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Investment Report 06-30-2020City of Chanhassen Analysis Date:8/26/2020 Portfolio as of:6/30/2020 Market Data as of:6/30/2020 Reid Christianson (612) 667-8919 reid.r.christianson@wellsfargo.com Confidential-For Discussion and General Information Purposes Only Table of Contents Portfolio Detail Page Product Detail Page Portfolio Summary 3 Treasury, Agency, & SSA - Summary 18 Cash Flow Report 4 Money Market Sector - Summary 19 Historical Performance 6 Brokered CD - Summary 20 Duration Contribution 7 Municipal - Summary 21 Projected Call Report 8 MMF Historical Performance 22 Credit Rating Monitor 9 MMF Fund Profiles 24 Positions by Sector 11 Positions by Maturity 13 Positions by Maturity - Scenario Analysis 15 2 Portfolio Summary Portfolio Snapshot Coupon Structure Sector Allocation Number of Positions 64 Par ($000)32,036 Book Value ($000)32,205 Mkt Value w/o Accrd ($000)32,782 Unrlzed Gain / Loss ($000)577 Coupon 1.71 Book Yield 1.53 Market Yield 0.48 Wgt Avg Maturity 1.7 Average Life 1.5 Effective Duration 1.5 Effective Convexity (0.4) Overnight Funds Principal 8,525 Overnight Funds Interest 0 Term Securities Principal 7,788 Term Securities Interest 507 Total Cash Flow 16,820 A-1+/A-1/P-1 A-2 / P-2 A-3 / P-3 Not Prime NA Short Term Rating 19% 36% 45% 33% 11% 56% AAA / Aaa AA / Aa A BBB / Baa Below IG NA Long Term Rating *Cash Flow Projections Chart -1 Year Cash flow does not include O/N Cash Flow or Run Off Yield Fixed 100.0% Agency 26.9% Certificate of Deposit 13.8% MMF 26.5% Municipal 32.8% 0.07 2.81 2.88 1.63 2.03 1.24 2.11 2.33 1.00 2.10 2.08 2.01 1.97 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 O/N Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 1 Year 2 Years 3 Years >3 Years Interest Call Maturity Run Off Yield Credit Exposure Cash Flow Projections* Portfolio Snapshot Coupon Structure Portfolio Allocation Characteristics 12M Projected Cash Flow ($000)S&P Moody's Portfolio Analysis 3 Cash Flow Projections Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) O/N 17 0 8,525,262 0.07 8,525,279 8,525,279 Jul-20 6,399 0 0 0.00 6,399 8,531,678 Aug-20 112,134 0 1,500,000 2.81 1,612,134 10,143,811 Sep-20 58,142 0 748,000 2.88 806,142 10,949,954 Oct-20 33,203 0 1,248,000 1.63 1,281,203 12,231,157 Nov-20 14,296 0 0 0.00 14,296 12,245,453 Dec-20 35,807 0 0 0.00 35,807 12,281,259 Jan-21 10,018 0 0 0.00 10,018 12,291,277 Feb-21 102,604 0 1,438,000 2.03 1,540,604 13,831,882 Mar-21 56,752 0 862,000 1.24 918,752 14,750,634 Apr-21 27,213 0 746,000 2.11 773,213 15,523,847 May-21 14,296 0 746,000 2.33 760,296 16,284,143 Year 1 Jun-21 35,807 500,000 0 1.00 535,807 16,819,949 Jul-21 7,776 350,000 0 0.68 357,776 17,177,725 Aug-21 76,901 0 1,994,000 2.62 2,070,901 19,248,627 Sep-21 48,938 0 990,000 2.15 1,038,938 20,287,565 Oct-21 19,790 0 742,000 1.70 761,790 21,049,355 Nov-21 4,414 0 0 0.00 4,414 21,053,769 Dec-21 33,324 0 911,000 2.06 944,324 21,998,093 Jan-22 7,379 0 0 0.00 7,379 22,005,472 Feb-22 42,186 0 260,000 2.21 302,186 22,307,657 Mar-22 38,404 0 798,000 1.51 836,404 23,144,061 Apr-22 12,559 0 0 0.00 12,559 23,156,620 May-22 4,009 0 0 0.00 4,009 23,160,630 Year 2 Jun-22 24,113 0 0 0.00 24,113 23,184,743 Jul-22 6,975 0 0 0.00 6,975 23,191,717 Aug-22 38,916 0 747,000 1.48 785,916 23,977,633 Sep-22 33,656 0 500,000 2.57 533,656 24,511,289 Oct-22 12,559 0 849,000 1.51 861,559 25,372,849 Nov-22 3,750 0 0 0.00 3,750 25,376,599 Dec-22 23,854 0 1,120,000 2.24 1,143,854 26,520,452 Jan-23 4,060 0 0 0.00 4,060 26,524,512 Feb-23 30,767 0 1,160,000 2.28 1,190,767 27,715,279 Mar-23 27,772 0 0 0.00 27,772 27,743,050 Apr-23 7,500 0 0 0.00 7,500 27,750,550 May-23 3,750 0 250,000 1.90 253,750 28,004,300 Year 3 Jun-23 2,500 0 0 0.00 2,500 28,006,800 Portfolio Analysis 4 Cash Flow Projections - Continued Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) Jul-23 4,060 0 0 0.00 4,060 28,010,860 Aug-23 15,469 0 0 0.00 15,469 28,026,329 Sep-23 27,772 0 205,000 2.85 232,772 28,259,101 Oct-23 7,500 0 500,000 2.88 507,500 28,766,601 Nov-23 0 0 0 0.00 0 28,766,601 Dec-23 2,500 0 0 0.00 2,500 28,769,101 Jan-24 4,060 0 0 0.00 4,060 28,773,161 Feb-24 15,469 0 150,000 2.40 165,469 28,938,630 Mar-24 24,313 0 0 0.00 24,313 28,962,943 Apr-24 0 0 0 0.00 0 28,962,943 May-24 0 0 0 0.00 0 28,962,943 Year 4 Jun-24 2,500 0 0 0.00 2,500 28,965,443 Jul-24 4,060 0 0 0.00 4,060 28,969,503 Aug-24 13,669 0 497,000 2.63 510,669 29,480,172 Sep-24 24,313 0 0 0.00 24,313 29,504,484 Oct-24 0 0 0 0.00 0 29,504,484 Nov-24 0 0 0 0.00 0 29,504,484 Dec-24 2,500 0 0 0.00 2,500 29,506,984 Jan-25 4,060 0 0 0.00 4,060 29,511,044 Feb-25 8,387 0 400,000 2.05 408,387 29,919,431 Mar-25 24,313 0 0 0.00 24,313 29,943,743 Apr-25 0 0 0 0.00 0 29,943,743 May-25 0 0 0 0.00 0 29,943,743 Year 5 Jun-25 2,500 0 0 0.00 2,500 29,946,243 Jul-25 4,060 0 500,000 1.07 504,060 30,450,303 Aug-25 3,287 0 700,000 0.68 703,287 31,153,590 Sep-25 24,313 0 600,000 3.30 624,313 31,777,902 Oct-25 0 0 0 0.00 0 31,777,902 Nov-25 0 0 0 0.00 0 31,777,902 Dec-25 2,500 0 0 0.00 2,500 31,780,402 Jan-26 0 0 0 0.00 0 31,780,402 Feb-26 0 0 0 0.00 0 31,780,402 Mar-26 12,313 0 0 0.00 12,313 31,792,715 Apr-26 0 0 0 0.00 0 31,792,715 May-26 0 0 0 0.00 0 31,792,715 Year 6 Jun-26 2,500 0 0 0.00 2,500 31,795,215 Portfolio Analysis 5 Historical Performance # Line Avg Total Par Avg Bk Avg Mkt Bnchmrk Wgt Avg Eff Ratings Portfolio Allocation* Date Items Coupon ($000)G / L Yield Yield Tsy Yield Maturity Dur Moody's S&P MMF Govt Corp CD/CP Muni Other 06/30/20 64 1.71 32,036 577 1.53 0.48 0.16 1.7 1.5 Aaa AA+26%27%0%14%33%0% 03/31/20 60 2.12 27,850 484 1.95 0.98 0.26 1.5 1.4 Aaa AA+20%28%0%13%39%0% 12/31/19 63 2.07 30,785 248 2.01 1.66 1.59 1.4 1.2 Aaa AA+25%32%0%14%29%0% 09/30/19 71 2.22 29,766 299 2.22 1.92 1.72 1.6 1.3 Aaa AA+13%39%0%17%32%0% 06/30/19 65 2.28 31,098 231 2.27 2.12 1.89 1.6 1.2 Aaa AA+23%37%0%12%28%0% 03/31/19 65 2.17 29,020 31 2.27 2.47 2.32 1.9 1.6 Aaa AA+16%47%0%13%24%0% 12/31/18 71 2.11 34,764 (146)2.12 2.56 2.55 1.7 1.5 Aaa AA+21%41%0%13%25%0% 09/30/18 72 1.87 30,316 (352)1.83 2.48 2.76 5.4 1.8 Aa1 AA+14%39%18%0%30%0% 06/29/18 73 1.77 30,817 (219)1.65 2.00 2.28 1.8 1.6 Aaa AA+ 03/29/18 70 1.61 25,872 (182)1.48 1.81 2.11 1.6 1.5 Aaa AA+ 12/29/17 80 1.49 31,196 (112)1.36 2.21 1.69 1.5 1.4 Aaa AA+ 09/29/17 73 1.48 29,667 (37)1.32 1.48 1.34 1.4 1.3 Aa1 AA+ 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Avg Book Yield Benchmark Treasury 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MMF Govt Corp CD/CP Muni Other Portfolio Allocation*Book Yield vs. Treasury Benchmark * Portfolio Allocation is a new addition to portfolio analysis. Data will be added over time. Portfolio Analysis 6 Yield / Duration Contribution Book Market Book Eff Sector Total (%)Value ($)Value ($)G / L ($)Yield Dur Agency 26.9%8,657,982 8,900,407 242,425 2.08 1.9 Certificate of Deposit 13.8%4,456,000 4,542,762 86,762 1.70 1.3 MMF 26.5%8,525,262 8,525,262 0 0.07 0.0 Municipal 32.8%10,566,052 10,813,772 247,720 2.18 2.3 Total Portfolio 100.0%32,205,296 32,782,203 576,907 1.53 1.5 Agency Certificate of Deposit MMF Municipal (0.50) 0.00 0.50 1.00 1.50 2.00 2.50 3.00 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Book Yield by Duration and Sector Portfolio Analysis 7 Projected Call Report Projected Call Date Final Call Par Book Market DN 50 Base Case UP 50 ID CUSIP Sector Issuer Maturity Structure Amount Yield Yield Proj Date Proj Date Proj Date 55 3130ABXS0 Agency FEDERAL HOME LOAN BANK 08/14/24 Amer 500,000 3.15 0.69 08/14/20 08/14/20 08/14/20 0-90 Days 500,000 3.15 0.69 62 3134GVX37 Agency FREDDIE MAC 12/23/26 Berm 500,000 1.00 0.98 12/23/20 06/23/21 12/23/26 181-365 Days 500,000 1.00 0.98 53 3133ELYK4 Agency FEDERAL FARM CREDIT BANK 05/06/24 Amer 350,000 0.68 0.63 05/06/21 07/06/21 05/06/24 >365 Days 350,000 0.68 0.63 Portfolio Analysis 8 Credit Rating Monitor Watch Positive Watch Negative ∆ Last 90 Days Moody's S & P Fitch Final Par Current Eff Current Eff Current Eff ID CUSIP Sector Issuer Cpn Maturity Amount Rating Date Watch Rating Date Watch Rating Date Watch 55 3130ABXS0 Agency FEDERAL HOME LOAN BANK 2.47 08/14/24 500,000 WR 08/14/20 -AA+07/27/17 ---- 12 963439YA6 Municipal WHITE BEAR LAKE MN INDEP SCH D 5.00 02/01/21 650,000 ---AAA 08/03/20 ---- 30 550629VD8 Municipal LUVERNE MN 1.70 12/15/21 665,000 ---AAA 08/03/20 ---- 21 60412ADB6 Municipal MINNESOTA ST 5.00 08/01/21 1,000,000 Aa1 07/31/15 -AAA 08/03/20 -AAA 07/28/16 - 62 3134GVX37 Agency FREDDIE MAC 1.00 12/23/26 500,000 Aaa 06/18/20 ----AAA 06/24/20 - 64 3130AJRQ4 Agency FEDERAL HOME LOAN BANK 1.00 06/25/27 500,000 Aaa 06/22/20 -AA+06/22/20 ---- 59 6775224C5 Municipal OHIO ST 0.94 08/01/25 700,000 Aa1 06/10/20 -AA+06/09/20 -AA+06/10/20 - 46 161664HC4 Municipal CHASKA MN 2.25 02/01/23 145,000 ---AA 05/29/20 ---- 52 161664HD2 Municipal CHASKA MN 2.40 02/01/24 150,000 ---AA 05/29/20 ---- 32 161664HB6 Municipal CHASKA MN 2.10 02/01/22 140,000 ---AA 05/29/20 ---- 11 161664HA8 Municipal CHASKA MN 1.95 02/01/21 140,000 ---AA 05/29/20 ---- 53 3133ELYK4 Agency FEDERAL FARM CREDIT BANK 0.68 05/06/24 350,000 Aaa 04/28/20 -AA+04/27/20 -AAA 05/08/20 - 58 161035KH2 Municipal CHARLOTTE NC 1.62 07/01/25 500,000 Aaa 02/04/20 -AAA 02/12/20 -AAA 02/04/20 - 63 3130AJ4B2 Agency FEDERAL HOME LOAN BANK 1.63 03/12/27 500,000 Aaa 02/05/20 -AA+02/05/20 ---- 40 3133ELGN8 Agency FEDERAL FARM CREDIT BANK 1.60 10/13/22 600,000 Aaa 01/03/20 -AA+01/02/20 -AAA 01/14/20 - 26 3133ELEF7 Agency FEDERAL FARM CREDIT BANK 1.65 09/20/21 590,000 Aaa 12/12/19 -AA+12/11/19 -AAA 12/24/19 - 49 792882BV3 Municipal ST PAUL MN 3.00 05/01/23 250,000 ---AAA 11/08/19 ---- 22 93974DV54 Municipal WASHINGTON ST 1.80 08/01/21 500,000 Aaa 08/23/19 -AA+09/26/17 -AA+08/30/17 - 57 092765EY8 Municipal BLAINE MN 2.55 02/01/25 400,000 ---AAA 08/01/19 ---- 45 092765EW2 Municipal BLAINE MN 2.25 02/01/23 395,000 ---AAA 08/01/19 ---- 19 53860RBH0 Municipal LIVINGSTON CNTY MI 2.05 05/01/21 500,000 Aaa 05/20/19 ------- 38 961114NG6 Municipal WESTON CT 3.15 08/01/22 500,000 Aaa 11/21/18 ------- 61 3133EJD55 Agency FEDERAL FARM CREDIT BANK 3.30 09/28/26 500,000 Aaa 09/24/18 -AA+09/21/18 -AAA 09/28/18 - 60 4095585H2 Municipal HAMPTON VA 4.00 09/01/25 600,000 Aa1 06/05/18 -AA+06/13/18 -AA+06/06/18 - 14 793067CD9 Municipal SAINT PAUL MN PORT AUTH 2.38 03/01/21 365,000 ---AAA 06/01/18 ---- 51 3133EJQA0 Agency FEDERAL FARM CREDIT BANK 3.00 10/23/23 500,000 Aaa 05/16/18 -AA+05/15/18 -AAA 05/23/18 - 44 60375BDC7 Municipal MINNEAPOLIS MN 5.00 12/01/22 370,000 ---AAA 05/15/18 -AA+05/11/18 - 48 809557BB6 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.50 02/01/23 120,000 ---AAA 04/04/18 ---- 33 809557BA8 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.35 02/01/22 120,000 ---AAA 04/04/18 ---- 34 60374Y7S0 Municipal MINNEAPOLIS MN 2.90 03/01/22 300,000 Aa1 02/07/14 -AAA 02/12/14 -AA+11/08/17 - 43 60375BCD6 Municipal MINNEAPOLIS MN 4.25 12/01/22 350,000 ---AAA 05/02/17 -AA+11/08/17 - 6 3130ACE26 Agency FEDERAL HOME LOAN BANK 1.38 09/28/20 500,000 Aaa 09/08/17 -AA+09/08/17 ---- 54 64971WP53 Municipal NEW YORK CITY NY TRANSITIONAL 2.25 08/01/24 250,000 Aa1 09/12/16 -AAA 09/14/16 -AAA 09/09/16 - 39 3130A6AP2 Agency FEDERAL HOME LOAN BANK 2.25 09/09/22 500,000 Aaa 08/07/15 -AA+08/07/15 ---- 18 3136G0U58 Agency FANNIE MAE 1.75 04/30/21 500,000 Aaa 10/08/12 -AA+10/05/12 -AAA 03/21/14 - 25 3133ECWS9 Agency FEDERAL FARM CREDIT BANK 2.83 09/07/21 400,000 Aaa 08/01/13 -AA+07/31/13 -AAA 03/21/14 - 4 3134G3F96 Agency FREDDIE MAC 1.65 08/28/20 1,000,000 Aaa 08/10/12 -AA+08/08/12 -AAA 03/21/14 - 9 3135G0RM7 Agency FANNIE MAE 1.63 10/30/20 500,000 Aaa 10/17/12 -AA+10/16/12 -AAA 03/21/14 - Portfolio Analysis 9 Credit Rating Monitor Watch Positive Watch Negative ∆ Last 90 Days Moody's S & P Fitch Final Par Current Eff Current Eff Current Eff ID CUSIP Sector Issuer Cpn Maturity Amount Rating Date Watch Rating Date Watch Rating Date Watch 8 3136G0R60 Agency FANNIE MAE 1.50 10/22/20 500,000 Aaa 10/04/12 -AA+10/02/12 -AAA 03/21/14 - 10 113835H54 Municipal BROOKLYN CENTER MN 3.00 02/01/21 400,000 ---AA 11/21/13 ---- 50 313383YJ4 Agency FEDERAL HOME LOAN BANK 3.38 09/08/23 205,000 Aaa 08/27/13 -AA+08/26/13 ---- 47 73723RSP9 Municipal PORTSMOUTH VA 3.09 02/01/23 500,000 Aa2 05/24/13 -AA 06/05/13 -AA 05/21/13 - 42 199492CT4 Municipal COLUMBUS OH 2.33 12/01/22 400,000 Aaa 11/06/12 -AAA 11/15/12 -AAA 11/07/12 - FDIC-Insured brokered CDs are not included in the Credit Rating Monitor Portfolio Analysis 10 Positions by Sector %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx 4 3134G3F96 FREDDIE MAC 3.1%1.65 08/28/20 Aaa AA+-Amer 1,000,000 07/10/18 97.98 99.84 100.24 3,955 2.64 0.18 0.2 0.2 0.0 6 3130ACE26 FEDERAL HOME LOAN BANK 1.5%1.38 09/28/20 Aaa AA+-Bullet 500,000 12/04/18 97.44 99.64 100.29 3,243 2.84 0.18 0.2 0.2 0.0 8 3136G0R60 FANNIE MAE 1.6%1.50 10/22/20 Aaa AA+-Amer 500,000 10/11/16 100.94 100.07 100.41 1,684 1.26 0.18 0.3 0.3 0.0 9 3135G0RM7 FANNIE MAE 1.6%1.63 10/30/20 Aaa AA+-Amer 500,000 06/26/19 99.76 99.94 100.48 2,718 1.81 0.18 0.3 0.3 (0.1) 18 3136G0U58 FANNIE MAE 1.5%1.75 04/30/21 Aaa AA+-Amer 500,000 02/07/19 98.30 99.35 101.30 9,723 2.54 0.19 0.8 0.8 (0.1) 25 3133ECWS9 FEDERAL FARM CREDIT BANK 1.2%2.83 09/07/21 Aaa AA+-Bullet 400,000 12/03/18 99.71 99.87 103.12 13,008 2.94 0.19 1.2 1.2 0.0 26 3133ELEF7 FEDERAL FARM CREDIT BANK 1.8%1.65 09/20/21 Aaa AA+-Bullet 590,000 12/20/19 100.05 100.03 101.78 10,286 1.62 0.19 1.2 1.2 0.0 39 3130A6AP2 FEDERAL HOME LOAN BANK 1.5%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.32 104.46 25,734 2.57 0.21 2.2 2.1 0.1 40 3133ELGN8 FEDERAL FARM CREDIT BANK 1.9%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.98 103.02 18,262 1.61 0.27 2.3 2.2 0.1 50 313383YJ4 FEDERAL HOME LOAN BANK 0.6%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 101.59 109.77 16,768 2.85 0.29 3.2 3.0 0.1 51 3133EJQA0 FEDERAL FARM CREDIT BANK 1.6%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.37 108.79 42,070 2.88 0.33 3.3 3.2 0.1 53 3133ELYK4 FEDERAL FARM CREDIT BANK 1.1%0.68 05/06/24 Aaa AA+05/06/21 Amer 350,000 05/06/20 100.00 100.00 100.04 154 0.68 0.63 3.9 1.0 (0.4) 55 3130ABXS0 FEDERAL HOME LOAN BANK 1.5%2.47 08/14/24 WR AA+08/14/20 Amer 500,000 07/19/18 96.27 97.39 100.22 14,144 3.15 0.69 4.1 0.1 (0.0) 61 3133EJD55 FEDERAL FARM CREDIT BANK 1.6%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.90 116.64 78,735 3.14 0.58 6.2 5.7 0.4 62 3134GVX37 FREDDIE MAC 1.6%1.00 12/23/26 Aaa -12/23/20 Berm 500,000 06/23/20 100.00 100.00 100.01 59 1.00 0.98 6.5 1.8 (8.2) 63 3130AJ4B2 FEDERAL HOME LOAN BANK 1.6%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 105.37 105.89 2,574 0.80 0.72 6.7 6.4 0.5 64 3130AJRQ4 FEDERAL HOME LOAN BANK 1.6%1.00 06/25/27 Aaa AA+06/25/21 Amer 500,000 06/25/20 100.00 100.00 99.86 (692)1.00 1.02 7.0 3.6 (18.7) Agency 26.9%1.86 Aaa AA+8,645,000 99.74 100.15 102.95 242,425 2.08 0.40 2.7 1.9 (1.5) 5 84287PFU1 SOUTHERN FIRST BANK NA 0.8%2.90 09/08/20 ---Bullet 248,000 12/07/18 100.00 100.00 100.53 1,307 2.92 0.11 0.2 0.2 0.0 7 94948LCQ2 WELLESLEY BANK 0.8%2.00 10/19/20 ---Bullet 248,000 07/19/19 100.00 100.00 100.58 1,433 2.00 0.09 0.3 0.3 0.0 13 06251AZ45 BANK HAPOALIM BM NY 0.8%0.65 02/18/21 ---Bullet 248,000 03/18/20 100.00 100.00 100.34 831 0.65 0.12 0.6 0.6 0.0 15 02589AA69 AMERICAN EXPR NATL BK 0.8%0.75 03/17/21 ---Bullet 249,000 03/17/20 100.00 100.00 100.44 1,106 0.75 0.13 0.7 0.7 0.0 16 89677DHD1 TRISTATE CAPITAL BANK 0.8%0.65 03/18/21 ---Bullet 248,000 03/18/20 100.00 100.00 100.37 928 0.65 0.13 0.7 0.7 0.0 17 87227RPM0 TCF NATIONAL BANK 0.8%1.25 04/08/21 ---Bullet 246,000 04/08/20 100.00 100.00 100.87 2,140 1.24 0.12 0.8 0.8 0.0 20 02007GCV3 ALLY BANK 0.8%2.90 05/24/21 ---Bullet 246,000 05/24/18 100.00 100.00 102.49 6,135 2.90 0.13 0.9 0.9 0.0 23 61690UJL5 MORGAN STANLEY BANK NA 0.8%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 102.11 5,207 2.10 0.16 1.1 1.1 0.0 24 61760AR50 MORGAN STANLEY PVT BANK 0.8%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 102.11 5,207 2.10 0.16 1.1 1.1 0.0 28 92937CJZ2 WEX BANK 0.8%1.30 10/12/21 ---Bullet 248,000 04/09/20 100.00 100.00 101.45 3,586 1.30 0.17 1.3 1.3 0.0 27 14042RJJ1 CAPITAL ONE NA 0.8%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 102.54 6,274 2.15 0.17 1.3 1.3 0.0 29 05580AKQ6 BMW BANK NORTH AMERICA 0.8%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 102.42 5,968 2.05 0.17 1.3 1.3 0.0 31 87165HFH8 SYNCHRONY BANK 0.8%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 103.71 9,114 2.55 0.03 1.5 1.5 0.0 35 29278TNH9 ENERBANK USA 0.8%0.95 03/14/22 ---Bullet 249,000 03/13/20 100.00 100.00 101.28 3,185 0.95 0.20 1.7 1.7 0.0 36 88241TGX2 TEXAS EXCHANGE BANK SSB 0.8%1.00 03/25/22 ---Bullet 249,000 03/27/20 100.00 100.00 101.38 3,441 1.00 0.20 1.7 1.7 0.0 37 14042TBH9 CAPITAL ONE BANK USA NA 0.8%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 104.01 9,907 2.15 0.22 2.1 2.0 0.1 41 32116RAG9 FIRST NATL BANK ORD NEB 0.8%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 102.29 5,702 1.25 0.25 2.3 2.2 0.1 56 75472RAE1 RAYMOND JAMES BANK NA 0.8%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 106.19 15,292 2.00 0.49 4.2 4.0 0.2 Domestic CD 13.8%1.70 4,456,000 100.00 100.00 101.95 86,762 1.70 0.17 1.3 1.3 0.0 2 0008CHAN2 NORTHLAND 2.0%0.00 ---Bullet 634,275 01/01/19 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 1 0006CHAN8 AMERICANA COM BK 7.8%0.14 ---Bullet 2,522,294 01/01/19 100.00 100.00 100.00 0 0.14 0.14 0.0 0.0 0.0 3 94975P405 Wells Fargo Government Money M 16.7%0.05 ---Bullet 5,368,694 06/30/20 100.00 100.00 100.00 0 0.05 0.05 0.0 0.0 0.0 MMF 26.5%0.07 8,525,262 100.00 100.00 100.00 0 0.07 0.07 0.0 0.0 0.0 12 963439YA6 WHITE BEAR LAKE MN INDEP SCH D 2.1%5.00 02/01/21 -AAA -Bullet 650,000 06/14/19 104.54 101.65 102.27 4,037 2.15 1.10 0.6 0.6 0.0 11 161664HA8 CHASKA MN 0.4%1.95 02/01/21 -AA -Bullet 140,000 11/29/17 100.00 100.00 100.50 706 1.95 1.08 0.6 0.6 0.0 10 113835H54 BROOKLYN CENTER MN 1.2%3.00 02/01/21 -AA -Bullet 400,000 01/24/14 101.88 100.17 101.04 3,464 2.70 1.22 0.6 0.6 0.0 14 793067CD9 SAINT PAUL MN PORT AUTH 1.1%2.38 03/01/21 -AAA -Bullet 365,000 06/24/19 100.67 100.27 100.82 2,037 1.97 1.13 0.7 0.7 0.0 19 53860RBH0 LIVINGSTON CNTY MI 1.6%2.05 05/01/21 Aaa --Bullet 500,000 06/20/19 100.00 100.00 100.75 3,750 2.05 1.15 0.8 0.8 0.0 21 60412ADB6 MINNESOTA ST 3.2%5.00 08/01/21 Aa1 AAA -Bullet 1,000,000 03/25/20 103.43 102.77 105.17 23,990 3.04 0.30 1.1 1.1 0.0 22 93974DV54 WASHINGTON ST 1.5%1.80 08/01/21 Aaa AA+-Bullet 500,000 07/26/18 97.04 98.90 101.16 11,300 2.83 0.72 1.1 1.1 0.0 30 550629VD8 LUVERNE MN 2.1%1.70 12/15/21 -AAA -Bullet 665,000 01/23/20 100.00 100.00 101.12 7,468 1.70 0.92 1.5 1.4 0.0 33 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 101.91 2,287 2.35 1.13 1.6 1.6 0.0 32 161664HB6 CHASKA MN 0.4%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 101.85 2,586 2.10 0.92 1.6 1.6 0.0 34 60374Y7S0 MINNEAPOLIS MN 0.9%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.04 103.21 9,516 2.88 0.96 1.7 1.6 0.0 38 961114NG6 WESTON CT 1.6%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 104.11 104.53 2,100 1.15 0.95 2.1 2.0 0.1 44 60375BDC7 MINNEAPOLIS MN 1.2%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 104.51 108.81 15,884 3.05 1.29 2.4 2.3 0.1 43 60375BCD6 MINNEAPOLIS MN 1.1%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 105.29 107.05 6,185 2.00 1.28 2.4 2.3 0.1 42 199492CT4 COLUMBUS OH 1.3%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 101.49 103.29 7,168 1.70 0.96 2.4 2.4 0.1 47 73723RSP9 PORTSMOUTH VA 1.6%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 102.10 105.26 15,835 2.25 1.02 2.6 2.5 0.1 48 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 102.60 3,125 2.50 1.47 2.6 2.5 0.1 Portfolio Analysis 11 Positions by Sector %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx 45 092765EW2 BLAINE MN 1.2%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 102.20 8,706 2.25 1.38 2.6 2.5 0.1 46 161664HC4 CHASKA MN 0.5%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 102.49 3,605 2.25 1.27 2.6 2.5 0.1 49 792882BV3 ST PAUL MN 0.8%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 103.02 104.84 4,543 1.90 1.26 2.8 2.7 0.1 52 161664HD2 CHASKA MN 0.5%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 104.69 7,034 2.40 1.06 3.6 3.4 0.1 54 64971WP53 NEW YORK CITY NY TRANSITIONAL 0.7%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 96.20 106.32 25,308 3.25 0.68 4.1 3.9 0.2 57 092765EY8 BLAINE MN 1.3%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 102.18 105.28 12,404 2.05 1.36 4.6 4.3 0.2 58 161035KH2 CHARLOTTE NC 1.6%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 102.71 105.19 12,380 1.07 0.57 5.0 4.8 0.3 59 6775224C5 OHIO ST 2.2%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 101.30 101.06 (1,694)0.68 0.73 5.1 5.0 0.3 60 4095585H2 HAMPTON VA 1.9%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 103.30 112.30 54,000 3.30 1.52 5.2 4.7 0.3 Municipals 32.8%2.94 Aa1 AA+ 10,410,000 102.14 101.50 103.88 247,720 2.18 0.99 2.4 2.3 0.1 Total Portfolio 100.0%1.71 32,036,262 100.62 100.53 102.33 576,907 1.53 0.48 1.7 1.5 (0.4) Portfolio Analysis 12 Positions by Maturity %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx 2 0008CHAN2 NORTHLAND 2%0.00 ---Bullet 634,275 01/01/19 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 1 0006CHAN8 AMERICANA COM BK 8%0.14 ---Bullet 2,522,294 01/01/19 100.00 100.00 100.00 0 0.14 0.14 0.0 0.0 0.0 3 94975P405 Wells Fargo Government Money M 17%0.05 ---Bullet 5,368,694 06/30/20 100.00 100.00 100.00 0 0.05 0.05 0.0 0.0 0.0 4 3134G3F96 FREDDIE MAC 3%1.65 08/28/20 Aaa AA+-Amer 1,000,000 07/10/18 97.98 99.84 100.24 3,955 2.64 0.18 0.2 0.2 0.0 5 84287PFU1 SOUTHERN FIRST BANK NA 1%2.90 09/08/20 ---Bullet 248,000 12/07/18 100.00 100.00 100.53 1,307 2.92 0.11 0.2 0.2 0.0 6 3130ACE26 FEDERAL HOME LOAN BANK 2%1.38 09/28/20 Aaa AA+-Bullet 500,000 12/04/18 97.44 99.64 100.29 3,243 2.84 0.18 0.2 0.2 0.0 7 94948LCQ2 WELLESLEY BANK 1%2.00 10/19/20 ---Bullet 248,000 07/19/19 100.00 100.00 100.58 1,433 2.00 0.09 0.3 0.3 0.0 8 3136G0R60 FANNIE MAE 2%1.50 10/22/20 Aaa AA+-Amer 500,000 10/11/16 100.94 100.07 100.41 1,684 1.26 0.18 0.3 0.3 0.0 9 3135G0RM7 FANNIE MAE 2%1.63 10/30/20 Aaa AA+-Amer 500,000 06/26/19 99.76 99.94 100.48 2,718 1.81 0.18 0.3 0.3 (0.1) 11 161664HA8 CHASKA MN 0%1.95 02/01/21 -AA -Bullet 140,000 11/29/17 100.00 100.00 100.50 706 1.95 1.08 0.6 0.6 0.0 10 113835H54 BROOKLYN CENTER MN 1%3.00 02/01/21 -AA -Bullet 400,000 01/24/14 101.88 100.17 101.04 3,464 2.70 1.22 0.6 0.6 0.0 12 963439YA6 WHITE BEAR LAKE MN INDEP SCH D 2%5.00 02/01/21 -AAA -Bullet 650,000 06/14/19 104.54 101.65 102.27 4,037 2.15 1.10 0.6 0.6 0.0 13 06251AZ45 BANK HAPOALIM BM NY 1%0.65 02/18/21 ---Bullet 248,000 03/18/20 100.00 100.00 100.34 831 0.65 0.12 0.6 0.6 0.0 14 793067CD9 SAINT PAUL MN PORT AUTH 1%2.38 03/01/21 -AAA -Bullet 365,000 06/24/19 100.67 100.27 100.82 2,037 1.97 1.13 0.7 0.7 0.0 15 02589AA69 AMERICAN EXPR NATL BK 1%0.75 03/17/21 ---Bullet 249,000 03/17/20 100.00 100.00 100.44 1,106 0.75 0.13 0.7 0.7 0.0 16 89677DHD1 TRISTATE CAPITAL BANK 1%0.65 03/18/21 ---Bullet 248,000 03/18/20 100.00 100.00 100.37 928 0.65 0.13 0.7 0.7 0.0 17 87227RPM0 TCF NATIONAL BANK 1%1.25 04/08/21 ---Bullet 246,000 04/08/20 100.00 100.00 100.87 2,140 1.24 0.12 0.8 0.8 0.0 18 3136G0U58 FANNIE MAE 2%1.75 04/30/21 Aaa AA+-Amer 500,000 02/07/19 98.30 99.35 101.30 9,723 2.54 0.19 0.8 0.8 (0.1) 19 53860RBH0 LIVINGSTON CNTY MI 2%2.05 05/01/21 Aaa --Bullet 500,000 06/20/19 100.00 100.00 100.75 3,750 2.05 1.15 0.8 0.8 0.0 20 02007GCV3 ALLY BANK 1%2.90 05/24/21 ---Bullet 246,000 05/24/18 100.00 100.00 102.49 6,135 2.90 0.13 0.9 0.9 0.0 Year 1 48%0.96 15,313,262 100.01 100.04 100.36 49,195 0.96 0.24 0.2 0.2 (0.0) 22 93974DV54 WASHINGTON ST 2%1.80 08/01/21 Aaa AA+-Bullet 500,000 07/26/18 97.04 98.90 101.16 11,300 2.83 0.72 1.1 1.1 0.0 21 60412ADB6 MINNESOTA ST 3%5.00 08/01/21 Aa1 AAA -Bullet 1,000,000 03/25/20 103.43 102.77 105.17 23,990 3.04 0.30 1.1 1.1 0.0 23 61690UJL5 MORGAN STANLEY BANK NA 1%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 102.11 5,207 2.10 0.16 1.1 1.1 0.0 24 61760AR50 MORGAN STANLEY PVT BANK 1%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 102.11 5,207 2.10 0.16 1.1 1.1 0.0 25 3133ECWS9 FEDERAL FARM CREDIT BANK 1%2.83 09/07/21 Aaa AA+-Bullet 400,000 12/03/18 99.71 99.87 103.12 13,008 2.94 0.19 1.2 1.2 0.0 26 3133ELEF7 FEDERAL FARM CREDIT BANK 2%1.65 09/20/21 Aaa AA+-Bullet 590,000 12/20/19 100.05 100.03 101.78 10,286 1.62 0.19 1.2 1.2 0.0 28 92937CJZ2 WEX BANK 1%1.30 10/12/21 ---Bullet 248,000 04/09/20 100.00 100.00 101.45 3,586 1.30 0.17 1.3 1.3 0.0 27 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 102.54 6,274 2.15 0.17 1.3 1.3 0.0 29 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 102.42 5,968 2.05 0.17 1.3 1.3 0.0 30 550629VD8 LUVERNE MN 2%1.70 12/15/21 -AAA -Bullet 665,000 01/23/20 100.00 100.00 101.12 7,468 1.70 0.92 1.5 1.4 0.0 31 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 103.71 9,114 2.55 0.03 1.5 1.5 0.0 33 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 101.91 2,287 2.35 1.13 1.6 1.6 0.0 32 161664HB6 CHASKA MN 0%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 101.85 2,586 2.10 0.92 1.6 1.6 0.0 34 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.04 103.21 9,516 2.88 0.96 1.7 1.6 0.0 35 29278TNH9 ENERBANK USA 1%0.95 03/14/22 ---Bullet 249,000 03/13/20 100.00 100.00 101.28 3,185 0.95 0.20 1.7 1.7 0.0 36 88241TGX2 TEXAS EXCHANGE BANK SSB 1%1.00 03/25/22 ---Bullet 249,000 03/27/20 100.00 100.00 101.38 3,441 1.00 0.20 1.7 1.7 0.0 Year 2 18%2.47 5,695,000 100.33 100.39 102.54 122,422 2.23 0.41 1.3 1.3 0.0 38 961114NG6 WESTON CT 2%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 104.11 104.53 2,100 1.15 0.95 2.1 2.0 0.1 37 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 104.01 9,907 2.15 0.22 2.1 2.0 0.1 39 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.32 104.46 25,734 2.57 0.21 2.2 2.1 0.1 40 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.98 103.02 18,262 1.61 0.27 2.3 2.2 0.1 41 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 102.29 5,702 1.25 0.25 2.3 2.2 0.1 44 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 104.51 108.81 15,884 3.05 1.29 2.4 2.3 0.1 43 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 105.29 107.05 6,185 2.00 1.28 2.4 2.3 0.1 42 199492CT4 COLUMBUS OH 1%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 101.49 103.29 7,168 1.70 0.96 2.4 2.4 0.1 47 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 102.10 105.26 15,835 2.25 1.02 2.6 2.5 0.1 48 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 102.60 3,125 2.50 1.47 2.6 2.5 0.1 45 092765EW2 BLAINE MN 1%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 102.20 8,706 2.25 1.38 2.6 2.5 0.1 46 161664HC4 CHASKA MN 0%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 102.49 3,605 2.25 1.27 2.6 2.5 0.1 49 792882BV3 ST PAUL MN 1%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 103.02 104.84 4,543 1.90 1.26 2.8 2.7 0.1 Year 3 15%2.72 4,626,000 102.41 101.65 104.39 126,755 2.01 0.85 2.4 2.3 0.1 50 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 101.59 109.77 16,768 2.85 0.29 3.2 3.0 0.1 51 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.37 108.79 42,070 2.88 0.33 3.3 3.2 0.1 52 161664HD2 CHASKA MN 0%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 104.69 7,034 2.40 1.06 3.6 3.4 0.1 53 3133ELYK4 FEDERAL FARM CREDIT BANK 1%0.68 05/06/24 Aaa AA+05/06/21 Amer 350,000 05/06/20 100.00 100.00 100.04 154 0.68 0.63 3.9 1.0 (0.4) Year 4 4%2.32 1,205,000 100.68 100.43 105.90 66,025 2.18 0.50 3.5 2.6 (0.0) Portfolio Analysis 13 Positions by Maturity %Final Ratings Nxt Call Acquired Book Market Book Market Eff Eff ID CUSIP Issuer Port Cpn Maturity Moody's S&P Call Date Type Par Date Price Price Price G / L Yield Yield WAM Dur Cvx 54 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 96.20 106.32 25,308 3.25 0.68 4.1 3.9 0.2 55 3130ABXS0 FEDERAL HOME LOAN BANK 2%2.47 08/14/24 WR AA+08/14/20 Amer 500,000 07/19/18 96.27 97.39 100.22 14,144 3.15 0.69 4.1 0.1 (0.0) 56 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 106.19 15,292 2.00 0.49 4.2 4.0 0.2 57 092765EY8 BLAINE MN 1%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 102.18 105.28 12,404 2.05 1.36 4.6 4.3 0.2 Year 5 4%2.37 1,397,000 98.40 99.01 103.82 67,147 2.64 0.85 4.3 2.7 0.1 58 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 102.71 105.19 12,380 1.07 0.57 5.0 4.8 0.3 59 6775224C5 OHIO ST 2%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 101.30 101.06 (1,694)0.68 0.73 5.1 5.0 0.3 60 4095585H2 HAMPTON VA 2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 103.30 112.30 54,000 3.30 1.52 5.2 4.7 0.3 Year 6 6%2.15 1,800,000 102.78 102.36 105.95 64,686 1.67 0.96 5.1 4.8 0.3 61 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.90 116.64 78,735 3.14 0.58 6.2 5.7 0.4 62 3134GVX37 FREDDIE MAC 2%1.00 12/23/26 Aaa -12/23/20 Berm 500,000 06/23/20 100.00 100.00 100.01 59 1.00 0.98 6.5 1.8 (8.2) 63 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 105.37 105.89 2,574 0.80 0.72 6.7 6.4 0.5 64 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 Aaa AA+06/25/21 Amer 500,000 06/25/20 100.00 100.00 99.86 (692)1.00 1.02 7.0 3.6 (18.7) Year 7 6%1.73 2,000,000 101.63 101.57 105.60 80,677 1.48 0.81 6.6 4.4 (6.1) Total Portfolio 100%1.71 32,036,262 100.62 100.53 102.33 576,907 1.53 0.48 1.7 1.5 (0.4) Portfolio Analysis 14 Positions by Maturity - Scenario Analysis Market Price (%∆)Book Yield Effective Duration %Final DN DN UP UP DN DN Base UP UP DN DN Base UP UP ID CUSIP Issuer Port Cpn Maturity Par WAM DN 50 DN 25 UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 2 0008CHAN2 NORTHLAND 2%0.00 634,275 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 1 0006CHAN8 AMERICANA COM BK 8%0.14 2,522,294 0.0 0.0 0.0 0.0 0.0 0.14 0.14 0.14 0.14 0.14 0.0 0.0 0.0 0.0 0.0 3 94975P405 Wells Fargo Government Money M 17%0.05 5,368,694 0.0 0.0 0.0 0.0 0.0 0.05 0.05 0.05 0.05 0.05 0.0 0.0 0.0 0.0 0.0 4 3134G3F96 FREDDIE MAC 3%1.65 08/28/20 1,000,000 0.2 0.1 0.0 (0.0)(0.1)2.64 2.64 2.64 2.64 2.64 0.1 0.1 0.2 0.2 0.2 5 84287PFU1 SOUTHERN FIRST BANK NA 1%2.90 09/08/20 248,000 0.2 0.1 0.0 (0.0)(0.1)2.92 2.92 2.92 2.92 2.92 0.2 0.2 0.2 0.2 0.2 6 3130ACE26 FEDERAL HOME LOAN BANK 2%1.38 09/28/20 500,000 0.2 0.1 0.1 (0.1)(0.1)2.84 2.84 2.84 2.84 2.84 0.3 0.2 0.2 0.2 0.2 7 94948LCQ2 WELLESLEY BANK 1%2.00 10/19/20 248,000 0.3 0.2 0.1 (0.1)(0.2)2.00 2.00 2.00 2.00 2.00 0.3 0.3 0.3 0.3 0.3 8 3136G0R60 FANNIE MAE 2%1.50 10/22/20 500,000 0.3 0.1 0.1 (0.1)(0.2)1.26 1.26 1.26 1.26 1.26 0.1 0.2 0.3 0.3 0.3 9 3135G0RM7 FANNIE MAE 2%1.63 10/30/20 500,000 0.3 0.1 0.1 (0.1)(0.2)1.81 1.81 1.81 1.81 1.81 0.1 0.2 0.3 0.3 0.3 11 161664HA8 CHASKA MN 0%1.95 02/01/21 140,000 0.6 0.3 0.1 (0.1)(0.3)1.95 1.95 1.95 1.95 1.95 0.6 0.6 0.6 0.6 0.6 10 113835H54 BROOKLYN CENTER MN 1%3.00 02/01/21 400,000 0.6 0.3 0.1 (0.1)(0.3)2.70 2.70 2.70 2.70 2.70 0.6 0.6 0.6 0.6 0.6 12 963439YA6 WHITE BEAR LAKE MN INDEP SCH D 2%5.00 02/01/21 650,000 0.6 0.3 0.1 (0.1)(0.3)2.15 2.15 2.15 2.15 2.15 0.6 0.6 0.6 0.6 0.6 13 06251AZ45 BANK HAPOALIM BM NY 1%0.65 02/18/21 248,000 0.6 0.3 0.2 (0.2)(0.3)0.65 0.65 0.65 0.65 0.65 0.6 0.6 0.6 0.6 0.6 14 793067CD9 SAINT PAUL MN PORT AUTH 1%2.38 03/01/21 365,000 0.7 0.3 0.2 (0.2)(0.3)1.97 1.97 1.97 1.97 1.97 0.7 0.7 0.7 0.7 0.7 15 02589AA69 AMERICAN EXPR NATL BK 1%0.75 03/17/21 249,000 0.7 0.4 0.2 (0.2)(0.4)0.75 0.75 0.75 0.75 0.75 0.7 0.7 0.7 0.7 0.7 16 89677DHD1 TRISTATE CAPITAL BANK 1%0.65 03/18/21 248,000 0.7 0.4 0.2 (0.2)(0.4)0.65 0.65 0.65 0.65 0.65 0.7 0.7 0.7 0.7 0.7 17 87227RPM0 TCF NATIONAL BANK 1%1.25 04/08/21 246,000 0.8 0.4 0.2 (0.2)(0.4)1.24 1.24 1.24 1.24 1.24 0.8 0.8 0.8 0.8 0.8 18 3136G0U58 FANNIE MAE 2%1.75 04/30/21 500,000 0.8 0.4 0.2 (0.2)(0.4)2.54 2.54 2.54 2.54 2.54 0.5 0.8 0.8 0.8 0.8 19 53860RBH0 LIVINGSTON CNTY MI 2%2.05 05/01/21 500,000 0.8 0.4 0.2 (0.2)(0.4)2.05 2.05 2.05 2.05 2.05 0.8 0.8 0.8 0.8 0.8 20 02007GCV3 ALLY BANK 1%2.90 05/24/21 246,000 0.9 0.5 0.2 (0.2)(0.4)2.90 2.90 2.90 2.90 2.90 0.9 0.9 0.9 0.9 0.9 Year 1 48%0.96 15,313,262 0.2 0.1 0.1 (0.1)(0.1)0.96 0.96 0.96 0.96 0.96 0.2 0.2 0.2 0.2 0.2 22 93974DV54 WASHINGTON ST 2%1.80 08/01/21 500,000 1.1 0.5 0.3 (0.3)(0.5)2.83 2.83 2.83 2.83 2.83 1.1 1.1 1.1 1.1 1.1 21 60412ADB6 MINNESOTA ST 3%5.00 08/01/21 1,000,000 1.1 0.5 0.3 (0.3)(0.5)3.04 3.04 3.04 3.04 3.04 1.1 1.1 1.1 1.1 1.1 23 61690UJL5 MORGAN STANLEY BANK NA 1%2.10 08/02/21 247,000 1.1 0.5 0.3 (0.3)(0.5)2.10 2.10 2.10 2.10 2.10 1.1 1.1 1.1 1.1 1.1 24 61760AR50 MORGAN STANLEY PVT BANK 1%2.10 08/02/21 247,000 1.1 0.5 0.3 (0.3)(0.5)2.10 2.10 2.10 2.10 2.10 1.1 1.1 1.1 1.1 1.1 25 3133ECWS9 FEDERAL FARM CREDIT BANK 1%2.83 09/07/21 400,000 1.2 0.6 0.3 (0.3)(0.6)2.94 2.94 2.94 2.94 2.94 1.2 1.2 1.2 1.2 1.2 26 3133ELEF7 FEDERAL FARM CREDIT BANK 2%1.65 09/20/21 590,000 1.2 0.6 0.3 (0.3)(0.6)1.62 1.62 1.62 1.62 1.62 1.2 1.2 1.2 1.2 1.2 28 92937CJZ2 WEX BANK 1%1.30 10/12/21 248,000 1.3 0.6 0.3 (0.3)(0.6)1.30 1.30 1.30 1.30 1.30 1.3 1.3 1.3 1.3 1.3 27 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 247,000 1.3 0.6 0.3 (0.3)(0.6)2.15 2.15 2.15 2.15 2.15 1.3 1.3 1.3 1.3 1.3 29 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 247,000 1.3 0.6 0.3 (0.3)(0.6)2.05 2.05 2.05 2.05 2.05 1.3 1.3 1.3 1.3 1.3 30 550629VD8 LUVERNE MN 2%1.70 12/15/21 665,000 1.5 0.7 0.4 (0.4)(0.7)1.70 1.70 1.70 1.70 1.70 1.5 1.5 1.4 1.4 1.4 31 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 246,000 1.5 0.7 0.4 (0.4)(0.7)2.55 2.55 2.55 2.55 2.55 1.5 1.5 1.5 1.5 1.4 33 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 120,000 1.6 0.8 0.4 (0.4)(0.8)2.35 2.35 2.35 2.35 2.35 1.6 1.6 1.6 1.6 1.5 32 161664HB6 CHASKA MN 0%2.10 02/01/22 140,000 1.6 0.8 0.4 (0.4)(0.8)2.10 2.10 2.10 2.10 2.10 1.6 1.6 1.6 1.6 1.6 34 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 300,000 1.7 0.8 0.4 (0.4)(0.8)2.88 2.88 2.88 2.88 2.88 1.6 1.6 1.6 1.6 1.6 35 29278TNH9 ENERBANK USA 1%0.95 03/14/22 249,000 1.7 0.8 0.4 (0.4)(0.8)0.95 0.95 0.95 0.95 0.95 1.7 1.7 1.7 1.7 1.7 36 88241TGX2 TEXAS EXCHANGE BANK SSB 1%1.00 03/25/22 249,000 1.7 0.9 0.4 (0.4)(0.9)1.00 1.00 1.00 1.00 1.00 1.7 1.7 1.7 1.7 1.7 Year 2 18%2.47 5,695,000 1.3 0.7 0.3 (0.3)(0.6)2.23 2.23 2.23 2.23 2.23 1.3 1.3 1.3 1.3 1.3 38 961114NG6 WESTON CT 2%3.15 08/01/22 500,000 2.1 1.0 0.5 (0.5)(1.0)1.15 1.15 1.15 1.15 1.15 2.0 2.0 2.0 2.0 2.0 37 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 247,000 2.1 1.0 0.5 (0.5)(1.0)2.15 2.15 2.15 2.15 2.15 2.0 2.0 2.0 2.0 2.0 39 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 500,000 2.2 1.1 0.5 (0.5)(1.1)2.57 2.57 2.57 2.57 2.57 2.1 2.1 2.1 2.1 2.1 40 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 600,000 2.3 1.1 0.6 (0.6)(1.1)1.61 1.61 1.61 1.61 1.61 2.2 2.2 2.2 2.2 2.2 41 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 249,000 2.3 1.1 0.6 (0.6)(1.1)1.25 1.25 1.25 1.25 1.25 2.3 2.3 2.2 2.2 2.2 44 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 370,000 2.4 1.2 0.6 (0.6)(1.1)3.05 3.05 3.05 3.05 3.05 2.3 2.3 2.3 2.3 2.3 43 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 350,000 2.4 1.2 0.6 (0.6)(1.2)2.00 2.00 2.00 2.00 2.00 2.3 2.3 2.3 2.3 2.3 42 199492CT4 COLUMBUS OH 1%2.33 12/01/22 400,000 2.4 1.2 0.6 (0.6)(1.2)1.70 1.70 1.70 1.70 1.70 2.4 2.4 2.4 2.4 2.3 47 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 500,000 2.6 1.3 0.6 (0.6)(1.2)2.25 2.25 2.25 2.25 2.25 2.5 2.5 2.5 2.5 2.5 48 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 120,000 2.6 1.3 0.6 (0.6)(1.2)2.50 2.50 2.50 2.50 2.50 2.5 2.5 2.5 2.5 2.5 Portfolio Analysis 15 Positions by Maturity - Scenario Analysis Market Price (%∆)Book Yield Effective Duration %Final DN DN UP UP DN DN Base UP UP DN DN Base UP UP ID CUSIP Issuer Port Cpn Maturity Par WAM DN 50 DN 25 UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 DN 50 DN 25 Case UP 25 UP 50 45 092765EW2 BLAINE MN 1%2.25 02/01/23 395,000 2.6 1.3 0.6 (0.6)(1.3)2.25 2.25 2.25 2.25 2.25 2.5 2.5 2.5 2.5 2.5 46 161664HC4 CHASKA MN 0%2.25 02/01/23 145,000 2.6 1.3 0.6 (0.6)(1.3)2.25 2.25 2.25 2.25 2.25 2.5 2.5 2.5 2.5 2.5 49 792882BV3 ST PAUL MN 1%3.00 05/01/23 250,000 2.8 1.4 0.7 (0.7)(1.4)1.90 1.90 1.90 1.90 1.90 2.7 2.7 2.7 2.7 2.7 Year 3 15%2.72 4,626,000 2.4 1.2 0.6 (0.6)(1.1)2.01 2.01 2.01 2.01 2.01 2.3 2.3 2.3 2.3 2.3 50 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 205,000 3.2 1.5 0.8 (0.8)(1.5)2.85 2.85 2.85 2.85 2.85 3.0 3.0 3.0 3.0 3.0 51 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 500,000 3.3 1.6 0.8 (0.8)(1.6)2.88 2.88 2.88 2.88 2.88 3.2 3.2 3.2 3.2 3.2 52 161664HD2 CHASKA MN 0%2.40 02/01/24 150,000 3.6 1.7 0.9 (0.9)(1.7)2.40 2.40 2.40 2.40 2.40 3.4 3.4 3.4 3.4 3.4 53 3133ELYK4 FEDERAL FARM CREDIT BANK 1%0.68 05/06/24 350,000 3.9 0.4 0.2 (0.3)(0.7)0.68 0.68 0.68 0.68 0.68 0.5 0.8 1.0 1.4 2.7 Year 4 4%2.32 1,205,000 3.5 1.3 0.6 (0.6)(1.3)2.18 2.18 2.18 2.18 2.18 2.5 2.5 2.6 2.7 3.0 54 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 250,000 4.1 2.0 1.0 (1.0)(1.9)3.25 3.25 3.25 3.25 3.25 3.9 3.9 3.9 3.9 3.9 55 3130ABXS0 FEDERAL HOME LOAN BANK 2%2.47 08/14/24 500,000 4.1 0.0 0.0 (0.0)(0.1)3.15 3.15 3.15 3.15 3.15 0.0 0.1 0.1 0.1 0.1 56 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 247,000 4.2 2.0 1.0 (1.0)(2.0)2.00 2.00 2.00 2.00 2.00 4.0 4.0 4.0 4.0 4.0 57 092765EY8 BLAINE MN 1%2.55 02/01/25 400,000 4.6 2.2 1.1 (1.1)(2.2)2.05 2.05 2.05 2.05 2.05 4.3 4.3 4.3 4.3 4.3 Year 5 4%2.37 1,397,000 4.3 1.4 0.7 (0.7)(1.4)2.64 2.64 2.64 2.64 2.64 2.7 2.7 2.7 2.7 2.7 58 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 500,000 5.0 2.4 1.2 (1.2)(2.4)1.07 1.07 1.07 1.07 1.07 4.8 4.8 4.8 4.8 4.8 59 6775224C5 OHIO ST 2%0.94 08/01/25 700,000 5.1 2.5 1.3 (1.2)(2.5)0.68 0.68 0.68 0.68 0.68 5.0 5.0 5.0 5.0 5.0 60 4095585H2 HAMPTON VA 2%4.00 09/01/25 600,000 5.2 2.4 1.2 (1.2)(2.3)3.30 3.30 3.30 3.30 3.30 4.7 4.7 4.7 4.7 4.7 Year 6 6%2.15 1,800,000 5.1 2.5 1.2 (1.2)(2.4)1.67 1.67 1.67 1.67 1.67 4.8 4.8 4.8 4.8 4.8 61 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 500,000 6.2 2.9 1.4 (1.4)(2.8)3.14 3.14 3.14 3.14 3.14 5.7 5.7 5.7 5.7 5.7 62 3134GVX37 FREDDIE MAC 2%1.00 12/23/26 500,000 6.5 0.3 0.2 (0.7)(2.2)1.00 1.00 1.00 1.00 1.00 0.2 0.6 1.8 4.5 6.2 63 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 500,000 6.7 3.3 1.6 (1.6)(3.1)0.80 0.80 0.80 0.80 0.80 6.4 6.4 6.4 6.3 6.3 64 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 500,000 7.0 0.5 0.3 (1.5)(3.1)1.00 1.00 1.00 1.00 1.00 0.7 1.1 3.6 6.3 6.8 Year 7 6%1.73 2,000,000 6.6 1.8 0.9 (1.3)(2.8)1.48 1.48 1.48 1.48 1.48 3.4 3.6 4.4 5.7 6.2 Total Portfolio 100%1.71 32,036,262 1.7 0.7 0.4 (0.4)(0.8)1.53 1.53 1.53 1.53 1.53 1.4 1.4 1.5 1.5 1.6 Portfolio Analysis 16 Product Detail Treasury, Agency, SSA - Summary Issuer / Sector Line %% Total Par Book Market Gain /Book Market Eff Eff Coupon Type %Call Type% Type Items Port Sector Amount Cpn Price Price Loss Yield Yield WAM Dur Cvx Fixed Float Step Bullet Amer Euro Berm FHLB 6 8%31%2,705,000 1.87 100.44 102.72 61,771 2.11 0.54 4.0 2.6 (3.3)100%--63%37%-- FNMA 3 5%17%1,500,000 1.63 99.79 100.73 14,124 1.87 0.18 0.5 0.5 (0.1)100%---100%-- FHLMC 2 5%17%1,500,000 1.43 99.89 100.16 4,014 2.09 0.45 2.3 0.7 (2.7)100%---67%-33% FFCB 6 9%34%2,940,000 2.20 100.20 105.73 162,515 2.16 0.36 3.0 2.6 0.1 100%--88%12%-- Sector Total 17 27%100%8,645,000 1.86 100.15 102.95 242,425 2.08 0.40 2.7 1.9 (1.5)100%50%45%6% FFCB 34% FHLB 32% FHLMC 17% FNMA 17% Bullet 50%Amer 44% Berm 6% Fixed 100% Issuer Structure Coupon Portfolio Analysis 18 Money Market Sector - Summary Money Market Product Distribution (%) Moody's Short Term Ratings Distribution (%) Cash Flows by Month -12 Months ($) Agency, 20% Certificate of Deposit, 11% MMF, 56% Municipal, 13% NA, 100% 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 O/N 1 2 3 4 5 6 7 8 9 10 11 12 Money Market Sector includes all securities with maturity less than 12 months. S&P Short Term Ratings Distribution (%) NA, 100% Portfolio Analysis 19 Certificates of Deposit - Summary Structure Line %% Total Par Book Market Book Market Eff Eff Type Items Port Sector Cpn Amount Price Price G / L Yield Yield WAM Dur Cvx Fixed 18 14%100%1.70 4,456,000 100.00 101.95 86,762 1.70 0.17 1.3 1.3 0.0 Sector Total 18 14%100%1.70 4,456,000 100.00 101.95 86,762 1.70 0.17 1.3 1.3 0.0 Portfolio Analysis 20 Municipal - Summary Issue Line %% Total Par Book Market Gain /Book Market Eff Eff Coupon Type %Agg LT Ratings Type Items Port Sector Amount Cpn Price Price Loss Yield Yield WAM Dur Cvx Fixed Float Step Moody's S&P GO Limited 2 3%9%900,000 2.18 100.66 101.88 10,918 1.89 1.06 1.5 1.5 0.0 100%--Aaa GO Unlimited 20 27%83%8,655,000 3.07 101.83 104.19 204,046 2.18 0.97 2.5 2.4 0.1 100%--Aaa AA+ Revenue 3 1%5%490,000 2.34 98.06 104.33 30,720 2.84 0.98 3.1 3.0 0.1 100%--Aa1 AAA Other 1 1%3%365,000 2.38 100.27 100.82 2,037 1.97 1.13 0.7 0.7 0.0 100%--AAA Sector Total 26 33%100%10,410,000 2.94 101.50 103.88 247,720 2.18 0.99 2.4 2.3 0.1 100%Aaa AA+ Sector Line %% Total Par Book Market Gain /Book Market Eff Eff Coupon Type %Agg LT Ratings Type Items Port Sector Amount Cpn Price Price Loss Yield Yield WAM Dur Cvx Fixed Float Step Moody's S&P General 25 31%94%9,760,000 2.80 101.49 103.99 243,684 2.18 0.98 2.5 2.4 0.1 100%--Aaa AA+ School District 1 2%6%650,000 5.00 101.65 102.27 4,037 2.15 1.10 0.6 0.6 0.0 100%--AAA Sector Total 26 33%100%10,410,000 2.94 101.50 103.88 247,720 2.18 0.99 2.4 2.3 0.1 100%Aaa AA+ GO Limited 9% GO Unlimited 83% Other 3% Revenue 5% Fixed 100% Issuer Coupon Portfolio Analysis 21 MMF: Historical Performance Weighted Average Maturity -WAM (Days) Daily Liquid Assets (%) Weekly Liquid Assets (%) 0 10 20 30 40 50 60 70 Jul-19 Oct-19 Jan-20 Apr-20 SEC Threshold GVIXX 0 10 20 30 40 50 60 70 Jul-19 Oct-19 Jan-20 Apr-20 SEC Threshold GVIXX 20 30 40 50 60 70 80 90 100 Jul-19 Oct-19 Jan-20 Apr-20 SEC Threshold GVIXX * Gates / Fees Threshold -SEC designated thresholds for Money Market Funds Portfolio Analysis 22 MMF: Historical Performance Net Asset Value (NAV)7 Day Yield (%) Expense Ratio (bps)Daily Fund Flows ($000) 0.0000 0.2000 0.4000 0.6000 0.8000 1.0000 1.2000 Jul-19 Oct-19 Jan-20 Apr-20 GVIXX 0.00 0.50 1.00 1.50 2.00 2.50 Jul-19 Oct-19 Jan-20 Apr-20 GVIXX 0.000 0.100 0.200 0.300 Jul-19 Oct-19 Jan-20 Apr-20 GVIXX -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 Jul-19 Oct-19 Jan-20 Apr-20 GVIXX Portfolio Analysis 23 MMF: Fund Profiles Fund Name:Wells Fargo Govt MM Inst - GVIXX AUM Flows ($MM)WAM (Days)WAL (Days)7D Yield (%)DLA (%)WLA (%)Share Class Flows ($MM)MNAV Current 45,665 38 103 0.05 65 73 515 1.0000 Previous Month 47,418 40 101 0.06 62 72 94 1.0000 MoM Change (1,753)(2)2 (0.01)3 1 421 0.0000 52 Week High 53,283 42 108 2.29 66 75 7,316 1.0000 52 Week Low 26,132 18 93 0.05 50 60 (6,517)1.0000 Portfolio Analysis 24 Strategy Group Contact Information Name Title Phone Email Interim Head of Fixed Income Market and Portfolio Strategy Jonathan O’ Hanlon Director (704) 410-3853 jonathan.ohanlon@wellsfargo.com Short Duration Strategy Garret Sloan, CFA Director (704) 410-3686 garret.sloan@wellsfargo.com Vanessa McMichael, CTP Director (704) 410-4530 vanessa.mcmichael@wellsfargo.com Depository Strategy Charlie Crowley Managing Director (704) 410-3829 charlie.crowley@wellsfargo.com Mario Ichaso, CFA Vice President (704) 410-4526 mario.ichaso@wellsfargo.com Strategy Generalist Brad Brown Director (704) 410-3683 bradley.brown@wellsfargo.com Will Fisher Director (704) 410-6239 william.fisher@wellsfargo.com Jack Stimac, CFA Vice President (901) 622-5302 jack.stimac@wellsfargo.com Tyler Barnes Associate (704) 410-3830 tyler.barnes@wellsfargo.com Devon Preston Associate (704) 410-1530 devon.b.preston@wellsfargo.com Sarah Tsai Associate (704) 410-3824 sarah.tsai@wellsfargo.com Melissa Atkins Associate (704) 410-0114 melissa.atkins@wellsfargo.com Daniel Giuliano Associate (704) 410-3685 daniel.giuliano@wellsfargo.com Portfolio Accounting Kamari Hauglid Analyst (612) 667-8818 kamarihauglid@wellsfargo.com Portfolio Analysis 25 Assumptions 1.Calculation engine is ZM for all asset classes except for Money Market Funds. Money Market Fund information is provided by Crane Data. 2.Money Market Funds assume a book price of par ($100.00). 3.All data provided by Bloomberg LLC., IDC Pricing Service, Crane Data and Wells Fargo Securities. 4.Cash flows are generated by Yield Book, Intex, Bloomberg or ZM depending on sector and structure: ZM –Non-prepay bullet structures including municipals, corporates, agencies, SSA, teasuries, CDs and commercial paper. Yield Book –Mortgage products, including MBS passthroughs, CMOs, ARMs, agency CMBS and floating rate structures. Intex –Structured products, including ABS, CLOs and non-agency RMBS and CMBS. Analysis assumes all scheduled and unscheduled principal cash flows provided directly by Third Party systems (Yield Book) flow into the Maturity bucket on the Cash Flow Projections page. 5.Ratings data are provided by Moody's, S&P and Fitch. Aggregate ratings are based on a proprietary scale. 6.Projected Call Report -Assumes OAS is held constant with market price based yield -to-worst call logic. Sorted by projected calls in the base case scenario. Base Case scenario assumes no rate changes. 7.Client provided market prices are used for the analysis. In the absence of client market data, BVAL and/or IDC pricing is used. 8.Historical Analysis is a combination of previously run Bond Edge Reports and ZM Financial. This page will be updated over time as reports are requested. 9.Yield on tax-exempt municipals are calculated using a 21% tax rate or as directed by client. 10.12 Month Horizon Analysis assumes 12 month horizon with a reinvestment rate of 1M LIBOR. Rate shocks are gradual over the horizon and parrallel shifts to the curve. 11.Prepayment, default and severity assumptions used: Bonds run through Yield Book –Yield Book Long Term Projected CPR GN CMBS –15 CPJ FN/FH CMBS -0 CPY Conduit CMBS -0 CPY, CDR and SEV ABS Student –6 CPR ABS Card -Historical MPR ABS Auto -1.3 ABS SBAs & NGNs –10 CPR Non-agency CMOs –Yield Book if available otherwise 6mo historical VPR, CDR and SEV taken from Bloomberg. 12.Money Market Fund Profiles AUM Flows:Total fund MoM flows Share Class:Total share class MoM flows 13.Yield Curve Shock Scenarios:instantaneous rate shocks to the static curve held constant over the life of the securities, utilizing Intex for structured products (when applicable) and Yield Book for other amortizing securities. Standard scenarios: parallel shifts of -100,-50,-25,0,+25,+50,+100,+200,+300, Bear Flat,Bull Steep, Bull Flat, Bear Steep. Customized scenarios at the request of client or as determined by WFS Portfolio Strategy Portfolio Analysis 26 Disclaimer Accuracy of Information This account summary was prepared by Wells Fargo Corporate & Investment Banking Fixed Income Market and Portfolio Strategy an d is not a substitute for your monthly statement or trade confirmation. Prices and yields are current as of the date of this summary and are subjec t to change and availability; past performance is no guarantee of future results. Municipal leases are shown at their par value. Any rating p rovided for a municipal lease investment is a rating associated with the lessee, and does not constitute a rating of the lease investment itself. For Secu rities held away from Wells Fargo Corporate & Investment Banking, cost data and acquisition dates have not been verified and positions may not be covered by SIPC. The indicative valuation(s) provided in this report are for information purposes only and are intended for use solely by the addressee. The information contained herein is derived from sources that Wells Fargo Corporate & Investment Banking in good faith considers reliable, ho wever Wells Fargo Corporate & Investment Banking does not guarantee the accuracy, reliability or completeness of this information and makes no warranty, express or implied, with respect thereto. The indicative valuations do not represent advice, an offer to purchase or sell any security or other instrument either at th e indicative valuation(s) or any other price(s). There is no representation that any transaction can or could have been effected at the indicative valuati on(s). The indicative valuations contained herein represent estimates as of the stated valuation date and are subject to change without notice. Suc h estimates do not necessarily reflect Wells Fargo Corporate & Investment Banking’s internal bookkeeping or theoretical model -based valuation. The indicative valuations are based on certain assumptions, and different assumptions, by Wells Fargo Corporate & Investment Banking or any other sourc e may yield substantially different results. These valuations also may vary from those of another Wells Fargo division, since they may us e other sources of market information or make calculations as of a different time. Wells Fargo Corporate & Investment Banking is not responsible for any loss or damage arising out of any person's use of or re liance upon the information contained herein or otherwise, including but not limited to, errors (including errors of transmission), inaccurac ies, omissions, changes in market factors or other conditions or any other circumstances whether or not such errors are within Wells Fargo Corporate & I nvestment Banking’s control. 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About Wells Fargo Corporate & Investment Banking Wells Fargo Corporate & Investment Banking is the trade name for the corporate banking, capital markets and investment bankin g services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A., a member of NFA. Wells Fargo Securities, LL C, and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. Copyright© 2020 Wells Fargo Securities, LLC SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Portfolio Analysis 27