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Investment Report 03-31-2022
City of Chanhassen Analysis Date:5/24/2022 Portfolio as of:3/31/2022 Market Data as of:3/31/2022 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 Municipal - Summary 20 Projected Call Report 8 CMBS & SBA - Summary 21 Credit Rating Monitor 9 MMF Historical Performance 22 Positions by Sector 11 MMF Fund Profiles 24 Positions by Maturity 12 Positions by Maturity - Scenario Analysis 14 2 Portfolio Summary Portfolio Snapshot Coupon Structure Sector Allocation Number of Positions 54 Par ($000)27,822 Book Value ($000)28,169 Mkt Value w/o Accrd ($000)27,561 Unrlzed Gain / Loss ($000)(608) Coupon 1.60 Book Yield 1.30 Market Yield 1.72 Wgt Avg Maturity 2.5 Average Life 2.5 Effective Duration 2.2 Effective Convexity 0.1 Overnight Funds Principal 7,046 Overnight Funds Interest 0 Term Securities Principal 5,378 Term Securities Interest 404 Total Cash Flow 12,828 A-1+/A-1/P-1 A-2 / P-2 A-3 / P-3 Not Prime NA Short Term Rating 19% 33% 48% 42% 14% 1% 44% 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 20.7% Certificate of Deposit 4.4% CMBS 4.6% MMF 25.0% Municipal 41.7% Treasury 3.5% 0.20 4.05 0.30 1.49 1.90 1.51 2.25 0.92 2.28 1.84 1.51 1.26 1.70 0.00 1.00 2.00 3.00 4.00 5.00 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 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 39 0 7,045,709 0.20 7,045,748 7,045,748 Apr-22 29,458 0 252,503 4.05 281,960 7,327,709 May-22 6,486 0 0 0.00 6,486 7,334,195 Jun-22 31,757 0 0 0.00 31,757 7,365,952 Jul-22 10,426 0 249,000 0.30 259,426 7,625,377 Aug-22 85,451 0 747,000 1.49 832,451 8,457,828 Sep-22 45,821 0 750,000 1.90 795,821 9,253,649 Oct-22 28,125 0 849,000 1.51 877,125 10,130,775 Nov-22 6,310 0 0 0.00 6,310 10,137,084 Dec-22 32,211 0 1,120,000 2.25 1,152,211 11,289,295 Jan-23 7,212 0 250,000 0.92 257,212 11,546,507 Feb-23 81,605 0 1,160,000 2.28 1,241,605 12,788,111 Year 1 Mar-23 39,471 0 0 0.00 39,471 12,827,583 Apr-23 23,149 0 495,000 0.90 518,149 13,345,731 May-23 6,227 0 250,000 1.90 256,227 13,601,958 Jun-23 10,940 0 0 0.00 10,940 13,612,898 Jul-23 6,973 0 249,000 0.35 255,973 13,868,871 Aug-23 66,307 0 250,000 1.29 316,307 14,185,178 Sep-23 39,719 0 205,000 2.85 244,719 14,429,897 Oct-23 20,477 0 1,000,000 1.55 1,020,477 15,450,374 Nov-23 2,560 0 0 0.00 2,560 15,452,934 Dec-23 10,857 0 0 0.00 10,857 15,463,791 Jan-24 6,620 0 0 0.00 6,620 15,470,411 Feb-24 66,151 0 650,000 1.86 716,151 16,186,562 Year 2 Mar-24 36,095 0 0 0.00 36,095 16,222,656 Apr-24 12,560 0 0 0.00 12,560 16,235,216 May-24 2,477 0 0 0.00 2,477 16,237,693 Jun-24 10,940 0 500,000 1.73 510,940 16,748,633 Jul-24 6,537 0 0 0.00 6,537 16,755,170 Aug-24 54,351 0 1,997,000 0.75 2,051,351 18,806,521 Sep-24 36,260 0 0 0.00 36,260 18,842,781 Oct-24 12,477 0 0 0.00 12,477 18,855,258 Nov-24 2,560 0 0 0.00 2,560 18,857,817 Dec-24 12,692 0 500,000 2.22 512,692 19,370,510 Jan-25 6,620 0 0 0.00 6,620 19,377,129 Feb-25 45,137 0 400,000 2.05 445,137 19,822,267 Year 3 Mar-25 30,462 0 0 0.00 30,462 19,852,729 Portfolio Analysis 4 Cash Flow Projections - Continued Time Run Off Monthly Cumulative Period Date Interest ($)Call ($)Maturity ($)Yield (%)Total ($)Total ($) Apr-25 12,560 0 0 0.00 12,560 19,865,288 May-25 2,477 0 0 0.00 2,477 19,867,765 Jun-25 10,000 0 0 0.00 10,000 19,877,765 Jul-25 6,537 0 500,000 1.07 506,537 20,384,302 Aug-25 40,037 0 700,000 0.68 740,037 21,124,339 Sep-25 30,710 0 1,100,000 1.97 1,130,710 22,255,049 Oct-25 12,477 0 0 0.00 12,477 22,267,526 Nov-25 2,560 0 0 0.00 2,560 22,270,086 Dec-25 9,917 0 0 0.00 9,917 22,280,003 Jan-26 2,560 0 0 0.00 2,560 22,282,563 Feb-26 36,751 0 150,000 0.95 186,751 22,469,313 Year 4 Mar-26 17,524 0 0 0.00 17,524 22,486,838 Apr-26 12,560 0 0 0.00 12,560 22,499,398 May-26 2,477 0 0 0.00 2,477 22,501,875 Jun-26 10,000 0 0 0.00 10,000 22,511,874 Jul-26 2,477 0 0 0.00 2,477 22,514,351 Aug-26 35,842 0 300,000 1.40 335,842 22,850,193 Sep-26 17,772 0 500,000 3.14 517,772 23,367,965 Oct-26 12,477 0 0 0.00 12,477 23,380,442 Nov-26 2,560 0 0 0.00 2,560 23,383,002 Dec-26 9,917 0 0 0.00 9,917 23,392,919 Jan-27 2,560 0 0 0.00 2,560 23,395,479 Feb-27 33,892 0 225,000 1.12 258,892 23,654,371 Year 5 Mar-27 9,274 0 500,000 0.80 509,274 24,163,645 Apr-27 12,560 0 0 0.00 12,560 24,176,205 May-27 2,477 0 0 0.00 2,477 24,178,682 Jun-27 10,000 0 500,000 1.00 510,000 24,688,682 Jul-27 2,477 0 0 0.00 2,477 24,691,159 Aug-27 32,360 0 0 0.00 32,360 24,723,518 Sep-27 5,460 0 0 0.00 5,460 24,728,978 Oct-27 12,477 0 500,000 1.62 512,477 25,241,455 Nov-27 2,560 0 0 0.00 2,560 25,244,015 Dec-27 7,417 0 0 0.00 7,417 25,251,432 Jan-28 2,560 0 500,000 1.65 502,560 25,753,991 Feb-28 31,085 0 500,000 2.42 531,085 26,285,077 Year 6 Mar-28 4,102 0 0 0.00 4,102 26,289,179 Portfolio Analysis 5 Historical Performance # Line Avg Total Par Avg Bk Avg Mkt Bnchmrk Wgt Avg Eff Ratings Portfolio Allocation* Date Items Coupon ($000)G / L Yield Yield Tsy Yield Maturity Dur Moody's S&P MMF Govt Corp CD/CP Muni Other 03/31/22 54 1.60 27,822 (608)1.30 1.72 2.38 2.5 2.2 Aa1 AA+25%29%0%4%42%0% 12/31/21 46 1.24 27,722 107 0.99 0.59 0.65 1.9 1.8 Aa1 AA+39%22%0%6%33%0% 09/30/21 48 1.01 31,877 267 0.84 0.29 0.10 1.1 1.1 Aa1 AA+49%17%0%9%26%0% 06/30/21 53 1.40 29,463 336 1.16 0.31 0.13 1.4 1.3 Aa1 AA+25%21%9%11%33%0% 05/31/21 52 1.97 20,765 361 1.63 0.54 0.14 2.0 1.9 Aa1 AA+7%30%0%15%47%0% 03/31/21 58 1.65 26,848 391 1.47 0.37 0.12 1.7 1.6 Aa1 AA+13%27%8%14%38%0% 12/31/20 66 1.63 30,976 548 1.35 0.33 0.12 1.7 1.6 Aaa AA+24%23%0%14%38%0% 09/30/20 69 1.70 31,022 548 1.43 0.40 0.13 1.9 1.7 Aaa AA+19%28%0%15%38%0% 06/30/20 64 1.71 32,036 577 1.53 0.48 0.16 1.7 1.5 Aaa AA+26%27%0%14%33%0% 03/31/20 60 2.12 27,850 484 1.95 0.98 0.26 1.5 1.4 Aaa AA+20%28%0%13%39%0% 12/31/19 63 2.07 30,785 248 2.01 1.66 1.59 1.4 1.2 Aaa AA+25%32%0%14%29%0% 09/30/19 71 2.22 29,766 299 2.22 1.92 1.72 1.6 1.3 Aaa AA+13%39%0%17%32%0% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Avg Book Yield Benchmark Treasury 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MMF Govt Corp CD/CP Muni Other Portfolio Allocation*Book Yield vs. Treasury Benchmark * Portfolio Allocation is a new addition to portfolio analysis. Data will be added over time. Portfolio Analysis 6 Yield / Duration Contribution Book Market Book Eff Sector Total (%)Value ($)Value ($)G / L ($)Yield Dur Agency 20.7%5,844,237 5,699,568 (144,669)1.47 2.5 Certificate of Deposit 4.4%1,241,000 1,237,009 (3,991)1.21 1.0 CMBS 4.6%1,299,952 1,190,264 (109,688)1.74 7.4 MMF 25.0%7,045,709 7,045,709 0 0.20 0.0 Municipal 41.7%11,751,209 11,410,877 (340,333)1.84 3.2 Treasury 3.5%986,830 977,559 (9,271)1.08 1.3 Total Portfolio 100.0%28,168,937 27,560,986 (607,951)1.30 2.2 Agency Certificate of Deposit CMBS MMF Municipal Treasury (0.50) 0.00 0.50 1.00 1.50 2.00 2.50 -0.5 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 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 28 64971WP53 Municipal NEW YORK CITY NY TRANSITIONAL 08/01/24 Euro 250,000 4.05 1.24 04/21/22 04/21/22 04/21/22 0-90 Days 250,000 4.05 1.24 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 28 64971WP53 Municipal NEW YORK CITY NY TRANSITIONAL 2.25 08/01/24 250,000 WR 04/29/22 -AAA 09/09/16 -AAA 09/09/16 - 33 3134GXNJ9 Agency FREDDIE MAC 2.22 12/27/24 500,000 Aaa 03/10/22 -AA+03/09/22 -AAA 03/25/22 - 49 052430TS4 Municipal AUSTIN TX INDEP SCH DIST 3.00 08/01/30 870,000 Aaa 01/18/22 ------- 51 787758C74 Municipal SAINT CHARLES IL 1.90 12/01/30 520,000 Aa1 12/01/21 ------- 48 265138LK1 Municipal DUNCANVILLE TX INDEP SCH DIST 5.00 02/15/30 500,000 Aaa 11/15/21 -AAA 11/17/21 ---- 50 1073358S3 Municipal BRENTWOOD TN 2.00 09/01/30 290,000 Aaa 11/09/21 -AAA 11/16/21 ---- 10 60375BCD6 Municipal MINNEAPOLIS MN 4.25 12/01/22 350,000 ---AAA 04/27/17 -AA+10/22/21 - 11 60375BDC7 Municipal MINNEAPOLIS MN 5.00 12/01/22 370,000 ---AAA 05/10/18 -AA+10/22/21 - 20 91282CCU3 Treasury US TREASURY N/B 0.13 08/31/23 250,000 ------AAAu 09/02/21 - 30 91282CCT6 Treasury US TREASURY N/B 0.38 08/15/24 250,000 Aaa 08/10/21 ----AAAu 08/30/21 - 36 6775224C5 Municipal OHIO ST 0.94 08/01/25 700,000 Aa1 06/10/20 -AA+06/09/20 -AA+08/05/21 - 12 91282CBG5 Treasury US TREASURY N/B 0.13 01/31/23 250,000 Aaa 01/26/21 ----AAAu 06/21/21 - 45 059189D23 Municipal BALTIMORE MD 4.00 10/15/27 500,000 Aa2 05/27/21 -AA 05/28/21 *---- 47 13063DC48 Municipal CALIFORNIA ST 1.70 02/01/28 500,000 Aa2 03/25/21 -AA-03/26/21 -AA 03/25/21 - 26 6448007H1 Municipal NEW HANOVER CNTY NC 0.38 06/01/24 500,000 Aaa 01/25/21 -AAA 02/01/21 ---- 38 3137EAEX3 Agency FREDDIE MAC 0.38 09/23/25 500,000 Aaa 10/19/20 -AA+09/23/20 -AAA 09/29/20 - 22 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 - 6 91282CAN1 Treasury US TREASURY N/B 0.13 09/30/22 250,000 Aaa 09/24/20 ----AAAu 10/06/20 - 25 579100UL0 Municipal MCALLEN TX INDEP SCH DIST 4.00 02/15/24 500,000 Aaa 09/30/20 ------- 32 3134GWKT2 Agency FREDDIE MAC 0.50 08/26/24 500,000 Aaa 08/03/20 ----AAA 08/27/20 - 40 98267AEM7 Municipal WYANDOTTE CNTY/KANS CITY KANUN 1.30 08/01/26 300,000 A1 08/07/20 -AA 08/07/20 ---- 27 574193TQ1 Municipal MARYLAND ST 0.51 08/01/24 500,000 Aaa 07/13/20 -AAA 07/14/20 -AAA 07/08/20 - 44 3130AJRQ4 Agency FEDERAL HOME LOAN BANK 1.00 06/25/27 500,000 Aaa 06/22/20 -AA+06/22/20 ---- 39 35880CD68 Municipal FRISCO TX INDEP SCH DIST 1.21 02/15/26 150,000 Aaa 06/10/20 -AAA 06/11/20 ---- 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 42 35880CD76 Municipal FRISCO TX INDEP SCH DIST 1.36 02/15/27 225,000 Aaa 06/10/20 -AAA 06/11/20 ---- 17 556583D58 Municipal MADISON AL 1.05 04/01/23 495,000 Aa2 03/19/20 -AA+04/22/20 ---- 43 3130AJ4B2 Agency FEDERAL HOME LOAN BANK 1.63 03/12/27 500,000 Aaa 02/05/20 -AA+02/05/20 ---- 35 161035KH2 Municipal CHARLOTTE NC 1.62 07/01/25 500,000 Aaa 02/04/20 -AAA 02/04/20 -AAA 02/04/20 - 7 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 - 18 792882BV3 Municipal ST PAUL MN 3.00 05/01/23 250,000 ---AAA 11/08/19 ---- 29 3130AGWK7 Agency FEDERAL HOME LOAN BANK 1.50 08/15/24 500,000 Aaa 08/16/19 -AA+08/16/19 ---- 13 092765EW2 Municipal BLAINE MN 2.25 02/01/23 395,000 ---AAA 08/01/19 ---- 34 092765EY8 Municipal BLAINE MN 2.55 02/01/25 400,000 ---AAA 08/01/19 ---- 4 961114NG6 Municipal WESTON CT 3.15 08/01/22 500,000 Aaa 11/21/18 ------- 41 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 - 37 4095585H2 Municipal HAMPTON VA 4.00 09/01/25 600,000 Aa1 06/05/18 -AA+06/07/18 -AA+06/06/18 - 23 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 - 16 809557BB6 Municipal SCOTT CNTY MN CMNTY DEV AGY FA 2.50 02/01/23 120,000 ---AAA 04/04/18 ---- 14 161664HC4 Municipal CHASKA MN 2.25 02/01/23 145,000 ---AA 11/02/17 ---- 24 161664HD2 Municipal CHASKA MN 2.40 02/01/24 150,000 ---AA 11/02/17 ---- 5 3130A6AP2 Agency FEDERAL HOME LOAN BANK 2.25 09/09/22 500,000 Aaa 08/07/15 -AA+08/07/15 ---- 21 313383YJ4 Agency FEDERAL HOME LOAN BANK 3.38 09/08/23 205,000 Aaa 08/27/13 -AA+08/26/13 ---- 15 73723RSP9 Municipal PORTSMOUTH VA 3.09 02/01/23 500,000 Aa2 05/24/13 -AA 05/24/13 -AA 05/21/13 - 9 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 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 5 3130A6AP2 FEDERAL HOME LOAN BANK 1.8%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.86 100.54 3,396 2.57 1.03 0.4 0.4 0.0 7 3133ELGN8 FEDERAL FARM CREDIT BANK 2.1%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.99 100.08 535 1.61 1.44 0.5 0.5 0.0 21 313383YJ4 FEDERAL HOME LOAN BANK 0.7%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 100.73 101.85 2,284 2.85 2.06 1.4 1.4 0.0 22 3133EMBS0 FEDERAL FARM CREDIT BANK 1.8%0.20 10/02/23 Aaa AA+-Bullet 500,000 10/02/20 99.97 99.98 97.35 (13,175)0.21 2.00 1.5 1.5 0.0 23 3133EJQA0 FEDERAL FARM CREDIT BANK 1.8%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.18 101.50 6,612 2.88 2.02 1.6 1.5 0.0 29 3130AGWK7 FEDERAL HOME LOAN BANK 1.8%1.50 08/15/24 Aaa AA+-Bullet 500,000 08/14/20 104.86 102.88 97.96 (24,629)0.28 2.39 2.4 2.3 0.1 32 3134GWKT2 FREDDIE MAC 1.8%0.50 08/26/24 Aaa -05/26/22 Berm 500,000 08/26/20 100.00 100.00 96.12 (19,415)0.50 2.17 2.4 2.3 (0.2) 33 3134GXNJ9 FREDDIE MAC 1.8%2.22 12/27/24 Aaa AA+04/27/22 Amer 500,000 03/25/22 100.00 100.00 99.34 (3,320)2.22 2.47 2.7 2.4 (0.8) 38 3137EAEX3 FREDDIE MAC 1.8%0.38 09/23/25 Aaa AA+-Bullet 500,000 10/01/20 99.98 99.99 92.94 (35,250)0.38 2.51 3.5 3.4 0.1 41 3133EJD55 FEDERAL FARM CREDIT BANK 1.8%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.67 103.36 13,480 3.14 2.50 4.5 4.2 0.2 43 3130AJ4B2 FEDERAL HOME LOAN BANK 1.8%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 103.99 96.15 (39,207)0.80 2.46 5.0 4.7 0.2 44 3130AJRQ4 FEDERAL HOME LOAN BANK 1.8%1.00 06/25/27 Aaa AA+04/05/22 Amer 500,000 06/25/20 100.00 100.00 92.80 (35,980)1.00 2.47 5.2 5.0 (0.0) Agency 20.7%1.66 Aaa AA+5,805,000 101.02 100.68 98.18 (144,669)1.47 2.11 2.6 2.5 (0.0) 46 3138LL5T8 Fannie Mae 1.9%2.96 01/01/28 ----500,000 01/07/22 107.63 107.35 100.71 (33,167)1.65 2.85 5.8 5.4 0.3 52 3140LEEE3 Fannie Mae 2.7%1.99 11/01/31 ----750,000 12/09/21 101.81 101.76 91.56 (76,521)1.81 3.03 9.6 8.9 0.8 CMBS 4.6%2.38 1,250,000 104.14 104.00 95.22 (109,688)1.74 2.95 8.0 7.4 0.6 2 649447TW9 NEW YORK COMMUNITY BANK 0.9%0.30 07/05/22 ---Bullet 249,000 07/01/20 100.00 100.00 99.95 (120)0.30 0.48 0.3 0.3 0.0 3 14042TBH9 CAPITAL ONE BANK USA NA 0.9%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 100.53 1,302 2.15 0.58 0.3 0.3 0.0 8 32116RAG9 FIRST NATL BANK ORD NEB 0.9%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 100.20 498 1.25 0.88 0.5 0.5 0.0 19 06654BCK5 BANKWELL BANK 0.9%0.35 07/28/23 ---Bullet 249,000 07/28/20 100.00 100.00 98.40 (3,984)0.35 1.57 1.3 1.3 0.0 31 75472RAE1 RAYMOND JAMES BANK NA 0.9%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 99.32 (1,687)2.00 2.29 2.4 2.3 0.1 Domestic CD 4.4%1.21 1,241,000 100.00 100.00 99.68 (3,991)1.21 1.16 1.0 1.0 0.0 2 0008CHAN2 NORTHLAND MM 2.3%0.00 ---Bullet 641,524 03/31/22 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 1 0006CHAN8 AMERICANA COMM 7.8%0.42 ---Bullet 2,202,194 03/31/22 100.00 100.00 100.00 0 0.42 0.42 0.0 0.0 0.0 1 94975P405 Allspring Government Money Mar 14.9%0.12 ---Bullet 4,201,992 03/31/22 100.00 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 MMF 25.0%0.20 7,045,709 100.00 100.00 100.00 0 0.20 0.20 0.0 0.0 0.0 4 961114NG6 WESTON CT 1.8%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 100.66 100.58 (425)1.17 1.42 0.3 0.3 0.0 9 199492CT4 COLUMBUS OH 1.4%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 100.42 100.60 724 1.70 1.43 0.7 0.7 0.0 10 60375BCD6 MINNEAPOLIS MN 1.3%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 101.48 101.83 1,218 2.01 1.49 0.7 0.7 0.0 11 60375BDC7 MINNEAPOLIS MN 1.3%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 101.27 102.32 3,863 3.06 1.51 0.7 0.7 0.0 13 092765EW2 BLAINE MN 1.4%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 100.32 1,276 2.25 1.86 0.8 0.8 0.0 14 161664HC4 CHASKA MN 0.5%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 100.47 682 2.25 1.68 0.8 0.8 0.0 15 73723RSP9 PORTSMOUTH VA 1.8%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 100.69 101.12 2,175 2.25 1.73 0.8 0.8 0.0 16 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0.4%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 100.74 888 2.50 1.60 0.8 0.8 0.0 17 556583D58 MADISON AL 1.8%1.05 04/01/23 Aa2 AA+-Bullet 495,000 07/21/20 100.39 100.15 99.32 (4,109)0.90 1.74 1.0 1.0 0.0 18 792882BV3 ST PAUL MN 0.9%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 101.17 100.60 (1,428)1.90 2.43 1.1 1.1 0.0 24 161664HD2 CHASKA MN 0.5%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 99.81 (284)2.40 2.51 1.8 1.8 0.0 25 579100UL0 MCALLEN TX INDEP SCH DIST 1.8%4.00 02/15/24 Aaa --Bullet 500,000 03/10/22 104.35 104.22 102.82 (6,990)1.70 2.45 1.9 1.8 0.0 26 6448007H1 NEW HANOVER CNTY NC 1.7%0.38 06/01/24 Aaa AAA -Bullet 500,000 03/10/22 97.06 97.13 95.57 (7,840)1.73 2.49 2.2 2.1 0.1 27 574193TQ1 MARYLAND ST 1.8%0.51 08/01/24 Aaa AAA -Bullet 500,000 08/05/20 100.24 100.14 95.39 (23,735)0.45 2.55 2.3 2.3 0.1 28 64971WP53 NEW YORK CITY NY TRANSITIONAL 0.9%2.25 08/01/24 WR AAA 04/21/22 Euro 250,000 07/25/18 94.57 100.90 101.06 410 4.05 1.24 2.3 0.1 0.0 34 092765EY8 BLAINE MN 1.4%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 101.37 99.11 (9,052)2.05 2.88 2.8 2.7 0.1 35 161035KH2 CHARLOTTE NC 1.8%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 101.78 96.96 (24,075)1.07 2.60 3.3 3.1 0.1 36 6775224C5 OHIO ST 2.5%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 100.86 94.38 (45,325)0.68 2.71 3.3 3.3 0.1 37 4095585H2 HAMPTON VA 2.2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 102.24 104.08 11,022 3.30 2.74 3.4 3.2 0.1 39 35880CD68 FRISCO TX INDEP SCH DIST 0.5%1.21 02/15/26 Aaa AAA -Bullet 150,000 07/15/20 101.42 100.99 94.44 (9,831)0.95 2.73 3.9 3.7 0.2 40 98267AEM7 WYANDOTTE CNTY/KANS CITY KANUN 1.1%1.30 08/01/26 A1 AA -Bullet 300,000 12/15/21 99.55 99.58 93.97 (16,845)1.40 2.79 4.3 4.2 0.2 42 35880CD76 FRISCO TX INDEP SCH DIST 0.8%1.36 02/15/27 Aaa AAA -Bullet 225,000 07/15/20 101.53 101.14 93.54 (17,107)1.12 2.79 4.9 4.7 0.2 45 059189D23 BALTIMORE MD 2.0%4.00 10/15/27 Aa2 AA -Bullet 500,000 11/24/21 113.32 112.56 105.45 (35,525)1.62 2.93 5.5 4.9 0.3 47 13063DC48 CALIFORNIA ST 1.7%1.70 02/01/28 Aa2 AA--Bullet 500,000 03/01/22 96.05 96.10 93.09 (15,090)2.42 3.00 5.8 5.5 0.3 48 265138LK1 DUNCANVILLE TX INDEP SCH DIST 2.1%5.00 02/15/30 Aaa AAA -Bullet 500,000 03/24/22 119.38 119.34 114.38 (24,805)2.30 2.94 7.9 6.6 0.6 49 052430TS4 AUSTIN TX INDEP SCH DIST 3.3%3.00 08/01/30 Aaa --Bullet 870,000 02/23/22 106.13 106.06 100.06 (52,226)2.20 2.99 8.3 7.3 0.6 50 1073358S3 BRENTWOOD TN 1.1%2.00 09/01/30 Aaa AAA -Bullet 290,000 12/13/21 102.17 102.11 93.20 (25,816)1.73 2.92 8.4 7.6 0.6 51 787758C74 SAINT CHARLES IL 1.9%1.90 12/01/30 Aa1 --Bullet 520,000 12/30/21 100.82 100.80 92.71 (42,084)1.80 2.86 8.7 7.8 0.6 Municipals 41.7%2.51 Aa1 AA+11,480,000 103.36 102.36 99.40 (340,333)1.84 2.39 3.6 3.2 0.2 6 91282CAN1 US TREASURY N/B 0.9%0.13 09/30/22 Aaa --Bullet 250,000 02/25/22 99.75 99.79 99.55 (587)0.55 1.02 0.5 0.5 0.0 12 91282CBG5 US TREASURY N/B 0.9%0.13 01/31/23 Aaa --Bullet 250,000 02/25/22 99.27 99.34 98.83 (1,278)0.92 1.54 0.8 0.8 0.0 20 91282CCU3 US TREASURY N/B 0.9%0.13 08/31/23 ---Bullet 250,000 02/25/22 98.27 98.37 97.34 (2,588)1.29 2.04 1.4 1.4 0.0 30 91282CCT6 US TREASURY N/B 0.9%0.38 08/15/24 Aaa --Bullet 250,000 02/25/22 97.13 97.23 95.30 (4,819)1.57 2.42 2.4 2.3 0.1 Treasury 3.5%0.19 Aaa 1,000,000 98.60 98.68 97.76 (9,271)1.08 1.75 1.3 1.3 0.0 Total Portfolio 100.0%1.60 27,821,709 101.73 101.25 99.06 (607,951)1.30 1.72 2.5 2.2 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 1 94975P405 Allspring Government Money Mar 15%0.12 ---Bullet 4,201,992 03/31/22 100.00 100.00 100.00 0 0.12 0.12 0.0 0.0 0.0 2 0008CHAN2 NORTHLAND MM 2%0.00 ---Bullet 641,524 03/31/22 100.00 100.00 100.00 0 0.00 0.00 0.0 0.0 0.0 1 0006CHAN8 AMERICANA COMM 8%0.42 ---Bullet 2,202,194 03/31/22 100.00 100.00 100.00 0 0.42 0.42 0.0 0.0 0.0 2 649447TW9 NEW YORK COMMUNITY BANK 1%0.30 07/05/22 ---Bullet 249,000 07/01/20 100.00 100.00 99.95 (120)0.30 0.48 0.3 0.3 0.0 4 961114NG6 WESTON CT 2%3.15 08/01/22 Aaa --Bullet 500,000 04/03/20 104.58 100.66 100.58 (425)1.17 1.42 0.3 0.3 0.0 3 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 ---Bullet 247,000 07/31/19 100.00 100.00 100.53 1,302 2.15 0.58 0.3 0.3 0.0 5 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 Aaa AA+-Bullet 500,000 02/07/19 98.90 99.86 100.54 3,396 2.57 1.03 0.4 0.4 0.0 6 91282CAN1 US TREASURY N/B 1%0.13 09/30/22 Aaa --Bullet 250,000 02/25/22 99.75 99.79 99.55 (587)0.55 1.02 0.5 0.5 0.0 7 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 Aaa AA+-Bullet 600,000 01/13/20 99.97 99.99 100.08 535 1.61 1.44 0.5 0.5 0.0 8 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 ---Bullet 249,000 04/14/20 100.00 100.00 100.20 498 1.25 0.88 0.5 0.5 0.0 9 199492CT4 COLUMBUS OH 1%2.33 12/01/22 Aaa AAA -Bullet 400,000 08/16/19 102.02 100.42 100.60 724 1.70 1.43 0.7 0.7 0.0 10 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 -AAA -Bullet 350,000 08/05/19 107.19 101.48 101.83 1,218 2.01 1.49 0.7 0.7 0.0 11 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 -AAA -Bullet 370,000 05/31/18 108.14 101.27 102.32 3,863 3.06 1.51 0.7 0.7 0.0 12 91282CBG5 US TREASURY N/B 1%0.13 01/31/23 Aaa --Bullet 250,000 02/25/22 99.27 99.34 98.83 (1,278)0.92 1.54 0.8 0.8 0.0 13 092765EW2 BLAINE MN 1%2.25 02/01/23 -AAA -Bullet 395,000 12/05/17 100.00 100.00 100.32 1,276 2.25 1.86 0.8 0.8 0.0 14 161664HC4 CHASKA MN 1%2.25 02/01/23 -AA -Bullet 145,000 11/29/17 100.00 100.00 100.47 682 2.25 1.68 0.8 0.8 0.0 15 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 Aa2 AA -Bullet 500,000 07/05/17 104.37 100.69 101.12 2,175 2.25 1.73 0.8 0.8 0.0 16 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 -AAA -Bullet 120,000 12/28/17 100.00 100.00 100.74 888 2.50 1.60 0.8 0.8 0.0 Year 1 43%1.10 12,170,709 100.82 100.13 100.24 14,146 0.88 0.69 0.3 0.3 0.0 17 556583D58 MADISON AL 2%1.05 04/01/23 Aa2 AA+-Bullet 495,000 07/21/20 100.39 100.15 99.32 (4,109)0.90 1.74 1.0 1.0 0.0 18 792882BV3 ST PAUL MN 1%3.00 05/01/23 -AAA -Bullet 250,000 12/11/19 103.59 101.17 100.60 (1,428)1.90 2.43 1.1 1.1 0.0 19 06654BCK5 BANKWELL BANK 1%0.35 07/28/23 ---Bullet 249,000 07/28/20 100.00 100.00 98.40 (3,984)0.35 1.57 1.3 1.3 0.0 20 91282CCU3 US TREASURY N/B 1%0.13 08/31/23 ---Bullet 250,000 02/25/22 98.27 98.37 97.34 (2,588)1.29 2.04 1.4 1.4 0.0 21 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 Aaa AA+-Bullet 205,000 06/20/18 102.53 100.73 101.85 2,284 2.85 2.06 1.4 1.4 0.0 22 3133EMBS0 FEDERAL FARM CREDIT BANK 2%0.20 10/02/23 Aaa AA+-Bullet 500,000 10/02/20 99.97 99.98 97.35 (13,175)0.21 2.00 1.5 1.5 0.0 23 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 Aaa AA+-Bullet 500,000 06/20/18 100.59 100.18 101.50 6,612 2.88 2.02 1.6 1.5 0.0 24 161664HD2 CHASKA MN 1%2.40 02/01/24 -AA -Bullet 150,000 11/29/17 100.00 100.00 99.81 (284)2.40 2.51 1.8 1.8 0.0 25 579100UL0 MCALLEN TX INDEP SCH DIST 2%4.00 02/15/24 Aaa --Bullet 500,000 03/10/22 104.35 104.22 102.82 (6,990)1.70 2.45 1.9 1.8 0.0 Year 2 11%1.95 3,099,000 101.17 100.74 99.98 (23,660)1.51 2.07 1.5 1.4 0.0 26 6448007H1 NEW HANOVER CNTY NC 2%0.38 06/01/24 Aaa AAA -Bullet 500,000 03/10/22 97.06 97.13 95.57 (7,840)1.73 2.49 2.2 2.1 0.1 28 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 WR AAA 04/21/22 Euro 250,000 07/25/18 94.57 100.90 101.06 410 4.05 1.24 2.3 0.1 0.0 27 574193TQ1 MARYLAND ST 2%0.51 08/01/24 Aaa AAA -Bullet 500,000 08/05/20 100.24 100.14 95.39 (23,735)0.45 2.55 2.3 2.3 0.1 29 3130AGWK7 FEDERAL HOME LOAN BANK 2%1.50 08/15/24 Aaa AA+-Bullet 500,000 08/14/20 104.86 102.88 97.96 (24,629)0.28 2.39 2.4 2.3 0.1 30 91282CCT6 US TREASURY N/B 1%0.38 08/15/24 Aaa --Bullet 250,000 02/25/22 97.13 97.23 95.30 (4,819)1.57 2.42 2.4 2.3 0.1 31 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 ---Bullet 247,000 08/23/19 100.00 100.00 99.32 (1,687)2.00 2.29 2.4 2.3 0.1 32 3134GWKT2 FREDDIE MAC 2%0.50 08/26/24 Aaa -05/26/22 Berm 500,000 08/26/20 100.00 100.00 96.12 (19,415)0.50 2.17 2.4 2.3 (0.2) 33 3134GXNJ9 FREDDIE MAC 2%2.22 12/27/24 Aaa AA+04/27/22 Amer 500,000 03/25/22 100.00 100.00 99.34 (3,320)2.22 2.47 2.7 2.4 (0.8) 34 092765EY8 BLAINE MN 1%2.55 02/01/25 -AAA -Bullet 400,000 11/20/19 102.45 101.37 99.11 (9,052)2.05 2.88 2.8 2.7 0.1 Year 3 13%1.30 3,647,000 100.00 100.04 97.46 (94,087)1.45 2.37 2.5 2.2 (0.1) 35 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 Aaa AAA -Bullet 500,000 03/19/20 102.86 101.78 96.96 (24,075)1.07 2.60 3.3 3.1 0.1 36 6775224C5 OHIO ST 3%0.94 08/01/25 Aa1 AA+-Bullet 700,000 06/26/20 101.30 100.86 94.38 (45,325)0.68 2.71 3.3 3.3 0.1 37 4095585H2 HAMPTON VA 2%4.00 09/01/25 Aa1 AA+-Bullet 600,000 06/27/18 104.44 102.24 104.08 11,022 3.30 2.74 3.4 3.2 0.1 38 3137EAEX3 FREDDIE MAC 2%0.38 09/23/25 Aaa AA+-Bullet 500,000 10/01/20 99.98 99.99 92.94 (35,250)0.38 2.51 3.5 3.4 0.1 39 35880CD68 FRISCO TX INDEP SCH DIST 1%1.21 02/15/26 Aaa AAA -Bullet 150,000 07/15/20 101.42 100.99 94.44 (9,831)0.95 2.73 3.9 3.7 0.2 Year 4 9%1.73 2,450,000 102.12 101.21 96.99 (103,459)1.36 2.66 3.4 3.3 0.1 40 98267AEM7 WYANDOTTE CNTY/KANS CITY KANUN 1%1.30 08/01/26 A1 AA -Bullet 300,000 12/15/21 99.55 99.58 93.97 (16,845)1.40 2.79 4.3 4.2 0.2 41 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 Aaa AA+-Bullet 500,000 12/06/18 101.10 100.67 103.36 13,480 3.14 2.50 4.5 4.2 0.2 42 35880CD76 FRISCO TX INDEP SCH DIST 1%1.36 02/15/27 Aaa AAA -Bullet 225,000 07/15/20 101.53 101.14 93.54 (17,107)1.12 2.79 4.9 4.7 0.2 43 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 Aaa AA+-Bullet 500,000 06/15/20 105.40 103.99 96.15 (39,207)0.80 2.46 5.0 4.7 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 Year 5 6%2.07 1,525,000 102.27 101.61 97.70 (59,679)1.72 2.58 4.7 4.4 0.2 44 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 Aaa AA+04/05/22 Amer 500,000 06/25/20 100.00 100.00 92.80 (35,980)1.00 2.47 5.2 5.0 (0.0) 45 059189D23 BALTIMORE MD 2%4.00 10/15/27 Aa2 AA -Bullet 500,000 11/24/21 113.32 112.56 105.45 (35,525)1.62 2.93 5.5 4.9 0.3 46 3138LL5T8 Fannie Mae 2%2.96 01/01/28 ----500,000 01/07/22 107.63 107.35 100.71 (33,167)1.65 2.85 5.8 5.4 0.3 47 13063DC48 CALIFORNIA ST 2%1.70 02/01/28 Aa2 AA--Bullet 500,000 03/01/22 96.05 96.10 93.09 (15,090)2.42 3.00 5.8 5.5 0.3 Year 6 7%2.42 2,000,000 104.25 104.00 98.01 (119,761)1.66 2.82 5.6 5.2 0.2 48 265138LK1 DUNCANVILLE TX INDEP SCH DIST 2%5.00 02/15/30 Aaa AAA -Bullet 500,000 03/24/22 119.38 119.34 114.38 (24,805)2.30 2.94 7.9 6.6 0.6 Year 8 2%5.00 500,000 119.38 119.34 114.38 (24,805)2.30 2.94 7.9 6.6 0.6 49 052430TS4 AUSTIN TX INDEP SCH DIST 3%3.00 08/01/30 Aaa --Bullet 870,000 02/23/22 106.13 106.06 100.06 (52,226)2.20 2.99 8.3 7.3 0.6 50 1073358S3 BRENTWOOD TN 1%2.00 09/01/30 Aaa AAA -Bullet 290,000 12/13/21 102.17 102.11 93.20 (25,816)1.73 2.92 8.4 7.6 0.6 51 787758C74 SAINT CHARLES IL 2%1.90 12/01/30 Aa1 --Bullet 520,000 12/30/21 100.82 100.80 92.71 (42,084)1.80 2.86 8.7 7.8 0.6 Year 9 6%2.49 1,680,000 103.80 103.75 96.60 (120,126)2.00 2.94 8.5 7.5 0.6 52 3140LEEE3 Fannie Mae 3%1.99 11/01/31 ----750,000 12/09/21 101.81 101.76 91.56 (76,521)1.81 3.03 9.6 8.9 0.8 Year 10 3%1.99 750,000 101.81 101.76 91.56 (76,521)1.81 3.03 9.6 8.9 0.8 Total Portfolio 100%1.60 27,821,709 101.73 101.25 99.06 (607,951)1.30 1.72 2.5 2.2 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 1 94975P405 Allspring Government Money Mar 15%0.12 4,201,992 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 2 0008CHAN2 NORTHLAND MM 2%0.00 641,524 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 COMM 8%0.42 2,202,194 0.0 0.0 0.0 0.0 0.0 0.42 0.42 0.42 0.42 0.42 0.0 0.0 0.0 0.0 0.0 2 649447TW9 NEW YORK COMMUNITY BANK 1%0.30 07/05/22 249,000 0.3 0.1 0.1 (0.1)(0.1)0.30 0.30 0.30 0.30 0.30 0.3 0.3 0.3 0.3 0.3 4 961114NG6 WESTON CT 2%3.15 08/01/22 500,000 0.3 0.2 0.1 (0.1)(0.2)1.17 1.17 1.17 1.17 1.17 0.3 0.3 0.3 0.3 0.3 3 14042TBH9 CAPITAL ONE BANK USA NA 1%2.15 08/01/22 247,000 0.3 0.2 0.1 (0.1)(0.2)2.15 2.15 2.15 2.15 2.15 0.3 0.3 0.3 0.3 0.3 5 3130A6AP2 FEDERAL HOME LOAN BANK 2%2.25 09/09/22 500,000 0.4 0.2 0.1 (0.1)(0.2)2.57 2.57 2.57 2.57 2.57 0.4 0.4 0.4 0.4 0.4 6 91282CAN1 US TREASURY N/B 1%0.13 09/30/22 250,000 0.5 0.3 0.1 (0.1)(0.3)0.55 0.55 0.55 0.55 0.55 0.5 0.5 0.5 0.5 0.5 7 3133ELGN8 FEDERAL FARM CREDIT BANK 2%1.60 10/13/22 600,000 0.5 0.3 0.1 (0.1)(0.3)1.61 1.61 1.61 1.61 1.61 0.5 0.5 0.5 0.5 0.5 8 32116RAG9 FIRST NATL BANK ORD NEB 1%1.25 10/14/22 249,000 0.5 0.3 0.1 (0.1)(0.3)1.25 1.25 1.25 1.25 1.25 0.5 0.5 0.5 0.5 0.5 9 199492CT4 COLUMBUS OH 1%2.33 12/01/22 400,000 0.7 0.3 0.2 (0.2)(0.3)1.70 1.70 1.70 1.70 1.70 0.7 0.7 0.7 0.7 0.7 10 60375BCD6 MINNEAPOLIS MN 1%4.25 12/01/22 350,000 0.7 0.3 0.2 (0.2)(0.3)2.01 2.01 2.01 2.01 2.01 0.7 0.7 0.7 0.7 0.7 11 60375BDC7 MINNEAPOLIS MN 1%5.00 12/01/22 370,000 0.7 0.3 0.2 (0.2)(0.3)3.06 3.06 3.06 3.06 3.06 0.7 0.7 0.7 0.7 0.7 12 91282CBG5 US TREASURY N/B 1%0.13 01/31/23 250,000 0.8 0.4 0.2 (0.2)(0.4)0.92 0.92 0.92 0.92 0.92 0.8 0.8 0.8 0.8 0.8 13 092765EW2 BLAINE MN 1%2.25 02/01/23 395,000 0.8 0.4 0.2 (0.2)(0.4)2.25 2.25 2.25 2.25 2.25 0.8 0.8 0.8 0.8 0.8 14 161664HC4 CHASKA MN 1%2.25 02/01/23 145,000 0.8 0.4 0.2 (0.2)(0.4)2.25 2.25 2.25 2.25 2.25 0.8 0.8 0.8 0.8 0.8 15 73723RSP9 PORTSMOUTH VA 2%3.09 02/01/23 500,000 0.8 0.4 0.2 (0.2)(0.4)2.25 2.25 2.25 2.25 2.25 0.8 0.8 0.8 0.8 0.8 16 809557BB6 SCOTT CNTY MN CMNTY DEV AGY FA 0%2.50 02/01/23 120,000 0.8 0.4 0.2 (0.2)(0.4)2.50 2.50 2.50 2.50 2.50 0.8 0.8 0.8 0.8 0.8 Year 1 43%1.10 12,170,709 0.3 0.1 0.1 (0.1)(0.1)0.88 0.88 0.88 0.88 0.88 0.3 0.3 0.3 0.2 0.2 17 556583D58 MADISON AL 2%1.05 04/01/23 495,000 1.0 0.5 0.2 (0.2)(0.5)0.90 0.90 0.90 0.90 0.90 1.0 1.0 1.0 1.0 1.0 18 792882BV3 ST PAUL MN 1%3.00 05/01/23 250,000 1.1 0.5 0.3 (0.3)(0.5)1.90 1.90 1.90 1.90 1.90 1.1 1.1 1.1 1.1 1.0 19 06654BCK5 BANKWELL BANK 1%0.35 07/28/23 249,000 1.3 0.7 0.3 (0.3)(0.7)0.35 0.35 0.35 0.35 0.35 1.3 1.3 1.3 1.3 1.3 20 91282CCU3 US TREASURY N/B 1%0.13 08/31/23 250,000 1.4 0.7 0.4 (0.3)(0.7)1.29 1.29 1.29 1.29 1.29 1.4 1.4 1.4 1.4 1.4 21 313383YJ4 FEDERAL HOME LOAN BANK 1%3.38 09/08/23 205,000 1.4 0.7 0.4 (0.4)(0.7)2.85 2.85 2.85 2.85 2.85 1.4 1.4 1.4 1.4 1.4 22 3133EMBS0 FEDERAL FARM CREDIT BANK 2%0.20 10/02/23 500,000 1.5 0.7 0.4 (0.4)(0.7)0.21 0.21 0.21 0.21 0.21 1.5 1.5 1.5 1.5 1.5 23 3133EJQA0 FEDERAL FARM CREDIT BANK 2%3.00 10/23/23 500,000 1.6 0.8 0.4 (0.4)(0.8)2.88 2.88 2.88 2.88 2.88 1.5 1.5 1.5 1.5 1.5 24 161664HD2 CHASKA MN 1%2.40 02/01/24 150,000 1.8 0.9 0.4 (0.4)(0.9)2.40 2.40 2.40 2.40 2.40 1.8 1.8 1.8 1.8 1.8 25 579100UL0 MCALLEN TX INDEP SCH DIST 2%4.00 02/15/24 500,000 1.9 0.9 0.5 (0.5)(0.9)1.70 1.70 1.70 1.70 1.70 1.8 1.8 1.8 1.8 1.8 Year 2 11%1.95 3,099,000 1.5 0.7 0.4 (0.4)(0.7)1.51 1.51 1.51 1.51 1.51 1.4 1.4 1.4 1.4 1.4 26 6448007H1 NEW HANOVER CNTY NC 2%0.38 06/01/24 500,000 2.2 1.1 0.5 (0.5)(1.1)1.73 1.73 1.73 1.73 1.73 2.1 2.1 2.1 2.1 2.1 28 64971WP53 NEW YORK CITY NY TRANSITIONAL 1%2.25 08/01/24 250,000 2.3 0.0 0.0 (0.0)(0.0)4.05 4.05 4.05 4.05 4.05 0.1 0.1 0.1 0.1 0.1 27 574193TQ1 MARYLAND ST 2%0.51 08/01/24 500,000 2.3 1.2 0.6 (0.6)(1.1)0.45 0.45 0.45 0.45 0.45 2.3 2.3 2.3 2.3 2.3 29 3130AGWK7 FEDERAL HOME LOAN BANK 2%1.50 08/15/24 500,000 2.4 1.2 0.6 (0.6)(1.2)0.28 0.28 0.28 0.28 0.28 2.3 2.3 2.3 2.3 2.3 30 91282CCT6 US TREASURY N/B 1%0.38 08/15/24 250,000 2.4 1.2 0.6 (0.6)(1.2)1.57 1.57 1.57 1.57 1.57 2.3 2.3 2.3 2.3 2.3 31 75472RAE1 RAYMOND JAMES BANK NA 1%2.00 08/23/24 247,000 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 32 3134GWKT2 FREDDIE MAC 2%0.50 08/26/24 500,000 2.4 1.2 0.6 (0.6)(1.2)0.50 0.50 0.50 0.50 0.50 2.3 2.3 2.3 2.4 2.4 33 3134GXNJ9 FREDDIE MAC 2%2.22 12/27/24 500,000 2.7 0.9 0.6 (0.6)(1.3)2.22 2.22 2.22 2.22 2.22 0.6 1.7 2.4 2.6 2.6 34 092765EY8 BLAINE MN 1%2.55 02/01/25 400,000 2.8 1.4 0.7 (0.7)(1.4)2.05 2.05 2.05 2.05 2.05 2.7 2.7 2.7 2.7 2.7 Year 3 13%1.30 3,647,000 2.5 1.1 0.5 (0.6)(1.1)1.45 1.45 1.45 1.45 1.45 1.9 2.1 2.2 2.2 2.2 35 161035KH2 CHARLOTTE NC 2%1.62 07/01/25 500,000 3.3 1.6 0.8 (0.8)(1.6)1.07 1.07 1.07 1.07 1.07 3.1 3.1 3.1 3.1 3.1 36 6775224C5 OHIO ST 3%0.94 08/01/25 700,000 3.3 1.6 0.8 (0.8)(1.6)0.68 0.68 0.68 0.68 0.68 3.3 3.3 3.3 3.2 3.2 37 4095585H2 HAMPTON VA 2%4.00 09/01/25 600,000 3.4 1.6 0.8 (0.8)(1.6)3.30 3.30 3.30 3.30 3.30 3.2 3.2 3.2 3.2 3.2 38 3137EAEX3 FREDDIE MAC 2%0.38 09/23/25 500,000 3.5 1.7 0.9 (0.9)(1.7)0.38 0.38 0.38 0.38 0.38 3.4 3.4 3.4 3.4 3.4 39 35880CD68 FRISCO TX INDEP SCH DIST 1%1.21 02/15/26 150,000 3.9 1.9 0.9 (0.9)(1.9)0.95 0.95 0.95 0.95 0.95 3.8 3.8 3.7 3.7 3.7 Year 4 9%1.73 2,450,000 3.4 1.7 0.8 (0.8)(1.6)1.36 1.36 1.36 1.36 1.36 3.3 3.3 3.3 3.3 3.3 40 98267AEM7 WYANDOTTE CNTY/KANS CITY KANUN 1%1.30 08/01/26 300,000 4.3 2.1 1.1 (1.0)(2.1)1.40 1.40 1.40 1.40 1.40 4.2 4.2 4.2 4.2 4.2 41 3133EJD55 FEDERAL FARM CREDIT BANK 2%3.30 09/28/26 500,000 4.5 2.1 1.0 (1.0)(2.1)3.14 3.14 3.14 3.14 3.14 4.2 4.2 4.2 4.2 4.2 42 35880CD76 FRISCO TX INDEP SCH DIST 1%1.36 02/15/27 225,000 4.9 2.4 1.2 (1.2)(2.3)1.12 1.12 1.12 1.12 1.12 4.7 4.7 4.7 4.7 4.6 43 3130AJ4B2 FEDERAL HOME LOAN BANK 2%1.63 03/12/27 500,000 5.0 2.4 1.2 (1.2)(2.3)0.80 0.80 0.80 0.80 0.80 4.7 4.7 4.7 4.7 4.7 Year 5 6%2.07 1,525,000 4.7 2.2 1.1 (1.1)(2.2)1.72 1.72 1.72 1.72 1.72 4.4 4.4 4.4 4.4 4.4 44 3130AJRQ4 FEDERAL HOME LOAN BANK 2%1.00 06/25/27 500,000 5.2 2.5 1.2 (1.2)(2.5)1.00 1.00 1.00 1.00 1.00 4.9 4.9 5.0 5.0 5.0 45 059189D23 BALTIMORE MD 2%4.00 10/15/27 500,000 5.5 2.5 1.3 (1.2)(2.5)1.62 1.62 1.62 1.62 1.62 4.9 4.9 4.9 4.9 4.9 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 46 3138LL5T8 Fannie Mae 2%2.96 01/01/28 500,000 5.8 2.8 1.4 (1.4)(2.7)1.65 1.65 1.65 1.65 1.65 5.4 5.4 5.4 5.4 5.4 47 13063DC48 CALIFORNIA ST 2%1.70 02/01/28 500,000 5.8 2.8 1.4 (1.4)(2.7)2.42 2.42 2.42 2.42 2.42 5.5 5.5 5.5 5.5 5.5 Year 6 7%2.42 2,000,000 5.6 2.6 1.3 (1.3)(2.6)1.66 1.66 1.66 1.66 1.66 5.2 5.2 5.2 5.2 5.2 48 265138LK1 DUNCANVILLE TX INDEP SCH DIST 2%5.00 02/15/30 500,000 7.9 3.4 1.7 (1.6)(3.2)2.30 2.30 2.30 2.30 2.30 6.6 6.6 6.6 6.6 6.6 Year 8 2%5.00 500,000 7.9 3.4 1.7 (1.6)(3.2)2.30 2.30 2.30 2.30 2.30 6.6 6.6 6.6 6.6 6.6 49 052430TS4 AUSTIN TX INDEP SCH DIST 3%3.00 08/01/30 870,000 8.3 3.7 1.9 (1.8)(3.6)2.20 2.20 2.20 2.20 2.20 7.3 7.3 7.3 7.3 7.3 50 1073358S3 BRENTWOOD TN 1%2.00 09/01/30 290,000 8.4 3.9 1.9 (1.9)(3.7)1.73 1.73 1.73 1.73 1.73 7.7 7.7 7.6 7.6 7.6 51 787758C74 SAINT CHARLES IL 2%1.90 12/01/30 520,000 8.7 4.0 2.0 (1.9)(3.9)1.80 1.80 1.80 1.80 1.80 7.9 7.9 7.8 7.8 7.8 Year 9 6%2.49 1,680,000 8.5 3.9 1.9 (1.9)(3.7)2.00 2.00 2.00 2.00 2.00 7.6 7.5 7.5 7.5 7.5 52 3140LEEE3 Fannie Mae 3%1.99 11/01/31 750,000 9.6 4.5 2.2 (2.2)(4.3)1.81 1.81 1.81 1.81 1.81 8.9 8.9 8.9 8.8 8.8 Year 10 3%1.99 750,000 9.6 4.5 2.2 (2.2)(4.3)1.81 1.81 1.81 1.81 1.81 8.9 8.9 8.9 8.8 8.8 Total Portfolio 100%1.60 27,821,709 2.5 1.1 0.6 (0.6)(1.1)1.30 1.30 1.30 1.30 1.30 2.2 2.2 2.2 2.2 2.2 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 Treasury 4 4%14%1,000,000 0.19 98.68 97.76 (9,271)1.08 1.75 1.3 1.3 0.0 100%--100%--- FHLB 5 8%33%2,205,000 1.76 101.60 97.33 (94,136)1.31 2.07 3.1 2.9 0.1 100%--77%23%-- FHLMC 3 5%22%1,500,000 1.03 100.00 96.13 (57,985)1.03 2.38 2.9 2.7 (0.3)100%--33%33%-33% FFCB 4 7%31%2,100,000 2.00 100.20 100.55 7,452 1.95 1.97 2.0 1.9 0.1 100%--100%--- Sector Total 16 24%100%6,805,000 1.45 100.38 98.12 (153,940)1.41 2.06 2.4 2.3 (0.0)100%78%15%7% FFCB 31% FHLB 33% FHLMC 22% Treasury 14% Bullet 78% Amer 15% Berm 7% Fixed 100% Issuer Structure Coupon Portfolio Analysis 17 Money Market Sector - Summary Money Market Product Distribution (%)Cash Flows by Month -12 Months ($) Agency, 9% Certificate of Deposit, 6% MMF, 58% Municipal, 23% Treasury, 4% 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. 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 5 4%100%1.21 1,241,000 100.00 99.68 (3,991)1.21 1.16 1.0 1.0 0.0 Sector Total 5 4%100%1.21 1,241,000 100.00 99.68 (3,991)1.21 1.16 1.0 1.0 0.0 Portfolio Analysis 19 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%8%895,000 1.62 100.27 99.89 (3,385)1.26 1.60 0.9 0.8 0.0 100%--Aa1 AA+ GO Unlimited 24 37%89%10,215,000 2.60 102.61 99.30 (338,246)1.83 2.50 3.9 3.5 0.2 100%--Aa1 AA+ Revenue 2 1%3%370,000 2.33 100.60 100.96 1,298 3.55 1.36 1.9 0.3 0.0 100%--AAA Sector Total 28 42%100%11,480,000 2.51 102.36 99.40 (340,333)1.84 2.39 3.6 3.2 0.2 100%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 33%79%9,235,000 2.30 101.05 98.56 (229,374)1.82 2.29 2.9 2.6 0.1 100%--Aa1 AA+ School District 5 9%21%2,245,000 3.38 107.78 102.83 (110,959)1.94 2.82 6.2 5.4 0.4 100%--Aaa Sector Total 28 42%100%11,480,000 2.51 102.36 99.40 (340,333)1.84 2.39 3.6 3.2 0.2 100%Aa1 AA+ GO Limited 8% GO Unlimited 89% Revenue 3% Fixed 100% Issuer Coupon Portfolio Analysis 20 CMBS & SBA - Summary Sector Profile Ratings Product Line %% Total Par Bk Mkt Bk Mkt Eff Eff Loan Rem Type Items Port Sector Cpn Amount Price Price G / L Yld Yld OAS Dur Cvx WAL Count CE Moody S&P Fitch IO Fannie Mae 2 5%100%2.38 1,250,000 104.00 95.22 (109,688)1.74 2.95 245 7.4 0.6 8.1 1 ----96 Sector Total 2 5%100%2.38 1,250,000 104.00 95.22 (109,688)1.74 2.95 245 7.4 0.6 8.1 1 96 Collateral Summary Product Line %% Total Collateral Breakdown Collateral Type Loan Status Dlq Dlq Dlq Type Items Port Sector Cpn WAM WALA Loan Size LTV HPI LTV DSCR Office M Fam Retail Hotel Other Foreclose Defeas Prepaid Bnkrpt 30+60+90+ Fannie Mae 2 5%100%2.38 8 23 109,795,800 59 53 2.69 ----100%----0%0%0% Sector Total 2 5%100%2.38 8 23 109,795,800 59 53 2.69 100%0%0%0% Other 100% Fannie Mae 100% Collateral TypeProduct Type 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 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 SEC Threshold GVIXX 0 10 20 30 40 50 60 70 80 90 100 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 SEC Threshold GVIXX 20 30 40 50 60 70 80 90 100 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 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 ($000) 0.0000 0.2000 0.4000 0.6000 0.8000 1.0000 1.2000 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 GVIXX 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 GVIXX 0.000 0.100 0.200 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 GVIXX -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 GVIXX Portfolio Analysis 23 MMF: Fund Profiles Fund Name:Allspring Govt MM Inst - GVIXX AUM Flows ($MM)WAM (Days)WAL (Days)7D Yield (%)DLA (%)WLA (%)Share Class Flows ($MM)MNAV Current 39,257 27 92 0.12 83 86 99 1.0000 Previous Month 39,166 33 94 0.01 82 86 (195)1.0000 MoM Change 91 (6)(2)0.11 1 0 294 0.0000 52 Week High 46,233 47 101 0.01 89 91 4,570 1.0000 52 Week Low 37,040 29 85 0.01 77 83 (6,260)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 Mark Adamson, CTP Director (704) 410-2075 mark.adamson@wellsfargo.com Depository Strategy Charlie Crowley Managing Director (212) 214-5430 charlie.crowley@wellsfargo.com Jeff Layman, CFA 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 Jacob Jernigan, CPA Vice President (704) 410-2915 jacob.jernigan2@wellsfargo.com Melissa Atkins Associate (704) 410-0114 melissa.atkins@wellsfargo.com Michael McCarthy Associate (704) 410-0087 michael.mccarthy4@wellsfargo.com Nick Pergakis Analyst (704) 410-5575 nicholas.pergakis@wellsfargo.com Manvir Singh Analyst (704) 410-3685 manvir.singh@wellsfargo.com William Pimentel Analyst (704) 410-0433 william.v.pimentel@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 us ed. 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 ho rizon 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 This publication is intended for institutional accounts only. Please do not forward to any person that does not meet the definition of an Institutional Account as defined in FINRA Rule 4512. This Commentary is a product of Wells Fargo Corporate and Investment Banking (“CIB”) Fixed Income Sales and Trading and is not a product of Wells Fargo Research. The views expressed herein might differ from those of Research. This communication is for informational purposes only, is not an offer, solicitation, recommendation or commitment for any transaction or to buy or sell any security or other financial product, and is not intended as investment advice or as a confi rmation of any transaction. Interested parties are advised to contact the entity with which they deal, or the entity that provided th is report to them, if they desire further information. 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