Sources: Bloomberg and Wells Fargo Investment Institute, as of March 31, 2022. YOY = year over year. REIT = real estate investment trust. For illustrative purposes only. Indexes in order represented by Bloomberg Commodity Index, Bloomberg Energy Subindex, Bloomberg Agriculture Subindex, Bloomberg Precious Metals Subindex, Bloomberg Industrial Metals Subindex, FTSE All Equity REITs Index, FTSE EPRA/NAREIT Developed Index, FTSE EPRA NAREIT Developed ex-U.S. REITs Index. Yields represent past performance and fluctuate with market conditions. Current yields may be higher or lower than those quoted above. Past performance is no guarantee of future results. An index is unmanaged and not available for direct investment. Investing in commodities and REITs are not appropriate for all investors. The commodities markets are considered speculative, carry substantial risks, and have experienced periods of extreme volatility. Investments in the energy sector are subject to the adverse economic events that occur within that industry. Investing in precious and base metals carries additional risks and may subject an investment to greater share price volatility. Base metals cannot be held physically and are not easily converted to cash. Real estate has special risks, including the possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions. Foreign investing involves risks typically not associated with investing domestically, including currency, transaction, volatility and political and regulatory uncertainty. These risks are heightened in emerging markets. See “Index Definitions and Asset Class Risk Disclosures” link above for index definitions.