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Investment Report 09-30-2018
Chanhassen 9/28/2018 Reid Christianson 612-667-8919 Reid.R.Christianson@wellsfargo.com Confidential-For Discussion and General Information Purposes Only Table of Contents Portfolio Summary Page Product Detail Page Portfolio Summary 3 Treasury, Agency, & SSA - Summary 17 Cash Flow Report 4 Money Market Sector - Summary 18 Historical Performance 6 Brokered CD - Summary 19 Duration Contribution 7 Municipal - Summary 20 Credit Rating Monitor 8 MMF Historical Performance 21 Positions by Sector 10 MMF Fund Profiles 23 Positions by Maturity 12 Positions by Maturity - Scenario Analysis 14 2 Portfolio Summary Portfolio Snapshot Coupon Structure Sector Allocation Number of Positions 72 Par ($000)30,316 Book Value ($000)30,327 Mkt Value w/o Accrued ($000)29,975 Unrealized Gain / Loss ($000)(352) Coupon 1.87 Book Yield 1.83 Market Yield 2.48 Wgt Avg Maturity 1.9 Average Life 5.4 Effective Duration 1.8 Effective Convexity 0.0 Overnight Funds Principal 4,109 Overnight Funds Interest 0 Term Securities Principal 7,758 Term Securities Interest 468 Total Cash Flow 12,335 100%100% A-1+ / A-1 / P-1 A-2 / P-2 A-3 / P-3 Not Prime NA Short Term Rating (S&P / Moody's) Fixed 100.0% Agency 36.6% Certificate of Deposit 17.9% MMF 13.5% Municipal 29.8% SSA 2.1% 0.44 1.45 1.43 1.99 2.14 1.66 1.59 2.24 1.15 2.09 1.76 1.70 2.06 2.66 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 O/N Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 1 Year 2 Years 3 Years >3 Years Interest Call Maturity Run Off Yield 32% 16% 51% Aaa Aa A Baa Below IG NA Moody's Long Term Rating Credit Exposure Cash Flow Projections* Portfolio Snapshot Coupon Structure Portfolio Allocation Characterisitics 12M Projected Cash Flow ($000) *Cash Flow Projections Chart -1 Year Cash flow does not include O/N Cash Flow or Run Off Yield Portfolio Analysis 3 Cash Flow Projections Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) O/N 49 0 4,108,719 0.44 4,108,768 4,108,768 Sep-18 11,066 0 0 0.00 11,066 4,119,834 Oct-18 34,275 0 492,000 1.45 526,275 4,646,109 Nov-18 28,320 0 742,000 1.43 770,320 5,416,429 Dec-18 54,174 0 322,000 1.99 376,174 5,792,602 Jan-19 14,184 0 325,000 2.14 339,184 6,131,786 Feb-19 104,089 0 2,905,000 1.66 3,009,089 9,140,875 Mar-19 36,933 0 744,000 1.59 780,933 9,921,808 Apr-19 33,354 0 0 0.00 33,354 9,955,162 May-19 23,510 0 991,000 2.24 1,014,510 10,969,672 Jun-19 49,913 0 249,000 1.15 298,913 11,268,584 Jul-19 10,039 0 0 0.00 10,039 11,278,623 Year 1 Aug-19 68,431 0 988,000 2.09 1,056,431 12,335,054 Sep-19 35,723 0 500,000 1.15 535,723 12,870,777 Oct-19 33,116 0 1,633,000 1.66 1,666,116 14,536,892 Nov-19 10,846 0 560,000 1.80 570,846 15,107,738 Dec-19 49,665 0 701,000 1.69 750,665 15,858,402 Jan-20 9,779 0 500,000 1.55 509,779 16,368,182 Feb-20 57,859 0 249,000 2.56 306,859 16,675,041 Mar-20 32,059 0 200,000 1.40 232,059 16,907,100 Apr-20 16,437 0 0 0.00 16,437 16,923,537 May-20 10,057 0 1,020,000 1.25 1,030,057 17,953,594 Jun-20 44,537 0 1,490,000 1.50 1,534,537 19,488,131 Jul-20 5,375 0 0 0.00 5,375 19,493,506 Year 2 Aug-20 57,238 0 1,000,000 2.63 1,057,238 20,550,744 Sep-20 30,059 0 0 0.00 30,059 20,580,803 Oct-20 16,437 0 500,000 1.26 516,437 21,097,240 Nov-20 3,567 0 0 0.00 3,567 21,100,807 Dec-20 29,599 0 0 0.00 29,599 21,130,406 Jan-21 5,375 0 780,000 1.49 785,375 21,915,781 Feb-21 49,080 0 540,000 2.51 589,080 22,504,861 Mar-21 30,059 0 0 0.00 30,059 22,534,921 Apr-21 12,687 0 0 0.00 12,687 22,547,608 May-21 3,567 0 246,000 2.90 249,567 22,797,175 Jun-21 29,599 0 0 0.00 29,599 22,826,774 Jul-21 5,375 0 0 0.00 5,375 22,832,149 Year 3 Aug-21 41,715 0 500,000 2.83 541,715 23,373,864 Portfolio Analysis 4 Cash Flow Projections - Continued Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) Sep-21 30,059 0 0 0.00 30,059 23,403,923 Oct-21 12,687 0 494,000 2.10 506,687 23,910,610 Nov-21 0 0 0 0.00 0 23,910,610 Dec-21 29,616 0 846,000 2.25 875,616 24,786,226 Jan-22 5,375 0 500,000 2.16 505,375 25,291,601 Feb-22 37,215 0 260,000 2.21 297,215 25,588,816 Mar-22 30,059 0 300,000 2.88 330,059 25,918,876 Apr-22 7,500 0 0 0.00 7,500 25,926,376 May-22 0 0 0 0.00 0 25,926,376 Jun-22 13,563 0 0 0.00 13,563 25,939,938 Jul-22 0 0 0 0.00 0 25,939,938 Year 4 Aug-22 34,335 0 0 0.00 34,335 25,974,273 Sep-22 25,709 0 1,000,000 2.80 1,025,709 26,999,983 Oct-22 7,500 0 0 0.00 7,500 27,007,483 Nov-22 0 0 0 0.00 0 27,007,483 Dec-22 13,563 0 370,000 3.05 383,563 27,391,045 Jan-23 0 0 0 0.00 0 27,391,045 Feb-23 34,335 0 1,160,000 2.28 1,194,335 28,585,380 Mar-23 15,459 0 0 0.00 15,459 28,600,840 Apr-23 7,500 0 0 0.00 7,500 28,608,340 May-23 0 0 0 0.00 0 28,608,340 Jun-23 4,313 0 0 0.00 4,313 28,612,652 Jul-23 0 0 0 0.00 0 28,612,652 Year 5 Aug-23 19,038 0 0 0.00 19,038 28,631,690 Sep-23 15,459 0 205,000 2.85 220,459 28,852,149 Oct-23 7,500 0 500,000 2.88 507,500 29,359,649 Nov-23 0 0 0 0.00 0 29,359,649 Dec-23 4,313 0 0 0.00 4,313 29,363,961 Jan-24 0 0 0 0.00 0 29,363,961 Feb-24 19,038 0 150,000 2.40 169,038 29,532,999 Mar-24 12,000 0 0 0.00 12,000 29,544,999 Apr-24 0 0 0 0.00 0 29,544,999 May-24 0 0 0 0.00 0 29,544,999 Jun-24 4,313 0 345,000 2.50 349,313 29,894,311 Jul-24 0 0 0 0.00 0 29,894,311 Year 6 Aug-24 17,238 0 750,000 3.18 767,238 30,661,549 Portfolio Analysis 5 Historical Performance # Line Avg Total Par Avg Bk Avg Mkt Bnchmrk Wgt Avg Eff Ratings Portfolio Allocation* Date Items Coupon ($000)G / L Yield Yield Tsy Yield Maturity Dur Moody's S&P MMF Govt Corp CP Muni Other 09/30/18 72 1.87 30,316 (352)1.83 2.48 2.76 5.4 1.8 Aa1 AA+14%39%18%0%30%0% 06/29/18 73 1.77 30,817 (219)1.65 2.00 2.28 1.8 1.6 Aaa AA+ 03/29/18 70 1.61 25,872 (182)1.48 1.81 2.11 1.6 1.5 Aaa AA+ 12/29/17 80 1.49 31,196 (112)1.36 2.21 1.69 1.5 1.4 Aaa AA+ 09/29/17 73 1.48 29,667 (37)1.32 1.48 1.34 1.4 1.3 Aa1 AA+ 06/30/17 69 1.47 28,201 (46)1.36 1.45 1.30 1.6 1.4 Aa1 AA+ 03/31/17 70 1.35 29,892 (54)1.27 1.35 1.15 1.7 1.5 Aa1 AA+ 12/30/16 67 1.22 33,126 (58)1.11 1.18 0.95 1.5 1.4 Aa1 AA+ * Portfolio Allocation is a new addition to portfolio analysis. Data will be added over time. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Avg Book Yield Benchmark Treasury 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MMF Govt Corp CP Muni Portfolio AllocationBook Yield vs. Treasury Benchmark Portfolio Analysis 6 Yield / Duration Contribution Book Market Book Eff Sector Total (%)Value ($)Value ($)G / L ($)Yield Dur Agency 36.6%11,113,850 10,958,776 (155,074)2.09 2.3 Certificate of Deposit 17.9%5,434,000 5,401,569 (32,431)1.91 1.0 MMF 13.5%4,108,521 4,108,719 198 0.44 0.0 Municipal 29.8%9,028,499 8,884,179 (144,321)2.07 2.3 SSA 2.1%642,535 621,904 (20,632)2.01 3.0 Total Portfolio 100.0%30,327,406 29,975,146 (352,260)1.83 1.8 Agency Certificate of Deposit MMF Municipal SSA 0.00 0.50 1.00 1.50 2.00 2.50 -0.1 0.4 0.9 1.4 1.9 2.4 2.9 3.4 3.9 Book Yield by Duration and Sector Portfolio Analysis 7 Credit Rating Monitor Moody's S & P Fitch Final Par Current Eff Current Eff Current Eff ID CUSIP Sector Issuer Cpn Maturity Amount Rating Date Watch Rating Date Watch Rating Date Watch 22 279533TN3 Municipal EDEN PRAIRIE MN INDEP SCH DIST 5.75 02/01/19 225,000 Aa2 04/16/10 ------- 55 678519UC1 Municipal OKLAHOMA CITY OK 2.00 03/01/20 200,000 Aaa 03/18/16 -AAA 03/29/16 ---- 8 113835H54 Municipal BROOKLYN CENTER MN 3.00 02/01/21 400,000 ---AA 11/21/13 ---- 18 196479WW5 Municipal COLORADO ST HSG & FIN AUTH 1.62 11/01/18 250,000 WR 11/01/18 -AAA 01/16/15 ---- 12 161664DW4 Municipal CHASKA MN 2.00 12/01/18 75,000 ---AA 07/10/13 ---- 50 60416SSG6 Municipal MINNESOTA ST HSG FIN AGY 1.80 01/01/19 325,000 Aa1 12/06/16 -AA+12/13/16 ---- 23 279533TN3 Municipal EDEN PRAIRIE MN INDEP SCH DIST 5.75 02/01/19 525,000 Aa2 04/16/10 ------- 11 150528LV7 Municipal CEDAR RAPIDS IA 2.50 06/01/20 490,000 Aa1 04/22/14 ------- 53 64966LN56 Municipal NEW YORK NY 2.15 06/01/20 500,000 Aa2 05/28/15 -AA 06/02/15 -AA 05/28/15 - 13 161664HA8 Municipal CHASKA MN 1.95 02/01/21 140,000 ---AA 11/06/17 ---- 14 161664HB6 Municipal CHASKA MN 2.10 02/01/22 140,000 ---AA 11/06/17 ---- 48 60374Y7S0 Municipal MINNEAPOLIS MN 2.90 03/01/22 300,000 Aa1 02/07/14 -AAA 02/12/14 -AA+11/08/17 - 49 60375BDC7 Municipal MINNEAPOLIS MN 5.00 12/01/22 370,000 ---AAA 05/15/18 -AA+05/11/18 - 7 092765EW2 Municipal BLAINE MN 2.25 02/01/23 395,000 ---AA+11/02/17 ---- 15 161664HC4 Municipal CHASKA MN 2.25 02/01/23 145,000 ---AA 11/06/17 ---- 16 161664HD2 Municipal CHASKA MN 2.40 02/01/24 150,000 ---AA 11/06/17 ---- 41 373385BL6 Municipal GEORGIA ST 3.50 02/01/19 500,000 Aaa 06/12/17 -AAA 06/20/17 -AAA 06/09/17 - 67 93974DV54 Municipal WASHINGTON ST 1.80 08/01/21 500,000 Aa1 08/31/17 -AA+09/26/17 -AA+08/30/17 - 66 882722J69 Municipal TEXAS ST 3.19 10/01/19 995,000 Aaa 07/15/11 -AAA 09/30/13 -AAA 07/26/11 - 57 742617CD3 Municipal PRIOR LAKE MN 1.60 12/15/19 205,000 Aa2 04/16/15 -AA+04/22/15 ---- 69 97705MDS1 Municipal WISCONSIN ST 1.15 05/01/20 520,000 Aa1 08/04/17 -AA 07/12/16 -AA+10/19/17 - 62 809557BA8 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.35 02/01/22 120,000 ---AAA 04/04/18 ---- 56 73723RSP9 Municipal PORTSMOUTH VA 3.09 02/01/23 500,000 Aa2 05/24/13 -AA 06/05/13 -AA 05/21/13 - 63 809557BB6 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.50 02/01/23 120,000 ---AAA 04/04/18 ---- 54 64971WP53 Municipal NEW YORK CITY NY TRANSITIONAL 2.25 08/01/24 250,000 Aa1 09/12/16 -AAA 09/14/16 -AAA 09/09/16 - 43 4095585H2 Municipal HAMPTON VA 4.00 09/01/25 600,000 Aa1 06/05/18 -AA+06/13/18 -AA+06/06/18 - 26 3130ABXS0 Agency FEDERAL HOME LOAN BANK 2.47 08/14/24 500,000 Aaa 07/27/17 -AA+07/27/17 ---- 25 3130ABLN4 Agency FEDERAL HOME LOAN BANK 2.50 06/28/24 345,000 Aaa 06/12/17 -AA+06/12/17 ---- 58 742651DJ8 SSA PRIVATE EXPORT FUNDING 4.30 12/15/21 600,000 Aaa 08/02/11 -NR 12/23/15 -AAA 11/20/14 - 39 3136G4BB8 Agency FANNIE MAE 1.15 09/27/19 500,000 Aaa 09/19/16 -AA+09/19/16 -AAA 09/30/16 - 32 313400BV4 Agency FREDDIE MAC 0.00 11/29/19 560,000 ---AA 06/22/18 -AA-03/21/14 - 30 3133EJBN8 Agency FEDERAL FARM CREDIT BANK 3.00 02/05/25 550,000 ---AA+02/08/18 -AAA 02/06/18 - 27 3133834H1 Agency FEDERAL HOME LOAN BANK 1.38 06/12/20 500,000 Aaa 05/08/13 -AA+05/07/13 ---- 28 313383YJ4 Agency FEDERAL HOME LOAN BANK 3.38 09/08/23 205,000 Aaa 08/27/13 -AA+08/26/13 ---- 29 3133EG3J2 Agency FEDERAL FARM CREDIT BANK 1.55 01/10/20 500,000 Aaa 01/04/17 -AA+01/03/17 -AAA 01/10/17 - 33 3134G3F96 Agency FREDDIE MAC 1.65 08/28/20 1,000,000 Aaa 08/10/12 -AA+08/08/12 -AAA 03/21/14 - 34 3134GAQ31 Agency FREDDIE MAC 2.15 01/26/22 500,000 Aaa 01/10/17 -AA+01/10/17 -AAA 01/11/17 - 35 3134GBH39 Agency FREDDIE MAC 2.05 09/29/22 1,000,000 Aaa 09/12/17 -AA+09/11/17 -AAA 09/12/17 - 37 3136FTR68 Agency FANNIE MAE 1.65 02/28/19 500,000 Aaa 02/03/12 -AA+02/02/12 -AAA 03/21/14 - 40 3137EADG1 Agency FREDDIE MAC 1.75 05/30/19 500,000 Aaa 04/13/12 -AA+04/12/12 -AAA 03/21/14 - Portfolio Analysis 8 Credit Rating Monitor Moody's S & P Fitch Final Par Current Eff Current Eff Current Eff ID CUSIP Sector Issuer Cpn Maturity Amount Rating Date Watch Rating Date Watch Rating Date Watch 38 3136G0R60 Agency FANNIE MAE 1.50 10/22/20 500,000 Aaa 10/04/12 -AA+10/02/12 -AAA 03/21/14 - 31 3133EJQA0 Agency FEDERAL FARM CREDIT BANK 3.00 10/23/23 500,000 Aaa 05/16/18 -AA+05/15/18 -AAA 05/23/18 - 24 3130A7ZT5 Agency FEDERAL HOME LOAN BANK 1.40 05/18/20 500,000 Aaa 05/09/16 -AA+05/09/16 ---- FDIC Insured Brokered CDs are not included in this report Portfolio Analysis 9 Positions by Sector %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx 36 31358BAA6 FNMA PRIN STRIP 4%0.00 02/01/19 ---Bullet 1,155,000 06/19/14 91.43 99.34 99.20 (1,640)1.95 2.38 0.3 0.3 0.0 37 3136FTR68 FANNIE MAE 2%1.65 02/28/19 Aaa AA+-Bullet 500,000 03/05/12 99.68 99.98 99.73 (1,258)1.70 2.31 0.4 0.4 0.0 40 3137EADG1 FREDDIE MAC 2%1.75 05/30/19 Aaa AA+-Bullet 500,000 07/10/18 99.48 99.60 99.50 (505)2.35 2.50 0.7 0.7 0.0 39 3136G4BB8 FANNIE MAE 2%1.15 09/27/19 Aaa AA+-Bullet 500,000 09/30/16 100.00 100.00 98.54 (7,278)1.15 2.64 1.0 1.0 0.0 59 76116FAA5 RFCO STRIP PRINC 2%0.00 10/15/19 ---Bullet 638,000 12/10/14 91.69 98.14 97.20 (6,015)1.79 2.71 1.0 1.1 0.0 32 313400BV4 FREDDIE MAC 2%0.00 11/29/19 -AA -Bullet 560,000 08/05/15 92.56 97.93 96.76 (6,534)1.80 2.84 1.2 1.2 0.0 29 3133EG3J2 FEDERAL FARM CREDIT BANK 2%1.55 01/10/20 Aaa AA+-Bullet 500,000 01/10/17 100.00 100.00 98.50 (7,505)1.55 2.75 1.3 1.3 0.0 24 3130A7ZT5 FEDERAL HOME LOAN BANK 2%1.40 05/18/20 Aaa AA+10/03/18 Amer 500,000 05/18/16 100.00 100.00 97.76 (11,205)1.40 2.81 1.6 1.6 0.0 27 3133834H1 FEDERAL HOME LOAN BANK 2%1.38 06/12/20 Aaa AA+-Bullet 500,000 07/08/16 101.60 100.70 97.61 (15,433)0.96 2.82 1.7 1.7 0.0 33 3134G3F96 FREDDIE MAC 3%1.65 08/28/20 Aaa AA+-Bullet 1,000,000 07/10/18 97.98 98.18 98.17 (86)2.63 2.64 1.9 1.9 0.0 38 3136G0R60 FANNIE MAE 2%1.50 10/22/20 Aaa AA+-Bullet 500,000 10/11/16 100.94 100.49 97.23 (16,277)1.26 2.89 2.1 2.0 0.0 60 76116FAG2 RFCO STRIP PRINC 2%0.00 01/15/21 ---Bullet 780,000 04/14/16 93.14 96.63 93.61 (23,510)1.49 2.88 2.3 2.3 0.1 34 3134GAQ31 FREDDIE MAC 2%2.15 01/26/22 Aaa AA+10/26/18 Berm 500,000 11/14/17 99.95 99.96 97.13 (14,152)2.16 3.06 3.3 3.2 0.0 35 3134GBH39 FREDDIE MAC 3%2.05 09/29/22 Aaa AA+12/29/18 Berm 1,000,000 06/29/18 97.01 97.18 96.30 (8,743)2.80 3.04 4.0 3.7 0.0 28 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 102.40 101.56 (1,735)2.85 3.03 4.9 4.5 0.2 31 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.56 99.74 (4,081)2.88 3.05 5.1 4.6 0.3 25 3130ABLN4 FEDERAL HOME LOAN BANK 1%2.50 06/28/24 Aaa AA+06/28/19 Amer 345,000 10/11/17 100.00 100.00 95.69 (14,861)2.50 3.33 5.8 5.1 (0.2) 26 3130ABXS0 FEDERAL HOME LOAN BANK 2%2.47 08/14/24 Aaa AA+08/14/20 Amer 500,000 07/19/18 96.27 96.37 95.09 (6,403)3.15 3.40 5.9 5.3 (0.1) 30 3133EJBN8 FEDERAL FARM CREDIT BANK 2%3.00 02/05/25 -AA+02/05/19 Amer 550,000 06/21/18 98.39 98.45 97.02 (7,855)3.27 3.53 6.4 5.1 (1.2) Agency 37%1.42 Aaa AA+11,233,000 97.25 98.94 97.56 (155,074)2.09 2.83 2.4 2.3 (0.0) 64 87164DKL3 SYNOVUS BANK GA 1%1.45 10/11/18 ---Bullet 246,000 07/11/17 100.00 100.00 99.98 (41)1.45 1.91 0.0 0.0 0.0 20 20364ACC7 COMMUNITY FINL SVCS BANK 1%1.45 10/16/18 ---Bullet 246,000 08/16/17 100.00 100.00 99.98 (55)1.45 1.91 0.0 0.0 0.0 5 06426WUU4 BANK OF CHINA/NEW YORK 1%1.50 11/16/18 ---Bullet 246,000 11/16/17 100.00 100.00 99.93 (163)1.48 1.98 0.1 0.1 0.0 51 61747MB42 MORGAN STANLEY BANK NA 1%1.50 11/16/18 ---Bullet 246,000 11/16/17 100.00 100.00 99.93 (163)1.48 1.98 0.1 0.1 0.0 61 795450RT4 SALLIE MAE BANK/SALT LKE 1%2.00 12/11/18 ---Bullet 247,000 12/11/13 100.00 100.00 99.99 (27)1.99 2.05 0.2 0.2 0.0 19 20033AXA9 COMENITY CAPITAL BANK 1%1.60 03/15/19 ---Bullet 249,000 09/15/17 100.00 100.00 99.73 (670)1.61 2.19 0.5 0.5 0.0 10 149159LH6 CATHAY BANK 1%1.60 03/25/19 ---Bullet 249,000 09/25/17 100.00 100.00 99.71 (724)1.61 2.20 0.5 0.5 0.0 45 51210SND5 LAKESIDE BANK 1%1.55 03/29/19 ---Bullet 246,000 06/30/17 100.00 100.00 99.68 (790)1.56 2.20 0.5 0.5 0.0 42 38147JZT2 GOLDMAN SACHS BANK USA 1%2.00 05/14/19 ---Bullet 247,000 05/14/14 100.00 100.00 99.80 (486)2.00 2.32 0.6 0.6 0.0 4 06279KKW5 BANK OF INDIA NY 1%2.30 05/22/19 ---Bullet 244,000 05/24/18 100.00 100.00 100.01 29 2.28 2.26 0.6 0.6 0.0 47 59013JQY8 MERRICK BANK 1%1.15 06/28/19 ---Bullet 249,000 06/29/16 100.00 100.00 99.16 (2,099)1.15 2.30 0.7 0.7 0.0 21 2546714E7 DISCOVER BANK 1%2.10 08/13/19 ---Bullet 247,000 08/13/14 100.00 100.00 99.73 (677)2.10 2.42 0.9 0.9 0.0 6 06740KHS9 BARCLAYS BANK/DELAWARE 1%2.10 08/13/19 ---Bullet 247,000 08/13/14 100.00 100.00 99.63 (912)2.10 2.53 0.9 0.9 0.0 2 02587CAT7 AMERICAN EXPRESS BK FSB 1%2.05 08/14/19 ---Bullet 247,000 08/14/14 100.00 100.00 99.64 (899)2.05 2.47 0.9 0.9 0.0 52 628779FN5 NBT BANK 1%2.10 08/20/19 ---Bullet 247,000 08/20/14 100.00 100.00 99.61 (966)2.10 2.54 0.9 0.9 0.0 17 17284C6R0 CIT BANK NA 1%2.20 12/24/19 ---Bullet 247,000 12/24/14 100.00 100.00 99.50 (1,233)2.20 2.61 1.2 1.2 0.0 46 57116AMC9 MARLIN BUSINESS BANK 1%1.25 12/27/19 ---Bullet 249,000 06/29/16 100.00 100.00 98.37 (4,069)1.25 2.60 1.2 1.2 0.0 44 410493DD9 HANMI BANK 1%2.55 02/25/20 ---Bullet 249,000 05/25/18 100.00 100.00 99.82 (436)2.56 2.69 1.4 1.4 0.0 1 02007GCV3 ALLY BANK 1%2.90 05/24/21 ---Bullet 246,000 05/24/18 100.00 100.00 99.69 (772)2.90 3.02 2.7 2.5 0.1 9 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 97.29 (6,685)2.15 3.09 3.0 2.9 0.1 3 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 97.00 (7,405)2.05 3.09 3.0 2.9 0.1 65 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 98.70 (3,189)2.55 2.97 3.2 3.1 0.1 Domestic CD 18%1.91 5,434,000 100.00 100.00 99.40 (32,431)1.91 2.42 1.1 1.0 0.0 70 0008CHAN2 NORTHLAND 2%1.13 ---Bullet 646,523 06/01/18 100.00 100.00 100.00 0 1.13 1.13 0.0 0.0 0.0 71 0006CHAN6 BMO HARRIS BANK 10%0.00 ---Bullet 2,967,189 06/01/18 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 68 949917397 Wells Fargo Heritage Money Mar 2%2.24 ---Bullet 494,799 09/01/18 100.00 100.00 100.04 198 2.16 2.16 0.0 0.0 0.0 72 0006CHAN7 PMA-4M FUND 0%1.75 ---Bullet 10 06/01/18 100.00 100.00 100.00 0 1.75 1.75 0.0 0.0 0.0 MMF 14%0.45 4,108,521 100.00 100.00 100.00 198 0.44 0.44 0.0 0.0 0.0 18 196479WW5 COLORADO ST HSG & FIN AUTH 1%1.62 11/01/18 WR AAA -Bullet 250,000 11/05/15 100.94 100.03 99.92 (275)1.31 2.52 0.1 0.1 0.0 12 161664DW4 CHASKA MN 0%2.00 12/01/18 -AA -Bullet 75,000 08/15/13 100.00 100.00 99.94 (45)1.99 2.34 0.2 0.2 0.0 50 60416SSG6 MINNESOTA ST HSG FIN AGY 1%1.80 01/01/19 Aa1 AA+-Bullet 325,000 12/22/16 100.00 100.00 99.89 (367)2.14 2.70 0.3 0.3 0.0 22 279533TN3 EDEN PRAIRIE MN INDEP SCH DIST 1%5.75 02/01/19 Aa2 --Bullet 225,000 04/26/16 112.62 101.58 101.08 (1,118)1.10 2.54 0.3 0.3 0.0 23 279533TN3 EDEN PRAIRIE MN INDEP SCH DIST 2%5.75 02/01/19 Aa2 --Bullet 525,000 01/04/17 108.76 101.46 101.08 (1,969)1.45 2.54 0.3 0.3 0.0 41 373385BL6 GEORGIA ST 2%3.50 02/01/19 Aaa AAA -Bullet 500,000 07/18/17 103.18 100.71 100.28 (2,170)1.40 2.67 0.3 0.3 0.0 66 882722J69 TEXAS ST 3%3.19 10/01/19 Aaa AAA -Bullet 995,000 06/24/15 106.62 101.60 100.45 (11,522)1.58 2.74 1.0 1.0 0.0 57 742617CD3 PRIOR LAKE MN 1%1.60 12/15/19 Aa2 AA+-Bullet 205,000 05/14/15 100.00 100.00 98.19 (3,713)1.60 3.13 1.2 1.2 0.0 55 678519UC1 OKLAHOMA CITY OK 1%2.00 03/01/20 Aaa AAA -Bullet 200,000 05/17/16 102.21 100.84 98.81 (4,066)1.40 2.86 1.4 1.4 0.0 69 97705MDS1 WISCONSIN ST 2%1.15 05/01/20 Aa1 AA -Bullet 520,000 07/28/16 100.15 100.06 97.43 (13,692)1.11 2.81 1.6 1.6 0.0 11 150528LV7 CEDAR RAPIDS IA 2%2.50 06/01/20 Aa1 --Bullet 490,000 04/07/16 104.42 101.81 99.27 (12,471)1.40 2.95 1.7 1.6 0.0 53 64966LN56 NEW YORK NY 2%2.15 06/01/20 Aa2 AA -Bullet 500,000 06/18/15 100.00 100.00 98.50 (7,515)2.15 3.08 1.7 1.7 0.0 13 161664HA8 CHASKA MN 0%1.95 02/01/21 -AA -Bullet 140,000 11/29/17 100.00 100.00 97.52 (3,472)1.95 3.05 2.3 2.3 0.1 8 113835H54 BROOKLYN CENTER MN 1%3.00 02/01/21 -AA -Bullet 400,000 01/24/14 101.88 100.67 99.46 (4,808)2.70 3.24 2.3 2.2 0.1 67 93974DV54 WASHINGTON ST 2%1.80 08/01/21 Aa1 AA+-Bullet 500,000 07/26/18 97.04 97.21 96.77 (2,200)2.83 3.00 2.8 2.7 0.1 62 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 96.93 (3,690)2.35 3.33 3.3 3.2 0.1 14 161664HB6 CHASKA MN 0%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 96.82 (4,453)2.10 3.11 3.3 3.2 0.1 48 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.08 99.21 (2,598)2.88 3.14 3.4 3.2 0.1 49 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 107.59 107.02 (2,094)3.05 3.19 4.2 3.7 0.2 56 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 103.45 99.11 (21,705)2.25 3.31 4.3 4.0 0.2 63 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 96.44 (4,276)2.50 3.39 4.3 4.1 0.2 7 092765EW2 BLAINE MN 1%2.25 02/01/23 -AA+-Bullet 395,000 12/05/17 100.00 100.00 95.83 (16,479)2.25 3.29 4.3 4.1 0.2 15 161664HC4 CHASKA MN 0%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 96.26 (5,424)2.25 3.18 4.3 4.1 0.2 16 161664HD2 CHASKA MN 0%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 95.79 (6,314)2.40 3.26 5.3 5.0 0.3 54 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 94.72 93.28 (3,595)3.25 3.53 5.8 5.4 0.3 43 4095585H2 HAMPTON VA 2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 104.30 103.58 (4,290)3.30 3.41 6.9 6.0 0.4 Portfolio Analysis 10 Positions by Sector %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx Municipals 30%2.91 Aa1 AA+8,940,000 102.72 100.99 99.38 (144,321)2.07 2.99 2.5 2.3 0.1 58 742651DJ8 PRIVATE EXPORT FUNDING 2%4.30 12/15/21 Aaa NR -Bullet 600,000 04/29/15 114.14 107.09 103.65 (20,632)2.01 3.10 3.2 3.0 0.1 SSA 2%4.30 Aaa 600,000 114.14 107.09 103.65 (20,632)2.01 3.10 3.2 3.0 0.1 Total Portfolio 100%1.87 30,315,521 100.06 100.04 98.88 (352,260)1.83 2.48 1.9 1.8 0.0 Portfolio Analysis 11 Positions by Maturity %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx 70 0008CHAN2 NORTHLAND 2%1.13 ---Bullet 646,523 06/01/18 100.00 100.00 100.00 0 1.13 1.13 0.0 0.0 0.0 71 0006CHAN6 BMO HARRIS BANK 10%0.00 ---Bullet 2,967,189 06/01/18 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 68 949917397 Wells Fargo Heritage Money Mar 2%2.24 ---Bullet 494,799 09/01/18 100.00 100.00 100.04 198 2.16 2.16 0.0 0.0 0.0 72 0006CHAN7 PMA-4M FUND 0%1.75 ---Bullet 10 06/01/18 100.00 100.00 100.00 0 1.75 1.75 0.0 0.0 0.0 64 87164DKL3 SYNOVUS BANK GA 1%1.45 10/11/18 ---Bullet 246,000 07/11/17 100.00 100.00 99.98 (41)1.45 1.91 0.0 0.0 0.0 20 20364ACC7 COMMUNITY FINL SVCS BANK 1%1.45 10/16/18 ---Bullet 246,000 08/16/17 100.00 100.00 99.98 (55)1.45 1.91 0.0 0.0 0.0 18 196479WW5 COLORADO ST HSG & FIN AUTH 1%1.62 11/01/18 WR AAA -Bullet 250,000 11/05/15 100.94 100.03 99.92 (275)1.31 2.52 0.1 0.1 0.0 5 06426WUU4 BANK OF CHINA/NEW YORK 1%1.50 11/16/18 ---Bullet 246,000 11/16/17 100.00 100.00 99.93 (163)1.48 1.98 0.1 0.1 0.0 51 61747MB42 MORGAN STANLEY BANK NA 1%1.50 11/16/18 ---Bullet 246,000 11/16/17 100.00 100.00 99.93 (163)1.48 1.98 0.1 0.1 0.0 12 161664DW4 CHASKA MN 0%2.00 12/01/18 -AA -Bullet 75,000 08/15/13 100.00 100.00 99.94 (45)1.99 2.34 0.2 0.2 0.0 61 795450RT4 SALLIE MAE BANK/SALT LKE 1%2.00 12/11/18 ---Bullet 247,000 12/11/13 100.00 100.00 99.99 (27)1.99 2.05 0.2 0.2 0.0 50 60416SSG6 MINNESOTA ST HSG FIN AGY 1%1.80 01/01/19 Aa1 AA+-Bullet 325,000 12/22/16 100.00 100.00 99.89 (367)2.14 2.70 0.3 0.3 0.0 23 279533TN3 EDEN PRAIRIE MN INDEP SCH DIST 2%5.75 02/01/19 Aa2 --Bullet 525,000 01/04/17 108.76 101.46 101.08 (1,969)1.45 2.54 0.3 0.3 0.0 22 279533TN3 EDEN PRAIRIE MN INDEP SCH DIST 1%5.75 02/01/19 Aa2 --Bullet 225,000 04/26/16 112.62 101.58 101.08 (1,118)1.10 2.54 0.3 0.3 0.0 41 373385BL6 GEORGIA ST 2%3.50 02/01/19 Aaa AAA -Bullet 500,000 07/18/17 103.18 100.71 100.28 (2,170)1.40 2.67 0.3 0.3 0.0 36 31358BAA6 FNMA PRIN STRIP 4%0.00 02/01/19 ---Bullet 1,155,000 06/19/14 91.43 99.34 99.20 (1,640)1.95 2.38 0.3 0.3 0.0 37 3136FTR68 FANNIE MAE 2%1.65 02/28/19 Aaa AA+-Bullet 500,000 03/05/12 99.68 99.98 99.73 (1,258)1.70 2.31 0.4 0.4 0.0 19 20033AXA9 COMENITY CAPITAL BANK 1%1.60 03/15/19 ---Bullet 249,000 09/15/17 100.00 100.00 99.73 (670)1.61 2.19 0.5 0.5 0.0 10 149159LH6 CATHAY BANK 1%1.60 03/25/19 ---Bullet 249,000 09/25/17 100.00 100.00 99.71 (724)1.61 2.20 0.5 0.5 0.0 45 51210SND5 LAKESIDE BANK 1%1.55 03/29/19 ---Bullet 246,000 06/30/17 100.00 100.00 99.68 (790)1.56 2.20 0.5 0.5 0.0 42 38147JZT2 GOLDMAN SACHS BANK USA 1%2.00 05/14/19 ---Bullet 247,000 05/14/14 100.00 100.00 99.80 (486)2.00 2.32 0.6 0.6 0.0 4 06279KKW5 BANK OF INDIA NY 1%2.30 05/22/19 ---Bullet 244,000 05/24/18 100.00 100.00 100.01 29 2.28 2.26 0.6 0.6 0.0 40 3137EADG1 FREDDIE MAC 2%1.75 05/30/19 Aaa AA+-Bullet 500,000 07/10/18 99.48 99.60 99.50 (505)2.35 2.50 0.7 0.7 0.0 47 59013JQY8 MERRICK BANK 1%1.15 06/28/19 ---Bullet 249,000 06/29/16 100.00 100.00 99.16 (2,099)1.15 2.30 0.7 0.7 0.0 21 2546714E7 DISCOVER BANK 1%2.10 08/13/19 ---Bullet 247,000 08/13/14 100.00 100.00 99.73 (677)2.10 2.42 0.9 0.9 0.0 6 06740KHS9 BARCLAYS BANK/DELAWARE 1%2.10 08/13/19 ---Bullet 247,000 08/13/14 100.00 100.00 99.63 (912)2.10 2.53 0.9 0.9 0.0 2 02587CAT7 AMERICAN EXPRESS BK FSB 1%2.05 08/14/19 ---Bullet 247,000 08/14/14 100.00 100.00 99.64 (899)2.05 2.47 0.9 0.9 0.0 52 628779FN5 NBT BANK 1%2.10 08/20/19 ---Bullet 247,000 08/20/14 100.00 100.00 99.61 (966)2.10 2.54 0.9 0.9 0.0 39 3136G4BB8 FANNIE MAE 2%1.15 09/27/19 Aaa AA+-Bullet 500,000 09/30/16 100.00 100.00 98.54 (7,278)1.15 2.64 1.0 1.0 0.0 Year 1 41%1.44 12,366,521 99.91 100.04 99.84 (25,069)1.30 1.73 0.3 0.3 0.0 66 882722J69 TEXAS ST 3%3.19 10/01/19 Aaa AAA -Bullet 995,000 06/24/15 106.62 101.60 100.45 (11,522)1.58 2.74 1.0 1.0 0.0 59 76116FAA5 RFCO STRIP PRINC 2%0.00 10/15/19 ---Bullet 638,000 12/10/14 91.69 98.14 97.20 (6,015)1.79 2.71 1.0 1.1 0.0 32 313400BV4 FREDDIE MAC 2%0.00 11/29/19 -AA -Bullet 560,000 08/05/15 92.56 97.93 96.76 (6,534)1.80 2.84 1.2 1.2 0.0 57 742617CD3 PRIOR LAKE MN 1%1.60 12/15/19 Aa2 AA+-Bullet 205,000 05/14/15 100.00 100.00 98.19 (3,713)1.60 3.13 1.2 1.2 0.0 17 17284C6R0 CIT BANK NA 1%2.20 12/24/19 ---Bullet 247,000 12/24/14 100.00 100.00 99.50 (1,233)2.20 2.61 1.2 1.2 0.0 46 57116AMC9 MARLIN BUSINESS BANK 1%1.25 12/27/19 ---Bullet 249,000 06/29/16 100.00 100.00 98.37 (4,069)1.25 2.60 1.2 1.2 0.0 29 3133EG3J2 FEDERAL FARM CREDIT BANK 2%1.55 01/10/20 Aaa AA+-Bullet 500,000 01/10/17 100.00 100.00 98.50 (7,505)1.55 2.75 1.3 1.3 0.0 44 410493DD9 HANMI BANK 1%2.55 02/25/20 ---Bullet 249,000 05/25/18 100.00 100.00 99.82 (436)2.56 2.69 1.4 1.4 0.0 55 678519UC1 OKLAHOMA CITY OK 1%2.00 03/01/20 Aaa AAA -Bullet 200,000 05/17/16 102.21 100.84 98.81 (4,066)1.40 2.86 1.4 1.4 0.0 69 97705MDS1 WISCONSIN ST 2%1.15 05/01/20 Aa1 AA -Bullet 520,000 07/28/16 100.15 100.06 97.43 (13,692)1.11 2.81 1.6 1.6 0.0 24 3130A7ZT5 FEDERAL HOME LOAN BANK 2%1.40 05/18/20 Aaa AA+10/03/18 Amer 500,000 05/18/16 100.00 100.00 97.76 (11,205)1.40 2.81 1.6 1.6 0.0 11 150528LV7 CEDAR RAPIDS IA 2%2.50 06/01/20 Aa1 --Bullet 490,000 04/07/16 104.42 101.81 99.27 (12,471)1.40 2.95 1.7 1.6 0.0 53 64966LN56 NEW YORK NY 2%2.15 06/01/20 Aa2 AA -Bullet 500,000 06/18/15 100.00 100.00 98.50 (7,515)2.15 3.08 1.7 1.7 0.0 27 3133834H1 FEDERAL HOME LOAN BANK 2%1.38 06/12/20 Aaa AA+-Bullet 500,000 07/08/16 101.60 100.70 97.61 (15,433)0.96 2.82 1.7 1.7 0.0 33 3134G3F96 FREDDIE MAC 3%1.65 08/28/20 Aaa AA+-Bullet 1,000,000 07/10/18 97.98 98.18 98.17 (86)2.63 2.64 1.9 1.9 0.0 Year 2 24%1.65 7,353,000 99.81 99.85 98.41 (105,494)1.73 2.79 1.4 1.4 0.0 38 3136G0R60 FANNIE MAE 2%1.50 10/22/20 Aaa AA+-Bullet 500,000 10/11/16 100.94 100.49 97.23 (16,277)1.26 2.89 2.1 2.0 0.0 60 76116FAG2 RFCO STRIP PRINC 2%0.00 01/15/21 ---Bullet 780,000 04/14/16 93.14 96.63 93.61 (23,510)1.49 2.88 2.3 2.3 0.1 13 161664HA8 CHASKA MN 0%1.95 02/01/21 -AA -Bullet 140,000 11/29/17 100.00 100.00 97.52 (3,472)1.95 3.05 2.3 2.3 0.1 8 113835H54 BROOKLYN CENTER MN 1%3.00 02/01/21 -AA -Bullet 400,000 01/24/14 101.88 100.67 99.46 (4,808)2.70 3.24 2.3 2.2 0.1 1 02007GCV3 ALLY BANK 1%2.90 05/24/21 ---Bullet 246,000 05/24/18 100.00 100.00 99.69 (772)2.90 3.02 2.7 2.5 0.1 67 93974DV54 WASHINGTON ST 2%1.80 08/01/21 Aa1 AA+-Bullet 500,000 07/26/18 97.04 97.21 96.77 (2,200)2.83 3.00 2.8 2.7 0.1 Year 3 8%1.50 2,566,000 97.82 98.63 96.64 (51,038)2.06 2.98 2.4 2.3 0.1 9 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 97.29 (6,685)2.15 3.09 3.0 2.9 0.1 3 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 97.00 (7,405)2.05 3.09 3.0 2.9 0.1 58 742651DJ8 PRIVATE EXPORT FUNDING 2%4.30 12/15/21 Aaa NR -Bullet 600,000 04/29/15 114.14 107.09 103.65 (20,632)2.01 3.10 3.2 3.0 0.1 65 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 98.70 (3,189)2.55 2.97 3.2 3.1 0.1 34 3134GAQ31 FREDDIE MAC 2%2.15 01/26/22 Aaa AA+10/26/18 Berm 500,000 11/14/17 99.95 99.96 97.13 (14,152)2.16 3.06 3.3 3.2 0.0 62 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 96.93 (3,690)2.35 3.33 3.3 3.2 0.1 14 161664HB6 CHASKA MN 0%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 96.82 (4,453)2.10 3.11 3.3 3.2 0.1 48 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.08 99.21 (2,598)2.88 3.14 3.4 3.2 0.1 Year 4 8%2.82 2,400,000 103.53 101.77 99.16 (62,804)2.24 3.09 3.2 3.1 0.1 35 3134GBH39 FREDDIE MAC 3%2.05 09/29/22 Aaa AA+12/29/18 Berm 1,000,000 06/29/18 97.01 97.18 96.30 (8,743)2.80 3.04 4.0 3.7 0.0 49 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 107.59 107.02 (2,094)3.05 3.19 4.2 3.7 0.2 56 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 103.45 99.11 (21,705)2.25 3.31 4.3 4.0 0.2 63 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 96.44 (4,276)2.50 3.39 4.3 4.1 0.2 7 092765EW2 BLAINE MN 1%2.25 02/01/23 -AA+-Bullet 395,000 12/05/17 100.00 100.00 95.83 (16,479)2.25 3.29 4.3 4.1 0.2 15 161664HC4 CHASKA MN 0%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 96.26 (5,424)2.25 3.18 4.3 4.1 0.2 28 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 102.40 101.56 (1,735)2.85 3.03 4.9 4.5 0.2 Year 5 9%2.80 2,735,000 101.00 100.81 98.59 (60,456)2.62 3.17 4.2 3.9 0.1 31 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.56 99.74 (4,081)2.88 3.05 5.1 4.6 0.3 16 161664HD2 CHASKA MN 0%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 95.79 (6,314)2.40 3.26 5.3 5.0 0.3 25 3130ABLN4 FEDERAL HOME LOAN BANK 1%2.50 06/28/24 Aaa AA+06/28/19 Amer 345,000 10/11/17 100.00 100.00 95.69 (14,861)2.50 3.33 5.8 5.1 (0.2) 54 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 94.72 93.28 (3,595)3.25 3.53 5.8 5.4 0.3 26 3130ABXS0 FEDERAL HOME LOAN BANK 2%2.47 08/14/24 Aaa AA+08/14/20 Amer 500,000 07/19/18 96.27 96.37 95.09 (6,403)3.15 3.40 5.9 5.3 (0.1) Portfolio Analysis 12 Positions by Maturity %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx Year 6 6%2.59 1,745,000 98.32 98.37 96.34 (35,255)2.89 3.29 5.6 5.0 0.1 30 3133EJBN8 FEDERAL FARM CREDIT BANK 2%3.00 02/05/25 -AA+02/05/19 Amer 550,000 06/21/18 98.39 98.45 97.02 (7,855)3.27 3.53 6.4 5.1 (1.2) 43 4095585H2 HAMPTON VA 2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 104.30 103.58 (4,290)3.30 3.41 6.9 6.0 0.4 Year 7 4%3.52 1,150,000 101.54 101.50 100.44 (12,145)3.29 3.47 6.7 5.6 (0.3) Total Portfolio 100%1.87 30,315,521 100.06 100.04 98.88 (352,260)1.83 2.48 1.9 1.8 0.0 Portfolio Analysis 13 Positions by Maturity - Scenario Analysis Market Price (%∆)Book Yield Effective Duration %Final DN DN UP UP DN DN Base UP UP DN DN Base UP UP ID CUSIP Issuer Port Cpn Maturity Par WAM DN 50 DN 25 UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 70 0008CHAN2 NORTHLAND 2%1.13 646,523 0.0 0.0 0.0 0.0 0.0 1.13 1.13 1.13 1.13 1.13 0.0 0.0 0.0 0.0 0.0 71 0006CHAN6 BMO HARRIS BANK 10%0.00 2,967,189 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 68 949917397 Wells Fargo Heritage Money Mar 2%2.24 494,799 0.0 0.0 0.0 0.0 0.0 2.16 2.16 2.16 2.16 2.16 0.0 0.0 0.0 0.0 0.0 72 0006CHAN7 PMA-4M FUND 0%1.75 10 0.0 0.0 0.0 0.0 0.0 1.75 1.75 1.75 1.75 1.75 0.0 0.0 0.0 0.0 0.0 64 87164DKL3 SYNOVUS BANK GA 1%1.45 10/11/18 246,000 0.0 0.0 0.0 (0.0)(0.0)1.45 1.45 1.45 1.45 1.45 0.0 0.0 0.0 0.0 0.0 20 20364ACC7 COMMUNITY FINL SVCS BANK 1%1.45 10/16/18 246,000 0.0 0.0 0.0 (0.0)(0.0)1.45 1.45 1.45 1.45 1.45 0.0 0.0 0.0 0.0 0.0 18 196479WW5 COLORADO ST HSG & FIN AUTH 1%1.62 11/01/18 250,000 0.1 0.0 0.0 (0.0)(0.0)1.31 1.31 1.31 1.31 1.31 0.1 0.1 0.1 0.1 0.1 5 06426WUU4 BANK OF CHINA/NEW YORK 1%1.50 11/16/18 246,000 0.1 0.1 0.0 (0.0)(0.1)1.48 1.48 1.48 1.48 1.48 0.1 0.1 0.1 0.1 0.1 51 61747MB42 MORGAN STANLEY BANK NA 1%1.50 11/16/18 246,000 0.1 0.1 0.0 (0.0)(0.1)1.48 1.48 1.48 1.48 1.48 0.1 0.1 0.1 0.1 0.1 12 161664DW4 CHASKA MN 0%2.00 12/01/18 75,000 0.2 0.1 0.0 (0.0)(0.1)1.99 1.99 1.99 1.99 1.99 0.2 0.2 0.2 0.2 0.2 61 795450RT4 SALLIE MAE BANK/SALT LKE 1%2.00 12/11/18 247,000 0.2 0.1 0.1 (0.1)(0.1)1.99 1.99 1.99 1.99 1.99 0.2 0.2 0.2 0.2 0.2 50 60416SSG6 MINNESOTA ST HSG FIN AGY 1%1.80 01/01/19 325,000 0.3 0.1 0.1 (0.1)(0.1)2.14 2.14 2.14 2.14 2.14 0.3 0.3 0.3 0.3 0.3 23 279533TN3 EDEN PRAIRIE MN INDEP SCH DIST 2%5.75 02/01/19 525,000 0.3 0.2 0.1 (0.1)(0.2)1.45 1.45 1.45 1.45 1.45 0.3 0.3 0.3 0.3 0.3 22 279533TN3 EDEN PRAIRIE MN INDEP SCH DIST 1%5.75 02/01/19 225,000 0.3 0.2 0.1 (0.1)(0.2)1.10 1.10 1.10 1.10 1.10 0.3 0.3 0.3 0.3 0.3 41 373385BL6 GEORGIA ST 2%3.50 02/01/19 500,000 0.3 0.2 0.1 (0.1)(0.2)1.40 1.40 1.40 1.40 1.40 0.3 0.3 0.3 0.3 0.3 36 31358BAA6 FNMA PRIN STRIP 4%0.00 02/01/19 1,155,000 0.3 0.2 0.1 (0.1)(0.2)1.95 1.95 1.95 1.95 1.95 0.3 0.3 0.3 0.3 0.3 37 3136FTR68 FANNIE MAE 2%1.65 02/28/19 500,000 0.4 0.2 0.1 (0.1)(0.2)1.70 1.70 1.70 1.70 1.70 0.4 0.4 0.4 0.4 0.4 19 20033AXA9 COMENITY CAPITAL BANK 1%1.60 03/15/19 249,000 0.5 0.2 0.1 (0.1)(0.2)1.61 1.61 1.61 1.61 1.61 0.5 0.5 0.5 0.5 0.5 10 149159LH6 CATHAY BANK 1%1.60 03/25/19 249,000 0.5 0.2 0.1 (0.1)(0.2)1.61 1.61 1.61 1.61 1.61 0.5 0.5 0.5 0.5 0.5 45 51210SND5 LAKESIDE BANK 1%1.55 03/29/19 246,000 0.5 0.2 0.1 (0.1)(0.2)1.56 1.56 1.56 1.56 1.56 0.5 0.5 0.5 0.5 0.5 42 38147JZT2 GOLDMAN SACHS BANK USA 1%2.00 05/14/19 247,000 0.6 0.3 0.2 (0.2)(0.3)2.00 2.00 2.00 2.00 2.00 0.6 0.6 0.6 0.6 0.6 4 06279KKW5 BANK OF INDIA NY 1%2.30 05/22/19 244,000 0.6 0.3 0.2 (0.2)(0.3)2.28 2.28 2.28 2.28 2.28 0.6 0.6 0.6 0.6 0.6 40 3137EADG1 FREDDIE MAC 2%1.75 05/30/19 500,000 0.7 0.3 0.2 (0.2)(0.3)2.35 2.35 2.35 2.35 2.35 0.7 0.7 0.7 0.7 0.7 47 59013JQY8 MERRICK BANK 1%1.15 06/28/19 249,000 0.7 0.4 0.2 (0.2)(0.4)1.15 1.15 1.15 1.15 1.15 0.7 0.7 0.7 0.7 0.7 21 2546714E7 DISCOVER BANK 1%2.10 08/13/19 247,000 0.9 0.4 0.2 (0.2)(0.4)2.10 2.10 2.10 2.10 2.10 0.9 0.9 0.9 0.9 0.9 6 06740KHS9 BARCLAYS BANK/DELAWARE 1%2.10 08/13/19 247,000 0.9 0.4 0.2 (0.2)(0.4)2.10 2.10 2.10 2.10 2.10 0.9 0.9 0.9 0.9 0.9 2 02587CAT7 AMERICAN EXPRESS BK FSB 1%2.05 08/14/19 247,000 0.9 0.4 0.2 (0.2)(0.4)2.05 2.05 2.05 2.05 2.05 0.9 0.9 0.9 0.9 0.9 52 628779FN5 NBT BANK 1%2.10 08/20/19 247,000 0.9 0.4 0.2 (0.2)(0.4)2.10 2.10 2.10 2.10 2.10 0.9 0.9 0.9 0.9 0.9 39 3136G4BB8 FANNIE MAE 2%1.15 09/27/19 500,000 1.0 0.5 0.2 (0.2)(0.5)1.15 1.15 1.15 1.15 1.15 1.0 1.0 1.0 1.0 1.0 Year 1 41%1.44 12,366,521 0.3 5.1 2.3 (1.9)(3.6)1.30 1.30 1.30 1.30 1.30 0.3 0.3 0.3 0.3 0.3 66 882722J69 TEXAS ST 3%3.19 10/01/19 995,000 1.0 0.5 0.3 (0.3)(0.5)1.58 1.58 1.58 1.58 1.58 1.0 1.0 1.0 1.0 1.0 59 76116FAA5 RFCO STRIP PRINC 2%0.00 10/15/19 638,000 1.0 0.5 0.3 (0.3)(0.5)1.79 1.79 1.79 1.79 1.79 1.1 1.1 1.1 1.0 1.0 32 313400BV4 FREDDIE MAC 2%0.00 11/29/19 560,000 1.2 0.6 0.3 (0.3)(0.6)1.80 1.80 1.80 1.80 1.80 1.2 1.2 1.2 1.2 1.2 57 742617CD3 PRIOR LAKE MN 1%1.60 12/15/19 205,000 1.2 0.6 0.3 (0.3)(0.6)1.60 1.60 1.60 1.60 1.60 1.2 1.2 1.2 1.2 1.2 17 17284C6R0 CIT BANK NA 1%2.20 12/24/19 247,000 1.2 0.6 0.3 (0.3)(0.6)2.20 2.20 2.20 2.20 2.20 1.2 1.2 1.2 1.2 1.2 46 57116AMC9 MARLIN BUSINESS BANK 1%1.25 12/27/19 249,000 1.2 0.6 0.3 (0.3)(0.6)1.25 1.25 1.25 1.25 1.25 1.2 1.2 1.2 1.2 1.2 29 3133EG3J2 FEDERAL FARM CREDIT BANK 2%1.55 01/10/20 500,000 1.3 0.6 0.3 (0.3)(0.6)1.55 1.55 1.55 1.55 1.55 1.3 1.3 1.3 1.3 1.3 44 410493DD9 HANMI BANK 1%2.55 02/25/20 249,000 1.4 0.7 0.3 (0.3)(0.7)2.56 2.56 2.56 2.56 2.56 1.4 1.4 1.4 1.4 1.4 55 678519UC1 OKLAHOMA CITY OK 1%2.00 03/01/20 200,000 1.4 0.7 0.4 (0.4)(0.7)1.40 1.40 1.40 1.40 1.40 1.4 1.4 1.4 1.4 1.4 69 97705MDS1 WISCONSIN ST 2%1.15 05/01/20 520,000 1.6 0.8 0.4 (0.4)(0.8)1.11 1.11 1.11 1.11 1.11 1.6 1.6 1.6 1.6 1.6 24 3130A7ZT5 FEDERAL HOME LOAN BANK 2%1.40 05/18/20 500,000 1.6 0.8 0.4 (0.4)(0.8)1.40 1.40 1.40 1.40 1.40 1.6 1.6 1.6 1.6 1.6 11 150528LV7 CEDAR RAPIDS IA 2%2.50 06/01/20 490,000 1.7 0.8 0.4 (0.4)(0.8)1.40 1.40 1.40 1.40 1.40 1.7 1.6 1.6 1.6 1.6 53 64966LN56 NEW YORK NY 2%2.15 06/01/20 500,000 1.7 0.8 0.4 (0.4)(0.8)2.15 2.15 2.15 2.15 2.15 1.7 1.7 1.7 1.7 1.6 27 3133834H1 FEDERAL HOME LOAN BANK 2%1.38 06/12/20 500,000 1.7 0.9 0.4 (0.4)(0.8)0.96 0.96 0.96 0.96 0.96 1.7 1.7 1.7 1.7 1.7 33 3134G3F96 FREDDIE MAC 3%1.65 08/28/20 1,000,000 1.9 1.0 0.5 (0.5)(0.9)2.63 2.63 2.63 2.63 2.63 1.9 1.9 1.9 1.9 1.9 Year 2 24%1.65 7,353,000 1.4 0.7 0.4 (0.4)(0.7)1.73 1.73 1.73 1.73 1.73 1.4 1.4 1.4 1.4 1.4 38 3136G0R60 FANNIE MAE 2%1.50 10/22/20 500,000 2.1 1.0 0.5 (0.5)(1.0)1.26 1.26 1.26 1.26 1.26 2.0 2.0 2.0 2.0 2.0 60 76116FAG2 RFCO STRIP PRINC 2%0.00 01/15/21 780,000 2.3 1.1 0.6 (0.6)(1.1)1.49 1.49 1.49 1.49 1.49 2.3 2.3 2.3 2.3 2.3 13 161664HA8 CHASKA MN 0%1.95 02/01/21 140,000 2.3 1.1 0.6 (0.6)(1.1)1.95 1.95 1.95 1.95 1.95 2.3 2.3 2.3 2.3 2.3 8 113835H54 BROOKLYN CENTER MN 1%3.00 02/01/21 400,000 2.3 1.1 0.6 (0.6)(1.1)2.70 2.70 2.70 2.70 2.70 2.2 2.2 2.2 2.2 2.2 1 02007GCV3 ALLY BANK 1%2.90 05/24/21 246,000 2.7 1.3 0.6 (0.6)(1.3)2.90 2.90 2.90 2.90 2.90 2.5 2.5 2.5 2.5 2.5 67 93974DV54 WASHINGTON ST 2%1.80 08/01/21 500,000 2.8 1.4 0.7 (0.7)(1.4)2.83 2.83 2.83 2.83 2.83 2.7 2.7 2.7 2.7 2.7 Year 3 8%1.50 2,566,000 2.4 1.2 0.6 (0.6)(1.2)2.06 2.06 2.06 2.06 2.06 2.3 2.3 2.3 2.3 2.3 9 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 247,000 3.0 1.5 0.7 (0.7)(1.4)2.15 2.15 2.15 2.15 2.15 2.9 2.9 2.9 2.9 2.9 3 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 247,000 3.0 1.5 0.7 (0.7)(1.4)2.05 2.05 2.05 2.05 2.05 2.9 2.9 2.9 2.9 2.9 58 742651DJ8 PRIVATE EXPORT FUNDING 2%4.30 12/15/21 600,000 3.2 1.5 0.8 (0.7)(1.5)2.01 2.01 2.01 2.01 2.01 3.0 3.0 3.0 3.0 3.0 65 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 246,000 3.2 1.6 0.8 (0.8)(1.5)2.55 2.55 2.55 2.55 2.55 3.1 3.1 3.1 3.1 3.0 34 3134GAQ31 FREDDIE MAC 2%2.15 01/26/22 500,000 3.3 1.6 0.8 (0.8)(1.6)2.16 2.16 2.16 2.16 2.16 3.0 3.1 3.2 3.2 3.2 62 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 120,000 3.3 1.6 0.8 (0.8)(1.6)2.35 2.35 2.35 2.35 2.35 3.2 3.2 3.2 3.2 3.2 14 161664HB6 CHASKA MN 0%2.10 02/01/22 140,000 3.3 1.6 0.8 (0.8)(1.6)2.10 2.10 2.10 2.10 2.10 3.2 3.2 3.2 3.2 3.2 48 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 300,000 3.4 1.6 0.8 (0.8)(1.6)2.88 2.88 2.88 2.88 2.88 3.2 3.2 3.2 3.2 3.2 Year 4 8%2.82 2,400,000 3.2 1.5 0.8 (0.8)(1.5)2.24 2.24 2.24 2.24 2.24 3.0 3.1 3.1 3.1 3.1 35 3134GBH39 FREDDIE MAC 3%2.05 09/29/22 1,000,000 4.0 1.9 0.9 (0.9)(1.9)2.80 2.80 2.80 2.80 2.80 3.6 3.7 3.7 3.7 3.7 Portfolio Analysis 14 Positions by Maturity - Scenario Analysis Market Price (%∆)Book Yield Effective Duration %Final DN DN UP UP DN DN Base UP UP DN DN Base UP UP ID CUSIP Issuer Port Cpn Maturity Par WAM DN 50 DN 25 UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 49 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 370,000 4.2 1.9 1.0 (0.9)(1.9)3.05 3.05 3.05 3.05 3.05 3.7 3.7 3.7 3.7 3.7 56 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 500,000 4.3 2.0 1.0 (1.0)(2.0)2.25 2.25 2.25 2.25 2.25 4.0 4.0 4.0 4.0 4.0 63 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 120,000 4.3 2.1 1.0 (1.0)(2.0)2.50 2.50 2.50 2.50 2.50 4.1 4.1 4.1 4.1 4.1 7 092765EW2 BLAINE MN 1%2.25 02/01/23 395,000 4.3 2.1 1.0 (1.0)(2.0)2.25 2.25 2.25 2.25 2.25 4.1 4.1 4.1 4.1 4.1 15 161664HC4 CHASKA MN 0%2.25 02/01/23 145,000 4.3 2.1 1.0 (1.0)(2.0)2.25 2.25 2.25 2.25 2.25 4.1 4.1 4.1 4.1 4.1 28 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 205,000 4.9 2.3 1.1 (1.1)(2.2)2.85 2.85 2.85 2.85 2.85 4.5 4.5 4.5 4.5 4.5 Year 5 9%2.80 2,735,000 4.2 2.0 1.0 (1.0)(2.0)2.62 2.62 2.62 2.62 2.62 3.9 3.9 3.9 3.9 3.9 31 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 500,000 5.1 2.4 1.2 (1.2)(2.3)2.88 2.88 2.88 2.88 2.88 4.6 4.6 4.6 4.6 4.6 16 161664HD2 CHASKA MN 0%2.40 02/01/24 150,000 5.3 2.5 1.3 (1.2)(2.5)2.40 2.40 2.40 2.40 2.40 5.0 5.0 5.0 4.9 4.9 25 3130ABLN4 FEDERAL HOME LOAN BANK 1%2.50 06/28/24 345,000 5.8 2.5 1.3 (1.3)(2.6)2.50 2.50 2.50 2.50 2.50 4.5 4.9 5.1 5.2 5.2 54 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 250,000 5.8 2.8 1.4 (1.3)(2.7)3.25 3.25 3.25 3.25 3.25 5.4 5.4 5.4 5.4 5.4 26 3130ABXS0 FEDERAL HOME LOAN BANK 2%2.47 08/14/24 500,000 5.9 2.6 1.3 (1.3)(2.6)3.15 3.15 3.15 3.15 3.15 4.9 5.1 5.3 5.3 5.4 Year 6 6%2.59 1,745,000 5.6 2.5 1.3 (1.3)(2.5)2.89 2.89 2.89 2.89 2.89 4.8 5.0 5.0 5.1 5.1 30 3133EJBN8 FEDERAL FARM CREDIT BANK 2%3.00 02/05/25 550,000 6.4 2.3 1.2 (1.3)(2.6)3.27 3.27 3.27 3.27 3.27 3.6 4.6 5.1 5.3 5.5 43 4095585H2 HAMPTON VA 2%4.00 09/01/25 600,000 6.9 3.1 1.5 (1.5)(3.0)3.30 3.30 3.30 3.30 3.30 6.1 6.0 6.0 6.0 6.0 Year 7 4%3.52 1,150,000 6.7 2.7 1.4 (1.4)(2.8)3.29 3.29 3.29 3.29 3.29 4.9 5.4 5.6 5.7 5.8 Total Portfolio 100%1.87 30,315,521 1.9 2.9 1.4 (1.2)(2.3)1.83 1.83 1.83 1.83 1.83 1.7 1.7 1.8 1.8 1.8 Portfolio Analysis 15 Product Detail Confidential-For Discussion and General Information Purposes Only Treasury, Agency, SSA - Summary Issuer / Sector Line %% Total Par Book Market Gain /Book Market Eff Eff Coupon Type %Call Type% Type Items Port Sector Amount Cpn Price Price Loss Yield Yield WAM Dur Cvx Fixed Float Step Bullet Amer Euro Berm FHLB 5 7%17%2,050,000 2.04 99.53 97.11 (49,638)2.04 3.06 3.7 3.4 (0.0)100%--34%66%-- FNMA 4 9%23%2,655,000 0.81 99.80 98.80 (26,453)1.62 2.51 0.8 0.8 0.0 100%--100%--- FHLMC 5 12%30%3,560,000 1.59 98.31 97.46 (30,019)2.44 2.82 2.4 2.3 0.0 100%--58%--42% FFCB 3 5%13%1,550,000 2.53 99.63 98.38 (19,441)2.59 3.12 4.3 3.7 (0.3)100%--65%35%-- SSA 1 2%5%600,000 4.30 107.09 103.65 (20,632)2.01 3.10 3.2 3.0 0.1 100%--100%--- Other 2 5%12%1,418,000 0.00 97.31 95.23 (29,524)1.63 2.80 1.7 1.7 0.0 100%--100%--- Sector Total 20 39%100%11,833,000 1.58 99.35 97.87 (175,706)2.09 2.84 2.5 2.3 (0.0)100%71%16%13% FFCB 13% FHLB 17% FHLMC 30% FNMA 23% Other 12% SSA 5% Bullet 71% Amer 16% Berm 13% Fixed 100% Issuer Structure Coupon Portfolio Analysis 17 Money Market Sector - Summary Money Market Product Distribution (%) Moody's Short Term Ratings Distribution (%) Cash Flows by Month -12 Months ($) Agency, 21% Certificate of Deposit, 30% MMF, 33% Municipal, 15% NA, 100% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 O/N 1 2 3 4 5 6 7 8 9 10 11 12 Money Market Sector includes all securities with maturiy less than 12 months. Portfolio Analysis 18 Certificates of Deposit - Summary Structure Line %% Total Par Book Market Book Market Eff Eff Type Items Port Sector Cpn Amount Price Price G / L Yield Yield WAM Dur Cvx Fixed 22 18%100%1.91 5,434,000 100.00 99.40 (32,431)1.91 2.42 1.1 1.0 0.0 Sector Total 22 18%100%1.91 5,434,000 100.00 99.40 (32,431)1.91 2.42 1.1 1.0 0.0 Portfolio Analysis 19 Municipal - Summary Issue Line %% Total Par Book Market Gain /Book Market Eff Eff Coupon Type %Agg LT Ratings Type Items Port Sector Amount Cpn Price Price Loss Yield Yield WAM Dur Cvx Fixed Float Step Moody's S&P GO Limited 1 1%2%200,000 2.00 100.84 98.81 (4,066)1.40 2.86 1.4 1.4 0.0 100%--Aaa AAA GO Unlimited 20 26%86%7,675,000 3.06 101.30 99.63 (128,052)2.07 2.99 2.5 2.4 0.1 100%--Aa1 AA+ Revenue 5 3%12%1,065,000 2.00 98.77 97.62 (12,203)2.26 2.99 2.3 2.1 0.1 100%--Aa1 AAA Sector Total 26 30%100%8,940,000 2.91 100.99 99.38 (144,321)2.07 2.99 2.5 2.3 0.1 100%Aa1 AA+ Sector Line %% Total Par Book Market Gain /Book Market Eff Eff Coupon Type %Agg LT Ratings Type Items Port Sector Amount Cpn Price Price Loss Yield Yield WAM Dur Cvx Fixed Float Step Moody's S&P Higher Education 1 2%6%500,000 3.50 100.71 100.28 (2,170)1.40 2.67 0.3 0.3 0.0 100%--Aaa AAA Public 13 13%44%3,985,000 2.55 100.32 98.43 (75,136)2.39 3.15 3.1 2.9 0.1 100%--Aa1 AA+ Refunding 6 8%27%2,410,000 3.26 102.45 100.56 (45,528)2.25 3.08 3.5 3.1 0.2 100%--Aa1 AA+ Other 6 7%23%2,045,000 3.08 100.65 99.60 (21,487)1.41 2.66 0.7 0.7 0.0 100%--Aa1 AA+ Sector Total 26 30%100%8,940,000 2.91 100.99 99.38 (144,321)2.07 2.99 2.5 2.3 0.1 100%Aa1 AA+ GO Limited 2% GO Unlimited 86% Revenue 12% Fixed 100% Issuer Coupon Portfolio Analysis 20 MMF: Historical Performance Weighted Average Maturity -WAM (Days) Daily Liquid Assets (%) Weekly Liquid Assets (%) 0 10 20 30 40 50 60 70 Oct-17 Jan-18 Apr-18 Jul-18 SEC Threshold SHIXX 0 5 10 15 20 25 30 35 40 Oct-17 Jan-18 Apr-18 Jul-18 SEC Threshold SHIXX 20 30 40 50 60 70 80 90 100 Oct-17 Jan-18 Apr-18 Jul-18 SEC Threshold SHIXX * Gates / Fees Threshold -SEC designated thresholds for Money Market Funds Portfolio Analysis 21 MMF: Historical Performance Net Asset Value (NAV)7 Day Yield (%) Expense Ratio (bps)Daily Fund Flows ($000) 1.0000 1.0000 1.0001 1.0001 1.0002 1.0002 1.0003 1.0003 1.0004 1.0004 1.0005 Oct-17 Jan-18 Apr-18 Jul-18 SHIXX 0.00 0.50 1.00 1.50 2.00 2.50 Oct-17 Jan-18 Apr-18 Jul-18 SHIXX 0.100 0.200 0.300 Oct-17 Jan-18 Apr-18 Jul-18 SHIXX -800 -600 -400 -200 0 200 400 600 800 Oct-17 Jan-18 Apr-18 Jul-18 SHIXX Portfolio Analysis 22 MMF: Fund Profiles Fund Name:Wells Fargo Heritage I AUM Flows ($MM)WAM (Days)WAL (Days)7D Yield (%)DLA (%)WLA (%)Share Class Flows($MM)MNAV Current 1,312 18 27 2.06 31 50 (33)1.0004 Previous Month 1,343 15 27 2.01 25 46 376 1.0004 MoM Change (31)3 0 0.05 6 4 (409)0.0000 52 Week High 1,685 23 27 2.06 35 54 695 1.0004 52 Week Low 1,081 11 27 1.17 19 38 (589)1.0001 Portfolio Analysis 23 Strategy Group Contact Information Name Title Phone Email Head of Fixed Income Market and Portfolio Strategy Dan Collins, CPA, CFA Managing Director (704) 410-5287 dan.collins@wellsfargo.com Short Duration Strategy Garret Sloan, CFA Director (704) 410-3686 garret.sloan@wellsfargo.com Vanessa McMichael Vice President (704) 410-4530 vanessa.mcmichael@wellsfargo.com Depository Strategy Charlie Crowley Managing Director (704) 410-3829 charlie.crowley@wellsfargo.com Mario Ichaso, CFA Vice President (704) 410-4526 mario.ichaso@wellsfargo.com Strategy Generalist Brad Brown Director (704) 410-3683 bradley.brown@wellsfargo.com Will Fisher Director (704) 410-6239 william.fisher@wellsfargo.com Jonathan O’ Hanlon Director (704) 410-3853 jonathan.ohanlon@wellsfargo.com Mark Griffin Vice President (704) 410-3824 mark.a.griffin@wellsfargo.com Jack Stimac, CFA Vice President (901) 622-5302 jack.stimac@wellsfargo.com Tyler Barnes Associate (704) 410-3830 tyler.barnes@wellsfargo.com Powell Eddins Associate (704) 410-1818 powell.eddins@wellsfargo.com Melissa Atkins Analyst (704) 410-0114 melissa.atkins@wellsfargo.com Daniel Giuliano Analyst (704) 410-3685 daniel.giuliano@wellsfargo.com Portfolio Analysis 24 Assumptions 1.Calculation engine is ZM for all asset classes except for Money Market Funds. Money Market Fund information is provided by Crane Data. 2.All data provided by Bloomberg LLC., IDC Pricing Service, Crane Data and Wells Fargo Securities. 3.Cash flows are generated by Yield Book, Intex, Bloomberg or ZM depending on sector and structure: ZM –Non-prepay bullet structures including municipals, corporates, agencies, SSA, teasuries, CDs and commercial paper. Yield Book –Mortgage products, including MBS passthroughs, CMOs, ARMs, agency CMBS and floating rate structures. Intex –Structured products, including ABS, CLOs and non -agency RMBS and CMBS. 4.Ratings data are provided by Moody's, S&P and Fitch. Aggregate ratings are based on a proprietary scale. 5.Projected Call Report -Assumes OAS is held constant with market price based yield-to-worst call logic. Sorted by projected calls in the base case scenario. Base Case scenario assumes no rate changes. 6.Client provided market prices are used for the analysis. In the absence of client market data, BVAL and/or IDC pricing is us ed. 7.Historical Analysis is a combination of previously run Bond Edge Reports and ZM Financial. This page will be updated over time as reports are requested. 8.Yield on tax-exempt municipals are calculated using a 21% tax rate or as directed by client. 9.12 Month Horizon Analysis assumes 12 month horizon with a reinvestment rate of 1M LIBOR. Rate shocks are gradual over the ho rizon and parrallel shifts to the curve. 10.Prepayment, default and severity assumptions used: Bonds run through Yield Book –Yield Book Long Term Projected CPR GN CMBS –15 CPJ FN/FH CMBS -0 CPY Conduit CMBS -0 CPY, CDR and SEV ABS Student –6 CPR ABS Card -Historical MPR ABS Auto -1.3 ABS SBAs & NGNs –10 CPR Non-agency CMOs –Yield Book if available otherwise 6mo historical VPR, CDR and SEV taken from Bloomberg. 11.Money Market Fund Profiles AUM Flows:Total fund MoM flows Share Class:Total share class MoM flows 12.Yield Curve Shock Scenarios:instantaneous rate shocks to the static curve held constant over the life of the securities, utilizing Intex for structured products (when applicable) and Yield Book for other amortizing securities. Standard scenarios: parallel shifts of -100,-50,-25,0,+25,+50,+100,+200,+300, Bear Flat,Bull Steep, Bull Flat, Bear Steep. Customized scenarios at the request of client or as determined by WFS Portfolio Strategy Portfolio Analysis 25 Disclaimer 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 Securi ties, 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. Accuracy of Information This account summary was prepared by Wells Fargo Securities Fixed Income Market and Portfolio Strategy and is not a substitut e 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 rati ng provided for a municipal lease investment is a rating associated with the lessee, and does not constitute a rating of the lease invest ment itself. For Securities held away from Wells Fargo Securities, cost data and acquisition dates have not been verified and positions ma y 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, howeve r Wells Fargo Securities does not guarantee the accuracy, reliability or completeness of this information and makes no warranty, expr ess 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 o r 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 with out 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 sou rce 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 info rmation contained herein or otherwise, including but not limited to, errors (including errors of transmission), inaccuracies, omissio ns,changes in market factors or other conditions or any other circumstances whether or not such errors are within Wells Fargo Securities' c ontrol. 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 da mages. 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 Pr ime 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© 2018 Wells Fargo & Company SECURITIES: NOT FDIC:-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Porfolio Analysis 26