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R-2018-5427 - 5/10/2018
RESOLUTION NO. R-2018-5427 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 March 31, 2018 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 10th day of May, 2018. CRAIGORGA ayor City of bound Ro , Texas ATTEST: W"- SARA L. WHITE, City Clerk 0112.1804;00395309 EXHIBIT ROUND ROCK TEXAS RNANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended March 31, 2018 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. C.hie financial r Otto A�� Y'I'ce Deputy Chief Financial (Vicer ........... Accounting Manager TreasaAccountant Valley View Consulting, LLC Dated Disclaimer:These reports were compiled using information provided by the Cit-v. No procedures were perfaryned 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. ftom 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 Pecs. Summary Holdings by Investment Category (Security Sector) March 31,2018 YTM @ Description Cost Book Value Market Value Cash 0.62% $ 6,030,153 $ 6,030,153 Certificates of Deposit 1.60% 217,954,528 217,954,528 Local Government Investment Pool 1.51% 31,725,939 31,725,939 Money Market Accounts 1.80% 49,293,399 49,293,399 Municipal 1.40% 15,009,682 14,938,272 US Agency 2.16% 24,653,225 24,608,940 Total/Average 1.64% 1 $ 344,666,926 $ 344,551,230 December 31,2017 YTM @ Description Cost Book Value Market Value Cash 0.54% $ 7,325,453 $ 7,325,453 Certificates of Deposit 1.43% 230,858,787 230,858,787 Local Government Investment Pool 1.18% 34,177,530 34,177,530 Money Market Accounts 1.61% 39,123,557 39,123,557 Municipal 1.31% 15,316,301 15,243,520 US Agency 1.79% 4,845,007 4,812,902 Total/Average 1.41% $ 331,646,635 $ 331,541,749 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 1.64% 1.52% TexPool Yield 1.52% 1.35% Rolling Three Mo.Treas. Yield 1.58% 1.40% Rolling Six Mo.Treas.Yield 1.58% 1.42% Rolling 1 Yr. Treas.Yield 1.47% 1.34% Rolling 2 Yr.Treas.Yield 1.28% 1.20% Investment Income(3) Interest Income(Approximate) $ 1,281,971 $ 2,338,320 WAM at 3/31/2018 Policy WAM Max Total Portfolio 282 days 540 days Pooled Funds 333 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 1. Valley View Consulting,L.L.C. Economic Overview 3/31/2018 The Federal Open Market Committee(FOMC)increased the Fed Funds target range 0.25%to 1.50%-1.75%(Effective Fed Funds are trading+/-1.68%). Two to three additional increases are projected for 2018(although subject to economic activity). Gradual portfolio reduction continues by limiting reinvestment of maturing holdings. Fourth Quarter 2017 GDP measured 2.9%(third/final estimate). February Non Farm Payroll data jumped+313k(well above the expected+205k). The Three Month Average increased to+242k. World events raised some uncertainty(Korea, Russia, Middle East). WTI Crude oil maintained+/-$65. The Stock Markets waffled 5%to 10%below recent highs. The post-FOMC meeting press release pointed to continuing and frequent rate increases. 3.00 - Treasu Yield Curves S&P 500 3,250 2.50 3,000 2,750 2.00 "W0900gM dW 4060 Mlr 2,500- Oren 2,250 1.50 �` 2,000 !� 1,750 dop 1.00 1,500 1,250 0.50 1,000 750 500 0.00 250 �° <5� 9_ 0 9. March 31,2017 December 31,2017 -March 31,2018 44 �a� �e� �a�" 44 4a le< 41 a� req 411 1 a0 wed 5.50 US Treasury Historical Yields-Since 2006 US TreasuryHistorical Yields-Since Nov 2015 5.00 ® 3.50 4.50 3.00 4.00 3.50 At � 2.50 3.00 � � 2.00 2.50 rr 2.00 1.50 t 1.50 1.00 *"''`�A%r 1.00 r" '".. VW 0.50 w.� 0.50 0.00 0.00 CoeQ" Se 5eQ" 5eQ" gel c�eQ SeQ" clev C. c�eQ" SeQ � fan �a�" 5eQ �o`�" �a�` fat" �a`�" Jv SeQr �o`'" �a� fat r TwoYearT-Note �� TiWYearT-Note ®s• Valley View Consulting,L.L.C. Page 2. Holdings by Investment Category March 31,2018 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 $ 6,024,141 2% $ 6,012 0% $ — 0% $ — 0% $ 6,030,153 2% Certificates of Deposit 202,828,694 59% — 0% — 0% 15,125,833 4% 217,954,528 63% Investment Pools 14,536,480 4% 10,112,478 3% 8,365 0% 7,068,615 2% 31,725,939 9% Money Market Accounts 16,107,876 5% 11,938,866 3% 812,973 0% 20,433,684 6% 49,293,399 14% Municipal 15,009,682 4% — 0% — 0% — 0% 15,009,682 4% US Agency 24,653,225 7% — 0% — 0% — 0% 24,653,225 7% Total/Average $279,160,099 81% $ 22,057,356 6% $ 821,338 0% $ 42,628,133 12% $344,666,926 100% Portfolio Balances (Millions) $350 Order of Liquidity $300 o Cash $250 ....................................................... ....... ........... ❑Local Government Investment Pool $200 - — __.__.__ _.._._._.___ oMoney Market Account $150 ...................................................................................................................... ❑US Agency $100 ____-_____. ❑Municipal $50 Li Certificates of Deposit Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 3/31/2018 3/31/2018 3/31/2018 3/31/2018 3/31/2018 Page 3. Valley View Consulting,L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category March 31,2018 March 31,2018 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Depositi(Withdrawal) Cash $ 6,030,153 2% 100% Cash $ — $ — $ — $ — $ — $ (1,295,300) Certificates of Deposit 217,954,528 63% 75% Certificates of Deposit 27,689,828 — 40,594,087 — 802,300 — Commercial Paper — 0% 10%/5%— Commercial Paper — — _ — _ Investment Pools 31,725,939 9% 100% Investment Pools — — — — 142,897 (2,451,592) Money Market Accounts 49,293,399 14% 50% Money Markets Accounts — — — — 169,842 10,169,842 Municipal 15,009,682 4% 35%/5% Municipal 1,317,429 — 1,540,000 — 100,974 — US Agency 24,653,225 7% Combined US Agency 19,791,177 — — — — — US Treasury — 0% 75% US Treasury — — — — _ — Total/Average $ 344,666,926 100% PASSED Totals $ 48,798,434 $ — $ 42,134,087 $ — $ 1,216,014 $ 6,422,951 Portfolio Balances(Millions) Order of Liquidity Portfolio Composition $400 March 31,2018 Certificates of $350o Cash Deposit ........................................ 63% $300 - — 0 Local Government Investment Pool $250 o Money Market Account 2/oh $200 ®US Treasury $150 US Agency "jay o 0 US Agency 7/o $100 x ❑Municipal $50 Municipal 5% o Certificates of Deposit 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 Investment Money Market Pools Accounts 9% 14% Page 4. Valley View Consulting,L.L.C. Portfolio Balances By Fund (Millions) $400 $350 x $300 ■Capital Project&Special Purpose Funds $250 o Debt Service Reserve Funds $200 $150 o Debt Service Funds $100 ®Pooled Funds $50 $0 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 Page 5. Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 1.70 1.60 1.50 1.40 1.30 1.20 1.10 as 1.00 a� .� 0.90 0.80 a 0.70 0.60 "' 0.50 '�.` ' 101000%ftwoolroo WO 000040 0.40 0000 mom dow OW& cow 0.30 0.20 0.10toe MMMW 0.00 7-1 � �' � � � �o �O ��° o �p �`° ��O �O �o ��O �`o .1O N1 NA �1 �1 �1 �1 � � � � 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O\�' '�\�' O\�' '�\�' '�\�'o�\�' �\�' p\�' ►�\�' p\�' �\`�' ►�\`�' p\�' �\`1' p\`l' ►�\�' �\�cb\`�' r�\`1' p\`�' ►�\`�' p\�' ►�\`�' ►�\`�'p\`1' �\`l' p\�' �\`1' r�\`L�\`L �\`L toomoms, Round Rock TexPool Rolling 1.5 yr Treasury (Policy WAM max) Rolling 9 mo Treasury (Comparable WAM) Page 6. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) March 31, 2018 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 1.81% 11/29/2016 $ 16,067,171 $ 16,067,171 100.00 $ 16,067,171 N/A 1 1.81% Green Bank 1.43% 06/09/2016 40,704 40,704 100.00 40,704 N/A 1 1.43% JPMor an Chase 0.62% 09/30/2015 6,024,141 6,024,141 100.00 6,024,141 N/A 1 0.62% TexSTAR 1.50% AAAm 09/30/2015 192,397 192,397 100.00 192,397 N/A 1 1.50% TexPool 1.52% AAAm 09/30/2015 2,193,059 2,193,059 100.00 2,193,059 N/A 1 1.52% TexasDAILY 1.50% AAAm 09/30/2015 12,151,025 12,151,025 100.00 12,151,025 N/A 1 1.50% Le ac Texas Bank 1.00% 07/06/2016 4,575,555 4,575,555 100.00 4,575,555 04/06/2018 6 1.00% Union State Bank 1.25% 05/11/2017 2,000,000 2,000,000 100.00 2,000,000 05/10/2018 40 1.25% R Bank 1.50°% 05/13/2016 7,700,190 7,700,190 100.00 7,700,190 05/14/2018 44 1.50% Texas A&M University System 1.54% Aaa/AAA/AAA 10/28/2015 3,570,000 3,572,365 99.96 3,568,465 05/15/2018 45 0.99% Le ac Texas Bank 1.10% 06/03/2016 5,097,022 5,097,022 100.00 5,097,022 06/04/2018 651 1.10% Le ac Texas Bank 1.10% 06/20/2016 5,097,022 5,097,022 100.00 5,097,022 06/20/2018 81 1.10% Le ac Texas Bank 1.05% 07/06/2016 4,579,364 4,579,364 100.00 4,579,364 07/06/2018 97 1.05% Union State Bank 1.45% 08/10/2017 5,000,000 5,000,000 100.00 5,000,000 08/09/2018 131 1.45% Le ac Texas Bank 1.02% 08/29/2016 10,162,481 10,162,481 100.00 10,162,481 08/29/2018 151 1.02% Green Bank 1.02% 09/13/2016 5,076,777 5,076,777 100.00 5,076,777 09/13/2018 166 1.02% R Bank 1.65% 10/02/2017 2,008,335 2,008,335 100.00 2,008,335 10/02/2018 1851 1.65% Southside Bank 1.32% 04/06/2017 6,059,869 6,059,869 100.00 6,059,869 10/05/2018 188 1.32% Wallis State Bank 1.28% 01/27/2017 4,557,877 4,557,877 100.00 4,557,877 10/29/2018 212 1.28% DFW Air ort-Txable Ref 3.12% Al/A+/AA- 03/24/2017 5,000,000 5,046,791 100.46 5,023,100 11/01/2018 215 1.50% Wallis State Bank 1.30% 02/16/2017 5,065,318 5,065,318 100.00 5,065,318 11/15/2018 229 1.30% Southside Bank 1.15% 12/06/2016 5,072,090 5,072,090 100.00 5,072,090 12/06/2018 250 1.15% Lubbock National Bank 1.45% 01/11/2017 10,169,762 10,169,762 100.00 10,169,762 01/11/2019 2861 1.45% Galveston Texas 6.21% 01/08/2018 1,230,000 1,272,731 103.17 1,268,979 02/01/2019 307 2.00% Tomball TX CO's 5.00% Aa3/AA+/- 12/20/2016 775,000 799,043 102.92 797,646 02/15/2019 321 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,644,203 9,644,203 100.00 9,644,203 1 02/19/2019 325 1.40% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/2016 2,250,000 2,258,743 99.46 2,237,873 03/01/2019 335 1.37% Lubbock National Bank 1.45% 03/01/2017 5,587,154 5,587,154 100.00 5,587,154 03/01/2019 335 1.45% R Bank 1.74% 10/02/2017 2,008,791 2,008,791 100.00 2,008,791 04/02/2019 367 1.74% Lubbock National Bank 1.50% 04/05/2017 6,082,872 6,082,872 100.00 6,082,872 04/05/2019 370 1.50% Independent Bank 1.65% 05/01/2017 5,062,643 5,062,643 100.00 5,062,643 05/01/2019 396 1.65% Texas A&M Univ 1.94% Aaa/AAA/AAA 05/01/2017 2,050,000 2,060,009 99.62 2,042,210 05/15/2019 410 1.50% Le ac Texas Bank 2.05% 12/22/2017 4,046,384 4,046,384 100.00 4,046,384 06/21/2019 447 2.05% Le ac Texas Bank 1.70% 06/23/2017 5,063,936 5,063,936 100.00 5,063,936 06/24/2019 4501 1.70% FHLMC 0.88% Aaa/AA+/AAA 02/28/2018 10,000,000 9,832,295 98.29 9,829,332 07/19/2019 475 2.19% Le ac Texas Bank 1.70% 08/10/2017 8,079,327 8,079,327 100.00 8,079,327 08/09/2019 496 1.70% R Bank 1.80% 08/10/2017 2,018,230 2,018,230 100.00 2,018,230 08/10/2019 497 1.80% Le ac Texas Bank 1.70% 08/28/2017 5,049,579 5,049,579 100.00 5,049,579 08/28/2019 515 1.70% Le ac Texas Bank 2.10% 12/21/2017 4,020,748 4,020,748 100.00 4,020,748 09/20/2019 538 2.10% JPMor anchase 1.64% 10/02/2017 14,000,000 14,000,000 100.00 14,000,000 10/02/2019 550 1.64% Lubbock National Bank 1.65% 10/02/2017 10,068,447 10,068,447 100.00 10,068,447 10/02/2019 550 1.65% R Bank 1.83% 10/02/2017 2,009,246 2,009,246 100.00 2,009,246 10/02/2019 550 1.83% FNMA 0.00% -/AA-/AA- 10/11/2017 5,000,000 4,866,567 96.33 4,816,635 10/09/2019 557 1.79% JPMor anChase 1.98% 11/09/2017 5,000,000 5,000,000 100.00 5,000,000 11/09/2019 588 1.98% Union State Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 614 0.99% Le ac Texas Bank 2.20% 12/21/2017 10,054,345 10,054,345 100.00 10,054,345 12/20/2019 629 2.20% Le ac Texas Bank 2.20% 01/08/2018 7,526,695 7,526,695 100.00 7,526,695 01/08/2020 648 2.20% East West Bank 2.21% 01/26/2018 10,039,432 10,039,432 100.00 10,039,432 01/26/2020 666 2.21% FFCB 2.07% Aaa/AA+/AAA 02/28/2018 10,000,000 9,954,363 99.63 9,962,973 02/14/2020 685 2.32% JPMor anChase 2.56% 1 03/21/2018 5,000,000 5,000,000 100.00 5,000,000 03/21/2020 721 2.56% Sub Total/Average 1.60% 279,372,192 279,160,099 99.88 279,044,403 1 3331 1.62% Page 7. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) March 31, 2018 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 1.50% AAAm 04/30/2016 3,529,259 3,529,259 100.00 3,529,259 N/A 1 1.50% NexBank 1.81% 02/27/2017 11,938,866 11,938,866 100.00 11,938,866 N/A 1 1.81% TexPool 1.52% AAAm 09/30/2015 46,844 46,844 100.00 46,844 N/A 1 1.52% Sub Total/Average 1.74% 15,514,970 15,514,970 100.00 15,514,970 1 1.74% Fund 210-Interest&Sinking Debt Service JPMor an Chase 1 0.62% 09/30/2015 1 6,012 6,012 1 100.00 6,012 1 N/A 1 0.62% Sub Total/Average 0.62% 1 6,012 1 6,012 1 100.00 6,012 1 1 0.62% Fund 460-Bond Fund TexPool 1.52% AAAm 09/30/2015 1,492,070 1,492,070 1 100.00 1,492,070 N/A 1 1.52% NexBank 1.81% 11/29/2016 17,399,672 17,399,672 100.00 17,399,672 N/A 1 1.81% Sub Total/Average 1.79% 18,891,742 18,891,742 100.00 1 18,891,742 1 1.79% Fund 461-CO Bond Fund TexPool 1.52% AAAm 10/31/2015 768,043 768,043 100.00 1 768,043 N/A 1 1.52% Sub Total/Average 1.52% 768,043 768,043 100.00 768,043 11 1.52% Fund 462-2017 Bond Fund TexPool 1.52% AAAm 05/30/2017 3,511,718 3,511,718 100.00 3,511,718 N/A 1 1.52% Le ac Texas Bank 1.50% 06/23/2017 3,539,463 3,539,463 100.00 3,539,463 06/22/2018 83 1.50% Le ac Texas Bank 1.55% 06/23/2017 3,034,959 3,034,959 100.00 3,034,959 09/24/2018 177 1.55% Le ac Texas Bank 1.60% 06/23/2017 2,024,062 2,024,062 100.00 2,024,062 12/24/2018 268 1.60% Le ac Texas Bank 1.65% 06/23/2017 1,012,409 1,012,409 100.00 1,012,409 03/22/2019 356 1.65% Le ac Texas Bank 1.70% 06/23/2017 1,012,787 1,012,787 100.00 1,012,787 06/24/2019 1 450 1.70% East West Bank 2.38% 03/21/2018 3,002,152 31002,152 100.00 3,002,152 09/21/2019 5391 2.38% Sub Total/Average 1.70% 1 17,137,552 1 17,137,552 100.00 17,137,552 2221 1.70% Fund 591-Reserves Fund Green Bank 1.43% -06-/0-9/-20-1-6T 812,973 812,973 100.00 812,973 N/A 1 1.43% TexPool 1.52°o I AAAm 09/30/2015 8,365 8,365 100.00 8,365 N/A 1 1.52% Sub Total/Average 1.43% 1 821,338 821,338 100.00 821,338 1 1.43% Fund 602-Interest&Sinking Revenue Bonds TexPool 1.52% AAAm 09/30/2015 6,536,374 6,536,374 100.00 1 6,536,374 N/A 1 1.52% Sub Total/Average 1.52% 6,536,374 6,536,374 100.00 1 6,536,374 11 1.52% Fund 863-Drainage Utility Revenue Bond TexPool 1.52% AAAm 10/31/2015 1,296,785 1,296,785 100.00 1,296,785 N/A 1 1.52% NexBank 1.81% 07/30/2017 3,034,012 3,034,012 100.00 3,034,012 N/A 1 1.81% Southside Bank 1.88% 01/08/2018 1,500,000 1,500,000 100.00 1,500,000 01/08/2019 283 1.88°0 Sub Total/Average 1.76% 5,830,797 5,830,797 100.00 5,830,797 74 1.76% Total/Average 1,62% $ 344,879,019 344,666,926 99.90 $ 344,551,230 282 1.64% Page 8. Valley View Consulting,L.L.C. Book Value Comparison March 31, 2018 Coupon Settlement Maturity Date Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Issuer Rate Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 N/A $ 7,319,441 $ 886,869 $ 2,182,169 $ 6,024,141 $ 1,295,300 TexPool N/A 09/30/2015 N/A 19,528,247 40,181 17,375,369 2,193,059 17,335,188 TexSTAR N/A 09/30/2015 N/A 191,743 654 — 192,397 654 TexasDAILY N/A 09/30/2015 N/A 50,290 12,100,734 — 12,151,025 12,100,734 NexBank N/A 11/29/2016 N/A 16,002,273 64,898 — 16,067,171 64,898 Green Bank N/A 06/09/2016 N/A 40,612 92 — 40,704 92 Southside Bank 1.12% 01/06/2016 01/08/2018 7,648,299 — 7,648,299 — 7,648,299 Southside Bank 1.00% 01/25/2016 01/25/2018 5,088,194 — 5,088,194 — 5,088,194 Arlington TX ISD 0.00% 07/26/2016 02/15/2018 499,363 — 500,000 — 499,363 Lubbock TX 4.44% 02/14/2017 02/15/2018 1,044,384 — 1,040,000 — 1,044,384 Union State Bank 1.20% 02/23/2017 02/22/2018 5,000,000 — 5,000,000 — 5,000,000 Independent Bank 1.00% 02/25/2016 02/25/2018 13,229,000 — 13,229,000 — 13,229,000 Le ac Texas Bank 1.05% 06/20/2016 03/20/2018 5,079,411 9,063 5,088,475 — 5,079,411 Le ac Texas Bank 1.00% 07/06/2016 04/06/2018 4,564,291 11,264 — 4,575,555 11,264 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 7,671,132 29,057 — 7,700,190 29,057 Texas A&M University System 1.54% 10/28/2015 05/15/2018 3,577,095 — — 3,572,365 4,730 Le ac Texas Bank 1.10% 06/03/2016 06/04/2018 5,083,222 13,800 — 5,097,022 13,800 Le ac Texas Bank 1.10% 06/20/2016 06/20/2018 5,083,222 13,800 — 5,097,022 13,800 Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,567,528 11,836 — 4,579,364 11,836 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 10,136,965 25,517 — 10,162,481 25,517 Green Bank 1.02% 09/13/2016 09/13/2018 5,064,041 12,736 — 5,076,777 12,736 R Bank 1.65% 10/02/2017 10/02/2018 2,000,000 8,335 — 2,008,335 8,335 Southside Bank 1.32% 04/06/2017 10/05/2018 6,039,774 20,095 — 6,059,869 20,095 Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,543,219 14,658 — 4,557,877 14,658 DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,066,378 — — 5,046,791 19,587 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,048,774 16,543 — 5,065,318 16,543 Southside Bank 1.15% 12/06/2016 12/06/2018 5,057,748 14,342 — 5,072,090 14,342 Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,133,488 36,274 — 10,169,762 36,274 Galveston Texas 6.21% 01/08/2018 02/01/2019 — 1,317,429 — 1,272,731 1,272,731 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 805,784 — — 799,043 6,741 Le ac Texas Bank 1.40°!% 02/17/2017 02/19/2019 9,610,987 33,216 — 9,644,203 33,216 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,261,091 — — 2,258,743 2,349 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,567,226 19,928 — 5,587,154 19,928 R Bank 1.74% 10/02/2017 04/02/2019 2,000,000 8,791 — 2,008,791 8,791 Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,060,429 22,443 — 6,082,872 22,443 Independent Bank 1.65% 05/01/2017 05/01/2019 5,041,676 20,968 — 5,062,643 20,968 Texas A&M Univ 1.94% 05/01/2017 05/15/2019 2,062,206 — — 2,060,009 2,197 Le ac Texas Bank 2.05% 12/22/2017 06/21/2019 4,025,999 20,385 — 4,046,384 20,385 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,042,768 21,168 — 5,063,936 21,168 FHLMC 0.88% 02/28/2018 07/19/2019 — 9,830,829 — 9,832,295 9,832,295 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,045,554 33,772 — 8,079,327 33,772 R Bank 1.80% 08/10/2017 08/10/2019 2,009,094 9,136 — 2,018,230 9,136 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,028,472 21,108 — 5,049,579 21,108 Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,000,000 20,748 — 4,020,748 20,748 JPMor anChase 1.64% 10/02/2017 10/02/2019 14,000,000 — — 14,000,000 — Lubbock National Bank 1.65% 10/02/2017 10/02/2019 10,027,594 40,852 — 10,068,447 40,852 R Bank 1.83% 10/02/2017 10/02/2019 2,000,000 9,246 — 2,009,246 9,246 FNMA 0.00% 10/11/2017 10/09/2019 4,845,007 — — 4,866,567 21,560 JPMor anChase 1.98% 11/09/2017 11/09/2019 5,000,000 — — 5,000,000 — Union State Bank 0.99% 12/05/2016 12/05/2019 245,000 — — 245,000 — Le ac Texas Bank 2.20% 12/21/2017 12/20/2019 10,000,000 54,345 — 10,054,345 54,345 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 — 7,526,695 — 7,526,695 7,526,695 Fast West Bank 2.21% 1 01/26/2018 01/26/2020 — 10,039,432 — 10,039,432 10,039,432 FFCB 2.07% 1 02/28/2018 02/14/2020 — 9,960,348 — 9,954,363 9,954,363 Page 9. Valley View Consulting,L.L.C. Book Value Comparison March 31, 2018 Coupon Settlement Maturity Date Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Issuer Rate Date Value Increases Decreases Value Value JPMor anChase 2.5690 03/21/2018 03/21/2020 - 5,000,000 - 5,000,000 5,000,000 Sub Total/Average Fund 000-Pooled Investments 279,037,026 57,341,587 57,151,506 279,160,099 123,073 Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 49,682 162 3,000 46,844 2,838 TexasDAILY N/A 04/30/2016 N/A 1,775,398 10,077,168 8,323,307 3,529,259 1,753,861 NexBank N/A 02/27/2017 N/A 1,918,385 10,020,481 - 11,938,866 10,020,481 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 3,743,466 20,097,811 8,326,307 15,514,970 11,771,504 Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 6,012 - - 6,012 - Sub Total/Average Fund 210-Interest&Sinking Debt Service 6,012 - - 6,012 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 1,707,221 6,198 1 221,350 1,492,070 215,152 NexBank N/A 11/29/2016 N/A 1 17,329,392 1 70,280 1 - 1 17,399,672 70,280 Sub Total/Average Fund 460-Bond Fund 19,036,613 76,478 1 221,350 1 18,891,742 144,872 Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 1,052,009 3,524 1 287,490 768,043 283,966 Sub Total/Average Fund 461-CO Bond Fund 1,052,009 3,5241 287,490 1 768,043 283,966 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 2,153,643 3,295,354 1,937,279 3,511,718 1,358,075 Le ac Texas Bank 1.40% 06/23/2017 03/23/2018 3,021,119 7,189 3,028,308 - 3,021,119 Le ac Texas Bank 1.50% 06/23/2017 06/22/2018 3,526,405 13,059 - 3,539,463 13,059 Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,023,389 11,570 - 3,034,959 11,570 Le ac Texas Bank 1.60% 06/23/2017 12/24/2018 2,016,098 7,964 - 2,024,062 7,964 Le ac Texas Bank 1.65% 1 06/23/2017 1 03/22/2019 1,008,301 4,108 - 1,012,409 4,108 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 1,008,554 4,234 - 1,012,787 4,234 East West Bank 2.38% 03/21/2018 09/21/2019 - 3,002,152 - 3,002,152 3,002,152 Sub Total/Average Fund 462-2017 Bond Fund 15,757,509 6,345,630 4,965,587 17,137,552 1,380,043 Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,337 28 - 8,365 28 Green Bank N/A 06/09/2016 N/A 811,136 1,837 - 812,973 1,837 Sub Total/Average Fund 591-Reserves Fund 819,473 1,865 - 821,338 1 1,865 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 6,346,199 1,463,552 1,273,377 6,536,374 190,176 Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 6,346,199 1,463,552 1,273,377 6,536,374 1 190,176 Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 1,314,761 5,216 23,192 1,296,785 17,976 NexBank N/A 07/30/2017 N/A 3,021,757 12,255 - 3,034,012 12,255 Southside Bank 1.05% 01/11/2017 01/11/2018 1,511,811 - 1,511,811 - Southside Bank 1.88% 01/08/2018 01/08/2019 - 1,500,000 - 1,500,000 1,500,000 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 5,848,329 1,517,471 1,535,003 5,830,797 17,532 Total/Average $ 331,646,635 $ 86,847,917 $ 73,760,619 $ 344,666,926 $ 13,020,290 Page 10. Valley View Consulting,L.L.C. Market Value Comparison March 31, 2018 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 $ 7,319,441 $ 886,869 $ 2,182,169 $ 6,024,141 $ — TexPool N/A 09/30/2015 N/A 19,528,247 40,181 17,375,369 2,193,059 — TexSTAR N/A 09/30/2015 N/A 191,743 654 — 192,397 — TexasDAILY N/A 09/30/2015 N/A 50,290 12,100,734 — 12,151,025 — NexBank N/A 11/29/2016 N/A 16,002,273 64,898 — 16,067,171 — Green Bank N/A 06/09/2016 N/A 40,612 92 — 40,704 — Southside Bank 1.12% 01/06/2016 01/08/2018 7,648,299 — 7,648,299 — — Southside Bank 1.00% 01/25/2016 01/25/2018 5,088,194 — 5,088,194 — — Arlin ton TX ISD 0.00% 07/26/2016 02/15/2018 499,015 — 500,000 — 985 Lubbock TX 4.44% 02/14/2017 02/15/2018 1,043,411 — 1,040,000 — 3,411 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 13,229,000 — 13,229,000 — — Le ac Texas Bank 1.05% 06/20/2016 03/20/2018 5,079,411 9,063 5,088,475 — — Le ac Texas Bank 1.00% 07/06/2016 04/06/2018 4,564,291 11,264 — 41575,555 — 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 7,671,132 29,057 — 7,700,190 — Texas A&M University System 1.54% 10/28/2015 05/15/2018 3,565,466 — — 3,568,465 2,999 Le ac Texas Bank 1.10% 06/03/2016 06/04/2018 5,083,222 13,800 — 5,097,022 — Le ac Texas Bank 1.10% 06/20/2016 06/20/2018 5,083,222 13,800 — 5,097,022 — Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,567,528 11,836 — 4,579,364 — 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 10,136,965 25,517 — 10,162,481 — Green Bank 1.02% 09/13/2016 09/13/2018 5,064,041 12,736 — 5,076,777 — R Bank 1.65% 10/02/2017 10/02/2018 2,000,000 8,335 — 2,008,335 — Southside Bank 1.32% 04/06/2017 10/05/2018 6,039,774 20,095 — 6,059,869 — Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,543,219 14,658 — 4,557,877 — DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,044,300 — — 5,023,100 21,200 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,048,774 16,543 — 5,065,318 — Southside Bank 1.15% 12/06/2016 12/06/2018 5,057,748 14,342 — 5,072,090 — Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,133,488 36,274 — 10,169,762 — Galveston Texas 6.21% 01/08/2018 02/01/2019 — 1,317,429 — 1,268,979 15,166 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 804,094 — — 797,646 6,448 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,610,987 33,216 — 9,644,203 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,241,990 — — 2,237,873 4,118 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,567,226 19,928 — 5,587,154 — R Bank 1.74% 10/02/2017 04/02/2019 2,000,000 8,791 — 2,008,791 — Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,060,429 22,443 — 6,082,872 — Independent Bank 1.65% 05/01/2017 05/01/2019 5,041,676 20,968 — 5,062,643 — Texas A&M Univ 1.94% 05/01/2017 05/15/2019 2,045,244 — — 2,042,210 3,034 Le ac Texas Bank 2.05% 12/22/2017 06/21/2019 4,025,999 20,385 — 4,046,384 — Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,042,768 21,168 — 5,063,936 — FHLMC 0.88% 02/28/2018 07/19/2019 — 9,830,829 — 9,829,332 7,982 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,045,554 33,772 — 8,079,327 — R Bank 1.80% 08/10/2017 08/10/2019 2,009,094 9,136 — 2,018,230 — Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,028,472 21,108 — 5,049,579 — Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,000,000 20,748 — 4,020,748 — JPMor anChase 1.64% 10/02/2017 10/02/2019 14,000,000 — — 14,000,000 — Lubbock National Bank 1.65% 10/02/2017 10/02/2019 10,027,594 40,852 — 10,068,447 — R Bank 1.83% 10/02/2017 10/02/2019 2,000,000 9,246 — 2,009,246 — FNMA 0.00% 10/11/2017 10/09/2019 4,812,902 — — 4,816,635 3,733 JPMor anChase 1.98% 11/09/2017 11/09/2019 5,000,000 — — 5,000,000 — Union State Bank 0.99% 12/05/2016 12/05/2019 245,000 — — 245,000 — Le ac Texas Bank 2.20% 12/21/2017 12/20/2019 10,000,000 54,345 — 10,054,345 — Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 — 7,526,695 — 7,526,695 — East West Bank 2.21% 01/26/2018 01/26/2020 — 10,039,432 — 10,039,432 — FFCB 1 2.07% 1 02/28/2018 1 02/14/2020 1 9,960,348 — 9,962,973 1 10,675 Page 11. Valley View Consulting,L.L.C. Market Value Comparison March 31, 2018 Issuer Coupon Settlement Maturity Date Beginning Market Total Buys/ Total Sells/ Ending Market Change in Market Rate Date Value Increases Decreases Value Value JPMor anChase 2.56% 03/21/2018 03/21/2020 - 5,000,000 - 5,000,000 - Sub Total/Average Fund 000-Pooled Investments 278,932,139 57,341,587 57,151,506 279,044,403 27,003 Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 49,682 162 3,000 46,844 - TexasDAILY N/A 04/30/2016 N/A 1,775,398 10,077,168 8,323,307 3,529,259 - NexBank N/A 02/27/2017 N/A 1,918,385 10,020,481 - 11,938,866 - Sub Total/Average Fund 170-Interest&Sinking GO Bonds 3,743,466 20,097,811 8,326,307 15,514,970 - Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 6,012 - - 6,012 - Sub Total/Average Fund 210-Interest&Sinking Debt Service 6,012 - - 6,012 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 1,707,221 6,198 221,350 1,492,070 - NexBank N/A 11/29/2016 N/A 17,329,392 70,280 - 17,399,672 - Sub Total/Average Fund 460-Bond Fund 119,036,613 76,478 221,350 18,891,742 - Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 1,052,009 3,524 287,490 768,043 - Sub Total/Average Fund 461-CO Bond Fund 1,052,009 3,524 287,490 768,043 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 2,153,643 3,295,354 1,937,279 3,511,718 - Le ac Texas Bank 1.40% 06/23/2017 03/23/2018 3,021,119 7,189 3,028,308 - - Le ac Texas Bank 1.50% 06/23/2017 06/22/2018 3,526,405 13,059 - 3,539,463 - Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,023,389 11,570 - 3,034,959 - Le ac Texas Bank 1.60% 06/23/2017 12/24/2018 2,016,098 7,964 - 2,024,062 - Le ac Texas Bank 1.65% 06/23/2017 03/22/2019 1,008,301 4,108 - 1,012,409 - Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 1,008,554 4,234 - 1,012,787 - East West Bank 2.38% 03/21/2018 09/21/2019 - 3,002,152 - 3,002,152 - Sub Total/Average Fund 462-2017 Bond Fund 15,757,509 6,345,630 4,965,587 17,137,552 - Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,337 28 1 - 8,365 - Green Bank N/A 06/09/2016 N/A 811,136 1,837 - 812,973 - Sub Total/Average Fund 591-Reserves Fund 819,473 1,865 - 821,338 - Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 6,346,199 1,463,552 1,273,377 6,536,374 - Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 6,346,199 1,463,552 1,273,377 6,536,374 1 - Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 1,314,761 5,216 23,192 1,296,785 - NexBank N/A 07/30/2017 N/A 3,021,757 12,255 - 3,034,012 - Southside Bank 1.05% 01/11/2017 01/11/2018 1,511,811 - 1,511,811 - - Southside Bank 1.88% 01/08/2018 01/08/2019 - 1,500,000 - 1,500,000 - Sub Total/Average Fund 863-Drainage Utility Revenue Bond 5,848,329 1,517,471 1,535,003 5,830,797 - Total/Average 1 1$ 331,541,749 $ 86,847,917 $ 73,760,619 $ 344,551,230 $ 27,003 Page 12. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio Fund) December 31, 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 1.62% 11/29/2016 $ 16,002,273 $ 16,002,273 100.00 $ 16,002,273 N/A 1 1.62% Green Bank 1.32°0 06/09/2016 40,612 40,612 100.00 40,612 N/A 1 1.32% JPMor an Chase 0.54% 09/30/2015 7,319,441 7,319,441 100.00 7,319,441 N/A 1 0.54% TexSTAR 1.18% AAAm 09/30/2015 191,743 191,743 100.00 191,743 N/A 1 1.18% TexPool 1.18% AAAm 09/30/2015 19,528,247 19,528,247 100.00 19,528,247 N/A 1 1.18% TexasDAILY 1.21% AAAm 09/30/2015 50,290 50,290 100.00 50,290 N/A 1 1.21% Southside Bank 1.12% 01/06/2016 7,648,299 7,648,299 100.00 7,648,299 01/08/2018 8 1.12% Southside Bank 1.00% 01/25/2016 5,088,194 5,088,194 100.00 5,088,194 01/25/2018 25 1.00% Arlington TX ISD 0.00% Aaa/AAA/- 07/26/2016 500,000 499,363 99.80 499,015 02/15/2018 46 1.02% Lubbock TX 4.44% Aa2/AA+/AA+ 02/14/2017 1,040,000 1,044,384 100.33 1,043,411 02/15/2018 46 1.07% Union State Bank 1.20% 02/23/2017 5,000,000 5,000,000 100.00 5,000,000 02/22/2018 53 1.20% Independent Bank 1.00% 02/25/2016 13,229,000 13,229,000 100.00 13,229,000 02/25/2018 56 1.00% Le ac Texas Bank 1.05% 06/20/2016 5,079,411 5,079,411 100.00 5,079,411 03/20/2018 79 1.05% Le ac Texas Bank 1.00% 07/06/2016 4,564,291 4,564,291 100.00 4,564,291 04/06/2018 96 1.00% Union State Bank 1.25% 05/11/2017 2,000,000 2,000,000 100.00 2,000,000 05/10/2018 130 1.25% R Bank 1.50% 05/13/2016 7,671,132 7,671,132 100.00 7,671,132 05/14/2018 134 1.50% Texas A&M University System 1.54% Aaa/AAA/AAA 10/28/2015 3,570,000 3,577,095 99.87 3,565,466 05/15/2018 135 0.99% Le ac Texas Bank 1.10% 06/03/2016 5,083,222 5,083,222 100.00 5,083,222 06/04/2018 155 1.10% Le ac Texas Bank 1.10% 06/20/2016 5,083,222 5,083,222 100.00 5,083,222 06/20/2018 171 1.10% Le ac Texas Bank 1.05% 07/06/2016 4,567,528 4,567,528 100.00 4,567,528 07/06/2018 187 1.05% Union State Bank 1.45% 08/10/2017 5,000,000 5,000,000 100.00 5,000,000 08/09/2018 221 1.45% Le ac Texas Bank 1.02% 08/29/2016 10,136,965 10,136,965 100.00 10,136,965 08/29/2018 2411 1.02% Green Bank 1.02% 09/13/2016 5,064,041 5,064,041 100.00 5,064,041 09/13/2018 256 1.02% R Bank 1.65% 10/02/2017 2,000,000 2,000,000 100.00 2,000,000 10/02/2018 275 1.65% Southside Bank 1.32% 04/06/2017 6,039,774 6,039,774 100.00 6,039,774 10/05/2018 278 1.32% Wallis State Bank 1.28% 01/27/2017 4,543,219 4,543,219 100.00 4,543,219 10/29/2018 302 1.28% DFW Air ort-Txable Ref 3.12% Al/A+/A 03/24/2017 5,000,000 5,066,378 100.89 5,044,300 11/01/2018 305 1.50% Wallis State Bank 1.30% 02/16/2017 5,048,774 5,048,774 100.00 5,048,774 11/15/2018 319 1.30% Southside Bank 1.15% 1 12/06/2016 5,057,748 5,057,748 100.00 5,057,748 12/06/2018 340 1.15% Lubbock National Bank 1.45% 01/11/2017 10,133,488 10,133,488 100.00 10,133,488 1 01/11/2019 376 1.45% Tomball TX CO's 5.00% Aa3/AA+/- 12/20/2016 775,000 805,784 103.75 804,094 02/15/2019 411 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,610,987 9,610,987 100.00 9,610,987 02/19/2019 415 1.40% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/2016 2,250,000 2,261,091 99.64 2,241,990 03/01/2019 4251 1.37% Lubbock National Bank 1.45% 03/01/2017 5,567,226 5,567,226 100.00 5,567,226 03/01/2019 4251 1.45% R Bank 1.74% 10/02/2017 2,000,000 2,000,000 100.00 2,000,000 04/02/2019 457 1.74% Lubbock National Bank 1.50% 04/05/2017 6,060,429 6,060,429 100.00 6,060,429 04/05/2019 460 1.50% Independent Bank 1.65% 05/01/2017 5,041,676 5,041,676 100.00 5,041,676 05/01/2019 486 1.65% Texas A&M Univ 1.94% Aaa/AAA/AAA 05/01/2017 2,050,000 2,062,206 99.77 2,045,244 05/15/2019 500 1.50% Le ac Texas Bank 2.05% 12/22/2017 4,025,999 4,025,999 100.00 4,025,999 06/21/2019 537 2.05% Le ac Texas Bank 1.70% 06/23/2017 5,042,768 5,042,768 100.00 5,042,768 06/24/2019 5401 1.70% Le ac Texas Bank 1.70% 08/10/2017 8,045,554 8,045,554 100.00 8,045,554 08/09/2019 5861 1.70% R Bank 1.80% 08/10/2017 2,009,094 2,009,094 100.00 2,009,094 08/10/2019 587 1.80% Le ac Texas Bank 1.70% 08/28/2017 5,028,472 5,028,472 100.00 5,028,472 08/28/2019 605 1.70% Le ac Texas Bank 2.10% 12/21/2017 4,000,000 4,000,000 100.00 4,000,000 09/20/2019 628 2.10% JPMor anChase 1.64% 10/02/2017 14,000,000 14,000,000 100.00 14,000,000 10/02/2019 640 1.64% Lubbock National Bank 1.65% 10/02/2017 10,027,594 10,027,594 100.00 10,027,594 10/02/2019 640 1.65% R Bank 1.83% 10/02/2017 2,000,000 2,000,000 100.00 2,000,000 10/02/2019 6401 1.83% FNMA 0.00% -/AA-/AA- 10/11/2017 5,000,000 4,845,007 96.26 4,812,902 10/09/2019 647 1.79% JPMor anChase 1.98% 11/09/2017 5,000,000 5,000,000 100.00 5,000,000 11/09/2019 678 1.98% Union State Bank 0.99% 12/05/2016 245,000 1 245,000 100.00 1 245,000 12/05/2019 704 0.99% Le ac Texas Bank 2.20% 12/21/2017 10,000,000 1 10,000,000 100.00 10,000,000 12/20/2019 719 2.20% Sub Total/Average 1.43% 279,060,718 1 279,037,026 99.95 278,932,139 306 1.40% Page 13. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio Fund) December 31, 2017 Issuer Coupon Settlement Face Amount/ Market Days to YTM @ Rate Credit Rating Date Shares Book Value Price Market Value Maturity Date Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 1.21% AAArn 04/30/2016 1,775,398 1,775,398 100.00 1,775,398 N/A 1 1.21% NexBank 1.62% 02/27/2017 1,918,385 1,918,385 100.00 1,918,385 N/A 1 1.62% TexPool 1.18% AAArn 09/30/2015 49,682 49,682 100.00 49,682 N/A 1 1.18°/° Sub Total/Average 1.42% 3,743,466 3,743,466 100.00 3,743,466 1 1.42% Fund 210-Interest&Sinking Debt Service JPMor an Chase 1 0.54% 09/30/2015 6,012 6,012 100-006,0121 N/A 11 0.54% Sub Total/Average 0.54% 6,012 6,012 100.00 6,012'1 11 0.54% Fund 460-Bond Fund TexPool 1.18% AAArn 09/30/2015 1,707,221 1,707,221 100.00 1,707,221 N/A 1 1.18% NexBank 1.62°l0 11/29/2016 17,329,392 17,329,392 100.00 17,329,392 N/A 1 1.62% Sub Total/Average 1-1.68% 19,036,613 19,036,613 100.00 19,036,613 1 1.58% Fund 461-CO Bond Fund TexPool 1.18% AAArn 10/31/2015 1,052,009 1 1,052,009 100.00 1 1,052,009 1 N/A 1 1.18% Sub Total/Average 1.18% 1,052,009 1 1,052,009 100.00 1 1,052,009 1 11 1.18% Fund 462-2017 Bond Fund TexPool 1.18% AAArn 05/30/2017 2,153,643 2,153,643 100.00 2,153,643 N/A 1 1.18% Le ac Texas Bank 1.40% 06/23/2017 3,021,119 3,021,119 100.00 3,021,119 03/23/2018 82 1.40% Le ac Texas Bank 1.50% 06/23/2017 3,526,405 3,526,405 100.00 3,526,405 06/22/2018 173 1.50% Le ac Texas Bank 1.55% 06/23/2017 3,023,389 3,023,389 100.00 3,023,389 09/24/2018 267 1.55% Le ac Texas Bank 1.60% 06/23/2017 2,016,098 2,016,098 100.00 2,016,098 12/24/2018 358 1.60% Le ac Texas Bank 1.65% 06/23/2017 1,008,301 1,008,301 1 100.00 1,008,301 03/22/2019 4461 1.65% Le ac Texas Bank 1.70% 06/23/2017 1,008,554 1,008,554 1 100.00 1,008,554 06/24/2019 1 5401 1.70% Sub Total/Average 1.48% 15,757,509 15,757,509 1 100.00 15,757,509 1 2151 1.48% Fund 591-Reserves Fund Green Bank 1.32% 06/09/2016 811,136 811,136 100.00 811,136 N/A 11 1.32% TexPool 1.18% AAArn 1 09/30/2015 8,337 8,337 100.00 8,337 N/A 11 1.18% Sub Total/Average 1.32% 819,473 819,473 100.00 819,473 11 1.32% Fund 602-Interest&Sinking Revenue Bonds TexPool 1.18% AAArn 09/30/2015 6,346,199 6,346,199 100.00 6,346,199 N/A 11 1.18% Sub Total/Average 1.18% 6,346,199 6,346,199 100.00 6,346,199 11 1.18% Fund 863-Drainage Utility Revenue Bond TexPool 1.18% AAArn 10/31/2015 1,314,761 1,314,761 100.00 1,314,761 N/A 1 1.18% NexBank 1.62% 07/30/2017 3,021,757 3,021,757 100.00 3,021,757 N/A 1 1.62% Southside Bank 1.05% 01/11/2017 1,511,811 1,511,811 100.00 1,511,811 01/11/2018 11 1.05% Sub Total/Average 1.37% 5,848,329 5,848,329 100.00 5,848,329 4 1.37% Total/Average 1.42% $ 331,670,327 $ 331,646,635 99.96 $ 331,541,749 268 1.41% Page 14. Valley View Consulting,L.L.C.