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Investment Report 06-30-16CITY OF CHANHASSEN Reid Christianson o6/3o/2oi6 Confidential -For Discussion and General Information Purposes Only 1of15 Together - .. \w _ . ►� { Table of Contents 1. Summary 6. Cash Flow 2. Portfolio History 7. Portfolio Alerts 3. Sector 8. Positions by Sector 4. Rate Shock 9. Positions by Maturity 5. Call Projection 1o. Glossary 2Of15 11. Disclaimer Summary Par Value ($000): $27,497 Mkt Val w/accrd ($000): $27,872 Wt. Avg. Mat (Stated Yrs): 1.825 Effective Duration: 1.683 Convexity: (.008) Portfolio Floating Rate: 0.000 Number of Bonds: 61 100 90 a 80 70 60 50 40 30 20 10 0 t 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 9,020 1M 1-3M 3-12M 1-3YR 3-5YR B62 5-7YR Portfolio YTW: .769 Portfolio Book Yield: 1.164 Book Value ($000): $27,521 Unr Gain/(Loss) ($000): $251 Portfolio Callable: 4.320 Avg. Coupon (%): 1.301 Avg. Mkt Price ($): 101.002 100 90 80 70 60 50 40 30 20 10 0 100 90 80 70 60 50 40 30 20 10 0 0.00-0.99 1.00- 2.99 3Of15 12 Mo Book Income ($000): $273 12 Mo Cash Flow ($000): $12,117 12 Mo Mat Cash Flow ($000): $10,599 12 Mo Call Cash Flow ($000): $1,190 12 Mo Int Income ($000): $328 12 Mo Amort Prem/Disc ($000): ($10) Current Accrued Interest ($000): $99 100 90 80 70 60 50 40 30 20 10 0 100 90 80 70 60 50 40 30 19 20 8 10 µ. 0 3.00-3.99 4.00-5.99 3 0.00-0.991.00- 1.992.00-2.993.00-3.994.00-4.995.00-5.99 History 06/30/2015 28,045 43 2.27 1.93 (0.11) 1.07 0.66 1.27 1.48 100.49 Aal AA+ 68 09/30/2015 27,864 82 2.26 1.86 (0.10) 1.01 0.47 1.33 1.48 100.44 Aal AA+ 69 03/31/2016 26,092 161 1.92 1.69 (0.06) 0.92 0.59 1.22 1.34 100.83 Aal AA+ 62 06/30/2016 27,497 251 1.83 1.68 (0.01) Historical 0.77 Performance 0.51 1.16 1.30 101.11 Aal AA+ 61 i 1.40 1.20 I 1.00 0.80 0.60 0.40 0.20 0.00 ■Avg Bk Yld(%) ■Avg Benchmark Tsy Yld(%) Jun -15 Sep -15 4Of15 Mar -16 Jun -16 Sector CD 6,446 N/A N/A 1.42 1.97 101.18 6,522 6,446 76 23.47 0.93 1.42 1.91 0.03 MMF 6,483 N/A N/A 0.05 0.00 100.00 6,483 6,483 0 23.31 0.05 0.05 0.00 0.00 US GOVT 5,973 Aaa AA+ 1.04 3.30 99.71 5,955 5,867 89 21.41 1.09 1.64 2.84 (0.12) AGY 5,973 Aaa AA+ 1.04 3.30 99.71 5,955 5,867 89 21.41 1.09 1.64 2.84 (0.12) TAX MUNI 8,595 Aal AA+ 2.33 2.06 102.53 8,812 8,725 87 31.81 0.96 1.48 1.96 0.03 Total: 27,497 Aal AA+ 1.30 1.83 101.00 27,773 27,521 251 100.00 0.77 1.16 1.68 (0.01) 5Of15 Rate Shock -Mkt Value Change w/Accrd int($) _Mkt Value Change w/o Accrd Int($) _Mkt Value w/o Accrd Int Change -Instantaneous($) 800,000 600,000 400,000 200,000 0 -1 (200,000) i (400,000) al (600,000) . i (800,000) Horizon (Mo): 12 Reinv. Rate(%): 0.35 Aged -Govt Spot Curve Parallel Shift Yield Curve 6Of15 1.25 1.00 0.75 1 _ --------- -150 ______-150 -100 -50 0 702,923 465,190 232,178 0 (234,400) (469.356 50 100 150 2.36 0.67 1.69 1.07 (0.34) 1.05 0.02 28,528,846 657,213 470,189 1.84 0.67 1.17 1.06 (0.05) 1.04 0.02 28,383,297 511,723 323,828 1.34 0.69 0.65 1.06 0.24 1.03 0.02 28,244,072 372,365 179,411 0 0.92 0.78 0.14 1.05 0.53 1.02 0.02 28,127,679 256,140 37,493 50 0.52 0.90 (0._ 1.09 0.84 1.03 (0.00) 28,016,913 145,211 (104,425) 100 0.09 1.01 (0.92) 1.14 1.17 1.07 (0.01) 27,896,965 25,363 (254,674) 150 (0.35) 1.11 (1.45) 1 1.13 1.47 1.08 0.01 1 27,774,861 (96,715) (403,257) -Mkt Value Change w/Accrd int($) _Mkt Value Change w/o Accrd Int($) _Mkt Value w/o Accrd Int Change -Instantaneous($) 800,000 600,000 400,000 200,000 0 -1 (200,000) i (400,000) al (600,000) . i (800,000) Horizon (Mo): 12 Reinv. Rate(%): 0.35 Aged -Govt Spot Curve Parallel Shift Yield Curve 6Of15 1.25 1.00 0.75 1 _ --------- -150 ______-150 -100 -50 0 702,923 465,190 232,178 0 (234,400) (469.356 50 100 150 Call Projection 751622AJO RAMSEY CNTY MINN TAXABLE GO 5.100 02/01/2018 0.58 0.00 190,000 02/28/2017 02/28/2017 02/28/2017 3134G8QA0 FEDERAL HOME LN MTG CORP 1.630 03/30/2020 1.37 (0.99) 500,000 09/30/2016 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.400 05/18/2020 1.65 (1.03) 500,000 11/30/2016 2.090 12/11/2019 1.36 (0.84) 1,190,000 7 of 15 Cash Flow 07/31/2016 23,445 0 6,483,000 0 0 0 6,506,445 6,506,445 0.05 0.05 08/31/2016 50,898 0 749,000 0 0 0 799,898 7,306,343 1.36 0.97 09/30/2016 25,713 500,000 1,497,000 0 0 0 2,022,713 9,329,056 0.52 0.92 10/31/2016 24,716 0 0 0 0 0 24,716 9,353,772 0.00 0.00 11/30/2016 24,778 500,000 625,000 0 0 0 1,149,778 10,503,550 1.32 2.35 12/31/2016 39,221 0 249,000 0 0 0 288,221 10,791,771 0.54 0.70 01/31/2017 9,228 0 0 0 0 0 9,228 10,800,998 0.00 0.00 02/28/2017 43,258 190,000 500,000 0 0 0 733,258 11,534,257 0.59 1.98 03/31/2017 12,786 0 0 0 0 0 12,786 11,547,042 0.00 0.00 04/30/2017 24,716 0 247,000 0 0 0 271,716 11,818,758 0.54 1.75 05/31/2017 11,590 0 249,000 0 0 0 260,590 12,079,349 0.65 1.00 06/30/2017 38,142 0 0 0 0 0 38,142 12,117,490 0.00 0.00 07/31/2017 9,036 0 248,000 0 0 0 257,036 12,374,526 0.84 1.15 Total 337,527 1,190,000 30 847 000 0 0 0 12,374,527 Monthly Cash Flows & Run-off Book Yield Interest ($)-Call ($) Maturity ($)tBookYld (%) 7,000,000 2.50 6,000,000 2.00 5,000,000 4,000,000 1.50 3,000,000 1.00 2,000,000 0.50 1,000,000 m, .w. p _ _. __ .... _... __...0 .... _._ _. _ __ _.. _._---___� �.. 0.00 Jul -16 Aug -16 Sep -16 Oct -16 Nov -16 Dec -16 Jan -17 Feb -17 Mar -17 Apr -17 May -17 Jun -17 Jul -17 8Of15 Alerts Identifier IssuerName CouponActions Rating Actions: Watchlist/Outlook/ Upgrades/ Downgrades/ Reinstated/Withdrawn /Confirmed/ Initial Ratings DOWNGRADES: 20772JKK CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 N/A AA- 05/19/2016 AA AA- 05/19/2016 OGVT-LocalAuth-CT AA MATURING IN 4 WEEKS: 0003CHAN WF 0.36 7/1/2016 926 N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 0006CHAN BMO HARRIS BANK 0.00 7/1/2016 2,777 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 0008CHAN NORTHLAND 0.00 7/1/2016 2,729 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 0010CHAN US BANK 0.01 7/1/2016 51 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 9Of15 Positions by Sector 10 Of 15 313370TW8 FEDERAL HOME LOAN BANKS 2.00 09/09/2016 500 Aaa AA+ N/A 07/12/2012 105.39 100.30 502 100.250 501 0 1.81 0.42 0.68 0.19 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+ N/A 07/30/2012 100.00 101.07 243 100.000 240 3 0.87 0.68 1.20 2.04 0.03 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+ N/A 06/19/2014 91.43 97.20 1,123 95.100 1,098 24 4.03 1.10 1.95 2.58 0.04 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+ N/A 03/05/2012 99.68 102.28 511 99.870 499 12 1.84 0.78 1.70 2.60 0.04 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+ N/A 12/10/2014 91.69 96.79 618 94.280 601 16 2.22 0.99 1.80 3.28 0.06 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA- N/A 08/05/2015 92.56 95.94 537 94.070 527 10 1.93 1.22 1.80 3.40 0.06 3134G8QA0 FEDERAL HOME LN MTG CORP 1.63 03/30/2020 500 Aaa AA+ 09/30/2016 03/30/2016 100.00 100.09 500 100.000 500 0 1.80 1.24 1.62 1.37 (0.99) 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+ 11/18/2016 05/18/2016 100.00 100.09 500 100.000 500 0 1.80 1.15 1.40 1.65 (1.03) 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+ N/A 04/14/2016 93.14 94.30 736 93.440 729 7 2.64 1.30 1.50 4.54 0.11 7426SID18 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+ N/A 04/29/2015 114.14 114.33 686 111.780 671 15 2.47 1.55 2.01 4.96 0.14 AGY 1.04 3.30 5,973 99.71 5,955 98.220 5,867 89 21.41 1.09 1.64 2.84 (0.12) 32026UAVS FIRST FNDTN BK IRVINE CA 0.50 08/19/2016 249 N/A N/A N/A 11/20/2015 100.00 100.00 249 100.000 249 0 0.90 0.48 0.51 0.14 0.00 554063AE2 M Y SAFRA BANK FSB NEW YORK 0.60 09/06/2016 249 N/A N/A N/A 07/06/2015 100.00 100.02 249 100.000 249 0 0.90 0.49 0.60 0.19 0.00 58733ACN7 MERCANTIL COMMERCEBANK N A 0.50 09/26/2016 249 N/A N/A N/A 03/24/2016 100.00 100.02 249 100.000 249 0 0.89 0.44 0.51 0.24 0.00 29367SFY5 ENTERPRISE BK & TR CLAYTON M 0.50 09/30/2016 249 N/A N/A N/A 03/30/2016 100.00 100.02 249 100.000 249 0 0.89 0.42 0.50 0.25 0.00 084601EF6 BERKSHIRE BK PITTSFIELD MA 0.70 12/30/2016 249 N/A N/A N/A 06/30/2015 100.00 100.08 249 100.000 249 0 0.89 0.54 0.70 0.50 0.00 05568PV95 BMW BK NORTH AMER UTAH 1.75 04/13/2017 247 N/A N/A N/A 04/13/2012 100.00 100.94 249 100.000 247 2 0.90 0.54 1.75 0.78 0.00 27113PAH4 EAST BOSTON SVGS BK MA 1.00 05/24/2017 249 N/A N/A N/A 08/24/2015 100.00 100.32 250 100.000 249 1 0.90 0.65 1.00 0.89 0.01 14042ESD8 CAPITAL ONE NATL ASSN VA 1.15 07/31/2017 248 N/A N/A N/A 07/29/2015 100.00 100.33 249 100.000 248 1 0.90 0.84 1.15 1.07 0.01 36160XUC9 GOLDMAN SACHS BK USA 2.05 08/21/2017 247 N/A N/A N/A 08/19/2011 100.00 101.41 250 100.000 247 3 0.91 0.81 2.05 1.12 0.01 20451PMC7 COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 248 N/A N/A N/A 06/30/2015 100.00 100.56 249 100.000 248 1 0.89 0.87 1.25 1.49 0.01 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A N/A 01/31/2013 100.00 100.21 249 100.000 248 1 0.90 0.92 1.05 1.57 0.02 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A N/A 02/06/2013 100.00 100.12 248 100.000 248 0 0.89 0.92 1.00 1.58 0.02 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A N/A 03/08/2013 100.00 100.77 250 100.000 248 2 0.90 0.79 1.25 1.66 0.02 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A N/A 05/14/2015 100.00 100.49 249 100.000 248 1 0.90 1.03 1.30 1.84 0.02 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A N/A 07/01/2015 100.00 100.76 250 100.000 248 2 0.90 1.21 1.60 1.95 0.02 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A N/A 09/04/2015 100.00 101.40 252 100.000 249 4 0.91 0.70 1.35 2.14 0.03 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A N/A 12/11/2013 100.00 102.18 252 100.000 247 5 0.91 1.09 2.00 2.39 0.03 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A N/A 05/14/2014 100.00 102.25 253 100.000 247 6 0.91 1.20 2.00 2.78 0.04 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A N/A 06/29/2016 100.00 100.09 249 100.000 249 0 0.89 1.12 1.15 2.93 0.05 2.547E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A N/A 08/13/2014 100.00 102.82 254 100.000 247 7 0.92 1.18 2.10 3.00 0.05 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A N/A 08/13/2014 100.00 102.48 253 100.000 247 6 0.92 1.29 2.10 3.00 0.05 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A N/A 08/14/2014 100.00 102.51 253 100.000 247 6 0.92 1.23 2.05 3.01 0.05 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A N/A 08/20/2014 100.00 102.48 253 100.000 247 6 0.91 1.29 2.10 3.02 0.05 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A N/A 12/24/2014 100.00 102.88 254 100.000 247 7 0.91 1.35 2.20 3.36 0.06 57116AMC9 MARLIN BUSINESS SK SALT LAKE 1.25 12/27/2019 249 N/A N/A N/A 06/29/2016 100.00 100.11 249 100.000 249 0 0.89 1.22 1.25 3.41 0.06 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A N/A 12/19/2014 100.00 105.46 259 100.000 246 13 0.93 1.51 2.55 5.15 0.15 00 1.42 1.97 6,446 101.18 6,522 100.000 6,446 76 23.47 0.93 1.42 1.91 0.03 OO10CHAN8 US BANK 0.01 07/01/2016 51 N/A N/A N/A 03/31/2015 100.00 100.00 51 100.000 51 0 0.18 0.01 0.01 0.00 0.00 0008CHAN2 NORTHLAND 0.00 07/01/2016 2,729 N/A N/A N/A 03/31/2015 100.00 100.00 2,729 100.000 2,729 0 9.79 0.00 0.00 0.00 0.00 OOO6CHAN6 BMO HARRIS BANK 0.00 07/01/2016 2,777 N/A N/A N/A 03/31/2015 100.00 100.00 2,777 100.000 2,777 0 9.96 0.00 0.00 0.00 0.00 0003CHAN3 WF 0.36 07/01/2016 926 N/A N/A N/A 03/31/2015 100.00 100.00 926 100.000 926 0 3.37 0.36 0.36 0.00 0.00 MMF 0.05 0.00 6,483 100.00 6,483 100.000 6,483 0 23.31 0.05 0.05 0.00 0.00 86281IU46 STRATFORD CONN PENSION OBLI 2.64 08/01/2016 500 Al AA N/A 06/12/2012 105.80 100.17 501 100.120 501 0 1,82 0.61 1.20 0.09 0.00 5476438G4 LOWELL MASS GO PARKING GARA 5.50 09/15/2016 250 Aa2 N/A N/A 07/18/2012 117.61 101.02 253 100.900 252 0 0.92 0.58 1.15 0.21 0.00 081617PVB BEND ORE FULL FAITH CREDIT 3.10 11/01/2016 625 Aa3 N/A N/A 11/30/2010 100.00 100.55 628 100.000 625 3 2.27 1.45 3.10 0.34 0.00 56516PNY5 MAPLE GROVE MINN TAXABLE GO 2.00 02/01/2017 500 N/A AAA N/A 01/10/2013 104.78 100.79 504 100.700 503 0 1.82 0.65 0.80 0.58 0.00 591852UW6 METROPOLITAN COUNCIL MINN M 1.20 09/01/2017 500 Aaa AAA N/A 07/24/2012 100.40 100.72 504 100.090 500 3 1.81 0.58 1.12 1.16 0.01 20772JKK7 CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 Aa3 AA- N/A 11/29/2012 101.63 100.61 905 100.440 904 2 3.26 0.79 0.92 1.28 0.01 084509SW9 BERKS CNTY PA GO BDS 2012A 1.26 11/15/2017 500 Aal N/A N/A 11/29/2012 101.17 100.66 503 100.330 502 2 1.81 0.78 1.02 1.36 0.01 161664DV6 CHASKA MINN GO TAX INCR REF 2.00 12/01/2017 70 N/A AA N/A 08/15/2013 101.44 101.73 71 100.490 70 1 0.26 0.77 1.65 1.40 0.01 604195VV6 MINNETONKA MINN INOPT SCH D 1.10 01/01/2018 380 Aaa N/A N/A 07/02/2013 100.00 100.49 382 100.000 380 2 1.38 0.77 1.10 1.48 0.01 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 06/13/2013 104.05 101.84 178 101.410 177 1 0.64 0.83 1.10 1.56 0.02 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 02/01/2017 11/25/2011 115.72 102.63 195 101.850 194 1 0.71 0.59 1.90 0.58 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 03/18/2016 100.36 101.05 505 100.320 502 4 1.82 0.81 1.15 2.13 0.03 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 415 Aaa AAA N/A 11/05/2015 100.94 101.38 421 100.740 418 3 1.51 1.02 1.30 2.29 0.03 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 08/15/2013 100.00 102.44 77 100.000 75 2 0.28 0.98 2.00 2.36 0.03 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A N/A 04/26/2016 112.62 112.54 253 111.820 252 2 0.93 0.84 1.10 2.40 0.03 882722169 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 06/24/2015 106.62 106.41 1,059 105.080 1,046 13 3.83 1.18 1.58 3.09 0.05 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+ N/A 05/14/2015 100.00 101.28 208 100.000 205 3 0.75 1.22 1.60 3.37 0.06 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 05/17/2016 102.21 103.18 206 102.140 204 2 0.75 1.11 1.40 3.53 0.07 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 06/18/2015 100.00 103.41 517 100.000 500 17 1.86 1.26 2.15 3.77 0.08 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aal N/A N/A 04/07/2016 104.42 105.29 516 104.180 510 5 1.85 1.12 1.40 3.75 0.08 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 01/24/2014 101.88 106.52 426 101.270 405 21 1.55 1.52 2.70 4.28 0.11 MUNI 2.33 2.06 8,595 102.53 8,812 101.520 8,725 87 31.81 0.96 1.48 1.96 0.03 Total: 1.30 1!83 27,497 101.00 27,773 100.090 27,521 251 100.00 0.77 1.16 1.68 (0.01) 10 Of 15 Positions by Maturity 0010CHAN8 US BANK 0.01 07/01/2016 51 N/A N/A N/A 03/31/2015 100.00 100.00 51 100.00 51 0 0.18 0.01 0.01 0.00 0.00 0008CHAN2 NORTHLAND 0.00 07/01/2016 2,729 N/A N/A N/A 03/31/2015 100.00 100.00 2,729 100.00 2,729 0 9.79 0.00 0.00 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 07/01/2016 2,777 N/A N/A N/A 03/31/2015 100.00 100.00 2,777 100.00 2,777 0 9.96 0.00 0.00 0.00 0.00 0003CHAN3 WF 0.36 07/01/2016 926 N/A N/A N/A 03/31/2015 100.00 100.00 926 100.00 926 0 3.37 0.36 0.36 0.00 0.00 862811U46 STRATFORD CONN PENSION OBLI 2.64 08/01/2016 500 Al AA N/A 06/12/2012 105.80 100.17 501 100.12 501 0 1.82 0.61 1.20 0.09 0.00 32026UAV8 FIRST FNDTN BK IRVINE CA 0.50 08/19/2016 249 N/A N/A N/A 11/20/2015 100.00 100.00 249 100.00 249 0 0.90 0.48 0.51 0.14 0.00 55406JAE2 M Y SAFRA BANK FSB NEW YORK 0.60 09/06/2016 249 N/A N/A N/A 07/06/2015 100.00 100.02 249 100.00 249 0 0.90 0.49 0.60 0.19 0.00 313370TW8 FEDERAL HOME LOAN BANKS 2.00 09/09/2016 500 Aaa AA+ N/A 07/12/2012 105.39 100.30 502 100.25 501 0 1.81 0.42 0.68 0.19 0.00 5476438G4 LOWELL MASS GO PARKING GARA 5.50 09/15/2016 250 Aa2 N/A N/A 07/18/2012 117.61 101.02 253 100.90 252 0 0.92 0.58 1.15 0.21 0.00 58733ACN7 MERCANTIL COMMERCEBANK N A 0.50 09/26/2016 249 N/A N/A N/A 03/24/2016 100.00 100.02 249 100.00 249 0 0.89 0.44 0.51 0.24 0.00 29367SFY5 ENTERPRISE BK & TR CLAYTON M 0.50 09/30/2016 249 N/A N/A N/A 03/30/2016 100.00 100.02 249 100.00 249 0 0.89 0.42 0.50 0.25 0.00 081617PV8 BEND ORE FULL FAITH CREDIT 3.10 11/01/2016 625 Aa3 N/A N/A 11/30/2010 100.00 100.55 628 100.00 625 3 2.27 1.45 3.10 0.34 0.00 084601EF6 BERKSHIRE BK PITTSFIELD MA 0.70 12/30/2016 249 N/A N/A N/A 06/30/2015 100.00 100.08 249 100.00 249 0 0.89 0.54 0.70 0.50 0.00 56516PNY5 MAPLE GROVE MINN TAXABLE GO 2.00 02/01/2017 500 N/A AAA N/A 01/10/2013 104.78 100.79 504 100.70 503 0 1.82 0.65 0.80 0.58 0.00 05568PV95 BMW BK NORTH AMER UTAH 1.75 04/13/2017 247 N/A N/A N/A 04/13/2012 100.00 100.94 249 100.00 247 2 0.90 0.54 1.75 0.78 0.00 27113PAH4 EAST BOSTON SVGS BK MA 1.00 05/24/2017 249 N/A N/A N/A 08/24/2015 100.00 100.32 250 100.00 249 1 0.90 0.65 1.00 0.89 0.01 14042ESD8 CAPITAL ONE NATL ASSN VA 1.15 07/31/2017 248 N/A N/A N/A 07/29/2015 100.00 100.33 249 100.00 248 1 0.90 0.84 1.15 1.07 0.01 36160XUC9 GOLDMAN SACHS BK USA 2.05 08/21/2017 247 N/A N/A N/A 08/19/2011 100.00 101.41 250 100.00 247 3 0.91 0.81 2.05 1.12 0.01 591852UW6 METROPOLITAN COUNCIL MINN M 1.20 09/01/2017 500 Aaa AAA N/A 07/24/2012 100.40 100.72 504 100.09 500 3 1.81 0.58 1.12 1.16 0.01 207723KK7 CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 Aa3 AA- N/A 11/29/2012 101.63 100.61 905 100.44 904 2 3.26 0.79 0.92 1.28 0.01 084509SW9 BERKS CNTY PA GO BDS 2012A 1.26 11/15/2017 500 Aal N/A N/A 11/29/2012 101.17 100.66 503 100.33 502 2 1.81 0.78 1.02 1.36 0.01 161664DV6 CHASKA MINN GO TAX INCR REF 2.00 12/01/2017 70 N/A AA N/A 08/15/2013 101.44 101.73 71 100.49 70 1 0.26 0.77 1.65 1.40 0.01 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A N/A 07/02/2013 100.00 100.49 382 100.00 380 2 1.38 0.77 1.10 1.48 0.01 20451PMC7 COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 248 N/A N/A N/A 06/30/2015 100.00 100.56 249 100.00 248 1 0.89 0.87 1.25 1.49 0.01 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A N/A 01/31/2013 100.00 100.21 249 100.00 248 1 0.90 0.92 1.05 1.57 0.02 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 06/13/2013 104.05 101.84 178 101.41 177 1 0.64 0.83 1.10 1.56 0.02 751622A70 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 02/01/2017 11/25/2011 115.72 102.63 195 101.85 194 1 0.71 0.59 1.90 0.58 0.00 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A N/A 02/06/2013 100.00 100.12 248 100.00 248 0 0.89 0.92 1.00 1.58 0.02 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A N/A 03/08/2013 100.00 100.77 250 100.00 248 2 0.90 0.79 1.25 1.66 0.02 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A N/A 05/14/2015 100.00 100.49 249 100.00 248 1 0.90 1.03 1.30 1.84 0.02 140420SUS CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A N/A 07/01/2015 100.00 100.76 250 100.00 248 2 0.90 1.21 1.60 1.95 0.02 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+ N/A 07/30/2012 100.00 101.07 243 100.00 240 3 0.87 0.68 1.20 2.04 0.03 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 03/18/2016 100.36 101.05 505 100.32 502 4 1.82 0.81 1.15 2.13 0.03 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A N/A 09/04/2015 100.00 101.40 252 100.00 249 4 0.91 0.70 1.35 2.14 0.03 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 415 Aaa AAA N/A 11/05/2015 100.94 101.38 421 100.74 418 3 1.51 1.02 1.30 2.29 0.03 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 08/15/2013 100.00 102.44 77 100.00 75 2 0.28 0.98 2.00 2.36 0.03 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A N/A 12/11/2013 100.00 102.18 252 100.00 247 5 0.91 1.09 2.00 2.39 0.03 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+ N/A 06/19/2014 91.43 97.20 1,123 95.11 1,098 24 4.03 1.10 1.95 2.58 0.04 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A N/A 04/26/2016 112.62 112.54 253 111.82 252 2 0.93 0.84 1.10 2.40 0.03 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+ N/A 03/05/2012 99.68 102.28 511 99.87 499 12 1.84 0.78 1.70 2.60 0.04 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A N/A 05/14/2014 100.00 102.25 253 100.00 247 6 0.91 1.20 2.00 2.78 0.04 590133QYS MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A N/A 06/29/2016 100.00 100.09 249 100.00 249 0 0.89 1.12 1.15 2.93 0.05 2.5467E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A N/A 08/13/2014 100.00 102.82 254 100.00 247 7 0.92 1.18 2.10 3.00 0.05 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A N/A 08/13/2014 100.00 102.48 253 100.00 247 6 0.92 1.29 2.10 3.00 0.05 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A N/A 08/14/2014 100.00 102.51 253 100.00 247 6 0.92 1.23 2.05 3.01 0.05 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A N/A 08/20/2014 100.00 102.48 253 100.00 247 6 0.91 1.29 2.10 3.02 0.05 882722769 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 06/24/2015 106.62 106.41 1,059 105.08 1,046 13 3.83 1.18 1.58 3.09 0.05 76116FAAS RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+ N/A 12/10/2014 91.69 96.79 618 94.28 601 16 2.22 0.99 1.80 3.28 0.06 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA- N/A 08/05/2015 92.56 95.94 537 94.07 527 10 1.93 1.22 1.80 3.40 0.06 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+ N/A 05/14/2015 100.00 101.28 208 100.00 205 3 0.75 1.22 1.60 3.37 0.06 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A N/A 12/24/2014 100.00 102.88 254 100.00 247 7 0.91 1.35 2.20 3.36 0.06 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A N/A 06/29/2016 100.00 100.11 249 100.00 249 0 0.89 1.22 1.25 3.41 0.06 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 05/17/2016 102.21 103.18 206 102.14 204 2 0.75 1.11 1.40 3.53 0.07 3134G8QA0 FEDERAL HOME LN MTG CORP 1.63 03/30/2020 500 Aad AA+ 09/30/2016 03/30/2016 100.00 100.09 500 100.00 500 0 1.80 1.24 1.62 1.37 (0.99) 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+ 11/18/2016 05/18/2016 100.00 100.09 500 100.00 500 0 1.80 1.15 1.40 1.65 (1.03) 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aal N/A N/A 04/07/2016 104.42 105.29 516 104.18 510 5 1.85 1.12 1.40 3.75 0.08 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 06/18/2015 100.00 103.41 517 100.00 500 17 1.86 1.26 2.15 3.77 0.08 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+ N/A 04/14/2016 93.14 94.30 736 93.44 729 7 2.64 1.30 1.50 4.54 0.11 11383SH54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 01/24/2014 101.88 106.52 426 101.27 405 21 1.55 1.52 2.70 4.28 0.11 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+ N/A 04/29/2015 114.14 114.33 686 111.78 671 15 2.47 1.55 2.01 4.96 0.14 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A N/A 12/19/2014 100.00 105.46 259 100.00 246 13 0.93 1.51 2.55 5.15 0.15 1.30 1.83 27,497 101.00 27,773 100.09 27,521 251 100.00 0.77 1.16 1.68 (0.01) 11 Of 15 Glossary Accrued Interest The amount of coupon income which the holder of a security is entitled to receive if the security is sold between coupon payment dates. Acquisition Date 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. Acquisition Price 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. Annual Income 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. Averaqe Coupon The market-value weighted average coupon rate of the portfolio. Average Life 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. Average 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. Averaqe Stated Maturity The market value-weighted average maturity of the bonds in the portfolio, where maturity is defined as stated final maturity date for all bonds. Book Income The sum of total interest cash flow, change in accrued interest, amortization of premium/discount, and realized gain/loss. Book Price The amortized carrying cost of the security as of the portfolio pricing date. For Treasuries, Agencies, Corporates, ABS and Municipals, Bond Edge 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. Book value The current Book Price of the bond multiplied by the current par amount. Does not Include accrued interest. Book Yield 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. Call Date 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. Call Price 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. Cash Flow Calendar Date Date at which the cash flow begins. The cash flows are then summed up between each date on the calendar. Cash Flow - Interest Cash flows from interest payments. Cash Flow - Call Cash flows from bonds that are called. Cash Flow - Maturity Cash flows from bonds that mature. Cash Flow - MBS/ABS Interest Cash flows from interest payments from MBS/ABS securities. Cash Flow - MBS/ABS Principal Cash flows from principal payments on MBS/ABS securities. Cash Flow - MBS/ABS Preoav Cash flows from prepays on MBS/ABS securities. Cash Flow - Total Cash flows from principal, Interest and prepays on all securities contained in the portfolio. Cash Flow - Cumulative The Cumulative Cash flows sums principal, interest and prepays for each cash flow Calendar Date and creates a running total. Cash Flow - Run -off Yield The weighted average market yield of the assets maturing, resetting and amortizing in the period. Cash Flow - Run -off Book Yield The weighted average book yield of the assets maturing, resetting and amortizing in the period. Convexitv The percentage change in a bond's price not explained by Effective Duration. Price change is estimated as (Effective Duration x A Interest Rates) + (Convexity x A 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. Current Amortized Premium/Discount The Acquisition Price adjusted to reflect amortization or accretion to par with the passage of time. Cusip 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. Effective Duration 12 Of 15 Glossary 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). Income Return The portion of total return attributed to the coupon Income and amortization of each bond in the portfolio. Market Value Par value times current market price. Market Value (without accrued interest) Par value times current market price without accrued interest. Market Value Change The difference between the beginning clean market value of the portfolio and market value as of the scenario date and rate change. Number of Bonds The number of positions contained in the portfolio. The number may include cash or money market securities. Par Value 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. Portfolio Alerts Moody's From The previous Moody's rating after a ratings action. This Is located on the Portfolio Alerts page. Portfolio Alerts Moody To The current Moody's rating after a rating action. This is located on the Portfolio Alerts page. Portfolio Alerts Moody Date The date of the Moody's rating action. This is located on the Portfolio Alerts page. Portfolio Alerts S&P From The previous S&P rating after a ratings action. This is located on the Portfolio Alerts page. Portfolio Alerts S&P To The current S&P rating after a rating action. This is located on the Portfolio Alerts page. Portfolio Alerts S&P Date The date of the S&P rating action. This is located on the Portfolio Alerts page. Portfolio Alerts Fitch From The previous Fitch rating after a ratings action. This is located on the Portfolio Alerts page. Portfolio Alerts Fitch To The current Fitch rating after a rating action. This is located on the Portfolio Alerts page. Portfolio Alerts Fitch Date The date of the Fitch rating action. This is located on the Portfolio Alerts page. Portfolio Alerts Acronyms UDorade-UPG Downgrade-DNG Watch List Negative -NEG Watch List Stable -STA Watch List Uncertain -UNC Watch List Evolving-EVO Watch List Positive -POS Watch List Developinq-DEV Initial Rating -Uses UPG symbol and SP to date but no SP from to date Portfolio Aged Shock 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). Report assumptions Include a reinvestment rate that is the 6 month treasury and a 12 month Portfolio Instantaneous shock 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 chancre in the 6 month rate imoactino the initial reinvestment rate. Prerefunding Date The date that a Municipal bond is to be repurchased with certainty at the prerefunding Price. Price Change The product of the price return and beginning market value of the portfolio. Approximates the mark to market risk in a portfolio. Price Return The sum of the Parallel, Non -Parallel, Roll, Sector/Quality and Selection Effects for each bond in the portfolio. Pr000sal 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. Ratings - Short Term A-1+/P-1/Fl+ A-1/P-1/Fl A -2/P -2/F2 Ratings - Long Term AAA/Add/AAA AA+/Aal/AA+ AA/Aa2/AA AA-/Aa3/AAA+/ Al/A+ A/A2/A A-/A3/ABBB+/ Baal/BBB+ BBB/Baal/BBB BBB-/Baa3/BBBC Sector Acronyms ABS - Asset Backed CP - Commercial Paper AGY - Aqencv DUS - Multi-Familv DUS OGVT - Other Government AGYDN - Agencv Disc EMRG - Emerginq PASS - Pass Throuqh AGYNT - Agencv Note ETM - Escrowed to Maturity REV- Revenue AUTO - Auto Lease FIN- Financial SLN - Student Loan BA - Bankers Accept FRN - Fit Rate Note SOVG - Sovereign BAN - Bond Antic Note GO - General Obligation SUPR - Supranational CARD - Credit Card Receivables HEL- Home Equity TAN - Tax Antic Note 13 Of 15 Glossary CD - Cert Dec IND - Industrial TAX MUNI - Taxable Municipal CLO - Collateralized Loan Obliqation LEAS - Equipment Lease T -BILL - Treasury Bill CMBS - Commercial Mtge -Backed MISC - Miscellaneous TRAN - Tax/Rev Antic Note CMO - Collateralized Mortqaqe MMF - Money Market Funds TSY - Treasury COPS - Cert of Participation Muni - Municipal UTIL - Utility Settlement Date This is the date when a security and the payment for it are exchanged between a buyer and a seller. Tax Equivalent Yields 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. Total Return The sum of Income Return and Price Return. Treasury vield curve graph The treasury yield curve is located on the market commentary page and shows the report date yield curve and the curve one year previous. Treasury Benchmark Yield of the treasury maturity matched to the average life of the portfolio as of the report date. Unrealized Gains/Losses Unrealized gains and losses; measured as the difference between current market value (excluding accrued) and amortized book value. Worst Call Date 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. Yield to Worst (YTW) 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. Yield Chanqe in Basis Points 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. 14 of 15 Important Disclosures Relating to Conflicts of Interest and Potential Conflicts of Interest 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 maybe compensated for this activity. Accuracy of Information This account summary was prepared by Wells Fargo Securities Fixed Income Market and Portfolio Strategy and is not a substitute for your monthly statement or trade confirmation. Prices and yields are current as of the date of this summary and are subject to change and availability; past performance is no guarantee of future results. Municipal leases are shown at their par value. Any rating provided for a municipal lease investment is a rating associated with the lessee, and does not constitute a rating of the lease investment itself. For Securities held away from Wells Fargo Securities, cost data and acquisition dates have not been verified and positions may not be covered by SIPC The indicative valuation(s) provided in this report are for information purposes only and are intended for use solely by the addressee. The information contained herein is derived from sources that Wells Fargo Securities in good faith considers reliable, however Wells Fargo Securities does not guarantee the accuracy, reliability or completeness of this information and makes no warranty, express or implied, with respect thereto. The indicative valuations do not represent advice, an offer to purchase or sell any security or other instrument either at the indicative valuation(s) or any other price(s). There is no representation that any transaction can or could have been effected at the indicative valuation(s). The indicative valuations contained herein represent estimates as of the stated valuation date and are subject to change without notice. Such estimates do not necessarily reflect Wells Fargo Securities' internal bookkeeping or theoretical model -based valuation. The indicative valuations are based on certain assumptions, and different assumptions, by Wells Fargo Securities or any other source may yield substantially different results. These valuations also may vary from those of another Wells Fargo division, since they may use other sources of market information or make calculations as of a different time. Wells Fargo Securities is not responsible for any loss or damage arising out of any person's use of or reliance upon the information contained herein or otherwise, including but not limited to, errors (including errors of transmission), inaccuracies, omissions, changes in market factors or other conditions or any other circumstances whether or not such errors are within Wells Fargo Securities' control. Under no circumstances shall Wells Fargo Securities be liable for special or consequential damages that arise from any person's use of or reliance upon the information contained herein, even if Wells Fargo Securities has been advised of the possibility of such damages. About Wells Fargo Securities 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. Copyright© 2016 Wells Fargo & Company SECURITIES: NOT FDIC:-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE 15 of 15