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R-2017-5009 - 12/7/2017 RESOLUTION NO. R-2017-5009 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending September 30, 2017 for the City of Round Rock has been submitted to the City Council; and WHEREAS, the City Council desires to acknowledge the receipt and acceptance of the attached Quarterly Investment Report,Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Quarterly Investment Report, attached hereto as Exhibit "A" and incorporated herein, is hereby received and accepted. The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. RESOLVED this 7th day of December, 2017. CRAIG ORG ayor City o Round , Texas ATTEST: 6A-'- SARA L. WHITE, City Clerk 0112.1704;00390809 EXHIBIT „A„ ROUND ROCK TEXAS FINANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2817 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the City of Round Rock,Texas is in compliance with the Public Funds Investment Act and the Investment Policy and Strategies. R Chie Financial Officer Deputy Chief Financial Offic Accounting Manager Tre ry Accountant Valley View Consulting, LLC Dated Disclaimer:These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting,L.L.C.from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas,are not representative of total return yields and do not account for investment advisor fees. City of Round Rock, Texas Annual Comparison of Portfolio Performance FYE Results by Investment Category: September 30,2016 September 30, 2017 Asset Type Ave.Yield Book Value Market Value Ave.Yield Book Value Market Value Cash 0.36% $ 19,008,126 $ 19,008,126 0.38% $ 8,982,135 $ 8,982,135 Certificates of Deposit 0.98% 148,246,336 148,246,336 1.26% 211,715,905 211,715,905 Local Government Investment Pool 0.43% 14,356,583 14,356,583 1.02% 28,746,017 28,746,017 Money Market Accounts 0.53% 16,387,637 16,387,637 1.44% 44,205,798 44,205,798 Municipal 0.88% 15,935,797 15,941,398 1.21% 20,360,196 20,312,407 US Agency 0.71% 72,502,268 72,543,237 - - US Treasury 0.65% 24,499,144 24,515,462 - - Totals $ 310,935,892 $ 310,998,779 $ 314,010,050 $ 313,962,261 Fourth Quarter-End Yield 0.80% 1.23% Average Quarter-End Yields-Fiscal Year(i): Round Rock-Total Portfolio 0.65% 1.03% TexPool Yield 0.31% 0.74% Rolling Three Mo.Treas.Yield 0.24% 0.75% Rolling Six Mo.Treas.Yield 0.37% 0.78% Rolling 1 Yr. Treas. Yield 0.44% 0.79% Rolling 2 Yr. Treas.Yield 0.65% 0.89% Year-to-date Interest Income $ 1,995,624 Approximate $ 3,025,186 Approximate (1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value. Page 1. Valley View Consulting,L.L.C. Summary Holdings by Investment Category (Security Sector) September 30, 2017 YTM @ Description Cost Book Value Market Value Cash 0.38% $ 8,982,135 $ 8,982,135 Certificates of Deposit 1.26% 211,715,905 211,715,905 Local Government Investment Pool 1.02% 28,746,017 28,746,017 Money Market Accounts 1.44% 44,205,798 44,205,798 Municipal 1.21% 20,360,196 20,312,407 Total/Average 1 1.23% $ 314,010,050 $ 313,962,261 June 30, 2017 YTM @ Description Cost Book Value Market Value Cash 0.38% $ 13,219,300 $ 13,219,300 Certificates of Deposit 1.19% 209,519,630 209,519,630 Local Government Investment Pool 0.88% 42,944,298 42,944,298 Money Market Accounts 1.33% 29,965,941 29,965,941 Municipal 1.16% 23,410,771 23,372,736 US Agency 1 0.86% 20,000,627 19,990,828 Total/Average 1.11% $ 339,060,567 $ 339,012,733 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 1.23% 1.03% TexPool Yield 1.02% 0.74% Rolling Three Mo. Treas.Yield 1.05% 0.75% Rolling Six Mo.Treas.Yield 1.09% 0.78% Rolling 1 Yr. Treas.Yield 1.00% 0.79% Rolling 2 Yr.Treas.Yield 1.01% 0.89% Investment Income(3) Interest Income(Approximate) $ 923,135 $ 3,025,186 WAM at 9/30/2017 Policy WAM Max Total Portfolio 226 days 540 days Pooled Funds 255 days 540 days (1)Average Yield calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (2)Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (3)Investment Income includes coupon interest,accrued interest,and discount and premium amortization. Page 2. Valley View Consulting,L.L.C. Economic Overview 9/30/2017 The Federal Open Market Committee(FOMC)maintained the Fed Funds target range of 1.00%-1.25%(Effective Fed Funds are trading+/-1.16%)since the June FOMC meeting. Recent announcements have increased the probability of a December rate increase. The FOMC announced a gradual portfolio reduction by limiting reinvestment of maturing holdings. Second Quarter 2017 GDP was revised to 3.1%. September Non Farm Payroll data was a storm influenced negative 33k,with downward revisions to August and July. Other US data generally showed positive with a few negative numbers. The Stock Markets achieved new highs. Monitoring estimated balances and needs will determine laddering opportunities. 2.50 - -- _ _., Treasury Yield Curves S&P 500 2,750 2,500 2.00 ° 2,250 ( 2,000 1.50 w1A� 1,750 1,500 go dOW 1.00 1,250 Wr + � I 1,000 0.50 l 750 500 0.00 i 250 } o � �e ��- �Q- � o O e- h4fie- 1O NN NN `b Nti �3 ,,rb �� ^"'. Nh hh NO NO N1 rOeG �J� fie° �J� Q0G ��t` OeG JCS O ,JCS d§ ,JCS oPo ,J� QeG ,JCS d2G ,JCS OeG ,J� September 30,2016 June 30,2017 September 30,2017 , 5.50 US Treasury3.00 Historical Yields-Since 2006 US Treasury Historical Yields-Since Nov 2015 5.00 4.50n WA A- 2.50 4.00 or %a 011-ftw ON3.50 2.00 3.00 2.50 1.50 I-A IW 2.00 1.00 r,....� 1.50 1.00AA 7"w WA 0.50 j 0.50 ® ♦r r ...► .• 0.00 0.00 Or° O� Og Oo� ,�O NN ,�`� �"' 1� �� �6 �1 �5 Ny N6 N6 N6 Nb Nb N6 N6 16 Nb Nb N6 16 KI K1 K1 1A KI K1 K1 rIIR c�eQ" c�eQ" c�eQ" SeCr c�e� 5eQ gel c�eQ yeQ r�eQ c�eQ" 100 O� v"'Ov mat' p, �a� dot` Sv\' PJB 4"Qr of Qec fan hero'bac' Pv 01- 0` S\\ -Sax M�nth T-Bell Two Year T-Note Ten Year T-Note -Six Month T-Bmll Two Year T-Note Ten Year T-Note Valley View Consulting,L.L.C. Page 3. Holdings by Investment Category September 30,2017 Pooled Debt Service Debt Service Reserve Capital Project&Special Total Funds Funds Funds Purpose Funds Portfolio Description Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Cash $ 8,977,079 3% $ 5,055 0% $ — 0% $ — 0% $ 8,982,135 3% Certificates of Deposit 192,642,846 61% — 0% — 0% 19,073,058 6% 211,715,905 67% Investment Pools 14,548,641 5% 1,504,975 0% 8,314 0% 12,684,088 4% 28,746,017 9% Money Market Accounts 20,979,803 7% 2,144,375 1% 807,816 0% 20,273,804 6% 44,205,798 14% Municipal 20,360,196 6% — 0% — 0% — 0% 20,360,196 6% Total/Average $257,508,566 82% $ 3,654,405 1% $ 816,130 0% $ 52,030,950 17% $314,010,050 100% Portfolio Balances (Millions) $350 Order of Liquidity $300 o Cash $250 ❑Local Government Investment Pool $200 o Money Market Account $150 $100 ❑Municipal $50 oCertificates of Deposit Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio Page 4. Valley View Consulting,L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category September 30,2017 September 30,2017 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Deposit/(Withdrawal) Cash $ 8,982,135 30% 100°5 Cash $ — $ — $ — $ — $ — $ (4,237,165) Certificates of Deposit 211,715,905 67% 7597'. Certificates of Deposit 20,561,912 — 18,365,637 — 625,429 — Commercial Paper — 0% 10%/5% Commercial Paper — — — — — _ Investment Pools 28,746,017 9% 100% Investment Pools — — — — 81,405 (14,198,281) Money Market Accounts 44,205,798 14% 50% Money Markets Accounts — — — — 128,744 14,239,857 Municipal 20,360,196 6% 35%/5% Municipal — — 3,000,000 — 100,313 — US Agency — 0% Combined US Agency — — 20,000,000 — 80,125 — US Treasury — 0% 75% US Treasury — _ _ _ _ Total/Average $ 314,010,050 100% PASSED I Totals $ 20,561,912 $ — $ 41,365,637 1$ — $ 1,016,017 $ 4,195,589 Portfolio Balances(Millions) Order of Liquidity Portfolio Composition $400 September 30,2017 $350 ❑Cash Certificates of .. Deposit $300 ❑Local Government Investment 67" Pool $250 []Money Market Account %.,ash $200 3% 0 U Treasury $150 0 U Agency 1,lunicipal $100 7.0 ❑Municipal $50 o Certificates of Deposit Money Market $0 _.. __.... _------ Accounts 9/30/16 12/31/16 3131/17 6/30/17 9/30/17 14% Investment Pools 9 Page 5. Valley View Consulting,L.L.C. Portfolio Balances By Fund (Millions) $400 $350 ■Capital Pro ed&Special $3OO Purpose Funds .. . � . $250 �- � �� ��/ ��Z �\ \ . . . , : _ O Deb Service Reserve Funds $200 © $150 O Deb Service Funds . �� \d «� $]OO . ■Pooled Funds . 34X: / w `\ $50 \ \ y . ay. $O 9/30/2015 1231%015 3/31/2016 &302016 9130/2016 12/31%016 3/31/2017 &302017 9/30/2017 Valley View Consulting,L.L.C. Page E City of Round Rock Pooled Funds Performance 1.30 _.__._._..__._._..._.._____. 1.20 1.10 1.00 - s 0.90 0.80 ;g 0.70 .o 0.60 dot W„WO am , ,.. a 0.50 am arra 00000 0.40 -OW 000"Aw sow A� sow 0.30 'o 0.20 0.10 0.00 '�� �h '�h '�h ,�`° '�`° ,�`° '�`O �`O '�`O ►�`O '�`O ,�`O ''`O Nb N(b N1 N1 N1 N1 N1 N1 N1 �yo P° ^ 3° « ► Round Rock TexPool Rolling 1.5 yr Treasury (Policy WAM max) Rolling 9 mo Treasury (Comparable WAM) Page 7. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) September 30, 2017 Coupon Settlement Face Amount/ Market Days to YTM @ Issuer Credit Rating Book Value Market Value Maturity Date Rate Date Shares Price Maturity Book Fund 000-Pooled Investments NexBank 1.46% 11/29/2016 $ 18,941,459 $ 18,941,459 100.00 $ 18,941,459 N/A 1 1.46% Green Bank 1.20% 06/09/2016 2,038,344 2,038,344 100.00 2,038,344 N/A 1 1.20% JPMor an Chase 0.38% 09/30/2015 8,977,079 8,977,079 100.00 8,977,079 N/A 1 0.38% TexSTAR 1.04% AAAm 09/30/2015 191,213 191,213 100.00 191,213 N/A 1 1.04% TexPool 1.02% AAAm 09/30/2015 9,308,842 9,308,842 100.00 9,308,842 N/A 1 1.02% TexasDAILY 1.03% AAAm 09/30/2015 5,048,586 5,048,586 100.00 5,048,586 N/A 1 1.03% TX Pub Fin Auth-Txbl 0.94% Aaa/AAA/- 02/08/2017 5,000,000 5,000,005 100.00 5,000,000 10/01/2017 1 0.90% Southside Bank 0.97% 12/08/2015 5,088,907 5,088,907 100.00 5,088,907 10/01/2017 1 0.97% Independent Bank 0.95% 03/30/2016 10,119,512 10,119,512 100.00 10,119,512 10/02/2017 2 0.95% Southside Bank 1.00% 12/08/2015 5,088,333 5,088,333 100.00 5,088,333 11/01/2017 32 1.00% Le ac Texas Bank 0.92% 08/29/2016 5,050,137 5,050,137 100.00 5,050,137 11/29/2017 60 0.92% Southside Bank 1.03% 12/08/2015 5,091,003 5,091,003 100.00 5,091,003 12/01/2017 62 1.03% Southside Bank 1.12% 01/06/2016 7,626,769 7,626,769 100.00 7,626,769 01/08/2018 100 1.12% Southside Bank 1.00% 01/25/2016 5,075,401 5,075,401 100.00 5,075,401 01/25/2018 117 1.00% Arlin ton TX ISD 0.00% Aaa/AAA/- 07/26/2016 500,000 498,090 99.37 496,860 02/15/2018 1381 1.02% Lubbock TX 4.44% Aa2/AA+/AA+ 02/14/2017 1,040,000 1,053,152 101.09 1,051,305 02/15/2018 138 1.07% Union State Bank 1.20% 02/23/2017 5,000,000 5,000,000 100.00 5,000,000 02/22/2018 145 1.20% Independent Bank 1 N,% 02/25/2016 13,195,740 13,195,740 100.00 13,195,740 02/25/2018 148 1.00% Le ac Texas Bank 1.05% 06/20/2016 5,066,138 5,066,138 100.00 5,066,138 03/20/2018 171 1.05% Le ac Texas Bank 1.00% 07/06/2016 4,552,931 4,552,931 100.00 4,552,931 04/06/2018 188 1.00% Union State Bank 1.25% 05/11/2017 2,000,000 2,000,000 100.00 2,000,000 05/10/2018 2221 1.25% R Bank 1.50% 05/13/2016 7,642,184 7,642,184 100.00 7,642,184 05/14/2018 226 1.50% Texas A&M University System 1.54% Aaa/AAA/AAA 10/28/2015 3,570,000 3,581,929 99.99 3,569,500 05/15/2018 227 0.99% Le ac Texas Bank 1.10% 06/03/2016 5,069,307 5,069,307 100.00 5,069,307 06/04/2018 247 1.10% Le ac Texas Bank 1.10% 06/20/2016 5,069,307 5,069,307 100.00 5,069,307 06/20/2018 263 1.10% Le ac Texas Bank 1.05% 07/06/2016 4,555,592 4,555,592 100.00 4,555,592 07/06/2018 279 1.05% Union State Bank 1.45% 08/10/2017 5,000,000 5,000,000 100.00 5,000,000 08/09/2018 3131 1.45% Le ac Texas Bank 1.02% 08/29/2016 10,111,230 10,111,230 100.00 10,111,230 08/29/2018 333 1.02% Green Bank 1.02% 09/13/2016 5,051,195 5,051,195 100.00 5,051,195 09/13/2018 348 1.02% Southside Bank 1.32% 04/06/2017 6,019,746 6,019,746 100.00 6,019,746 10/05/2018 370 1.32% Wallis State Bank 1.28% 01/27/2017 4,528,609 4,528,609 100.00 4,528,609 10/29/2018 394 1.28% DFW Air ort-Txable Ref 3.12% Al/A+/A 03/24/2017 5,000,000 5,086,400 101.47 5,073,300 11/01/2018 397 1.50% Wallis State Bank 1.30% 02/16/2017 5,032,285 5,032,285 100.00 5,032,285 11/15/2018 4111 1.30% Southside Bank 1.15% 12/06/2016 5,043,289 5,043,289 100.00 5,043,289 12/06/2018 4321 1.15% Lubbock National Bank 1.45% 01/11/2017 10,096,943 10,096,943 100.00 10,096,943 01/11/2019 468 1.45% Tomball TX CO's 5.00% Aa3/AA+/- 12/20/2016 775,000 812,675 105.26 815,796 02/15/2019 503 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,577,519 9,577,519 100.00 9,577,519 02/19/2019 507 1.40% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/2016 2,250,000 2,263,492 99.88 2,247,323 03/01/2019 517 1.37% Lubbock National Bank 1.45% 03/01/2017 5,546,928 5,546,928 100.00 5,546,928 03/01/2019 517 1.45% Lubbock National Bank 1.50% 04/05/2017 6,037,821 6,037,821 100.00 6,037,821 04/05/2019 5521 1.50% Independent Bank 1.65% 05/01/2017 5,020,795 5,020,795 100.00 5,020,795 05/01/2019 578 1.65% Texas A&M Univ 1.94% Aaa/AAA/AAA 05/01/2017 2,050,000 2,064,452 100.41 2,058,323 05/15/2019 592 1.50% Le ac Texas Bank 1.70% 06/23/2017 5,021,455 5,021,455 100.00 5,021,455 06/24/2019 632 1.70% Le ac Texas Bank 1.70% 08/10/2017 8,011,551 8,011,551 100.00 8,011,551 08/09/2019 678 1.70% R Bank 1.80% 08/10/2017 2,000,000 2,000,000 100.00 2,000,000 08/10/2019 679 1.80% Le ac Texas Bank 1.70% 08/28/2017 1 5,007,219 5,007,219 100.00 5,007,219 08/28/2019 6971 1.70% Union State Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 7961 0.99% Sub Total/Average 1.28% 257,333,370 257,508,566 100.05 257,460,776 2551 1.21% Page 8. 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Holdings by Allocation and Portfolio Fund) September 30, 2017 Coupon Settlement Face Amount/ Market Days to YTM @ Issuer Rate Credit Rating Date Shares Book Value price Market Value Maturity Date Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 1.03% AAAm 04/30/2016 2,519 2,519 100.00 2,519 N/A 1 1.03% NexBank 1.46% 02/27/2017 2,144,375 2,144,375 100.00 2,144,375 N/A 1 1.46% TexPool 1.02% AAAm 09/30/2015 42,769 42,769 100.00 42,769 N/A 1 1.02% Sub Total/Average 1.45% 2,189,663 2,189,663 100.00 2,189,663 1 1.45% Fund 210-Interest&Sinking Debt Service JPMor an Chase 1 0.38% 1 09/30/2015 5,055 1 5,055 1 100.00 1 5,055 1 N/A 1 0.38% Sub Total/Average 1 0.38% 1 5,055 1 5,055 1 100.00 1 5,055 1 1 0.38% Fund 460-Bond Fund NexBank 1.46% 1 11/29/2016 17,263,533 17,263,533 100.00 17,263,533 N/A 1 1.46% TexPool 1.02% AAAm 09/30/2015 4,229,833 4,229,833 1 100.00 4,229,833 N/A 1 1.02% Sub Total/Average 1.37% 21,493,365 21,443,365 1 100.00 21,493,365 1 1.37% Fund 461-CO Bond Fund TexPool 1.02% AAAm 10/31/2015 1,151,592 1,151,592 100.00 1,151,592 1 N/A 1 1.02% Sub Total/Average 1.02% 1,151,692 1,151,592 100.00 1,151,592 1 1 1.02% Fund 462-2017 Bond Fund TexPool 1.02% AAAm 05/30/2017 5,911,696 5,911,696 100.00 5,911,696 N/A 1 1.02% Le ac Texas Bank 1.30% 06/23/2017 4,013,121 4,013,121 100.00 4,013,121 12/22/2017 83 1.30% Le ac Texas Bank 1.40% 06/23/2017 3,010,599 3,010,599 100.00 3,010,599 03/23/2018 174 1.40% Le ac Texas Bank 1.50% 06/23/2017 3,513,250 3,513,250 100.00 3,513,250 06/22/2018 265 1.50% Le ac Texas Bank 1.55% 06/23/2017 3,011,736 3,011,736 100.00 3,011,736 09/24/2018 359 1.55% Le ac Texas Bank 1.60% 1 1 06/23/2017 1 2,008,077 2,008,077 100.00 2,008,077 12/24/2018 1 4501 1.60% Le ac Texas Bank 1.65% 06/23/2017 1,004,165 1,004,165 100.00 1,004,165 03/22/2019 538 1.65% Le ac Texas Bank 1.70% 06/23/2017 1,004,291 1,004,291 100.00 1,004,291 06/24/2019 1 632 1.70% Sub Total/Average 1.36% 23,476,934 23,476,934 100.00 23,476,934 1 2111 1.36% Fund 591-Reserves Fund Green Bank 1.20% 06/09/20-1-6-T 807,816 807;816 100.00 807,816 N/A 1 1.20% TexPool 1.02% AAAm 1 09/30/2015 1 8,314 8,314 100.00 8,314 N/A 11 1.02% Sub Total/Average 1.20% 1 1 816,130 816,130 100.00 816,130 11 1.20% Fund 602-Interest&Sinking Revenue Bonds TexPool 1.02% AAArn 1 09/30/2015 1,459,687 1 11459,687 100.00 1,459,687 N/A 11 1.02% Sub Total/Average 1.02% 1 1,459,687 1 1,459,687 100.00 1,459,687 11 1.02% Fund 863-Drainage Utility Revenue Bond NexBank 1.46% 07/30/2017 3,010,271 3,010,271 100.00 3,010,271 N/A 1 1.46% TexPool 1.02% AAAm 10/31/2015 1,390,966 1,390,966 100.00 1,390,966 N/A 1 1.02% Southside Bank 1.05% 01/11/2017 1,507,820 1,507,820 100.00 1,507,820 01/11/2018 103 1.05% Sub Total/Average 1.25% 5,909,058 5,909,058 100.00 5,909,058 27 1.25% Total/Average 1.29% $ 313,834,854 $ 314,010,050 100.04 $ 313,962,261 226 1.23% Page 9. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2017 Coupon Settlement MaturitBeginning Book Total Buys/ Total Sells/ Ending Book Change in Book Issuer Rate Date y Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 N/A $ 13,214,245 $ 4,794,512 $ 9,031,678 $ 8,977,079 $ 4,237,165 TexPool N/A 09/30/2015 N/A 10,707,896 10,459,401 11,858,455 9,308,842 1,3991054 TexSTAR N/A 09/30/2015 N/A 190,723 490 — 191,213 490 TexasDAILY N/A 09/30/2015 N/A 38,171 5,010,415 — 5,048,586 5,010,415 NexBank N/A 11/29/2016 N/A 8,900,724 10,040,734 — 18,941,459 10,040,734 Green Bank N/A 06/09/2016 N/A 2,032,392 5,953 — 2,038,344 5,953 FFCB 0.68% 09/08/2015 07/03/2017 4,999,972 — 5,000,000 — 4,999,972 FHLMC 0.75% 01/07/2016 07/14/2017 4,999,551 — 5,000,000 — 4,999,551 Southside Bank 0.85% 01/25/2016 07/25/2017 5,053,322 — 5,053,322 — 5,053,322 Union State Bank 0.85% 08/11/2016 08/10/2017 4,756,500 — 4,756,500 — 4,756,500 Arlington TX 2.50% 06/17/2015 08/15/2017 3,006,196 — 3,000,000 — 3,006,196 FNMA 0.88% 02/17/2015 08/28/2017 5,000,008 — 5,000,000 — 5,000,008 FHLB 0.90% 09/08/2015 09/28/2017 5,001,097 — 5,000,000 — 5,001,097 TX Pub Fin Auth-Txbl 0.94% 02/08/2017 10/01/2017 5,000,495 — — 5,000,005 489 Southside Bank 0.97% 12/08/2015 10/01/2017 5,073,260 15,648 — 5,088,907 15,648 Independent Bank 0.95% 03/30/2016 10/02/2017 10,119,512 — — 10,119,512 — Southside Bank 1.00% 12/08/2015 11/01/2017 5,075,540 12,793 — 5,088,333 12,793 Le ac Texas Bank 0.92% 08/29/2016 11/29/2017 5,038,445 11,693 — 5,050,137 11,693 Southside Bank 1.03% 12/08/2015 12/01/2017 5,077,820 13,183 — 5,091,003 13,183 Southside Bank 1.12% 01/06/2016 01/08/2018 7,605,531 21,237 — 7,626,769 21,237 Southside Bank 1.00% 01/25/2016 01/25/2018 5,062,779 12,622 — 5,075,401 12,622 Arlington TX ISD 0.00% 07/26/2016 02/15/2018 496,817 — — 498,090 1,273 Lubbock TX 4.44% 02/14/2017 02/15/2018 1,061,920 — — 1,053,152 8,768 Union State Bank 1.20% 02/23/2017 02/22/2018 5,000,000 — — 5,000,000 — Independent Bank 1.00% 02/25/2016 02/25/2018 13,162,563 33,177 — 13,195,740 33,177 Le ac Texas Bank 1.05% 06/20/2016 03/20/2018 5,052,753 13,384 — 5,066,138 13,384 Le ac Texas Bank 1.00% 07/06/2016 04/06/2018 4,541,474 11,457 — 4,552,931 11,457 Union State Bank 1.25% 05/11/2017 05/10/2018 2,000,000 — — 2,000,000 — R Bank 1.50% 05/13/2016 05/14/2018 7,613,346 28,839 — 7,642,184 28,839 Texas A&M University System 1.54% 10/28/2015 05/15/2018 3,586,764 — — 3,581,929 4,835 Le ac Texas Bank 1.100% 06/03/2016 06/04/2018 5,055,278 14,029 — 5,069,307 14,029 Le ac Texas Bank 1.10% 06/20/2016 06/20/2018 5,055,278 14,029 — 5,069,307 14,029 Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,543,557 12,035 — 4,555,592 12,035 Union State Bank 1.45% 08/10/2017 08/09/2018 — 5,000,000 — 5,000,000 5,000,000 Le ac Texas Bank 1.02% 08/29/2016 08/29/2018 10,085,279 25,951 — 10,111,230 25,951 Green Bank 1.02% 09/13/2016 09/13/2018 5,038,242 12,953 — 5,051,195 12,953 Southside Bank 1.32% 04/06/2017 10/05/2018 6,000,000 19,746 — 6,019,746 19,746 Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,514,203 14,406 — 4,528,609 14,406 DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,106,422 — — 5,086,400 20,022 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,015,849 16,436 — 5,032,285 16,436 Southside Bank 1.15% 12/06/2016 12/06/2018 5,028,712 14,576 — 5,043,289 14,576 Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,060,130 36,813 — 10,096,943 36,813 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 819,566 — — 812,675 6,891 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,543,802 33,717 — 9,577,519 33,717 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,265,893 — — 2,263,492 (2,401 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,526,705 20,224 — 5,546,928 20,224 Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,015,051 22,771 — 6,037,821 22,771 Independent Bank 1.65% 05/01/2017 05/01/2019 5,000,000 20,795 — 5,020,795 20,795 Texas A&M Univ 1.94% 05/01/2017 05/15/2019 2,066,698 — — 2,064,452 2,246 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,000,000 21,455 — 5,021,455 21,455 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 — 8,011,551 — 8,011,551 8,011,551 R Bank 1.80% 08/10/2017 08/10/2019 — 2,000,000 — 2,000,000 2,000,000 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 — 5,007,219 — 5,007,219 5,007,219 Union State Bank 0.99% 12/05/2016 12/05/2019 245,000 — — 245,000 — Sub Total/Average Fund 000-Pooled Investments 260,455,479 1 50,804,243 1 53,699,955 257,508,566 2,946,913 Page 10. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2017 Coupon Settlement MaturitBeginning Book Total Buys/ Total Sells/ Ending Book Change in Book Issuer Rate Date y Date Value Increases Decreases Value Value Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 90,307 16,443 63,981 42,769 47,538 TexasDAILY N/A 04/30/2016 N/A 9,287,232 44,574 9,329,287 2,519 9,284,713 NexBank N/A 02/27/2017 N/A 5,022,746 10,517 2,888,888 2,144,375 2,878,371 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 14,400,285 71,534 12,282,156 2,189,663 12,210,622 Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 5,055 - - 5,055 - Sub Total/Average Fund 210-Interest&Sinking Debt Service 5,055 - - 5,055 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 7,570,831 1,244,804 4,585,802 4,229,833 3,340,998 NexBank N/A 11/29/2016 N/A 13,204,622 4,058,910 - 17,263,533 4,058,910 Green Bank 0.84% 09/15/2016 09/15/2017 7,044,071 - 7,044,071 - 7,044,071 Sub Total/Average Fund 460-Bond Fund 27,819,525 5,303,714 11,629,874 21,493,365 6,326,159 Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/Al 2,371,675.90 3,984.41 1,224,068.12 1,151,592.19 1,220,084 Sub Total/Average Fund 461-CO Bond Fund 1 2,371,675.90 3,984.411 1,224,068.12 1,151,592.19 1,220,084 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 5,917,201 15,190 20,694 5,911,696 5,504 Le ac Texas Bank 1.30% 06/23/2017 12/22/2017 4,000,000 13,121 - 4,013,121 13,121 Le ac Texas Bank 1.40°0 06/23/2017 03/23/2018 3,000,000 10,599 - 3,010,599 10,599 Le ac Texas Bank 1.50°'% 06/23/2017 06/22/2018 3,500,000 13,250 - 3,513,250 13,250 Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,000,000 11,736 - 3,011,736 11,736 Le ac Texas Bank 1.60% 1 06/23/2017 1 12/24/2018 1 2,000,000 8,077 1 - 2,008,077 8,077 Le ac Texas Bank 1.65% 06/23/2017 03/22/2019 1,000,000 4,165 1 - 1,004,165 4,165 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 1,000,000 4,291 - 1,004,291 4,291 Sub Total/Average Fund 462-2017 Bond Fund 23,417,201 80,428 20,694 23,476,934 59,733 Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,293 21 - 8,314 21 Green Bank N/A 06/09/2016 N/A 805,457 2,359 - 807,816 2,359 Sub Total/Average Fund 591-Reserves Fund 813,750 2,380 - 816,130 2,380 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 3,579,663 7,817 1 2,127,794 1,459,687 2,119,977 Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 3,579,663 7,817 1 2,127,794 1,459,687 2,119,977 Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 3,182,305 4,024 1,795,363 1,390,966 1,791,339 NexBank N/A 07/30/2017 N/A - 3,010,271 - 3,010,271 3,010,271 Le ac Texas Bank 0.85% 07/06/2016 07/06/2017 1,511,744 - 1,511,744 - 1,511,744 Southside Bank 1.05% 01/11/2017 01/11/2018 1,503,884 3,937 - 1,507,820 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 6,197,933 3,018,232 3,307,106 5,909,058 288,875 Total 1 Average $ 339,060,567 $ 59,292,333 $ 84,291,648 $ 314,010,050 $ 25,050,516 Page 11. Valley View Consulting,L.L.C. Market Value Comparison September 30, 2017 Coupon Settlement Beginning Market Total Buys/ Total Sells/ Ending Market Change in Market Issuer Rate Date Maturity Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 N/A $ 13,214,245 $ 4,794,512 $ 9,031,678 $ 8,977,079 $ — TexPool N/A 09/30/2015 N/A 10,707,896 10,459,401 11,858,455 9,308,842 — TexSTAR N/A 09/30/2015 N/A 190,723 490 — 191,213 — TexasDAILY N/A 09/30/2015 N/A 38,171 5,010,415 — 5,048,586 — NexBank N/A 11/29/2016 N/A 8,900,724 10,040,734 — 18,941,459 — Green Bank N/A 06/09/2016 N/A 2,032,392 5,953 — 2,038,344 — FFCB 0.68% 09/08/2015 07/03/2017 5,000,000 — 5,000,000 — — FHLMC 0.75% 01/07/2016 07/14/2017 4,999,049 — 5,000,000 — 952 Southside Bank 0.85% 01/25/2016 07/25/2017 5,053,322 — 5,053,322 — — Union State Bank 0.85% 08/11/2016 08/10/2017 4,756,500 — 4,756,500 — Arlington TX 2.50% 06/17/2015 08/15/2017 3,006,480 — 3,000,000 — 6,480 FNMA 0.88% 02/17/2015 08/28/2017 4,996,711 — 5,000,000 — 3,290 FHLB 0.90% 09/08/2015 09/28/2017 4,995,069 — 5,000,000 — 4,931 TX Pub Fin Auth-Txbl 0.94% 02/08/2017 10/01/2017 4,995,300 — — 5,000,000 4,700 Southside Bank 0.97% 12/08/2015 10/01/2017 5,073,260 15,648 — 5,088,907 — Independent Bank 0.95% 03/30/2016 10/02/2017 10,119,512 — — 10,119,512 — Southside Bank 1.00% 12/08/2015 11/01/2017 5,075,540 12,793 — 5,088,333 — Le ac Texas Bank 0.92% 08/29/2016 11/29/2017 5,038,445 11,693 — 5,050,137 — Southside Bank 1.03% 12/08/2015 12/01/2017 5,077,820 13,183 — 5,091,003 — Southside Bank 1.12% 01/06/2016 01/08/2018 7,605,531 21,237 — 7,626,769 — Southside Bank 1.00% 01/25/2016 01/25/2018 5,062,779 12,622 — 5,075,401 — Adin ton TX ISD 0.0011i0 07/26/2016 02/15/2018 495,245 — — 496,860 1,615 Lubbock TX 4.44% 02/14/2017 02/15/2018 1,060,051 — — 1,051,305 8,746 Union State Bank 1.20% 02/23/2017 02/22/2018 5,000,000 — — 5,000,000 — Independent Bank 1.00% 02/25/2016 02/25/2018 13,162,563 33,177 — 13,195,740 — Le ac Texas Bank 1.05% 06/20/2016 03/20/2018 5,052,753 13,384 — 5,066,138 — Le ac Texas Bank 1.00% 07/06/2016 04/06/2018 4,541,474 11,457 — 4,552,931 — Union State Bank 1.25% 05/11/2017 05/10/2018 2,000,000 — — 2,000,000 — R Bank 1.50% 05/13/2016 05/14/2018 7,613,346 28,839 — 7,642,184 — Texas A&M University System 1.54% 10/28/2015 05/15/2018 3,582,995 — — 3,569,500 13,495 Le ac Texas Bank 1.10% 1 06/03/2016 06/04/2018 5,055,278 14,029 — 5,069,307 — Le ac Texas Bank 1.10% 06/20/2016 06/20/2018 5,055,278 14,029 — 5,069,307 — Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,543,557 12,035 — 4,555,592 — Union State Bank 1.45% 08/10/2017 08/09/2018 — 5,000,000 — 5,000,000 — Le ac Texas Bank 1.02% 08/29/2016 08/29/2018 10,085,279 25,951 — 10,111,230 — Green Bank 1.02% 09/13/2016 09/13/2018 5,038,242 12,953 — 5,051,195 — Southside Bank 1.32% 04/06/2017 10/05/2018 6,000,000 19,746 — 6,019,746 — Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,514,203 14,406 — 4,528,609 — DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,097,350 — — 5,073,300 24,050 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,015,849 16,436 — 5,032,285 — Southside Bank 1.15% 12/06/2016 12/06/2018 5,028,712 14,576 — 5,043,289 — Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,060,130 36,813 — 10,096,943 — Tomball TX CO's 5.00% 12/20/2016 02/15/2019 822,438 — — 815,796 6,642 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,543,802 33,717 — 9,577,519 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,251,418 — — 2,247,323 4,095 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,526,705 20,224 — 5,546,928 — Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,015,051 22,771 — 6,037,821 Independent Bank 1.65% 05/01/2017 05/01/2019 5,000,000 20,795 — 5,020,795 — Texas A&M Univ 1.94% 05/01/2017 05/15/2019 2,061,460 — — 2,058,323 3,137 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,000,000 21,455 — 5,021,455 — Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 — 8,011,551 — 8,011,551 — R Bank 1.80% 08/10/2017 08/10/2019 — 2,000,000 — 2,000,000 — Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 — 5,007,219 — 5,007,219 — Union State Bank 0.99% 12/05/2016 12/05/2019 245,000 — — 245,000 — Sub Total/Average Fund 000-Pooled Investments 260,407,645 50,804,243 1 53,699,955 257,460,776 51,157 Page 12. Valley View Consulting,L.L.C. Market Value Comparison September 30, 2017 Coupon Settlement Beginning Market Total Buys/ Total Sells/ Ending Market Change in Market Issuer Rate Date Maturity Date Value Increases Decreases Value Value Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 90,307 16,443 63,981 42,769 - TexasDAILY N/A 04/30/2016 N/A 9,287,232 44,574 9,329,287 2,519 - NexBank N/A 02/27/2017 N/A 5,022 746 10,517 2,888,888 2,144,375 - Sub Total/Average Fund 170-Interest&Sinking GO Bonds 14,400,285 71,534 12,282,156 2,189,663 - Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 5,055 - - 5,05U: - Sub Total/Average Fund 210-Interest&Sinking Debt Service 5,055 - - 5,055 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 7,570,831 1,244,804 1 4,585,802 1 4,229,833 - NexBank N/A 11/29/2016 N/A 13,204,622 4,058,910 - 17,263,533 - Green Bank 0.84% 09/15/2016 09/15/2017 7,044,071 - 7,044,071 - - Sub Total/Average Fund 460-Bond Fund 27,819,525 5,303,714 11,629,874 21,493,365 - Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 2,371,676 3,984 1 1,224,068 1,151,592 - Sub Total/Average Fund 461-CO Bond Fund 2,371,676 3,984 1 1,224,068 1,151,592 1 - Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 5,917,201 15,190 20,694 5,911,696 - Le ac Texas Bank 1.30% 06/23/2017 12/22/2017 4,000,000 13,121 - 4,013,121 - Le ac Texas Bank 1.40% 06/23/2017 03/23/2018 3,000,000 10,599 - 3,010,599 - Le ac Texas Bank 1.50% 06/23/2017 06/22/2018 3,500,000 13,250 - 3,513,250 - Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,000,000 11,736 - 3,011,736 - Le ac Texas Bank 1.60% 1 06/23/2017 1 12/24/2018 1 2,000,000 8,077 - 2,008,077 1 - Le ac Texas Bank 1.65% 06/23/2017 1 03/22/2019 1,000,000 4,165 - 1,004,165 - Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 1,000,000 4,291 - 1,004,291 - Sub Total/Average Fund 462-2017 Bond Fund 23,417,201 80,428 20,694 23,476,934 Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,293 21 - 8,314 - Green Bank N/A 06/09/2016 N/A 805,457 2,359 - 807,816 - Sub Total/Average Fund 591-Reserves Fund 813,750 2,380 - 816,130 - Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 3,579,663 7,817 2,127,794 1,459,687 1 - Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 3,579,663 7,817 2,127,794 1,459,687 1 - Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 3,182,305 4,024 1,795,363 1,390,966 - NexBank N/A 07/30/2017 N/A - 3,010,271 - 3,010,271 - Le ac Texas Bank 0.85% 07/06/2016 07/06/2017 1,511,744 - 1,511,744 - - Southside Bank 1.05% 01/11/2017 01/11/2018 1,503,884 3,937 - 1,507,820 - Sub Total/Average Fund 863-Drainage Utility Revenue Bond 6,197,933 3,018,232 3,307,106 5,909,058 - Total/Average $ 339,012,733 $ 59,292,333 $ 84,291,648 $ 313,962 261 $ 51,157 Page 13. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2017 Coupon Settlement Face Amount/ Market Days to YTM @ Issuer Rate Credit Rating Date Shares Book Value Price Market Value Maturity Date Maturity Book Fund 000-Pooled Investments NexBank 1.36% 11/29/2016 $ 8,900,724 $ 8,900,724 100.00 $ 8,900,724 N/A 1 1.36% Green Bank 1.09% 06/09/2016 2,032,392 2,032,392 100.00 2,032,392 N/A 1 1.09% JPMor an Chase 0.38% 09/30/2015 13,214,245 13,214,245 100.00 13,214,245 N/A 1 0.38% TexSTAR 0.86% AAAm 09/30/2015 190,723 190,723 100.00 190,723 N/A 1 0.86% TexPool 0.88% AAAm 09/30/2015 10,707,896 10,707,896 100.00 10,707,896 N/A 1 0.88% TexasDAILY 0.85% AAAm 09/30/2015 38,171 38,171 100.00 38,171 N/A 1 0.85% FFCB 0.68% Aaa/AA+/AAA 09/08/2015 5,000,000 4,999,972 100.00 5,000,000 07/03/2017 3 0.75% FHLMC 0.75% Aaa/AA+/AAA 01/07/2016 5,000,000 4,999,551 99.98 4,999,049 07/14/2017 14 0.99% Southside Bank 0.85% 01/25/2016 5,053,322 5,053,322 100.00 5,053,322 07/25/2017 25 0.85% Union State Bank 0.85% 08/11/2016 4,756,500 4,756,500 100.00 4,756,500 08/10/2017 41 0.85% Arlington TX 2.50% Aal/AAA/AAA 06/17/2015 3,000,000 3,006,196 100.22 3,006,480 08/15/2017 461 0.84% FNMA 0.88% Aaa/AA+/AAA 02/17/2015 5,000,000 5,000,008 99.93 4,996,711 08/28/2017 590.87% FHLB 0.90% Aaa/AA+/AAA 09/08/2015 5,000,000 5,001,097 99.90 4,995,069 09/28/2017 90 0.81% Independent Bank 0.95% 03/30/2016 10,119,512 10,119,512 100.00 10,119,512 09/30/2017 92 0.95% TX Pub Fin Auth-Txbl 0.94% Aaa/AAA/- 02/08/2017 5,000,000 5,000,495 99.91 4,995,300 10/01/2017 93 0.90% Southside Bank 0.97% 12/08/2015 5,073,260 5,073,260 100.00 5,073,260 10/01/2017 93 0.97% Southside Bank 1.00% 12/08/2015 5,075,540 5,075,540 100.00 5,075,540 11/01/2017 1241 1.00% Le ac Texas Bank 0.92% 08/29/2016 5,038,445 5,038,445 100.00 5,038,445 11/29/2017 152 0.92% Southside Bank 1.03% 12/08/2015 5,077,820 5,077,820 100.00 5,077,820 12/01/2017 154 1.03% Southside Bank 1.12% 01/06/2016 7,605,531 7,605,531 100.00 7,605,531 01/08/2018 192 1.12% Southside Bank 1.00% 01/25/2016 5,062,779 5,062,779 100.00 5,062,779 01/25/2018 209 1.00% Arlin ton TX ISD 0.00% Aaa/AAA/- 07/26/2016 500,000 496,817 99.05 495,245 02/15/2018 230 1.02% Lubbock TX 4.44% Aa2/AA+/AA+ 02/14/2017 1,040,000 1,061,920 101.93 1,060,051 02/15/2018 230 1.07% Union State Bank 1.20% 02/23/2017 5,000,000 5,000,000 100.00 5,000,000 02/22/2018 237 1.20% Independent Bank 1.00% 02/25/2016 13,162.563 13,162,563 100.00 13,162,563 02/25/2018 240 1.00% Le ac Texas Bank 1.05% 06/20/2016 5,052,753 5,052,753 100.00 5,052,753 03/20/2018 263 1.05% Le ac Texas Bank 1.00% 07/06/2016 4,541,474 4,541,474 100.00 4,541,474 04/06/2018 280 1.00% Union State Bank 1.25% 05/11/2017 2,000,000 2,000,000 100.00 2,000,000 05/10/2018 314 1.25% R Bank 1.50% 05/13/2016 7,613,346 7,613,346 100.00 7,613,346 05/14/2018 318 1.50% Texas A&M University System 1.54% Aaa/AAA/AAA 10/28/2015 3,570,000 3,586,764 100.36 3,582,995 05/15/2018 319 0.99% Le ac Texas Bank 1.10% 06/03/2016 5,055,278 5,055,278 100.00 5,055,278 06/04/2018 339 1.10% Le ac Texas Bank 1.10% 06/20/2016 5,055,278 5,055,278 100.00 5,055,278 06/20/2018 355 1.10% Le ac Texas Bank 1.05% 07/06/2016 4,543,557 4,543,557 100.00 4,543,557 07/06/2018 371 1.05% Le ac Texas Bank 1.02% 08/29/2016 10,085,279 10,085,279 100.00 10,085,279 08/29/2018 425 1.02% Green Bank 1.02% 09/13/2016 5,038,242 5,038,242 100.00 5,038,242 09/13/2018 440 1.02% Southside Bank 1.32% 04/06/2017 6,000,000 6,000,000 100.00 6,000,000 10/05/2018 462 1.32% Wallis State Bank 1.28% 01/27/2017 4,514,203 4,514,203 100.00 4,514,203 10/29/2018 486 1.28% DFW Air ort-Txable Ref 3.12% Al/A+/A 03/24/2017 5,000,000 5,106,422 101.95 5,097,350 11/01/2018 489 1.50% Wallis State Bank 1.30% 02/16/2017 5,015,849 5,015,849 100.00 5,015,849 11/15/2018 503 1.30% Southside Bank 1.15% 12/06/2016 5,028,712 5,028,712 100.00 5,028,712 12/06/2018 524 1.15% Lubbock National Bank 1.45% 01/11/2017 10,060,130 10,060,130 100.00 10,060,130 01/11/2019 560 1.45% Tomball TX CO's 5.00% Aa3/AA+/- 12/20/2016 775,000 819,566 106.12 822,438 02/15/2019 595 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,543,802 9,543,802 100.00 9,543,802 02/19/2019 599 1.40% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/2016 2,250,000 2,265,893 100.06 2,251,418 03/01/2019 609 1.37% Lubbock National Bank 1.45% 03/01/2017 5,526,705 5,526,705 100.00 5,526,705 03/01/2019 609 1.45% Lubbock National Bank 1.50% 04/05/2017 6,015,051 6,015,051 100.00 6,015,051 04/05/2019 644 1.50% Independent Bank 1.65% 05/01/2017 5,000,000 5,000,000 100.00 5,000,000 05/01/2019 670 1.65% Texas A&M Univ 1.94% Aaa/AAA/AAA 05/01/2017 2,050,000 2,066,698 100.56 2,061,460 05/15/2019 684 1.50% Le ac Texas Bank 1.70% 06/23/2017 5,000,000 5,000,000 100.00 5,000,000 06/24/2019 724 1.70% Union State Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 888 0.99% Sub Total/Average 1.19% 1 260,229,081 1 260,455,479 1 100.07 1 260,407,645 279 1.10% Page 14. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2017 II I Coupon Settlement Face Amount/ Market Days to YTM Issuer Rate Credit Rating Date Shares Book Value Price Market Value Maturity Date Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 0.85% AAAm 04/30/2016 9,287,232 9,287,232 100.00 9,287,232 N/A 1 0.850% NexBank 1.36% 02/27/2017 5,022,746 5,022,746 100.00 5,022,746 N/A 1 1.36% TexPool 0.88% AAAm 09/30/2015 90,307 90,307 100.00 90,307 N/A 1 0.88% Sub Total/Average 1.03% 14,400,285 14,400,285 100.00 14,400,285 1 1.03% Fund 210-Interest&Sinking Debt Service JPMor an Chase 0.389'° 09/30/2015 5,05-55-r- 5.055 1 100.00 1 5,055 1 N/A 1 11 0.38% Sub Total/Average 0.38% 5,055 5,055 100.00 5,055 1 0.38% Fund 460-Bond Fund NexBank 1.36% 11/29/2016 13,204,622 13,204,622 100.00 13,204,622 N/A 1 1.36% TexPool 0.88% AAAm 09/30/2015 7,570,831 7,570,831 100.00 7,570,831 N/A 1 0.88% Green Bank 0.84% 09/15/2016 7,044,071 7,044,071 100.00 7,044,071 09/15/2017 77 0.84% Sub Total/Average 1.10% 27,819,525 27,819,525 100.00 27,819,525 20 1.10% Fund 461-CO Bond Fund TexPool 0.88% 10/31/2015 2,371,676 1 2,371,676 100.00 1 2,371,676 N/A 1 0.88% Sub Total/Average 0.88% 2,371,676 1 2,371,676 100.00 1 2,371,676 1 0.88% Fund 462-2017 Bond Fund TexPool 0.88% AAAm 05/30/2017 5,917,201 5,917,201 100.00 5,917,201 N/A 1 0.88% Le ac Texas Bank 1.30% 06/23/2017 4,000,000 4,000,000 100.00 4,000,000 12/22/2017 175 1.30% Le ac Texas Bank 1.40% 06/23/2017 3,000,000 3,000,000 100.00 3,000,000 03/23/2018 266 1.40% Le ac Texas Bank 1.50% 06/23/2017 3,500,000 3,500,000 100.00 3,500,000 06/22/2018 357 1.50% Le ac Texas Bank 1 55% 06/23/2017 3,0003000 3,000,000 100.00 3,000,000 09/24/2018 451 1.55% Le ac Texas Bank 1.60% 06/23/2017 1 2,000,000 1 2,000,000 100.00 2,000,000 12/24/2018 542 1.60% Le ac Texas Bank 1.65% 06/23/2017 1,000,000 1,000,000 100.00 1,000,000 03/22/2019 630 1.65% Le ac Texas Bank 1.70% 06/23/2017 1,000,000 1,000,000 100.00 1,000,000 06/24/2019 724 1.70% Sub Total/Average 1.33% 23,417,201 23,417,201 100.00 23,417,201 279 1.33% Fund 591-Reserves Fund Green Bank 1.099'0 06/09/2016 805,457 805,457 100.00 805,457 N/A 1 1.09% TexPool 0.88%---1 AAAm 1 09/30/2015 8,293 8,293 100.00 8,293 N/A 11 0.88% Sub Total/Average 1.09% 813,750 813,750 100.00 813,750 I 1 1 1.09% Fund 602-Interest&Sinking Revenue Bonds TexPool 0.88% AAAm 1 09/30/2015 3,579,663 3,579,663 100.00 3,579,663 1 N/A 1 0.88% Sub Total/Average 0.88% 1 3,579,663 3,579,663 100.00 3,579,663 1 1 0.88% Fund 863-Drainage Utility Revenue Bond TexPool 0.88% AAAm 10/31/2015 3,182,305 3,182,305 100.00 3,182,305 N/A 1 0.88% Le ac Texas Bank 0.85% 07/06/2016 1,511,744 1,511,744 100.00 1,511,744 07/06/2017 6 0.85% Southside Bank 1.05% 01/11/2017 1,503,884 1,503,884 100.00 1,503,884 01/11/2018 195 1.05% Sub Total/Average 0.92% 6,197,933 6,197,933 100.00 6,197,933 49 0.92% Total/Average 1.17% $ 338,834,169 $ 339,060,567 100.05 $ 339,012,733 236 1.11% Page 15. Valley View Consulting,L.L.C.