CMS Case Study

Portfolio Impact

Original Portfolio Down 100 Down 50 Down 25 Historical

Up 25

Up 50

Up 300

152,205,257 150,940,179 150,235,093 149,471,939 148,753,704 147,947,271 133,778,402

Market Value

1.83%

0.98%

0.51%

0.00%

-0.48% -1.02% -10.50%

% Chg Market Value

108.1368

107.2380

106.7371

106.1949

105.6846

105.1117

95.0451

Market Price

2.65 / 2.56

2.83 / 2.71

2.94 / 2.81

3.19 / 2.99

3.29 / 3.09

3.52 / 3.28

6.32 / 5.14

Avg Life / Mod Duration

1.63 / -0.17 1.84 / -0.15 1.95 / -0.19 2.28 / -0.27 2.34 / -0.43 2.56 / -0.54 4.91 / -0.02

EffDur / EffCnvx

1.98 / -0.13 2.11 / 0.42

2.18 / 0.70

2.20 / 0.78

2.32 / 1.28

2.40 / 1.57

2.73 / 4.22

Book Yld / Mkt Yld Duration Weighted Book / Market Yld

2.15 / 0.11

2.22 / 0.63

2.25 / 0.89

2.26 / 1.16

2.33 / 1.44

2.38 / 1.71

2.81 / 4.41

7,143,916

5,878,837

5,173,751

4,410,598

3,692,362

2,885,930 -11,282,940

Gain (Loss) $

4.92%

4.05%

3.57%

3.04%

2.55%

1.99%

-7.78%

Gain (Loss) %

New Portfolio Down 100 Down 50 Down 25 Historical

Up 25

Up 50

Up 300

152,542,009 151,183,967 150,402,704 149,543,899 148,703,041 147,767,837 132,657,659

Market Value

2.00%

1.10%

0.57%

0.00%

-0.56% -1.19% -11.29%

% Chg Market Value

108.2762

107.3122

106.7577

106.1481

105.5513

104.8874

94.1620

Market Price

2.77 / 2.68

3.06 / 2.94

3.25 / 3.09

3.60 / 3.36

3.70 / 3.45

3.96 / 3.66

6.71 / 5.41

Avg Life / Mod Duration

1.71 / -0.26 2.08 / -0.18 2.20 / -0.25 2.57 / -0.29 2.63 / -0.47 2.86 / -0.55 5.20 / -0.02

EffDur / EffCnvx

1.98 / -0.16 2.12 / 0.42

2.19 / 0.71

2.25 / 0.83

2.32 / 1.28

2.38 / 1.57

2.66 / 4.18

Book Yld / Mkt Yld Duration Weighted Book / Market Yld

2.08 / 0.07

2.13 / 0.62

2.16 / 0.90

2.18 / 1.20

2.22 / 1.45

2.26 / 1.71

2.67 / 4.36

7,408,450

6,050,408

5,269,145

4,410,340

3,569,482

2,634,278 -12,475,900

Gain (Loss) $

5.10%

4.17%

3.63%

3.04%

2.46%

1.82%

-8.60%

Gain (Loss) %

Portfolio Change Down 100 Down 50 Down 25 Historical

Up 25

Up 50

Up 300

336,752

243,788

167,611

71,960

-50,663

-179,434

-1,120,743

Market Value

0.17%

0.12%

0.06%

0.00%

-0.08% -0.17% -0.79%

% Chg Market Value

0.1394

0.0742

0.0206

-0.0468

-0.1333

-0.2243

-0.8831

Market Price

0.12 / 0.12

0.23 / 0.23

0.31 / 0.28

0.41 / 0.37

0.41 / 0.36

0.44 / 0.38

0.39 / 0.27

Avg Life / Mod Duration

0.08 / -0.09

0.24 / -0.03

0.25 / -0.06

0.29 / -0.02

0.29 / -0.04

0.30 / -0.01

0.29 / 0.00

EffDur / EffCnvx

0.00 / -0.03

0.01 / 0.00

0.01 / 0.01

0.05 / 0.05

0.00 / 0.00

-0.02 / 0.00 -0.07 / -0.04

Book Yld / Mkt Yld Duration Weighted Book / Market Yld

-0.07 / -0.04 -0.09 / -0.01 -0.09 / 0.01 -0.08 / 0.04 -0.11 / 0.01 -0.12 / 0.00 -0.14 / -0.05

264,534

171,571

95,394

-258

-122,880

-251,652

-1,192,960

Gain (Loss) $

0.18%

0.12%

0.06%

0.00%

-0.09% -0.17% -0.82%

Gain (Loss) %

12/11/2020

Raymond James

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