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Investment Report 09-30-2021City of Chanhassen Analysis Date:10/22/2021 Portfolio as of:9/30/2021 Market Data as of:9/30/2021 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 14 Cash Flow Report 4 Money Market Sector - Summary 15 Historical Performance 6 Brokered CD - Summary 16 Duration Contribution 7 Municipal - Summary 17 Credit Rating Monitor 8 MMF Historical Performance 18 Positions by Sector 9 MMF Fund Profiles 20 Positions by Maturity 10 Positions by Maturity - Scenario Analysis 11 2 Portfolio Summary Portfolio Snapshot Coupon Structure Sector Allocation Number of Positions 48 Par ($000)31,877 Book Value ($000)31,999 Mkt Value w/o Accrd ($000)32,266 Unrlzed Gain / Loss ($000)267 Coupon 1.01 Book Yield 0.84 Market Yield 0.29 Wgt Avg Maturity 1.1 Average Life 1.1 Effective Duration 1.1 Effective Convexity (0.1) Overnight Funds Principal 15,620 Overnight Funds Interest 0 Term Securities Principal 4,207 Term Securities Interest 293 Total Cash Flow 20,120 A-1+/A-1/P-1 A-2 / P-2 A-3 / P-3 Not Prime NA Short Term Rating 16% 24% 60% 24% 9% 67% 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 16.7% Certificate of Deposit 8.5% MMF 48.8% Municipal 25.9% 0.03 1.69 2.06 2.21 1.52 0.30 1.48 2.57 1.68 1.85 1.22 1.50 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 12,000,000 14,000,000 16,000,000 18,000,000 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 15 0 15,620,217 0.03 15,620,232 15,620,232 Oct-21 22,879 0 742,000 1.69 764,879 16,385,111 Nov-21 4,414 0 0 0.00 4,414 16,389,525 Dec-21 33,324 0 911,000 2.06 944,324 17,333,849 Jan-22 8,189 0 0 0.00 8,189 17,342,037 Feb-22 50,902 0 260,000 2.21 310,902 17,652,939 Mar-22 39,341 0 798,000 1.52 837,341 18,490,280 Apr-22 15,648 0 0 0.00 15,648 18,505,928 May-22 4,009 0 0 0.00 4,009 18,509,938 Jun-22 24,113 0 0 0.00 24,113 18,534,050 Jul-22 7,792 0 249,000 0.30 256,792 18,790,843 Aug-22 47,632 0 747,000 1.48 794,632 19,585,474 Year 1 Sep-22 34,594 0 500,000 2.57 534,594 20,120,068 Oct-22 15,648 0 849,000 1.51 864,648 20,984,716 Nov-22 3,750 0 0 0.00 3,750 20,988,466 Dec-22 23,854 0 1,120,000 2.24 1,143,854 22,132,320 Jan-23 4,496 0 0 0.00 4,496 22,136,816 Feb-23 39,483 0 1,160,000 2.28 1,199,483 23,336,298 Mar-23 28,709 0 0 0.00 28,709 23,365,008 Apr-23 10,589 0 495,000 0.90 505,589 23,870,597 May-23 3,750 0 250,000 1.90 253,750 24,124,347 Jun-23 2,500 0 0 0.00 2,500 24,126,847 Jul-23 4,496 0 249,000 0.35 253,496 24,380,342 Aug-23 24,185 0 0 0.00 24,185 24,404,528 Year 2 Sep-23 28,709 0 205,000 2.85 233,709 24,638,237 Oct-23 8,000 0 1,000,000 1.55 1,008,000 25,646,237 Nov-23 0 0 0 0.00 0 25,646,237 Dec-23 2,500 0 0 0.00 2,500 25,648,737 Jan-24 4,060 0 0 0.00 4,060 25,652,797 Feb-24 24,185 0 150,000 2.40 174,185 25,826,982 Mar-24 25,250 0 0 0.00 25,250 25,852,232 Apr-24 0 0 0 0.00 0 25,852,232 May-24 0 0 0 0.00 0 25,852,232 Jun-24 2,500 0 0 0.00 2,500 25,854,732 Jul-24 4,060 0 0 0.00 4,060 25,858,792 Aug-24 22,385 0 1,997,000 0.96 2,019,385 27,878,178 Year 3 Sep-24 25,250 0 0 0.00 25,250 27,903,428 Portfolio Analysis 4 Cash Flow Projections - Continued Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) Oct-24 0 0 0 0.00 0 27,903,428 Nov-24 0 0 0 0.00 0 27,903,428 Dec-24 2,500 0 0 0.00 2,500 27,905,928 Jan-25 4,060 0 0 0.00 4,060 27,909,988 Feb-25 10,828 0 400,000 2.05 410,828 28,320,815 Mar-25 25,250 0 0 0.00 25,250 28,346,065 Apr-25 0 0 0 0.00 0 28,346,065 May-25 0 0 0 0.00 0 28,346,065 Jun-25 2,500 0 0 0.00 2,500 28,348,565 Jul-25 4,060 0 500,000 1.07 504,060 28,852,625 Aug-25 5,728 0 700,000 0.68 705,728 29,558,353 Year 4 Sep-25 25,250 0 1,100,000 1.97 1,125,250 30,683,603 Oct-25 0 0 0 0.00 0 30,683,603 Nov-25 0 0 0 0.00 0 30,683,603 Dec-25 2,500 0 0 0.00 2,500 30,686,103 Jan-26 0 0 0 0.00 0 30,686,103 Feb-26 2,441 0 150,000 0.95 152,441 30,838,544 Mar-26 12,313 0 0 0.00 12,313 30,850,857 Apr-26 0 0 0 0.00 0 30,850,857 May-26 0 0 0 0.00 0 30,850,857 Jun-26 2,500 0 0 0.00 2,500 30,853,357 Jul-26 0 0 0 0.00 0 30,853,357 Aug-26 1,532 0 0 0.00 1,532 30,854,889 Year 5 Sep-26 12,313 0 500,000 3.14 512,313 31,367,202 Oct-26 0 0 0 0.00 0 31,367,202 Nov-26 0 0 0 0.00 0 31,367,202 Dec-26 2,500 0 0 0.00 2,500 31,369,702 Jan-27 0 0 0 0.00 0 31,369,702 Feb-27 1,532 0 225,000 1.12 226,532 31,596,234 Mar-27 4,063 0 500,000 0.80 504,063 32,100,296 Apr-27 0 0 0 0.00 0 32,100,296 May-27 0 0 0 0.00 0 32,100,296 Jun-27 2,500 0 500,000 1.00 502,500 32,602,796 Jul-27 0 0 0 0.00 0 32,602,796 Aug-27 0 0 0 0.00 0 32,602,796 Year 6 Sep-27 0 0 0 0.00 0 32,602,796 Portfolio Analysis 5 Historical Performance # Line Avg Total Par Avg Bk Avg Mkt Bnchmrk Wgt Avg Eff Ratings Portfolio Allocation* Date Items Coupon ($000)G / L Yield Yield Tsy Yield Maturity Dur Moody's S&P MMF Govt Corp CD/CP Muni Other 09/30/21 48 1.01 31,877 267 0.84 0.29 0.10 1.1 1.1 Aa1 AA+49%17%0%9%26%0% 06/30/21 53 1.40 29,463 336 1.16 0.31 0.13 1.4 1.3 Aa1 AA+25%21%9%11%33%0% 03/31/21 58 1.65 26,848 391 1.47 0.37 0.12 1.7 1.6 Aa1 AA+13%27%8%14%38%0% 12/31/20 66 1.63 30,976 548 1.35 0.33 0.12 1.7 1.6 Aaa AA+24%23%0%14%38%0% 09/30/20 69 1.70 31,022 548 1.43 0.40 0.13 1.9 1.7 Aaa AA+19%28%0%15%38%0% 06/30/20 64 1.71 32,036 577 1.53 0.48 0.16 1.7 1.5 Aaa AA+26%27%0%14%33%0% 03/31/20 60 2.12 27,850 484 1.95 0.98 0.26 1.5 1.4 Aaa AA+20%28%0%13%39%0% 12/31/19 63 2.07 30,785 248 2.01 1.66 1.59 1.4 1.2 Aaa AA+25%32%0%14%29%0% 09/30/19 71 2.22 29,766 299 2.22 1.92 1.72 1.6 1.3 Aaa AA+13%39%0%17%32%0% 06/30/19 65 2.28 31,098 231 2.27 2.12 1.89 1.6 1.2 Aaa AA+23%37%0%12%28%0% 03/31/19 65 2.17 29,020 31 2.27 2.47 2.32 1.9 1.6 Aaa AA+16%47%0%13%24%0% 0.00 0.50 1.00 1.50 2.00 2.50 Avg Book Yield Benchmark Treasury 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MMF Govt Corp CD/CP Muni Other Portfolio Allocation*Book Yield vs. Treasury Benchmark * Portfolio Allocation is a new addition to portfolio analysis. Data will be added over time. Portfolio Analysis 6 Yield / Duration Contribution Book Market Book Eff Sector Total (%)Value ($)Value ($)G / L ($)Yield Dur Agency 16.7%5,349,557 5,433,841 84,284 1.40 2.9 Certificate of Deposit 8.5%2,727,000 2,747,967 20,967 1.45 0.8 MMF 48.8%15,620,217 15,620,217 0 0.03 0.0 Municipal 25.9%8,301,762 8,463,750 161,988 1.80 2.1 Total Portfolio 100.0%31,998,536 32,265,775 267,240 0.84 1.1 AgencyCertificate of Deposit 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 41 6775224C5 Municipal OHIO ST 0.94 08/01/25 700,000 Aa1 06/10/20 -AA+06/09/20 -AA+08/05/21 - 43 3137EAEX3 Agency FREDDIE MAC 0.38 09/23/25 500,000 Aaa 10/19/20 -AA+09/23/20 -AAA 09/29/20 - 31 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 - 38 3134GWKT2 Agency FREDDIE MAC 0.50 08/26/24 500,000 Aaa 08/03/20 ----AAA 08/27/20 - 34 574193TQ1 Municipal MARYLAND ST 0.51 08/01/24 500,000 Aaa 07/13/20 -AAA 07/14/20 -AAA 07/08/20 - 48 3130AJRQ4 Agency FEDERAL HOME LOAN BANK 1.00 06/25/27 500,000 Aaa 06/22/20 -AA+06/22/20 ---- 44 35880CD68 Municipal FRISCO TX INDEP SCH DIST 1.21 02/15/26 150,000 Aaa 06/10/20 -AAA 06/11/20 ---- 46 35880CD76 Municipal FRISCO TX INDEP SCH DIST 1.36 02/15/27 225,000 Aaa 06/10/20 -AAA 06/11/20 ---- 27 556583D58 Municipal MADISON AL 1.05 04/01/23 495,000 Aa2 03/19/20 -AA+04/22/20 ---- 47 3130AJ4B2 Agency FEDERAL HOME LOAN BANK 1.63 03/12/27 500,000 Aaa 02/05/20 -AA+02/05/20 ---- 40 161035KH2 Municipal CHARLOTTE NC 1.62 07/01/25 500,000 Aaa 02/04/20 -AAA 02/04/20 -AAA 02/04/20 - 18 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 - 28 792882BV3 Municipal ST PAUL MN 3.00 05/01/23 250,000 ---AAA 11/08/19 ---- 7 550629VD8 Municipal LUVERNE MN 1.70 12/15/21 665,000 ---AAA 08/19/19 ---- 36 3130AGWK7 Agency FEDERAL HOME LOAN BANK 1.50 08/15/24 500,000 Aaa 08/16/19 -AA+08/16/19 ---- 39 092765EY8 Municipal BLAINE MN 2.55 02/01/25 400,000 ---AAA 08/01/19 ---- 23 092765EW2 Municipal BLAINE MN 2.25 02/01/23 395,000 ---AAA 08/01/19 ---- 16 961114NG6 Municipal WESTON CT 3.15 08/01/22 500,000 Aaa 11/21/18 ------- 45 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 - 42 4095585H2 Municipal HAMPTON VA 4.00 09/01/25 600,000 Aa1 06/05/18 -AA+06/07/18 -AA+06/06/18 - 32 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 - 22 60375BDC7 Municipal MINNEAPOLIS MN 5.00 12/01/22 370,000 ---AAA 05/10/18 -AA+05/11/18 - 10 809557BA8 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.35 02/01/22 120,000 ---AAA 04/04/18 ---- 26 809557BB6 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.50 02/01/23 120,000 ---AAA 04/04/18 ---- 21 60375BCD6 Municipal MINNEAPOLIS MN 4.25 12/01/22 350,000 ---AAA 04/27/17 -AA+11/08/17 - 11 60374Y7S0 Municipal MINNEAPOLIS MN 2.90 03/01/22 300,000 Aa1 02/07/14 -AAA 02/07/14 -AA+11/08/17 - 9 161664HB6 Municipal CHASKA MN 2.10 02/01/22 140,000 ---AA 11/02/17 ---- 24 161664HC4 Municipal CHASKA MN 2.25 02/01/23 145,000 ---AA 11/02/17 ---- 33 161664HD2 Municipal CHASKA MN 2.40 02/01/24 150,000 ---AA 11/02/17 ---- 35 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 - 17 3130A6AP2 Agency FEDERAL HOME LOAN BANK 2.25 09/09/22 500,000 Aaa 08/07/15 -AA+08/07/15 ---- 30 313383YJ4 Agency FEDERAL HOME LOAN BANK 3.38 09/08/23 205,000 Aaa 08/27/13 -AA+08/26/13 ---- 25 73723RSP9 Municipal PORTSMOUTH VA 3.09 02/01/23 500,000 Aa2 05/24/13 -AA 05/24/13 -AA 05/21/13 - 20 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 8 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 17 3130A6AP2 FEDERAL HOME LOAN BANK 1.6%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.70 102.05 11,752 2.57 0.07 0.9 0.9 0.0 18 3133ELGN8 FEDERAL FARM CREDIT BANK 1.9%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.99 101.55 9,333 1.61 0.11 1.0 1.0 0.0 30 313383YJ4 FEDERAL HOME LOAN BANK 0.6%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 100.98 106.03 10,338 2.85 0.26 1.9 1.9 0.0 31 3133EMBS0 FEDERAL FARM CREDIT BANK 1.6%0.20 10/02/23 Aaa AA+-Bullet 500,000 10/02/20 99.97 99.98 99.87 (535)0.21 0.26 2.0 2.0 0.1 32 3133EJQA0 FEDERAL FARM CREDIT BANK 1.6%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.24 105.46 26,088 2.88 0.35 2.1 2.0 0.1 36 3130AGWK7 FEDERAL HOME LOAN BANK 1.6%1.50 08/15/24 Aaa AA+-Bullet 500,000 08/14/20 104.86 103.49 102.83 (3,329)0.28 0.51 2.9 2.8 0.1 38 3134GWKT2 FREDDIE MAC 1.6%0.50 08/26/24 Aaa -11/26/21 Berm 500,000 08/26/20 100.00 100.00 99.89 (555)0.50 0.54 2.9 1.9 (8.0) 43 3137EAEX3 FREDDIE MAC 1.6%0.38 09/23/25 Aaa AA+-Bullet 500,000 10/01/20 99.98 99.98 98.34 (8,245)0.38 0.80 4.0 4.0 0.2 45 3133EJD55 FEDERAL FARM CREDIT BANK 1.6%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.73 111.20 52,340 3.14 1.00 5.0 4.7 0.3 47 3130AJ4B2 FEDERAL HOME LOAN BANK 1.6%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 104.39 102.99 (6,989)0.80 1.06 5.4 5.3 0.3 48 3130AJRQ4 FEDERAL HOME LOAN BANK 1.6%1.00 06/25/27 Aaa AA+10/05/21 Amer 500,000 06/25/20 100.00 100.00 98.82 (5,914)1.00 1.21 5.7 5.3 (1.8) Agency 16.7%1.61 Aaa AA+5,305,000 101.11 100.84 102.43 84,284 1.40 0.57 3.1 2.9 (0.8) 4 14042RJJ1 CAPITAL ONE NA 0.8%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 100.07 168 2.14 0.11 0.0 0.0 0.0 5 92937CJZ2 WEX BANK 0.8%1.30 10/12/21 ---Bullet 248,000 04/09/20 100.00 100.00 100.04 97 1.30 0.13 0.0 0.0 0.0 6 05580AKQ6 BMW BANK NORTH AMERICA 0.8%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 100.07 173 2.04 0.11 0.0 0.0 0.0 8 87165HFH8 SYNCHRONY BANK 0.8%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 100.36 888 2.54 0.91 0.2 0.2 0.0 12 29278TNH9 ENERBANK USA 0.8%0.95 03/14/22 ---Bullet 249,000 03/13/20 100.00 100.00 100.39 964 0.95 0.10 0.5 0.5 0.0 13 88241TGX2 TEXAS EXCHANGE BANK SSB 0.8%1.00 03/25/22 ---Bullet 249,000 03/27/20 100.00 100.00 100.43 1,076 1.00 0.11 0.5 0.5 0.0 14 649447TW9 NEW YORK COMMUNITY BANK 0.8%0.30 07/05/22 ---Bullet 249,000 07/01/20 100.00 100.00 100.17 433 0.30 0.07 0.8 0.8 0.0 15 14042TBH9 CAPITAL ONE BANK USA NA 0.8%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 101.74 4,305 2.15 0.06 0.8 0.8 0.0 19 32116RAG9 FIRST NATL BANK ORD NEB 0.8%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 101.18 2,928 1.25 0.12 1.0 1.0 0.0 29 06654BCK5 BANKWELL BANK 0.8%0.35 07/28/23 ---Bullet 249,000 07/28/20 100.00 100.00 100.06 139 0.35 0.32 1.8 1.8 0.0 37 75472RAE1 RAYMOND JAMES BANK NA 0.8%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 103.97 9,796 2.00 0.62 2.9 2.8 0.1 Domestic CD 8.5%1.46 2,727,000 100.00 100.00 100.77 20,967 1.45 0.24 0.8 0.8 0.0 1 94975P405 Wells Fargo Government Money M 28.3%0.01 ---Bullet 9,049,811 09/30/21 100.00 100.00 100.00 0 0.01 0.01 0.0 0.0 0.0 3 Northland MMF 11.0%0.00 ---Bullet 3,531,187 01/01/19 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 2 Americana MMF 9.5%0.15 ---Bullet 3,039,219 01/01/19 100.00 100.00 100.00 0 0.15 0.15 0.0 0.0 0.0 MMF 48.8%0.03 15,620,217 100.00 100.00 100.00 0 0.03 0.03 0.0 0.0 0.0 7 550629VD8 LUVERNE MN 2.1%1.70 12/15/21 -AAA -Bullet 665,000 01/23/20 100.00 100.00 100.23 1,503 1.70 0.61 0.2 0.2 0.0 10 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 100.66 788 2.35 0.39 0.3 0.3 0.0 9 161664HB6 CHASKA MN 0.4%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 100.67 934 2.10 0.11 0.3 0.3 0.0 11 60374Y7S0 MINNEAPOLIS MN 0.9%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.01 101.12 3,330 2.88 0.23 0.4 0.4 0.0 16 961114NG6 WESTON CT 1.6%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 101.66 101.99 1,670 1.15 0.75 0.8 0.8 0.0 22 60375BDC7 MINNEAPOLIS MN 1.2%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 102.22 105.53 12,243 3.05 0.26 1.2 1.1 0.0 21 60375BCD6 MINNEAPOLIS MN 1.1%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 102.59 104.66 7,263 2.00 0.26 1.2 1.2 0.0 20 199492CT4 COLUMBUS OH 1.3%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 100.73 102.52 7,148 1.70 0.18 1.2 1.2 0.0 25 73723RSP9 PORTSMOUTH VA 1.6%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 101.10 103.85 13,775 2.25 0.20 1.3 1.3 0.0 26 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 102.71 3,250 2.50 0.46 1.3 1.3 0.0 23 092765EW2 BLAINE MN 1.2%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 102.30 9,077 2.25 0.52 1.3 1.3 0.0 24 161664HC4 CHASKA MN 0.5%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 102.76 3,995 2.25 0.18 1.3 1.3 0.0 27 556583D58 MADISON AL 1.6%1.05 04/01/23 Aa2 AA+-Bullet 495,000 07/21/20 100.39 100.22 101.14 4,574 0.90 0.28 1.5 1.5 0.0 28 792882BV3 ST PAUL MN 0.8%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 101.71 103.27 3,893 1.90 0.92 1.6 1.5 0.0 33 161664HD2 CHASKA MN 0.5%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 104.61 6,909 2.40 0.42 2.3 2.3 0.1 35 64971WP53 NEW YORK CITY NY TRANSITIONAL 0.8%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 97.31 104.53 18,040 3.25 0.64 2.8 2.8 0.1 34 574193TQ1 MARYLAND ST 1.6%0.51 08/01/24 Aaa AAA -Bullet 500,000 08/05/20 100.24 100.17 99.77 (1,990)0.45 0.59 2.8 2.8 0.1 39 092765EY8 BLAINE MN 1.3%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 101.60 105.04 13,744 2.05 1.01 3.3 3.2 0.1 40 161035KH2 CHARLOTTE NC 1.6%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 102.05 103.32 6,350 1.07 0.73 3.8 3.6 0.2 41 6775224C5 OHIO ST 2.2%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 100.98 99.98 (7,007)0.68 0.94 3.8 3.8 0.2 42 4095585H2 HAMPTON VA 1.9%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 102.55 111.66 54,648 3.30 0.96 3.9 3.7 0.2 44 35880CD68 FRISCO TX INDEP SCH DIST 0.5%1.21 02/15/26 Aaa AAA -Bullet 150,000 07/15/20 101.42 101.12 100.82 (444)0.95 1.02 4.4 4.3 0.2 46 35880CD76 FRISCO TX INDEP SCH DIST 0.7%1.36 02/15/27 Aaa AAA -Bullet 225,000 07/15/20 101.53 101.26 100.50 (1,703)1.12 1.27 5.4 5.2 0.3 Municipals 25.9%2.35 Aa1 AA+ 8,225,000 102.09 100.93 102.90 161,988 1.80 0.60 2.1 2.1 0.1 Total Portfolio 100.0%1.01 31,877,217 100.73 100.38 101.22 267,240 0.84 0.29 1.1 1.1 (0.1) Portfolio Analysis 9 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 3 Northland MMF 11%0.00 ---Bullet 3,531,187 01/01/19 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 2 Americana MMF 9%0.15 ---Bullet 3,039,219 01/01/19 100.00 100.00 100.00 0 0.15 0.15 0.0 0.0 0.0 1 94975P405 Wells Fargo Government Money M 28%0.01 ---Bullet 9,049,811 09/30/21 100.00 100.00 100.00 0 0.01 0.01 0.0 0.0 0.0 5 92937CJZ2 WEX BANK 1%1.30 10/12/21 ---Bullet 248,000 04/09/20 100.00 100.00 100.04 97 1.30 0.13 0.0 0.0 0.0 4 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 ---Bullet 247,000 10/12/17 100.00 100.00 100.07 168 2.14 0.11 0.0 0.0 0.0 6 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 ---Bullet 247,000 10/13/17 100.00 100.00 100.07 173 2.04 0.11 0.0 0.0 0.0 7 550629VD8 LUVERNE MN 2%1.70 12/15/21 -AAA -Bullet 665,000 01/23/20 100.00 100.00 100.23 1,503 1.70 0.61 0.2 0.2 0.0 8 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 ---Bullet 246,000 12/19/14 100.00 100.00 100.36 888 2.54 0.91 0.2 0.2 0.0 10 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 -AAA -Bullet 120,000 12/28/17 100.00 100.00 100.66 788 2.35 0.39 0.3 0.3 0.0 9 161664HB6 CHASKA MN 0%2.10 02/01/22 -AA -Bullet 140,000 11/29/17 100.00 100.00 100.67 934 2.10 0.11 0.3 0.3 0.0 11 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 Aa1 AAA -Bullet 300,000 07/19/18 100.08 100.01 101.12 3,330 2.88 0.23 0.4 0.4 0.0 12 29278TNH9 ENERBANK USA 1%0.95 03/14/22 ---Bullet 249,000 03/13/20 100.00 100.00 100.39 964 0.95 0.10 0.5 0.5 0.0 13 88241TGX2 TEXAS EXCHANGE BANK SSB 1%1.00 03/25/22 ---Bullet 249,000 03/27/20 100.00 100.00 100.43 1,076 1.00 0.11 0.5 0.5 0.0 14 649447TW9 NEW YORK COMMUNITY BANK 1%0.30 07/05/22 ---Bullet 249,000 07/01/20 100.00 100.00 100.17 433 0.30 0.07 0.8 0.8 0.0 16 961114NG6 WESTON CT 2%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 101.66 101.99 1,670 1.15 0.75 0.8 0.8 0.0 15 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 101.74 4,305 2.15 0.06 0.8 0.8 0.0 17 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.70 102.05 11,752 2.57 0.07 0.9 0.9 0.0 Year 1 62%0.45 19,827,217 100.09 100.03 100.18 28,080 0.41 0.10 0.1 0.1 0.0 18 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.99 101.55 9,333 1.61 0.11 1.0 1.0 0.0 19 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 101.18 2,928 1.25 0.12 1.0 1.0 0.0 22 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 102.22 105.53 12,243 3.05 0.26 1.2 1.1 0.0 21 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 102.59 104.66 7,263 2.00 0.26 1.2 1.2 0.0 20 199492CT4 COLUMBUS OH 1%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 100.73 102.52 7,148 1.70 0.18 1.2 1.2 0.0 25 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 101.10 103.85 13,775 2.25 0.20 1.3 1.3 0.0 26 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 102.71 3,250 2.50 0.46 1.3 1.3 0.0 23 092765EW2 BLAINE MN 1%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 102.30 9,077 2.25 0.52 1.3 1.3 0.0 24 161664HC4 CHASKA MN 0%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 102.76 3,995 2.25 0.18 1.3 1.3 0.0 27 556583D58 MADISON AL 2%1.05 04/01/23 Aa2 AA+-Bullet 495,000 07/21/20 100.39 100.22 101.14 4,574 0.90 0.28 1.5 1.5 0.0 28 792882BV3 ST PAUL MN 1%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 101.71 103.27 3,893 1.90 0.92 1.6 1.5 0.0 29 06654BCK5 BANKWELL BANK 1%0.35 07/28/23 ---Bullet 249,000 07/28/20 100.00 100.00 100.06 139 0.35 0.32 1.8 1.8 0.0 30 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 100.98 106.03 10,338 2.85 0.26 1.9 1.9 0.0 Year 2 14%2.46 4,328,000 102.34 100.76 102.79 87,956 1.86 0.29 1.3 1.3 0.0 31 3133EMBS0 FEDERAL FARM CREDIT BANK 2%0.20 10/02/23 Aaa AA+-Bullet 500,000 10/02/20 99.97 99.98 99.87 (535)0.21 0.26 2.0 2.0 0.1 32 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.24 105.46 26,088 2.88 0.35 2.1 2.0 0.1 33 161664HD2 CHASKA MN 0%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 104.61 6,909 2.40 0.42 2.3 2.3 0.1 35 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 Aa1 AAA -Bullet 250,000 07/25/18 94.57 97.31 104.53 18,040 3.25 0.64 2.8 2.8 0.1 34 574193TQ1 MARYLAND ST 2%0.51 08/01/24 Aaa AAA -Bullet 500,000 08/05/20 100.24 100.17 99.77 (1,990)0.45 0.59 2.8 2.8 0.1 36 3130AGWK7 FEDERAL HOME LOAN BANK 2%1.50 08/15/24 Aaa AA+-Bullet 500,000 08/14/20 104.86 103.49 102.83 (3,329)0.28 0.51 2.9 2.8 0.1 37 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 103.97 9,796 2.00 0.62 2.9 2.8 0.1 38 3134GWKT2 FREDDIE MAC 2%0.50 08/26/24 Aaa -11/26/21 Berm 500,000 08/26/20 100.00 100.00 99.89 (555)0.50 0.54 2.9 1.9 (8.0) Year 3 10%1.36 3,147,000 100.47 100.40 102.13 54,424 1.21 0.48 2.6 2.4 (1.2) 39 092765EY8 BLAINE MN 1%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 101.60 105.04 13,744 2.05 1.01 3.3 3.2 0.1 40 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 102.05 103.32 6,350 1.07 0.73 3.8 3.6 0.2 41 6775224C5 OHIO ST 2%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 100.98 99.98 (7,007)0.68 0.94 3.8 3.8 0.2 42 4095585H2 HAMPTON VA 2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 102.55 111.66 54,648 3.30 0.96 3.9 3.7 0.2 43 3137EAEX3 FREDDIE MAC 2%0.38 09/23/25 Aaa AA+-Bullet 500,000 10/01/20 99.98 99.98 98.34 (8,245)0.38 0.80 4.0 4.0 0.2 Year 4 9%1.88 2,700,000 102.21 101.43 103.64 59,490 1.49 0.89 3.8 3.7 0.2 44 35880CD68 FRISCO TX INDEP SCH DIST 0%1.21 02/15/26 Aaa AAA -Bullet 150,000 07/15/20 101.42 101.12 100.82 (444)0.95 1.02 4.4 4.3 0.2 45 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.73 111.20 52,340 3.14 1.00 5.0 4.7 0.3 Year 5 2%2.82 650,000 101.17 100.82 108.81 51,896 2.63 1.00 4.9 4.6 0.3 46 35880CD76 FRISCO TX INDEP SCH DIST 1%1.36 02/15/27 Aaa AAA -Bullet 225,000 07/15/20 101.53 101.26 100.50 (1,703)1.12 1.27 5.4 5.2 0.3 47 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 104.39 102.99 (6,989)0.80 1.06 5.4 5.3 0.3 48 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 Aaa AA+10/05/21 Amer 500,000 06/25/20 100.00 100.00 98.82 (5,914)1.00 1.21 5.7 5.3 (1.8) Year 6 4%1.32 1,225,000 102.49 102.02 100.83 (14,606)0.94 1.16 5.6 5.3 (0.5) Total Portfolio 100%1.01 31,877,217 100.73 100.38 101.22 267,240 0.84 0.29 1.1 1.1 (0.1) Portfolio Analysis 10 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 3 Northland MMF 11%0.00 3,531,187 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 2 Americana MMF 9%0.15 3,039,219 0.0 0.0 0.0 0.0 0.0 0.15 0.15 0.15 0.15 0.15 0.0 0.0 0.0 0.0 0.0 1 94975P405 Wells Fargo Government Money M 28%0.01 9,049,811 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 5 92937CJZ2 WEX BANK 1%1.30 10/12/21 248,000 0.0 0.0 0.0 (0.0)(0.0)1.30 1.30 1.30 1.30 1.30 0.0 0.0 0.0 0.0 0.0 4 14042RJJ1 CAPITAL ONE NA 1%2.15 10/12/21 247,000 0.0 0.0 0.0 (0.0)(0.0)2.14 2.14 2.14 2.14 2.14 0.0 0.0 0.0 0.0 0.0 6 05580AKQ6 BMW BANK NORTH AMERICA 1%2.05 10/13/21 247,000 0.0 0.0 0.0 (0.0)(0.0)2.04 2.04 2.04 2.04 2.04 0.0 0.0 0.0 0.0 0.0 7 550629VD8 LUVERNE MN 2%1.70 12/15/21 665,000 0.2 0.1 0.1 (0.1)(0.1)1.70 1.70 1.70 1.70 1.70 0.2 0.2 0.2 0.2 0.2 8 87165HFH8 SYNCHRONY BANK 1%2.55 12/20/21 246,000 0.2 0.1 0.1 (0.1)(0.1)2.54 2.54 2.54 2.54 2.54 0.2 0.2 0.2 0.2 0.2 10 809557BA8 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.35 02/01/22 120,000 0.3 0.2 0.1 (0.1)(0.2)2.35 2.35 2.35 2.35 2.35 0.3 0.3 0.3 0.3 0.3 9 161664HB6 CHASKA MN 0%2.10 02/01/22 140,000 0.3 0.2 0.1 (0.1)(0.2)2.10 2.10 2.10 2.10 2.10 0.3 0.3 0.3 0.3 0.3 11 60374Y7S0 MINNEAPOLIS MN 1%2.90 03/01/22 300,000 0.4 0.2 0.1 (0.1)(0.2)2.88 2.88 2.88 2.88 2.88 0.4 0.4 0.4 0.4 0.4 12 29278TNH9 ENERBANK USA 1%0.95 03/14/22 249,000 0.5 0.2 0.1 (0.1)(0.2)0.95 0.95 0.95 0.95 0.95 0.5 0.5 0.5 0.5 0.5 13 88241TGX2 TEXAS EXCHANGE BANK SSB 1%1.00 03/25/22 249,000 0.5 0.2 0.1 (0.1)(0.2)1.00 1.00 1.00 1.00 1.00 0.5 0.5 0.5 0.5 0.5 14 649447TW9 NEW YORK COMMUNITY BANK 1%0.30 07/05/22 249,000 0.8 0.4 0.2 (0.2)(0.4)0.30 0.30 0.30 0.30 0.30 0.8 0.8 0.8 0.8 0.8 16 961114NG6 WESTON CT 2%3.15 08/01/22 500,000 0.8 0.4 0.2 (0.2)(0.4)1.15 1.15 1.15 1.15 1.15 0.8 0.8 0.8 0.8 0.8 15 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 247,000 0.8 0.4 0.2 (0.2)(0.4)2.15 2.15 2.15 2.15 2.15 0.8 0.8 0.8 0.8 0.8 17 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 500,000 0.9 0.5 0.2 (0.2)(0.5)2.57 2.57 2.57 2.57 2.57 1.0 1.0 0.9 0.9 0.9 Year 1 62%0.45 19,827,217 0.1 0.1 0.0 (0.0)(0.0)0.41 0.41 0.41 0.41 0.41 0.1 0.1 0.1 0.1 0.1 18 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 600,000 1.0 0.5 0.3 (0.3)(0.5)1.61 1.61 1.61 1.61 1.61 1.0 1.0 1.0 1.0 1.0 19 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 249,000 1.0 0.5 0.3 (0.3)(0.5)1.25 1.25 1.25 1.25 1.25 1.0 1.0 1.0 1.0 1.0 22 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 370,000 1.2 0.6 0.3 (0.3)(0.6)3.05 3.05 3.05 3.05 3.05 1.2 1.1 1.1 1.1 1.1 21 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 350,000 1.2 0.6 0.3 (0.3)(0.6)2.00 2.00 2.00 2.00 2.00 1.2 1.2 1.2 1.1 1.1 20 199492CT4 COLUMBUS OH 1%2.33 12/01/22 400,000 1.2 0.6 0.3 (0.3)(0.6)1.70 1.70 1.70 1.70 1.70 1.2 1.2 1.2 1.2 1.2 25 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 500,000 1.3 0.7 0.3 (0.3)(0.7)2.25 2.25 2.25 2.25 2.25 1.3 1.3 1.3 1.3 1.3 26 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 120,000 1.3 0.7 0.3 (0.3)(0.7)2.50 2.50 2.50 2.50 2.50 1.3 1.3 1.3 1.3 1.3 23 092765EW2 BLAINE MN 1%2.25 02/01/23 395,000 1.3 0.7 0.3 (0.3)(0.7)2.25 2.25 2.25 2.25 2.25 1.3 1.3 1.3 1.3 1.3 24 161664HC4 CHASKA MN 0%2.25 02/01/23 145,000 1.3 0.7 0.3 (0.3)(0.7)2.25 2.25 2.25 2.25 2.25 1.3 1.3 1.3 1.3 1.3 27 556583D58 MADISON AL 2%1.05 04/01/23 495,000 1.5 0.8 0.4 (0.4)(0.7)0.90 0.90 0.90 0.90 0.90 1.5 1.5 1.5 1.5 1.5 28 792882BV3 ST PAUL MN 1%3.00 05/01/23 250,000 1.6 0.8 0.4 (0.4)(0.8)1.90 1.90 1.90 1.90 1.90 1.6 1.6 1.5 1.5 1.5 29 06654BCK5 BANKWELL BANK 1%0.35 07/28/23 249,000 1.8 0.9 0.5 (0.5)(0.9)0.35 0.35 0.35 0.35 0.35 1.8 1.8 1.8 1.8 1.8 30 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 205,000 1.9 1.0 0.5 (0.5)(0.9)2.85 2.85 2.85 2.85 2.85 1.9 1.9 1.9 1.9 1.9 Year 2 14%2.46 4,328,000 1.3 0.7 0.3 (0.3)(0.7)1.86 1.86 1.86 1.86 1.86 1.3 1.3 1.3 1.3 1.3 31 3133EMBS0 FEDERAL FARM CREDIT BANK 2%0.20 10/02/23 500,000 2.0 1.0 0.5 (0.5)(1.0)0.21 0.21 0.21 0.21 0.21 2.0 2.0 2.0 2.0 2.0 32 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 500,000 2.1 1.0 0.5 (0.5)(1.0)2.88 2.88 2.88 2.88 2.88 2.0 2.0 2.0 2.0 2.0 33 161664HD2 CHASKA MN 0%2.40 02/01/24 150,000 2.3 1.2 0.6 (0.6)(1.1)2.40 2.40 2.40 2.40 2.40 2.3 2.3 2.3 2.3 2.3 35 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 250,000 2.8 1.4 0.7 (0.7)(1.4)3.25 3.25 3.25 3.25 3.25 2.8 2.8 2.8 2.8 2.7 34 574193TQ1 MARYLAND ST 2%0.51 08/01/24 500,000 2.8 1.4 0.7 (0.7)(1.4)0.45 0.45 0.45 0.45 0.45 2.8 2.8 2.8 2.8 2.8 36 3130AGWK7 FEDERAL HOME LOAN BANK 2%1.50 08/15/24 500,000 2.9 1.4 0.7 (0.7)(1.4)0.28 0.28 0.28 0.28 0.28 2.8 2.8 2.8 2.8 2.8 37 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 247,000 2.9 1.4 0.7 (0.7)(1.4)2.00 2.00 2.00 2.00 2.00 2.8 2.8 2.8 2.8 2.8 38 3134GWKT2 FREDDIE MAC 2%0.50 08/26/24 500,000 2.9 0.2 0.2 (0.7)(1.4)0.50 0.50 0.50 0.50 0.50 0.1 0.5 1.9 2.9 2.9 Year 3 10%1.36 3,147,000 2.6 1.1 0.6 (0.6)(1.3)1.21 1.21 1.21 1.21 1.21 2.1 2.2 2.4 2.5 2.5 39 092765EY8 BLAINE MN 1%2.55 02/01/25 400,000 3.3 1.6 0.8 (0.8)(1.6)2.05 2.05 2.05 2.05 2.05 3.2 3.2 3.2 3.2 3.2 40 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 500,000 3.8 1.9 0.9 (0.9)(1.8)1.07 1.07 1.07 1.07 1.07 3.7 3.7 3.6 3.6 3.6 41 6775224C5 OHIO ST 2%0.94 08/01/25 700,000 3.8 1.9 1.0 (0.9)(1.9)0.68 0.68 0.68 0.68 0.68 3.8 3.8 3.8 3.8 3.8 42 4095585H2 HAMPTON VA 2%4.00 09/01/25 600,000 3.9 1.9 0.9 (0.9)(1.8)3.30 3.30 3.30 3.30 3.30 3.7 3.7 3.7 3.7 3.7 43 3137EAEX3 FREDDIE MAC 2%0.38 09/23/25 500,000 4.0 2.0 1.0 (1.0)(2.0)0.38 0.38 0.38 0.38 0.38 4.0 4.0 4.0 4.0 4.0 Year 4 9%1.88 2,700,000 3.8 1.9 0.9 (0.9)(1.8)1.49 1.49 1.49 1.49 1.49 3.7 3.7 3.7 3.7 3.7 44 35880CD68 FRISCO TX INDEP SCH DIST 0%1.21 02/15/26 150,000 4.4 2.2 1.1 (1.1)(2.1)0.95 0.95 0.95 0.95 0.95 4.3 4.3 4.3 4.3 4.3 45 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 500,000 5.0 2.4 1.2 (1.2)(2.3)3.14 3.14 3.14 3.14 3.14 4.7 4.7 4.7 4.7 4.7 Year 5 2%2.82 650,000 4.9 2.3 1.2 (1.1)(2.3)2.63 2.63 2.63 2.63 2.63 4.6 4.6 4.6 4.6 4.6 Portfolio Analysis 11 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 46 35880CD76 FRISCO TX INDEP SCH DIST 1%1.36 02/15/27 225,000 5.4 2.7 1.3 (1.3)(2.6)1.12 1.12 1.12 1.12 1.12 5.2 5.2 5.2 5.2 5.2 47 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 500,000 5.4 2.7 1.3 (1.3)(2.6)0.80 0.80 0.80 0.80 0.80 5.3 5.3 5.3 5.2 5.2 48 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 500,000 5.7 1.3 1.3 (1.4)(2.8)1.00 1.00 1.00 1.00 1.00 0.1 2.5 5.3 5.6 5.6 Year 6 4%1.32 1,225,000 5.6 2.1 1.3 (1.3)(2.7)0.94 0.94 0.94 0.94 0.94 3.2 4.2 5.3 5.4 5.4 Total Portfolio 100%1.01 31,877,217 1.1 0.5 0.3 (0.3)(0.6)0.84 0.84 0.84 0.84 0.84 1.0 1.0 1.1 1.1 1.1 Portfolio Analysis 12 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 7%42%2,205,000 1.76 101.81 102.08 5,858 1.31 0.67 3.6 3.4 (0.3)100%--77%23%-- FHLMC 2 3%19%1,000,000 0.44 99.99 99.11 (8,800)0.44 0.67 3.4 2.9 (4.0)100%--50%--50% FFCB 4 7%39%2,100,000 2.00 100.22 104.38 87,226 1.95 0.43 2.5 2.4 0.1 100%--100%--- Sector Total 11 17%100%5,305,000 1.61 100.84 102.43 84,284 1.40 0.57 3.1 2.9 (0.8)100%81%9%9% FFCB 39% FHLB 42% FHLMC 19% Bullet 81% Amer 10% Berm 9% Fixed 100% Issuer Structure Coupon Portfolio Analysis 14 Money Market Sector - Summary Money Market Product Distribution (%) Moody's Short Term Ratings Distribution (%) Cash Flows by Month -12 Months ($) Agency, 3%Certificate of Deposit, 10% MMF, 79% Municipal, 9% NA, 100% 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 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 15 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 11 9%100%1.46 2,727,000 100.00 100.77 20,967 1.45 0.24 0.8 0.8 0.0 Sector Total 11 9%100%1.46 2,727,000 100.00 100.77 20,967 1.45 0.24 0.8 0.8 0.0 Portfolio Analysis 16 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%11%895,000 1.62 100.45 101.76 11,722 1.26 0.24 1.4 1.3 0.0 100%--Aa1 AA+ GO Unlimited 18 22%83%6,840,000 2.44 101.16 103.04 128,189 1.80 0.65 2.2 2.2 0.1 100%--Aaa AA+ Revenue 3 2%6%490,000 2.34 98.63 103.13 22,078 2.84 0.54 1.8 1.8 0.1 100%--Aa1 AAA Sector Total 23 26%100%8,225,000 2.35 100.93 102.90 161,988 1.80 0.60 2.1 2.1 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 21 25%95%7,850,000 2.40 100.92 103.01 164,136 1.84 0.57 2.0 1.9 0.1 100%--Aa1 AA+ School District 2 1%5%375,000 1.30 101.20 100.63 (2,147)1.05 1.17 5.0 4.8 0.3 100%--Aaa AAA Sector Total 23 26%100%8,225,000 2.35 100.93 102.90 161,988 1.80 0.60 2.1 2.1 0.1 100%Aa1 AA+ GO Limited 11% GO Unlimited 83% Revenue 6% Fixed 100% Issuer Coupon Portfolio Analysis 17 MMF: Historical Performance Weighted Average Maturity -WAM (Days) Daily Liquid Assets (%) Weekly Liquid Assets (%) 0 10 20 30 40 50 60 70 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 SEC Threshold GVIXX 0 10 20 30 40 50 60 70 80 90 100 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 SEC Threshold GVIXX 20 30 40 50 60 70 80 90 100 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 SEC Threshold GVIXX * Gates / Fees Threshold -SEC designated thresholds for Money Market Funds Portfolio Analysis 18 MMF: Historical Performance Net Asset Value (NAV)7 Day Yield (%) Expense Ratio (bps)Daily Fund Flows ($000) 0.0000 0.2000 0.4000 0.6000 0.8000 1.0000 1.2000 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 GVIXX 0.00 0.00 0.00 0.01 0.01 0.01 0.01 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 GVIXX 0.000 0.100 0.200 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 GVIXX -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 GVIXX Portfolio Analysis 19 MMF: Fund Profiles Fund Name:Wells Fargo Govt MM Inst - GVIXX AUM Flows ($MM)WAM (Days)WAL (Days)7D Yield (%)DLA (%)WLA (%)Share Class Flows ($MM)MNAV Current 38,883 31 88 0.01 86 89 1,030 1.0000 Previous Month 39,730 33 85 0.01 85 88 4,570 1.0000 MoM Change (847)(2)3 0.00 1 1 (3,540)0.0000 52 Week High 45,801 48 101 0.01 87 90 6,479 1.0000 52 Week Low 37,040 29 85 0.01 72 77 (7,856)1.0000 Portfolio Analysis 20 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 21 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 22 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. 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