Before the Bell

Before the Bell

Morning Market Brief

November 4, 2019

FOR IMPORTANT DISCLOSURES, PLEASE SEE THE DISCLOSURE PAGES AT THE END OF THIS DOCUMENT

MORNING MARKET COMMENTARY: Anthony M. Saglimbene, Global Market Strategist

? Quick Take: U.S. futures are pointing to a higher open; European markets are trading in the green; Asia ended higher overnight; West Texas Intermediate (WTI) oil trading at $56.94; 10-year U.S. Treasury yield up to 1.75%.

? The Bull Sharpens His Horns: U.S equities soared higher last week following a third Fed rate cut on Wednesday and a host of mostly upbeat earnings reports. A better than expected October jobs report on Friday as well as ISM manufacturing data showing new orders and employment trends in the space improved last month lifted investor spirits, sending the S&P 500 Index to yet another record close on the week.

? The positive backdrop helped the S&P 500 cap its fourth straight week of gains, and at least initially, is looking like the broad-based stock benchmark has finally broken out of its tight trading range. The `new high' party is starting to look less exclusive too, with all-time highs extending to the NASDAQ last week, where the tech-based Composite climbed to a new record close on Friday. As the market now firmly enters its favorable year-end period, below are some key points investors should consider as the second-longest bull market pushes higher. ? The current bull market began in March 2009 and is now 3,889 days old and counting. Over this time, the S&P 500 has risen over +350% cumulatively. For the current bull to surpass the longest bull run ever (1987 ? 2000) in length and strength, today's bull would need to extend out another 20 months and rally more than +50% to an S&P 500 level of 4,614, per Bespoke Investment Group data. The longest bull market ever lasted 4,494 days and where the S&P 500 avoided losing 20% or more from a previous high on a closing basis. The Index surged +582% cumulatively over that period. ? Although the S&P 500 and NASDAQ climbed to new all-time highs last week, the Dow Jones Industrial Average and S&P 400 Mid-Cap Index couldn't quite close the deal. However, each is less than 50 basis points away from a new record high, indicating breadth across industries and cap-size is quite positive across U.S. markets today. ? Even the Russell 2000 Index is starting to join the party. The U.S. small-cap barometer is higher by roughly +7.0% over the last month and is currently less than 2.0% away from its May 2019 all-time high. Nevertheless, the Index has work to do if it wants to meaningfully put its longer-term downtrend in the rearview mirror. ? What worked in October? In terms of the S&P 500, larger-cap stocks outperformed smaller-cap stocks. Stocks with low yield, high short interest, and high price-to-sales ratios also outperformed more conservative equities (i.e., low price-to-earnings ratios, high dividend yield, and low short interest). Basically, a `quality bias' was a drag on performance last month. However, one month does not make a trend, and we firmly believe now is the time to stress a high-quality investment bias across a portfolio. ? Having an international presence is also helping drive returns as of late. Europe, BRIC, Asia, and broad-based emerging market indexes all outperformed domestic equities in October, in part, fueled by the U.S. dollar posting its worst month of performance since January 2018. In local terms, the Europe

Notations:

? For further information on any of the topics mentioned, please contact your Financial Advisor.

? Unless specifically stated otherwise, comments contained in this document should not be construed as an investment opinion or

recommendation of any securities mentioned. Charts depicted are from FactSet unless otherwise noted.

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Stoxx 600 Index broke out of its one-year trading range last week, with areas like Germany and Italy seeing robust stock performance. Here at home, S&P 500 companies with higher overseas revenue exposure gained +3.3% in October, while companies with low or no international revenue finished in the red, according to Bespoke. In a risk-on environment, we are not surprised to see international stocks catching a bid, as, for the most part, large areas outside the U.S. have trailed domestic markets all year.

? Investors should feel good about where markets stand coming into year-end. Interest rate policy is accommodative, earnings growth is outperforming expectations, and the U.S. economy continues to stand on a solid base. Much of last week's reports and data helped confirm this point and is largely why stocks climbed to new highs, in our view. Our year-end 2950 S&P 500 target is likely biased to the upside if fundamental conditions hold through year-end (which we believe they should), and trade tensions do not materially take a turn for the worse (your view is as good as ours). A year-end S&P 500 level of 3,100 to 3,200 is a reasonable target if data and macro conditions stay on track--which is also where we set the upper end of our S&P 500 target range at the end of last year. As we highlighted last week, any more upside from here through yearend is simply icing on the cake.

? Asia-Pacific: Asian equities finished higher on Monday, while markets in Japan were closed for a holiday. Stocks across Asia drove higher overnight, as positive trade sentiment and a carry through from new highs in the U.S. on Friday lifted trader's spirits. On Friday, Beijing said it had reached consensus with the U.S. on core trade concerns following a meeting between high-level officials on both sides. White House economic advisor Larry Kudlow also said on Friday both sides are making progress on IP and forced technology transfers.

? Per a Nikkei analysis, 125 Japanese manufacturers revised lower their net profit forecasts for the current fiscal year by $8.6 billion -- the largest collective downgrade in seven years. The manufacturing forecast significantly contrasts the upbeat forecast from the non-manufacturing sector, where upgrades have outpaced downgrades this year. The negative impact from trade tensions has weighed on business confidence all year, particularly in Japan, where the country generates over 40% of its revenue outside its borders.

? Europe: Markets across the region are trading up at mid-day. Eurozone final manufacturing PMI for October came in two ticks higher at 45.9 versus the previous flash estimate. Upward revisions in Germany and France helped, though the data compiler IHS Markit said the goods-producing sector could continue to weigh on Eurozone growth in the fourth quarter.

? U.S.: Equity futures are pointing to a positive open this morning. Sentiment continues to lean positively, with premarket activity pointing to another record high for U.S. stocks at the open. The de-escalation in trade tension theme is largely responsible for the lift in stock prices this morning, as U.S. Commerce Secretary Wilbur Ross said over the weekend waivers are coming shortly for U.S. companies looking to resume selling components to Huawei. President Trump also said a phase one deal with China could be signed in Iowa next month.

? Federal Reserve accommodation, and better-than-expected earnings and economic data last week were also key ingredients in lifting stock prices to new highs. With 71% of Q3'19 S&P 500 profit reports complete, the blended earnings per share growth rate is lower by 2.7% y/y on sales growth of +3.1%. 76% of companies are surpassing profit estimates, and in aggregate, hurdling over their estimates by 3.8%. Each metric is above its five-year average, and showing analysts were too pessimistic about company fundamentals heading into the reporting season. This week, 90 S&P 500 companies will report results, including one Dow component.

? On the docket this week: More earnings, October ISM non-manufacturing data (Tuesday), Q3 productivity (Wednesday), and U of M consumer sentiment (Friday).

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November 4, 2019

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WORLD CAPITAL MARKETS (all data as of approximately 8:00 AM ET)

Americas

% chg. % YTD

Value Europe (Intra-day)

S&P 500

Dow Jones NASDAQ Russell 2000 Brazil Bovespa S&P/TSX Comp. (Canada) Mexico IPC

0.97% 1.11% 1.13% 1.72% 0.91% 0.67% 1.10%

24.37% 19.51% 27.50% 19.19% 23.11% 18.84%

7.68%

3,066.9 27,347.4

8,386.4 1,589.3 108,195.6 16,594.1 43,814.6

DJSTOXX 50 (Europe)

FTSE 100 (U.K.) DAX Index (Germany) CAC 40 (France) FTSE MIB (Italy) IBEX 35 (Spain) Russia TI

% chg. %YTD

Value

1.03% 1.05% 1.24% 1.00% 1.54% 0.89% Closed

26.28% 14.03% 24.27% 26.79% 27.08% 14.08% 29.26%

3,661.1 7,378.8 13,122.1 5,819.6 23,286.7 9,411.4 5,061.9

Asia/Pacific (Last Night)

Nikkei 225 (Japan) HK Hang Seng ( H. Kong) Korea Kospi 100 Singapore STI Shanghai Comp. (China) Bombay Sensex (India) S&P/ASX 200 (Australia)

% chg. %YTD

Closed 16.44% 1.65% 10.30% 1.43% 5.03% 0.22% 9.32% 0.58% 22.21% 0.34% 12.99% 0.27% 23.91%

Value

22,850.8 27,547.3

2,130.2 3,236.4 2,975.5 40,302.0 6,686.9

Global

% chg. % YTD

Value Developed International % chg. %YTD

Value

MSCI All-Country World Idx 0.81% 20.94%

538.8 MSCI EAFE

0.57% 18.18% 1,966.7

Note: International market returns shown on a local currency basis. Equity index data is total return, inclusive of dividends.

Emerging International MSCI Emerging Mkts

% chg. %YTD 0.69% 11.43%

Value 1,049.2

S&P 500 Sectors

Consumer Discretionary Consumer Staples Energy Financials Real Estate Health Care Industrials Materials Technology Communication Services Utilities

% chg. % YTD

0.65% 23.68% 0.00% 23.10% 2.51% 6.21% 1.42% 24.29% -0.28% 29.25% 0.17% 11.23% 2.21% 26.64% 1.45% 18.87% 1.22% 38.15% 0.83% 26.46% -0.21% 24.20%

Value

956.2 627.3 437.4 482.8 242.5 1,097.4 675.9 370.0 1,485.1 173.2 325.2

Equity Income Indices

JPM Alerian MLP Index FTSE NAREIT Comp. DJ US Select Dividend DJ Global Select Dividend S&P Div. Aristocrats

% chg. % YTD

0.95% -1.07% -0.05% 29.81% 1.25% 19.27% 0.42% 9.91% 0.91% 22.93%

Value

22.0 21,543.4

2,218.9 227.3

2,946.6

Bond Indices Barclays US Agg. Bond Barclays HY Bond

% chg. % YTD -0.15% 8.68% 0.12% 11.85%

Value 2,224.3 2,135.6

Commodities

Futures & Spot (Intra-day) CRB Raw Industrials NYMEX WTI Crude (p/bbl.) ICE Brent Crude (p/bbl.) NYMEX Nat Gas (mmBtu) Spot Gold (troy oz.) Spot Silver (troy oz.) LME Copper (per ton) LME Aluminum (per ton) CBOT Corn (cents p/bushel) CBOT Wheat (cents p/bushel)

% chg. % YTD 0.02% -8.96% 1.00% 24.99% 1.07% 15.89% 3.21% -4.73% -0.02% 18.05% 0.41% 17.49% 1.00% -2.05% 2.10% -3.87% -1.03% -3.08% -0.97% -5.81%

Value 437.4

56.8 62.4

2.8 1,514.0

18.2 5,827.0 1,790.8

385.3 511.0

Foreign Exchange (Intra-day) % chg. % YTD

Value

Euro (/$)

-0.1% -2.7%

1.12 Japanese Yen ($/?)

British Pound (?/$)

-0.2% 1.3%

1.29 Australian Dollar (A$/$)

Data/Price Source: Bloomberg; Equity Index data is total return, inclusive of dividends where applicable.

% chg. -0.18% 0.01%

% YTD 1.21% -2.04%

Value 108.38

0.69

Canadian Dollar ($/C$) Swiss Franc ($/CHF)

% chg. -0.1% -0.2%

% YTD 3.7% -0.6%

Value 1.32 0.99

Ameriprise Global Asset Allocation Committee U.S. Equity Sector - Tactical View

Sector

S&P 500 Index Weight

GAAC Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

Sector

S&P 500 Index Weight

GAAC Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

1) Communication Services 10.5%

Underweight

- 2.0%

8.5%

6) Health Care

13.9% Equalweight

-

13.9%

2) Consumer Discretionary 10.0%

Overweight

+2.0%

12.0%

7) Industrials

9.3%

Equalweight

-

9.3%

3) Consumer Staples

7.4%

Equalweight

-

7.4%

8) Information Technology 21.8%

Overweight

+2.0%

23.8%

4) Energy

4.6%

Equalweight

-

4.6%

9) Materials

2.7%

Equalweight

-

2.7%

5) Financials

13.1%

Underweight

- 2.0%

11.1%

10) Real Estate

3.2%

Overweight

+1.0%

4.2%

11) Utilities

3.5%

Underweight

- 1.0%

2.5%

Index weighting represents relative weightings based on the regional market capitalization balance of the MSCI All-Country World Index; may not add due to rounding. The GAAC Tactical Overlay, as well as Recommended Tactical Weights, is derived from the Ameriprise Global Asset Allocation Committee (GAAC).Views are expressed relative to the Index and are provided to represent investment conviction in each region. Tactical Allocations are designed to augment Index returns over a 6-12 month time horizon. Index weights as of 9/20/19. Numbers may not add due to rounding.

Ameriprise Global Asset Allocation Committee Global Equity Region - Tactical View

Region

MSCI All-Country World Index Weight

GAAC Tactical View

GAAC

GAAC

Tactical Recommended

Overlay

Weight

Region

MSCI All-Country World Index Weight

GAAC Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

1) United States

55.6%

Overweight

+7.3%

62.9%

5) Latin America

1.4%

Equalweight

-

1.4%

2) Canada

3.1%

Equalweight

-

3.1%

6) Asia-Pacific ex Japan

12.0%

Equalweight

-

12.0%

3) United Kingdom

4.8%

Underweight

- 2.0%

2.8%

7) Japan

7.3%

Underweight

- 2.0%

5.3%

4) Europe ex U.K.

14.5%

Underweight

- 2.0%

12.5%

8) Middle East / Africa

1.3%

Underweight

- 1.3%

-

Index weighting represents relative weightings based on the regional market capitalization balance of the MSCI All-Country World Index; may not add due to rounding. The GAAC Tactical Overlay, as well as Recommended Tactical Weights, is derived from the Ameriprise Global Asset Allocation Committee (GAAC).Views are expressed relative to the Index and are provided to represent investment conviction in each region. Tactical Allocations are designed to augment Index returns over a 6-12 month time horizon. Index weights as of 9/20/19. Numbers may not add due to rounding.

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THE WEEK AHEAD: Russell T. Price, CFA, Chief Economist

? Q3 corporate earnings: Through Friday, 72% of S&P 500 companies had reported their Q3 financial results (all numbers cited are sourced from FactSet.) The blended growth for the period (actuals blended with estimates for those yet to report) now looks for S&P 500 EPS to be down 2.8% from year-ago levels on sales growth of 3.0%. Q3 was the third consecutive quarter that analysts had forecast a small single-digit decline, but it looks as though it will be the first to see that decline actually materialize.

? At quarter's end (September 30th), Q3 consensus estimates were looking for a 3.5% yr/yr decline in S&P 500 earnings per share. Sales growth has also been unimpressive. Sales per share were forecast to have grown by 3.3% in the quarter, but the blended growth rate currently stands at just +2.7%.

? The economic calendar is light this week. Total Factory Orders for the month of September are reported today, but the most volatile component of this report, durable goods, has already been released. Sometimes there are modest adjustments to the data, but the Bloomberg consensus looks for a 0.5% month-over-month decline. The report typically garners little market attention as most of the information is already been reported via the Durable Goods report.

? The most important report of the week is very likely to be the Institute of Supply Management's (ISM) NonManufacturing Index (Services) report out at 10 AM ET on Tuesday. (See chart at left below.) With the manufacturing side of the economy in a slump, the services side of the economy is a critical source of support. In September, the Index added to the scare of the very weak Manufacturing Index by producing a reading of just 52.6, its lowest since mid-2016. The Index is expected to show a modest recovery for October, with a reading of 53.8 expected via the Bloomberg consensus. The GM strike may have had a role in last month's weakness, but the line of blame is less direct for Services than it is manufacturing. As such, investor fears over economic weakness could be re-kindled should it come-up short once again.

? Finally, on Friday the University of Michigan offers an especially early preview of its Consumer Sentiment Index. (See chart at right below.) The Index readings come early in November as the final read for the month is typically released before the Thanksgiving break. Timing aside, the Index is expected to be fairly flat with its October-ending level of 95.5.

Source: FactSet

Source: FactSet

November 4

Factory Orders

ISM Services Index

Job Openings Report

Trade Balance

Trade - Canada

5

6

7

8

Retail Sales - Euro Zone

Initial Jobless Claims

U. of M. Cons. Sentiment

Industrial Production - Spain

Consumer Credit

Wholesale Inventories

Manufacturing Activity - Canada Trade - China

Home Building - Canada

Inflation - Brazil

Inflation - China

Industrial Production - Germany Employment - Canada

Monetary Policy - U.K.

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Where Market Fundamentals Stand Heading into The Week:

S&P 500 Trailing and Forward P/E valuations: Source: FactSet Please note: Although we try to maintain consistency as much as possible, Price to Earnings (P/E) ratios may differ modestly from once source to another. Most notably, P/E numbers can often show their most notable differences during an earnings release season as some sources may still use the last full `actual' earnings number (for instance, currently Q4 trailing 12-month earnings per share) while others use earnings per share that are updated for Q1 using a combination of actual and estimated earnings per share. The calculation of earnings (operating earnings versus `as reported' or GAAP) also often differs modestly from one data source to another due to the proprietary use of calculation methodologies. The "average" shown in the charts below represent averages for the period shown.

Consensus Earnings Estimates: Source: FactSet

S&P 500 Earnings Estimates 11/1/2019

Quarterly $$ amount change over last week yr/yr qtr/qtr

Trailing 4 quarters $$ yr/yr

Implied P/E based on a S&P 500 level of: 3067

2014 Actual

2015 Actual

2016 Actual

Actual Q1

2017

Actual Actual

Q2

Q3

Actual Q4

Actual Q1

2018

Actual Actual

Q2

Q3

Actual Q4

Actual Q1

2019

Actual Est.

Q2

Q3

2020

Est.

Est.

Q4

$30.87

13.9% -1%

$32.80

10.7% 6%

$33.54

6.7% 2%

$36.29

15.9% 8%

$38.71

25.4% 7%

$41.13

25.4% 6%

$42.87

27.8% 4%

$41.32

13.9% -4%

$38.80

0.2% -6%

$41.47

0.8% 7%

$42.00 $0.97 -2.0% 1%

$41.41 -$0.81

0.2% -1%

-$0.83

$119.02 $118.67 $119.64 $123.25 $126.42 $128.53 $133.50 $141.34 $149.67 $159.00 $164.03 $164.12 $164.46 $163.59 $163.68 $179.44

6.8% -0.3% 0.8%

11.6%

22.9%

-0.2% 9.6%

18.7

18.6

18.7

18.7

17.1

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November 4, 2019

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BY THE NUMBERS: ECONOMIC ACTUALS AND FORECAST:

Current Projections:

Quarterly

Real GDP (YOY) Unemployment Rate CPI (YoY) Core PCE (YoY)

Actual 2015 2.9% 5.0% 0.1% 1.3%

Actual 2016 1.6% 4.7% 1.3% 1.7%

Actual 2017 2.4% 4.1% 2.1% 1.6%

Actual 2018 2.9% 3.9% 2.4% 1.9%

Est. 2019 2.2% 3.6% 1.8% 1.8%

Est. 2020 2.1% 3.5% 2.1% 1.9%

Actual Actual Actual Est.

Est.

Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020

3.1% 2.0% 1.9% 2.0% 1.9%

3.8% 3.7% 3.5% 3.6% 3.5%

1.6% 1.8% 1.7% 1.9% 2.1%

1.6% 1.5% 1.7% 1.7% 1.9%

Sources: Historical data via FactSet. Estimates (Est.) via American Enterprise Investment Services, Inc.

YoY = Year-over-year, Unemployment numbers are period ending. GDP: Gross Domestic Product; CPI: Consumer Price Index

PCE: Personal Consumption Expenditures Price Index. Core excludes food and energy

Last Updated: November 4, 2019

ECONOMIC NEWS OUT TODAY:

Economic Releases for Monday, November 4, 2019. All times Eastern. Consensus estimates via Bloomberg.

Time

Period Release

10:00 AM SEP

Factory Orders (MoM)

Consensus Est. Actual -0.5%

Prior Revised to -0.1%

FIXED INCOME NEWS & VIEWS: Brian M. Erickson, CFA, Fixed Income Research & Strategy

Trade Leading Treasury Yields Wider, Maintaining Recent Trading Range

? Ten-year Treasury yields rise three basis points this morning and hover near the middle of the 1.45% to 1.89% three-

month trading range. Over the past week, yields on the short-end moved lower following the Fed's quarter-point rate cut on Wednesday. Treasury yields further out the curve settled lower after the Fed indicated rate policy may be on pause for a while, and comments out of China seemed to undermine a deeper resolution to trade issues.

? Credit spreads closed wider week over week on Friday in the U.S. Investment Grade Corporate Bond spreads widened

two basis points over the past week to +110 basis points. Since the end of the third quarter, Investment Grade Bond spreads narrowed and High Yield Bond spreads widened modestly. Meanwhile, Emerging Market Bond spreads are the tightest they have been since March of last year.

Treasuries Reflect Fed Cut and Fading Trade Prospects Yields this morning compared to Friday's close (10/25)

Source: Bloomberg L.P.

Fed's Mid-cycle Rate Cut Followed by a Pause; Where Rates Go from Here

? Beyond the near-term Treasury market dynamics, Treasury markets are contemplating the direction for long-term

Treasury yields given the Fed's fully executed mid-cycle insurance correction. Several Fed speakers since Wednesday

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identified the mid-cycle correction as complete, suggesting that further rate decisions would likely follow a pause, unless a data sufficiently diverge from the Fed's expected path of strong employment and tempered inflation.

? We are done with the latest round of developed market bank policy decisions with the Fed's announcement last

week in our view. Through late summer and into the fall, developed market policies became more accommodated with a mix of new asset purchases (ECB), rate cuts (Fed, ECB) and more accommodative bias (Fed, ECB, and BOE). The final round of policy meetings for the year are slotted mid-December. Depending on the tone of incoming data, we anticipate central banks to stand pat with recent accommodation through year-end, leaving Treasury markets to their own devices and levels range bound lacking an unforeseeable shock.

? Should markets see the mid-cycle adjustment as adequate at addressing the softening economic conditions in the

U.S. Treasury yields may reach higher as investors shed their long Treasury positioning and anticipate a rise in longterm yields. This could occur if growth picks up, meaningful inflation surfaces, or begin to anticipate a reversal of recent accommodation.

? Conversely, should incoming economic data deteriorate and overseas slow more quickly, Treasury yields likely head

lower anticipating further Fed accommodation and a softening economy. A sudden shock, such as the deterioration of trade progress, may support the lower Treasury yield outcome as well. With global growth slowing and geopolitical risk elevated we believe the potential for and impact of a shock as somewhat greater than 2018.

? Overall, our Neutral tactical (6-12 month) positioning on Government Bonds and up in quality preference for

Investment Grade Corporate Bonds have us more defensively positioned heading into year-end, anticipating credit defaults may become a greater friction point for High Yield Corporate Bonds as growth slows.

This space intentionally left blank.

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Ameriprise Investment Research Group

Ameriprise Financial 1441 West Long Lake Road, Suite 250, Troy, MI 48098 investment.research.group@ For additional information or to locate your nearest branch office, visit

RESEARCH & DUE DILIGENCE LEADER Lyle B. Schonberger - Vice President

Business Unit Compliance Liaison (BUCL) Jeff Carlson, CLU, ChFC ? Manager

Investment Research Coordinator Kimberly K. Shores

Sr Administrative Assistant Jillian Willis

STRATEGISTS

CHIEF MARKET STRATEGIST David M. Joy ? Vice President

GLOBAL MARKET STRATEGIST Anthony M. Saglimbene ? Vice President

Thomas Crandall, CFA, CMT, CAIA ? Sr Director, Asset Allocation

Gaurav Sawhney ? Research Analyst

Amit Tiwari ? Sr Research Associate

EQUITY RESEARCH

CHIEF ECONOMIST Russell T. Price, CFA ? Vice President

Equity Research Director Justin H. Burgin ? Vice President

Consumer Goods and Services Patrick S. Diedrickson, CFA ? Director

Energy/Utilities William Foley, ASIP ? Director

Financial Services/REITs Lori Wilking-Przekop ? Sr Director

Health Care Daniel Garofalo ? Director

Industrials/Materials Frederick M. Schultz ? Director

Technology/Telecommunication Curtis R. Trimble ? Director

Quantitative Strategies/International Andrew R. Heaney, CFA ? Director

MANAGER RESEARCH

Michael V. Jastrow, CFA ? Vice President

Jeffrey R. Lindell, CFA ? Director ? ETFs & CEFs

Mark Phelps, CFA ? Director ? MultiAsset Solutions

Equities Christine A. Pederson, CAIA, CIMA ? Sr Director ? Growth Equity, Infrastructure & REIT

Benjamin L. Becker, CFA ? Director ? International/Global Equity

Alex Zachman, CFA ? Analyst ? Core Equity

Cynthia Tupy, CFA ? Director ? Value and Equity Income Equity

FIXED INCOME RESEARCH & STRATEGY Fixed Income Research Brian M. Erickson, CFA ? Vice President

High Yield and Investment Grade Credit Jon Kyle Cartwright ? Sr Director Stephen Tufo ? Director

INVESTMENT DUE DILIGENCE Justin E. Bell, CFA ? Vice President Kurt J. Merkle, CFA, CFP?, CAIA ? Sr. Director Kay S. Nachampassak ? Director Peter W. LaFontaine ? Sr. Analyst James P. Johnson, CFA, CFP? ? Sr. Analyst David Hauge, CFA ? Analyst Bishnu Dhar ? Sr. Research Analyst Parveen Vedi ? Sr. Research Associate Darakshan Ali ? Research Process Trainee

INNOVATION AND DEVELOPMENT Allen Rodrigues ? Vice President Nidhi Khandelwal ? Director Dan Bums ? Sr. Manager Matt Morgan ? Sr. Manager Natasha Wayland ? Sr. Manager

Fixed Income & Alternatives Jay C. Untiedt, CFA, CAIA ? Sr Director ? Alternatives

Steven T. Pope, CFA, CFP? ? Director ? Non-Core Fixed Income

Douglas D. Noah, CFA ? Analyst ? Core Taxable & Tax-Exempt Fixed Income

Blake Hockert ? Associate ? Reporting & Analytics

The content in this report is authored by American Enterprise Investment Services Inc. ("AEIS") and distributed by Ameriprise Financial Services, Inc. ("AFSI") to financial advisors and clients of AFSI. AEIS and AFSI are affiliates and subsidiaries of Ameriprise Financial, Inc. Both AEIS and AFSI are member firms registered with FINRA and are subject to the objectivity safeguards and

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