The URL can be used to link to this page

R-2018-5720 - 8/9/2018 RESOLUTION NO. R-2018-5720 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 June 30, 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 9th day of August, 2018. CRAIG ORG , Mayor City o Round ock, Texas ATTEST: �V ft L . SARA L. WHITE, City Clerk 0112.1804;00406446 � EXHIBIT w. ROUND DOCK TEXAS FINANCE QUARTERLY INVESTMENT REPORT For the Quaver Ended June 30, 2018 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the City of Round Rock, Texas is in ompliance ' h the Public Funds Investment Act and the Investment Policy and Strategies. C-V Chieg15tancial O icer - Deputy Chief Financial Office Accounting Manager Treasu ccountant Valley View Consulting, LLC Dated Disclaimer:These reports were compiled using information provided by the Cit). No procedures xtiere performed to test the accuracy or completeness of this information. 'rhe market values included in these reports were obtained by Vallee VieN% 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 oftotal return yields and do not account for investment advisor ices. Summary Holdings by Investment Category (Security Sector) June 30,2018 YTM @ Description Cost Book Value Market Value Cash 0.62% $ 7,076,226 $ 7,076,226 Certificates of Deposit 1.83% 232,640,963 232,640,963 Local Government Investment Pool 1.82% 25,220,488 25,220,488 Money Market Accounts 2.17% 29,459,096 29,459,096 Municipal 1.52% 11,393,434 11,341,587 US Agency 2.16% 24,713,216 24,622,928 Total/Average 1.85% $ 330,503,423 $-330,361,288- March 330,361,288March 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% -r$-344,666,926-1 $ 344,551,230 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 1.85% 1.63% TexPool Yield 1.81% 1.50% Rolling Three Mo. Treas.Yield 1.88% 1.56% Rolling Six Mo. Treas.Yield 1.92% 1.58% Rolling 1 Yr. Treas. Yield 1.75% 1.47% Rolling 2 Yr. Treas.Yield 1.50% 1.30% Investment Income(3) Interest Income(Approximate) $ 1,449,604 $ 3,787,925 WAM at 6/30/2018 Policy WAM Max Total Portfolio 301 days 540 days Pooled Funds 352 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 6/30/2018 The Federal Open Market Committee(FOMC)raised the Fed Funds target range 1.75%-2.00%(Effective Fed Funds are trading+/-1.91%). Additional range increases are expected this calendar year(one or two)although subject to economic activity. Gradual portfolio reduction continues by limiting reinvestment of maturing holdings. The ultimate size of the balance sheet is under discussion. First Quarter 2018 GDP measured 2.0%(final estimate). Second Quarter is expected to be substantially higher. Employment/Unemployment continued to record levels. Trade war uncertainty dominated world markets. WTI Crude oil hovers at+/-$73. The Stock Markets wiggled higher but still below recent highs. 3.00 Treasury Yield Curves S&P 500 3,250 2.50 � ' � 3,000 2,750 1�► am ISM 2,500 2.00 ■ ago e» 2,250 MMS mom 1.50 +� 2,000 �► 1,750 1.00 do* 1,500 1,250 1,000 0.50 750 500 0.00 250 3 C3G^ C GCi^� June 30,2017 March 31,2018 -June 30,2018 Oe Oe Oe Oe Oe Oe Oe Oe 5.50 US Treasury Historical Yields-Since 2006 US TreasuryHistorical Yields-Since Nov 2015 5.00 r° 3.50 4.50 3.00 4.00 3.50 40 2.50 i f w•� 3.00 2.00 dw 2.50 2.00 M 1.50 V IF 1.50 1.00 1.00 ..rO redo 0.50 �r 0.50 p, %an w 10* 0.00mop no It4w SIR 0.00 3 6 O O O O 1 '�`� 1 a �� 1 5eQ"N ,�g ,pro ,pro N6 N6 N6 Nb K1 KA KI K1 Ni K1 NO NO NO c�eQ SeQ" 5eQ" 5eQ" c>e� 5eQ N1 SeQ" SeQ 5e� SeQ �a� 101, 06V Nv' -.1.1'r �o� dal` 0, or Y'\' ge"Z" \40" ,ate, 0, 101, -Six Month T-Bff Two Year T-Note Ten Year T-Noto - Six Year T-Note -s Ten YearT-Note Valley View Consulting,L.L.C. Page 2. Holdings by Investment Category June 30,2018 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 $ 7,070,964 2% $ 5,262 0% $ — 0% $ — 0% $ 7,076,226 2% Certificates of Deposit 212,976,547 64% — 0% — 0% 19,664,417 6% 232,640,963 70% Investment Pools 9,554,266 3% 11,903,853 4% 8,401 0% 3,753,968 1% 25,220,488 8% Money Market Accounts 2,953,818 1% 12,001,858 4% 816,270 0% 13,687,149 4% 29,459,096 9% Municipal 11,393,434 3% — 0% — 0% — 0% 11,393,434 3% US Agency 24,713,216 7% — 0% — 0% — 0% 24,713,216 7% Total/Average $268,662,245 1 81% $ 23,910,973 7% $ 824,671 0% $ 37,105,534 11% $330,503,423 100% _:::J Portfolio Balances (Millions) $350 Order of Liquidity $300 ❑Cash $250 ❑Local Government Investment Pool $200 o Money Market Account $150 ❑US Agency $100 ❑Municipal $50 o Certificates of Deposit $0 Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 6/30/2018 6/30/2018 6/30/2018 6/30/2018 6/30/2018 Valley View Consulting,L.L.C. Page 3. Investment Holdings by Investment Category Quarterly Transactions By Investment Category June 30,2018 June 30,2018 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Deposit/(Withdrawal) Cash $ 7,076,226 2% 100% Cash $ — $ — $ — $ — $ — $ 1,046,073 Certificates of Deposit 232,640,963 70% 757/. Certificates of Deposit 42,723,315 — 28,036,880 — 797,927 Commercial Paper — 0% 10%/5% Commercial Paper — _ _ _ _ _ Investment Pools 25,220,488 8% 100% Investment Pools — — — — 96,848 (6,505,451) Money Market Accounts 29,459,096 9% 50% Money Markets Accounts — — — — 165,697 (19,834,303) Municipal 11,393,434 3% 35%/5% Municipal — — 3,570,000 — 125,333 US Agency 24,713,216 7% Combined US Agency _ _ _ _ US Treasury — 0% 75% US Treasury — _ _ _ _ _ Total/Average 1 $ 330,503,423 100% PASSED Totals $ 42,723,315 $ — $ 31,606,880 $ — $ 1,185,805 $ 25,293,681 Portfolio Balances(Millions) Order. of Liquidity Portfolio Composition $400 ....................._ June 30,2018 $350 ❑Cash Certificates of Deposit $30070% ❑Local Government Investment Pool $250 ........... ❑Money Market Account Cash 2% t $200 ®US Treasury $150U S Agency `„- j� 0 U Agency \ $100 ❑Municipal Municipal `�•_ f 3% o Certificates of Deposit $0 _ is 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 Money Market Accounts Investment 9% Pools 8% Page 4. Valley View Consulting,L.L.C. Portfolio Balances By Fund (Millions) $400 $350 $300 ■Capital Project&Special Purpose Funds $2504, ` r , 0 Debt Service Reserve Funds $200 $150 0 Debt Service Funds $100 ar t ®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 6/30/2018 Page 5. Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 1.90 1.80 1.70 1.60 1.50 1.40 "' 1.30 .*' 1.20 1.10 1.00 0.90 a 0.80 ' 0.70 "" 0.60 "`'"�.•► 0.50 0.40 0.30 '■""' saw .wwrr 0.20 0.10 0.00 b Nb NCO NCO NO NO NCO NO NCO Nb NCO ��O NO �O N1 N1 N1 N1 N% N1 A ;1 �1 ,1 N1 N1 N(b �� Nb N 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 0 0 0 o\�' \�'o\�' \�'►�\�'o,\�' \`L p\`L►�\`�'p\`L \`L►�\`L p\`L►,\`�p\`ti►�\ \ p,\`L \`�p\`L \`ti p\`L,�\`ti \`L p\O�\O O\`j A\`)�\`)o,\`��p\`��►�\` �`� ►�\`��`ti O\3 �\`��\`�O\`�,�\`��\`�o,\`��p\`��,�\`��\`� N\`3�\r' Round Rock #am TexPool Rolling 1.5 yr Treasury (Policy WAM max)mmomRolling 1 yr Treasury (Comparable WAM) Valley View Consulting,L.L.C. Page 6. Holdings by Allocation and Portfolio (Fund) June 30, 2018 Issuer Coupon Settlement Face Amount/ Market Rate Credit Rating Date Shares Book Value Price Market Value Maturity Date Days Maturity t Y Book ook Fund 000-Pooled Investments NexBank 2.17% 11/29/2016 $ 2,912,949 $ 2,912,949 100.00 $ 2,912,949 N/A 1 2.17% Green Bank 2.09% 06/09/2016 40,869 40,869 100.00 40,869 N/A 1 2.09% JPMor an Chase 0.62% 09/30/2015 7,070,964 7,070,964 100.00 7,070,964 N/A 1 0.62% TexSTAR 1.83% AAAm 09/30/2015 193,227 193,227 100.00 193,227 N/A 1 1.83% TexPool 1.81% AAAm 09/30/2015 9,348,557 9,348,557 100.00 9,348,557 N/A 1 1.81% TexasDAILY 1.85% AAAm 09/30/2015 12,482 12,482 100.00 12,482 N/A 1 1.85% Le ac Texas Bank 1.05% 07/06/2016 4,591,494 4,591,494 100.00 4,591,494 07/06/2018 6 1.05% Union State Bank 1.45% 08/10/2017 5,000,000 5,000,000 100.00 5,000,000 08/09/2018 40 1.45% Le ac Texas Bank 1.02% 08/29/2016 10,188,631 10,188,631 100.00 10,188,631 08/29/2018 60 1.02% Green Bank 1.02% 09/13/2016 5,089,829 5,089,829 100.00 5,089,829 09/13/2018 75 1.02% R Bank 1.65% 10/02/2017 2,016,522 2,016.522 100.00 2,016,522 10/02/2018 94 1.65% Southside Bank 1.32% 04/06/2017 6,079,593 6,079,593 100.00 6,079,593 10/05/2018 97 1.32% Wallis State Bank 1.28% 01/27/2017 4,572,262 4,572,262 100.00 4,572,262 10/29/2018 121 1.28% DFWAir ort-Txable Ref 3.12% Al/A+/A 03/24/2017 5,000,000 5,026,986 100.25 5,012,650 11/01/2018 124 1.50% Wallis State Bank 1.30% 02/16/2017 5,081,374 5,081,374 100.00 5,081,374 11/15/2018 138 1.30% Southside Bank 1.15% 12/06/2016 5,086,792 5,086,792 100.00 5,086,792 12/06/2018 159 1.15% Lubbock National Bank 1.45% 01/11/2017 10,206,976 10,206,976 100.00 10,206,976 01/11/2019 195 1.45% Galveston Texas 6.21% Aaa/AA+/- 01/08/2018 1,230,000 1,260,065 102.26 1,257,798 02/01/2019 216 2.00% Tomball TX CO's 5.00% Aa3/AA+/- 12/20/2016 775,000 792,227 102.15 791,670 02/15/2019 230 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,678,275 9,678,275 100.00 9,678,275 02/19/2019 234 1.40% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/2016 2,250,000 2,256,368 99.48 2,238,345 03/01/2019 244 1.37% Lubbock National Bank 1.45% 03/01/2017 5,607,377 5,607,377 100.00 5,607,377 03/01/2019 244 1.45% R Bank 1.74% 10/02/2017 2,017,427 2,017,427 100.00 2,017,427 04/02/2019 276 1.74% Lubbock National Bank 1.50% 04/05/2017 6,105,899 6,105,899 100.00 6,105,899 04/05/2019 279 1.50% Independent Bank 1.65% 05/01/2017 5,083,012 5,083,012 100.00 5,083,012 05/01/2019 305 1.65% Union State Bank 2.39% 05/10/2018 2,000,000 2,000,000 100.00 2,000,000 05/09/2019 313 2.39% Texas A&M Univ 1.94% Aaa/AAA/AAA 05/01/2017 2,050,000 2,057,788 99.57 2,041,124 05/15/2019 319 1.50% Le ac Texas Bank 2.05% 12/22/2017 4,067,328 4,067,328 100.00 4,067,328 06/21/2019 356 2.05% Le ac Texas Bank 1.70% 06/23/2017 5,085,665 5,085,665 100.00 5,085,665 06/24/2019 359 1.70% FHLMC 0.88% Aaa/AA+/AAA 02/28/2018 10500,000 9,864,424 98.40 9,840,215 07/19/2019 384 2.197/. Le ac Texas Bank 1.70% 08/10/2017 8,113,996 8,113,996 100.00 8,113,996 08/09/2019 405 1.70% R Bank 1.80% 08/10/2017 2,027,107 2,027,107 100.00 2,027,107 08/10/2019 406 1.80% Le ac Texas Bank 1.70% 08/28/2017 5,071,247 5,071,247 100.00 5,071,247 08/28/2019 424 1.70% Le ac Texas Bank 2.10% 12/21/2017 41042,068 4,042,068 100.00 4,042,068 09/20/2019 447 2.10% JPMor anChase 1.64% 10/02/2017 14,000,000 14,000,000 100.00 14,000,000 10/02/2019 459 1.64% Lubbock National Bank 1.65% 10/02/2017 10,110,379 10,110,379 100.00 10,110,379 10/02/2019 459 1.65% R Bank 1.83% 10/02/2017 2,018,333 2,018,333 100.00 2,018,333 10/02/2019 459 1.83% FNMA 0.00% -/AA/AA- 10/11/2017 5,000,000 4,888,367 96.81 4,840,621 10/09/2019 466 1.79% JPMor anChase 1.98% 11/09/2017 5,000,000 5,000,000 100.00 5,000,000 11/09/2019 497 1.98% Union State Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 523 0.99% Le ac Texas Bank 2.20% 12/21/2017 10,110,201 10,110,201 100.00 10,110,201 12/20/2019 538 2.20% Le ac Texas Bank 2.20% 01/08/2018 7,568,509 7,568,509 100.00 7,568,509 01/08/2020 557 2.20% East West Bank 2.21% 01/26/2018 10,094,899 10,094,899 100.00 10,094,899 01/26/2020 575 2.21% FFCB 2.07% Aaa/AA+/AAA 02/28/2018 10,000,000 9,960,426 99.42 9,942,092 02/14/2020 594 2.32% JPMor anChase 2.56% 03/21/2018 5,000,000 5,000,000 100.00 5,000,000 03/21/2020 630 2.56% Independent Bank 2.62% 04/09/2018 13,000,000 13,000,000 100.00 13,000,000 04/09/2020 649 2.62% R Bank 2.85% 05/14/2018 2,000,000 2,000,000 100.00 2,000,000 05/14/2020 684 2.85% Le ac Texas Bank 2.75% 05/15/2018 7,016,349 7,016,349 100.00 7,016,349 05/15/2020 685 2.75% Independent Bank2.70% 05/16/2018 5,000,000 5,000,000 100.00 5,000,000 05/16/2020 686 2.70% ,Independent Bank 2.959% 06/20/2018 5,000,000 5,000,000 100.00 5,000,000 1 06/19/2020 720 2.95% Sub Total/Average 1.78% 268,860,595 268,662,245 99.87 268,520,110 1 3521 1.81% Valley View Consulting,L.L.C. Page 7. Holdings by Allocation and Portfolio (Fund) June 30, 2018 Coupon Settlement Face Amount/ Market Issuer Credit Rating Book Value Market Value Maturity Date Days to 'TM Rate Date Shares Price Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 1.85% AAAm 04/30/2016 2,995,110 2,995,110 100.00 2,995,110 N/A 1 1.85% NexBank 2.170o 02/27/2017 12,001,858 12,001,858 100.00 12,001,858 N/A 1 2.17% TexPool 1.81% AAAm 09/30/2015 1,036,694 1,036,694 100.00 1,036,694 N/A 1 1.81% Sub Total/Average 2.09% 16,033,662 16,033,662 100.00 16,033,662 1 2.09% Fund 210-Interest&Sinking Debt Service JPMor an Chase 1 0.62% 1 1 09/30/2015 1 5,262 5,262 1 100.00 1 5,262 1 N/A 1 11 0.62% Sub Total/Average 1 0.62% 1 1 1 5,262 1 5,262 1 100.00 1 5,262 1 1 11 0.62% Fund 460-Bond Fund TexPool 1.81% AAAm 09/30/2015 1,431,895 1,431,895 100.00 1,431,895 N/A 1 1.81% NexBank 2.17% 11/29/2016 12,465,095 12,465,095 100.00 12,465,095 N/A 1 2.17% East West Bank 2.16% 04/09/2018 5,024,619 5,024,619 100.00 5,024,619 01/09/2019 193 2.16% Sub Total/Average 2.14% 18,921,609 18,921,609 100.00 18,921,609 52 2.14% Fund 461-CO Bond Fund TexPool 1.81°o AAAm 10/31/2015 135,437 135,437 100.00 1 135,437 N/A 1 11 1.81% Sub Total/Average 1.81% 135,437 135,437 100.00 1 135,437 1 1 1 F 1.81% Fund 462-2017 Bond Fund TexPool 1.81% AAAm 05/30/2017 2,186,635 2,186,635 100.00 2,186,635 N/A 1 1.81% Le ac Texas Bank 1.55% 06/23/2017 3,046,832 3,046,832 100.00 3,046,832 09/24/2018 86 1.55% Le ac Texas Bank 1.60% 06/23/2017 2,032,236 2,032,236 100.00 2,032,236 12/24/2018 177 1.60% Le ac Texas Bank 1.65% 06/23/2017 1,016,625 1,016,625 100.00 1,016,625 03/22/2019 265 1.65% Le ac Texas Bank 1.70% 06/23/2017 1,017,133 1,017,133 100.00 1,017,133 06/24/2019 359 1.70% East West Bank 1 2.38% 03/21/2018 1 3,020,019 3,020,019 1 100.00 3,020,019 09/21/2019 448 2.38% Sub Total/Average 1.83% 1 12,319,480 1 12,319,480 100.00 12,319,480 2121 1.83% Fund 591-Reserves Fund Green Bank 2.090/o 06/09/2016 816,270 816,270 1 100.00 816,270 N/A 11 2.09% TexPool 1.81% AAAm 09/130/2015 8,401 8,401 1 100.00 8,401 N/A 11 1.81% Sub Total/Average 2.09% 824,671 824,671 1 100.00 824,671 11 2.090/. Fund 602-Interest&Sinking Revenue Bonds TexPool 1.81% AAAm 1 09/30/2015 7,872,048 7,872,048 100.00 7,872,048 N/A 11 1.81% Sub Total/Average 1.81% 1 7,872,048 7,872,048 100.00 7,872,048 11 1.81% Fund 863-Drainage Utility Revenue Bond NexBank 2.17% 07/30/2017 1,222,054 1,222,054 100.00 1,222,054 N/A 1 2.17% Southside Bank 1.88% 01/08/2018 1,506,953 1,506,953 100.00 1,506,953 01/08/2019 192 1.88% R Bank 2.63% 05/14/2018 3,000,000 3,000,000 100.00 3,000,000 05/14/2019 318 2.63% Sub Total/Average 2.34% 5,729,007 5,729,007 100.00 5,729,007 217 2.34% Total/Average 1.83% $ 330,701,773 $ 330,503,423 99.90 $ 330,361,288 301 1.86% Page 8. Valley View Consulting, L.L.C. Book Value Comparison June 30, 2018 Issuer Coupon Settlement Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Rate Date Maturity Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 N/A $ 6,024,141 $ 1,346,663 $ 299,840 $ 7,070,964 $ 1,046,823 TexPool N/A 09/30/2015 N/A 2,193,059 7,846,331 690,833 9,348,557 7,155,498 TexSTAR N/A 09/30/2015 N/A 192,397 830 193,227 830 TexasDAILY N/A 09/30/2015 N/A 12,151,025 11,457 12,150,000 12,482 12,138,543 NexBank N/A 11/29/2016 N/A 16,067,171 24,252 13,178,475 2,912,949 13,154,223 Green Bank N/A 06/09/2016 N/A 40,704 165 — 40,869 165 Le ac Texas Bank 1.00% 07/06/2016 04/06/2018 4,575,555 — 4,575,555 — 4,575,555 Union State Bank 1.25% 05/11/2017 05/10/2018 2,000,000 — 2,000,000 — 2,000,000 R Bank 1.50% 05/13/2016 05/14/2018 7,700,190 — 7,700,190 — 7,700,190) Texas A&M University System 1.54% 10/28/2015 05/15/2018 3,572,365 — 3,570,000 — 3,572,365 Le ac Texas Bank 1.10% 06/03/2016 06/04/2018 5,097,022 9,374 5,106,397 — 5,097,022 Le ac Texas Bank 1.10% 06/20/2016 06/20/2018 5,097,022 9,374 5,106,397 — 5,097,022 Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,579,364 12,130 — 4,591,494 12,130 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 10,162,481 26,150 — 10,188,631 26,150 Green Bank 1.02% 09/13/2016 09/13/2018 5,076,777 13,052 — 5,089,829 13,052 R Bank 1.65% 10/02/2017 10/02/2018 2,008,335 8,187 — 2,016,522 8,187 Southside Bank 1.32% 04/06/2017 10/05/2018 6,059,869 19,724 — 6,079,593 19,724 Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,557,877 14,385 — 4,572,262 14,385 DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,046,791 5,026,986 19,805 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,065,318 16,056 — 5,081,374 16,056 Southside Bank 1.15% 12/06/2016 12/06/2018 5,072,090 14,702 — 5,086,792 14,702 Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,169,762 37,214 — 10,206,976 37,214 Galveston Texas 6.217/0 01/08/2018 02/01/2019 1,272,731 — 1,260,065 12,666 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 799,043 — 792,227 6,816 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,644,203 34,072 — 9,678,275 34,072 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,258,743 — — 2,256,368 2,375 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,587,154 20,222 — 5,607,377 20,222 R Bank 1.74% 10/02/2017 04/02/2019 2,008,791 8,637 — 2,017,427 8,637 Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,082,872 23,027 — 6,105,899 23,027 Inde endent Bank 1.65% 05/01/2017 05/01/2019 5,062,643 20,368 — 5,083,012 20,368 Union State Bank 2.39% 05/10/2018 05/09/2019 — 2,000,000 — 2,000,000 2,000,000 Texas A&M Univ 1.94% 05/01/2017 05/15/2019 2,060,009 — — 2,057,788 2,222 Le ac Texas Bank 2.05% 12/22/2017 06/21/2019 4,046,384 20,944 — 4,067,328 20,944 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,063,936 21,730 — 5,085,665 21,730 FHLMC 0.88% 02/28/2018 07/19/2019 9,832,295 — 9,864,424 32,129 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,079,327 34,669 — 8,113,996 34,669 R Bank 1.80% 08/10/2017 08/10/2019 2,018,230 8,877 — 2,027,107 8,877 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,049,579 21,668 — 5,071,247 21,668 Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,020,748 21,320 — 4,042,068 21,320 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 10,068,447 41,932 — 10,110,379 41,932 R Bank 1.83% 10/02/2017 10/02/2019 2,009,246 9,087 — 2,018,333 9,087 FNMA 0.00% 10/11/2017 10/09/2019 4,866,567 — 4,888,367 21,800 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 10,054,345 55,857 — 10,110,201 55,857 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,526,695 41,814 — 7,568,509 41,814 East West Bank 2.21% 01/26/2018 01/26/2020 10,039,432 55,467 — 10,094,899 55,467 FFCB 2.07% 02/28/2018 02/14/2020 9,954,363 — 9,960,426 6,063 JPMor anChase 2.56% 03/21/2018 03/21/2020 5,000,000 — 5,000,000 Independent Bank 2.62% 04/09/2018 04/09/2020 — 13,000,000 — 13,000,000 13,000,000 R Bank 2.85% 05/14/2018 05/14/2020 — 2,000,000 — 2,000,000 2,000,000 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 — 7,016,349 — 7,016,349 7,016,349 Inde endent Bank 2.70% 05/16/2018 05/16/2020 — 5,000,000 — 5,000,000 5,000,000 Inde endent Bank 2.95% 1 06/20/2018 t 06/19/2020 1 5,000,000 — 5,000,000 5,000,000 Valley View Consulting,L.L.C. Page 9. Book Value Comparison June 30, 2018 Issuer Coupon Settlement MaturityDate Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Rate Date Value Increases Decreases Value Value Sub Total/Avera a Fund 000-Pooled Investments 279,160,099 43,866,089 54,377,685 268,662,245 10,497,853 Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 46,844 990,600 750 1,036,694 989,850 TexasDAILY N/A 04/30/2016 N/A 3,529,259 13,168 547,317 2,995,110 534,149 NexBank N/A 02/27/2017 N/A 11,938,866 62,992 12,001,858 62,992 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 15,514,970 1,066,759 548,067 16,033,662 518,692 Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 6,012 - 750 5,262 750 Sub Total/Average Fund 210-Interest&SinkingDebt Service 6,012 - 750 5,262 750 Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 1,492,070 8,466 68,640 1,431,895 60,174 NexBank N/A 11/29/2016 N/A 17,399,672 65,423 5,000,000 12,465,095 4,934,577 East West Bank 2.16% 04/09/2018 01/09/2019 - 5,024,619 5,024,619 5,024,619 Sub Total/Average Fund 460-Bond Fund 18,891,742 5,098,508 5,068,640 18,921,609 29,868 Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 768,043 2,00-3-T- 634,608 135,437 632,605 Sub Total/Average Fund 461-CO Bond Fund 768,043 2,003 634,608 135,437 632,605 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 3,511,718 2,188,413 3,513,496 2,186,635 1,325,083 Le ac Texas Bank 1.50% 06/23/2017 06/22/2018 3,539,463 8,878 3,548,342 - 3,539,463 Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,034,959 11,873 3,046,832 11,873 Le ac Texas Bank 1.60% 06/23/2017 12/24/2018 2,024,062 8,174 2,032,236 8,174 Le ac Texas Bank 1.65% 06/23/2017 03/22/2019 1,012,409 4,216 - 1,016,625 4,216 Le ac Texas Bank 1.70% 1 06/23/2017 1 06/24/2019 1,012,787 4,346 1,017,133 4,346 East West Bank 2.38% 03/21/2018 09/21/2019 3,002,152 17,866 3,020,019 17,866 Sub Total/Average Fund 462-2017 Bond Fund 17,137,552 1 2,243,766 7,061,838 12,319,480 4,818,072 Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,365 36 8,401 36 Green Bank N/A 06/09/2016 N/A 812,973 3,297 - 816,270 3,297 Sub Total/Average Fund 591-Reserves Fund 821,338 3,333 - 824,671 3,333 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 6,536,374 1,337,174 1,500 7,872,048 1,335,674 Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 6,536,374 1,337,174 1,500 7,872,048 1,335,674 Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 1,296,785 2,376 1,299,161 - 1,296,785 NexBank N/A 07/30/2017 N/A 3,034,012 9,567 1,821,525 1,222,054 1,811,958 Southside Bank 1.88°!% 01/08/2018 01/08/2019 1,500,000 6,953 1,506,953 6,953 R Bank 2.63% 05/14/2018 05/14/2019 - 3,000,000 3,000,000 3,000,000 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 5,830,797 3,018,896 3,120,686 5,729,007 101,790 Total I Average $ 344,666,926 $ 56,636,529 $ 70,813,775 $ 330,503,423 $ 14,163,503 Valley View Consulting,L.L.C. Page 10. Market Value Comparison June 30, 2018 Issuer Coupon Settlement Beginning Market Total Buys/ Total Sells/ Ending Market Change in Market Rate Date Maturity Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 N/A $ 6,024,141 $ 1,346,663 $ 299,840 $ 7,070,964 $ TexPool N/A 09/30/2015 N/A 2,193,059 7,846,331 690,833 9,348,557 TexSTAR N/A 09/30/2015 N/A 192,397 830 193,227 TexasDAILY N/A 09/30/2015 N/A 12,151,025 11,457 12,150,000 12,482 NexBank N/A 11/29/2016 N/A 16,067,171 24,252 13,178,475 2,912,949 Green Bank N/A 06/09/2016 N/A 40,704 165 40,869 Le ac Texas Bank 1.00% 07/06/2016 04/06/2018 4,575,555 — 4,575,555 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 7,700,190 — 7,700,190 Texas A&M University System 1.54% 10/28/2015 05/15/2018 3,568,465 — 3,570,000 — 1,535 Le ac Texas Bank 1.10% 06/03/2016 06/04/2018 5,097,022 9,374 5,106,397 Le ac Texas Bank 1.10% 06/20/2016 06/20/2018 5,097,022 9,374 5,106,397 Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,579,364 12,130 — 4,591,494 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 10,162,481 26,150 10,188,631 Green Bank 1.02% 09/13/2016 09/13/2018 5,076,777 13,052 — 5,089,829 R Bank 1.65% 10/02/2017 10/02/2018 2,008,335 8,187 — 2,016,522 Southside Bank 1.32% 04/06/2017 10/05/2018 6,059,869 19,724 — 6,079,593 Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,557,877 14,385 4,572,262 DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,023,100 — 5,012,650 10,450 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,065,318 16,056 5,081,374 Southside Bank 1.15% 12/06/2016 12/06/2018 5,072,090 14,702 5,086,792 Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,169,762 37,214 10,206,976 Galveston Texas 6.21% 01/08/2018 02/01/2019 1,268,979 — 1,257,798 11,181 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 797,646 — 791,670 5,975 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,644,203 34,072 — 9,678,275 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,237,873 2,238,345 473 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,587,154 20,222 — 5,607,377 R Bank 1.74% 10/02/2017 04/02/2019 2,008,791 8,637 2,017,427 Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,082,872 23,027 6,105,899 Independent Bank 1.65% 05/01/2017 05/01/2019 5,062,643 20,368 — 5,083,012 Union State Bank 2.39% 05/10/2018 05/09/2019 — 2,000,000 2,000,000 Texas A&M Univ 1.94% 05/01/2017 05/15/2019 2,042,210 — 2,041,1241,087 Le ac Texas Bank 2.05% 12/22/2017 06/21/2019 4,046,384 20,944 4,067,328 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,063,936 21,730 — 5,085,665 FHLMC 0.88% 02/28/2018 07/19/2019 9,829,332 — 9,840,215 10,883 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,079,327 34,669 8,113,996 R Bank 1.80% 08/10/2017 08/10/2019 2,018,230 8,877 — 2,027,107 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,049,579 21,668 — 5,071,247 Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,020,748 21,320 — 4,042,068 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 10,068,447 41,932 — 10,110,379 R Bank 1.83% 10/02/2017 10/02/2019 2,009,246 9,087 2,018,333 FNMA 0.00% 10/11/2017 10/09/2019 4,816,635 — 4,840,621 23,987 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 10,054,345 55,857 — 10,110,201 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,526,695 41,814 — 7,568,509 East West Bank 2.21% 01/26/2018 01/26/2020 10,039,432 55,467 — 10,094,899 FFCB 2.07% 02/28/2018 02/14/2020 9,962,973 — 9,942,092 20,881 JPMor anChase 2.56% 03/21/2018 03/21/2020 5,000,000 — 5,000,000 Independent Bank 2.62% 04/09/2018 04/09/2020 — 13,000,000 13,000,000 R Bank 2.85% 05/14/2018 05/14/2020 — 2,000,000 — 2,000,000 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 — 7,016,349 7,016,349 Independent Bank 2.70% 05/16/2018 05/16/2020 — 5,000,000 5,000,000 Independent Bank 2.95910 06/20/2018 1 06/19/2020 — 5,000,000 — 5,000,000 — Valley View Consulting,L.L.C. Page 11. Market Value Comparison June 30, 2018 Issuer Coupon Settlement Beginning Market Total Buys/ Total Sells/ Ending Market Change in Market Rate Date Maturity Date Value Increases Decreases Value Value Sub Total/Average Fund 000-Pooled Investments 279,044,403 43,866,089 54,377,685 268,520,110 12,696 Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 46,844 990,600 750 1,036,694 TexasDAILY N/A 04/30/2016 N/A 3,529,259 13,168 547,317 2,995,110 NexBank N/A 02/27/2017 N/A 11,938,866 62,992 - 12,001,858 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 15,514,970 1,066,759 548,067 16,033,662 - Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 6,012 - 750 5,262 Sub Total/Average Fund 210-Interest&Sinking Debt Service 6,012 - 750 5,262 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 1,492,070 8,466 68,640 1,431,895 NexBank N/A 11/29/2016 N/A 17,399,672 65,423 5,000,000 12,465,095 East West Bank 2.16% 04/09/2018 01/09/2019 - 5,024,619 - 5,024,619 Sub Total/Average Fund 460-Bond Fund 18,891,742 5,098,508 5,068,640 18,921,609 - Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 768,043 1 2,003 634,608 135,437 Sub Total/Average Fund 461-CO Bond Fund 768,043 1 2,003 634,608 1 135,437 - Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 3,511,718 2,188,413 3,513,496 2,186,635 Le ac Texas Bank 1.50% 06/23/2017 06/22/2018 3,539,463 8,878 3,548,342 Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,034,959 11,873 - 3,046,832 Le ac Texas Bank 1.60% 06/23/2017 12/24/2018 2,024,062 8,174 2,032,236 Le ac Texas Bank 1.65% 06/23/2017 03/22/2019 1,012,409 4,216 1,016,625 Le ac Texas Bank 1.70% 1 06/23/2017 1 06/24/2019 1,012,787 1 4,346 - 1,017,133 East West Bank 2.38% 03/21/2018 09/21/2019 3,002,152 1 17,866 - 3,020,019 Sub Total/Average Fund 462-2017 Bond Fund 1 17,137,552 2,243,766 7,061,838 12,319,480 - Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,365I 8,401 Green Bank N/A 06/09/2016 N/A 1 812,973 3,297 - 816,270 Sub Total/Average Fund 591-Reserves Fund 821,338 3,333 - 824,671 - Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 6,536,374 1,337,174 1 1,500 7,872,048 Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 6,536,374 1,337,174 1,500 1 7,872,048 - Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 1,296,785 2,376 1,299,161 NexBank N/A 07/30/2017 N/A 3,034,012 9,567 1,821,525 1,222,054 Southside Bank 1.88% 01/08/2018 01/08/2019 1,500,000 6,953 1,506,953 R Bank 2.63% 05/14/2018 05/14/2019 - 3,000,000 - 3,000,000 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 5,830,797 3,018,896 3,120,686 5,729,007 Total/Average $ 344,551,230 1$ 56,636,529 $ 70,813,775 $ 330,361,288 1$ 12,696 Valley View Consulting,L.L.C. Page 12. Holdings by Allocation and Portfolio (Fund) March 31, 2018 Coupon Settlement Face Amount/ Days to YTM @ Issuer Credit Rating Book Value Market Market Value Maturity Rate Date Shares Price 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 1 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 65 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 185 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 51000,000 5,046,791 100.46 5,023,100 11/01/2018 215 1.500/. 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 286 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% Aaa/AA+/- 12/20/2016 775,000 799,043 102.92 1 797,646 02/15/2019 321 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,644,203 9,644,203 100.00 1 9,644,203 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 61082,872 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 41046,384 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 450 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% 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 99.88 279,044,403 333 1.62% Valley View Consulting,L.L.C. Page 13. Holdings by Allocation and Portfolio (Fund) March 31, 2018 Coupon Settlement Face Amount/ Days to YTM @ Issuer Credit Rating Date Shares Book Value Market Market Value Maturity Date Rate Price 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 6,012 6,012 100.00 6,012 N/A 1 0.62% Sub Total/Average 0.62% 6,012 6,012 1 100.00 1 6,012 11 0.62% Fund 460-Bond Fund TexPool 1.52% AAAm 09/30/2015 1 1,492,070 1,492,070 100.00 1,492,070 N/A 11 1.52% NexBank 1.81% 11/29/2016 1 17,399,672 17,399,672 100.00 17,399,672 N/A 11 1.81% Sub Total/Average 1.79% T 18,891,742 18,891,742 100.00 18,891,742 1 1.79% Fund 461-CO Bond Fund TexPool 1.52% AAAm 10/31/2015 768,043 768,043 100.00 768,043 N/A 1 1.52% Sub Total/Average 1.52% 768,043 768,043 100.00 768,043 1 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 1,012,4091,012,409 100.00 1,012,409 03/22/2019 356 1.65% Le ac Texas Bank 1.70% 06/23/2017 11012,787 1,012,787 100.00 1,012,787 06/24/2019 450 1.70% East West Bank 2.38% 03/21/2018 3,002,152 3,002,152 100.00 3,002,152 09/21/2019 539 2.387 Sub Total/Average 1.70% 17,137,552 1 17,137,552 100.00 17,137,552 222 1.70% Fund 591-Reserves Fund Green Bank 1.43% 06/09/2016 812,973 812,973 100.00 812,973 N/A 1 1.43% TexPool 1.520% AAAm 09/30/2015 8,365 8,365 100.00 8,365 N/A 1 1.52% Sub Total/Average 1.43% 821,338 821,338 100.00 821,338 1 1.43% Fund 602-Interest&Sinking Revenue Bonds TexPool _I 1.52% AAAm 1 09/30/2015 1 6,536,374 1 6,536,374 100.00 6,536,374 N/A 1 1.52% Sub Total/Average 1.52% 6,536,374 6,536,374 100.00 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 Southside Bank 1.88% 01/08/2018 1,500,000 1,500,000 100.00 1,500,000 01/08/2019 283 1.88% Sub Total/Average 1.76% 5,830,797 5,830,797 100.00 5,830,797 74 1.76% Total/Avera a 1.62% $ 344,879,019 $ 344,666,926 99.90 $ 344,551,230 282 Valley View Consulting,L.L.C. Page 14.