207,419 1.32 1.95 Aug-16 42,466 0 500,000 0 0 0 542,466 15,749,885 2.00 1.20 Sep-16 21,278 0 750,000 0 0 0 771,278 16,521,163 0.73 0.84 Oct-16 7,841 0 0 0 0 0 7,841 16,529,004 0.00 0.00 Nov-16 20,537 0 625,000 0 0 0 645,537 17,174,541 1.00 3.10 Dec-16 9,774 0 0 0 0 0 9,774 17,184,315 0.00 0.00 Jan-17 8,207 0 0 0 0 0 8,207 17,192,523 0.00 0.00 Feb-17 35,860 0 500,000 0 0 0 535,860 17,728,383 0.46 0.80 Years 1 & 2 576,378 3,295,000 13,857,000 0 0 0 17,728,378 Monthly Cash Flows & Run-off Book Yield 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Interest ($)Call ($) Maturity ($)Book Yld (%) Data from BondEdge 9 of 16 Alerts Actions Identifier Issuer Name Coupon Maturity Par 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 NO ALERTS Report shows called bonds, call announcements and pre-refundings occurring since 12/31/2014.0 0 0.00 0 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 0 0 0 0.00 01/00/1900 0 0 0 01/00/1900 0 0 01/00/1900 0 0 01/00/1900 0 Data from BondEdge 10 of 16 Positions by Sector Sector (U.S.)CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price MV w/o Acc (000)Bk Price Bk Val ($000) Gain/Loss ($000)Port %Mkt YTW(%) Book Yield(%)Eff Dur Conv USD 1.37 2.14 27,818 100.29 27,898 99.809 27,765 133 100.00 0.83 1.21 1.60 (0.15) 06426RK69 BANK OF CHINA NEW YORK CITY 0.45 05/06/2015 249 N/A N/A N/A 100.00 08/06/2014 100.02 249 100.000 249 0 0.89 0.21 0.46 0.10 0.00 87164DFE5 SYNOVUS BK COLUMBUS GA 0.40 05/14/2015 249 N/A N/A N/A 100.00 08/14/2014 100.02 249 100.000 249 0 0.89 0.20 0.41 0.12 0.00 20033AEY8 COMENITY CAP BK UTAH 0.35 06/02/2015 249 N/A N/A N/A 100.00 06/02/2014 100.02 249 100.000 249 0 0.89 0.25 0.35 0.17 0.00 07370WGR1 BEAL BK USA LAS VEGAS NEV 0.35 06/03/2015 249 N/A N/A N/A 100.00 06/04/2014 100.01 249 100.000 249 0 0.89 0.30 0.35 0.17 0.00 71270QLV6 PEOPLES UNITED BANK 0.30 08/04/2015 247 N/A N/A N/A 100.00 02/04/2015 100.00 247 100.000 247 0 0.88 0.31 0.30 0.34 0.00 70086WGU7 PARK STERLING BANK 0.25 08/21/2015 249 N/A N/A N/A 100.00 12/22/2014 99.97 249 100.000 249 (0)0.89 0.33 0.25 0.39 0.00 60688MKK9 MIZUHO BK USA INSTL CTF DEP 0.35 09/04/2015 249 N/A N/A N/A 100.00 03/04/2015 100.03 249 100.000 249 0 0.89 0.29 0.36 0.43 0.00 80280JDL2 SANTANDER BK NATL ASSN 0.40 11/04/2015 247 N/A N/A N/A 100.00 02/04/2015 99.99 247 100.000 247 (0)0.88 0.43 0.41 0.60 0.00 05568PV95 BMW BK NORTH AMER UTAH 1.75 04/13/2017 247 N/A N/A N/A 100.00 04/13/2012 101.76 251 100.000 247 4 0.90 0.88 1.75 1.99 0.02 36160XUC9 GE CAP BK INC 2.05 08/21/2017 247 N/A N/A N/A 100.00 08/19/2011 102.11 252 100.000 247 5 0.90 1.16 2.05 2.33 0.03 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A N/A 100.00 01/31/2013 100.65 250 100.000 248 2 0.89 0.82 1.05 2.80 0.04 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A N/A 100.00 02/06/2013 100.67 250 100.000 248 2 0.89 0.76 1.00 2.82 0.04 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A N/A 100.00 03/08/2013 100.32 249 100.000 248 1 0.89 1.14 1.25 2.89 0.05 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A N/A 100.00 12/11/2013 101.50 251 100.000 247 4 0.90 1.58 2.00 3.56 0.07 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A N/A 100.00 05/14/2014 100.78 249 100.000 247 2 0.89 1.80 2.00 3.94 0.09 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A N/A 100.00 08/13/2014 100.67 249 100.000 247 2 0.89 1.94 2.10 4.18 0.10 2.547E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A N/A 100.00 08/13/2014 100.71 249 100.000 247 2 0.89 1.93 2.10 4.18 0.10 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A N/A 100.00 08/14/2014 100.71 249 100.000 247 2 0.89 1.88 2.05 4.19 0.10 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A N/A 100.00 08/20/2014 100.64 249 100.000 247 2 0.89 1.95 2.10 4.20 0.10 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A N/A 100.00 12/24/2014 100.64 249 100.000 247 2 0.89 2.06 2.20 4.49 0.12 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A N/A 100.00 12/19/2014 101.51 250 100.000 246 4 0.90 2.31 2.55 6.21 0.22 CD 1.29 2.49 5,201 100.60 5,232 100.000 5,201 31 18.73 1.07 1.29 2.39 0.05 0006CHAN6 AMERICANA 0.35 04/01/2015 3,518 N/A N/A N/A 100.00 03/31/2015 100.00 3,518 100.000 3,518 0 12.68 0.35 0.35 0.00 0.00 0002CHAN5 4M 0.02 04/01/2015 764 N/A N/A N/A 100.00 03/31/2015 100.00 764 100.000 764 0 2.73 0.02 0.02 0.00 0.00 0003CHAN3 WF 0.01 04/01/2015 1,516 N/A N/A N/A 100.00 03/31/2015 100.00 1,516 100.000 1,516 0 5.41 0.01 0.01 0.00 0.00 0010CHAN8 STERNE 0.01 04/01/2015 11 N/A N/A N/A 100.00 03/31/2015 100.00 11 100.000 11 0 0.04 0.01 0.01 0.00 0.00 MMF 0.22 0.00 5,809 100.00 5,809 100.000 5,809 0 20.85 0.22 0.22 0.00 0.00 US GOVT 1.28 3.78 8,558 99.11 8,482 98.453 8,426 56 30.34 0.90 1.53 2.13 (0.54) 3136FPGM3 FEDERAL NATL MTG ASSN 2.00 09/24/2015 500 Aaa AA+N/A 104.74 07/11/2012 100.82 504 100.716 504 1 1.80 0.29 0.51 0.48 0.00 313370TW8 FEDERAL HOME LOAN BANKS 2.00 09/09/2016 500 Aaa AA+N/A 105.39 07/12/2012 102.19 511 101.883 509 2 1.83 0.47 0.68 1.43 0.01 3134G5BK0 FEDERAL HOME LN MTG CORP 1.35 01/17/2018 500 Aaa AA+04/17/2015 99.98 08/12/2014 100.04 500 99.979 500 0 1.79 0.36 1.36 0.93 (0.88) 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 100.43 241 100.000 240 1 0.86 1.07 1.20 3.27 0.06 3130A07J3 FEDERAL HOME LOAN BANKS 1.85 11/05/2018 500 Aaa AA+11/05/2015 100.85 12/04/2013 100.77 504 100.265 501 3 1.81 0.55 1.40 1.46 (0.73) 3133832J9 FEDERAL HOME LOAN BANKS 0.88 11/21/2018 750 Aaa AA+05/21/2015 100.00 05/21/2013 99.87 749 100.000 750 (1)2.68 1.15 0.75 1.24 (0.91) 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 93.76 1,083 92.831 1,072 11 3.86 1.69 1.95 3.84 0.08 3135G0UR2 FEDERAL NATL MTG ASSN 1.50 02/26/2019 600 Aaa AA+05/26/2015 99.03 03/10/2014 100.19 601 99.226 595 6 2.15 0.23 1.71 1.25 (1.07) 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 101.22 506 99.813 499 7 1.81 1.33 1.70 3.81 0.08 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 92.97 593 92.194 588 5 2.12 1.61 1.80 4.55 0.11 3136G22K2 FEDERAL NATL MTG ASSN 2.00 11/20/2019 500 Aaa AA+05/20/2016 100.00 05/20/2014 101.34 507 100.000 500 7 1.82 0.81 2.00 2.31 (0.66) 31315P2Y4 FEDERAL AGRIC MTG CORP MTNS 2.03 12/23/2019 500 Aaa AA+12/23/2015 100.00 12/23/2014 100.85 504 100.000 500 4 1.81 0.86 2.03 2.00 (0.89) 313381TY1 FEDERAL HOME LOAN BANKS 1.00 01/29/2020 695 Aaa AA+04/29/2015 97.56 12/04/2013 99.98 695 98.760 686 8 2.48 1.01 1.95 1.27 (1.09) 3130A3V92 FEDERAL HOME LOAN BANKS 2.00 01/30/2020 500 Aaa AA+04/30/2015 100.07 03/11/2015 100.15 501 100.043 500 1 1.79 0.26 1.48 1.09 (1.00) 3136G2FJ1 FEDERAL NATL MTG ASSN 2.00 09/18/2020 480 Aaa AA+09/18/2015 100.00 03/18/2015 100.51 482 100.000 480 2 1.72 0.89 2.00 2.09 (1.29) AGY 1.28 3.78 8,558 99.11 8,482 98.453 8,426 56 30.34 0.90 1.53 2.13 (0.54) 161664BT3 CHASKA MINN GO IMPT BDS 201 2.00 02/01/2016 150 N/A AA N/A 104.96 08/16/2012 101.26 152 101.204 152 0 0.54 0.73 0.83 0.83 0.01 MUNI 2.00 0.84 150 101.26 152 101.204 152 0 0.54 0.73 0.83 0.83 0.01 68607VNS0 OREGON ST DEPT ADMINISTRATIV 5.13 04/01/2015 500 Aa2 AAA N/A 112.26 07/29/2011 100.00 500 99.995 500 0 1.83 0.36 1.67 0.00 0.00 976860YZ3 WISCONSIN RAPIDS WIS GO REF 1.25 06/01/2015 210 Aa3 N/A N/A 101.60 05/10/2012 100.15 210 100.086 210 0 0.75 0.37 0.72 0.17 0.00 64966JG26 NEW YORK N Y TAXABLE GO BDS 1.00 08/01/2015 500 Aa2 AA N/A 100.76 06/25/2012 100.17 501 100.081 500 0 1.79 0.49 0.75 0.34 0.00 081617PU0 BEND ORE FULL FAITH CREDIT 2.60 11/01/2015 615 Aa3 N/A N/A 100.00 11/30/2010 100.96 621 100.000 615 6 2.24 0.94 2.60 0.58 0.00 751622HA2 RAMSEY CNTY MINN CAP IMPT B 2.00 02/01/2016 200 Aaa AAA N/A 103.35 06/24/2013 101.34 203 101.076 202 1 0.73 0.39 0.70 0.83 0.01 951427X40 WEST BEND WIS TAXABLE G O R 2.88 03/01/2016 510 Aa3 N/A N/A 103.45 10/19/2010 101.97 520 100.611 513 7 1.86 0.71 2.19 0.91 0.01 941247V62 WATERBURY CONN GO BDS 2012B 1.76 04/01/2016 500 A1 AA-N/A 101.16 06/26/2012 100.23 501 100.310 502 (0)1.80 1.52 1.44 0.98 0.01 862811U46 STRATFORD CONN PENSION OBLI 2.64 08/01/2016 500 A1 AA N/A 105.80 06/12/2012 102.33 512 101.897 509 2 1.83 0.88 1.20 1.31 0.01 5476438G4 LOWELL MASS GO PARKING GARA 5.50 09/15/2016 250 Aa2 N/A N/A 117.61 07/18/2012 104.97 262 106.257 266 (3)0.94 2.01 1.15 1.41 0.01 081617PV8 BEND ORE FULL FAITH CREDIT 3.10 11/01/2016 625 Aa3 N/A N/A 100.00 11/30/2010 102.81 643 100.000 625 18 2.32 1.30 3.10 1.54 0.02 56516PNY5 MAPLE GROVE MINN TAXABLE GO 2.00 02/01/2017 500 N/A AAA N/A 104.78 01/10/2013 102.11 511 102.177 511 (0)1.83 0.84 0.80 1.81 0.02 591852UW6 METROPOLITAN COUNCIL MINN M 1.20 09/01/2017 500 Aaa AAA N/A 100.40 07/24/2012 100.66 503 100.187 501 2 1.80 0.92 1.12 2.39 0.03 20772JKK7 CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 Aa3 AA N/A 101.63 11/29/2012 100.15 901 100.853 908 (6)3.24 1.20 0.92 2.49 0.04 084509SW9 BERKS CNTY PA GO BDS 2012A 1.26 11/15/2017 500 Aa1 N/A N/A 101.17 11/29/2012 101.24 506 100.621 503 3 1.81 0.78 1.02 2.58 0.04 161664DV6 CHASKA MINN GO TAX INCR REF 2.00 12/01/2017 70 N/A AA N/A 101.44 08/15/2013 102.53 72 100.905 71 1 0.26 1.03 1.65 2.59 0.04 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A N/A 100.00 07/02/2013 100.03 380 100.000 380 0 1.36 1.09 1.10 2.71 0.04 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 104.05 06/13/2013 101.96 178 102.501 179 (1)0.64 1.29 1.10 2.76 0.04 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 02/01/2017 115.72 11/25/2011 107.16 204 105.730 201 3 0.73 1.14 1.90 1.77 0.02 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 102.09 77 100.000 75 2 0.28 1.41 2.00 3.54 0.07 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 104.64 419 101.577 406 12 1.50 2.15 2.70 5.40 0.17 TAX MUNI 2.33 1.78 8,100 101.52 8,223 100.955 8,177 46 29.54 1.02 1.53 1.70 0.03 Total: 1.37 2.14 27,818 100.29 27,898 99.809 27,765 133 100.00 0.83 1.21 1.60 (0.15) Data from BondEdge 11 of 16 Positions by Maturity Maturity (Yrs)CUSIP9 Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) MV w/o Acc ($000)Bk Price Bk Val ($000) Gain/Loss ($000)Port %Mkt YTW(%) Book Yield(%)Eff Dur Conv 0003CHAN3 WF 0.01 04/01/2015 1,516 N/A N/A N/A 100.00 03/31/2015 100.00 1,516 100.000 1,516 0 5.41 0.01 0.01 0.00 0.00 68607VNS0 OREGON ST DEPT ADMINISTRATIV 5.13 04/01/2015 500 Aa2 AAA N/A 112.26 07/29/2011 100.00 500 99.995 500 0 1.83 0.36 1.67 0.00 0.00 0010CHAN8 STERNE 0.01 04/01/2015 11 N/A N/A N/A 100.00 03/31/2015 100.00 11 100.000 11 0 0.04 0.01 0.01 0.00 0.00 0002CHAN5 4M 0.02 04/01/2015 764 N/A N/A N/A 100.00 03/31/2015 100.00 764 100.000 764 0 2.73 0.02 0.02 0.00 0.00 0006CHAN6 AMERICANA 0.35 04/01/2015 3,518 N/A N/A N/A 100.00 03/31/2015 100.00 3,518 100.000 3,518 0 12.68 0.35 0.35 0.00 0.00 06426RK69 BANK OF CHINA NEW YORK CITY 0.45 05/06/2015 249 N/A N/A N/A 100.00 08/06/2014 100.02 249 100.000 249 0 0.89 0.21 0.46 0.10 0.00 87164DFE5 SYNOVUS BK COLUMBUS GA 0.40 05/14/2015 249 N/A N/A N/A 100.00 08/14/2014 100.02 249 100.000 249 0 0.89 0.20 0.41 0.12 0.00 976860YZ3 WISCONSIN RAPIDS WIS GO REF 1.25 06/01/2015 210 Aa3 N/A N/A 101.60 05/10/2012 100.15 210 100.086 210 0 0.75 0.37 0.72 0.17 0.00 20033AEY8 COMENITY CAP BK UTAH 0.35 06/02/2015 249 N/A N/A N/A 100.00 06/02/2014 100.02 249 100.000 249 0 0.89 0.25 0.35 0.17 0.00 07370WGR1 BEAL BK USA LAS VEGAS NEV 0.35 06/03/2015 249 N/A N/A N/A 100.00 06/04/2014 100.01 249 100.000 249 0 0.89 0.30 0.35 0.17 0.00 64966JG26 NEW YORK N Y TAXABLE GO BDS 1.00 08/01/2015 500 Aa2 AA N/A 100.76 06/25/2012 100.17 501 100.081 500 0 1.79 0.49 0.75 0.34 0.00 71270QLV6 PEOPLES UNITED BANK 0.30 08/04/2015 247 N/A N/A N/A 100.00 02/04/2015 100.00 247 100.000 247 0 0.88 0.31 0.30 0.34 0.00 70086WGU7 PARK STERLING BANK 0.25 08/21/2015 249 N/A N/A N/A 100.00 12/22/2014 99.97 249 100.000 249 (0)0.89 0.33 0.25 0.39 0.00 60688MKK9 MIZUHO BK USA INSTL CTF DEP 0.35 09/04/2015 249 N/A N/A N/A 100.00 03/04/2015 100.03 249 100.000 249 0 0.89 0.29 0.36 0.43 0.00 3136FPGM3 FEDERAL NATL MTG ASSN 2.00 09/24/2015 500 Aaa AA+N/A 104.74 07/11/2012 100.82 504 100.716 504 1 1.80 0.29 0.51 0.48 0.00 081617PU0 BEND ORE FULL FAITH CREDIT 2.60 11/01/2015 615 Aa3 N/A N/A 100.00 11/30/2010 100.96 621 100.000 615 6 2.24 0.94 2.60 0.58 0.00 80280JDL2 SANTANDER BK NATL ASSN 0.40 11/04/2015 247 N/A N/A N/A 100.00 02/04/2015 99.99 247 100.000 247 (0)0.88 0.43 0.41 0.60 0.00 161664BT3 CHASKA MINN GO IMPT BDS 201 2.00 02/01/2016 150 N/A AA N/A 104.96 08/16/2012 101.26 152 101.204 152 0 0.54 0.73 0.83 0.83 0.01 751622HA2 RAMSEY CNTY MINN CAP IMPT B 2.00 02/01/2016 200 Aaa AAA N/A 103.35 06/24/2013 101.34 203 101.076 202 1 0.73 0.39 0.70 0.83 0.01 951427X40 WEST BEND WIS TAXABLE G O R 2.88 03/01/2016 510 Aa3 N/A N/A 103.45 10/19/2010 101.97 520 100.611 513 7 1.86 0.71 2.19 0.91 0.01 941247V62 WATERBURY CONN GO BDS 2012B 1.76 04/01/2016 500 A1 AA-N/A 101.16 06/26/2012 100.23 501 100.310 502 (0)1.80 1.52 1.44 0.98 0.01 862811U46 STRATFORD CONN PENSION OBLI 2.64 08/01/2016 500 A1 AA N/A 105.80 06/12/2012 102.33 512 101.897 509 2 1.83 0.88 1.20 1.31 0.01 313370TW8 FEDERAL HOME LOAN BANKS 2.00 09/09/2016 500 Aaa AA+N/A 105.39 07/12/2012 102.19 511 101.883 509 2 1.83 0.47 0.68 1.43 0.01 5476438G4 LOWELL MASS GO PARKING GARA 5.50 09/15/2016 250 Aa2 N/A N/A 117.61 07/18/2012 104.97 262 106.257 266 (3)0.94 2.01 1.15 1.41 0.01 081617PV8 BEND ORE FULL FAITH CREDIT 3.10 11/01/2016 625 Aa3 N/A N/A 100.00 11/30/2010 102.81 643 100.000 625 18 2.32 1.30 3.10 1.54 0.02 56516PNY5 MAPLE GROVE MINN TAXABLE GO 2.00 02/01/2017 500 N/A AAA N/A 104.78 01/10/2013 102.11 511 102.177 511 (0)1.83 0.84 0.80 1.81 0.02 05568PV95 BMW BK NORTH AMER UTAH 1.75 04/13/2017 247 N/A N/A N/A 100.00 04/13/2012 101.76 251 100.000 247 4 0.90 0.88 1.75 1.99 0.02 36160XUC9 GE CAP BK INC 2.05 08/21/2017 247 N/A N/A N/A 100.00 08/19/2011 102.11 252 100.000 247 5 0.90 1.16 2.05 2.33 0.03 591852UW6 METROPOLITAN COUNCIL MINN M 1.20 09/01/2017 500 Aaa AAA N/A 100.40 07/24/2012 100.66 503 100.187 501 2 1.80 0.92 1.12 2.39 0.03 20772JKK7 CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 Aa3 AA N/A 101.63 11/29/2012 100.15 901 100.853 908 (6)3.24 1.20 0.92 2.49 0.04 084509SW9 BERKS CNTY PA GO BDS 2012A 1.26 11/15/2017 500 Aa1 N/A N/A 101.17 11/29/2012 101.24 506 100.621 503 3 1.81 0.78 1.02 2.58 0.04 161664DV6 CHASKA MINN GO TAX INCR REF 2.00 12/01/2017 70 N/A AA N/A 101.44 08/15/2013 102.53 72 100.905 71 1 0.26 1.03 1.65 2.59 0.04 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A N/A 100.00 07/02/2013 100.03 380 100.000 380 0 1.36 1.09 1.10 2.71 0.04 3134G5BK0 FEDERAL HOME LN MTG CORP 1.35 01/17/2018 500 Aaa AA+04/17/2015 99.98 08/12/2014 100.04 500 99.979 500 0 1.79 0.36 1.36 0.93 (0.88) 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A N/A 100.00 01/31/2013 100.65 250 100.000 248 2 0.89 0.82 1.05 2.80 0.04 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 104.05 06/13/2013 101.96 178 102.501 179 (1)0.64 1.29 1.10 2.76 0.04 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 02/01/2017 115.72 11/25/2011 107.16 204 105.730 201 3 0.73 1.14 1.90 1.77 0.02 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A N/A 100.00 02/06/2013 100.67 250 100.000 248 2 0.89 0.76 1.00 2.82 0.04 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A N/A 100.00 03/08/2013 100.32 249 100.000 248 1 0.89 1.14 1.25 2.89 0.05 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 100.43 241 100.000 240 1 0.86 1.07 1.20 3.27 0.06 3130A07J3 FEDERAL HOME LOAN BANKS 1.85 11/05/2018 500 Aaa AA+11/05/2015 100.85 12/04/2013 100.77 504 100.265 501 3 1.81 0.55 1.40 1.46 (0.73) 3133832J9 FEDERAL HOME LOAN BANKS 0.88 11/21/2018 750 Aaa AA+05/21/2015 100.00 05/21/2013 99.87 749 100.000 750 (1)2.68 1.15 0.75 1.24 (0.91) 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 102.09 77 100.000 75 2 0.28 1.41 2.00 3.54 0.07 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A N/A 100.00 12/11/2013 101.50 251 100.000 247 4 0.90 1.58 2.00 3.56 0.07 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 93.76 1,083 92.831 1,072 11 3.86 1.69 1.95 3.84 0.08 3135G0UR2 FEDERAL NATL MTG ASSN 1.50 02/26/2019 600 Aaa AA+05/26/2015 99.03 03/10/2014 100.19 601 99.226 595 6 2.15 0.23 1.71 1.25 (1.07) 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 101.22 506 99.813 499 7 1.81 1.33 1.70 3.81 0.08 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A N/A 100.00 05/14/2014 100.78 249 100.000 247 2 0.89 1.81 2.00 3.94 0.09 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A N/A 100.00 08/13/2014 100.67 249 100.000 247 2 0.89 1.94 2.10 4.18 0.10 2.5467E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A N/A 100.00 08/13/2014 100.71 249 100.000 247 2 0.89 1.93 2.10 4.18 0.10 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A N/A 100.00 08/14/2014 100.71 249 100.000 247 2 0.89 1.88 2.05 4.19 0.10 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A N/A 100.00 08/20/2014 100.64 249 100.000 247 2 0.89 1.95 2.10 4.20 0.10 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 92.97 593 92.194 588 5 2.12 1.61 1.80 4.55 0.11 3136G22K2 FEDERAL NATL MTG ASSN 2.00 11/20/2019 500 Aaa AA+05/20/2016 100.00 05/20/2014 101.34 507 100.000 500 7 1.82 0.81 2.00 2.31 (0.66) 31315P2Y4 FEDERAL AGRIC MTG CORP MTNS 2.03 12/23/2019 500 Aaa AA+12/23/2015 100.00 12/23/2014 100.85 504 100.000 500 4 1.81 0.86 2.03 2.00 (0.89) 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A N/A 100.00 12/24/2014 100.64 249 100.000 247 2 0.89 2.06 2.20 4.49 0.12 313381TY1 FEDERAL HOME LOAN BANKS 1.00 01/29/2020 695 Aaa AA+04/29/2015 97.56 12/04/2013 99.98 695 98.760 686 8 2.48 1.01 1.95 1.27 (1.09) 3130A3V92 FEDERAL HOME LOAN BANKS 2.00 01/30/2020 500 Aaa AA+04/30/2015 100.07 03/11/2015 100.15 501 100.043 500 1 1.79 0.26 1.48 1.09 (1.00) 3136G2FJ1 FEDERAL NATL MTG ASSN 2.00 09/18/2020 480 Aaa AA+09/18/2015 100.00 03/18/2015 100.51 482 100.000 480 2 1.72 0.89 2.00 2.09 (1.29) 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 104.64 419 101.577 406 12 1.50 2.15 2.70 5.40 0.17 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A N/A 100.00 12/19/2014 101.51 250 100.000 246 4 0.90 2.31 2.55 6.21 0.22 0.00+ 1.37 2.14 27,818 100.29 27,898 99.809 27,765 133 100.00 0.83 1.21 1.60 (0.15) Total: 1.37 2.14 27,818 100.29 27,898 99.809 27,765 133 100.00 0.83 1.21 1.60 (0.15) Data from BondEdge 12 of 16 Glossary Accrued Interest Acquisition Date Acquisition Price Annual Income Average Coupon Average Life Average Maturity Average Stated Maturity Book Income Book Price Book Value Book Yield Call Date Call Price Cash Flow Calendar Date Cash Flow - Interest Cash Flow - Call Cash Flow - Maturity Cash Flow - MBS/ABS Interest Cash Flow - MBS/ABS Principal Cash Flow - MBS/ABS Prepay Cash Flow - Total Cash Flow - Cumulative Cash Flow - Run-off Yield Cash Flow - Run-off Book Yield Convexity Current Amortized Premium/Discount Cusip Effective Duration The date at which a security was originally purchased. This is used with Acquisition Price to determine Book Yield, Book Value and Unrealized Gain/Loss. The amount of coupon income which the holder of a security is entitled to receive if the security is sold between coupon payment dates. Date at which the cash flow begins. The cash flows are then summed up between each date on the calendar. The price at which a security was originally purchased. This is used with Acquisition Date to determine Book Yield, Book Value and Unrealized Gain/Loss. The sum of total interest cash flow for the 12 months after the first report date. At the portfolio level this includes the annual accretion of zero coupon bonds. The market-value weighted average coupon rate of the portfolio. The weighted average time to receipt of principal payments (including scheduled pay-downs and prepayments). For non-amortizing securities, the average life equals the time to the stated maturity. The market value-weighted average maturity of the bonds in the portfolio, where maturity is defined as stated final for bullet maturity bonds and average life for amortizing securities, including MBS, CMOs and amortizing ABS and ARM. The sum of total interest cash flow, change in accrued interest, amortization of premium/discount, and realized gain/loss. The amortized carrying cost of the security as of the portfolio pricing date. For Treasuries, Agencies, Corporates, ABS and Municipals, BondEdge uses the Constant Yield amortization method. Securities which are trading to call/(put) as of the Acquisition Date are amortized to the nearest call/(put) date and price. MBS, CMOs and ARMs are amortized based on the remaining average life and time since acquisition for purposes of computing Book Price as of the portfolio Pricing Date. The current Book Price of the bond multiplied by the current par amount. Does not include accrued interest. The single Internal Rate of Return which equates a bond's remaining cash flows to its book price. For Treasuries, Agencies, Corporates and Municipals, Book Yield is constant. For MBS, CMOs, asset-backed securities, and ARMs, Book Yield is calculated using the cash flows generated from the security's lifetime prepayment speed. In simulations, including Cash flow Testing analyses, the Book Yield for these security types will change according to the scenario-dependent prepayment forecast. Tax equivalent yields are used in this report. The pre-specified date at which an issuer may exercise its option to redeem an issue at a pre-specified price. Most call options are American, which are exercisable continuously from the call date, vs. European options which are exercisable only on the call date. The pre-specified price at which an issuer may exercise its option to redeem an issue on a pre-specified date. The value of a call option increases as interest rates fall. The market value-weighted average maturity of the bonds in the portfolio, where maturity is defined as stated final maturity date for all bonds. The Acquisition Price adjusted to reflect amortization or accretion to par with the passage of time. Cash flows from interest payments. Cash flows from bonds that are called. Cash flows from bonds that mature. Cash flows from interest payments from MBS/ABS securities. Cash flows from principal payments on MBS/ABS securities. Cash flows from prepays on MBS/ABS securities. Cash flows from principal, interest and prepays on all securities contained in the portfolio. The Cumulative Cash flows sums principal, interest and prepays for each cash flow Calendar Date and creates a running total. The weighted average market yield of the assets maturing, resetting and amortizing in the period. The weighted average book yield of the assets maturing, resetting and amortizing in the period. The percentage change in a bond's price not explained by Effective Duration. Price change is estimated as (Effective Duration x Δ Interest Rates) + (Convexity x Δ Interest Rates^2). The analysis calculates average convexity for yield curve shifts +/- 100bps. Positive convexity indicates that the bond's duration increases as interest rates fall, and decreases when interest rates rise. This means the bond's price will rise/(fall) at an increasing (decreasing) rates as interest rates fall/(rise). Negative convexity produces the opposite effect. A large convexity indicates that the bond's effective duration is unstable under shifts of the Treasury curve +/- 100bps. Committee on Uniform Securities Identification Procedures. Run by S&P, they assign a nine digit code to stocks and bonds. The first six digits identify the issuer. The next two digits represent the security that was issued, and the final digit is a check digit. First digit is always a number. If there is no valid cusip then a made up cusip may be used in the reports. 13 of 16 Glossary Income Return Market Value Par value times current market price. Market Value (without accrued interest) Market Value Change Number of Bonds Par Value Portfolio Alerts Moody's From Portfolio Alerts Moody To Portfolio Alerts Moody Date Portfolio Alerts S&P From Portfolio Alerts S&P To Portfolio Alerts S&P Date Portfolio Alerts Fitch From Portfolio Alerts Fitch To Portfolio Alerts Fitch Date Portfolio Alerts Acronyms Upgrade-UPG Downgrade-DNG Watch List Positive-POS Watch List Negative-NEG Watch List Stable-STA Watch List Developing-DEV Watch List Uncertain-UNC Watch List Evolving-EVO Initial Rating-Uses UPG symbol and SP to date but no SP from to date Portfolio Aged Shock Portfolio Instantaneous Shock Prerefunding Date Price Change Price Return Proposal Ratings - Short Term A-1+/P-1/F1+A-1/P-1/F1 A-2/P-2/F2 Ratings - Long Term AAA/Aaa/AAA AA+/Aa1/AA+AA/Aa2/AA AA-/Aa3/AAA+/A1/A+A/A2/A A-/A3/ABBB+/Baa1/BBB+BBB/Baa2/BBB BBB-/Baa3/BBBC Sector Acronyms ABS - Asset Backed CP - Commercial Paper AGY - Agency DUS - Multi-Family DUS OGVT - Other Government AGYDN - Agency Disc EMRG - Emerging PASS - Pass Through AGYNT - Agency Note ETM - Escrowed to Maturity REV - Revenue AUTO - Auto Lease FIN- Financial SLN - Student Loan BA - Bankers Accept FRN - Flt Rate Note SOVG - Sovereign BAN - Bond Antic Note GO - General Obligation SUPR - Supranational CARD - Credit Card Receivables HEL- Home Equity TAN - Tax Antic Note The previous S&P rating after a ratings action. This is located on the Portfolio Alerts page. An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates. Calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities (including pass-throughs, CMOs and ARMs). The portion of total return attributed to the coupon income and amortization of each bond in the portfolio. Par value times current market price without accrued interest. The difference between the beginning clean market value of the portfolio and market value as of the scenario date and rate change. The number of positions contained in the portfolio. The number may include cash or money market securities. The face value of bond. This is the amount of money the bond owner will get back at maturity. In the case of preferreds the value will be the number of shares. The previous Moody's rating after a ratings action. This is located on the Portfolio Alerts page. The current Moody's rating after a rating action. This is located on the Portfolio Alerts page. The date of the Moody's rating action. This is located on the Portfolio Alerts page. The current S&P rating after a rating action. This is located on the Portfolio Alerts page. The date of the S&P rating action. This is located on the Portfolio Alerts page. The previous Fitch rating after a ratings action. This is located on the Portfolio Alerts page. The current Fitch rating after a rating action. This is located on the Portfolio Alerts page. The date of the Fitch rating action. This is located on the Portfolio Alerts page. Interest rate changes occur gradually over the horizon in Aged simulations and unlike Instantaneous simulations, Aged simulations include yield curve roll. In Aged Simulations, the price of each bond in the portfolio is recalculated by discounting its remaining cash flows using the Treasury spot curve as of the horizon date and a constant OAS (for CMOs, this assumes Monte Carlo is activated). Instantaneous simulations calculate the total return of a portfolio over a specified horizon for a given change in the treasury curve and/or spreads with the assumption that the portfolio will be rebalanced to maintain its initial duration. Therefore, a portfolio's duration will not shorten due to the passage of time. Instantaneous simulations are useful when comparing portfolios to an index or benchmark which is continuously rebalanced. Income for the period, including amortization of any discount or premium and reinvestment of cash flows, is included in the total return. Since the securities in the portfolio do not age, there is no yield curve roll. Horizon prices are calculated using the Treasury curve as of the horizon date and a constant OAS (for CMOs, this assumes the Monte Carlo module is activated). Interest rate changes occur immediately, with the change in the 6 month rate impacting the initial reinvestment rate. The date that a Municipal bond is to be repurchased with certainty at the prerefunding Price. The product of the price return and beginning market value of the portfolio. Approximates the mark to market risk in a portfolio. The sum of the Parallel, Non-Parallel, Roll, Sector/Quality and Selection Effects for each bond in the portfolio. Proposal may appear on the cover page to indicate the report contains securities that the client may or may not hold in their current portfolio. The portfolio is for illustrative purposes only. 14 of 16 Glossary CD - Cert Dep IND - Industrial TAX MUNI - Taxable Municipal CLO - Collateralized Loan Obligation LEAS - Equipment Lease T-BILL - Treasury Bill CMBS - Commercial Mtge-Backed MISC - Miscellaneous TRAN - Tax/Rev Antic Note CMO - Collateralized Mortgage MMF - Money Market Funds TSY - Treasury COPS - Cert of Participation Muni - Municipal UTIL - Utility Settlement Date Tax Equivalent Yields Total Return Treasury yield curve graph Treasury Benchmark Unrealized Gains/Losses Worst Call Date Yield to Worst (YTW) Yield Change in Basis Points This is the date when a security and the payment for it are exchanged between a buyer and a seller. The lowest Internal Rate of Return based on a calculation of yield to call for all possible call dates and the yield to maturity. Tax equivalent YTW is used in this report. The Yield Change is shown on the Shock Report. This represents an up or down parallel shift in basis points of the US Treasury yield curve. The tax exempt rate is grossed up to a tax equivalent yield based on the federal and state tax rates. When calculating tax-equivalent yields in a portfolio, The analysis uses the "Domicile Code" to determine whether a municipal bond's yield should be grossed up by both the Federal and State tax rates, or the Federal tax rate only. Yields shown throughout this report are tax equivalent. The sum of Income Return and Price Return. The treasury yield curve is located on the market commentary page and shows the report date yield curve and the curve one year previous. Yield of the treasury maturity matched to the average life of the portfolio as of the report date. Unrealized gains and losses; measured as the difference between current market value (excluding accrued) and amortized book value. The Call Date, from all possible call dates in the schedule, that returns the lowest yield (this yield is known as the Yield to Worst). This call date is also used to compute Duration to Worst. 15 of 16 Important Disclosures Relating to Conflicts of Interest and Potential Conflicts of Interest Accuracy of Information About Wells Fargo Securities Copyright© 2015 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. As an affiliate, Wells Fargo Securities, LLC may be compensated for this activity. 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. 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. 16 of 16