Wednesday, November 15, 2017
MANAGING DIRECTOR: Scott Carrithers   PORTFOLIO SALES AND SERVICE: Steve Panknin • George Morris • Jeff Goble • Chris Thompson • Sean Doherty Robert Brickson • Kevin Doyle • Lonnie Harris •  Mark Tranckino • Robert Schuyler  Tom Toburen • Josh Kiefer • Nicole Burczyk • Kelley Frye • Natalie Regan • Aaron Stoffer • Chuck Honeywell

US Treasury Market
Date	1 mo	3 mo	6 mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr	20 yr	30 yr
11/8/17	1.05	1.23	1.35	1.53	1.65	1.77	2.01	2.19	2.32	2.57	2.79
11/9/17	1.07	1.24	1.36	1.53	1.63	1.75	2.01	2.20	2.33	2.59	2.81
11/10/17	1.06	1.23	1.37	1.54	1.67	1.79	2.06	2.27	2.40	2.67	2.88
11/13/17	1.07	1.24	1.37	1.55	1.70	1.82	2.08	2.27	2.40	2.67	2.87
11/14/17	1.06	1.26	1.40	1.55	1.68	1.81	2.06	2.26	2.38	2.64	2.84

                                                                                                                                         Source: U.S. Department of the Treasury, as of 11/14/17  

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                                                       Prepping for Year-End

If earnings have been good this year, it may be the right time to book losses in your bond portfolio.  The idea is to sell lower-yielding bonds at a loss which is partially underwritten by the IRS and clean up some areas of the portfolio to either reduce interest rate risk or to reallocate into better performing assets.

Earnings not so good? Then this might be a good time to book some gains (most well-constructed portfolios still have gains). These can be used to meet budget goals, replenish diminished reserve accounts or to restructure fast paying MBS to a better, more manageable asset.

Either way, time is running short for this year-end portfolio pruning. The next three weeks will be your best opportunity bid securities you are looking to sell.  Beginning next week, the holiday season is in full bloom and with every passing day, the marketplace of dealers grows reluctant to significantly add to inventories before year end.

Take a minute to review your portfolios to ensure that you are not missing out on any year-end opportunities…Time is running short!

This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.

•Not FDIC Insured •No Bank Guarantee •May Lose Value