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Investment Report 06-30-2021
City of Chanhassen Analysis Date:8/19/2021 Portfolio as of:6/30/2021 Market Data as of:6/30/2021 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 17 Cash Flow Report 4 Money Market Sector - Summary 18 Historical Performance 6 Brokered CD - Summary 19 Duration Contribution 7 Corporate - Summary 20 Credit Rating Monitor 8 Municipal - Summary 21 Positions by Sector 10 MMF Historical Performance 22 Positions by Maturity 12 MMF Fund Profiles 24 Positions by Maturity - Scenario Analysis 14 2 Portfolio Summary Portfolio Snapshot Coupon Structure Sector Allocation Number of Positions 53 Par ($000)29,463 Book Value ($000)29,599 Mkt Value w/o Accrd ($000)29,935 Unrlzed Gain / Loss ($000)336 Coupon 1.40 Book Yield 1.16 Market Yield 0.31 Wgt Avg Maturity 1.4 Average Life 1.4 Effective Duration 1.3 Effective Convexity (0.1) Overnight Funds Principal 7,453 Overnight Funds Interest 0 Term Securities Principal 8,463 Term Securities Interest 347 Total Cash Flow 16,263 A-1+/A-1/P-1 A-2 / P-2 A-3 / P-3 Not Prime NA Short Term Rating 20% 31% 49% 31% 13% 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 21.4% Certificate of Deposit 10.9% Corporate 9.4% MMF 25.2% Municipal 33.2% 0.01 0.12 2.63 2.16 1.70 2.06 2.21 1.51 1.57 1.76 1.61 1.34 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 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 1 0 7,453,219 0.01 7,453,220 7,453,220 Jul-21 8,465 0 2,768,291 0.12 2,776,756 10,229,976 Aug-21 85,618 0 1,994,000 2.63 2,079,618 12,309,593 Sep-21 49,876 0 990,000 2.16 1,039,876 13,349,469 Oct-21 22,879 0 742,000 1.70 764,879 14,114,348 Nov-21 4,414 0 0 0.00 4,414 14,118,762 Dec-21 33,324 0 911,000 2.06 944,324 15,063,086 Jan-22 8,189 0 0 0.00 8,189 15,071,274 Feb-22 50,902 0 260,000 2.21 310,902 15,382,176 Mar-22 39,341 0 798,000 1.51 837,341 16,219,517 Apr-22 15,648 0 0 0.00 15,648 16,235,165 May-22 4,009 0 0 0.00 4,009 16,239,175 Year 1 Jun-22 24,113 0 0 0.00 24,113 16,263,288 Jul-22 7,792 0 249,000 0.30 256,792 16,520,080 Aug-22 47,632 0 747,000 1.48 794,632 17,314,712 Sep-22 34,594 0 500,000 2.57 534,594 17,849,305 Oct-22 15,648 0 849,000 1.51 864,648 18,713,954 Nov-22 3,750 0 0 0.00 3,750 18,717,704 Dec-22 23,854 0 1,120,000 2.24 1,143,854 19,861,557 Jan-23 4,496 0 0 0.00 4,496 19,866,053 Feb-23 39,483 0 1,160,000 2.28 1,199,483 21,065,536 Mar-23 28,709 0 0 0.00 28,709 21,094,245 Apr-23 10,589 0 495,000 0.90 505,589 21,599,834 May-23 3,750 0 250,000 1.90 253,750 21,853,584 Year 2 Jun-23 2,500 0 0 0.00 2,500 21,856,084 Jul-23 4,496 0 249,000 0.35 253,496 22,109,580 Aug-23 24,185 0 0 0.00 24,185 22,133,765 Sep-23 28,709 0 205,000 2.85 233,709 22,367,474 Oct-23 8,000 0 1,000,000 1.55 1,008,000 23,375,474 Nov-23 0 0 0 0.00 0 23,375,474 Dec-23 2,500 0 0 0.00 2,500 23,377,974 Jan-24 4,060 0 0 0.00 4,060 23,382,034 Feb-24 24,185 0 150,000 2.40 174,185 23,556,220 Mar-24 25,250 0 0 0.00 25,250 23,581,470 Apr-24 0 0 0 0.00 0 23,581,470 May-24 0 0 0 0.00 0 23,581,470 Year 3 Jun-24 2,500 0 0 0.00 2,500 23,583,970 Portfolio Analysis 4 Cash Flow Projections - Continued Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) Jul-24 4,060 0 0 0.00 4,060 23,588,030 Aug-24 22,385 0 1,997,000 0.96 2,019,385 25,607,415 Sep-24 25,250 0 0 0.00 25,250 25,632,665 Oct-24 0 0 0 0.00 0 25,632,665 Nov-24 0 0 0 0.00 0 25,632,665 Dec-24 2,500 0 0 0.00 2,500 25,635,165 Jan-25 4,060 0 0 0.00 4,060 25,639,225 Feb-25 10,828 0 400,000 2.05 410,828 26,050,053 Mar-25 25,250 0 0 0.00 25,250 26,075,303 Apr-25 0 0 0 0.00 0 26,075,303 May-25 0 0 0 0.00 0 26,075,303 Year 4 Jun-25 2,500 0 0 0.00 2,500 26,077,803 Jul-25 4,060 0 500,000 1.07 504,060 26,581,863 Aug-25 5,728 0 700,000 0.68 705,728 27,287,590 Sep-25 25,250 0 1,100,000 1.97 1,125,250 28,412,840 Oct-25 0 0 0 0.00 0 28,412,840 Nov-25 0 0 0 0.00 0 28,412,840 Dec-25 2,500 0 0 0.00 2,500 28,415,340 Jan-26 0 0 0 0.00 0 28,415,340 Feb-26 2,441 0 150,000 0.95 152,441 28,567,782 Mar-26 12,313 0 0 0.00 12,313 28,580,094 Apr-26 0 0 0 0.00 0 28,580,094 May-26 0 0 0 0.00 0 28,580,094 Year 5 Jun-26 2,500 0 0 0.00 2,500 28,582,594 Jul-26 0 0 0 0.00 0 28,582,594 Aug-26 1,532 0 0 0.00 1,532 28,584,126 Sep-26 12,313 0 500,000 3.14 512,313 29,096,439 Oct-26 0 0 0 0.00 0 29,096,439 Nov-26 0 0 0 0.00 0 29,096,439 Dec-26 2,500 0 0 0.00 2,500 29,098,939 Jan-27 0 0 0 0.00 0 29,098,939 Feb-27 1,532 0 225,000 1.12 226,532 29,325,471 Mar-27 4,063 0 500,000 0.80 504,063 29,829,534 Apr-27 0 0 0 0.00 0 29,829,534 May-27 0 0 0 0.00 0 29,829,534 Year 6 Jun-27 2,500 0 500,000 1.00 502,500 30,332,034 Portfolio Analysis 5 Historical Performance # Line Avg Total Par Avg Bk Avg Mkt Bnchmrk Wgt Avg Eff Ratings Portfolio Allocation* Date Items Coupon ($000)G / L Yield Yield Tsy Yield Maturity Dur Moody's S&P MMF Govt Corp CD/CP Muni Other 06/30/21 53 1.40 29,463 336 1.16 0.31 0.13 1.4 1.3 Aa1 AA+25%21%9%11%33%0% 03/31/21 58 1.65 26,848 391 1.47 0.37 0.12 1.7 1.6 Aa1 AA+13%27%8%14%38%0% 12/31/20 66 1.63 30,976 548 1.35 0.33 0.12 1.7 1.6 Aaa AA+24%23%0%14%38%0% 09/30/20 69 1.70 31,022 548 1.43 0.40 0.13 1.9 1.7 Aaa AA+19%28%0%15%38%0% 06/30/20 64 1.71 32,036 577 1.53 0.48 0.16 1.7 1.5 Aaa AA+26%27%0%14%33%0% 03/31/20 60 2.12 27,850 484 1.95 0.98 0.26 1.5 1.4 Aaa AA+20%28%0%13%39%0% 12/31/19 63 2.07 30,785 248 2.01 1.66 1.59 1.4 1.2 Aaa AA+25%32%0%14%29%0% 09/30/19 71 2.22 29,766 299 2.22 1.92 1.72 1.6 1.3 Aaa AA+13%39%0%17%32%0% 06/30/19 65 2.28 31,098 231 2.27 2.12 1.89 1.6 1.2 Aaa AA+23%37%0%12%28%0% 03/31/19 65 2.17 29,020 31 2.27 2.47 2.32 1.9 1.6 Aaa AA+16%47%0%13%24%0% 12/31/18 71 2.11 34,764 (146)2.12 2.56 2.55 1.7 1.5 Aaa AA+21%41%0%13%25%0% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Avg Book Yield Benchmark Treasury 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MMF Govt Corp CD/CP Muni Other Portfolio Allocation*Book Yield vs. Treasury Benchmark * Portfolio Allocation is a new addition to portfolio analysis. Data will be added over time. Portfolio Analysis 6 Yield / Duration Contribution Book Market Book Eff Sector Total (%)Value ($)Value ($)G / L ($)Yield Dur Agency 21.4%6,342,086 6,437,560 95,474 1.52 2.7 Certificate of Deposit 10.9%3,221,000 3,254,551 33,551 1.55 0.9 Corporate 9.4%2,768,291 2,768,291 0 0.12 0.0 MMF 25.2%7,453,219 7,453,219 0 0.01 0.0 Municipal 33.2%9,814,313 10,021,678 207,365 1.98 2.0 Total Portfolio 100.0%29,598,908 29,935,298 336,390 1.16 1.3 AgencyCertificate of Deposit Corporate MMF Municipal (0.50) 0.00 0.50 1.00 1.50 2.00 2.50 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Book Yield by Duration and Sector Portfolio Analysis 7 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 49 3137EAEX3 Agency FREDDIE MAC 0.38 09/23/25 500,000 Aaa 10/19/20 -AA+09/23/20 -AAA 09/29/20 - 37 3133EMBS0 Agency FEDERAL FARM CREDIT BANK 0.20 10/02/23 500,000 Aaa 09/24/20 -AA+09/23/20 -AAA 10/06/20 - 44 3134GWKT2 Agency FREDDIE MAC 0.50 08/26/24 500,000 Aaa 08/03/20 ----AAA 08/27/20 - 40 574193TQ1 Municipal MARYLAND ST 0.51 08/01/24 500,000 Aaa 07/13/20 -AAA 07/14/20 -AAA 07/08/20 - 54 3130AJRQ4 Agency FEDERAL HOME LOAN BANK 1.00 06/25/27 500,000 Aaa 06/22/20 -AA+06/22/20 ---- 50 35880CD68 Municipal FRISCO TX INDEP SCH DIST 1.21 02/15/26 150,000 Aaa 06/10/20 -AAA 06/11/20 ---- 52 35880CD76 Municipal FRISCO TX INDEP SCH DIST 1.36 02/15/27 225,000 Aaa 06/10/20 -AAA 06/11/20 ---- 47 6775224C5 Municipal OHIO ST 0.94 08/01/25 700,000 Aa1 06/10/20 -AA+06/09/20 -AA+06/10/20 - 33 556583D58 Municipal MADISON AL 1.05 04/01/23 495,000 Aa2 03/19/20 -AA+04/22/20 ---- 53 3130AJ4B2 Agency FEDERAL HOME LOAN BANK 1.63 03/12/27 500,000 Aaa 02/05/20 -AA+02/05/20 ---- 46 161035KH2 Municipal CHARLOTTE NC 1.62 07/01/25 500,000 Aaa 02/04/20 -AAA 02/04/20 -AAA 02/04/20 - 24 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 - 9 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 - 34 792882BV3 Municipal ST PAUL MN 3.00 05/01/23 250,000 ---AAA 11/08/19 ---- 5 93974DV54 Municipal WASHINGTON ST 1.80 08/01/21 500,000 Aaa 08/23/19 -AA+08/31/17 -AA+08/30/17 - 13 550629VD8 Municipal LUVERNE MN 1.70 12/15/21 665,000 ---AAA 08/19/19 ---- 42 3130AGWK7 Agency FEDERAL HOME LOAN BANK 1.50 08/15/24 500,000 Aaa 08/16/19 -AA+08/16/19 ---- 45 092765EY8 Municipal BLAINE MN 2.55 02/01/25 400,000 ---AAA 08/01/19 ---- 29 092765EW2 Municipal BLAINE MN 2.25 02/01/23 395,000 ---AAA 08/01/19 ---- 22 961114NG6 Municipal WESTON CT 3.15 08/01/22 500,000 Aaa 11/21/18 ------- 51 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 - 4 60412ADB6 Municipal MINNESOTA ST 5.00 08/01/21 1,000,000 Aa1 07/31/15 -AAA 07/25/18 -AAA 07/28/16 - 48 4095585H2 Municipal HAMPTON VA 4.00 09/01/25 600,000 Aa1 06/05/18 -AA+06/07/18 -AA+06/06/18 - 38 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 - 28 60375BDC7 Municipal MINNEAPOLIS MN 5.00 12/01/22 370,000 ---AAA 05/10/18 -AA+05/11/18 - 32 809557BB6 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.50 02/01/23 120,000 ---AAA 04/04/18 ---- 16 809557BA8 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.35 02/01/22 120,000 ---AAA 04/04/18 ---- 17 60374Y7S0 Municipal MINNEAPOLIS MN 2.90 03/01/22 300,000 Aa1 02/07/14 -AAA 02/07/14 -AA+11/08/17 - 27 60375BCD6 Municipal MINNEAPOLIS MN 4.25 12/01/22 350,000 ---AAA 04/27/17 -AA+11/08/17 - 30 161664HC4 Municipal CHASKA MN 2.25 02/01/23 145,000 ---AA 11/02/17 ---- 39 161664HD2 Municipal CHASKA MN 2.40 02/01/24 150,000 ---AA 11/02/17 ---- 15 161664HB6 Municipal CHASKA MN 2.10 02/01/22 140,000 ---AA 11/02/17 ---- 41 64971WP53 Municipal NEW YORK CITY NY TRANSITIONAL 2.25 08/01/24 250,000 Aa1 09/12/16 -AAA 09/09/16 -AAA 09/09/16 - 23 3130A6AP2 Agency FEDERAL HOME LOAN BANK 2.25 09/09/22 500,000 Aaa 08/07/15 -AA+08/07/15 ---- 8 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 - 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 36 313383YJ4 Agency FEDERAL HOME LOAN BANK 3.38 09/08/23 205,000 Aaa 08/27/13 -AA+08/26/13 ---- 31 73723RSP9 Municipal PORTSMOUTH VA 3.09 02/01/23 500,000 Aa2 05/24/13 -AA 05/24/13 -AA 05/21/13 - 26 199492CT4 Municipal COLUMBUS OH 2.33 12/01/22 400,000 Aaa 11/06/12 -AAA 11/05/12 -AAA 11/07/12 - FDIC-Insured brokered CDs are not included in the Credit Rating Monitor Portfolio Analysis 9 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 8 3133ECWS9 FEDERAL FARM CREDIT BANK 1.4%2.83 09/07/21 Aaa AA+-Bullet 400,000 12/03/18 99.71 99.97 100.51 2,140 2.95 0.09 0.2 0.2 0.0 9 3133ELEF7 FEDERAL FARM CREDIT BANK 2.0%1.65 09/20/21 Aaa AA+-Bullet 590,000 12/20/19 100.05 100.00 100.35 2,043 1.63 0.07 0.2 0.2 0.0 23 3130A6AP2 FEDERAL HOME LOAN BANK 1.7%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.62 102.47 14,259 2.57 0.17 1.2 1.2 0.0 24 3133ELGN8 FEDERAL FARM CREDIT BANK 2.0%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.99 101.88 11,361 1.61 0.14 1.3 1.3 0.0 36 313383YJ4 FEDERAL HOME LOAN BANK 0.7%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 101.11 106.58 11,218 2.85 0.36 2.2 2.1 0.1 37 3133EMBS0 FEDERAL FARM CREDIT BANK 1.7%0.20 10/02/23 Aaa AA+-Bullet 500,000 10/02/20 99.97 99.98 99.71 (1,322)0.21 0.33 2.3 2.2 0.1 38 3133EJQA0 FEDERAL FARM CREDIT BANK 1.7%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.26 106.12 29,289 2.88 0.34 2.3 2.2 0.1 42 3130AGWK7 FEDERAL HOME LOAN BANK 1.8%1.50 08/15/24 Aaa AA+-Bullet 500,000 08/14/20 104.86 103.80 103.55 (1,223)0.28 0.36 3.1 3.1 0.1 44 3134GWKT2 FREDDIE MAC 1.7%0.50 08/26/24 Aaa -08/26/21 Berm 500,000 08/26/20 100.00 100.00 100.01 45 0.50 0.44 3.2 1.7 (10.7) 49 3137EAEX3 FREDDIE MAC 1.7%0.38 09/23/25 Aaa AA+-Bullet 500,000 10/01/20 99.98 99.98 98.47 (7,545)0.38 0.74 4.2 4.2 0.2 51 3133EJD55 FEDERAL FARM CREDIT BANK 1.7%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.76 111.97 56,037 3.14 0.95 5.2 4.9 0.3 53 3130AJ4B2 FEDERAL HOME LOAN BANK 1.8%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 104.59 102.64 (9,753)0.80 1.15 5.7 5.5 0.3 54 3130AJRQ4 FEDERAL HOME LOAN BANK 1.7%1.00 06/25/27 Aaa AA+07/05/21 Amer 500,000 06/25/20 100.00 100.00 97.78 (11,076)1.00 1.39 6.0 5.8 0.2 Agency 21.4%1.69 Aaa AA+6,295,000 100.92 100.75 102.26 95,474 1.52 0.50 2.9 2.7 (0.7) 3 PPED3MYX5 Americana Com Bk 9.4%0.12 ---Bullet 2,768,291 01/01/19 100.00 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 Corporates 9.4%0.12 2,768,291 100.00 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 6 61690UJL5 MORGAN STANLEY BANK NA 0.8%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 100.16 390 2.09 0.32 0.1 0.1 0.0 7 61760AR50 MORGAN STANLEY PVT BANK 0.8%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 100.16 390 2.09 0.32 0.1 0.1 0.0 11 92937CJZ2 WEX BANK 0.8%1.30 10/12/21 ---Bullet 248,000 04/09/20 100.00 100.00 100.36 895 1.30 0.03 0.3 0.3 0.0 10 14042RJJ1 CAPITAL ONE NA 0.8%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 100.61 1,497 2.14 0.01 0.3 0.3 0.0 12 05580AKQ6 BMW BANK NORTH AMERICA 0.8%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 100.58 1,440 2.05 0.01 0.3 0.3 0.0 14 87165HFH8 SYNCHRONY BANK 0.8%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 101.04 2,561 2.55 0.34 0.5 0.5 0.0 18 29278TNH9 ENERBANK USA 0.8%0.95 03/14/22 ---Bullet 249,000 03/13/20 100.00 100.00 100.63 1,571 0.95 0.06 0.7 0.7 0.0 19 88241TGX2 TEXAS EXCHANGE BANK SSB 0.8%1.00 03/25/22 ---Bullet 249,000 03/27/20 100.00 100.00 100.69 1,718 1.00 0.06 0.7 0.7 0.0 20 649447TW9 NEW YORK COMMUNITY BANK 0.8%0.30 07/05/22 ---Bullet 249,000 07/01/20 100.00 100.00 100.21 513 0.30 0.10 1.0 1.0 0.0 21 14042TBH9 CAPITAL ONE BANK USA NA 0.8%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 102.22 5,493 2.15 0.10 1.1 1.1 0.0 25 32116RAG9 FIRST NATL BANK ORD NEB 0.8%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 101.44 3,583 1.25 0.13 1.3 1.3 0.0 35 06654BCK5 BANKWELL BANK 0.8%0.35 07/28/23 ---Bullet 249,000 07/28/20 100.00 100.00 100.25 610 0.35 0.23 2.1 2.1 0.1 43 75472RAE1 RAYMOND JAMES BANK NA 0.8%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 105.22 12,888 2.00 0.33 3.2 3.0 0.1 Domestic CD 10.9%1.55 3,221,000 100.00 100.00 101.04 33,551 1.55 0.16 0.9 0.9 0.0 2 94975P405 Wells Fargo Government Money M 14.8%0.01 ---Bullet 4,393,619 06/30/21 100.00 100.00 100.00 0 0.01 0.01 0.0 0.0 0.0 1 PPE23Q6Z6 NORTHLAND 10.3%0.00 ---Bullet 3,059,599 01/01/19 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 MMF 25.2%0.01 7,453,219 100.00 100.00 100.00 0 0.01 0.01 0.0 0.0 0.0 4 60412ADB6 MINNESOTA ST 3.4%5.00 08/01/21 Aa1 AAA -Bullet 1,000,000 03/25/20 103.43 100.22 100.40 1,780 3.06 0.48 0.1 0.1 0.0 5 93974DV54 WASHINGTON ST 1.7%1.80 08/01/21 Aaa AA+-Bullet 500,000 07/26/18 97.04 99.91 100.13 1,120 2.85 0.25 0.1 0.1 0.0 13 550629VD8 LUVERNE MN 2.2%1.70 12/15/21 -AAA -Bullet 665,000 01/23/20 100.00 100.00 100.51 3,385 1.70 0.59 0.5 0.5 0.0 16 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 101.16 1,393 2.35 0.36 0.6 0.6 0.0 15 161664HB6 CHASKA MN 0.5%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 101.18 1,653 2.10 0.08 0.6 0.6 0.0 17 60374Y7S0 MINNEAPOLIS MN 1.0%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.01 101.81 5,376 2.88 0.20 0.7 0.7 0.0 22 961114NG6 WESTON CT 1.7%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 102.15 102.59 2,210 1.15 0.75 1.1 1.1 0.0 28 60375BDC7 MINNEAPOLIS MN 1.3%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 102.69 106.72 14,907 3.05 0.26 1.4 1.4 0.0 27 60375BCD6 MINNEAPOLIS MN 1.2%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 103.13 105.66 8,841 2.00 0.25 1.4 1.4 0.0 26 199492CT4 COLUMBUS OH 1.4%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 100.88 103.02 8,564 1.70 0.20 1.4 1.4 0.0 31 73723RSP9 PORTSMOUTH VA 1.7%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 101.30 104.54 16,210 2.25 0.22 1.6 1.6 0.0 32 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 103.72 4,464 2.50 0.15 1.6 1.6 0.0 29 092765EW2 BLAINE MN 1.3%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 103.16 12,466 2.25 0.25 1.6 1.6 0.0 30 161664HC4 CHASKA MN 0.5%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 103.25 4,711 2.25 0.20 1.6 1.6 0.0 33 556583D58 MADISON AL 1.7%1.05 04/01/23 Aa2 AA+-Bullet 495,000 07/21/20 100.39 100.25 100.92 3,317 0.90 0.52 1.8 1.7 0.0 34 792882BV3 ST PAUL MN 0.9%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 101.97 104.32 5,868 1.90 0.63 1.8 1.8 0.0 39 161664HD2 CHASKA MN 0.5%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 105.74 8,615 2.40 0.17 2.6 2.5 0.1 41 64971WP53 NEW YORK CITY NY TRANSITIONAL 0.8%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 97.08 105.50 21,030 3.25 0.45 3.1 3.0 0.1 40 574193TQ1 MARYLAND ST 1.7%0.51 08/01/24 Aaa AAA -Bullet 500,000 08/05/20 100.24 100.19 99.89 (1,485)0.45 0.55 3.1 3.1 0.1 45 092765EY8 BLAINE MN 1.4%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 101.72 105.91 16,776 2.05 0.87 3.6 3.4 0.1 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 46 161035KH2 CHARLOTTE NC 1.7%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 102.18 103.67 7,435 1.07 0.69 4.0 3.9 0.2 47 6775224C5 OHIO ST 2.4%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 101.05 100.56 (3,416)0.68 0.80 4.1 4.0 0.2 48 4095585H2 HAMPTON VA 2.1%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 102.70 113.10 62,412 3.30 0.80 4.2 3.9 0.2 50 35880CD68 FRISCO TX INDEP SCH DIST 0.5%1.21 02/15/26 Aaa AAA -Bullet 150,000 07/15/20 101.42 101.18 101.22 56 0.95 0.94 4.6 4.5 0.2 52 35880CD76 FRISCO TX INDEP SCH DIST 0.8%1.36 02/15/27 Aaa AAA -Bullet 225,000 07/15/20 101.53 101.32 101.17 (322)1.12 1.15 5.6 5.4 0.3 Municipals 33.2%2.59 Aa1 AA+ 9,725,000 101.97 100.92 103.05 207,365 1.98 0.51 2.0 2.0 0.1 Total Portfolio 100.0%1.40 29,462,509 100.85 100.46 101.60 336,390 1.16 0.31 1.4 1.3 (0.1) Portfolio Analysis 11 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 94975P405 Wells Fargo Government Money M 15%0.01 ---Bullet 4,393,619 06/30/21 100.00 100.00 100.00 0 0.01 0.01 0.0 0.0 0.0 1 PPE23Q6Z6 NORTHLAND 10%0.00 ---Bullet 3,059,599 01/01/19 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 3 PPED3MYX5 Americana Com Bk 9%0.12 ---Bullet 2,768,291 01/01/19 100.00 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 5 93974DV54 WASHINGTON ST 2%1.80 08/01/21 Aaa AA+-Bullet 500,000 07/26/18 97.04 99.91 100.13 1,120 2.85 0.25 0.1 0.1 0.0 4 60412ADB6 MINNESOTA ST 3%5.00 08/01/21 Aa1 AAA -Bullet 1,000,000 03/25/20 103.43 100.22 100.40 1,780 3.06 0.48 0.1 0.1 0.0 6 61690UJL5 MORGAN STANLEY BANK NA 1%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 100.16 390 2.09 0.32 0.1 0.1 0.0 7 61760AR50 MORGAN STANLEY PVT BANK 1%2.10 08/02/21 ---Bullet 247,000 08/01/19 100.00 100.00 100.16 390 2.09 0.32 0.1 0.1 0.0 8 3133ECWS9 FEDERAL FARM CREDIT BANK 1%2.83 09/07/21 Aaa AA+-Bullet 400,000 12/03/18 99.71 99.97 100.51 2,140 2.95 0.09 0.2 0.2 0.0 9 3133ELEF7 FEDERAL FARM CREDIT BANK 2%1.65 09/20/21 Aaa AA+-Bullet 590,000 12/20/19 100.05 100.00 100.35 2,043 1.63 0.07 0.2 0.2 0.0 10 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 100.61 1,497 2.14 0.01 0.3 0.3 0.0 11 92937CJZ2 WEX BANK 1%1.30 10/12/21 ---Bullet 248,000 04/09/20 100.00 100.00 100.36 895 1.30 0.03 0.3 0.3 0.0 12 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 100.58 1,440 2.05 0.01 0.3 0.3 0.0 13 550629VD8 LUVERNE MN 2%1.70 12/15/21 -AAA -Bullet 665,000 01/23/20 100.00 100.00 100.51 3,385 1.70 0.59 0.5 0.5 0.0 14 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 101.04 2,561 2.55 0.34 0.5 0.5 0.0 16 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 101.16 1,393 2.35 0.36 0.6 0.6 0.0 15 161664HB6 CHASKA MN 0%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 101.18 1,653 2.10 0.08 0.6 0.6 0.0 17 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.01 101.81 5,376 2.88 0.20 0.7 0.7 0.0 18 29278TNH9 ENERBANK USA 1%0.95 03/14/22 ---Bullet 249,000 03/13/20 100.00 100.00 100.63 1,571 0.95 0.06 0.7 0.7 0.0 19 88241TGX2 TEXAS EXCHANGE BANK SSB 1%1.00 03/25/22 ---Bullet 249,000 03/27/20 100.00 100.00 100.69 1,718 1.00 0.06 0.7 0.7 0.0 Year 1 54%0.91 15,916,509 100.12 100.01 100.20 29,354 0.82 0.12 0.1 0.1 0.0 20 649447TW9 NEW YORK COMMUNITY BANK 1%0.30 07/05/22 ---Bullet 249,000 07/01/20 100.00 100.00 100.21 513 0.30 0.10 1.0 1.0 0.0 22 961114NG6 WESTON CT 2%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 102.15 102.59 2,210 1.15 0.75 1.1 1.1 0.0 21 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 102.22 5,493 2.15 0.10 1.1 1.1 0.0 23 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.62 102.47 14,259 2.57 0.17 1.2 1.2 0.0 24 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.99 101.88 11,361 1.61 0.14 1.3 1.3 0.0 25 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 101.44 3,583 1.25 0.13 1.3 1.3 0.0 28 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 102.69 106.72 14,907 3.05 0.26 1.4 1.4 0.0 27 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 103.13 105.66 8,841 2.00 0.25 1.4 1.4 0.0 26 199492CT4 COLUMBUS OH 1%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 100.88 103.02 8,564 1.70 0.20 1.4 1.4 0.0 31 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 101.30 104.54 16,210 2.25 0.22 1.6 1.6 0.0 32 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 103.72 4,464 2.50 0.15 1.6 1.6 0.0 29 092765EW2 BLAINE MN 1%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 103.16 12,466 2.25 0.25 1.6 1.6 0.0 30 161664HC4 CHASKA MN 0%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 103.25 4,711 2.25 0.20 1.6 1.6 0.0 33 556583D58 MADISON AL 2%1.05 04/01/23 Aa2 AA+-Bullet 495,000 07/21/20 100.39 100.25 100.92 3,317 0.90 0.52 1.8 1.7 0.0 34 792882BV3 ST PAUL MN 1%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 101.97 104.32 5,868 1.90 0.63 1.8 1.8 0.0 Year 2 18%2.45 5,370,000 102.11 100.85 103.03 116,767 1.83 0.29 1.4 1.4 0.0 35 06654BCK5 BANKWELL BANK 1%0.35 07/28/23 ---Bullet 249,000 07/28/20 100.00 100.00 100.25 610 0.35 0.23 2.1 2.1 0.1 36 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 101.11 106.58 11,218 2.85 0.36 2.2 2.1 0.1 37 3133EMBS0 FEDERAL FARM CREDIT BANK 2%0.20 10/02/23 Aaa AA+-Bullet 500,000 10/02/20 99.97 99.98 99.71 (1,322)0.21 0.33 2.3 2.2 0.1 38 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.26 106.12 29,289 2.88 0.34 2.3 2.2 0.1 39 161664HD2 CHASKA MN 1%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 105.74 8,615 2.40 0.17 2.6 2.5 0.1 Year 3 5%1.71 1,604,000 100.50 100.22 103.23 48,410 1.61 0.31 2.3 2.2 0.1 40 574193TQ1 MARYLAND ST 2%0.51 08/01/24 Aaa AAA -Bullet 500,000 08/05/20 100.24 100.19 99.89 (1,485)0.45 0.55 3.1 3.1 0.1 41 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 97.08 105.50 21,030 3.25 0.45 3.1 3.0 0.1 42 3130AGWK7 FEDERAL HOME LOAN BANK 2%1.50 08/15/24 Aaa AA+-Bullet 500,000 08/14/20 104.86 103.80 103.55 (1,223)0.28 0.36 3.1 3.1 0.1 43 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 105.22 12,888 2.00 0.33 3.2 3.0 0.1 44 3134GWKT2 FREDDIE MAC 2%0.50 08/26/24 Aaa -08/26/21 Berm 500,000 08/26/20 100.00 100.00 100.01 45 0.50 0.44 3.2 1.7 (10.7) 45 092765EY8 BLAINE MN 1%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 101.72 105.91 16,776 2.05 0.87 3.6 3.4 0.1 Year 4 8%1.39 2,397,000 100.91 100.81 102.82 48,031 1.13 0.51 3.2 2.8 (2.1) 46 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 102.18 103.67 7,435 1.07 0.69 4.0 3.9 0.2 47 6775224C5 OHIO ST 2%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 101.05 100.56 (3,416)0.68 0.80 4.1 4.0 0.2 48 4095585H2 HAMPTON VA 2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 102.70 113.10 62,412 3.30 0.80 4.2 3.9 0.2 49 3137EAEX3 FREDDIE MAC 2%0.38 09/23/25 Aaa AA+-Bullet 500,000 10/01/20 99.98 99.98 98.47 (7,545)0.38 0.74 4.2 4.2 0.2 50 35880CD68 FRISCO TX INDEP SCH DIST 1%1.21 02/15/26 Aaa AAA -Bullet 150,000 07/15/20 101.42 101.18 101.22 56 0.95 0.94 4.6 4.5 0.2 Year 5 8%1.73 2,450,000 102.12 101.47 103.88 58,942 1.36 0.78 4.2 4.0 0.2 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 51 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.76 111.97 56,037 3.14 0.95 5.2 4.9 0.3 52 35880CD76 FRISCO TX INDEP SCH DIST 1%1.36 02/15/27 Aaa AAA -Bullet 225,000 07/15/20 101.53 101.32 101.17 (322)1.12 1.15 5.6 5.4 0.3 53 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 104.59 102.64 (9,753)0.80 1.15 5.7 5.5 0.3 54 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 Aaa AA+07/05/21 Amer 500,000 06/25/20 100.00 100.00 97.78 (11,076)1.00 1.39 6.0 5.8 0.2 Year 6 6%1.90 1,725,000 102.08 101.72 103.75 34,886 1.57 1.15 5.6 5.4 0.3 Total Portfolio 100%1.40 29,462,509 100.85 100.46 101.60 336,390 1.16 0.31 1.4 1.3 (0.1) Portfolio Analysis 13 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 94975P405 Wells Fargo Government Money M 15%0.01 4,393,619 0.0 0.0 0.0 0.0 0.0 0.01 0.01 0.01 0.01 0.01 0.0 0.0 0.0 0.0 0.0 1 PPE23Q6Z6 NORTHLAND 10%0.00 3,059,599 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 3 PPED3MYX5 Americana Com Bk 9%0.12 2,768,291 0.0 0.0 0.0 (0.0)(0.0)0.12 0.12 0.12 0.12 0.12 0.0 0.0 0.0 0.0 0.0 5 93974DV54 WASHINGTON ST 2%1.80 08/01/21 500,000 0.1 0.0 0.0 (0.0)(0.0)2.85 2.85 2.85 2.85 2.85 0.1 0.1 0.1 0.1 0.1 4 60412ADB6 MINNESOTA ST 3%5.00 08/01/21 1,000,000 0.1 0.0 0.0 (0.0)(0.0)3.06 3.06 3.06 3.06 3.06 0.1 0.1 0.1 0.1 0.1 6 61690UJL5 MORGAN STANLEY BANK NA 1%2.10 08/02/21 247,000 0.1 0.0 0.0 (0.0)(0.0)2.09 2.09 2.09 2.09 2.09 0.1 0.1 0.1 0.1 0.1 7 61760AR50 MORGAN STANLEY PVT BANK 1%2.10 08/02/21 247,000 0.1 0.0 0.0 (0.0)(0.0)2.09 2.09 2.09 2.09 2.09 0.1 0.1 0.1 0.1 0.1 8 3133ECWS9 FEDERAL FARM CREDIT BANK 1%2.83 09/07/21 400,000 0.2 0.1 0.0 (0.0)(0.1)2.95 2.95 2.95 2.95 2.95 0.2 0.2 0.2 0.2 0.2 9 3133ELEF7 FEDERAL FARM CREDIT BANK 2%1.65 09/20/21 590,000 0.2 0.1 0.1 (0.1)(0.1)1.63 1.63 1.63 1.63 1.63 0.2 0.2 0.2 0.2 0.2 10 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 247,000 0.3 0.1 0.1 (0.1)(0.1)2.14 2.14 2.14 2.14 2.14 0.3 0.3 0.3 0.3 0.3 11 92937CJZ2 WEX BANK 1%1.30 10/12/21 248,000 0.3 0.1 0.1 (0.1)(0.1)1.30 1.30 1.30 1.30 1.30 0.3 0.3 0.3 0.3 0.3 12 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 247,000 0.3 0.1 0.1 (0.1)(0.1)2.05 2.05 2.05 2.05 2.05 0.3 0.3 0.3 0.3 0.3 13 550629VD8 LUVERNE MN 2%1.70 12/15/21 665,000 0.5 0.2 0.1 (0.1)(0.2)1.70 1.70 1.70 1.70 1.70 0.5 0.5 0.5 0.5 0.5 14 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 246,000 0.5 0.2 0.1 (0.1)(0.2)2.55 2.55 2.55 2.55 2.55 0.5 0.5 0.5 0.5 0.5 16 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 120,000 0.6 0.3 0.1 (0.1)(0.3)2.35 2.35 2.35 2.35 2.35 0.6 0.6 0.6 0.6 0.6 15 161664HB6 CHASKA MN 0%2.10 02/01/22 140,000 0.6 0.3 0.1 (0.1)(0.3)2.10 2.10 2.10 2.10 2.10 0.6 0.6 0.6 0.6 0.6 17 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 300,000 0.7 0.3 0.2 (0.2)(0.3)2.88 2.88 2.88 2.88 2.88 0.7 0.7 0.7 0.7 0.7 18 29278TNH9 ENERBANK USA 1%0.95 03/14/22 249,000 0.7 0.4 0.2 (0.2)(0.4)0.95 0.95 0.95 0.95 0.95 0.7 0.7 0.7 0.7 0.7 19 88241TGX2 TEXAS EXCHANGE BANK SSB 1%1.00 03/25/22 249,000 0.7 0.4 0.2 (0.2)(0.4)1.00 1.00 1.00 1.00 1.00 0.7 0.7 0.7 0.7 0.7 Year 1 54%0.91 15,916,509 0.1 0.1 0.0 (0.0)(0.1)0.82 0.82 0.82 0.82 0.82 0.1 0.1 0.1 0.1 0.1 20 649447TW9 NEW YORK COMMUNITY BANK 1%0.30 07/05/22 249,000 1.0 0.5 0.3 (0.3)(0.5)0.30 0.30 0.30 0.30 0.30 1.0 1.0 1.0 1.0 1.0 22 961114NG6 WESTON CT 2%3.15 08/01/22 500,000 1.1 0.5 0.3 (0.3)(0.5)1.15 1.15 1.15 1.15 1.15 1.1 1.1 1.1 1.1 1.1 21 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 247,000 1.1 0.5 0.3 (0.3)(0.5)2.15 2.15 2.15 2.15 2.15 1.1 1.1 1.1 1.1 1.1 23 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 500,000 1.2 0.6 0.3 (0.3)(0.6)2.57 2.57 2.57 2.57 2.57 1.2 1.2 1.2 1.2 1.2 24 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 600,000 1.3 0.6 0.3 (0.3)(0.6)1.61 1.61 1.61 1.61 1.61 1.3 1.3 1.3 1.3 1.3 25 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 249,000 1.3 0.6 0.3 (0.3)(0.6)1.25 1.25 1.25 1.25 1.25 1.3 1.3 1.3 1.3 1.3 28 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 370,000 1.4 0.7 0.4 (0.3)(0.7)3.05 3.05 3.05 3.05 3.05 1.4 1.4 1.4 1.4 1.4 27 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 350,000 1.4 0.7 0.4 (0.3)(0.7)2.00 2.00 2.00 2.00 2.00 1.4 1.4 1.4 1.4 1.4 26 199492CT4 COLUMBUS OH 1%2.33 12/01/22 400,000 1.4 0.7 0.4 (0.4)(0.7)1.70 1.70 1.70 1.70 1.70 1.4 1.4 1.4 1.4 1.4 31 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 500,000 1.6 0.8 0.4 (0.4)(0.8)2.25 2.25 2.25 2.25 2.25 1.6 1.6 1.6 1.5 1.5 32 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 120,000 1.6 0.8 0.4 (0.4)(0.8)2.50 2.50 2.50 2.50 2.50 1.6 1.6 1.6 1.6 1.6 29 092765EW2 BLAINE MN 1%2.25 02/01/23 395,000 1.6 0.8 0.4 (0.4)(0.8)2.25 2.25 2.25 2.25 2.25 1.6 1.6 1.6 1.6 1.6 30 161664HC4 CHASKA MN 0%2.25 02/01/23 145,000 1.6 0.8 0.4 (0.4)(0.8)2.25 2.25 2.25 2.25 2.25 1.6 1.6 1.6 1.6 1.6 33 556583D58 MADISON AL 2%1.05 04/01/23 495,000 1.8 0.9 0.4 (0.4)(0.9)0.90 0.90 0.90 0.90 0.90 1.7 1.7 1.7 1.7 1.7 34 792882BV3 ST PAUL MN 1%3.00 05/01/23 250,000 1.8 0.9 0.5 (0.4)(0.9)1.90 1.90 1.90 1.90 1.90 1.8 1.8 1.8 1.8 1.8 Year 2 18%2.45 5,370,000 1.4 0.7 0.3 (0.3)(0.7)1.83 1.83 1.83 1.83 1.83 1.4 1.4 1.4 1.4 1.4 35 06654BCK5 BANKWELL BANK 1%0.35 07/28/23 249,000 2.1 1.0 0.5 (0.5)(1.0)0.35 0.35 0.35 0.35 0.35 2.1 2.1 2.1 2.1 2.1 36 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 205,000 2.2 1.1 0.5 (0.5)(1.1)2.85 2.85 2.85 2.85 2.85 2.1 2.1 2.1 2.1 2.1 37 3133EMBS0 FEDERAL FARM CREDIT BANK 2%0.20 10/02/23 500,000 2.3 1.1 0.6 (0.6)(1.1)0.21 0.21 0.21 0.21 0.21 2.3 2.2 2.2 2.2 2.2 38 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 500,000 2.3 1.1 0.6 (0.6)(1.1)2.88 2.88 2.88 2.88 2.88 2.2 2.2 2.2 2.2 2.2 39 161664HD2 CHASKA MN 1%2.40 02/01/24 150,000 2.6 1.3 0.6 (0.6)(1.3)2.40 2.40 2.40 2.40 2.40 2.5 2.5 2.5 2.5 2.5 Year 3 5%1.71 1,604,000 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 40 574193TQ1 MARYLAND ST 2%0.51 08/01/24 500,000 3.1 1.5 0.8 (0.8)(1.5)0.45 0.45 0.45 0.45 0.45 3.1 3.1 3.1 3.1 3.1 41 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 250,000 3.1 1.5 0.8 (0.7)(1.5)3.25 3.25 3.25 3.25 3.25 3.0 3.0 3.0 3.0 3.0 42 3130AGWK7 FEDERAL HOME LOAN BANK 2%1.50 08/15/24 500,000 3.1 1.5 0.8 (0.8)(1.5)0.28 0.28 0.28 0.28 0.28 3.1 3.1 3.1 3.0 3.0 43 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 247,000 3.2 1.5 0.8 (0.8)(1.5)2.00 2.00 2.00 2.00 2.00 3.1 3.1 3.0 3.0 3.0 44 3134GWKT2 FREDDIE MAC 2%0.50 08/26/24 500,000 3.2 0.1 0.1 (0.8)(1.5)0.50 0.50 0.50 0.50 0.50 0.1 0.2 1.7 3.1 3.1 45 092765EY8 BLAINE MN 1%2.55 02/01/25 400,000 3.6 1.7 0.9 (0.9)(1.7)2.05 2.05 2.05 2.05 2.05 3.4 3.4 3.4 3.4 3.4 Year 4 8%1.39 2,397,000 3.2 1.3 0.6 (0.8)(1.6)1.13 1.13 1.13 1.13 1.13 2.5 2.5 2.8 3.1 3.1 46 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 500,000 4.0 2.0 1.0 (1.0)(1.9)1.07 1.07 1.07 1.07 1.07 3.9 3.9 3.9 3.9 3.9 47 6775224C5 OHIO ST 2%0.94 08/01/25 700,000 4.1 2.0 1.0 (1.0)(2.0)0.68 0.68 0.68 0.68 0.68 4.0 4.0 4.0 4.0 4.0 48 4095585H2 HAMPTON VA 2%4.00 09/01/25 600,000 4.2 2.0 1.0 (1.0)(1.9)3.30 3.30 3.30 3.30 3.30 3.9 3.9 3.9 3.9 3.9 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 49 3137EAEX3 FREDDIE MAC 2%0.38 09/23/25 500,000 4.2 2.1 1.1 (1.0)(2.1)0.38 0.38 0.38 0.38 0.38 4.2 4.2 4.2 4.2 4.2 50 35880CD68 FRISCO TX INDEP SCH DIST 1%1.21 02/15/26 150,000 4.6 2.3 1.1 (1.1)(2.2)0.95 0.95 0.95 0.95 0.95 4.5 4.5 4.5 4.5 4.5 Year 5 8%1.73 2,450,000 4.2 2.0 1.0 (1.0)(2.0)1.36 1.36 1.36 1.36 1.36 4.0 4.0 4.0 4.0 4.0 51 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 500,000 5.2 2.5 1.2 (1.2)(2.4)3.14 3.14 3.14 3.14 3.14 4.9 4.9 4.9 4.9 4.8 52 35880CD76 FRISCO TX INDEP SCH DIST 1%1.36 02/15/27 225,000 5.6 2.8 1.4 (1.4)(2.7)1.12 1.12 1.12 1.12 1.12 5.4 5.4 5.4 5.4 5.4 53 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 500,000 5.7 2.8 1.4 (1.4)(2.7)0.80 0.80 0.80 0.80 0.80 5.5 5.5 5.5 5.5 5.4 54 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 500,000 6.0 2.3 1.5 (1.5)(2.9)1.00 1.00 1.00 1.00 1.00 1.8 4.6 5.8 5.8 5.8 Year 6 6%1.90 1,725,000 5.6 2.6 1.4 (1.3)(2.7)1.57 1.57 1.57 1.57 1.57 4.3 5.0 5.4 5.4 5.4 Total Portfolio 100%1.40 29,462,509 1.4 0.7 0.3 (0.3)(0.7)1.16 1.16 1.16 1.16 1.16 1.3 1.3 1.3 1.3 1.3 Portfolio Analysis 15 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 5 8%35%2,205,000 1.76 101.92 102.07 3,425 1.31 0.72 3.8 3.7 0.2 100%--77%23%-- FHLMC 2 3%16%1,000,000 0.44 99.99 99.24 (7,500)0.44 0.59 3.7 3.0 (5.3)100%--50%--50% FFCB 6 10%49%3,090,000 2.04 100.16 103.38 99,549 2.02 0.33 1.9 1.9 0.1 100%--100%--- Sector Total 13 21%100%6,295,000 1.69 100.75 102.26 95,474 1.52 0.50 2.9 2.7 (0.7)100%84%8%8% FFCB 49% FHLB 35% FHLMC 16% Bullet 84% Amer 8% Berm 8% Fixed 100% Issuer Structure Coupon Portfolio Analysis 17 Money Market Sector - Summary Money Market Product Distribution (%) Moody's Short Term Ratings Distribution (%) Cash Flows by Month -12 Months ($) Agency, 6% Certificate of Deposit, 12% Corporate, 17% MMF, 47% Municipal, 17% 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 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 18 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 13 11%100%1.55 3,221,000 100.00 101.04 33,551 1.55 0.16 0.9 0.9 0.0 Sector Total 13 11%100%1.55 3,221,000 100.00 101.04 33,551 1.55 0.16 0.9 0.9 0.0 Portfolio Analysis 19 Corporate - Summary Sector Line %% Total Par Book Market Book Market Eff Eff Agg LT Ratings Type Items Port Sector Cpn Amount Price Price G / L Yield Yield WAM Dur Cvx Moody's S&P Other 1 9%100%0.12 2,768,291 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 Total 1 9%100%0.12 2,768,291 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 Coupon Line %% Total Par Book Market Book Market Eff Eff Agg LT Ratings Type Items Port Sector Cpn Amount Price Price G / L Yield Yield WAM Dur Cvx Moody's S&P Fixed 1 9%100%0.12 2,768,291 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 Total 1 9%100%0.12 2,768,291 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 Fixed 100% Other 100% Sector Coupon 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%895,000 1.62 100.53 101.86 11,881 1.26 0.37 1.6 1.6 0.0 100%--Aa1 AA+ GO Unlimited 20 28%86%8,340,000 2.71 101.10 103.12 168,598 2.01 0.54 2.1 2.0 0.1 100%--Aaa AA+ Revenue 3 2%5%490,000 2.34 98.51 104.00 26,887 2.84 0.36 2.1 2.1 0.1 100%--Aa1 AAA Sector Total 25 33%100%9,725,000 2.59 100.92 103.05 207,365 1.98 0.51 2.0 2.0 0.1 100%Aa1 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 23 32%96%9,350,000 2.64 100.90 103.13 207,632 2.02 0.49 1.9 1.8 0.1 100%--Aa1 AA+ School District 2 1%4%375,000 1.30 101.26 101.19 (266)1.05 1.06 5.2 5.1 0.3 100%--Aaa AAA Sector Total 25 33%100%9,725,000 2.59 100.92 103.05 207,365 1.98 0.51 2.0 2.0 0.1 100%Aa1 AA+ GO Limited 9% GO Unlimited 86% 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 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 SEC Threshold GVIXX 0 10 20 30 40 50 60 70 80 90 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 SEC Threshold GVIXX 20 30 40 50 60 70 80 90 100 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 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 ($000) 0.0000 0.2000 0.4000 0.6000 0.8000 1.0000 1.2000 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 GVIXX 0.00 0.01 0.02 0.03 0.04 0.05 0.06 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 GVIXX 0.000 0.100 0.200 0.300 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 GVIXX -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 GVIXX Portfolio Analysis 23 MMF: Fund Profiles Fund Name:Wells Fargo Govt MM Inst - GVIXX AUM Flows ($MM)WAM (Days)WAL (Days)7D Yield (%)DLA (%)WLA (%)Share Class Flows ($MM)MNAV Current 40,561 32 91 0.01 79 84 786 1.0000 Previous Month 42,650 34 91 0.01 80 84 1,107 1.0000 MoM Change (2,089)(2)0 0.00 (1)0 (321)0.0000 52 Week High 45,872 48 103 0.05 82 86 6,479 1.0000 52 Week Low 39,055 30 85 0.01 65 72 (7,856)1.0000 Portfolio Analysis 24 Strategy Group Contact Information Name Title Phone Email Head of Fixed Income Market and Portfolio Strategy Dan Collins, CPA, CFA Managing Director (704) 410-5287 dan.collins@wellsfargo.com Short Duration Strategy Vanessa McMichael, CTP Director (704) 410-4530 vanessa.mcmichael@wellsfargo.com Depository Strategy Charlie Crowley Managing Director (704) 410-3829 charlie.crowley@wellsfargo.com Jeff Layman Vice President (704) 410-5474 jeffrey.layman@wellsfargo.com Strategy Generalist Brad Brown Director (704) 410-3683 bradley.brown@wellsfargo.com Will Fisher Director (704) 410-6239 william.fisher@wellsfargo.com Jonathan O’ Hanlon Director (704) 410-3853 jonathan.ohanlon@wellsfargo.com Melissa Atkins Associate (704) 410-0114 melissa.atkins@wellsfargo.com Nick Pergakis Analyst (704) 410-5575 nicholas.pergakis@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) flo w 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 requ ested. 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 and 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 subject to change and availability; past performance is no guarantee of future results. Municipal leases are shown at their par value. Any rating provided for a municipal lease investment is a rating associated with the lessee, and does not constitute a rating of the lease investment itself. For Securities 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, however 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 the indicative valuation(s) or any other price(s). There is no representation that any transaction can or could have been effected at the indicative valuation(s). The indicative valuations contained herein represent estimates as of the stated valuation date and are subject to change without notice. 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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 banking 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, LLC, and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts. Copyright© 2021 Wells Fargo Securities, LLC SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Portfolio Analysis 27