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Investment Report 03-31-2018
CITY OF CHANHASSEN Reid Christianson 03/29/2018 Confidential-For Discussion and General Information Purposes Only 1/13 Summary Par Value ($000):$25,872 Portfolio Market Yield:1.81 12 Mo Book Income ($000):$334 Mkt Val w/accrd ($000):$25,865 Portfolio Book Yield:1.48 12 Mo Cash Flow ($000):$12,608 Wtg Avg. Mat (Years):1.59 Book Value ($000):$25,941 12 Mo Mat Cash Flow ($000):$12,209 Effective Duration:1.49 Unr Gain/(Loss) ($000):($182)12 Mo Call Cash Flow ($000):$0 Convexity:0.00 % Portfolio Callable:5.11 12 Mo Int Income ($000):$398 % Portfolio Floating Rate:0.00 Avg. Coupon (%):1.61 12 Mo Amort Prem/Disc ($000):($28) Number of Bonds:70 Avg. Mkt Price ($):99.62 Current Accrued Interest ($000):$106 Summary Characteristics Performance Characteristics Cash Flow Characteristics Sector Distribution S&P Long-Term Ratings Distribution Moody Long-Term Ratings Distribution ($000)% of Portfolio % of Portfolio % of Portfolio % of Portfolio % of Portfolio Cash Flow Distribution Duration Distribution Coupon Distribution 0 10 20 30 40 50 60 70 80 90 100 AAA AA N/A 0 10 20 30 40 50 60 70 80 90 100 Aaa Aa N/A 0 10 20 30 40 50 60 70 80 90 100 3,154 1,311 8,142 10,291 3,405 512 . 2,000 4,000 6,000 8,000 10,000 12,000 1M 1-3M 3-12M 1-3YR 3-5YR 5-7YR 47 40 6 6 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 2.99 3.00 - 3.99 4.00 - 5.99 23 40 22 10 2 3 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 1.99 2.00 - 2.99 3.00 - 3.99 4.00 - 4.99 5.00 - 5.99 2/13 2 Year Cash Flow Interest Principal Prepay Total Cumulative Run - Off Run - Off Date Interest ($)Call ($)Maturity ($)MBS($)MBS($)MBS($)Cash Flow($)Cash Flow($)Mkt YTW (%)Book Yld (%) Apr-18 30,018 0 3,124,353 0 0 0 3,154,371 3,154,371 0.12 0.11 May-18 18,078 0 494,000 0 0 0 512,078 3,666,449 1.53 1.33 Jun-18 52,205 0 747,000 0 0 0 799,205 4,465,653 1.63 1.31 Jul-18 19,782 0 488,000 0 0 0 507,782 4,973,436 1.87 1.40 Aug-18 80,983 0 500,000 0 0 0 580,983 5,554,419 1.89 1.00 Sep-18 11,295 0 1,241,000 0 0 0 1,252,295 6,806,713 1.83 1.28 Oct-18 27,496 0 492,000 0 0 0 519,496 7,326,209 1.63 1.45 Nov-18 20,498 0 822,000 0 0 0 842,498 8,168,707 1.83 1.43 Dec-18 44,343 0 322,000 0 0 0 366,343 8,535,050 1.80 2.00 Jan-19 13,700 0 330,000 0 0 0 343,700 8,878,750 0.97 1.80 Feb-19 73,572 0 2,905,000 0 0 0 2,978,572 11,857,322 1.41 1.66 Mar-19 6,344 0 744,000 0 0 0 750,344 12,607,666 2.07 1.59 Apr-19 25,325 0 0 0 0 0 25,325 12,632,991 0.00 0.00 May-19 9,458 0 247,000 0 0 0 256,458 12,889,449 2.20 2.00 Jun-19 40,134 0 249,000 0 0 0 289,134 13,178,583 2.17 1.15 Jul-19 9,509 0 0 0 0 0 9,509 13,188,093 0.00 0.00 Aug-19 37,914 0 988,000 0 0 0 1,025,914 14,214,007 2.26 2.09 Sep-19 5,134 0 500,000 0 0 0 505,134 14,719,141 2.26 1.15 Oct-19 25,087 0 1,633,000 0 0 0 1,658,087 16,377,228 1.54 1.67 Nov-19 6,749 0 560,000 0 0 0 566,749 16,943,977 2.41 1.80 Dec-19 39,886 0 701,000 0 0 0 740,886 17,684,862 2.33 1.69 Jan-20 9,250 0 500,000 0 0 0 509,250 18,194,112 2.33 1.55 Feb-20 27,342 0 0 0 0 0 27,342 18,221,455 0.00 0.00 Mar-20 2,000 0 200,000 0 0 0 202,000 18,423,455 2.00 1.40 Totals:636,102 0 17,787,353 0 0 0 18,423,455 Monthly Cash Flows & Run-off Book Yield 0.00 0.50 1.00 1.50 2.00 2.50 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Interest ($)Call ($)Maturity ($)Book Yld (%) 3/13 Sector Par Avg Cpn Avg Mat Mkt Price Mkt Val Book Unr.Gain/Loss Port Mkt YTW Book Yld Eff. Sector ($000)Moody S&P (%)(Yrs)($)($000)Price ($000)(%) (%)(%)Duration Conv. Govt 8,818 Aaa AA+1.15 1.97 98.26 8,665 99.68 (124)33.60 2.31 1.61 1.79 (0.05) CD 6,671 N/A N/A 1.68 1.12 99.58 6,643 100.00 (28)25.79 2.01 1.69 1.09 0.01 MMF 2,878 N/A N/A 0.00 0.00 100.00 2,878 100.00 0 11.13 0.00 0.00 0.00 0.00 MUNI 7,505 Aa1 AA+2.70 2.16 100.90 7,572 101.30 (30)29.49 1.74 1.72 2.05 0.04 Total:25,872 Aaa AA+1.61 1.59 99.56 25,759 100.27 (182)100.00 1.81 1.48 1.49 (0.00) 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 Ratings 4/13 Positions by Sector tandard Holdings Sector CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000) Port (%) Mkt YTW(%) Bk Yield(%)Eff Dur Conv 3133EEP95 FEDERAL FARM CR BKS 1.10 06/01/2018 500 Aaa AA+N/A 99.85 06/19/2017 99.91 500 99.97 (0)1.94 1.64 1.25 0.17 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.78 239 100.00 (1)0.93 1.87 1.20 0.33 0.00 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.64 498 100.00 (2)1.93 1.89 1.00 0.41 0.00 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 98.24 1,135 98.39 (2)4.39 2.13 1.95 0.84 0.01 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 99.52 498 99.96 (2)1.93 2.18 1.70 0.91 0.01 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.37 492 100.00 (8)1.90 2.26 1.15 1.47 0.02 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.55 616 97.27 (5)2.38 2.29 1.80 1.53 0.02 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA-N/A 92.56 08/05/2015 96.09 538 97.06 (5)2.08 2.41 1.80 1.65 0.02 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 98.65 493 100.00 (7)1.91 2.33 1.55 1.74 0.02 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+11/18/2017 100.00 05/18/2016 97.99 490 100.00 (10)1.90 2.37 1.40 2.00 (0.06) 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 97.86 489 100.90 (15)1.90 2.38 0.96 2.15 0.03 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 97.78 489 100.60 (14)1.90 2.40 1.26 2.48 0.04 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 93.29 728 95.91 (20)2.81 2.50 1.50 2.77 0.05 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 105.90 635 108.15 (14)2.49 2.62 2.01 3.40 0.07 3134GAQ31 FEDERAL HOME LN MTG CORP 2.15 01/26/2022 500 Aaa AA+04/26/2018 99.95 11/14/2017 98.01 490 99.95 (10)1.90 2.70 2.16 2.80 (0.70) 3130ABLN4 FEDERAL HOME LOAN BANKS 2.50 06/28/2024 345 Aaa AA+06/28/2019 100.00 10/11/2017 97.11 335 100.00 (10)1.30 3.01 2.50 4.61 (0.71) Govt 1.15 03/16/2020 8,818 98.26 8,665 99.68 (124)33.60 2.31 1.61 1.79 (0.05) 46176PGU3 INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 246 N/A N/A 100.00 06/30/2017 100.00 246 100.00 0 0.96 1.45 1.37 0.01 0.00 20350ACU3 COMMUNITY BK CHESAPEAKE 1.35 05/11/2018 246 N/A N/A 100.00 08/11/2017 99.99 246 100.00 (0)0.96 1.49 1.37 0.12 0.00 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A 100.00 05/14/2015 99.97 248 100.00 (0)0.96 1.58 1.30 0.13 0.00 856285DE8 STATE BK INDIA NEW YORK NY 1.40 06/12/2018 247 N/A N/A 100.00 09/12/2017 99.96 247 100.00 (0)0.96 1.60 1.42 0.20 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 99.93 248 100.00 (0)0.96 1.88 1.60 0.26 0.00 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 99.98 249 100.00 (0)0.96 1.40 1.35 0.43 0.00 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.80 246 100.00 (1)0.95 1.78 1.35 0.48 0.00 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.81 246 100.00 (0)0.95 1.78 1.41 0.50 0.00 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.81 246 100.00 (0)0.95 1.82 1.45 0.53 0.00 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 100.00 246 100.00 0 0.95 1.45 1.45 0.54 0.00 06426WUU4 BANK OF CHINA NEW YORK CITY 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.77 245 100.00 (1)0.95 1.88 1.52 0.63 0.00 61747MB42 MORGAN STANLEY BK N A UTAH 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.77 245 100.00 (1)0.95 1.88 1.52 0.63 0.00 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 100.07 247 100.00 0 0.96 1.90 2.00 0.69 0.00 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 99.57 248 100.00 (1)0.96 2.05 1.61 0.94 0.01 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 99.54 248 100.00 (1)0.96 2.07 1.61 0.97 0.01 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.49 245 100.00 (1)0.95 2.07 1.55 0.98 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 99.79 246 100.00 (1)0.96 2.20 2.00 1.10 0.01 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 98.76 246 100.00 (3)0.95 2.17 1.15 1.23 0.01 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.65 246 100.00 (1)0.95 2.36 2.10 1.34 0.01 2.547E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.80 247 100.00 (0)0.96 2.25 2.10 1.34 0.01 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 99.99 247 100.00 (0)0.96 2.06 2.05 1.35 0.01 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 99.63 246 100.00 (1)0.95 2.37 2.10 1.36 0.01 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 99.63 246 100.00 (1)0.96 2.42 2.20 1.69 0.02 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.05 244 100.00 (5)0.94 2.40 1.25 1.71 0.02 14042RJJ1 CAPITAL ONE NATL ASSN VA 2.15 10/12/2021 247 N/A N/A 100.00 10/12/2017 98.18 242 100.00 (5)0.95 2.69 2.15 3.35 0.07 05580AKQ6 BMW BK NORTH AMER SALT LAKE 2.05 10/13/2021 247 N/A N/A 100.00 10/13/2017 97.84 242 100.00 (5)0.94 2.70 2.05 3.36 0.07 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 99.93 246 100.00 (0)0.96 2.57 2.55 3.51 0.07 CD 1.68 05/12/2019 6,671 99.58 6,643 100.00 (28)25.79 2.01 1.69 1.09 0.01 0008CHAN2 NORTHLAND 0.07 03/30/2018 5 N/A N/A 100.00 03/01/2018 100.00 5 100.00 0 0.02 0.07 0.07 0.00 0.00 0010CHAN8 US BANK 0.38 03/30/2018 0 N/A N/A 100.00 03/01/2018 100.00 0 100.00 0 0.00 0.38 0.38 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 03/30/2018 2,869 N/A N/A 100.00 03/01/2018 100.00 2,869 100.00 0 11.09 0.00 0.00 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 03/30/2018 0 N/A N/A 100.00 03/01/2018 100.00 0 100.00 0 0.00 0.00 0.00 0.00 0.00 0003CHAN3 WF 1.11 03/30/2018 3 N/A N/A 100.00 03/01/2018 100.00 3 100.00 0 0.01 1.12 1.12 0.00 0.00 MMF 0.00 03/30/2018 2,878 100.00 2,878 100.00 0 11.13 0.00 0.00 0.00 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.67 498 100.06 (2)1.93 2.09 1.15 0.42 0.00 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 330 Aaa AAA N/A 100.94 11/05/2015 99.93 330 100.19 (1)1.28 1.74 1.30 0.59 0.00 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 100.36 75 100.00 0 0.29 1.45 2.00 0.67 0.00 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 330 Aa1 AA+N/A 100.00 12/22/2016 100.62 332 100.00 2 1.29 0.97 1.80 0.75 0.01 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 101.05 505 101.74 (3)1.96 2.23 1.40 0.83 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 103.87 4 0.93 (0.75)1.10 0.84 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 103.57 10 2.16 (0.75)1.45 0.84 0.01 882722J69 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 106.62 06/24/2015 103.19 1,027 102.39 8 4.03 1.05 1.58 1.46 0.01 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+N/A 100.00 05/14/2015 99.10 203 100.00 (2)0.79 2.14 1.60 1.67 0.02 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 101.14 (2)0.77 2.00 1.40 1.88 0.02 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.08 (10)1.98 2.04 1.11 2.04 0.03 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 99.56 498 100.00 (2)1.94 2.36 2.15 2.10 0.03 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 100.43 492 102.34 (9)1.92 2.29 1.40 2.09 0.03 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.80 8 1.60 1.95 2.70 2.71 0.04 161664HA8 CHASKA MINN TAXABLE GO BDS 1.95 02/01/2021 140 N/A AA N/A 100.00 11/29/2017 98.29 138 100.00 (2)0.54 2.58 1.95 2.73 0.05 809557BA8 SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 120 N/A AA+N/A 100.00 12/28/2017 98.24 118 100.00 (2)0.46 2.84 2.35 3.63 0.08 161664HB6 CHASKA MINN TAXABLE GO BDS 2.10 02/01/2022 140 N/A AA N/A 100.00 11/29/2017 97.88 137 100.00 (3)0.53 2.68 2.10 3.64 0.08 092765EW2 BLAINE MINN TAXABLE GO IMPT 2.25 02/01/2023 395 N/A AA+N/A 100.00 12/05/2017 97.61 386 100.00 (9)1.50 2.78 2.25 4.52 0.12 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.18 516 103.82 (3)2.00 2.39 2.25 4.47 0.12 809557BB6 SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 120 N/A AA+N/A 100.00 12/28/2017 97.93 118 100.00 (2)0.46 2.96 2.50 4.50 0.12 161664HC4 CHASKA MINN TAXABLE GO BDS 2.25 02/01/2023 145 N/A AA N/A 100.00 11/29/2017 97.48 141 100.00 (4)0.55 2.81 2.25 4.52 0.12 161664HD2 CHASKA MINN TAXABLE GO BDS 2.40 02/01/2024 150 N/A AA N/A 100.00 11/29/2017 97.15 146 100.00 (4)0.57 2.93 2.40 5.36 0.16 MUNI 2.70 05/24/2020 7,505 100.90 7,572 101.30 (30)29.49 1.74 1.72 2.05 0.04 5/13 Positions by Sector tandard Holdings Sector CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000) Port (%) Mkt YTW(%) Bk Yield(%)Eff Dur Conv Total: 1.61 10/29/2019 25,872 99.56 25,759 100.27 (182)100.00 1.81 1.48 1.49 (0.00) 6/13 Positions by Maturity T cl. Table 2 Hldgs M CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000)Port (%) Mkt YTW(%) Book Yield(%)Eff Dur Conv 0003CHAN3 WF 1.11 03/30/2018 3 N/A N/A 100.00 03/01/2018 100.00 3 100.00 0 0.01 1.12 1.12 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 03/30/2018 0 N/A N/A 100.00 03/01/2018 100.00 0 100.00 0 0.00 0.00 0.00 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 03/30/2018 2,869 N/A N/A 100.00 03/01/2018 100.00 2,869 100.00 0 11.09 0.00 0.00 0.00 0.00 0010CHAN8 US BANK 0.38 03/30/2018 0 N/A N/A 100.00 03/01/2018 100.00 0 100.00 0 0.00 0.38 0.38 0.00 0.00 0008CHAN2 NORTHLAND 0.07 03/30/2018 5 N/A N/A 100.00 03/01/2018 100.00 5 100.00 0 0.02 0.07 0.07 0.00 0.00 46176PGU3 INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 246 N/A N/A 100.00 06/30/2017 100.00 246 100.00 0 0.96 1.45 1.37 0.01 0.00 20350ACU3 COMMUNITY BK CHESAPEAKE 1.35 05/11/2018 246 N/A N/A 100.00 08/11/2017 99.99 246 100.00 (0)0.96 1.49 1.37 0.12 0.00 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A 100.00 05/14/2015 99.97 248 100.00 (0)0.96 1.58 1.30 0.13 0.00 3133EEP95 FEDERAL FARM CR BKS 1.10 06/01/2018 500 Aaa AA+N/A 99.85 06/19/2017 99.91 500 99.97 (0)1.94 1.64 1.25 0.17 0.00 856285DE8 STATE BK INDIA NEW YORK NY 1.40 06/12/2018 247 N/A N/A 100.00 09/12/2017 99.96 247 100.00 (0)0.96 1.60 1.42 0.20 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 99.93 248 100.00 (0)0.96 1.88 1.60 0.26 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.78 239 100.00 (1)0.93 1.87 1.20 0.33 0.00 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.64 498 100.00 (2)1.93 1.89 1.00 0.41 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.67 498 100.06 (2)1.93 2.09 1.15 0.42 0.00 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 99.98 249 100.00 (0)0.96 1.40 1.35 0.43 0.00 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.80 246 100.00 (1)0.95 1.78 1.35 0.48 0.00 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.81 246 100.00 (0)0.95 1.78 1.41 0.50 0.00 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.81 246 100.00 (0)0.95 1.82 1.45 0.53 0.00 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 100.00 246 100.00 0 0.95 1.45 1.45 0.54 0.00 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 330 Aaa AAA N/A 100.94 11/05/2015 99.93 330 100.19 (1)1.28 1.74 1.30 0.59 0.00 06426WUU4 BANK OF CHINA NEW YORK CITY 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.77 245 100.00 (1)0.95 1.88 1.52 0.63 0.00 61747MB42 MORGAN STANLEY BK N A UTAH 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.77 245 100.00 (1)0.95 1.88 1.52 0.63 0.00 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 100.36 75 100.00 0 0.29 1.45 2.00 0.67 0.00 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 100.07 247 100.00 0 0.96 1.90 2.00 0.69 0.00 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 330 Aa1 AA+N/A 100.00 12/22/2016 100.62 332 100.00 2 1.29 0.97 1.80 0.75 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 103.87 4 0.93 (0.75)1.10 0.84 0.01 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 98.24 1,135 98.39 (2)4.39 2.13 1.95 0.84 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 103.57 10 2.16 (0.75)1.45 0.84 0.01 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 101.05 505 101.74 (3)1.96 2.23 1.40 0.83 0.01 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 99.52 498 99.96 (2)1.93 2.18 1.70 0.91 0.01 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 99.57 248 100.00 (1)0.96 2.05 1.61 0.94 0.01 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 99.55 248 100.00 (1)0.96 2.07 1.61 0.97 0.01 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.49 245 100.00 (1)0.95 2.07 1.55 0.98 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 99.79 246 100.00 (1)0.96 2.20 2.00 1.10 0.01 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 98.76 246 100.00 (3)0.95 2.17 1.15 1.23 0.01 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.65 246 100.00 (1)0.95 2.36 2.10 1.34 0.01 2.5467E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.80 247 100.00 (0)0.96 2.25 2.10 1.34 0.01 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 99.99 247 100.00 (0)0.96 2.06 2.05 1.35 0.01 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 99.63 246 100.00 (1)0.95 2.37 2.10 1.36 0.01 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.37 492 100.00 (8)1.90 2.26 1.15 1.47 0.02 882722J69 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 106.62 06/24/2015 103.19 1,027 102.39 8 4.03 1.05 1.58 1.46 0.01 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.55 616 97.27 (5)2.38 2.29 1.80 1.53 0.02 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA-N/A 92.56 08/05/2015 96.09 538 97.06 (5)2.08 2.41 1.80 1.65 0.02 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+N/A 100.00 05/14/2015 99.10 203 100.00 (2)0.79 2.14 1.60 1.67 0.02 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 99.63 246 100.00 (1)0.96 2.42 2.20 1.69 0.02 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.05 244 100.00 (5)0.94 2.40 1.25 1.71 0.02 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 98.65 493 100.00 (7)1.91 2.33 1.55 1.74 0.02 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 101.14 (2)0.77 2.00 1.40 1.88 0.02 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.08 (10)1.98 2.04 1.11 2.04 0.03 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+11/18/2017 100.00 05/18/2016 97.99 490 100.00 (10)1.90 2.37 1.40 2.00 (0.06) 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 100.43 492 102.34 (9)1.92 2.29 1.40 2.09 0.03 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 99.56 498 100.00 (2)1.94 2.36 2.15 2.10 0.03 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 97.86 489 100.90 (15)1.90 2.38 0.96 2.15 0.03 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 97.78 489 100.60 (14)1.90 2.40 1.26 2.48 0.04 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 93.29 728 95.91 (20)2.81 2.50 1.50 2.77 0.05 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.80 8 1.60 1.95 2.70 2.71 0.04 161664HA8 CHASKA MINN TAXABLE GO BDS 1.95 02/01/2021 140 N/A AA N/A 100.00 11/29/2017 98.29 138 100.00 (2)0.54 2.58 1.95 2.73 0.05 14042RJJ1 CAPITAL ONE NATL ASSN VA 2.15 10/12/2021 247 N/A N/A 100.00 10/12/2017 98.18 242 100.00 (5)0.95 2.69 2.15 3.35 0.07 05580AKQ6 BMW BK NORTH AMER SALT LAKE 2.05 10/13/2021 247 N/A N/A 100.00 10/13/2017 97.84 242 100.00 (5)0.94 2.70 2.05 3.36 0.07 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 105.90 635 108.15 (14)2.49 2.62 2.01 3.40 0.07 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 99.93 246 100.00 (0)0.96 2.57 2.55 3.51 0.07 3134GAQ31 FEDERAL HOME LN MTG CORP 2.15 01/26/2022 500 Aaa AA+04/26/2018 99.95 11/14/2017 98.01 490 99.95 (10)1.90 2.70 2.16 2.80 (0.70) 809557BA8 SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 120 N/A AA+N/A 100.00 12/28/2017 98.24 118 100.00 (2)0.46 2.84 2.35 3.63 0.08 161664HB6 CHASKA MINN TAXABLE GO BDS 2.10 02/01/2022 140 N/A AA N/A 100.00 11/29/2017 97.88 137 100.00 (3)0.53 2.68 2.10 3.64 0.08 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.18 516 103.82 (3)2.00 2.39 2.25 4.47 0.12 809557BB6 SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 120 N/A AA+N/A 100.00 12/28/2017 97.93 118 100.00 (2)0.46 2.96 2.50 4.50 0.12 161664HC4 CHASKA MINN TAXABLE GO BDS 2.25 02/01/2023 145 N/A AA N/A 100.00 11/29/2017 97.48 141 100.00 (4)0.55 2.81 2.25 4.52 0.12 7/13 Positions by Maturity T cl. Table 2 Hldgs M CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000)Port (%) Mkt YTW(%) Book Yield(%)Eff Dur Conv 092765EW2 BLAINE MINN TAXABLE GO IMPT 2.25 02/01/2023 395 N/A AA+N/A 100.00 12/05/2017 97.61 386 100.00 (9)1.50 2.78 2.25 4.52 0.12 161664HD2 CHASKA MINN TAXABLE GO BDS 2.40 02/01/2024 150 N/A AA N/A 100.00 11/29/2017 97.15 146 100.00 (4)0.57 2.93 2.40 5.36 0.16 3130ABLN4 FEDERAL HOME LOAN BANKS 2.50 06/28/2024 345 Aaa AA+06/28/2019 100.00 10/11/2017 97.12 335 100.00 (10)1.30 3.01 2.50 4.61 (0.71) T 1.61 10/29/2019 25,872 99.56 25,759 100.27 (182)100.00 1.81 1.48 1.49 (0.00) 8/13 Alerts Actions Identifer Issuer Name Coupon Maturity Moodys From Moodys To Moodys Date S&P From S&P To S&P Date Fitch From Fitch To Fitch Date Sector Rating Actions:Watchlist/Outlook/Upgrades/Downgrades/Reinstated/Withdrawn/Confirmed/Initial Ratings MATURING IN 4 WEEKS:0003CHAN WF 1.11 03/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0006CHAN BMO HARRIS BANK 0.00 03/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0008CHAN NORTHLAND 0.07 03/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0010CHAN US BANK 0.38 03/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 46176PGU INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-CD 1AB29227 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 Report shows called bonds, ca 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 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0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 #####01/00/1900 0 * WATCHLIST: UPG/POS = Possible Upgrade; DNG/NEG Possible Downgrade; UNC/DEV/EVO = Uncertain (Possible Upgrade or Downgrade) 9/13 Call Projection Flat Scenario Coupon Eff Projected Call Projected CUSIP Issuer Name (%)Maturity Dur Convex Par($)Date of Call No Calls Projected 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 0 0 0 1/0/1900 0 0 0 03/2018 10/13 History Total Par Unrealized Wtg Avg Effective Mkt. Avg.Benchmark Avg Bk Average Average # of Date ($000)G/L ($000)Life(Yrs)Duration Convexity YTW (%)Tsy Yld (%)Yld (%)Coupon(%)Price($)Moody S&P Positions 03/29/2018 25,872 (182)1.59 1.49 (0.00)1.81 2.11 1.48 1.61 99.62 Aaa AA+70 12/29/2017 31,196 (112)1.51 1.40 (0.02)2.21 1.69 1.36 1.49 99.94 Aaa AA+80 09/29/2017 29,667 (37)1.37 1.31 0.01 1.48 1.34 1.32 1.48 100.23 Aa1 AA+73 06/30/2017 28,201 (46)1.55 1.44 (0.03)1.45 1.30 1.36 1.47 100.05 Aa1 AA+69 03/31/2017 29,892 (54)1.68 1.51 (0.05)1.35 1.15 1.27 1.35 100.00 Aa1 AA+70 12/30/2016 33,126 (58)1.51 1.44 (0.00)1.18 0.95 1.11 1.22 100.02 Aa1 AA+67 Ratings Historical Performance 0.00 0.50 1.00 1.50 2.00 2.50 Mar-18Dec-17Sep-17Jun-17Mar-17Dec-16 Avg Bk Yld(%)Avg Benchmark Tsy Yld(%) 11/13 Rate Shock Avg Eff Market Mkt Value Change Mkt V w/o Accrd Int Yield Change Total Income Price Life Dur Convexity Value ($)w/o Accrd Int ($) Change - Instantaneous($) 25758610 -150 3.00 1.82 1.18 0.72 0.70 0.00 26,640,275 772,501 304,209 564,886 -100 2.74 1.91 0.83 0.71 0.71 (0.01)26,573,549 706,044 213,796 382,258 -50 2.47 1.97 0.50 0.85 0.75 (0.04)26,503,131 635,722 128,278 192,674 0 2.16 2.06 0.10 0.84 0.78 (0.02)26,422,365 555,356 26,016 0 50 1.84 2.14 (0.30)0.84 0.79 0.01 26,340,596 473,958 (77,276)(192,932) 100 1.53 2.22 (0.70)0.83 0.79 0.01 26,259,943 393,592 (179,280)(383,803) 150 1.22 2.31 (1.09)0.82 0.78 0.01 26,180,745 314,770 (279,996)(571,841) Horizon (Mo):12 Reinv. Rate(%):1.88 Aged-Govt Spot Curve Parallel Shift Yield Curve Assumptions: ----------------------Return %----------------------Mkt Value Change w/Accrd Int ($) Portfolio Market Value Change - ($)Change in Effective Duration 0.50 0.75 1.00 -150 -100 -50 0 50 100 150(800,000) (600,000) (400,000) (200,000) 0 200,000 400,000 600,000 800,000 1,000,000 -150 -100 -50 0 50 100 150 Mkt Value Change w/Accrd int($)Mkt Value Change w/o Accrd Int($)Mkt Value w/o Accrd Int Change-Instantaneous($) 12/13 Important Disclosures Relating to Conflicts of Interest and Potential Conflicts of Interest Accuracy of Information About Wells Fargo Securities Copyright© 2018 Wells Fargo & Company SECURITIES: NOT FDIC:-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. Wells Fargo Securities, LLC may sell or buy the subject securities to/from customers on a principal basis. Wells Fargo Securities, LLC has or may have proprietary positions in the securities mentioned herein. The trading desk has or may have proprietary positions in the securities mentioned herein. The author’s compensation is based on, among other things, Wells Fargo Securities, LLC’s overall performance, the profitability of Wells Fargo Securities, LLC’s Markets Division and the profitability of the trading desk. This account summary was prepared by Wells Fargo Securities Fixed Income Market and Portfolio Strategy and is not a substitute for your monthly statement or trade confirmation. Prices and yields are current as of the date of this summary and are subject to change and availability; past performance is no guarantee of future results. 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