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ILLUSTRATION

report as of 12/19/2017

Multiple Accounts

Shock Analysis

Prepared for

Presented by

Table of Contents



Multiple Accounts ILLUSTRATION

Cover Page 1

Table of Contents 2

Shock Analysis - Important Disclosures & Explanations 3

Shock Analysis - Scenario Definitions 4

Shock Analysis - Portfolio Impact 5

Shock Analysis - Top Performers 6

Shock Analysis - Bottom Performers 7

Shock Analysis - Position Performance 8

Glossary 22

Disclaimer 24

of 25

The Tradeweb Direct | Portfolio Solutions Shock Analysis allows users to Shock accounts analyzing the impact of curve shift scenarios over a specified time horizon on individual positionand portfolio projected performance. The model (provided by Andrew Kalotay & Associates, Inc. www.kalotay.com) calculates the Option Adjusted Spread (OAS) at the current marketprice using spot curve values of federally taxable and tax-exempt curves. The OAS is held constant and positions are re-evaluated at the end of the horizon period under each curve shiftscenario. Results available include position- and portfolio-level projected total return, price return, coupon return, and reinvestment return, expressed in both $ and %. Beginning andending values are also provided for yield to worst, price, option-adjusted effective duration, and maturity. All coupon cash flows and matured, called, or paid down principal proceedsduring the horizon period are reinvested at a risk free spot rate determined by the model. Values calculated by the model consider bond characteristics such as calls, puts, sinking funds,and other prepayment options which affect valuation. Each position is valued using a binomial interest rate lattice which models the evolution of future short term rates based upon a non-arbitrage single factor lognormal short rate model, commonly known as Black Karasinsky. Applying a constant volatility assumption for the life of the bond, the model fits the market priceto the spot curve to arrive at the current OAS. The binomial interest rate lattice is constructed for each curve shift scenario holding the OAS constant to calculate cash flows, redemptionevents, a reinvestment rate for each cash flow, amortization/accretion, principal returned, and the resultant position- and portfolio-level projected return calculations. Further informationabout the model can be found here: http://www.kalotay.com/sites/default/files/private/ValEmbeddedOptionBondsFAJ93.pdf.

Limitations: The model does not take into consideration any domestic or international changes in economic conditions, inflation, default considerations, or political events that mayimpact future performance. The reinvestment rate is predicted by the model based upon the shocked curves and may vary during the horizon period. Volatility is held constant over thehorizon period and may vary. Results may vary intra-day or inter-day due to varying assumptions or inputs applied such as changing market prices, spot curve values, volatility, andreinvestment rates used. The model is only forward-looking and cannot run historical analysis.

IMPORTANT: The projections or other information generated by the Tradeweb Direct | Portfolio Solutions Shock Analysis regarding the likelihood of various investmentoutcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

Accretion: when securities are purchased at a discount to the redemption value, the cost basis must be adjusted up from the purchase price to the redemption value.Amortization: when securities are purchased at a premium to the redemption value, the cost basis must be adjusted down from the purchase price to the redemption value.Binomial Interest Rate Lattice: a tree of probabilities representing changes in short term rates over time given interest rate volatility assumptions.Black Karasinsky Model: a model where a single stochastic factor - the short rate - determines the future evolution of interest rates given interest rate volatility assumptions.Cash Flow: any interest or principal payments received during the life of a bond.Credit Risk: the impact on a bond's market value due to expected or realized pressures on the ability of the issuer to pay interest and principal in a timely manner.Curve Shift: the basis point shift applied to the spot curves used to determine the ending projected calculated values for each position.Ending Projected Maturity: the calculated expected remaining time to maturity expressed in years at the end of the horizon period based upon the scenario assumptions. Primarily usedfor principal paydown securities where the average life expectation changes due to the scenario assumptions.Ending Projected Option-Adjusted Effective Duration: the calculated option-adjusted effective duration at the end of the horizon period based upon the scenario assumptions.Ending Projected Price: the calculated price based upon the scenario assumptions at the end of the horizon period. The report will indicate if the model has projected a bond will beredeemed at the corresponding redemption price. If there is no indication it is assumed the position is held for the entire horizon period.Ending Projected Yield: the calculated yield at the end of the horizon period based upon the scenario assumptions. The change in yield may differ from the input yield shift because themodel revalues the bond at a constant OAS across the entire shifted yield curve allowing the bond to "ride down the curve".Horizon Period: the time frame over which the curve shift scenarios are measured. Only current and future dates can be selected.Interest Rate Risk: the impact on a bond's market value due to changes in interest rates.MMA: Municipal Market Advisors yield curve - a series of municipal market yields forming a yield curve used as a benchmark for US federally tax-exempt securities.Option-Adjusted Spread: the yield spread to the benchmark yield curve which discounts a security's payments to match its market price, accounting for embedded options.Redemption Event: any event in which the entire principal is returned to the bondholder, such as a call or maturity.Reinvestment Rate: the risk-free spot rate determined by the model applied to each principal and coupon cash flow from receipt to the end of the horizon period.Risk-Free Spot Rate: the interest rate on an investment which is free of credit risk and interest rate risk.Spot Curves: taxable and tax-exempt yield curves are used as the underlying benchmark curves to which the curve shift scenarios are applied. Assumed to be a par yield curve, themodel will calculate discount factors, zero coupon rates, forward rates, and volatility structures to analyze each bond for the ending projected calculated values.UST: United States Treasury yield curve - a series of yields forming a yield curve used as a benchmark for US federally taxable securities.Volatility: determined by the model.Yield to Worst: at a given price, the lowest yield an investor would realize taking into account all potential call, put, maturity, and other possible redemption events.


Shock Analysis - Important Disclosures & Explanationsreport as of 12/19/2017

http://www.kalotay.com

http://www.kalotay.com/sites/default/files/private/ValEmbeddedOptionBondsFAJ93.pdf



Scenario Definitions Horizon: 12/19/2017 - 12/19/2018

Scenario Shock Analysis Name / Description Curve Shift Future (- -) vs Benchmark (—) Curve UST MMA

1

-100bp ParallelParallel Yield Curve Shift: Down 100bps

2

-50bp ParallelParallel Yield Curve Shift: Down 50bps

3

+0bp ParallelParallel Yield Curve Shift: Flat

4

+50bp ParallelParallel Yield Curve Shift: Up 50bps

5


6


7



Shock Analysis - Scenario Definitionsreport as of 12/19/2017



Starting Values

Principal Value

3.40

Total Market Value

Average OA Duration

Portfolio Return Performance

Coupon Return

Portfolio Totals & Averages Horizon: 12/19/2017 - 12/19/2018

1 -100bp Parallel 2 -50bp Parallel 3 +0bp Parallel +50bp Parallel4 +100bp Parallel5 6 +200bp Parallel 7 +300bp Parallel

$2,614,000$2,859,901$1,672,009

$11,404

$2,639,000

$1,648,307$15,581

$1,600,841$19,144

$2,689,000

$22,267

$2,856,378$2,789,000

$1,502,647$44,970$27,179 $35,686

$2,636,844$2,914,000

$1,404,130 $1,379,059$2,788,832$2,789,000

$1,502,647

$2,889,000$2,750,109

Total Return Coupon Return Reinvested Return

$221,131 5.08%

$170,343 3.92%

$118,177 2.72%

$59,541 1.37%

($3,092) (-0.07%) (-3.02%)

($131,376)

$128,435 2.95% 2.98%

$129,733 $132,266 3.04% 3.09%

$134,506 $134,506 3.09% 3.14%

$136,438

Current Face Value $4,149,000

Reinvested Proceeds

Int on Reinvested Proceeds

Accrued Interest

Average Price

$4,315,502

$35,225

$4,350,72799.442

$2,828,639 $2,820,376

$28,818 $28,818 $28,818 $29,252 $29,252 $29,702 $29,702

$4,572,133 $4,521,345 $4,469,179 $4,410,544 $4,347,910 $4,219,626 $4,090,575108.519 (+9.08pts) 105.679 (+6.24pts) 102.118 (+2.68pts) 99.241 (-0.20pts) 97.007 (-2.44pts) 91.377 (-8.06pts) 86.465 (-12.98pts)

3.93 (+0.53) 4.01 (+0.61) 4.27 (+0.87) 4.60 (+1.20) 4.82 (+1.42) 5.08 (+1.68) 4.99 (+1.59)

Total Return

Interest on Reinvested Prin+Int Return $11,404

0.26%

$15,581 0.36%

$19,144 0.44%

$22,267 0.51%

$27,179 0.62% 0.82%

$35,686

All total and average values are reflective of the remaining holdings at the end of the horizon period not predicted to be called or redeemed by the model.

Portfolio Return Components

1.57% (-68bps) 3.85% (+160bps)2.25% 2.72% (+47bps) 3.29% (+104bps)Average YTW 5.96% (+371bps)2.14% (-11bps) 4.93% (+268bps)

1.03%

$44,970 3.13%

$136,368

($260,427) (-5.99%)

Average Maturity Term 11.49yrs 8.86yrs (-2.63yrs) 8.89yrs (-2.60yrs) 10.24yrs (-1.25yrs) 10.03yrs (-1.46yrs) 9.79yrs (-1.70yrs) 11.62yrs (+0.13yrs) 11.27yrs (-0.22yrs)

Price Return $81,292

1.88% 0.58%

$25,030 ($33,234) (-0.77%) (-2.25%)

($97,231) ($164,777) (-3.82%) (-7.04%)

($303,500) ($441,766) (-10.24%)

Price Return

Principal Returned $1,535,000 $1,510,000 $1,460,000 $1,360,000 $1,360,000 $1,260,000 $1,235,000

Average values are principal value weighted, unless otherwise noted. Average prices have been normalized to par. Average life used for principal paydowns, and perpetual securities are assigned a ~150 year maturity.


Shock Analysis - Portfolio Impactreport as of 12/19/2017



Price OA Duration Return Performance Analysis

Scenario CUSIP MaturityCoupon Reinv Return Price ReturnAsset Issue Description Start End Start End Coupon Return Total Return

Top Performers by Total Return % Horizon: 12/19/2017 - 12/19/2018

064058209 Pfd BANK OF NEW YORK MELLON 5.200% Perpetual 25.150 30.948 5.85pts 18.95 23.44 4.48 $1,289 5.14% $15 0.06% $5,853 23.32% $7,157 28.51%

592041YB7 Muni MET GOVT NASHVILLE & 4.000% 07/01/2047 104.104 117.543 13.44pts 14.16 10.31 -3.85 $4,000 3.78% $21 0.02% $13,439 12.91% $17,459 16.52%

341150U73 Muni FLORIDA ST 2.750% 07/01/2030 98.640 109.112 10.47pts 10.50 8.45 -2.05 $2,750 2.75% $13 0.01% $10,472 10.62% $13,235 13.24%

39225PAT8 Muni GREATER NEW ORLEANS EXPWY 5.000% 11/01/2042 116.503 124.610 8.11pts 8.49 6.67 -1.82 $5,000 4.27% $11 0.01% $8,107 6.96% $13,118 11.20%

74913G501 Pfd QWEST CORP 7.000% 07/01/2052 24.360 25.000 1.03pts 9.31 **0.00 **-9.31 $73 0.30% $1,292 5.31% $1,034 4.31% $2,398 9.85%

1-100bpParallel

064058209 Pfd BANK OF NEW YORK MELLON 5.200% Perpetual 25.150 27.724 2.63pts 18.95 20.99 2.04 $1,289 5.14% $18 0.07% $2,628 10.47% $3,935 15.67%

74913G501 Pfd QWEST CORP 7.000% 07/01/2052 24.360 25.306 1.34pts 9.31 4.06 -5.25 $1,371 5.63% $59 0.24% $1,339 5.59% $2,769 11.37%

592041YB7 Muni MET GOVT NASHVILLE & 4.000% 07/01/2047 104.104 111.080 6.98pts 14.16 11.94 -2.22 $4,000 3.78% $30 0.03% $6,976 6.70% $11,006 10.41%

341150U73 Muni FLORIDA ST 2.750% 07/01/2030 98.640 104.356 5.72pts 10.50 9.08 -1.42 $2,750 2.75% $20 0.02% $5,716 5.80% $8,487 8.49%

39225PAT8 Muni GREATER NEW ORLEANS EXPWY 5.000% 11/01/2042 116.503 120.276 3.77pts 8.49 7.54 -0.95 $5,000 4.27% $16 0.01% $3,773 3.24% $8,789 7.50%

2-50bp

Parallel

74913G501 Pfd QWEST CORP 7.000% 07/01/2052 24.360 24.353 0.39pts 9.31 9.09 -0.22 $1,371 5.63% $64 0.26% $387 1.62% $1,822 7.48%

879433795 Pfd TELEPHONE & DATA SYSTEM 5.875% 12/01/2061 24.930 24.914 0.07pts 5.18 5.01 -0.17 $1,395 5.60% $27 0.11% $74 0.30% $1,496 6.01%

49446R778 Pfd KIMCO REALTY CORP 5.500% Perpetual 25.150 24.844 -0.00pts 5.26 5.18 -0.08 $1,375 5.53% $20 0.08% ($0) 0.00% $1,395 5.61%

064058209 Pfd BANK OF NEW YORK MELLON 5.200% Perpetual 25.150 25.107 0.01pts 18.95 18.99 0.04 $1,289 5.14% $20 0.08% $11 0.04% $1,320 5.26%

053807AR4 Corp AVNET INC 4.875% 12/01/2022 106.144 105.424 -0.72pts 4.40 3.59 -0.81 $3,656 4.58% $31 0.04% ($540) -0.68% $3,147 3.94%

3+0bp

Parallel

494550AY2 Corp KINDER MORGAN ENERGY PARTNERS 5.950% 02/15/2018 100.589 100.000 -0.59pts 0.15 *0.00 *-0.15 $231 0.90% $641 2.50% ($147) -0.59% $725 2.82%


042735BB5 Corp ARROW ELECTRONICS INC 3.000% 03/01/2018 100.165 100.000 -0.16pts 0.19 *0.00 *-0.19 $210 0.59% $845 2.39% ($58) -0.16% $998 2.82%

26054LWK5 Corp DOW CHEM CO SR INTERNOTES 3.250% 04/15/2021 100.025 99.367 -0.66pts 1.65 1.97 0.32 $2,438 3.23% $33 0.04% ($494) -0.66% $1,977 2.62%

06050WDT9 Corp BANK AMER CORP SR INTNOTES BE 4.750% 09/15/2019 103.349 101.238 -2.11pts 1.64 0.72 -0.93 $2,375 4.54% $37 0.07% ($1,056) -2.04% $1,356 2.59%

4+50bp

Parallel



042735BB5 Corp ARROW ELECTRONICS INC 3.000% 03/01/2018 100.165 100.000 -0.16pts 0.19 *0.00 *-0.19 $210 0.59% $989 2.80% ($58) -0.16% $1,141 3.23%

38141GFM1 Corp GOLDMAN SACHS GROUP INC 6.150% 04/01/2018 101.165 100.000 -1.16pts 0.28 *0.00 *-0.28 $871 1.70% $1,203 2.35% ($582) -1.15% $1,491 2.91%

172967ES6 Corp CITIGROUP INC 6.125% 05/15/2018 101.677 100.000 -1.68pts 0.40 *0.00 *-0.40 $1,242 2.43% $941 1.84% ($838) -1.65% $1,345 2.63%

5+100bpParallel

744320607 Pfd PRUDENTIAL FINL INC 5.750% Perpetual 25.170 24.828 -0.27pts 0.09 4.07 3.99 $1,438 5.73% $20 0.08% ($266) -1.06% $1,191 4.75%

494550AY2 Corp KINDER MORGAN ENERGY PARTNERS 5.950% 02/15/2018 100.589 100.000 -0.59pts 0.15 *0.00 *-0.15 $231 0.90% $971 3.78% ($147) -0.59% $1,055 4.11%

494550AY2 Corp KINDER MORGAN ENERGY PARTNERS 5.950% 02/15/2018 100.589 100.000 -0.59pts 0.15 *0.00 *-0.15 $231 0.90% $971 3.78% ($147) -0.59% $1,055 4.11%

042735BB5 Corp ARROW ELECTRONICS INC 3.000% 03/01/2018 100.165 100.000 -0.16pts 0.19 *0.00 *-0.19 $210 0.59% $1,277 3.61% ($58) -0.16% $1,429 4.04%


6+200bpParallel

494550AY2 Corp KINDER MORGAN ENERGY PARTNERS 5.950% 02/15/2018 100.589 100.000 -0.59pts 0.15 *0.00 *-0.15 $231 0.90% $1,192 4.65% ($147) -0.59% $1,276 4.98%

494550AY2 Corp KINDER MORGAN ENERGY PARTNERS 5.950% 02/15/2018 100.589 100.000 -0.59pts 0.15 *0.00 *-0.15 $231 0.90% $1,192 4.65% ($147) -0.59% $1,276 4.98%

042735BB5 Corp ARROW ELECTRONICS INC 3.000% 03/01/2018 100.165 100.000 -0.16pts 0.19 *0.00 *-0.19 $210 0.59% $1,565 4.42% ($58) -0.16% $1,717 4.86%


74460W602 Pfd PUBLIC STORAGE 5.625% Perpetual 25.160 25.000 -0.13pts 0.09 **0.00 **-0.09 $117 0.47% $1,092 4.35% ($133) -0.53% $1,077 4.28%

7+300bpParallel

*Bond matured during horizon period **Model predicts bond called during horizon period


Shock Analysis - Top Performersreport as of 12/19/2017



Price OA Duration Return Performance Analysis

Scenario CUSIP MaturityCoupon Reinv Return Price ReturnAsset Issue Description Start End Start End Coupon Return Total Return

Bottom Performers by Total Return % Horizon: 12/19/2017 - 12/19/2018

054937206 Pfd BB&T CORPORATION 5.850% Perpetual 25.540 25.000 -0.38pts 0.09 **0.00 **-0.09 $122 0.48% $161 0.64% ($378) -1.49% ($94) -0.37%

74460W602 Pfd PUBLIC STORAGE 5.625% Perpetual 25.160 25.000 -0.13pts 0.09 **0.00 **-0.09 $117 0.47% $161 0.64% ($133) -0.53% $146 0.58%

744320607 Pfd PRUDENTIAL FINL INC 5.750% Perpetual 25.170 25.000 -0.09pts 0.09 **0.00 **-0.09 $120 0.48% $161 0.64% ($94) -0.38% $187 0.74%

32082BCL1 CD FIRST MERCHANTS BK N A MUNCIE IND 1.250% 02/26/2018 100.047 100.000 -0.05pts 0.18 *0.00 *-0.18 $578 0.23% $1,433 0.57% ($118) -0.05% $1,893 0.75%

07370WK62 CD BEAL BK USA LAS VEGAS NEV 1.050% 04/04/2018 99.898 100.000 0.10pts 0.28 *0.00 *-0.28 $762 0.30% $1,143 0.45% $255 0.10% $2,160 0.86%

1-100bpParallel

054937206 Pfd BB&T CORPORATION 5.850% Perpetual 25.540 25.000 -0.38pts 0.09 **0.00 **-0.09 $122 0.48% $277 1.09% ($378) -1.49% $21 0.08%


32082BCL1 CD FIRST MERCHANTS BK N A MUNCIE IND 1.250% 02/26/2018 100.047 100.000 -0.05pts 0.18 *0.00 *-0.18 $578 0.23% $2,459 0.98% ($118) -0.05% $2,920 1.16%

744320607 Pfd PRUDENTIAL FINL INC 5.750% Perpetual 25.170 25.000 -0.09pts 0.09 **0.00 **-0.09 $120 0.48% $277 1.10% ($94) -0.38% $302 1.20%

902973791 Pfd US BANCORP 5.150% Perpetual 25.850 25.000 -0.56pts 0.55 **0.00 **-0.55 $737 2.88% $134 0.52% ($560) -2.19% $310 1.21%

2-50bp

Parallel

054937206 Pfd BB&T CORPORATION 5.850% Perpetual 25.540 25.000 -0.38pts 0.09 **0.00 **-0.09 $122 0.48% $393 1.55% ($378) -1.49% $137 0.54%

902973791 Pfd US BANCORP 5.150% Perpetual 25.850 25.000 -0.56pts 0.55 **0.00 **-0.55 $737 2.88% $189 0.74% ($560) -2.19% $366 1.43%


36163CRL6 CD GE CAPITAL BANK, SALT LAKE CITY 1.600% 06/20/2018 100.047 100.000 -0.05pts 0.49 *0.00 *-0.49 $2,011 0.80% $1,919 0.76% ($118) -0.05% $3,813 1.51%

92937CFF0 CD WEX BK MIDVALE UTAH 1.100% 04/06/2018 99.910 100.000 0.09pts 0.29 *0.00 *-0.29 $814 0.32% $2,909 1.16% $225 0.09% $3,948 1.57%

3+0bp

Parallel

064058209 Pfd BANK OF NEW YORK MELLON 5.200% Perpetual 25.150 22.941 -2.15pts 18.95 17.33 -1.63 $1,289 5.14% $23 0.09% ($2,155) -8.59% ($843) -3.36%

592041YB7 Muni MET GOVT NASHVILLE & 4.000% 07/01/2047 104.104 96.826 -7.28pts 14.16 15.86 1.70 $4,000 3.78% $56 0.05% ($7,278) -6.99% ($3,222) -3.05%

341150U73 Muni FLORIDA ST 2.750% 07/01/2030 98.640 92.946 -5.69pts 10.50 13.63 3.13 $2,750 2.75% $40 0.04% ($5,694) -5.77% ($2,903) -2.91%

39225PAT8 Muni GREATER NEW ORLEANS EXPWY 5.000% 11/01/2042 116.503 110.426 -6.08pts 8.49 9.65 1.16 $5,000 4.27% $35 0.03% ($6,077) -5.22% ($1,042) -0.89%

011446JA0 Muni ALAMOGORDO N MEX 3.000% 08/01/2024 106.292 103.161 -3.13pts 6.04 5.13 -0.91 $3,000 2.82% $16 0.02% ($3,131) -2.94% ($114) -0.11%

4+50bp

Parallel


064058209 Pfd BANK OF NEW YORK MELLON 5.200% Perpetual 25.150 21.121 -3.98pts 18.95 15.93 -3.02 $1,289 5.14% $25 0.10% ($3,975) -15.84% ($2,661) -10.60%



49446R778 Pfd KIMCO REALTY CORP 5.500% Perpetual 25.150 22.372 -2.47pts 5.26 12.57 7.31 $1,375 5.53% $25 0.10% ($2,472) -9.95% ($1,072) -4.32%

5+100bpParallel





49446R778 Pfd KIMCO REALTY CORP 5.500% Perpetual 25.150 19.644 -5.20pts 5.26 13.05 7.79 $1,375 5.53% $30 0.12% ($5,200) -20.93% ($3,795) -15.28%

6+200bpParallel

592041YB7 Muni MET GOVT NASHVILLE & 4.000% 07/01/2047 104.104 65.111 -38.99pts 14.16 13.96 -0.20 $4,000 3.78% $121 0.12% ($38,993) -37.46% ($34,871) -32.99%




369622394 Pfd GENERAL ELEC CAP CORP 4.700% 05/16/2053 25.200 17.698 -7.39pts 3.94 13.08 9.13 $1,067 4.24% $32 0.13% ($7,387) -29.45% ($6,288) -24.96%

7+300bpParallel

*Bond matured during horizon period **Model predicts bond called during horizon period


Shock Analysis - Bottom Performersreport as of 12/19/2017



Position Performance Horizon: 12/19/2017 - 12/19/2018

CUSIPAsset Issue Description Performance 1 2 3 4 5 6 7Coupon

Maturity -100bp Parallel -50bp Parallel +0bp Parallel +50bp Parallel +100bp Parallel +200bp Parallel +300bp Parallel

054937206Pfd Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$122 (+0.48%)

$161 (+0.64%)

($378) (-1.49%)

Perpetual

Starting YTW:Starting OA Dur:

Current Face:Starting Price:

**25.000 (-0.38pts)

– ( – )

1,000 shares

25.540

-17.368%

0.09

$122 (+0.48%)

$277 (+1.09%)

($378) (-1.49%)

– ( – )

$122 (+0.48%)

$393 (+1.55%)

($378) (-1.49%)

– ( – )

$122 (+0.48%)

$509 (+2.00%)

($378) (-1.49%)

– ( – )

$122 (+0.48%)

$625 (+2.46%)

($378) (-1.49%)

– ( – )

$122 (+0.48%)

$858 (+3.38%)

($378) (-1.49%)

– ( – )

$837 (+3.30%)

$122 (+0.48%)

$1,093 (+4.31%)

($378) (-1.49%)

– ( – )

01/19/[email protected]

Px to: CallPREFERREDSHeld Away

End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term Perpetual ( – ) Perpetual ( – ) Perpetual ( – ) Perpetual ( – ) Perpetual ( – ) Perpetual ( – ) Perpetual ( – )

$603 (+2.38%)$369 (+1.46%)$253 (+1.00%)$137 (+0.54%)$21 (+0.08%)($94) (-0.37%)Total Return5.850%

**25.000 (-0.38pts) **25.000 (-0.38pts) **25.000 (-0.38pts) **25.000 (-0.38pts) **25.000 (-0.38pts) **25.000 (-0.38pts)

Starting Mat Term: Perpetual

BB&T CORPORATION

Prin Returned **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 **$25,000

Starting Factor: 1.00000000


Reinv Return

Price Return

End Price

End OA Dur

$1,289 (+5.14%)

$15 (+0.06%)

$5,853 (+23.32%)

Perpetual



30.948 (+5.85pts)

23.44 (+4.48)

1,000 shares

25.150

5.170%

18.95

$1,289 (+5.14%)

$18 (+0.07%)

$2,628 (+10.47%)

20.99 (+2.04)

$1,289 (+5.14%)

$20 (+0.08%)

$11 (+0.04%)

18.99 (+0.04)

$1,289 (+5.14%)

$23 (+0.09%)

($2,155) (-8.59%)

17.33 (-1.63)

$1,289 (+5.14%)

$25 (+0.10%)

($3,975) (-15.84%)

15.93 (-3.02)

$1,289 (+5.14%)

$30 (+0.12%)

($6,865) (-27.36%)

13.71 (-5.24)

($7,732) (-30.80%)

$1,289 (+5.14%)

$35 (+0.14%)

($9,057) (-36.09%)

12.04 (-6.92)

Px to: MaturityPREFERREDSHeld Away

End YTW 4.201 (-97bps) 4.691 (-48bps) 5.181 (+1bps) 5.670 (+50bps) 6.159 (+99bps) 7.136 (+197bps) 8.111 (+295bps)


($5,546) (-22.09%)($2,661) (-10.60%)($843) (-3.36%)$1,320 (+5.26%)$3,935 (+15.67%)$7,157 (+28.51%)Total Return5.200%

27.724 (+2.63pts) 25.107 (+0.01pts) 22.941 (-2.15pts) 21.121 (-3.98pts) 18.230 (-6.87pts) 16.039 (-9.06pts)


BANK OF NEW YORK MELLON

Prin Returned $0 $0 $0 $0 $0 $0 $0


49446R778Pfd Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$115 (+0.46%)

$684 (+2.75%)

$156 (+0.63%)

Perpetual



**25.000 (+0.16pts)

– ( – )

1,000 shares

25.150

5.522%

5.26

$115 (+0.46%)

$801 (+3.22%)

$156 (+0.63%)

– ( – )

$1,375 (+5.53%)

$20 (+0.08%)

($0) (+0.00%)

5.18 (-0.08)

$1,375 (+5.53%)

$22 (+0.09%)

($1,069) (-4.30%)

10.63 (+5.37)

$1,375 (+5.53%)

$25 (+0.10%)

($2,472) (-9.95%)

12.57 (+7.31)

$1,375 (+5.53%)

$30 (+0.12%)

($5,200) (-20.93%)

13.05 (+7.79)

($6,110) (-24.60%)

$1,375 (+5.53%)

$35 (+0.14%)

($7,521) (-30.27%)

12.13 (+6.87)



End YTW – ( – ) – ( – ) 5.535 (+2bps) 5.784 (+27bps) 6.147 (+63bps) 7.000 (+148bps) 7.938 (+242bps)


($3,795) (-15.28%)($1,072) (-4.32%)$328 (+1.32%)$1,395 (+5.61%)$1,071 (+4.31%)$954 (+3.84%)Total Return5.500%

**25.000 (+0.16pts) 24.844 (-0.00pts) 23.775 (-1.07pts) 22.372 (-2.47pts) 19.644 (-5.20pts) 17.324 (-7.52pts)


KIMCO REALTY CORP

Prin Returned **$25,000 **$25,000 $0 $0 $0 $0 $0



Reinv Return

Price Return

End Price

End OA Dur

$120 (+0.48%)

$161 (+0.64%)

($94) (-0.38%)

Perpetual



**25.000 (-0.09pts)

– ( – )

1,000 shares

25.170

-1.749%

0.09

$120 (+0.48%)

$277 (+1.10%)

($94) (-0.38%)

– ( – )

$120 (+0.48%)

$393 (+1.56%)

($94) (-0.38%)

– ( – )

$120 (+0.48%)

$509 (+2.03%)

($94) (-0.38%)

– ( – )

$120 (+0.48%)

$625 (+2.49%)

($94) (-0.38%)

– ( – )

$1,438 (+5.73%)

$20 (+0.08%)

($266) (-1.06%)

4.07 (+3.99)

($578) (-2.30%)

$1,438 (+5.73%)

$25 (+0.10%)

($2,041) (-8.13%)

9.69 (+9.60)



End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) ††5.790 (+754bps) ††6.236 (+799bps)


$1,191 (+4.75%)$651 (+2.59%)$534 (+2.13%)$418 (+1.67%)$302 (+1.20%)$187 (+0.74%)Total Return5.750%

**25.000 (-0.09pts) **25.000 (-0.09pts) **25.000 (-0.09pts) **25.000 (-0.09pts) 24.828 (-0.27pts) 23.053 (-2.04pts)


PRUDENTIAL FINL INC

Prin Returned **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 $0 $0


74460W602Pfd Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$117 (+0.47%)

$161 (+0.64%)

($133) (-0.53%)

Perpetual



**25.000 (-0.13pts)

– ( – )

1,000 shares

25.160

-3.971%

0.09

$117 (+0.47%)

$277 (+1.10%)

($133) (-0.53%)

– ( – )

$117 (+0.47%)

$393 (+1.56%)

($133) (-0.53%)

– ( – )

$117 (+0.47%)

$509 (+2.02%)

($133) (-0.53%)

– ( – )

$117 (+0.47%)

$625 (+2.49%)

($133) (-0.53%)

– ( – )

$117 (+0.47%)

$858 (+3.42%)

($133) (-0.53%)

– ( – )

$1,077 (+4.28%)

$117 (+0.47%)

$1,092 (+4.35%)

($133) (-0.53%)

– ( – )



End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )


$843 (+3.35%)$609 (+2.42%)$493 (+1.96%)$377 (+1.50%)$261 (+1.04%)$146 (+0.58%)Total Return5.625%

**25.000 (-0.13pts) **25.000 (-0.13pts) **25.000 (-0.13pts) **25.000 (-0.13pts) **25.000 (-0.13pts) **25.000 (-0.13pts)


PUBLIC STORAGE

Prin Returned **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 **$25,000


*Bond matured during horizon period **Model predicts bond called during horizon period †Priced to date changes from maturity to call during horizon period ††Priced to date changes from call to maturity during horizon period


Shock Analysis - Position Performancereport as of 12/19/2017







Reinv Return

Price Return

End Price

End OA Dur

$737 (+2.88%)

$78 (+0.30%)

($560) (-2.19%)

Perpetual



**25.000 (-0.56pts)

– ( – )

1,000 shares

25.850

0.777%

0.55

$737 (+2.88%)

$134 (+0.52%)

($560) (-2.19%)

– ( – )

$737 (+2.88%)

$189 (+0.74%)

($560) (-2.19%)

– ( – )

$737 (+2.88%)

$245 (+0.96%)

($560) (-2.19%)

– ( – )

$737 (+2.88%)

$301 (+1.18%)

($560) (-2.19%)

– ( – )

$1,277 (+4.99%)

$18 (+0.07%)

($1,341) (-5.25%)

7.59 (+7.03)

($2,409) (-9.42%)

$1,277 (+4.99%)

$23 (+0.09%)

($3,709) (-14.51%)

11.81 (+11.25)



End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) ††5.319 (+455bps) ††5.896 (+512bps)


($46) (-0.18%)$477 (+1.86%)$421 (+1.65%)$366 (+1.43%)$310 (+1.21%)$254 (+1.00%)Total Return5.150%



US BANCORP

Prin Returned **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 $0 $0


494550AY2Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$231 (+0.90%)

$312 (+1.22%)

($147) (-0.59%)

02/15/2018



*100.000 (-0.59pts)

– ( – )

$25,000

100.589

1.971%

0.15

$231 (+0.90%)

$421 (+1.64%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$531 (+2.07%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$641 (+2.50%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$751 (+2.93%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$971 (+3.78%)

($147) (-0.59%)

– ( – )

$1,276 (+4.98%)

$231 (+0.90%)

$1,192 (+4.65%)

($147) (-0.59%)

– ( – )

Px to: MaturityINTERMEDIATEHeld Away

End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$1,055 (+4.11%)$835 (+3.25%)$725 (+2.82%)$615 (+2.40%)$506 (+1.97%)$396 (+1.54%)Total Return5.950%

*100.000 (-0.59pts) *100.000 (-0.59pts) *100.000 (-0.59pts) *100.000 (-0.59pts) *100.000 (-0.59pts) *100.000 (-0.59pts)

Starting Mat Term: 0.15 yrs

KINDER MORGAN ENERGY PARTNERS

Prin Returned *$25,000 *$25,000 *$25,000 *$25,000 *$25,000 *$25,000 *$25,000


494550AY2Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$231 (+0.90%)

$312 (+1.22%)

($147) (-0.59%)

02/15/2018



*100.000 (-0.59pts)

– ( – )

$25,000

100.589

1.971%

0.15

$231 (+0.90%)

$421 (+1.64%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$531 (+2.07%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$641 (+2.50%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$751 (+2.93%)

($147) (-0.59%)

– ( – )

$231 (+0.90%)

$971 (+3.78%)

($147) (-0.59%)

– ( – )

$1,276 (+4.98%)

$231 (+0.90%)

$1,192 (+4.65%)

($147) (-0.59%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$1,055 (+4.11%)$835 (+3.25%)$725 (+2.82%)$615 (+2.40%)$506 (+1.97%)$396 (+1.54%)Total Return5.950%



KINDER MORGAN ENERGY PARTNERS

Prin Returned *$25,000 *$25,000 *$25,000 *$25,000 *$25,000 *$25,000 *$25,000


32082BCL1CD Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$578 (+0.23%)

$1,433 (+0.57%)

($118) (-0.05%)

02/26/2018



*100.000 (-0.05pts)

– ( – )

$250,000

100.047

0.990%

0.18

$578 (+0.23%)

$2,459 (+0.98%)

($118) (-0.05%)

– ( – )

$578 (+0.23%)

$3,488 (+1.39%)

($118) (-0.05%)

– ( – )

$578 (+0.23%)

$4,518 (+1.80%)

($118) (-0.05%)

– ( – )

$578 (+0.23%)

$5,549 (+2.21%)

($118) (-0.05%)

– ( – )

$578 (+0.23%)

$7,617 (+3.03%)

($118) (-0.05%)

– ( – )

$10,152 (+4.04%)

$578 (+0.23%)

$9,692 (+3.86%)

($118) (-0.05%)

– ( – )

Px to: MaturityCD $1 MILLIONHeld Away

End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$8,078 (+3.22%)$6,010 (+2.39%)$4,978 (+1.98%)$3,948 (+1.57%)$2,920 (+1.16%)$1,893 (+0.75%)Total Return1.250%



FIRST MERCHANTS BK N A MUNCIE

Prin Returned *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000


042735BB5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$210 (+0.59%)

$416 (+1.18%)

($58) (-0.16%)

03/01/2018



*100.000 (-0.16pts)

– ( – )

$35,000

100.165

2.128%

0.19

$210 (+0.59%)

$559 (+1.58%)

($58) (-0.16%)

– ( – )

$210 (+0.59%)

$702 (+1.98%)

($58) (-0.16%)

– ( – )

$210 (+0.59%)

$845 (+2.39%)

($58) (-0.16%)

– ( – )

$210 (+0.59%)

$989 (+2.80%)

($58) (-0.16%)

– ( – )

$210 (+0.59%)

$1,277 (+3.61%)

($58) (-0.16%)

– ( – )

$1,717 (+4.86%)

$210 (+0.59%)

$1,565 (+4.42%)

($58) (-0.16%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$1,429 (+4.04%)$1,141 (+3.23%)$998 (+2.82%)$854 (+2.42%)$711 (+2.01%)$568 (+1.61%)Total Return3.000%



ARROW ELECTRONICS INC

Prin Returned *$35,000 *$35,000 *$35,000 *$35,000 *$35,000 *$35,000 *$35,000




Shock Analysis - Position Performance (continued...)report as of 12/19/2017






38141GFM1Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$871 (+1.70%)

$460 (+0.90%)

($582) (-1.15%)

04/01/2018



*100.000 (-1.16pts)

– ( – )

$50,000

101.165

1.908%

0.28

$871 (+1.70%)

$645 (+1.26%)

($582) (-1.15%)

– ( – )

$871 (+1.70%)

$831 (+1.62%)

($582) (-1.15%)

– ( – )

$871 (+1.70%)

$1,017 (+1.98%)

($582) (-1.15%)

– ( – )

$871 (+1.70%)

$1,203 (+2.35%)

($582) (-1.15%)

– ( – )

$871 (+1.70%)

$1,575 (+3.07%)

($582) (-1.15%)

– ( – )

$2,237 (+4.36%)

$871 (+1.70%)

$1,948 (+3.80%)

($582) (-1.15%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$1,864 (+3.64%)$1,491 (+2.91%)$1,306 (+2.55%)$1,120 (+2.18%)$934 (+1.82%)$749 (+1.46%)Total Return6.150%



GOLDMAN SACHS GROUP INC

Prin Returned *$50,000 *$50,000 *$50,000 *$50,000 *$50,000 *$50,000 *$50,000


07370WK62CD Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$762 (+0.30%)

$1,143 (+0.45%)

$255 (+0.10%)

04/04/2018



*100.000 (+0.10pts)

– ( – )

$250,000

99.898

1.399%

0.28

$762 (+0.30%)

$2,040 (+0.81%)

$255 (+0.10%)

– ( – )

$762 (+0.30%)

$2,937 (+1.17%)

$255 (+0.10%)

– ( – )

$762 (+0.30%)

$3,836 (+1.52%)

$255 (+0.10%)

– ( – )

$762 (+0.30%)

$4,735 (+1.88%)

$255 (+0.10%)

– ( – )

$762 (+0.30%)

$6,537 (+2.60%)

$255 (+0.10%)

– ( – )

$9,359 (+3.72%)

$762 (+0.30%)

$8,342 (+3.32%)

$255 (+0.10%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$7,554 (+3.00%)$5,753 (+2.29%)$4,853 (+1.93%)$3,955 (+1.57%)$3,057 (+1.22%)$2,160 (+0.86%)Total Return1.050%

*100.000 (+0.10pts) *100.000 (+0.10pts) *100.000 (+0.10pts) *100.000 (+0.10pts) *100.000 (+0.10pts) *100.000 (+0.10pts)


BEAL BK USA LAS VEGAS NEV

Prin Returned *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000


92937CFF0CD Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$814 (+0.32%)

$1,129 (+0.45%)

$225 (+0.09%)

04/06/2018



*100.000 (+0.09pts)

– ( – )

$250,000

99.910

1.400%

0.29

$814 (+0.32%)

$2,019 (+0.80%)

$225 (+0.09%)

– ( – )

$814 (+0.32%)

$2,909 (+1.16%)

$225 (+0.09%)

– ( – )

$814 (+0.32%)

$3,801 (+1.51%)

$225 (+0.09%)

– ( – )

$814 (+0.32%)

$4,694 (+1.86%)

$225 (+0.09%)

– ( – )

$814 (+0.32%)

$6,482 (+2.58%)

$225 (+0.09%)

– ( – )

$9,312 (+3.70%)

$814 (+0.32%)

$8,274 (+3.29%)

$225 (+0.09%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$7,521 (+2.99%)$5,733 (+2.28%)$4,840 (+1.92%)$3,948 (+1.57%)$3,057 (+1.22%)$2,167 (+0.86%)Total Return1.100%

*100.000 (+0.09pts) *100.000 (+0.09pts) *100.000 (+0.09pts) *100.000 (+0.09pts) *100.000 (+0.09pts) *100.000 (+0.09pts)


WEX BK MIDVALE UTAH

Prin Returned *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000


172967ES6Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,242 (+2.43%)

$327 (+0.64%)

($838) (-1.65%)

05/15/2018



*100.000 (-1.68pts)

– ( – )

$50,000

101.677

1.889%

0.40

$1,242 (+2.43%)

$481 (+0.94%)

($838) (-1.65%)

– ( – )

$1,242 (+2.43%)

$634 (+1.24%)

($838) (-1.65%)

– ( – )

$1,242 (+2.43%)

$788 (+1.54%)

($838) (-1.65%)

– ( – )

$1,242 (+2.43%)

$941 (+1.84%)

($838) (-1.65%)

– ( – )

$1,242 (+2.43%)

$1,249 (+2.44%)

($838) (-1.65%)

– ( – )

$1,960 (+3.83%)

$1,242 (+2.43%)

$1,556 (+3.04%)

($838) (-1.65%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$1,652 (+3.23%)$1,345 (+2.63%)$1,191 (+2.33%)$1,038 (+2.03%)$884 (+1.73%)$731 (+1.43%)Total Return6.125%



CITIGROUP INC

Prin Returned *$50,000 *$50,000 *$50,000 *$50,000 *$50,000 *$50,000 *$50,000


36163CRL6CD Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,011 (+0.80%)

$646 (+0.26%)

($118) (-0.05%)

06/20/2018



*100.000 (-0.05pts)

– ( – )

$250,000

100.047

1.504%

0.49

$2,011 (+0.80%)

$1,283 (+0.51%)

($118) (-0.05%)

– ( – )

$2,011 (+0.80%)

$1,919 (+0.76%)

($118) (-0.05%)

– ( – )

$2,011 (+0.80%)

$2,556 (+1.01%)

($118) (-0.05%)

– ( – )

$2,011 (+0.80%)

$3,193 (+1.27%)

($118) (-0.05%)

– ( – )

$2,011 (+0.80%)

$4,466 (+1.77%)

($118) (-0.05%)

– ( – )

$7,633 (+3.03%)

$2,011 (+0.80%)

$5,739 (+2.28%)

($118) (-0.05%)

– ( – )


End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – )

$6,359 (+2.52%)$5,086 (+2.02%)$4,450 (+1.76%)$3,813 (+1.51%)$3,177 (+1.26%)$2,540 (+1.01%)Total Return1.600%



GE CAPITAL BANK, SALT LAKE CIT

Prin Returned *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000 *$250,000










06050WCF0Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,700 (+5.14%)

$22 (+0.04%)

($1,320) (-2.56%)

02/15/2019



100.665 (-2.64pts)

0.15 (-0.94)

$50,000

103.306

2.464%

1.10

$2,700 (+5.14%)

$30 (+0.06%)

($1,360) (-2.63%)

0.15 (-0.94)

$2,700 (+5.14%)

$38 (+0.07%)

($1,399) (-2.71%)

0.15 (-0.95)

$2,700 (+5.14%)

$46 (+0.09%)

($1,439) (-2.79%)

0.15 (-0.95)

$2,700 (+5.14%)

$54 (+0.10%)

($1,478) (-2.86%)

0.15 (-0.95)

$2,700 (+5.14%)

$70 (+0.13%)

($1,556) (-3.01%)

0.15 (-0.95)

$1,153 (+2.19%)

$2,700 (+5.14%)

$87 (+0.16%)

($1,634) (-3.16%)

0.15 (-0.95)


End YTW 1.097 (-137bps) 1.594 (-87bps) 2.091 (-38bps) 2.587 (+13bps) 3.082 (+62bps) 4.070 (+161bps) 5.055 (+259bps)

End Mat Term 0.16yrs (-1.00yrs) 0.16yrs (-1.00yrs) 0.16yrs (-1.00yrs) 0.16yrs (-1.00yrs) 0.16yrs (-1.00yrs) 0.16yrs (-1.00yrs) 0.16yrs (-1.00yrs)

$1,214 (+2.31%)$1,276 (+2.43%)$1,307 (+2.49%)$1,339 (+2.55%)$1,370 (+2.60%)$1,401 (+2.66%)Total Return5.400%

100.586 (-2.72pts) 100.507 (-2.80pts) 100.428 (-2.88pts) 100.350 (-2.96pts) 100.194 (-3.11pts) 100.039 (-3.27pts)


BANK AMER CORP SR INTNOTES BE

Prin Returned $0 $0 $0 $0 $0 $0 $0


571903AJ2Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,425 (+2.80%)

$36 (+0.07%)

($346) (-0.69%)

03/01/2019



**100.000 (-0.69pts)

– ( – )

$50,000

100.693

2.254%

0.94

$1,425 (+2.80%)

$53 (+0.10%)

($346) (-0.69%)

– ( – )

$1,425 (+2.80%)

$70 (+0.14%)

($346) (-0.69%)

– ( – )

$1,425 (+2.80%)

$86 (+0.17%)

($346) (-0.69%)

– ( – )

$1,425 (+2.80%)

$103 (+0.20%)

($346) (-0.69%)

– ( – )

$1,500 (+2.95%)

$35 (+0.07%)

($439) (-0.87%)

0.20 (-0.74)

$1,005 (+1.98%)

$1,500 (+2.95%)

$43 (+0.08%)

($538) (-1.07%)

0.20 (-0.75)


Px to: CallINTERMEDIATEHeld Away

End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) ††3.900 (+165bps) ††4.887 (+264bps)

End Mat Term – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) 0.20yrs (-1.00yrs) 0.20yrs (-1.00yrs)

$1,095 (+2.16%)$1,181 (+2.33%)$1,165 (+2.29%)$1,148 (+2.26%)$1,132 (+2.23%)$1,115 (+2.20%)Total Return3.000%



MARRIOTT INTL

Prin Returned **$50,000 **$50,000 **$50,000 **$50,000 **$50,000 $0 $0


38141EN88Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$430 (+4.20%)

$3 (+0.03%)

($128) (-1.25%)

04/15/2019



100.998 (-1.28pts)

0.32 (-0.95)

$10,000

102.276

2.540%

1.27

$430 (+4.20%)

$4 (+0.04%)

($144) (-1.41%)

0.32 (-0.95)

$430 (+4.20%)

$5 (+0.05%)

($160) (-1.56%)

0.32 (-0.95)

$430 (+4.20%)

$6 (+0.06%)

($176) (-1.72%)

0.32 (-0.95)

$430 (+4.20%)

$7 (+0.07%)

($192) (-1.87%)

0.32 (-0.95)

$430 (+4.20%)

$9 (+0.09%)

($223) (-2.18%)

0.31 (-0.95)

$186 (+1.82%)

$430 (+4.20%)

$11 (+0.11%)

($254) (-2.49%)

0.31 (-0.95)




$216 (+2.11%)$245 (+2.40%)$260 (+2.54%)$275 (+2.69%)$290 (+2.83%)$305 (+2.98%)Total Return4.300%



GOLDMAN SACHS GRP INC MTN BE

Prin Returned $0 $0 $0 $0 $0 $0 $0


06050WDT9Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,375 (+4.54%)

$19 (+0.04%)

($500) (-0.97%)

09/15/2019



102.350 (-1.00pts)

0.72 (-0.92)

$50,000

103.349

2.756%

1.64

$2,375 (+4.54%)

$25 (+0.05%)

($686) (-1.33%)

0.72 (-0.92)

$2,375 (+4.54%)

$31 (+0.06%)

($871) (-1.69%)

0.72 (-0.93)

$2,375 (+4.54%)

$37 (+0.07%)

($1,056) (-2.04%)

0.72 (-0.93)

$2,375 (+4.54%)

$43 (+0.08%)

($1,239) (-2.40%)

0.71 (-0.93)

$2,375 (+4.54%)

$55 (+0.11%)

($1,601) (-3.10%)

0.71 (-0.93)

$483 (+0.92%)

$2,375 (+4.54%)

$68 (+0.13%)

($1,960) (-3.79%)

0.71 (-0.94)




$829 (+1.58%)$1,180 (+2.26%)$1,356 (+2.59%)$1,535 (+2.93%)$1,714 (+3.28%)$1,894 (+3.62%)Total Return4.750%



BANK AMER CORP SR INTNOTES BE

Prin Returned $0 $0 $0 $0 $0 $0 $0


12189TBC7Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,175 (+4.46%)

$5 (+0.02%)

($373) (-1.43%)

10/01/2019



102.917 (-1.49pts)

0.77 (-0.93)

$25,000

104.410

2.156%

1.70

$1,175 (+4.46%)

$8 (+0.03%)

($473) (-1.81%)

0.77 (-0.93)

$1,175 (+4.46%)

$11 (+0.04%)

($572) (-2.19%)

0.76 (-0.93)

$1,175 (+4.46%)

$13 (+0.05%)

($670) (-2.57%)

0.76 (-0.93)

$1,175 (+4.46%)

$16 (+0.06%)

($768) (-2.94%)

0.76 (-0.93)

$1,175 (+4.46%)

$22 (+0.08%)

($961) (-3.68%)

0.76 (-0.94)

$50 (+0.19%)

$1,175 (+4.46%)

$27 (+0.10%)

($1,152) (-4.41%)

0.75 (-0.94)




$236 (+0.89%)$424 (+1.61%)$518 (+1.97%)$614 (+2.33%)$710 (+2.69%)$807 (+3.06%)Total Return4.700%



BURLINGTON NORTHN SANTA FE

Prin Returned $0 $0 $0 $0 $0 $0 $0










884903BG9Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,525 (+4.49%)

$19 (+0.02%)

($813) (-1.04%)

10/15/2019



102.742 (-1.08pts)

0.81 (-0.92)

$75,000

103.826

2.530%

1.73

$3,525 (+4.49%)

$27 (+0.03%)

($1,125) (-1.44%)

0.80 (-0.93)

$3,525 (+4.49%)

$35 (+0.04%)

($1,435) (-1.84%)

0.80 (-0.93)

$3,525 (+4.49%)

$42 (+0.05%)

($1,743) (-2.24%)

0.80 (-0.93)

$3,525 (+4.49%)

$50 (+0.06%)

($2,049) (-2.63%)

0.80 (-0.93)

$3,525 (+4.49%)

$65 (+0.08%)

($2,655) (-3.41%)

0.79 (-0.94)

$352 (+0.45%)

$3,525 (+4.49%)

$80 (+0.10%)

($3,253) (-4.18%)

0.79 (-0.94)




$935 (+1.19%)$1,526 (+1.94%)$1,824 (+2.32%)$2,124 (+2.71%)$2,427 (+3.09%)$2,731 (+3.48%)Total Return4.700%



THOMSON REUTERS CORP

Prin Returned $0 $0 $0 $0 $0 $0 $0


38141E7K9Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,920 (+4.58%)

$8 (+0.02%)

($470) (-1.13%)

11/15/2019



103.161 (-1.17pts)

0.89 (-0.92)

$40,000

104.335

2.450%

1.81

$1,920 (+4.58%)

$11 (+0.03%)

($653) (-1.56%)

0.89 (-0.93)

$1,920 (+4.58%)

$14 (+0.03%)

($836) (-2.00%)

0.88 (-0.93)

$1,920 (+4.58%)

$18 (+0.04%)

($1,017) (-2.44%)

0.88 (-0.93)

$1,920 (+4.58%)

$21 (+0.05%)

($1,196) (-2.87%)

0.88 (-0.93)

$1,920 (+4.58%)

$28 (+0.07%)

($1,552) (-3.72%)

0.88 (-0.94)

$51 (+0.12%)

$1,920 (+4.58%)

$34 (+0.08%)

($1,903) (-4.56%)

0.87 (-0.94)




$395 (+0.94%)$745 (+1.78%)$921 (+2.20%)$1,099 (+2.62%)$1,278 (+3.05%)$1,458 (+3.48%)Total Return4.800%



GOLDMAN SACHS GRP INC MTN BE

Prin Returned $0 $0 $0 $0 $0 $0 $0


25389JAH9Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,469 (+5.42%)

$11 (+0.04%)

($565) (-2.13%)

02/01/2020



103.976 (-2.26pts)

0.83 (-0.90)

$25,000

106.236

2.428%

1.74

$1,469 (+5.42%)

$16 (+0.06%)

($675) (-2.54%)

0.83 (-0.90)

$1,469 (+5.42%)

$21 (+0.08%)

($785) (-2.96%)

0.83 (-0.91)

$1,469 (+5.42%)

$25 (+0.09%)

($894) (-3.37%)

0.83 (-0.91)

$1,469 (+5.42%)

$30 (+0.11%)

($1,002) (-3.77%)

0.83 (-0.91)

$1,469 (+5.42%)

$39 (+0.15%)

($1,217) (-4.58%)

0.83 (-0.91)

$80 (+0.29%)

$1,469 (+5.42%)

$49 (+0.18%)

($1,438) (-5.41%)

0.91 (-0.83)





$292 (+1.08%)$497 (+1.83%)$600 (+2.21%)$705 (+2.60%)$810 (+2.98%)$915 (+3.38%)Total Return5.875%



DIGITAL RLTY TR LP

Prin Returned $0 $0 $0 $0 $0 $0 $0


00206RCY6Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,496 (+4.85%)

$15 (+0.03%)

($550) (-1.08%)

03/15/2020



104.720 (-1.15pts)

1.19 (-0.90)

$48,000

105.866

2.482%

2.09

$2,496 (+4.85%)

$22 (+0.04%)

($853) (-1.68%)

1.19 (-0.90)

$2,496 (+4.85%)

$28 (+0.06%)

($1,153) (-2.27%)

1.19 (-0.90)

$2,496 (+4.85%)

$35 (+0.07%)

($1,451) (-2.86%)

1.19 (-0.91)

$2,496 (+4.85%)

$41 (+0.08%)

($1,746) (-3.44%)

1.18 (-0.91)

$2,496 (+4.85%)

$54 (+0.10%)

($2,329) (-4.58%)

1.18 (-0.91)

($340) (-0.66%)

$2,496 (+4.85%)

$67 (+0.13%)

($2,903) (-5.71%)

1.17 (-0.92)




$220 (+0.43%)$791 (+1.54%)$1,079 (+2.10%)$1,371 (+2.66%)$1,665 (+3.24%)$1,961 (+3.81%)Total Return5.200%



AT&T INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


42217KAS5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,062 (+5.60%)

$15 (+0.03%)

($969) (-1.79%)

04/15/2020



106.271 (-1.94pts)

1.27 (-0.88)

$50,000

108.209

2.456%

2.16

$3,062 (+5.60%)

$22 (+0.04%)

($1,309) (-2.42%)

1.27 (-0.89)

$3,062 (+5.60%)

$28 (+0.05%)

($1,646) (-3.04%)

1.27 (-0.89)

$3,062 (+5.60%)

$35 (+0.06%)

($1,980) (-3.66%)

1.26 (-0.89)

$3,062 (+5.60%)

$41 (+0.08%)

($2,311) (-4.27%)

1.26 (-0.90)

$3,062 (+5.60%)

$54 (+0.10%)

($2,964) (-5.48%)

1.25 (-0.90)

($475) (-0.87%)

$3,062 (+5.60%)

$68 (+0.12%)

($3,605) (-6.66%)

1.25 (-0.91)




$153 (+0.28%)$793 (+1.45%)$1,117 (+2.04%)$1,445 (+2.64%)$1,775 (+3.25%)$2,108 (+3.86%)Total Return6.125%



HEALTH CARE REIT INC

Prin Returned $0 $0 $0 $0 $0 $0 $0










053332AL6Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,000 (+3.84%)

$8 (+0.02%)

$252 (+0.49%)

11/15/2020



104.225 (+0.50pts)

1.60 (-0.91)

$50,000

103.720

2.540%

2.52

$2,000 (+3.84%)

$11 (+0.02%)

($165) (-0.32%)

1.60 (-0.92)

$2,000 (+3.84%)

$15 (+0.03%)

($577) (-1.11%)

1.60 (-0.92)

$2,000 (+3.84%)

$18 (+0.04%)

($987) (-1.90%)

1.61 (-0.90)

$2,000 (+3.84%)

$22 (+0.04%)

($1,403) (-2.71%)

1.67 (-0.85)

$2,000 (+3.84%)

$29 (+0.06%)

($2,274) (-4.38%)

1.78 (-0.74)

($1,124) (-2.16%)

$2,000 (+3.84%)

$36 (+0.07%)

($3,159) (-6.09%)

1.80 (-0.72)



End YTW 1.410 (-113bps) 1.911 (-63bps) 2.411 (-13bps) 2.914 (+38bps) 3.429 (+89bps) ††4.457 (+192bps) ††5.452 (+292bps)


($245) (-0.47%)$619 (+1.19%)$1,031 (+1.98%)$1,438 (+2.76%)$1,847 (+3.55%)$2,260 (+4.34%)Total Return4.000%



AUTOZONE INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


428236BF9Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,875 (+3.66%)

$8 (+0.02%)

$699 (+1.37%)

12/01/2020



103.727 (+1.40pts)

1.88 (-0.89)

$50,000

102.329

2.918%

2.78

$1,875 (+3.66%)

$11 (+0.02%)

$213 (+0.42%)

1.88 (-0.90)

$1,875 (+3.66%)

$14 (+0.03%)

($267) (-0.52%)

1.87 (-0.90)

$1,875 (+3.66%)

$17 (+0.03%)

($741) (-1.45%)

1.87 (-0.91)

$1,875 (+3.66%)

$20 (+0.04%)

($1,210) (-2.36%)

1.86 (-0.91)

$1,875 (+3.66%)

$25 (+0.05%)

($2,131) (-4.16%)

1.85 (-0.92)

($1,125) (-2.19%)

$1,875 (+3.66%)

$31 (+0.06%)

($3,030) (-5.92%)

1.84 (-0.93)




($231) (-0.45%)$684 (+1.34%)$1,150 (+2.24%)$1,622 (+3.16%)$2,099 (+4.10%)$2,582 (+5.04%)Total Return3.750%

102.755 (+0.43pts) 101.795 (-0.53pts) 100.846 (-1.48pts) 99.909 (-2.42pts) 98.067 (-4.26pts) 96.268 (-6.06pts)


HEWLETT-PACKARD COMPANY

Prin Returned $0 $0 $0 $0 $0 $0 $0


00206RDA7Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,400 (+4.60%)

$17 (+0.03%)

$163 (+0.32%)

03/01/2021



107.442 (+0.34pts)

2.07 (-0.85)

$48,000

107.102

2.665%

2.93

$2,400 (+4.60%)

$23 (+0.04%)

($375) (-0.73%)

2.07 (-0.86)

$2,400 (+4.60%)

$30 (+0.06%)

($907) (-1.76%)

2.06 (-0.86)

$2,400 (+4.60%)

$37 (+0.07%)

($1,431) (-2.78%)

2.06 (-0.87)

$2,400 (+4.60%)

$43 (+0.08%)

($1,949) (-3.79%)

2.05 (-0.88)

$2,400 (+4.60%)

$57 (+0.11%)

($2,964) (-5.76%)

2.04 (-0.89)

($1,483) (-2.84%)

$2,400 (+4.60%)

$70 (+0.13%)

($3,953) (-7.69%)

2.03 (-0.90)




($507) (-0.97%)$495 (+0.95%)$1,006 (+1.93%)$1,523 (+2.92%)$2,048 (+3.93%)$2,580 (+4.95%)Total Return5.000%



AT&T INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


26054LWK5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$785 (+1.04%)

$895 (+1.19%)

($19) (-0.02%)

04/15/2021



**100.000 (-0.02pts)

– ( – )

$75,000

100.025

3.151%

1.65

$785 (+1.04%)

$1,154 (+1.53%)

($19) (-0.02%)

– ( – )

$785 (+1.04%)

$1,414 (+1.87%)

($19) (-0.02%)

– ( – )

$2,438 (+3.23%)

$33 (+0.04%)

($494) (-0.66%)

1.97 (+0.32)

$2,438 (+3.23%)

$39 (+0.05%)

($1,300) (-1.73%)

2.18 (+0.54)

$2,438 (+3.23%)

$49 (+0.06%)

($2,909) (-3.88%)

2.19 (+0.54)

($1,979) (-2.62%)

$2,438 (+3.23%)

$60 (+0.08%)

($4,476) (-5.97%)

2.18 (+0.53)



End YTW – ( – ) – ( – ) – ( – ) ††3.535 (+39bps) ††4.027 (+88bps) ††5.027 (+188bps) ††6.029 (+288bps)

End Mat Term – ( – ) – ( – ) – ( – ) 2.33yrs (-1.00yrs) 2.33yrs (-1.00yrs) 2.33yrs (-1.00yrs) 2.33yrs (-1.00yrs)

($422) (-0.56%)$1,176 (+1.56%)$1,977 (+2.62%)$2,180 (+2.89%)$1,921 (+2.55%)$1,662 (+2.20%)Total Return3.250%

**100.000 (-0.02pts) **100.000 (-0.02pts) 99.367 (-0.66pts) 98.292 (-1.73pts) 96.147 (-3.88pts) 94.057 (-5.97pts)


DOW CHEM CO SR INTERNOTES

Prin Returned **$75,000 **$75,000 **$75,000 $0 $0 $0 $0


472319AH5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,438 (+6.07%)

$23 (+0.04%)

($421) (-0.75%)

04/15/2021



111.241 (-0.84pts)

2.15 (-0.82)

$50,000

112.084

3.017%

2.97

$3,438 (+6.07%)

$31 (+0.05%)

($1,023) (-1.82%)

2.15 (-0.82)

$3,438 (+6.07%)

$38 (+0.07%)

($1,616) (-2.88%)

2.14 (-0.83)

$3,438 (+6.07%)

$46 (+0.08%)

($2,201) (-3.93%)

2.14 (-0.83)

$3,438 (+6.07%)

$53 (+0.09%)

($2,779) (-4.96%)

2.13 (-0.84)

$3,438 (+6.07%)

$68 (+0.12%)

($3,910) (-6.98%)

2.12 (-0.85)

($1,492) (-2.63%)

$3,438 (+6.07%)

$82 (+0.14%)

($5,012) (-8.94%)

2.10 (-0.87)




($405) (-0.72%)$712 (+1.26%)$1,282 (+2.26%)$1,859 (+3.28%)$2,445 (+4.32%)$3,039 (+5.36%)Total Return6.875%



JEFFERIES GROUP INC

Prin Returned $0 $0 $0 $0 $0 $0 $0










472319AH5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,438 (+6.07%)

$23 (+0.04%)

($421) (-0.75%)

04/15/2021



111.241 (-0.84pts)

2.15 (-0.82)

$50,000

112.084

3.017%

2.97

$3,438 (+6.07%)

$31 (+0.05%)

($1,023) (-1.82%)

2.15 (-0.82)

$3,438 (+6.07%)

$38 (+0.07%)

($1,616) (-2.88%)

2.14 (-0.83)

$3,438 (+6.07%)

$46 (+0.08%)

($2,201) (-3.93%)

2.14 (-0.83)

$3,438 (+6.07%)

$53 (+0.09%)

($2,779) (-4.96%)

2.13 (-0.84)

$3,438 (+6.07%)

$68 (+0.12%)

($3,910) (-6.98%)

2.12 (-0.85)

($1,492) (-2.63%)

$3,438 (+6.07%)

$82 (+0.14%)

($5,012) (-8.94%)

2.10 (-0.87)




($405) (-0.72%)$712 (+1.26%)$1,282 (+2.26%)$1,859 (+3.28%)$2,445 (+4.32%)$3,039 (+5.36%)Total Return6.875%



JEFFERIES GROUP INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


345370BU3Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,304 (+7.47%)

$21 (+0.07%)

($527) (-1.74%)

09/15/2021



118.791 (-2.11pts)

2.44 (-0.75)

$25,000

120.900

3.225%

3.19

$2,304 (+7.47%)

$27 (+0.09%)

($894) (-2.96%)

2.43 (-0.76)

$2,304 (+7.47%)

$33 (+0.11%)

($1,254) (-4.15%)

2.42 (-0.77)

$2,304 (+7.47%)

$39 (+0.13%)

($1,609) (-5.32%)

2.41 (-0.77)

$2,304 (+7.47%)

$45 (+0.14%)

($1,959) (-6.48%)

2.40 (-0.78)

$2,304 (+7.47%)

$56 (+0.18%)

($2,643) (-8.74%)

2.39 (-0.80)

($934) (-3.03%)

$2,304 (+7.47%)

$68 (+0.22%)

($3,306) (-10.94%)

2.37 (-0.81)




($282) (-0.92%)$389 (+1.26%)$733 (+2.38%)$1,082 (+3.51%)$1,437 (+4.66%)$1,798 (+5.83%)Total Return9.215%



FORD MTR CO DEL

Prin Returned $0 $0 $0 $0 $0 $0 $0


655664AP5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,000 (+3.86%)

$14 (+0.03%)

$1,054 (+2.05%)

10/15/2021



104.890 (+2.11pts)

2.44 (-0.94)

$50,000

102.781

3.169%

3.37

$2,000 (+3.86%)

$19 (+0.04%)

$416 (+0.81%)

2.44 (-0.94)

$2,000 (+3.86%)

$23 (+0.04%)

($218) (-0.42%)

2.47 (-0.91)

$2,000 (+3.86%)

$27 (+0.05%)

($856) (-1.66%)

2.52 (-0.85)

$2,000 (+3.86%)

$32 (+0.06%)

($1,501) (-2.92%)

2.58 (-0.79)

$2,000 (+3.86%)

$40 (+0.08%)

($2,791) (-5.43%)

2.61 (-0.76)

($2,001) (-3.87%)

$2,000 (+3.86%)

$49 (+0.09%)

($4,050) (-7.88%)

2.60 (-0.77)



End YTW 2.040 (-113bps) 2.541 (-63bps) 3.045 (-13bps) 3.562 (+40bps) ††4.082 (+92bps) ††5.076 (+191bps) ††6.077 (+291bps)


($751) (-1.45%)$531 (+1.02%)$1,172 (+2.26%)$1,806 (+3.49%)$2,435 (+4.70%)$3,069 (+5.93%)Total Return4.000%



NORDSTROM INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


655664AP5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,000 (+3.86%)

$14 (+0.03%)

$1,054 (+2.05%)

10/15/2021



104.890 (+2.11pts)

2.44 (-0.94)

$50,000

102.781

3.169%

3.37

$2,000 (+3.86%)

$19 (+0.04%)

$416 (+0.81%)

2.44 (-0.94)

$2,000 (+3.86%)

$23 (+0.04%)

($218) (-0.42%)

2.47 (-0.91)

$2,000 (+3.86%)

$27 (+0.05%)

($856) (-1.66%)

2.52 (-0.85)

$2,000 (+3.86%)

$32 (+0.06%)

($1,501) (-2.92%)

2.58 (-0.79)

$2,000 (+3.86%)

$40 (+0.08%)

($2,791) (-5.43%)

2.61 (-0.76)

($2,001) (-3.87%)

$2,000 (+3.86%)

$49 (+0.09%)

($4,050) (-7.88%)

2.60 (-0.77)





($751) (-1.45%)$531 (+1.02%)$1,172 (+2.26%)$1,806 (+3.49%)$2,435 (+4.70%)$3,069 (+5.93%)Total Return4.000%



NORDSTROM INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


428236BV4Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,325 (+4.35%)

$8 (+0.02%)

$859 (+1.61%)

12/09/2021



108.396 (+1.72pts)

2.80 (-0.84)

$50,000

106.679

2.857%

3.63

$2,325 (+4.35%)

$11 (+0.02%)

$107 (+0.20%)

2.79 (-0.85)

$2,325 (+4.35%)

$15 (+0.03%)

($633) (-1.19%)

2.78 (-0.85)

$2,325 (+4.35%)

$18 (+0.03%)

($1,360) (-2.55%)

2.77 (-0.86)

$2,325 (+4.35%)

$21 (+0.04%)

($2,075) (-3.89%)

2.76 (-0.87)

$2,325 (+4.35%)

$28 (+0.05%)

($3,470) (-6.50%)

2.75 (-0.89)

($2,460) (-4.61%)

$2,325 (+4.35%)

$34 (+0.06%)

($4,819) (-9.03%)

2.73 (-0.90)




($1,117) (-2.09%)$271 (+0.51%)$983 (+1.84%)$1,707 (+3.20%)$2,443 (+4.58%)$3,192 (+5.98%)Total Return4.650%



HEWLETT PACKARD CO

Prin Returned $0 $0 $0 $0 $0 $0 $0










36966R5H5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,700 (+4.89%)

$33 (+0.06%)

$770 (+1.42%)

01/15/2022



109.642 (+1.54pts)

2.80 (-0.80)

$50,000

108.102

3.256%

3.60

$2,700 (+4.89%)

$42 (+0.08%)

($7) (-0.01%)

2.79 (-0.81)

$2,700 (+4.89%)

$51 (+0.09%)

($770) (-1.42%)

2.78 (-0.82)

$2,700 (+4.89%)

$60 (+0.11%)

($1,521) (-2.81%)

2.77 (-0.82)

$2,700 (+4.89%)

$70 (+0.13%)

($2,258) (-4.18%)

2.76 (-0.83)

$2,700 (+4.89%)

$88 (+0.16%)

($3,696) (-6.84%)

2.74 (-0.85)

($2,279) (-4.13%)

$2,700 (+4.89%)

$107 (+0.19%)

($5,086) (-9.41%)

2.73 (-0.87)




($908) (-1.64%)$511 (+0.93%)$1,240 (+2.25%)$1,981 (+3.59%)$2,735 (+4.95%)$3,503 (+6.34%)Total Return5.400%



GE CAPITAL INTERNOTES

Prin Returned $0 $0 $0 $0 $0 $0 $0


365856LN1Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$4,000 (+3.69%)

$7 (+0.01%)

$1,721 (+1.59%)

03/01/2022



109.983 (+1.72pts)

3.00 (-0.88)

$100,000

108.262

1.939%

3.88

$4,000 (+3.69%)

$11 (+0.01%)

$71 (+0.06%)

3.00 (-0.89)

$4,000 (+3.69%)

$18 (+0.02%)

($1,555) (-1.44%)

2.99 (-0.90)

$4,000 (+3.69%)

$25 (+0.02%)

($3,152) (-2.91%)

2.98 (-0.90)

$4,000 (+3.69%)

$32 (+0.03%)

($4,720) (-4.36%)

2.97 (-0.91)

$4,000 (+3.69%)

$45 (+0.04%)

($7,775) (-7.18%)

3.42 (-0.47)

($7,948) (-7.33%)

$4,000 (+3.69%)

$59 (+0.05%)

($12,007) (-11.09%)

4.46 (+0.58)

Px to: MaturityILLUSTRATIONHeld Away



($3,729) (-3.44%)($689) (-0.64%)$873 (+0.80%)$2,463 (+2.27%)$4,082 (+3.76%)$5,729 (+5.28%)Total Return4.000%



GARFIELD N J

Prin Returned $0 $0 $0 $0 $0 $0 $0


00206RDB5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,824 (+3.64%)

$13 (+0.03%)

$1,336 (+2.69%)

03/15/2022



106.267 (+2.78pts)

3.04 (-0.84)

$48,000

103.485

2.918%

3.88

$1,824 (+3.64%)

$18 (+0.04%)

$561 (+1.13%)

3.03 (-0.85)

$1,824 (+3.64%)

$22 (+0.04%)

($199) (-0.40%)

3.02 (-0.86)

$1,824 (+3.64%)

$27 (+0.05%)

($946) (-1.90%)

3.01 (-0.87)

$1,824 (+3.64%)

$32 (+0.06%)

($1,679) (-3.38%)

3.00 (-0.88)

$1,824 (+3.64%)

$41 (+0.08%)

($3,107) (-6.26%)

2.98 (-0.89)

($2,610) (-5.20%)

$1,824 (+3.64%)

$50 (+0.10%)

($4,484) (-9.03%)

2.96 (-0.91)




($1,242) (-2.48%)$176 (+0.35%)$905 (+1.80%)$1,647 (+3.28%)$2,403 (+4.79%)$3,173 (+6.33%)Total Return3.800%



AT&T INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


100853PR5Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$5,000 (+4.35%)

$6 (+0.00%)

$678 (+0.60%)

04/01/2022



114.510 (+0.68pts)

3.05 (-0.82)

$100,000

113.832

1.638%

3.87

$5,000 (+4.35%)

$12 (+0.01%)

($1,066) (-0.94%)

3.05 (-0.83)

$5,000 (+4.35%)

$24 (+0.02%)

($2,782) (-2.44%)

3.04 (-0.84)

$5,000 (+4.35%)

$36 (+0.03%)

($4,468) (-3.92%)

3.03 (-0.85)

$5,000 (+4.35%)

$47 (+0.04%)

($6,124) (-5.38%)

3.02 (-0.86)

$5,000 (+4.35%)

$71 (+0.06%)

($9,346) (-8.21%)

3.00 (-0.88)

($7,358) (-6.40%)

$5,000 (+4.35%)

$94 (+0.08%)

($12,453) (-10.94%)

2.98 (-0.90)




($4,275) (-3.72%)($1,076) (-0.94%)$568 (+0.49%)$2,242 (+1.95%)$3,947 (+3.44%)$5,683 (+4.95%)Total Return5.000%



BOSTON MASS

Prin Returned $0 $0 $0 $0 $0 $0 $0


02209SAN3Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$712 (+2.80%)

$5 (+0.02%)

$958 (+3.81%)

08/09/2022



104.482 (+3.83pts)

3.44 (-0.85)

$25,000

100.650

2.699%

4.29

$712 (+2.80%)

$7 (+0.03%)

$509 (+2.02%)

3.42 (-0.87)

$712 (+2.80%)

$9 (+0.04%)

$70 (+0.28%)

3.41 (-0.88)

$712 (+2.80%)

$12 (+0.04%)

($361) (-1.43%)

3.40 (-0.89)

$712 (+2.80%)

$14 (+0.05%)

($783) (-3.11%)

3.39 (-0.90)

$712 (+2.80%)

$18 (+0.07%)

($1,603) (-6.37%)

3.37 (-0.92)

($1,655) (-6.51%)

$712 (+2.80%)

$23 (+0.09%)

($2,390) (-9.50%)

3.35 (-0.94)




($872) (-3.43%)($57) (-0.22%)$363 (+1.43%)$792 (+3.11%)$1,229 (+4.84%)$1,675 (+6.59%)Total Return2.850%



ALTRIA GROUP INC

Prin Returned $0 $0 $0 $0 $0 $0 $0










02209SAN3Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$712 (+2.80%)

$5 (+0.02%)

$958 (+3.81%)

08/09/2022



104.482 (+3.83pts)

3.44 (-0.85)

$25,000

100.650

2.699%

4.29

$712 (+2.80%)

$7 (+0.03%)

$509 (+2.02%)

3.42 (-0.87)

$712 (+2.80%)

$9 (+0.04%)

$70 (+0.28%)

3.41 (-0.88)

$712 (+2.80%)

$12 (+0.04%)

($361) (-1.43%)

3.40 (-0.89)

$712 (+2.80%)

$14 (+0.05%)

($783) (-3.11%)

3.39 (-0.90)

$712 (+2.80%)

$18 (+0.07%)

($1,603) (-6.37%)

3.37 (-0.92)

($1,655) (-6.51%)

$712 (+2.80%)

$23 (+0.09%)

($2,390) (-9.50%)

3.35 (-0.94)




($872) (-3.43%)($57) (-0.22%)$363 (+1.43%)$792 (+3.11%)$1,229 (+4.84%)$1,675 (+6.59%)Total Return2.850%



ALTRIA GROUP INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


25389JAK2Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$906 (+3.50%)

$6 (+0.02%)

$831 (+3.23%)

10/01/2022



106.233 (+3.32pts)

3.32 (-0.94)

$25,000

102.910

2.935%

4.26

$906 (+3.50%)

$8 (+0.03%)

$390 (+1.52%)

3.33 (-0.92)

$906 (+3.50%)

$10 (+0.04%)

($47) (-0.18%)

3.37 (-0.88)

$906 (+3.50%)

$12 (+0.05%)

($483) (-1.88%)

3.42 (-0.84)

$906 (+3.50%)

$14 (+0.06%)

($917) (-3.56%)

3.45 (-0.81)

$906 (+3.50%)

$18 (+0.07%)

($1,767) (-6.87%)

3.46 (-0.80)

($1,657) (-6.39%)

$906 (+3.50%)

$23 (+0.09%)

($2,586) (-10.05%)

3.44 (-0.81)





($842) (-3.25%)$4 (+0.01%)$435 (+1.68%)$869 (+3.35%)$1,304 (+5.03%)$1,743 (+6.72%)Total Return3.625%



DIGITAL RLTY TR LP

Prin Returned $0 $0 $0 $0 $0 $0 $0


053807AR4Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,656 (+4.58%)

$20 (+0.02%)

$2,368 (+2.98%)

12/01/2022



109.302 (+3.16pts)

3.62 (-0.78)

$75,000

106.144

3.510%

4.40

$3,656 (+4.58%)

$26 (+0.03%)

$899 (+1.13%)

3.60 (-0.80)

$3,656 (+4.58%)

$31 (+0.04%)

($540) (-0.68%)

3.59 (-0.81)

$3,656 (+4.58%)

$37 (+0.05%)

($1,948) (-2.45%)

3.58 (-0.82)

$3,656 (+4.58%)

$42 (+0.05%)

($3,327) (-4.18%)

3.57 (-0.83)

$3,656 (+4.58%)

$53 (+0.07%)

($5,998) (-7.54%)

3.54 (-0.86)

($4,839) (-6.06%)

$3,656 (+4.58%)

$64 (+0.08%)

($8,559) (-10.75%)

3.52 (-0.88)




($2,289) (-2.87%)$371 (+0.46%)$1,744 (+2.19%)$3,147 (+3.94%)$4,580 (+5.74%)$6,045 (+7.58%)Total Return4.875%



AVNET INC

Prin Returned $0 $0 $0 $0 $0 $0 $0



Reinv Return

Price Return

End Price

End OA Dur

$2,438 (+4.58%)

$13 (+0.02%)

$1,579 (+2.98%)

12/01/2022



109.302 (+3.16pts)

3.62 (-0.78)

$50,000

106.144

3.510%

4.40

$2,438 (+4.58%)

$17 (+0.03%)

$599 (+1.13%)

3.60 (-0.80)

$2,438 (+4.58%)

$21 (+0.04%)

($360) (-0.68%)

3.59 (-0.81)

$2,438 (+4.58%)

$24 (+0.05%)

($1,299) (-2.45%)

3.58 (-0.82)

$2,438 (+4.58%)

$28 (+0.05%)

($2,218) (-4.18%)

3.57 (-0.83)

$2,438 (+4.58%)

$35 (+0.07%)

($3,999) (-7.54%)

3.54 (-0.86)

($3,226) (-6.06%)

$2,438 (+4.58%)

$43 (+0.08%)

($5,706) (-10.75%)

3.52 (-0.88)




($1,526) (-2.87%)$247 (+0.46%)$1,163 (+2.19%)$2,098 (+3.94%)$3,054 (+5.74%)$4,030 (+7.58%)Total Return4.875%



AVNET INC

Prin Returned $0 $0 $0 $0 $0 $0 $0



Reinv Return

Price Return

End Price

End OA Dur

$1,219 (+4.58%)

$7 (+0.02%)

$789 (+2.98%)

12/01/2022



109.302 (+3.16pts)

3.62 (-0.78)

$25,000

106.144

3.510%

4.40

$1,219 (+4.58%)

$9 (+0.03%)

$300 (+1.13%)

3.60 (-0.80)

$1,219 (+4.58%)

$10 (+0.04%)

($180) (-0.68%)

3.59 (-0.81)

$1,219 (+4.58%)

$12 (+0.05%)

($649) (-2.45%)

3.58 (-0.82)

$1,219 (+4.58%)

$14 (+0.05%)

($1,109) (-4.18%)

3.57 (-0.83)

$1,219 (+4.58%)

$18 (+0.07%)

($1,999) (-7.54%)

3.54 (-0.86)

($1,613) (-6.06%)

$1,219 (+4.58%)

$21 (+0.08%)

($2,853) (-10.75%)

3.52 (-0.88)




($763) (-2.87%)$124 (+0.46%)$581 (+2.19%)$1,049 (+3.94%)$1,527 (+5.74%)$2,015 (+7.58%)Total Return4.875%



AVNET INC

Prin Returned $0 $0 $0 $0 $0 $0 $0










472319AL6Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,562 (+4.64%)

$29 (+0.05%)

$1,477 (+2.72%)

01/20/2023



111.410 (+2.95pts)

3.66 (-0.76)

$50,000

108.455

3.303%

4.42

$2,562 (+4.64%)

$38 (+0.07%)

$449 (+0.83%)

3.65 (-0.77)

$2,562 (+4.64%)

$46 (+0.08%)

($556) (-1.03%)

3.63 (-0.79)

$2,562 (+4.64%)

$55 (+0.10%)

($1,540) (-2.84%)

3.62 (-0.80)

$2,562 (+4.64%)

$64 (+0.12%)

($2,503) (-4.62%)

3.61 (-0.81)

$2,562 (+4.64%)

$81 (+0.15%)

($4,366) (-8.05%)

3.58 (-0.84)

($3,489) (-6.31%)

$2,562 (+4.64%)

$98 (+0.18%)

($6,149) (-11.34%)

3.55 (-0.87)




($1,722) (-3.12%)$123 (+0.22%)$1,077 (+1.95%)$2,053 (+3.71%)$3,050 (+5.52%)$4,069 (+7.36%)Total Return5.125%



JEFFERIES GROUP INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


03027XAB6Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,750 (+3.38%)

$16 (+0.03%)

$2,010 (+3.93%)

01/31/2023



106.330 (+4.02pts)

3.81 (-0.81)

$50,000

102.310

3.008%

4.62

$1,750 (+3.38%)

$21 (+0.04%)

$997 (+1.95%)

3.79 (-0.82)

$1,750 (+3.38%)

$27 (+0.05%)

$7 (+0.01%)

3.78 (-0.84)

$1,750 (+3.38%)

$32 (+0.06%)

($962) (-1.88%)

3.77 (-0.85)

$1,750 (+3.38%)

$38 (+0.07%)

($1,909) (-3.73%)

3.75 (-0.86)

$1,750 (+3.38%)

$49 (+0.10%)

($3,742) (-7.32%)

3.73 (-0.89)

($3,685) (-7.11%)

$1,750 (+3.38%)

$61 (+0.12%)

($5,495) (-10.74%)

3.70 (-0.92)




($1,943) (-3.75%)($121) (-0.23%)$821 (+1.58%)$1,784 (+3.44%)$2,768 (+5.34%)$3,776 (+7.28%)Total Return3.500%



AMERICAN TOWER CORP

Prin Returned $0 $0 $0 $0 $0 $0 $0


042735BC3Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,250 (+4.23%)

$22 (+0.04%)

$1,684 (+3.20%)

03/01/2023



108.479 (+3.37pts)

3.60 (-0.84)

$50,000

105.110

3.369%

4.44

$2,250 (+4.23%)

$28 (+0.05%)

$704 (+1.34%)

3.61 (-0.84)

$2,250 (+4.23%)

$34 (+0.06%)

($262) (-0.50%)

3.63 (-0.81)

$2,250 (+4.23%)

$41 (+0.08%)

($1,218) (-2.32%)

3.66 (-0.78)

$2,250 (+4.23%)

$47 (+0.09%)

($2,167) (-4.12%)

3.69 (-0.75)

$2,250 (+4.23%)

$59 (+0.11%)

($4,025) (-7.66%)

3.71 (-0.73)

($3,495) (-6.57%)

$2,250 (+4.23%)

$72 (+0.14%)

($5,817) (-11.07%)

3.70 (-0.74)





($1,716) (-3.22%)$130 (+0.24%)$1,072 (+2.01%)$2,023 (+3.80%)$2,982 (+5.60%)$3,956 (+7.43%)Total Return4.500%




Prin Returned $0 $0 $0 $0 $0 $0 $0


042735BC3Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$900 (+4.23%)

$9 (+0.04%)

$674 (+3.20%)

03/01/2023



108.479 (+3.37pts)

3.60 (-0.84)

$20,000

105.110

3.369%

4.44

$900 (+4.23%)

$11 (+0.05%)

$282 (+1.34%)

3.61 (-0.84)

$900 (+4.23%)

$14 (+0.06%)

($105) (-0.50%)

3.63 (-0.81)

$900 (+4.23%)

$16 (+0.08%)

($487) (-2.32%)

3.66 (-0.78)

$900 (+4.23%)

$19 (+0.09%)

($867) (-4.12%)

3.69 (-0.75)

$900 (+4.23%)

$24 (+0.11%)

($1,610) (-7.66%)

3.71 (-0.73)

($1,398) (-6.57%)

$900 (+4.23%)

$29 (+0.14%)

($2,327) (-11.07%)

3.70 (-0.74)





($686) (-3.22%)$52 (+0.24%)$429 (+2.01%)$809 (+3.80%)$1,193 (+5.60%)$1,582 (+7.43%)Total Return4.500%




Prin Returned $0 $0 $0 $0 $0 $0 $0


61747YDU6Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,050 (+3.92%)

$10 (+0.02%)

$1,992 (+3.82%)

05/22/2023



108.313 (+3.98pts)

4.07 (-0.79)

$50,000

104.329

3.223%

4.86

$2,050 (+3.92%)

$13 (+0.03%)

$900 (+1.73%)

4.05 (-0.80)

$2,050 (+3.92%)

$17 (+0.03%)

($166) (-0.32%)

4.04 (-0.82)

$2,050 (+3.92%)

$20 (+0.04%)

($1,207) (-2.31%)

4.03 (-0.83)

$2,050 (+3.92%)

$23 (+0.04%)

($2,224) (-4.26%)

4.01 (-0.84)

$2,050 (+3.92%)

$30 (+0.06%)

($4,187) (-8.03%)

3.98 (-0.87)

($3,974) (-7.60%)

$2,050 (+3.92%)

$37 (+0.07%)

($6,061) (-11.62%)

3.96 (-0.90)




($2,107) (-4.03%)($150) (-0.29%)$863 (+1.65%)$1,901 (+3.63%)$2,964 (+5.66%)$4,052 (+7.74%)Total Return4.100%



MORGAN STANLEY

Prin Returned $0 $0 $0 $0 $0 $0 $0










94974BFN5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,094 (+3.87%)

$27 (+0.03%)

$3,064 (+3.88%)

08/15/2023



109.369 (+4.08pts)

4.22 (-0.77)

$75,000

105.284

3.098%

4.99

$3,094 (+3.87%)

$36 (+0.04%)

$1,330 (+1.68%)

4.21 (-0.79)

$3,094 (+3.87%)

$45 (+0.06%)

($360) (-0.46%)

4.19 (-0.80)

$3,094 (+3.87%)

$54 (+0.07%)

($2,009) (-2.54%)

4.18 (-0.82)

$3,094 (+3.87%)

$64 (+0.08%)

($3,618) (-4.58%)

4.16 (-0.83)

$3,094 (+3.87%)

$82 (+0.10%)

($6,720) (-8.51%)

4.13 (-0.86)

($6,479) (-8.10%)

$3,094 (+3.87%)

$101 (+0.13%)

($9,674) (-12.25%)

4.10 (-0.90)




($3,544) (-4.43%)($461) (-0.58%)$1,139 (+1.42%)$2,779 (+3.47%)$4,460 (+5.57%)$6,184 (+7.73%)Total Return4.125%



WELLS FARGO & CO

Prin Returned $0 $0 $0 $0 $0 $0 $0


94974BFN5Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$1,031 (+3.87%)

$9 (+0.03%)

$1,021 (+3.88%)

08/15/2023



109.369 (+4.08pts)

4.22 (-0.77)

$25,000

105.284

3.098%

4.99

$1,031 (+3.87%)

$12 (+0.04%)

$443 (+1.68%)

4.21 (-0.79)

$1,031 (+3.87%)

$15 (+0.06%)

($120) (-0.46%)

4.19 (-0.80)

$1,031 (+3.87%)

$18 (+0.07%)

($670) (-2.54%)

4.18 (-0.82)

$1,031 (+3.87%)

$21 (+0.08%)

($1,206) (-4.58%)

4.16 (-0.83)

$1,031 (+3.87%)

$27 (+0.10%)

($2,240) (-8.51%)

4.13 (-0.86)

($2,160) (-8.10%)

$1,031 (+3.87%)

$34 (+0.13%)

($3,225) (-12.25%)

4.10 (-0.90)




($1,181) (-4.43%)($154) (-0.58%)$380 (+1.42%)$926 (+3.47%)$1,487 (+5.57%)$2,061 (+7.73%)Total Return4.125%



WELLS FARGO & CO

Prin Returned $0 $0 $0 $0 $0 $0 $0


92343VBR4Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,575 (+4.57%)

$18 (+0.03%)

$1,671 (+3.00%)

09/15/2023



114.607 (+3.34pts)

4.23 (-0.74)

$50,000

111.264

2.996%

4.97

$2,575 (+4.57%)

$24 (+0.04%)

$460 (+0.83%)

4.21 (-0.76)

$2,575 (+4.57%)

$31 (+0.06%)

($721) (-1.30%)

4.20 (-0.77)

$2,575 (+4.57%)

$37 (+0.07%)

($1,873) (-3.37%)

4.18 (-0.79)

$2,575 (+4.57%)

$44 (+0.08%)

($2,996) (-5.39%)

4.16 (-0.81)

$2,575 (+4.57%)

$57 (+0.10%)

($5,161) (-9.28%)

4.13 (-0.84)

($4,577) (-8.13%)

$2,575 (+4.57%)

$70 (+0.12%)

($7,222) (-12.98%)

4.10 (-0.87)




($2,529) (-4.49%)($377) (-0.67%)$740 (+1.31%)$1,885 (+3.35%)$3,059 (+5.43%)$4,264 (+7.57%)Total Return5.150%



VERIZON COMMUNICATIONS INC

Prin Returned $0 $0 $0 $0 $0 $0 $0


011446JA0Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$3,000 (+2.82%)

$4 (+0.00%)

$5,253 (+4.94%)

08/01/2024



111.545 (+5.25pts)

5.19 (-0.85)

$100,000

106.292

1.980%

6.04

$3,000 (+2.82%)

$6 (+0.01%)

$2,377 (+2.24%)

5.17 (-0.87)

$3,000 (+2.82%)

$11 (+0.01%)

($418) (-0.39%)

5.15 (-0.89)

$3,000 (+2.82%)

$16 (+0.02%)

($3,131) (-2.94%)

5.13 (-0.91)

$3,000 (+2.82%)

$22 (+0.02%)

($5,765) (-5.42%)

6.04 (+0.00)

$3,000 (+2.82%)

$32 (+0.03%)

($12,946) (-12.18%)

7.45 (+1.42)

($16,572) (-15.57%)

$3,000 (+2.82%)

$42 (+0.04%)

($19,614) (-18.45%)

7.19 (+1.16)




($9,914) (-9.31%)($2,743) (-2.58%)($114) (-0.11%)$2,594 (+2.44%)$5,383 (+5.06%)$8,256 (+7.76%)Total Return3.000%



ALAMOGORDO N MEX

Prin Returned $0 $0 $0 $0 $0 $0 $0


26822LDR2Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$0 (+0.00%)

$0 (+0.00%)

$7,705 (+9.13%)

09/01/2024



92.097 (+7.70pts)

5.69 (-0.97)

$100,000

84.392

2.551%

6.66

$0 (+0.00%)

$0 (+0.00%)

$5,124 (+6.07%)

5.68 (-0.98)

$0 (+0.00%)

$0 (+0.00%)

$2,622 (+3.11%)

5.66 (-1.00)

$0 (+0.00%)

$0 (+0.00%)

$196 (+0.23%)

5.65 (-1.01)

$0 (+0.00%)

$0 (+0.00%)

($2,157) (-2.56%)

5.64 (-1.02)

$0 (+0.00%)

$0 (+0.00%)

($6,652) (-7.88%)

5.61 (-1.05)

($10,882) (-12.90%)

$0 (+0.00%)

$0 (+0.00%)

($10,882) (-12.90%)

5.58 (-1.08)




($6,652) (-7.88%)($2,157) (-2.56%)$196 (+0.23%)$2,622 (+3.11%)$5,124 (+6.07%)$7,705 (+9.13%)Total Return0.000%

89.516 (+5.12pts) 87.014 (+2.62pts) 84.588 (+0.20pts) 82.235 (-2.16pts) 77.740 (-6.65pts) 73.510 (-10.88pts)


E 470 PUB HWY AUTH COLO REV

Prin Returned $0 $0 $0 $0 $0 $0 $0










482480AE0Corp Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$4,650 (+4.27%)

$26 (+0.02%)

$4,783 (+4.42%)

11/01/2024



113.095 (+4.78pts)

5.00 (-0.76)

$100,000

108.312

3.243%

5.76

$4,650 (+4.27%)

$35 (+0.03%)

$1,980 (+1.83%)

4.99 (-0.77)

$4,650 (+4.27%)

$44 (+0.04%)

($754) (-0.70%)

4.99 (-0.77)

$4,650 (+4.27%)

$53 (+0.05%)

($3,425) (-3.16%)

5.01 (-0.75)

$4,650 (+4.27%)

$62 (+0.06%)

($6,037) (-5.57%)

5.02 (-0.74)

$4,650 (+4.27%)

$80 (+0.07%)

($11,077) (-10.23%)

5.02 (-0.74)

($11,113) (-10.20%)

$4,650 (+4.27%)

$98 (+0.09%)

($15,861) (-14.64%)

5.00 (-0.76)





($6,347) (-5.83%)($1,325) (-1.22%)$1,278 (+1.17%)$3,940 (+3.62%)$6,665 (+6.12%)$9,460 (+8.68%)Total Return4.650%



KLA-TENCOR CORP

Prin Returned $0 $0 $0 $0 $0 $0 $0


43232VSF9Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$5,000 (+4.35%)

$23 (+0.02%)

$1,453 (+1.29%)

07/01/2029



114.154 (+1.45pts)

3.23 (-0.83)

$100,000

112.701

2.048%

4.05

$5,000 (+4.35%)

$36 (+0.03%)

($406) (-0.36%)

3.24 (-0.81)

$5,000 (+4.35%)

$54 (+0.05%)

($2,264) (-2.01%)

3.38 (-0.67)

$5,000 (+4.35%)

$72 (+0.06%)

($4,242) (-3.76%)

3.79 (-0.26)

$5,000 (+4.35%)

$90 (+0.08%)

($6,495) (-5.76%)

4.52 (+0.46)

$5,000 (+4.35%)

$126 (+0.11%)

($12,209) (-10.83%)

6.50 (+2.45)

($15,601) (-13.56%)

$5,000 (+4.35%)

$162 (+0.14%)

($20,763) (-18.42%)

9.20 (+5.14)


Px to: CallILLUSTRATIONHeld Away

End YTW 0.920 (-113bps) 1.420 (-63bps) 1.930 (-12bps) 2.485 (+44bps) 3.131 (+109bps) 4.847 (+280bps) ††6.046 (+400bps)


($7,083) (-6.16%)($1,405) (-1.22%)$830 (+0.72%)$2,789 (+2.42%)$4,630 (+4.02%)$6,476 (+5.63%)Total Return5.000%



HILLSBOROUGH CNTY FLA SCH BRDC

Prin Returned $0 $0 $0 $0 $0 $0 $0


341150U73Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$2,750 (+2.75%)

$13 (+0.01%)

$10,472 (+10.62%)

07/01/2030



109.112 (+10.47pts)

8.45 (-2.05)

$100,000

98.640

2.880%

10.50

$2,750 (+2.75%)

$20 (+0.02%)

$5,716 (+5.80%)

9.08 (-1.42)

$2,750 (+2.75%)

$30 (+0.03%)

$862 (+0.87%)

11.46 (+0.96)

$2,750 (+2.75%)

$40 (+0.04%)

($5,694) (-5.77%)

13.63 (+3.13)

$2,750 (+2.75%)

$50 (+0.05%)

($11,634) (-11.79%)

12.85 (+2.35)

$2,750 (+2.75%)

$70 (+0.07%)

($22,029) (-22.33%)

12.19 (+1.69)

($27,904) (-27.93%)

$2,750 (+2.75%)

$90 (+0.09%)

($30,744) (-31.17%)

11.58 (+1.08)



End YTW †1.468 (-142bps) †2.122 (-76bps) 2.801 (-8bps) 3.499 (+62bps) 4.182 (+131bps) 5.519 (+264bps) 6.814 (+394bps)


($19,209) (-19.22%)($8,834) (-8.84%)($2,903) (-2.91%)$3,642 (+3.64%)$8,487 (+8.49%)$13,235 (+13.24%)Total Return2.750%



FLORIDA ST

Prin Returned $0 $0 $0 $0 $0 $0 $0


13063BSA1Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$5,000 (+4.40%)

$17 (+0.02%)

$1,258 (+1.13%)

02/01/2038



113.005 (+1.26pts)

2.90 (-1.01)

$100,000

111.747

2.008%

3.90

$5,000 (+4.40%)

$27 (+0.02%)

($402) (-0.36%)

3.04 (-0.86)

$5,000 (+4.40%)

$43 (+0.04%)

($2,195) (-1.96%)

3.65 (-0.25)

$5,000 (+4.40%)

$59 (+0.05%)

($4,492) (-4.02%)

4.87 (+0.97)

$5,000 (+4.40%)

$75 (+0.07%)

($7,490) (-6.70%)

6.59 (+2.69)

$5,000 (+4.40%)

$107 (+0.09%)

($16,277) (-14.57%)

11.56 (+7.66)

($22,329) (-19.64%)

$5,000 (+4.40%)

$139 (+0.12%)

($27,468) (-24.58%)

11.72 (+7.82)





($11,170) (-9.83%)($2,415) (-2.12%)$568 (+0.50%)$2,848 (+2.51%)$4,626 (+4.07%)$6,274 (+5.52%)Total Return5.000%



CALIFORNIA ST

Prin Returned $0 $0 $0 $0 $0 $0 $0


114894RS9Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$5,000 (+4.45%)

$17 (+0.02%)

$3,121 (+2.80%)

10/01/2042



114.459 (+3.12pts)

3.59 (-1.82)

$100,000

111.338

2.469%

5.42

$5,000 (+4.45%)

$24 (+0.02%)

$987 (+0.89%)

4.15 (-1.27)

$5,000 (+4.45%)

$36 (+0.03%)

($1,607) (-1.44%)

5.45 (+0.03)

$5,000 (+4.45%)

$47 (+0.04%)

($5,003) (-4.49%)

7.31 (+1.89)

$5,000 (+4.45%)

$59 (+0.05%)

($9,421) (-8.46%)

9.24 (+3.82)

$5,000 (+4.45%)

$82 (+0.07%)

($20,940) (-18.81%)

13.23 (+7.81)

($26,633) (-23.69%)

$5,000 (+4.45%)

$106 (+0.09%)

($31,739) (-28.51%)

12.40 (+6.99)





($15,858) (-14.10%)($4,362) (-3.88%)$44 (+0.04%)$3,429 (+3.05%)$6,011 (+5.35%)$8,138 (+7.24%)Total Return5.000%



BROWARD CNTY FLA ARPT SYS REV

Prin Returned $0 $0 $0 $0 $0 $0 $0










39225PAT8Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$5,000 (+4.27%)

$11 (+0.01%)

$8,107 (+6.96%)

11/01/2042



124.610 (+8.11pts)

6.67 (-1.82)

$100,000

116.503

2.659%

8.49

$5,000 (+4.27%)

$16 (+0.01%)

$3,773 (+3.24%)

7.54 (-0.95)

$5,000 (+4.27%)

$25 (+0.02%)

($1,040) (-0.89%)

8.60 (+0.12)

$5,000 (+4.27%)

$35 (+0.03%)

($6,077) (-5.22%)

9.65 (+1.16)

$5,000 (+4.27%)

$44 (+0.04%)

($11,775) (-10.11%)

10.69 (+2.20)

$5,000 (+4.27%)

$64 (+0.05%)

($24,077) (-20.67%)

13.88 (+5.39)

($30,474) (-26.01%)

$5,000 (+4.27%)

$83 (+0.07%)

($35,556) (-30.52%)

12.91 (+4.42)





($19,013) (-16.23%)($6,730) (-5.74%)($1,042) (-0.89%)$3,986 (+3.40%)$8,789 (+7.50%)$13,118 (+11.20%)Total Return5.000%



GREATER NEW ORLEANS EXPWYCOMM

Prin Returned $0 $0 $0 $0 $0 $0 $0


592041YB7Muni Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$4,000 (+3.78%)

$21 (+0.02%)

$13,439 (+12.91%)

07/01/2047



117.543 (+13.44pts)

10.31 (-3.85)

$100,000

104.104

3.490%

14.16

$4,000 (+3.78%)

$30 (+0.03%)

$6,976 (+6.70%)

11.94 (-2.22)

$4,000 (+3.78%)

$43 (+0.04%)

($69) (-0.07%)

13.38 (-0.78)

$4,000 (+3.78%)

$56 (+0.05%)

($7,278) (-6.99%)

15.86 (+1.70)

$4,000 (+3.78%)

$69 (+0.06%)

($15,391) (-14.78%)

16.78 (+2.62)

$4,000 (+3.78%)

$95 (+0.09%)

($28,544) (-27.42%)

15.17 (+1.01)

($34,871) (-32.99%)

$4,000 (+3.78%)

$121 (+0.12%)

($38,993) (-37.46%)

13.96 (-0.20)



End YTW 1.776 (-172bps) 2.548 (-95bps) 3.450 (-4bps) ††4.192 (+71bps) ††4.725 (+124bps) ††5.754 (+227bps) ††6.781 (+329bps)


($24,448) (-23.13%)($11,322) (-10.71%)($3,222) (-3.05%)$3,974 (+3.76%)$11,006 (+10.41%)$17,459 (+16.52%)Total Return4.000%



MET GOVT NASHVILLE & DAVIDSONC -VANDERBILT UNIVERSITY MEDICAL

Prin Returned $0 $0 $0 $0 $0 $0 $0



Reinv Return

Price Return

End Price

End OA Dur

$1,388 (+5.27%)

$50 (+0.19%)

($960) (-3.70%)

12/31/2049



**25.000 (-0.96pts)

– ( – )

1,000 shares

26.340

1.634%

0.78

$1,388 (+5.27%)

$77 (+0.29%)

($960) (-3.70%)

– ( – )

$1,388 (+5.27%)

$104 (+0.40%)

($960) (-3.70%)

– ( – )

$1,388 (+5.27%)

$132 (+0.50%)

($960) (-3.70%)

– ( – )

$1,388 (+5.27%)

$159 (+0.60%)

($960) (-3.70%)

– ( – )

$1,388 (+5.27%)

$213 (+0.81%)

($960) (-3.70%)

– ( – )

($16) (-0.06%)

$1,317 (+5.00%)

$51 (+0.19%)

($1,384) (-5.33%)

6.13 (+5.35)



End YTW – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) – ( – ) ††7.002 (+537bps)


$640 (+2.43%)$586 (+2.23%)$559 (+2.12%)$532 (+2.02%)$504 (+1.92%)$477 (+1.81%)Total Return6.750%

**25.000 (-0.96pts) **25.000 (-0.96pts) **25.000 (-0.96pts) **25.000 (-0.96pts) **25.000 (-0.96pts) 24.576 (-1.38pts)


ALLSTATE CORP

Prin Returned **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 **$25,000 $0


74913G501Pfd Cpn Return

Reinv Return

Price Return

End Price

End OA Dur

$73 (+0.30%)

$1,292 (+5.31%)

$1,034 (+4.31%)

07/01/2052



**25.000 (+1.03pts)

– ( – )

1,000 shares

24.360

7.328%

9.31

$1,371 (+5.63%)

$59 (+0.24%)

$1,339 (+5.59%)

4.06 (-5.25)

$1,371 (+5.63%)

$64 (+0.26%)

$387 (+1.62%)

9.09 (-0.22)

$1,371 (+5.63%)

$69 (+0.28%)

($813) (-3.39%)

10.33 (+1.02)

$1,371 (+5.63%)

$75 (+0.31%)

($1,993) (-8.32%)

10.48 (+1.17)

$1,371 (+5.63%)

$85 (+0.35%)

($4,155) (-17.34%)

10.09 (+0.78)

($4,527) (-18.59%)

$1,371 (+5.63%)

$96 (+0.39%)

($5,993) (-25.01%)

9.40 (+0.09)



End YTW – ( – ) 7.023 (-31bps) 7.330 (+1bps) 7.747 (+42bps) 8.196 (+87bps) 9.139 (+181bps) 10.102 (+278bps)


($2,699) (-11.09%)($548) (-2.25%)$627 (+2.58%)$1,822 (+7.48%)$2,769 (+11.37%)$2,398 (+9.85%)Total Return7.000%



QWEST CORP

Prin Returned **$25,000 $0 $0 $0 $0 $0 $0



Reinv Return

Price Return

End Price

End OA Dur

$480 (+1.90%)

$262 (+1.04%)

($86) (-0.34%)

05/16/2053



**25.000 (-0.09pts)

– ( – )

1,000 shares

25.200

3.834%

3.94

$480 (+1.90%)

$338 (+1.34%)

($86) (-0.34%)

– ( – )

$480 (+1.90%)

$414 (+1.64%)

($86) (-0.34%)

– ( – )

$1,067 (+4.24%)

$18 (+0.07%)

($784) (-3.13%)

9.00 (+5.06)

$1,067 (+4.24%)

$21 (+0.08%)

($2,070) (-8.25%)

11.93 (+7.99)

$1,067 (+4.24%)

$26 (+0.10%)

($4,880) (-19.45%)

13.24 (+9.30)

($6,288) (-24.96%)

$1,067 (+4.24%)

$32 (+0.13%)

($7,387) (-29.45%)

13.08 (+9.13)



End YTW – ( – ) – ( – ) – ( – ) ††4.895 (+106bps) ††5.226 (+140bps) ††6.060 (+223bps) ††6.979 (+315bps)


($3,787) (-15.03%)($982) (-3.90%)$301 (+1.20%)$808 (+3.21%)$732 (+2.91%)$656 (+2.60%)Total Return4.700%

**25.000 (-0.09pts) **25.000 (-0.09pts) 24.302 (-0.78pts) 23.016 (-2.07pts) 20.206 (-4.88pts) 17.698 (-7.39pts)


GENERAL ELEC CAP CORP

Prin Returned **$25,000 **$25,000 **$25,000 $0 $0 $0 $0











Reinv Return

Price Return

End Price

End OA Dur

$122 (+0.49%)

$789 (+3.17%)

$160 (+0.64%)

12/01/2061



**25.000 (+0.16pts)

– ( – )

1,000 shares

24.930

5.914%

5.18

$122 (+0.49%)

$906 (+3.64%)

$160 (+0.64%)

– ( – )

$1,395 (+5.60%)

$27 (+0.11%)

$74 (+0.30%)

5.01 (-0.17)

$1,395 (+5.60%)

$30 (+0.12%)

($950) (-3.82%)

9.96 (+4.77)

$1,395 (+5.60%)

$33 (+0.13%)

($2,258) (-9.09%)

11.67 (+6.49)

$1,395 (+5.60%)

$39 (+0.16%)

($4,809) (-19.36%)

12.08 (+6.89)

($5,586) (-22.42%)

$1,395 (+5.60%)

$46 (+0.18%)

($7,027) (-28.29%)

11.36 (+6.17)



End YTW – ( – ) – ( – ) 5.916 (+1bps) 6.191 (+28bps) 6.573 (+66bps) 7.442 (+153bps) 8.380 (+247bps)


($3,374) (-13.54%)($830) (-3.33%)$476 (+1.91%)$1,496 (+6.01%)$1,188 (+4.77%)$1,071 (+4.30%)Total Return5.875%

**25.000 (+0.16pts) 24.914 (+0.07pts) 23.891 (-0.95pts) 22.582 (-2.26pts) 20.032 (-4.81pts) 17.814 (-7.03pts)


TELEPHONE & DATA SYSTEM

Prin Returned **$25,000 **$25,000 $0 $0 $0 $0 $0





of 25

Benchmark Curves - Taxable and tax-exempt yield curves are used. Assumed to be a par yield curve, the model will calculate discount factors, zero coupon rates, forward rates and volatility structures to analyze each bond

for the horizon effect calculations.

Coupon Return - The sum of all coupon payments for tax lots included in the report over the shock horizon period expressed in $ and % return of beginning Total Market Value.

Current Face Value - The face value of the tax lot at the beginning of the horizon period applying the current factor, if applicable.

Current Face Value - End - The aggregated ending projected price multiplied by the projected face value at the end of the shock horizon period for each tax lot included in the report based upon the respective shock

scenario.

Current Face Value - Starting - The aggregated beginning price multiplied by the beginning current face value for each tax lot included in the report.

Curve Shift - The basis point shift applied to the benchmark curves. This may be a parallel or non-parallel shift which will be applied to determine the horizon effect calculations for each tax lot held.

Int on Reinvested Proceeds - Scenario Value - Interest earned on all reinvested proceeds over the shock horizon period at a rate assumed by the model for each tax lot included in the report based upon interest rates

derived from the beginning curves used in the model.

Interest on Reinvested Prin+Int - The sum of all interest earned on all reinvested proceeds for tax lots included in the report during the shock horizon period expressed in $ and % return of beginning total market value.

Market Value - Total Current Value - The aggregated beginning principal value plus accrued interest for each tax lot included in the report.

Market Value - Total Scenario Value - The aggregated principal value plus accrued interest for each tax lot included in the report at the end of the shock horizon period.

Mat Term - End - The expected time to maturity expressed in years at the end of the horizon period. Used most often for principal paydown securities where the average life expectation changes due to scenario

assumptions.

Mat Term - Starting - The expected time to maturity expressed in years at the beginning of the horizon period.

OA Effective Duration - Average Current Value - The principal value weighted average beginning option adjusted duration of each tax lot included in the report.

OA Effective Duration - Average Scenario Value - The projected principal value weighted average option adjusted duration at the end of the shock horizon period for all tax lots included in the report. Values are based

upon the respective shocked benchmark curve utilizing a constant model implied option adjusted spread.

OA Effective Duration - End - The option adjusted (effective) duration at the end of the horizon period. The change from starting OA duration is expressed in + - units.

OA Effective Duration - Starting - The option adjusted (effective) duration of each tax lot at the beginning of the horizon period.

Price - Average Current Value - The current face weighted average beginning price of each tax lot included in the report. Prices have been normalized to "Par" where nominal value is greater or less than 100.


Glossaryreport as of 12/19/2017

of 25

Price - Average Scenario Value - The projected current face weighted average price at the end of the shock horizon period for all tax lots included in the report. Values are based upon the respective shocked benchmark

curve utilizing a constant model implied option adjusted spread. Redemption price is used for matured and called tax lots. Prices have been normalized to "Par" where nominal value is greater or less than 100.

Price - End - The calculated price based upon the scenario assumptions at the end of the horizon period. The model will indicate a bond has matured (*) or will be called (**) at the redemption price. If there is no indication it

is assumed the tax lot is held for the entire horizon period. The change from starting price is expressed in + - pts.

Price - Starting - The price provided from internal sources or by third party data provider at beginning of horizon period.

Principal Return - The gain or loss in total Principal Value (plus any matured or called bond principal proceeds) for tax lots included in the report during the horizon period expressed in $ and % return of beginning total

market value.

Reinvested Proceeds - End - The aggregation of all cash flows during the shock horizon period including matured principal, called bond proceeds, coupon payments, and/or projected principal pay downs.

Reinvestment Rate - The risk-free spot rate determined by the model applied to each principal and coupon cash flow from receipt to the end of the horizon period.

Scenario Horizon - The time period over which the horizon effect is measured.

Total Return - The sum of all coupon payments, interest earned on reinvested proceeds, and the gain or loss in principal value for tax lots included in the report over the shock horizon period expressed in $ and % return of

beginning total market value.

Volatility - Determined by the model.

Yield - Starting - The yield to worst derived from the current market price from internal sources or by third party data provider at beginning of horizon period.

Yield - Ending - The calculated yield to worst based upon the scenario assumption at the end of the horizon period. The change in yield may differ from the input yield shift because the model revalues the bond at a constant

Option Adjusted Spread across the entire shifted yield curve allowing the bond to roll down the curve. The change from starting yield is expressed in + - bps.


Glossary (continued...)report as of 12/19/2017

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Disclaimer

YIELDS REPRESENT YIELD TO MATURITY OR YIELD TO WORST CALL AS INDICATED. PLEASE REVIEW THIS INFORMATION CAREFULLY WITH YOUR FINANCIAL ADVISOR TO ASSURE IT MEETS YOUR

INVESTMENT OBJECTIVES.

Minimum purchases may apply. Prices and yields are subject to change based upon market conditions and availability.

An overview of these investments, their features and risks is available at raymondjames.com, "Smart Bond Investing" at finra.org, under "Learn More" at investinginbonds.com, or emma.msrb.org.

RISK CONSIDERATIONS: These securities are subject to risk factors that may decrease (or increase) the market value of your investment.

INTEREST OR DIVIDEND RATE RISK is the risk that changes in interest rates may reduce (or increase) the market value of your investment. Generally, a rise in interest rates decreases market price; while a fall in interest

rates increases market price.

LIQUIDITY RISK is the risk that you will be unable to sell these securities in the secondary market. If you decide to sell prior to maturity, your proceeds may be more or less than the original cost, and may be subject to capital

gains or loss.

CREDIT RISK OR DEFAULT RISK refers to the risks that the issuer's creditworthiness may weaken or possibly the issuer, obligor, or insurer will not be able to pay interest or repay principal when due. Adverse changes in

the creditworthiness and rating may decrease value of the investment. Generally, higher yields and/or lower ratings reflect higher perceived credit risk. Independent rating agencies provide actual and underlying security

ratings on most securities which at times include future outlook and/or placement of the security under review for future action. These ratings are subject to change at any time and are not meant as a recommendation to buy,

sell or hold. Securities with the same rating can actually trade at significantly different prices. Raymond James trade confirmations, online accounts and monthly statements display only the current ratings and subsequent

changes of those Rating Agencies to which Raymond James subscribes. Investors may request Moody's and/or S&P credit reports from their financial advisors, and Fitch reports are available for municipal bonds. To learn

more please refer to moodys.com, standardandpoors.com, and fitchratings.com.

Insurance, if specified, relates to the timely payment of principal and interest. Insurance does not guarantee market value or protect against fluctuations in bond prices resulting from general market fluctuations. No

representation is made as to the insurer's ability to meet its financial commitments and the underlying credit should be considered. High yield bonds are not suitable for all investors and are generally considered speculative in

nature with greater potential loss of interest and/or principal. Brokered Certificate of Deposit FDIC insurance covers up to $250,000 (including principal and interest) for deposits held in different ownership categories,

including single accounts, joint accounts, trust accounts, IRAs, and certain other retirement accounts, per issuer. Funds may not be withdrawn until the maturity date or redemption date. However, these CDs are negotiable,

which means, that although not obligated to do so, Raymond James and other broker/dealers currently maintain an active secondary market at current interest rates. FDIC insurance does not guarantee market value or

protect against fluctuations in CD prices resulting from general market changes.

INCOME: In general, fixed income investments pay a fixed interest rate coupon. Some bonds, however can pay variable payments such as step coupons and or variable rates based on a predetermined formula. Interest from

taxable zero coupon securities is subject to annual taxation as ordinary income, even though no income is received. Certain federally tax-exempt municipal securities, although federally tax-exempt, may be subject to federal

alternative minimum tax (AMT). Tax-exempt municipal interest earned is generally free from taxes, however other appreciation components may not be. Upon sale or redemption of a municipal bond purchased at a discount,

a portion of the proceeds may be subject to tax. Brokered CDs annual percentage yields (APY) represents the interest earned based on simple interest calculations

MATURITY: Brokered CDs with a maturity of longer than 1 year are considered as Long-Term. Certain early redemption features, such as a call at issuer's option, provide the issuer an option to repay principal prior to


Disclaimerreport as of 12/19/2017

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maturity and may change the term of the investment. Certain brokered CDs are also callable at the option of the issuer.

MODIFIED DURATION AND CONVEXITY are measures of price sensitivity of a fixed-income security to changes in interest rates. Modified Duration is the approximate percentage change in price that would occur with a 1%

change in interest rates. Convexity estimates the impact of interest rate changes on modified duration. Modified Duration and Convexity may be used together to approximate price volatility of fixed-income securities. Modified

Duration does not account for early redemption features, such as calls by the issuer. Mortgage-backed securities and Collateralized Mortgage Obligations (CMOs) are priced based on average life which includes prepayment

assumptions that may or may not be met and changes in prepayments may significantly affect yield and average life.

For more complete information about new issues, including charges and expenses, obtain a prospectus at sec.gov or municipal official statement at emma.msrb.org or from your Financial Advisor. Please read it carefully

before you invest or send money.

Investors are urged to consult with their own tax advisors with regard to their specific situation prior to making any investment decisions with tax consequences.

The portfolio evaluation is intended as a tool to assist our clients manage their fixed income investments. The analysis is based on information supplied to us by you or your financial advisor and other sources believed to be

reliable but that are not guaranteed for accuracy or completeness. We are not responsible for errors in report listings or incorrect information supplied by our various subscribed services. Due to the data complexity, some

securities may not be included in the portfolio analysis. Opinions, projections, and estimates are subject to change without notice and may be based on industry conventions that do not make a complete analysis of every

material fact. Any substantial change in interest rates, market conditions and credit quality of the issuer may not be reflected in the evaluation. There can be no assurance that past performance can be repeated in the future.

This firm or persons associated with it may at any time be long or short any securities mentioned in this report and may from time to time sell or buy such securities. This firm or one of its affiliates may from time to time

perform investment banking or other services for, or solicit investment banking or other business from any company mentioned herein. Further, an employee of this firm may be a director of a company mentioned here. For

complete information about proposed new issue bonds, including expenses and charges, obtain a prospectus from your financial advisor. Information in this report is not intended and should not be used for any official tax,

lending, or legal purposes. Please contact your tax or legal advisor regarding the tax treatment and consequences of fixed income investments. This report does not supersede or replace your monthly statement. No part of

this document may be reproduced in any manner without written permission of the Fixed Income Department of Raymond James.

Unless otherwise specified, products purchased from or held at Raymond James & Associates or Raymond James Financial Services are not insured by the FDIC, are not deposits or other obligations of Raymond James

Bank, are not guaranteed by Raymond James Bank and are subject to investment risks, including possible loss of the principal invested.

Raymond James & Associates, Inc. member New York Stock Exchange/SIPC and Raymond James Financial Services, Inc. member FINRA/SIPC.


Disclaimer (continued...)report as of 12/19/2017

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