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Exhibit MIEC 75A - Treasury and Water_Sewer Bond Yields
Treasury and Water/Sewer Bond Yields 4 3.5 3 1 0.5 Exhibit MIEC 75A Pagel of13 0 10/24/2018 11/13/2018 12/3/2018 12/23/2018 1/12/2019 2/1/2019 2/21/2019 3/13/2019 4/2/2019 —i—Water/Sewer 30T-Bond --1r-10 T-Bond Source: See attached Valueline Selection & Opinion Reports. FEBRUARY 1, 2019 Exhibit MIEC 75A Page 2 of 13 VALUE LINE SELEC1'rON d:OPINION 1 01 Selected Yields Recant 3 Months Ago Year Ago Recent 3 Months Ago Year Ago TAXABLE 11/23/19) (tu/24/ie) (1/24/I9) TAXABLE (1123119) (1(024/110 (1/24i181 Market gales Corporate Bonds Discount Bale 3,00 2.75 2.00 Financia1110-yeorl A 3.02 4.13 3.56 Federal Funds 2.25-2.50 2.00.2.25 1.25.1.50 Industrfa1125/30year) A 4.28 4.45 3.64 PrlmeRale 550 5,25 460 Utility 125/30-year)A 439 4.47 192 30-dayCP(A1/P1) 2.59 2.27 1.53 Utility (25(30-year,Fha/AI6i 478 4.96 4.18 3-month LIBOR 2.78 2.49 1.75 SOP500 High Yield Corp. Rand Index 5.44 5.39 4,62 U.S. Deism Secuiities Ferdgn Bands (10-Your) 9-month 2.40 2.33 1.43 Canada 1.97 2.44 2,27 6-month 2.51 2.46 1.62 Germany Q23 0.40 0.59 1-year 2.56 2,62 1.78 Japan 0,01 0.14 006 5-year 2.58 2.94 241 United Kingdom 1.33 1.46 1.4E 10-year 274 3.10 265 MerlDage-Basked Seeluiliae 10year(inllathwprotectad) 0.99 1.013 0.59 CNMA5.5% 3,72 3.80 3.05 30-year 306 3.33 2.93 FI-LMC5.5%(Gnldl 395 3.95 3.24 30-year Zero 3.11 3.36 2.97 FNMA5.5% 318 4.00 3.15 Cannon Sleeks Preferred Stook YL Stocks [Median) 2.30 2.20 1.80 Utility 912 6.06 5.90 OJ Industrials 112 mo. est_i 2.60 2.40 2.10 Finandel BBB 6,04 8.05 5.93 VI 1151111es 3.60 3.40 3.60 Financial Arkurtabla A 5.49 5.49 5,49 e.00% 6.00% - 4.00% - Treasury Security Yield Curve 3.009e: " 2.DO% - 1 .00% , a 2 9 5 N tie. Yarn -+cuaent - YearA go 10 90 TAX-EXEMPT Bond Buyer Indorse 20-Bend Index(G0s) 4.19 4.35 3.52 2543ond index (Revs) 4.66 4.66 4.01 Beneral Ohligelion Bends (GU Iyear AAA 1.68 1.94 1.44 1-yaer A 1.84 2.12 1.48 5-yeer AM 1.85 2.28 1.75 5yearA 2.14 2.50 2.02 10-year AAA 2.25 2.71 7.71 10-year A 2.63 3.19 268 25130-year MA 105 3.31 2.79 25/30-year A 3.44 3.90 3.65 Revenue Banda lAsve)115 Yews) Education AA 2.05 3.38 2.80 Electric AA 2.85 3.32 2.82 Water/Sewer M 2.93 3.29 2.99 Hospital AA 3.14 3.46 2.97 Tel Foad AA Z93 3.31 2.80 Snow en* Wu LP. Federal Reserve Data BANK RESERVES (Two -Week Period; in Millions, Not Seasonal, vAdjusted) Recant WWI e Average Level Over the Last-. 1/16/19 1/2/19 Change 12 Wks. 26 Wks. 52 Wks. Excess Resolves 15313318 1510098 28220 1613728 1695843 1836977 Borrowed Rosanna 11 83 -72 95 179 125 NetFree/8ouowed Reserves 1536305 1510013 26292 161363E 1695664 1031852 MONEY SUPPLY (One-Y1WeekPeriod!; in81/llons, Seasonally Adjusted) Reeser Levels Annual Growth Rams Oven the Lest.. mm 1/2/19 12/31/18 Change 3Moe, 0Men.a 12Mo1. M1(Curreneyrdomatrd deposits) 3755 6 3775.2 -197 6.1% 5.9% 4.6% M2(M1-iravingstama0lime deposits) 14504.7 14523A -18.7 7.8% 5.4% 4.9% 8oace:liril'ridinfi etilladenPark m MI Value Line Ino. All Ode marrei factual material Is obtshrad from rsersa haihrsd to Si tallith end R presided xdewet warranties or mg lend THEPuaUS11ERISNOTRESPONSIeLEFORANYERRORSOROMISsIoNSHERER1ThhputRdelleo relcItylorsularriberlom‘norocommereliVatemaluroNapstreltmey he reproducedrorddsloredorlrenstettedloenypriMa4elecbunic'ratherrarm.eruradrm giewarmg wmarloangany panted orelectronic pulereetoRren6ceerprmdua. To suhs,riIlc calf 1-SIJU-VALUELINE FEBRUARY B, 2019 Exhibit MIEC 75A Page 3 of 13 VALUE LINE SEL1sC'PION & OPINION 1 B 6 9 Selected Yields Recant 3Months Ago YoirAgo Recent 3Menthe Ago Veer Aga TAXABLE 11/311/191 110/31ne) (1/331/181 TAXABLE MOO 11B/31/181 ' 11/31/I8) Market Rates Corporate Bends Oincow t Rale 3.00 2.75 2.00 Financial (10-Yeai) A 3.80 4.19 3.02 Federal Funds 225-2.50 2.00.2.25 1.25.150 Industrial 125/3t}yratr)A 4.22 4.53 3.95 Prime Rate 550 525 4.50 Utilily(25/30-year)A 4.34 4.55 392 30-dayCPKum I 2A8 2.22 1.54 Utfity115/30-year)Baa/BBB 4.73 5.04 4.19 1month LIBOR 2.74 2.54 1.77 S&P 500 High Yield Corp. Band index 5.35 5,45 4.67 U.S. Treasury Beoerhieu Foreign Bonds 110-Year) 3-month 2.41 2.33 1A6 Canada 1.91 2.49 2.29 6-rnonlh Z 49 Z.49 1.65 Germany 0.19 0.39 0.70 1-year Z.57 2.08 1.88 Japan 0.01 0.13 049 5-year 2,48 2.98 251 United Kingdom 1,28 1A4 1.51 10-year 2,58 3.14 2./1 MarteegrBsokedSecurities 10-year oration -protected) 0.97 1.13 0.61 (1NMA 5.5% 4.02 3,83 3.11 30-year 3.03 3.39 1.94 F}ILMC5.5%1Goldl 3.89 3,99 3.31 30-year Zara 3.09 3.42 2.97 FNMA5,5% 3.79 3.91 3,18 Common Starts Preferred Block VI Stacie Medan) 2.30 230 1.90 lltiliyA SA7 6.17 6.01 DJ Industrials (12•ma, est) 2.40 2.40 210 Financial 888 5.9E OM5.90 aUtilities 3 50 330 3.50 Fnarxial Adjustable A 5.50 5.511 5.50 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 3 6 1 2 3 E Mac. Voss Treasury Security Yield Curve y -Current. - Ycar-Aga 10 30 TAX-EXEMPT Band Buyer Indexes _M 20 Bend Index(60s) 4,23 4.30 3.59 25-8ondlndexpieva) 4.70 4.90 4.00 Beearal Oldigelloe Sends 101141 1-yearAM 1.67 1.95 1.41 1-year A 1.75 2.10 1.42 5-year AM 1.61 2-30 1.84 5-yearA 1.97 2.63 2.10 10.yearAAA 2.22 2.74 2,30 10-yearA 2.55 3.23 2.81 25/30-year MA 3.04 334 2.91 25/311-year A 3.41 3.05 3.77 Ravin ueRonde (Ras)11CTeem) Education AA 2,92 3,31 2.9E 13ectrlc AA 2.93 3.40 2,96 Wafer/SowerAA 2.94 3,28 2.99 Hospital AA 3.12 3.47 3.14 Toll Road AA 2.90 3.34 3.11 SourrellembegRoamLE Federal Reserve Data BANK RESERVES (Two -Week Forloct in Millions; Not SesaonellyAdjrceted) Recent Laved, Average Level Overthe Lest,,, 1116/18 172719 Change 12Wk0. 26Wks. 52Wks. Excess Reserves 1533316 1510096 26220 1813726 169b643 1330// Borrowed Reserves 11 83 -72 95 179 125 Netfree/8ormwad Reserves 1536305 1510013 26292 1613631 ,__ 1695604 1835352 MONEY SUPPLY /One -Week Period; In Billions, SeesonallyAd/rrsted) Recent levels Annual Growth Rotes Over the Led - limn e iD/i9 Change 3 Mae. 8 Mom 12 Mos. MI ICimencytdemenddeposits) 3764.4 3755.E 6,6 6.0% 6.0% 4,39E M2IMI+mavingr+sme0 time depaeite) 14520.9 14504.7 18.2 7.6% 63% 49% Seeac4aied ReleiFeieal Kenna itri ® Me Wei unit, Inc. All nuhrs resumed. feeWel nutedel to abrsinsd Isom sources believed re be reltsble end is provided unlheur werraniler ei spy kind THEpueuSHERISNorHEBPcN ELEFOr1WYEHHoHSOnlnNISSIHNSHB#IN.m puliestimbstidiffersebeeribefereve,non-eommedeljetemiluseliogittoftuisy berepredueed, leerld,smnd nruereeierdin any printed, etesvenict rutherrarrgorusedrorganerelnaarnnkideg rrryprinted erdecirmic publeelan,unite orproduct To siiii5rrihc 11i)r1.VAII.IFL I FEBRUARY 16, 2019 VALUE LUNE SELECTION St OPINION Selected Yields Exhibit MIEC 75A Page 4 of 13 1677 Recent 3Menthe Age Vans Aga Recent 3Menth.Ags Year Aga TAXABLE I2RJ19) I11JlJte1 12Rn61 TAXABLE 12/0/19I (11J7/11) (2Jrpel Merkel Rates Corporals Bends Discount Rate 3.00 2.75 2.00 Financial 11C•yeerl A 3.74 4.24 3,70 Federal Funds 225-2.50 2.00-2.25 1.25-1.50 InduetriaI125/30irearl A 4.15 4,52 4.03 Prima Rate 5 50 525 450 Utility 125/30-year) A 4.30 4.59 4.09 30-dayCP()11J11) 2.45 .226 1.59 Utillry{25/30-year)Baa/B69 4.66 5.06 435 3-month LI1300 2.74 2.69 1.79 69P500 High Yield Corp. Rand Index 5.15 5.40 4.80 U.S. TreasutySecurilies Forelgs Bends ilk -Year) 3-month 2.41 2.35 1.54 Canada 1.93 2.54 237 6-month 2,49 251 1.72 Germany 0.16 0.45 0.75 1-year 2.55 2.74 1. x Japan -0.01 0.12 Q06 5-year 2.50 3.08 2.56 United Kingdom 1.22 1.53 1.55 10-year 2.70 324 2.84 Merligagreecked Snaillike 10-year (inflation -protected) 0.86 1.21 0.73 GNMA5.6% 3.67 3.84 3.13 30-year 3,03 3.44 3.11 FHLMC 5.5% (Geld) 3.89 4.03 3.24 30-year Zero 3.08 3.43 3.15 FNMA 5.5% 3.82 3.93 3.11 Common Stocks Preferred Stook VI. Stadia (Median) 2.20 220 2 C0 UtiityA 6.05 6,12 582 DJ Industrial 02 mo. cat,) 2.40 2.30 2.20 Financial BBB 5.90 6,09 6,01 VL Utilities 3.50 3.40 3.60 Financial Adlustallle A 5,50 5.50 5.50 Treasury Security Yield Curve 6.00% 6.00% - 4.00% - 3.00% - 2.00% - 1.00%6 9 5 1 2 3 6 Mai, Yon Current - Year -Ago 10 90 TAX-EXEMPT Bend Bayer Indexes 20-BandIndex (GOs) 4,22 4.33 372 25-Band Index(Raysl 4.69 4.02 4.21 Gonad 1161Igetisn Bends 1006) 1-yearAAA 1.62 1.98 1.35 1-VearA 1.74 2.34 1.45 5-year AAA 1.75 2.34 1.08 5-year A 2.02 2.72 2.21 10-year AAA 2,19 2.77 241 10•yearA 2.61 3.20 Z85 25/30-year AM 2.99 3.39 2.: 25/30-year A 3.43 390 3.01 Remus Bonds (Revs)115Trend Education AA 287 ElectricAA 3.09 Water/Smear AA 2.87 Hospital AA 3,02 Tel Road AA 237 Wry Bnern r IrmmLl! Federal Reserve Data BANK RESERVES (Two -Week Period; In Millions, Nat Seasonally Adjusted' 3.36 304 3.56 303 3.31 302 3.56 325 3.35 3.17 Recent levels Average Level Overlie Lest.. 1/30i11 1/18/19 Change 12Wka. 26Wks. 52Wks. Excess Reserves 1477446 1536316 -58870 1579707 1609555 18130,12 Borrowed Reserves 34 11 23 72 165 126 NetFree/Barrawed Reserves 1477412 1535305 -50093 1579835 1609390 1812907 MONEY SUPPLY (One -Week Period in Billions, sessonallyAdjusted) Relent Levels 1/21/19 1114/19 Change M141 [Currency 'demand daposita 3767.6 3764.1 3,6 M2 (M1+savings+smali time deposits, 14510.5 14520.8 -2.3 S nerd Gaited Shim Faisal Ache 1huA Annul Growth Rates Over the lest,. 3 Mee. 6 Mos. 12 Mon, 4.6% 5.8% 3.89E 6.7% 5.2% 4.0% Q, sate Value Inn, Ina. All Abe interred. Factual matettal In obtained tram animas believed to be rekatle end is provided Malmo waeudes of any kind. THEPIJW.ISHEt ISNOTHESPONSIOLEFORNIYMORSOff O11116SIGNS HERRN TheputAraeonlearrielytermhaedbsenoon <mn sanmoidaialmnaiuta Naparleldmay be rapraducidassoll, 'tared ottninnainad In any plinlan, slactroalc of Anion& sr medialpromoting ofmirk IfogarypdetedProbst/oak pulecatton,torsion orproduct Li suliscrille idl! I-BGU•VALIJELIIJE FEBRUARY 22, 2019 Exhibit MIEC 75A Page 5 of 13 VALUE LINE SELECTION & OP1N ION 1885 Selected Yields Recent 3 Menthe Ago YearAgo TAXABLE W13/19) 1u/1411111 (2/14/11) TAXABLE Recent 3 Menthe Ago Year Ago 0113/191 (11/14/191 0/14/18) Market Rate Corporate Bonds l7iecaurnilale 3.00 2.75 2.00 Financial llayear4A 3.73 4,17 3.82 Federal Funds 2.25.2.50 2.00.225 1.25.1.50 Induslrial125/30year) A 4.15 4.49 4.12 Prime Rate 5.50 525 4,50 Utility (25/30-year1A 4,28 4.54 4.15 30-dayCP(A1/Pll 243 2.20 1.50 uglily (25/30yearlBea/BBB 4.6E 4.92 4.44 3-month LIBOR 2,68 2.02 1.04 S&P 500 High Yield Corp. Band Index 5.1 B 5,53 6.03 U.S. Transom/ Ramillies Foreign Bonds (10-Yearl 3irwnlh 2.43 237 157 Canada 1.933 2.43 2.37 6.mon[h 2.51 2.51 1.79 Germany 0.12 t140 0.76 1-year 2.54 2,70 1.96 Japan 401 0.11 0.07 5-year 2-52 2,9E 2.63 United Kingdom 1.18 1,51 1.64 10-year 2.70 313 2.90 Mortgapa-Backed$ecwilles la -year linfatian-pratecled) 0.88 1.17 0110 GNMA5.5% 4.05 3.75 3.12 30-year 3.03 337 3.15 FHLMC5.5%Mold' 3.38 3.84 3.29 30yearZora 3.05 3.30 3.20 FNMA5,5% 3.81 3.06 3.34 Common Sleets VL Stacks (Medlani I3J Industrials 112-mo. eat.) VI. Utilities Preferred Stack 2.30 2,20 2.00 Utility A 003 6.06 8.05 24a 2.40 2.20 Financial BBB 5.94 8.08 8.00 3 40 3.30 3.60 Financial Adiustahle A 5.51 5.51 5.51 6.00% 5.00% 4.00% 3.00% 2.009E 1 .009E 3 E 2 3 5 Mos. Ycers Treasury Security Yield Curve -r Current - Year -Ago 10 30 TAX-EXEMPT Band Boyar Indexes 20-Pond Index(GOs1 4,23 4.36 3.73 2543and lndexlRews) 4.70 4.55 4.22 Gam( Ohligaion Bonds 130s1 1-year AAA 1.59 1.97 1yearA 1.73 2.27 5-year AAA 1.71 2.30 5-yearA 2.01 262 10yearAAA 2.15 2.73 10-year A 2.53 3.20 25/30-year AAA 7.97 3.34 25/30-year A 3.44 380 Revenue Bands Mara) (15Yean) Education AA 2.86 3.31 115 Electric AA 3A7 3.49 2, Water/SewerAA 2.8E 3.34 3.05 Hospital AA 3,00 3.48 3.25 Toll Road AA 2.07 3.31 3.15 Sonar. lantsoFmexeLP. Federal Reserve Data 124 4AB 1.95 2.24 2.48 2.95 2.5E 3.66 BANK RESERVES (Two -Week Pariort in Millions, Not Seaaoneiy+Ad]usted) Average Level Over the Leal... Recent Levels 1/3g119 1/16/19 Change 12Wks. 26Wks. 52Wks. Eacess Rasarves 1477446 1536315 - i5870 1579707 1659555 1513032 Borrowed Reserves 34 11 23 72 165 126 Net Free/Borrdwad Reserves 1477412 1530305 -55833 1579635 1369390 1012907 MONEY SUPPLY (One-Wtek Period; In Billions, SeesonallyAdjusted) Recant Level■ Annual Growth Rules Gaudio Lam. 1/23/19 1/21/13 Change 3 Mos. 1 Mos. 12 Moe. M1(Currency+dmnand deposiitaj 3732.1 3727.E 4.4 1.1% 2.89E 2.19E M2 (Mt+savings+small time deposits) 14512.1 14457.8 54.3 89% 5.0% 4.5% Soseactislad Stttn frdrniWnilkxh 0 18 ha, 1019 Value line, Inc. All nets 'morsel. Faciesl withal Is ottsleed Iron courser hnoved is he seeable and is provided 'About warraeurs at cry had. E PUILISHERISNOIRESPON3aIlEFOIIANYFRRORS OROMISSIONS H51111.11iispebitOanrssrnceitersubssnberomen emcenmsrmunrmndnu.hteymdflmes nvraducu4rewld.daredmtnnrsotiednanvrmnled.eleceeruaorGeierfem.erestelee.emn6seermorkeannsmearedsrdec0arucrniYiwdansenricoveralueL Ti %ohscrinc: rill 1-900-VRI iIEllhif Exhibit MIEC 75A Page 6 of 13 MARCH 1 , 2 019 VALUE LINE SEl.FCTION &OPINION 18 5 3 TAXABLE Selected Yields Recent 3 Martha Ago Year Ago 12R0A51 111rJ4Ae) (2d2t/19) TAXABLE Recent 3 Months Ago Year Ago W2W191 111aavi86 PAIAM Market Raton Carperel' lends BiecountRale 3.00 2.75 2.00 Financial il0-yeer)A 3.67 4.16 3.85 Federal Funds 2 25.2.50 2.00-2 25 1.25.150 lndusirial(25/30-year) A 4.12 4.50 4.17 Prime Rate 5.50 5.25 4,50 Utility (26/30-year)A 4,25 4.54 4.21 30tdayCPIA1/111) 2.44 2.27 1.58 Utility (25/30-yearlBaal66B 4.61 4.58 4A9 3-month LIBOR 2.64 2.65 1.90 S&P 603 High Yield Carp. Band Index L.10 5.67 4.93 U.S.Tr nutySeccurities Foreign Bendel l0-Year) 3-month 2.44 2.30 1.64 Canada 1.90 2.35 2.35 6-month 2,49 2.51 1.65 Sennaay 0.10 0.35 0.72 1-year 2.53 2.65 2.00 Japan -0.03 0.10 0.05 5-year 2.47 2.89 2,69 United Kingdom 1.18 1.38 1.66 10-year 205 305 2.95 Mengegs-BankedSeeedtiea 10-yearlinfation-protected) 0.77 1.14 0.83 GOMA5.5% 3.97 3.75 3.28 30-year 3.00 3.32 3,22 FHLMC55% (Gold) 104 4.11 3.39 30•yearZero 3.04 3.35 3.25 FNMA5,5% 3,82 3.80 3.35 Common Smoke VLStocks (Median) 0J Industrials (12 ma. ostj Vt Utilises Profaned Stock 2.20 2.20 2.00 UtilityA 6,03 6.15 6.04 2.40 250 2.20 Financial ME 5.93 8.12 5.95 3.48 3.30 3,50 F(narsial Adlustahla A 5.52 5.52 5,52 e1.00x s.00% 4.00% 3.00% • 2.00% 1.00% 8 6 2 3 5 Has. Yawn Treasury Security Yield Curve -Curry n' - Year -Ago 30 TAX-EXEMPT Bend Buyer Indexes 20-Band Index(60s) 4.24 4.30 3.84 251and Index(Rave) 4.71 4.79 9.33 General Obligation Bands (104 1-year AAA 1.58 1.93 1.33 1-yeerA 1.74 2.21 1.43 5-year AAA 1.70 2,23 1.95 5-marA 1,99 2.58 2.21 10yearAAA 214 2.64 2.47 10-yearA 2.55 3.14 2.95 25/30-year AAA 2.96 3.28 2.99 25/30-year A 3.41 3.86 3.58 Rennie Bondi (Rave) Ili Veers) Education AA 282 3.19 3.16 Electric AA 298 3.36 2.99 Water/Sewer AA 2.79 3,22 3.10 Hospital AA 104 3.38 3.32 %A Hoed AA 2.87 3.23 3.18 Son likemhemRmnre Le Federal Reserve Data BANK RESERVES (Two-WeekR911iod in Millions Not Seasonally Adjusted) Recent Levels Average Lewd Over the Len... 2A3119 1130119 Change 12 Wks. 26 Wks. 52 Wks. Eacens Reserves 1532049 1477446 54603 1550258 1649759 1793040 Borrowed Reserves 18 34 -16 54 160 123 Net fr o/8otrawad Reserves 1532031 1477412 54619 1550204 1649508 1792917 MONEY SUPPLY (One -Week Period; In Bilflana, Seasonally Adjusted) Recent Levels Annual Growth Retie Over the Last.. 214119 1/28/19 Change 3 Mos. S Mos. 12 Mos. Mt{Curmncyidemenddeposits) 37597 3732.0 277 4.2% 4.6% 2.6% M2 (M1. swinga4anndl time deposits) 14480.9 14512.2 -31.3 L7% 4.7% 4.3% laic lldidiitiir adesMC-ii di -_- .. ID 2019 Who One, Inc. All rights rnnraal. Factual aterutei is obtained tram sources behead to 6a radii and le prcvliad vdtlioes vandal of any bled. 'REPUBLISHES ISNOTRESPONSt3LE FIIRAIIYERa09SOROiISSIONS HERERL This pu6Ficedmibavicdlkna6udber5 orr,nsn•enneterdrl,etunnul unabaperlalamcy he rprdurxd,rsdd, stondaremrmlaedinunytainle4eiacvadsaralual( rm,aruselfarganmting Din a:MangaaFndnladar&Letraria puharadarlservice arprnduct Tn Nuhscrilir c,ill 1-t.dli.l'ALLIFLINF MARCH 8, 2019 TAXABLE Recent (2/27/fs1 Exhibit MEEC 75A Page 7 of 13 VALUE LINE SI.I.ECTI ON & OPINION 18 41 Selected Yields 3 Months Aso Veer Age (11f19/19) (2P /19) TAXABLE Recent 3 Months Ago Year Aso (2127/19) (11128IBI (Z 0M) Market Rain CerscreteBenda Discount Rale 3.00 2.75 2.00 Financlel(1ayear)A 3.69 4.18 3.131 Federal Funds 2.25-2.50 2.00-2.25 1.25-1.50 industrial (25/30 yaar) A 4.20 4.54 4.10 Prime Rate 5.50 5.25 450 Ulility(25/30-year)A 4.31 4.60 4.12 30.tda9CPIA1/P11 2.44 2.27 1.61 Udlity{25/30-yearJBea)886 4,68 4.96 4.41 3-month 1.930A 2.63 2.71 201 S8P500 High Yield Corp, Bend Woe 5,06 5.61 4.93 U.S. Treasury Securities Foreign Bonds (10-Yeerl 3-man1h 2.44 2.38 1.65 Canada I 92 Z.33 2.24 6-month 251 2.52 1.85 Germany 0.15 0.35 0.88 I -year 2.53 2.67 2.06 Japan -0.03 0.10 0.05 5-year 2.48 2,87 2.64 United Kingdom 1.27 t.29 1.50 10-year 2.68 3 06 2.86 89ortpese-Backed Securidee 10-year(iniietIon•peolodod) 0,77 1,17 0,75 GNMA5.5% 30year 3.07 3.35 3.12 FFRA4C5.5%Bold) 30-yearly!' 3.12 3.39 3.16 FNMA5.5% Common Stacks It Stocks 'Median) DJ Industrials 112-mo. est-) VLUlilides Pielnrred Stock 2.20 2.20 2.00 Utility 240 2.40 2.20 Fineicial GGB 3.40 330 3.60 Financial Adjustable A Treasury Security Yield Curve 6.00% 5.0096 - 4.00% - 3.00% - 2.00% - t.00% 3 8 2 3 6 Mo . Yams 10 - Current Year -Apo 30 4,11 3.72 3.33 3.81 3.91 3,35 3.82 3.82 3.32 6.04 8.19 E.02 5.98 6.12 5.07 K53 5.52 5.53 TAX-EXEMPT Bond Buyer indexer 20•13nl d index (60s) 4,23 4.26 3.68 25-Bond Index (Revs) 4.70 4.75 4.355 Bensrs1 Obligation Bond; (GO.) I-yearAAA 1.57 1.90 1.35 1-yearA 1.72 2.13 1.51 5-yearMA 1.88 2.21 1.96 5-yearA 1.97 2.55 2.27 10-year AAA 2.10 2.60 2.45 10-year A 2.48 3.05 2.90 25/30-year MA 2.93 3.23 2.93 26/30-yearA 3.35 3.80 3.91 Revenue Ronde (Revs) Its Years) Education AA 273 3.18 3.16 EleciricAA 292 3.31 299 Water/SewerAA 2.73 3.17 3.10 Hcaplal AA 2,96 3.30 3.29 Toll Road AA 2.85 3.17 3.16 Smreelimed ersPeruse LP. Federal Reserve Data BANK RESERVES (Two -Week Period in Millions, Not SeasonellyArijusted) Recent Levels Average Leval Elm nthe LeoL.. 2/13/19 1130/19 Change 12 Wks. 26 Wks. 52 Wks. Ems Reserves 1532049 1477448 54803 1560258 1849759 1793040 Borrowed Reserves 18 34 -16 54 150 123 NetFiee/80rrowed Reserves 1537031 1477412 54519 1560204 1649609 1732917 MONEY SUPPLY (One Week Period; In Billions, SeaeonalyAdjuated) Recent Levels Annual Growth Rates Over the tent.. 2I11/19 2/4/18 Change 3Moa. 6Mos. 12Mos, M1(Curr ncyrdemand deposits) 3776.8 37687 17.1 7.3% 5.6% 3.79E M2(Mlasevinge+snnrlltime honks) 144E17.0 144IR.9 6.8 6.9% 4.4% 4.4% So urrx Mord Sunshield Reeove Burk m Fall Vacua Linking. All NAM raurvnd. Factual autadal is Warned from aaurcu 6sliered la be retails and Is waded w lhour warranhar or any kind. 171EP666HER18NeremSP Ill.EFQRANYEmmRSOROMISSIONSREAE1kl11suputOaauankiftritxyrorsthmdatryww,nmrnenmmdd,IMamalur&Napeedkmay benpmdacad,raral4Mad arfransmaudlnanrpdatad,nclrordearatn6fa e,orasrdrarrlananda'orerkednparypdnledmralaatronicMeadan mica member. In suIi�r.ri1in 1AI11 HilCi-4'ALIIELINE MARCH 15, 2019 Exhibit MIEC 75A Page 8 of 13 VALUE LINE SELECTION & OPINION 18 2 9 Selected Yields Recent 3 Months Ago Veer Ago Recent 3 Months Ago Year Ago TAXABLE 13/6119) (12141161 13RA10 TAXABLE 13BJ1111 112/4/181 1317118) Market Rotes Corporate Bents Discount Rale 3.00 2.75 2.00 Financial 110-year) A 3.87 4.11 3.86 Federal Funds 225.2.50 2.00-2.25 1.25.1.511 Industrial 125130.year)A 4.17 4.40 4.16 Prima Bobo 550 5,25 450 Uiility125/31-year)A 4,30 4.45 4.16 30•dayCP(A1/P1) 2.42 2.36 1.73 Utility (2 year)Baai6BB 4.67 4.03 4.46 3-month LIBOR 2,91 2.74 215 SGP500 High Yield Carp. Bond lodes 507 5.59 4.97 U.S. Trimly Securities Foreign Bonds 110-Year} 3•manth 2.45 2A1 1.68 Canada 1.83 2.17 2.24 &month 252 2.56 1.87 Germany 0.13 0.26 0.86 1-year 2.53 2.69 204 Japan -0.01 0.09 0,05 5-year 2.50 279 2.85 United Kingdom 1.23 1,26 1.49 10-year 269 261 268 Mortgage-BackedSenorilles 10-your linlletian.pratected) 0,81 1.03 0,76 GNMA5.5% 4.06 3.74 3.37 30-year 3.07 3.17 3.15 FHLMC55% Raid) 3.80 328 3.41 30-year lam 3.12 3.34 3.19 FNMA5.5% 3.76 3.63 3.33 Common Stocks VL Stacks (Median) OJ Industrials (124110. VLUtilitiaa Preferred Stock 2.20 2.30 200 Utility A 9.01 5.65 599 2.40 2.4(1 2,20 Financial BBB 580 6.14 5,69 3.40 3.30 3,60 Financial Adjuatabb A 5.53 5.53 553 6.00% 6.00% - 4.00% - 3.00% _- 2.00% - 1.00% Treasury Security Yield Curve i �OuEOM t YearAgo 3 0 1 2 3 5 10 90 a oe. Yams TAX-EXEMPT Bond Mum Indexes 20-Bond IndexlGOo) 4,19 4.22 3.95 25-Bond Index {Has) 4.66 4.66 4.34 Ouneral Obligation Bonds )ROE) 1-year AAA 1.58 1.83 127 1-yearA 1.80 2.06 1.52 5-year AAA 1.68 2.10 1,96 5-year A 2.00 2.54 2.20 10-year AAA 2,11 2.46 2.47 10-year A 2,48 3.15 2.98 25/30-year AM 292 3.10 3.00 25/30-yearA 3,39 3.90 4.05 Revenue Bonds plena) (15 Years) Education M 276 3.05 3.15 Nutria AA 2,80 3.10 2.91 Water/SewerAA 277 3.04 3.08 Hospital AA 2.95 3.19 3.91 Toll Road AA 2,80 305 3.16 Snacr8nordurgReam LB Federal Reserve Data RANK RESERVES (Two -Week Period; in Millions, Not Seasonally Adjusted) Recent Lovell Average Level Over the LeaL. 2/27/19 2113119 Change 12Wks. 28Wks. 52Wka. Excess Rescreen 1504541 1532049 -27508 1538519 1627112 1781766 Burrowed Aoseirves 21 10 3 44 134 123 Net Free/8orrowed Reserves 1504520 1532031 -27571 1538476 1626978 1761643 MONEY SUPPLY (One -Week Period; In Billions, SeasonellyAdustedl Recent Levels Annual Growth Rens Over Ike Lest.. VIM 9 2f11/19 Change 3Mos. 8Mos. 12Mos. M1(Cerrencyodemanddeposits) 37751 3777.3 -2.2 8.0% 6.0% 4.1% M2)M1+eavinge4small Time deposits) 14483.1 14417.8 -24.7 5.4% 3.9% 4.2% Saari:Ihrlad Stab Hind limeiw ish ® 2011 Value Line, inc. all pima mania Factual moonlit in obnalnud Iron sources believed ie he Whale and la provided without wamnaes or any Ned. THEP00USRExISNOTRESPOISIBLEFORANYERa0aSOREIMISSIORSE EAMRiopuhSudonisstriedvhseuhcdhersovm,aamcunmecvLinlemaluee.Nopwiditnev berepraduced.resdd,storodarhernmkledinens pilled. elacsardeorother ror n. eruudforeenereeni averbena envpdmedonieceeniceublcrdcn, service arxodect Tyr sulrvarhr, call 1-hllli-VAf.IIfLIIIE MARCH 22, 2 01 9 VALUE LINE SELECTION &OPINION Selected Yields Exhibit MIEC 75A Page 9 of 13 1817 TAXABLE (3/12119) 31(12/12/1onths 8e (3/14I1116 TAXABLE (3113/19) Vier Ago Recent 3 (12/12/1ambo 81 a (11tYou�a1 Merkel Rates Corpama Bends OlecountRale 3.00 2,15 2.00 Financial 110-yearlA 3158 4.13 3.84 Federal Funds 225-2.50 2.011.225 1.255-1.50 Induelrial(25/30-Vear)A 4,16 4.37 4.09 Prime Rate 5.50 525 4 50 Utility (25130-yeerl A 4.24 4.46 4.10 30-dayCP(A1/P11 2.45 2.45 1.79 Utility(25►30-yesrlBaalBBB 4,61 4.85 4A0 3-month LIBOR 2.59 2.78 2.12 68P 500 High Yield Corp. Bond Index 5,02 5.58 5.01 U.S. Treasury Seawlties Foreign Rands (10-Year) 3-month 244 2-42 1.75 Canada 1.17 7.13 2.18 6-month 2.51 2.55 1.94 Germany 007 0,28 0.59 1-year 2.52 2.89 2.03 Japan -0.04 0.A 0,05 5-year 2.43 2.77 2,61 United Kingdom 1,20 1.2B 1.44 10-year 2.62 2,91 252 Merigage-BeekadSeenatdras 10-yeartinfatiorrpmtectod) 0.72 1.13 0.74 GNMA5.5% 4.05 3.78 3,13 30-year 3,02 3.15 3.06 FHLMC5.5%(Gold1 3.74 4,02 3.35 20-year Zara 3.08 3.19 3,09 FNMA5.5% 377 3.90 2,35 Common Steaks VL Stocks (Median) OJ Industrials j12-mo.oat] VI- Utilities Preferred Sleek 2.30 240 tog Utility 6.01 5.68 6.02 2.40 2.50 2.20 Finericfel9E6 5,90 8.12 569 3.30 3,20 3.60 Financial Adjustable A 5,45 5,45 5.45 Treasury Security Yield Curve 6.00% -.- 5.00% - 4.00% - 3.00% - 2.00% - 1.00%8 8 2 3 5 Max. ream auoerst Y eat -A go 10 30 TAX•EXEMPT Bond Buyer hrdexes 20-Hand Wart Os) 4,09 4,12 3.88 25-Send Index (Rave) 4,55 4.58 4,37 General Obligation Bonds Mkt 1-year AAA 1.56 1.77 1.43 1-year A 1.75 2.00 1.58 5-yearAM 1,87 2.04 1.99 5•yearA 1.99 2.52 2.78 10-yeerAAA 2.07 2.42 2.50 10-year A 2A5 3.07 2.97 25/30-year AM 2.95 3.09 3.00 25/30•year A 3.31 3.68 3.05 Revenge Rands (Revs) (15 Years) Fducetion AA 7.68 3.03 3.15 Electric AA 2.09 3.17 3,01 Water/SewerAA 2,67 3.03 3.09 Hospital AA 2,02 3.27 3.31 Toll Road AA 2.70 3.05 3.18 SavaOhsr6ulHum LP. Federal Reserve Data BANK RESERVES (Two -Week Period): in Millions, Not SeesonallyAdjusted) Recent Levels Average Level Over the Lest.. 2/27/I9 211311 A Change 12 Wks. 29 Wks. 52 Wks. Excess Reserves 1504541 1532049 -27508 1538519 1627112 1769756 Borrowed Reserves 21 10 3 44 124 123 Net Free/Borrowed Reserves 1504520 1532031 -27511 1538476 1526910 1759543 MONEY SUPPLY (One -Week Parfet; In Si/Nona, SoesonellyAdjustedl Recent Levels Annual Growth Rate. Over the Last., 2/25/19 2/1111I9 Change M1 tCurrency+demend deponital 3708.2 3775.1 -6,0 M2(Mi. savingseamalItime deposits) 14479.5 144610 15.5 Smma:inftaliiiiiiiiiiiimenieBait:_... 3 Mae, 0 Mos. 9.3% 5,7% 5.3% 3.7% m 26r6 value um, Ine. Nl rising mimed. Fatted mttednd is alltaliod Iron/ sources eetteved In he mashie end is padded without cornmeal of any badTHEPIIetaSHERISNOTREBPONSIIIIf FORMS FRgOB$OROSOSSIONVIERE1tr.Ths WhHasdanisurldsfaristredhehava, norr•emrmemhLolemdme.Nepmtdut berewoduatiLni6d,doredo►trensn[aedinRiff prie dakstradrorat orlum,aused rat gunning srnnrhrdnasnveriraedoraiwtmaioaudicatioq exuitsarpred� 12 Mos. 4.1% 4.1% Tn i{is r Eli. r;ull 1-al[LVALULLIIJF MARCH 29, 2015 TAXABLE VA WE LINE SELECTION Or. OPINION Selected Yields Exhibit MIEC 75A Page 10 of 13 1805 Recent 3Manth:Ago Year Ape Recent 3Months Ago Year Apo 13/2IU191 (1$rfOHM Mills) TAXABLE Mar B) (12119/10) 13/21/18) Market Rates Corporals Bonds -- Discount Rate 330 3,00 225 Financial 110-year) A 3.50 3.99 3,91 Federal Funds 2.25.2,50 2.25-2.50 1.50-1.75 Mistrial (25/30-year)A 4,11 4.24 4.17 Prime Bate 550 5.50 4.75 Utility (25/30 year)A 4.20 4.31 4.15 30-dayCP{A1pP1) 2.51 2.47 126 Utllity(25/30-yaar)Baa/e:: 4.56 4.71 4.50 3-month LIBOR 2.61 2.79 2,25 SOP 505 High Yield Corp. Bond Index 4.96 5.69 5A6 U.S. TreasurySecudtlee Foreign Bonds (10-Year) 3-month 2.45 2.39 1.74 Canada 1.67 1.96 2.26 6-month 2.48 2,54 1,94 Germany 0.08 0.24 0.59 1-year 2.46 2.62 Z04 Japan 4,04 0.04 0,04 5-year 2.33 2.82 2,67 United Kingdom 1.16 1.27 1.53 10-year 2.53 2.76 2.88 Mortgage -Backed Serve 6Iles 10-year(inflation.pmtected) 0.59 1.03 0.78 BNMA 5.5% 3.75 331 3.19 301e3r 297 2.98 3,12 FHLMC 5.5% Bold) 3.65 4.02 3.35 30-yearZeo 3.04 3,03 3.15' RNMA5,5% 3.67 3.90 9.32 Common Stocks Preferred Moak VLStocks Phelan) 2.30 2.50 200 Utility 5.94 632 631 D3 Industrials II Ma. est.) 2.40 2.60 230 financial BBB 5.97 512 5.96 VI Utilities 3.40 3,30 3.50 Financial Adjustable A 5.45 5.45 5.46 Treasury Security Yield Curve 8.00% 5.00% 4.00% 0.00% 2.00% � .00% 3 6 I 2 3 5 It oa. nom 10 30 TAX-EXEMPT Bond Buyer Indexes 20-Bond Index IGOs) 4.04 4.18 3.09 25-Bond Index Pins) 4,51 4.55 4,37 General Olhiigation Bonds (SOa) 1-year AAA 1,56 1.72 1.49 1-year A 1,69 1.93 1.69 5-year AM 1.66 1.97 2.06 5-year A 1.97 2.34 2.92 10-year AAA 2,04 2.34 253 10-year A 2.40 2.M 2.95 25/30-year MA 2.78 3.03 3.00 25130-year A 3.23 3.74 3.89 Revenue Bands (Rees) 115 Yen) Education AA 2.65 335 315 Electric AA 2.55 3.07 3.00 Water/Bawer AA 2.60 333 3,09 Hospital AA 2.90 3,22 3.31 Top Road AA 2.65 3.09 3.20 Snans:illarh ryfine=LP. Federal Reserve Data BANK RESERVES (Twlo-Wbek Parket; in Milliions, Not SeasanallyAdjustedj Recent Loehr Average Level Over Ike Lest.. 31t3119 2/27/19 Change 12 Wks. 26 Wks. 52 Wks, Ewan Reserves 15B2685 1E04541 78144 1535231 1615012 1750732 Borrowed Reserves 12 21 -9 36 115 122 Net Free/BorrowedReserves 1562b73 15045M 78153 1535195 1514R91 1750689 MONEY SUPPLY (Ons-I lleek Perrier- In Billions, Seasonally Adjusted) _ Recent Level. Annual Growth Rates Over the lens... 314/19 2/25/19 Change 3 Mos. 6 Mos. 12 Mos. M1 CCurrersyrdemanddeposits) 3757.8 3786.2 -103 6.1% 3,5% 3.8% h12IMlseaaingeaareaHGmedeposits} 14490.3 14479,3 11.0 4.3% 3.6% 4,0% Sowac Bahrd9lrrat Federal Barite Lui 2 2011 Vales 0ns, Inn. MI ri ko mpeved. Faclosl meterld In ahhlned from semis beloved to he rnOahle end Is provldad without waoanties or nay kid. THEAUSLISHERISNOTNESP(112111EFORMYEIROFISOFIOMISSIONSNERONTIliputlItehaltsalcUybrsubscribirlomxiilammirdilimemsluit Nopsnolitmer harepridaced,ramldelor durilensedttedhnayprinted,alscvotdcmrshrrrwm,orusadrorpenerednsntmarhdtganyedniederelechsdepsbteadon,saetiaawprsdrrx Ti solu:rilie ,all 1-ODU.U4LUFLIrti'F APRIL 5. 2019 Exhibit MIEC 75A Page 11 of 13 VALUE LINE SE1.E(.11011 & C)PINOON 17 9 3 Selected Yields Resent 3 Months Ago Veer Ago Recent 3 Months Ago Year Ago TAXABLE (3V27/11) (1226/ir1 (3/28/116 TAXABLE 13127/191 (1:/29nrn maim Merkel Retie Corporate Bends DinwuntRate 3.00 3.00 225 Financial llOiserl A 3.33 4.04 3.04 Federal Funds 2.25.2.50 2.25.2.50 150.1.75 Indusldal125/30•yearl A 3.96 4.35 4.10 Primefete 5.50 550 4.75 Utility i25/30-yeerlA 4.04 4.39 4.09 30•dayCP(A1/P11 2A6 2.54 1.92 Utlity(2513I1-yoar)eaa/BBB 4.41 4.79 4,40 3-month LIBOR 2.80 2.81 230 S&P 500 High Wald Corp. Bond Irdmr 4.68 6.01 5.07 U,S.Triisum Securities Ferelgn Sends (10-Yeerl 3-month 2.42 2.43 1.72 Canada 1.53 1.98 2.12 &month 2.45 2.53 1.92 Germany .0.06 0.25 0.50 1-year 2.39 2.01 2.11 .Japan -0.07 0.02 0.04 5.year 210 2.65 2.60 United Kingdom 1.01 1.25 1,37 10-year 2.37 291 2.78 Mortgage -Reeked Saauritiee ID-yearlinllatior.pmtecled) 0.57 1.09 0.73 GNMA5.% 4.01 3.62 3.19 30-year 2.81 3.00 3.02 At MC55%1GaWA 3.57 4.02 3.31 311yearZerc 2.87 3.10 3.05 FNMA5.5% 3.49 3.90 3,32 Common Stociu Preferred Stock VLSleeks lMadleij 230 2.60 2.0O Utility 5,99 5.07 LAD OJ Industrials 112-mo. est.} 2,40 2.70 2.30 Financial GBB 6.00 115 5.91 VI. Utilities 3.30 160 3.50 Financial Adputahle A 5A6 5.45 5.46 6.009E Treasury Security Yield Curve 5.00% - 4.00% - 3.00%-. 2.00%- 1.00% 3 6 2 3 5 Moe. Yews Current Ycar-Asa 10 30 TAX-EXEMPT Bond Buyer Indexer 20-13ond Index (GO4I 3.92 4.11 3.09 25-8ond IndexIRevsl 4.32 4.59 4.37 Benerel Ohligelion Bondi (GOal 1-yearAAA 1.49 1.72 1.53 1 yearA 1.81 1.05 1.67 5-year MA 1.57 1.95 2.05 5-year A 1.85 2.32 2.38 10-year AAA 1,87 2.31 2.46 10.yearA 2.21 2.51 3.04 25/30-year AAA 2.59 3.00 2.91 25J30-yeerA 2,99 3.70 4.02 Revenue Bomb (Revd (ISYeerel Education AA 2.49 2.98 3.04 Electric AA 2.46 3.04 290 Water/1ewerAA 245 2.96 2.98 Hospital AA 259 3.17 3.17 Tot Road AA 2.45 2.98 3.07 SowsBreriarearue LE Federal Reserve Data BANK RESERVES (Two -Week Period; in Millions, NatSessonsllyAdJusted) Recent Levels Average Level Over the Lag.. 3/13/19 21Zii19 Change 12Wka. 26Wks, 52Wks, Excess Reserves 1552685 1509541 78144 1535231 1615912 1750732 Borrowed Reserves 12 21 -9 38 115 122 Net Free/Bonowed Reserves 1582673 1504520 78153 1535196 1614897 1150609 MONEY SUPPLY (One -Week Period; In Billions, SeasoneilyAdjusted/ Recent Levels Anneal Growth Antes Over the Lust. 3/11/19 3/4115 Change 3 Mos. 6 Mos. 12 Moe. M1(Curuncyrdemend deposits 37453 3759,0 -12.6 2.7% Z.3% 2.546 M2(MI+eevings+smalltime deposit.) 14499.9 14490.6 112 4.396 4.3% 4.1% Saaw:llshadSlaa fiiiiiaaM Birk m onto lhlue Line. Ina. MI demo enrved. Maud msUdd Is Mooted frost marts he5aesd In H rohlin and is prodded without wurailies of mrryy kind TNEPUBUSIBIISNBTAESPOOMIALEFORAIWEIVOIRSORDMISSIONSHEREIN.ThisoutillotioninaidcdohrothirmiOnfownomonmefeinfinnuniumNopinaidmsy henprnduced,meltstoredsrvenwduedinerrPpdntedelecroriceradnriann.armedtargenre*npsrnnrk tin onnrodniadmrlaaeadapu8Fissr3nasendcaupredue. To >uhsi.rilie cal' 1•60L-V'ALLIalr F 1 Exhibit MIEC 75A Page 12 of 13 APRIL 12, 2019 VALUE LINE SELECTION&OI'I,NION 1701 TAXABLE Selected Yields Recent 3Months Age Veer Ago Recent 3Months Age Year Ago I4i3/19) II/2/19I 14/4/18) TAXABLE (4/81191 11►2/t9) (4/4/i61 Market Rates Corporate Bands DiacountRate 3.00 3.00 2.25 Financia1110•ycet}A 3.45 3.59 3.80 Federal Funds 7.25-7.60 7,25.2550 1.50.1.75 Industrial (25/30-year) A 4.05 4.78 4.11 Prim Rate 5.50 5.60 475 Utthty126/30-yeadA 4.14 4,31 4.11 30-dayCP{A1/PI) 2.48 2.64 1.92 Utility l26/30-yeedBaa/B0B 4.51 4.71 4.43 3-month LIBOR 200 2.81 2.30 S&P 500High Yield Corp. Bond Index 4.85 5.89 6,02 U.S. Sugary Seeuritlee Foreign Bends (10-Year) 3-month 2.42 2.41 1.70 Canada 1.71 1.00 2.18 6-month 2.44 2.50 1.90 Germany 0.01 0.17 0.60 1-year 2.41 2.59 2,06 Japan -0.05 0.01 0.m 5-year 2.33 2.48 2.62 United Kingdom 1.10 1.21 1.37 10-y0er 252 2,82 2.80 Mertgegs-BeekedSecurit(es 10year(inlallan-protecied) 0.64 0.99 0.72 GNMA6,5% 4.05 3.60 3.44 30-yeer 2.93 2.85 3.04 FMLMC5.5%'GAO 3.57 3.98 3,36 30-year Zero 2.99 3.00 3.07 FNMA5.5% 3.55 3.66 3.32 Common Stacks Retired Stack VL Stocks IMedlanl 2.20 2.50 2.00 Utilhy A 6.00 6.14 5.96 DJ Industrials 112-mo. est. 2.40 2.60 2.30 Financial BBB 597 8.03 5.92 VLUtiliies 3,30 3.40 3.50 Financial Mutable A 5.47 5.47 5A7 Treasury Security Yield Curve 6.00% 5.00%- 4.00%- 3.00% - 2.00% - -t 1.o0% 8 2 3 6 10 Mae. Yvon Current - Year -Ago 30 TAX-EXEMPT • Bond Beyer frame 20-Bard Index 16031 3.79 4.10 3.09 25-BordMeer {tleva) 4.26 4.50 4.37 Oaneral llbligedun Bands (GO.) 1-yearAAA 1.51 1.70 1.58 1-yearA 1.8B 1.92 1.73 5.yaar AAA 1.62 1.91 7.06 5-year A 1.92 2.30 2.33 10-tea' AM 1.93 2.27 2.44 10-year A 2.28 254 2.87 25/30-year AAA 267 2.95 2.91 25/30-year A 3.08 3.64 3.82 Hwenaa Bands Mend (15 Years) EdutadoeAA 239 2.92 3,02 Electric AA 248 3.00 2.98 iAFaterJSewerAA 2.47 2.99 2.97 Hospital AA 2.59 3.10 3.17 Tail Road AA 253 2.09 3.06 Sams: Rolm RnnsLP. Federal Reserve Data BANK RESERVES (7ivo-Week Period, in Millions, Not Seasonal yAdjusted) Recent Levels Average Level Oven die Lest. WWI 3113/19 Change 12 Wks. 26 Wke. 52 Wks. Excess Reserves 1499182 1562665 -83503 1520331 1594452 1126112 Borrowed Reserves 13 12 1 27 67 122 Not Free/Barrawsd Reserves 1499163 1582673 -83504 1520303 1594365 17279.90 MONEY SUPPLY (One-1Aeek Period; in BlNlons, Seasonally Adjusted) Recent Levels Annual Growth Rams Maths Lest., 3/I8/15 3/11119 Change 3 Mos. 6 Moe. 12 Mae. M1(Currencyidemend deposits! 3730.0 3746,4 -164 0.1% 1.1% 2.2% M2(M1+savinga+analltimedepooits) 14486.8 14500.0 -112 3.8% 3.9% 4.0% Soles United Setu Fidad Bmna6edr m 2011 Valve U.S. Ine. Al rialas remand. Factual meted& I. tbleleed tree muree. believed to be relleble and Is provided allhmt warraelec of say bed THEP11011SNE8ISNOTRESPO BLEFOAANYEFtl10NS0110/1i5S10NSH9l9M.THapuhfieeeenisstdclktorwbredeheaa,eon-cernnerdet,i1tsmelrae.Nepertollmey he reprodueid,rand& Mend ereaneelliteIn env odetstelserrordc crater Pinker usedfor gemeredng er merkedne anyiebdelorefecevelepublinienn.lericeorpfeded In vuhsi;ri!ie. ;�LI 9-dLII}-VALUELhVE APRIL 20, 2019 TAXABLE Exhibit MIEC 75A Page 13 of 13 VALUE LINE SELECTION & OPINION 17 5 7 Selected Yields Recent 3Months Ago Year Age Recant 3Menthe Ago Veer Ago I4/17pS (1/16J19) (4/tanel TAXABLE 14/17113) I1/t9/191 (4/18118I Market Relic Corporate Bends Discount Hale 300 300 2.25 Financia1110-year)A 3.4B 3.94 192 Federal Funds 2.25-250 2.25.250 1.50.1.75 Industrie1125/30.yearjA 4.05 4.34 4.12 Prima Rate 550 5.50 4.75 Utility 125/30-yeer(A 4.14 4.42 4.13 30-day OP (Al/P1) 245 250 1.85 Utility 125/30-yeer}Baa/88B 4.49 4,82 4.46 3-month LIBOR 2.00 277 2.36 SAP500 High Yield Corp. Bend Index 4,75 5.46 4.8B U.S. Treasury Sacar}tis. Foreign Bonds (10-Year) 3-month 2.43 2.41 1.81 Canada 1.93 2.00 2.29 6-month 2,46 2.49 200 Germany 0,09 0.22 0.53 1-year 2.44 2.56 215 Japan -0.01 0.01 0.04 5-year 2,40 2,54 2.73 United Kingdom 1.24 1.31 1.41 10-year 259 2.72 287 Marlg.p.gcckedheeedins 10-year 1inllatien-proteeted) 0.67 0,96 0.72 GNMA 5.5% 4,07 3.58 3,52 30year 2.95 3,07 306 FHLMC5.5%Odell 3.63 3.92 3.44 30-year Zero 3.05 3.12 308 FNMA 5.5% 3.59 3.03 3.39 Common Steaks Preferred Stock VLStacks (Median( 2.20 240 200 Utility 5.00 6,11 6.01 DJ industrials (12-mu. est.) 2.40 2,50 2.30 Financial BBB 597 6.03 5.91 VL Utilities 3.40 150 140 Financial Adjustable A 5.48 5.48 5.43 6.00% 5.00% 4.00% 3.00%t, 2.13094. 1.00%3 9 2 3 6 trio . Ymrn Treasury Security Yield Curve • - Current - Year -Ago 10 90 TAX-EXEMPT Bona Buyer Indiums 20-Bond Index(605) 3.15 4.20 3.65 25-Bond lndex(Rave] 4,32 4.67 4.33 General Indianian RondeIG0e) 1-year AAA 1.53 1.68 1.67 1-year A 1.76 1.32 1.81 5-year AM 1.66 1.85 209 5-year A 1.99 205 2.58 10-yeerAAA 1.95 223 2.42 10yearA 2.32 2.53 3.15 25/30-year AM 2.69 300 2.90 25/30-yearA 3.08 3.39 4.2a Revenue Ronde (Itays1119Yaars} Education AA 2,46 2.98 3.02 ElectricM 2.75 2.98 2.00 Weter/Sewer AA 247 2.92 2,97 Hospital AA 2.63 3.13 3,12 Toll Road AA 2,52 2.92 3.04 Souniffninerg Ron LP. Federal Reserve Data BANK RESERVES (Two -Week Period; in Millions, Not SeasonallyAdjuetad) Recent Levels Average Level Over the Lest... 4/10/19 3/27/19 Change I2 Wks. 26 Wks. 52Wks. Fxeena Reserves 1486913 1499182 -102M 151/305 1b//611 1709307 Borrowed Rename 36 13 23 2t 77 123 Net Freel8mmwad Reserves 1468877 1489159 -10252 1517284 1577535 170134 MONEY SUPPLY (One -Week Purled In Billions, SeeeonaiyAdjusted) Recent Levels Annual Growth Rein Overlie last,.. 4/1/19 3125/19 Change 3Mos. 5Mos. 12Mos. M11Currency+demanddeposits) 3710.1 3724.7 -14.6 -33% O.0% t.5% M2IMInavings+smelf time deposits} 14557.9 14521.4 36.5 3.1% 4.4% 4.2% Sounclkdargbtu Farnham Bak m 211e Value tine Ina. All awes rowan haul e tonal Is oMalese Iron neuron believed to be rabble end in prettied ernes' wamellen of any pied 111EARLI83811SNOTIISPONSIILERS AN/ 9100115 OR ONISSIDris HEREIN.Oiepubleden is solnylersubssents o.ve,nonnommudrlietemeluee.Repartditmey bertneheadresidsrmadoruansndnedlnanyadnteaeleorvsiicndhebme.erisedtarenersrinoarmsderienswedasdarsteerrodcevtkcre n.seunewareduot Tn sukrril. call 1-8n-VALUFLII)E