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Investment Report 09-29-17
CITY OF CHANHASSEN Reid Christianson 09/29/2017 Confidential-For Discussion and General Information Purposes Only 1/13 Summary Par Value ($000):$29,667 Portfolio Market Yield:1.48 12 Mo Book Income ($000):$326 Mkt Val w/accrd ($000):$29,819 Portfolio Book Yield:1.32 12 Mo Cash Flow ($000):$13,776 Wtg Avg. Mat (Years):1.37 Book Value ($000):$29,755 12 Mo Mat Cash Flow ($000):$13,200 Effective Duration:1.31 Unr Gain/(Loss) ($000):($37)12 Mo Call Cash Flow ($000):$190 Convexity:0.01 % Portfolio Callable:2.31 12 Mo Int Income ($000):$387 % Portfolio Floating Rate:0.00 Avg. Coupon (%):1.48 12 Mo Amort Prem/Disc ($000):($35) Number of Bonds:73 Avg. Mkt Price ($):100.23 Current Accrued Interest ($000):$102 ($000)% of Portfolio % of Portfolio % of Portfolio % of Portfolio % of Portfolio Cash Flow Distribution Duration Distribution Coupon Distribution Summary Characteristics Performance Characteristics Cash Flow Characteristics Sector Distribution S&P Long-Term Ratings Distribution Moody Long-Term Ratings Distribution 0 10 20 30 40 50 60 70 80 90 100 AAA AA A N/A 0 10 20 30 40 50 60 70 80 90 100 Aaa Aa A N/A 0 10 20 30 40 50 60 70 80 90 100 6,621 637 6,519 13,637 2,615 508 . 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 1M 1-3M 3-12M 1-3YR 3-5YR 5-7YR 45 46 7 2 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 2.99 3.00 - 3.99 4.00 - 5.99 24 49 13 8 2 3 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 1.99 2.00 - 2.99 3.00 - 3.99 4.00 - 4.99 5.00 - 5.99 2/13 2 Year Cash Flow Interest Principal Prepay Total Cumulative Run - Off Run - Off Date Interest ($)Call ($)Maturity ($)MBS($)MBS($)MBS($)Cash Flow($)Cash Flow($)Mkt YTW (%)Book Yld (%) Oct-17 36,030 190,000 6,394,669 0 0 0 6,620,699 6,620,699 0.90 0.59 Nov-17 19,117 0 500,000 0 0 0 519,117 7,139,816 1.77 1.02 Dec-17 47,806 0 70,000 0 0 0 117,806 7,257,622 0.98 1.65 Jan-18 18,300 0 876,000 0 0 0 894,300 8,151,922 1.62 1.13 Feb-18 73,686 0 1,395,000 0 0 0 1,468,686 9,620,608 1.20 1.06 Mar-18 12,019 0 248,000 0 0 0 260,019 9,880,627 1.08 1.25 Apr-18 24,495 0 246,000 0 0 0 270,495 10,151,122 1.27 1.37 May-18 18,200 0 494,000 0 0 0 512,200 10,663,322 1.33 1.33 Jun-18 47,892 0 747,000 0 0 0 794,892 11,458,214 1.34 1.31 Jul-18 14,632 0 488,000 0 0 0 502,632 11,960,847 1.44 1.40 Aug-18 63,289 0 500,000 0 0 0 563,289 12,524,135 1.34 1.00 Sep-18 11,295 0 1,241,000 0 0 0 1,252,295 13,776,430 1.43 1.28 Oct-18 22,309 0 492,000 0 0 0 514,309 14,290,739 1.52 1.45 Nov-18 13,239 0 345,000 0 0 0 358,239 14,648,978 1.69 1.30 Dec-18 40,031 0 322,000 0 0 0 362,031 15,011,009 1.58 2.00 Jan-19 8,550 0 355,000 0 0 0 363,550 15,374,559 1.30 1.80 Feb-19 59,952 0 2,905,000 0 0 0 2,964,952 18,339,511 1.62 1.66 Mar-19 6,334 0 744,000 0 0 0 750,334 19,089,845 1.61 1.59 Apr-19 20,138 0 0 0 0 0 20,138 19,109,983 0.00 0.00 May-19 9,458 0 247,000 0 0 0 256,458 19,366,441 1.68 2.00 Jun-19 35,821 0 249,000 0 0 0 284,821 19,651,262 1.63 1.15 Jul-19 4,134 0 0 0 0 0 4,134 19,655,397 0.00 0.00 Aug-19 24,294 0 988,000 0 0 0 1,012,294 20,667,691 1.77 2.09 Sep-19 5,134 0 500,000 0 0 0 505,134 21,172,825 1.83 1.15 Totals:636,155 190,000 20,346,669 0 0 0 21,172,824 Monthly Cash Flows & Run-off Book Yield 0.00 0.50 1.00 1.50 2.00 2.50 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Interest ($)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 7,973 Aaa AA+1.03 2.17 98.99 7,893 99.40 (32)26.54 1.69 1.53 2.06 (0.02) CD 7,665 N/A N/A 1.52 1.16 100.16 7,677 100.00 12 25.81 1.46 1.52 1.13 0.01 MMF 4,699 N/A N/A 0.30 0.01 100.00 4,699 100.00 0 15.76 0.30 0.30 0.01 0.00 MUNI 9,330 Aa1 AA+2.42 1.56 101.27 9,449 101.46 (17)31.89 1.89 1.49 1.49 0.02 Total:29,667 Aa1 AA+1.48 1.37 100.17 29,717 100.30 (37)100.00 1.48 1.32 1.31 0.01 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 99.84 499 99.90 (0)1.68 1.33 1.25 0.66 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.92 240 100.00 (0)0.81 1.30 1.20 0.82 0.01 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.70 499 100.00 (1)1.67 1.34 1.00 0.90 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 97.73 1,129 97.44 3 3.79 1.72 1.95 1.33 0.01 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 100.23 501 99.94 1 1.68 1.49 1.70 1.39 0.01 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.67 493 100.00 (7)1.65 1.83 1.15 1.96 0.02 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.64 617 96.41 1 2.07 1.68 1.80 2.03 0.03 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA-N/A 92.56 08/05/2015 95.96 537 96.19 (1)1.80 1.91 1.80 2.15 0.03 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 99.86 499 100.00 (1)1.68 1.61 1.55 2.23 0.03 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+05/18/2017 100.00 05/18/2016 99.08 495 100.00 (5)1.67 1.76 1.40 1.74 (0.73) 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 99.21 496 101.10 (9)1.67 1.68 0.96 2.63 0.04 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 99.30 497 100.72 (7)1.68 1.73 1.26 2.96 0.05 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 94.18 735 95.20 (8)2.46 1.83 1.50 3.27 0.06 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 109.35 656 109.20 1 2.23 1.98 2.01 3.83 0.09 Govt 1.03 11/30/2019 7,973 98.99 7,893 99.40 (32)26.54 1.69 1.53 2.06 (0.02) 06426T4B2 BANK OF CHINA NY BR 0.90 10/19/2017 248 N/A N/A 100.00 01/19/2017 99.99 248 100.00 (0)0.84 1.04 0.91 0.05 0.00 30810NAS5 FARMERS & MERCHANTS BK MD 0.80 10/20/2017 248 N/A N/A 100.00 01/20/2017 99.99 248 100.00 (0)0.84 1.03 0.81 0.06 0.00 20451PMC7 COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 248 N/A N/A 100.00 06/30/2015 100.03 248 100.00 0 0.83 1.11 1.25 0.26 0.00 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A 100.00 01/31/2013 99.96 248 100.00 (0)0.83 1.16 1.05 0.34 0.00 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A 100.00 02/06/2013 99.94 248 100.00 (0)0.83 1.17 1.00 0.35 0.00 61760ADB2 MORGAN STANLEY PVT BK PURCHA 1.35 02/20/2018 246 N/A N/A 100.00 08/17/2017 100.06 246 100.00 0 0.83 1.21 1.37 0.39 0.00 23322GPL5 DMB CMNTY BK DEFOREST WIS 1.20 02/28/2018 246 N/A N/A 100.00 06/30/2017 100.00 246 100.00 0 0.83 1.21 1.20 0.41 0.00 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A 100.00 03/08/2013 100.08 248 100.00 0 0.83 1.08 1.25 0.44 0.00 46176PGU3 INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 246 N/A N/A 100.00 06/30/2017 100.05 246 100.00 0 0.83 1.27 1.37 0.50 0.00 20350ACU3 COMMUNITY BK CHESAPEAKE 1.35 05/11/2018 246 N/A N/A 100.00 08/11/2017 100.03 246 100.00 0 0.83 1.31 1.37 0.61 0.00 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A 100.00 05/14/2015 99.96 248 100.00 (0)0.84 1.35 1.30 0.61 0.00 856285DE8 STATE BK INDIA NEW YORK NY 1.40 06/12/2018 247 N/A N/A 100.00 09/12/2017 100.04 247 100.00 0 0.83 1.35 1.42 0.70 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 100.02 248 100.00 0 0.84 1.57 1.60 0.75 0.01 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 100.21 250 100.00 1 0.84 1.13 1.35 0.92 0.01 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.86 246 100.00 (0)0.83 1.50 1.35 0.96 0.01 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.89 246 100.00 (0)0.82 1.51 1.41 0.98 0.01 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.93 246 100.00 (0)0.83 1.51 1.45 1.02 0.01 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 99.93 246 100.00 (0)0.82 1.52 1.45 1.03 0.01 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 100.54 248 100.00 1 0.84 1.54 2.00 1.18 0.01 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 100.00 249 100.00 0 0.84 1.60 1.61 1.43 0.01 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 100.00 249 100.00 0 0.84 1.61 1.61 1.46 0.01 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.92 246 100.00 (0)0.83 1.61 1.55 1.47 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 100.50 248 100.00 1 0.84 1.68 2.00 1.58 0.02 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 99.19 247 100.00 (2)0.83 1.63 1.15 1.71 0.02 2.547E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.78 249 100.00 2 0.84 1.67 2.10 1.82 0.02 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.58 248 100.00 1 0.84 1.78 2.10 1.82 0.02 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 100.35 248 100.00 1 0.83 1.85 2.05 1.83 0.02 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 100.58 248 100.00 1 0.84 1.78 2.10 1.84 0.02 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 100.99 249 100.00 2 0.84 1.75 2.20 2.16 0.03 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.96 246 100.00 (3)0.83 1.73 1.25 2.19 0.03 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 102.60 252 100.00 6 0.85 1.91 2.55 3.97 0.09 CD 1.52 11/24/2018 7,665 100.16 7,677 100.00 12 25.81 1.46 1.52 1.13 0.01 0008CHAN2 NORTHLAND 0.17 10/02/2017 38 N/A N/A 100.00 09/29/2017 100.00 38 100.00 0 0.13 0.17 0.17 0.01 0.00 0010CHAN8 US BANK 0.61 10/02/2017 133 N/A N/A 100.00 09/29/2017 100.00 133 100.00 0 0.44 0.62 0.62 0.01 0.00 006CHAN60 BMO HARRIS 0.00 10/02/2017 3,402 N/A N/A 100.00 09/29/2017 100.00 3,402 100.00 0 11.41 0.00 0.00 0.01 0.00 006CHAN78 PMA-4M 0.77 10/02/2017 0 N/A N/A 100.00 09/29/2017 100.00 0 100.00 0 0.00 0.78 0.78 0.01 0.00 0003CHAN3 WF 1.17 10/02/2017 1,127 N/A N/A 100.00 09/29/2017 100.00 1,127 100.00 0 3.78 1.19 1.19 0.01 0.00 MMF 0.30 10/02/2017 4,699 100.00 4,699 100.00 0 15.76 0.30 0.30 0.01 0.00 64966LZB0 NEW YORK N Y TAXABLE GO BDS 1.25 10/01/2017 300 Aa2 AA N/A 100.64 07/15/2016 99.99 300 100.00 (0)1.01 3.96 0.72 0.01 0.00 20772JKK7 CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 A1 A+N/A 101.63 11/29/2012 99.93 899 100.02 (1)3.03 2.77 0.92 0.04 0.00 084509SW9 BERKS CNTY PA GO BDS 2012A 1.26 11/15/2017 500 Aa1 N/A 101.17 11/29/2012 99.93 500 100.03 (0)1.68 1.77 1.02 0.13 0.00 161664DV6 CHASKA MINN GO TAX INCR REF 2.00 12/01/2017 70 N/A AA N/A 101.44 08/15/2013 100.18 70 100.06 0 0.24 0.98 1.65 0.17 0.00 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A 100.00 07/02/2013 99.70 379 100.00 (1)1.27 2.26 1.10 0.26 0.00 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 104.05 06/13/2013 100.21 175 100.30 (0)0.59 1.38 1.10 0.34 0.00 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 10/29/2017 115.72 11/25/2011 100.28 191 99.99 1 0.64 1.73 5.10 0.08 0.00 0363032D6 ANOKA-HENNEPIN MINN INDPT S 2.00 02/01/2018 480 N/A AA+N/A 101.44 10/27/2016 100.29 481 100.39 (0)1.62 1.14 0.85 0.34 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.81 499 100.14 (2)1.68 1.50 1.15 0.91 0.01 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 345 Aaa AAA N/A 100.94 11/05/2015 99.93 345 100.35 (1)1.16 1.69 1.30 1.07 0.01 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 0.25 1.68 2.00 1.15 0.01 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 355 Aa1 AA+N/A 100.00 12/22/2016 100.62 357 100.00 2 1.20 1.30 1.80 1.24 0.01 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 102.55 513 102.77 (1)1.73 1.56 1.40 1.31 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 106.16 (2)0.80 1.59 1.10 1.29 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 105.68 (1)1.87 1.59 1.45 1.29 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 1,027 103.17 0 3.50 1.57 1.58 1.91 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)0.68 2.02 1.60 2.15 0.03 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 101.43 (3)0.67 2.00 1.40 2.35 0.03 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.10 (10)1.72 1.87 1.11 2.52 0.04 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 100.78 504 100.00 4 1.70 1.85 2.15 2.57 0.04 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 102.06 500 102.87 (4)1.69 1.71 1.40 2.56 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 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.94 8 1.39 2.10 2.70 3.16 0.06 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.44 517 104.20 (4)1.74 2.40 2.25 4.89 0.14 MUNI 2.42 04/23/2019 9,330 101.27 9,449 101.46 (17)31.89 1.89 1.49 1.49 0.02 Total: 1.48 02/12/2019 29,667 100.17 29,717 100.30 (37)100.00 1.47 1.32 1.31 0.01 6/13 Positions by Maturity T cl. Table 2 Hldgs 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 64966LZB0 NEW YORK N Y TAXABLE GO BDS 1.25 10/01/2017 300 Aa2 AA N/A 100.64 07/15/2016 99.99 300 100.00 (0)1.01 3.96 0.72 0.01 0.00 0008CHAN2 NORTHLAND 0.17 10/02/2017 38 N/A N/A 100.00 09/29/2017 100.00 38 100.00 0 0.13 0.17 0.17 0.01 0.00 0010CHAN8 US BANK 0.61 10/02/2017 133 N/A N/A 100.00 09/29/2017 100.00 133 100.00 0 0.44 0.62 0.62 0.01 0.00 006CHAN78 PMA-4M 0.77 10/02/2017 0 N/A N/A 100.00 09/29/2017 100.00 0 100.00 0 0.00 0.78 0.78 0.01 0.00 0003CHAN3 WF 1.17 10/02/2017 1,127 N/A N/A 100.00 09/29/2017 100.00 1,127 100.00 0 3.78 1.19 1.19 0.01 0.00 006CHAN60 BMO HARRIS 0.00 10/02/2017 3,402 N/A N/A 100.00 09/29/2017 100.00 3,402 100.00 0 11.41 0.00 0.00 0.01 0.00 20772JKK7 CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 900 A1 A+N/A 101.63 11/29/2012 99.93 899 100.02 (1)3.03 2.77 0.92 0.04 0.00 06426T4B2 BANK OF CHINA NY BR 0.90 10/19/2017 248 N/A N/A 100.00 01/19/2017 99.99 248 100.00 (0)0.84 1.04 0.91 0.05 0.00 30810NAS5 FARMERS & MERCHANTS BK MD 0.80 10/20/2017 248 N/A N/A 100.00 01/20/2017 99.99 248 100.00 (0)0.84 1.03 0.81 0.06 0.00 084509SW9 BERKS CNTY PA GO BDS 2012A 1.26 11/15/2017 500 Aa1 N/A 101.17 11/29/2012 99.94 500 100.03 (0)1.68 1.77 1.02 0.13 0.00 161664DV6 CHASKA MINN GO TAX INCR REF 2.00 12/01/2017 70 N/A AA N/A 101.44 08/15/2013 100.18 70 100.06 0 0.24 0.98 1.65 0.17 0.00 604195VV6 MINNETONKA MINN INDPT SCH D 1.10 01/01/2018 380 Aaa N/A 100.00 07/02/2013 99.70 379 100.00 (1)1.27 2.26 1.10 0.26 0.00 20451PMC7 COMPASS BK BIRMINGHAM ALA 1.25 01/02/2018 248 N/A N/A 100.00 06/30/2015 100.03 248 100.00 0 0.83 1.11 1.25 0.26 0.00 02587DLY2 AMERICAN EXPRESS CENTRN 1.05 01/31/2018 248 N/A N/A 100.00 01/31/2013 99.96 248 100.00 (0)0.83 1.16 1.05 0.34 0.00 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.10 02/01/2018 190 Aaa AAA 10/29/2017 115.72 11/25/2011 100.28 191 99.99 1 0.64 1.73 5.10 0.08 0.00 0363032D6 ANOKA-HENNEPIN MINN INDPT S 2.00 02/01/2018 480 N/A AA+N/A 101.44 10/27/2016 100.29 481 100.39 (0)1.62 1.14 0.85 0.34 0.00 269408MF4 EAGAN MINN TAX INCR BDS 201 2.00 02/01/2018 175 Aaa AAA N/A 104.05 06/13/2013 100.21 175 100.30 (0)0.59 1.38 1.10 0.34 0.00 94768NJF2 WEBSTER BK WATERBURY 1.00 02/06/2018 248 N/A N/A 100.00 02/06/2013 99.94 248 100.00 (0)0.83 1.17 1.00 0.35 0.00 61760ADB2 MORGAN STANLEY PVT BK PURCHA 1.35 02/20/2018 246 N/A N/A 100.00 08/17/2017 100.06 246 100.00 0 0.83 1.21 1.37 0.39 0.00 23322GPL5 DMB CMNTY BK DEFOREST WIS 1.20 02/28/2018 246 N/A N/A 100.00 06/30/2017 100.00 246 100.00 0 0.83 1.21 1.20 0.41 0.00 060624XH1 BANK BARODA NEW YORK N Y 1.25 03/08/2018 248 N/A N/A 100.00 03/08/2013 100.08 248 100.00 0 0.83 1.08 1.25 0.44 0.00 46176PGU3 INVESTORS BK SHORT HILLS NJ 1.35 04/02/2018 246 N/A N/A 100.00 06/30/2017 100.05 246 100.00 0 0.83 1.27 1.37 0.50 0.00 20350ACU3 COMMUNITY BK CHESAPEAKE 1.35 05/11/2018 246 N/A N/A 100.00 08/11/2017 100.03 246 100.00 0 0.83 1.31 1.37 0.61 0.00 02006LQW6 ALLY BK MIDVALE UTAH 1.30 05/14/2018 248 N/A N/A 100.00 05/14/2015 99.96 248 100.00 (0)0.84 1.35 1.30 0.61 0.00 3133EEP95 FEDERAL FARM CR BKS 1.10 06/01/2018 500 Aaa AA+N/A 99.85 06/19/2017 99.84 499 99.90 (0)1.68 1.33 1.25 0.66 0.00 856285DE8 STATE BK INDIA NEW YORK NY 1.40 06/12/2018 247 N/A N/A 100.00 09/12/2017 100.04 247 100.00 0 0.83 1.35 1.42 0.70 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 100.02 248 100.00 0 0.84 1.57 1.60 0.75 0.01 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.92 240 100.00 (0)0.81 1.30 1.20 0.82 0.01 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.70 499 100.00 (1)1.67 1.34 1.00 0.90 0.01 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.81 499 100.14 (2)1.68 1.50 1.15 0.91 0.01 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 100.21 250 100.00 1 0.84 1.13 1.35 0.92 0.01 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.86 246 100.00 (0)0.83 1.50 1.35 0.96 0.01 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.89 246 100.00 (0)0.82 1.51 1.41 0.98 0.01 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.93 246 100.00 (0)0.83 1.51 1.45 1.02 0.01 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 99.93 246 100.00 (0)0.82 1.52 1.45 1.03 0.01 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 345 Aaa AAA N/A 100.94 11/05/2015 99.93 345 100.35 (1)1.16 1.69 1.30 1.07 0.01 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 0.25 1.68 2.00 1.15 0.01 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 100.54 248 100.00 1 0.84 1.54 2.00 1.18 0.01 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 355 Aa1 AA+N/A 100.00 12/22/2016 100.62 357 100.00 2 1.20 1.30 1.80 1.24 0.01 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 102.55 513 102.77 (1)1.73 1.56 1.40 1.31 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 106.16 (2)0.80 1.59 1.10 1.29 0.01 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 105.68 (1)1.87 1.59 1.45 1.29 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 97.73 1,129 97.44 3 3.79 1.72 1.95 1.33 0.01 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 100.23 501 99.94 1 1.68 1.49 1.70 1.39 0.01 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 100.01 249 100.00 0 0.84 1.60 1.61 1.43 0.01 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 100.00 249 100.00 0 0.84 1.61 1.61 1.46 0.01 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.92 246 100.00 (0)0.83 1.61 1.55 1.47 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 100.50 248 100.00 1 0.84 1.68 2.00 1.58 0.02 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 99.19 247 100.00 (2)0.83 1.63 1.15 1.71 0.02 2.5467E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.78 249 100.00 2 0.84 1.67 2.10 1.82 0.02 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 100.58 248 100.00 1 0.84 1.78 2.10 1.82 0.02 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 100.35 248 100.00 1 0.83 1.85 2.05 1.83 0.02 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 100.58 248 100.00 1 0.84 1.78 2.10 1.84 0.02 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.67 493 100.00 (7)1.65 1.83 1.15 1.96 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 1,027 103.17 0 3.50 1.57 1.58 1.91 0.02 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.64 617 96.41 1 2.07 1.68 1.80 2.03 0.03 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA-N/A 92.56 08/05/2015 95.96 537 96.19 (1)1.80 1.91 1.80 2.15 0.03 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)0.68 2.02 1.60 2.15 0.03 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 100.99 249 100.00 2 0.84 1.75 2.20 2.16 0.03 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.97 246 100.00 (3)0.83 1.73 1.25 2.19 0.03 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 99.86 499 100.00 (1)1.68 1.61 1.55 2.23 0.03 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 101.43 (3)0.67 2.00 1.40 2.35 0.03 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.10 (10)1.72 1.87 1.11 2.52 0.04 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+05/18/2017 100.00 05/18/2016 99.09 495 100.00 (5)1.67 1.76 1.40 1.74 (0.73) 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 100.78 504 100.00 4 1.70 1.85 2.15 2.57 0.04 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 102.06 500 102.87 (4)1.69 1.71 1.40 2.56 0.04 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 99.21 496 101.10 (9)1.67 1.68 0.96 2.63 0.04 7/13 Positions by Maturity T cl. Table 2 Hldgs 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 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 99.30 497 100.72 (7)1.68 1.73 1.26 2.96 0.05 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 94.18 735 95.20 (8)2.46 1.83 1.50 3.27 0.06 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.94 8 1.39 2.10 2.70 3.16 0.06 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 109.35 656 109.20 1 2.23 1.98 2.01 3.83 0.09 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 102.60 252 100.00 6 0.85 1.91 2.55 3.97 0.09 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.44 517 104.20 (4)1.74 2.40 2.25 4.89 0.14 T 1.48 02/12/2019 29,667 100.17 29,717 100.30 (37)100.00 1.47 1.32 1.31 0.01 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 UPGRADES:97705MDS WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 AA2 AA1 08/04/2017 N/A N/A OGVT-LocalAuth-WI 1AB29227 MATURING IN 4 WEEKS:0003CHAN WF 1.17 10/02/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0008CHAN NORTHLAND 0.17 10/02/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0010CHAN US BANK 0.61 10/02/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 006CHAN6 BMO HARRIS 0.00 10/02/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 006CHAN7 PMA-4M 0.77 10/02/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 06426T4B BANK OF CHINA NY BR 0.90 10/19/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-CD 1AB29227 20772JKK CONNECTICUT ST TAXABLE GO B 1.26 10/15/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A OGVT-LocalAuth-CT 1AB29227 30810NAS FARMERS & MERCHANTS BK MD 0.80 10/20/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-CD 1AB29227 64966LZB NEW YORK N Y TAXABLE GO BDS 1.25 10/01/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A OGVT-LocalAuth-NY 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 1/0/1900 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 751622AJ0 RAMSEY CNTY MINN TAXABLE GO 5.1 2/1/2018 0.08 0 190,000 10/2017 2.42 9/28/2019 1.28 -0.54 690,000 10/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 0 0 0 1/0/1900 0 0 0 09/2017 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 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 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 Sep-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($) 29717331 -150 2.31 1.24 1.07 0.67 0.66 0.01 30,509,120 687,362 317,678 589,889 -100 2.06 1.33 0.74 0.67 0.65 0.01 30,435,038 613,366 219,908 391,972 -50 1.84 1.42 0.42 0.67 0.66 (0.00)30,368,869 547,393 125,704 195,540 0 1.61 1.52 0.10 0.69 0.66 (0.00)30,299,848 478,746 28,529 0 50 1.38 1.61 (0.24)0.68 0.66 0.00 30,229,968 409,208 (69,836)(194,946) 100 1.15 1.71 (0.56)0.68 0.65 0.01 30,161,185 340,561 (167,011)(388,108) 150 0.92 1.81 (0.89)0.68 0.65 0.01 30,093,590 273,102 (263,296)(578,299) Horizon (Mo):12 Reinv. Rate(%):1.18 Aged-Govt Spot Curve Parallel Shift Yield Curve Assumptions: ----------------------Return %----------------------Mkt Value Change w/Accrd Int ($) Portfolio Market Value Change - ($)Change in Effective Duration 0.50 0.75 -150 -100 -50 0 50 100 150(800,000) (600,000) (400,000) (200,000) 0 200,000 400,000 600,000 800,000 -150 -100 -50 0 50 100 150 Mkt Value Change w/Accrd int($)Mkt Value Change w/o Accrd Int($)Mkt Value w/o Accrd Int Change-Instantaneous($) 12/13 Important Disclosures Relating to Conflicts of Interest and Potential Conflicts of Interest Accuracy of Information About Wells Fargo Securities Copyright© 2017 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. 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