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R-2018-4150 - 12/6/2018
RESOLUTION NO. R-2018-6150 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, 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 6th day of December, 2018. 1A A/ CRAIGRGA ayor City of R and R , Texas ATTEST: �. SARA L. WHITE, City Clerk 0112.1804;00413727 EXHIBIT ROUND ROCK TEXAS FINANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 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. Signature withheld for security purposes Signature withheld for security purposes Chief Financial Officer Deputy Chief Financial Officer Signature withheld for security purposes Signature withheld for security purposes Accounting Manager Treasury Accountant CLIJI r 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, 2017 September 30, 2018 Asset Type Ave.Yield Book Value Market Value Ave.Yield Book Value Market Value Cash 0.38% $ 8,982,135 $ 8,982,135 0.52% $ 8,412,806 $ 8,412,806 Certificates of Deposit 1.26% 211,715,905 211,715,905 1.98% 218,081,619 218,081,619 Local Government Investment Pool 1.02% 28,746,017 28,746,017 2.00% 23,485,979 23,485,979 Money Market Accounts 1.44% 44,205,798 44,205,798 2.40% 9,067,728 9,067,728 Municipal 1.21% 20,360,196 20,312,407 1.52% 11,349,068 11,317,586 US Agency - - 2.32% 34,768,083 34,617,848 US Treasury - - Totals $ 314,010,050 $ 313,962,261 $ 305,165,285 $ 304,983,567 Fourth Quarter-End Yield 1.23% 1.97% Average Quarter-End Yields -Fiscal Year(i): Round Rock-Total Portfolio 1.03% 1.72% TexPool Yield 0.74% 1.62% Rolling Three Mo. Treas.Yield 0.75% 1.69% Rolling Six Mo. Treas.Yield 0.78% 1.73% Rolling 1 Yr. Treas. Yield 0.79% 1.62% Rolling 2 Yr. Treas. Yield 0.89% 1.41% Year-to-date Interest Income $ 3,025,186 Approximate $ 5,299,626 Approximate (i) 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 30,2018 YTM @ Description Cost Book Value Market Value Cash 0.52% $ 8,412,806 $ 8,412,806 Certificates of Deposit 1.98% 218,081,619 218,081,619 Local Government Investment Pool 2.00% 23,485,979 23,485,979 Money Market Accounts 2.40% 9,067,728 9,067,728 Municipal 1.52% 11,349,068 11,317,586 USAgency 2.32% 34,768,083 34,617,848 Total I Average 1.97% $ 305,165,285 $ 304,983,567 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 USAgency 2.16% 24,713,216 24,622,928 Total/Average 1.85% $ 330,503,423 1 $ 330,361,288 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 1.97% 1.72% TexPool Yield 2.00% 1.62% Rolling Three Mo.Treas.Yield 2.07% 1.69% Rolling Six Mo. Treas. Yield 2.15% 1.73% Rolling 1 Yr. Treas. Yield 2.05% 1.62% Rolling 2 Yr.Treas.Yield 1.74% 1.41% Investment Income(3) Interest Income(Approximate) $ 1,511,701 $ 5,299,626 WAM at 9/30/2018 Policy WAM Max Total Portfolio 292 days 540 days Pooled Funds 316 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 9/30/2018 The Federal Open Market Committee(FOMC)increased the Fed Funds target range to 2.00%-2.25%(Effective Fed Funds are trading+/-2.18%). Additional range increases are still projected for Dec 2018 and 2019. Gradual Federal Reserve Bank portfolio reduction continues by limiting reinvestment of maturing holdings. Second Quarter grew 4.2%(final estimate). Employment/ Unemployment continues to strong levels. West Texas Intermediate Crude oil increased above+/-$70. The Stock Markets reached new highs. Consumer Confidence is strong. Personal Income is improving. The flattening yield curve may or may not impact long range FOMC actions. 3.50 Treasury Yield Curves S&P 500 3,250 3.00 3,000 2,750 2.50 2,500 2.00 , low1eN1t 2,250 pal 2,000 VW W 1.50 " 1,750 MOW go to* 1,500 1.00 4401,250 Wr 1,000 0.50 750 500 0.00 250 � ti �,A aNN N� �3 �rx �h �6 �1 ^00 ... ► September 30,2017 June 30,2018 September 30,2018 Few �e� 11<e1 Few Few Few Few 5.50 US Treasury Historical Yields-Since 2006 US Treasury Historical Yields-Since Nov 2015 5.00 3.50 4.50 3.00 4.00IRA A ` 2.50 3.50 +�„► .�.p• 3.00 , 2.00 ** 2.50 �� 2.00 �rt �. 1.50 °"�► 1.50 1.00 °�'•`«� lu 1.00w'0 « «a .s 0.50 rw 0.50 ft.«r r04W, irwivo-W �r'�".r... op mw 1*1 0.00 0.00 �6 Z� �� Nb 5 6 6 6 6 6 6 1 1 1 1 1 1 0 cJeQ" r�eQ" SeQ" SeQ" 5eQ SeQ" 5eQ" 5eQ" c�eQ 5zQ" SeQ c�eQ" c�eQ °� P111, a +� ix n - ili T r - Six Month T-Bill Two Year T-Note Ten r T- Note Valley View Consulting,L.L.C. Page 3. Holdings by Investment Category September 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 $ 8,407,266 3% $ 5,540 0% $ — 0% $ — 0% $ 8,412,806 3% Certificates of Deposit 195,374,613 64% — 0% — 0% 22,707,006 7% 218,081,619 71% Investment Pools 15,359,053 5% 4,148,055 1% 8,442 0% 3,970,428 1% 23,485,979 8% Money Market Accounts 1,586,100 1% 25,384 0% 821,959 0% 6,634,285 2% 9,067,728 3% Municipal 11,349,068 4% — 0% — 0% — 0% 11,349,068 4% US Agency 1 34,768,083 11% 1 — 0% — 0% — 0% 34,768,083 11% Total/Average $266,844,184 87% $ 4,178,979 1% $ 830,401 0% $ 33,311,720 11% $305,165,285 100% Portfolio Balances (Millions) $350 Order of Liquidity $300 ❑Cash $250 ❑Local Government Investment Pool $200 oMoney Market Account $150 ❑US Agency $100 ❑Municipal $50 o Certificates of Deposit Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 9/30/2018 9/30/2018 9/30/2018 9/30/2018 9/30/2018 Page 4. Valley View Consulting,L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category September 30,2018 September 30,2018 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Depositt(Withdrawal) Cash $ 8,412,806 3% 100% Cash $ — $ — $ — $ — $ — $ 1,336,580 Certificates of Deposit 218,081,619 71% 75% Certificates of Deposit 13,373,882 — 27,933,226 — 924,218 — Commercial Paper — 0% 10%/5% Commercial Paper — — _ _ — _ Investment Pools 23,485,979 8% 100% Investment Pools — — — — 104,721 (1,734,509) Money Market Accounts 9,067,728 3% 50% Money Markets Accounts — — — — 84,679 (20,391,367) Municipal 11,349,068 4% 35%/5% Municipal — — — — 77,876 — US Agency 34,768,083 11% Combined US Agency 9,997,672 — — — 147,250 — US Treasury — 0% 75% US Treasury — — _ _ _ _ Total 1 Average $ 305,165,285 100% PASSED Totals $ 23,371,554 $ — $ 27,933,226 $ — $ 1,338,744 $ (20,789,296 Portfolio Balances(Millions) Order of Liquidity Portfolio Composition $400 ..................... September 30,2018 ............................... $350 _ _______._._._._. El Cash _ Certificates of Deposit $300 - -= ❑Local Government Investment 71% Pool �,,.. 4 $250 o Money Market Account Cash $200 ..._.. . s t ®US Treasury , $150 0 U Agency US Agency '�� ,",. ✓ $100 ... ....... 11% ❑Municipal oCertificates of Deposit '- Municipal 9/30/17 12/31/17 3/31/18 6130/18 9130/18 4% Money Market Investment Accounts Pools 3% 8% Page 5. Valley View Consulting,L.L.C. Portfolio Balances By Fund(Millions) $400 $350 NiZA $300 ■Capital Project&Special Purpose Funds $250 ..- f o Debt Service Reserve Funds $200 ✓' :? sl,t $150 a 11Debt Service Funds $100 ®Pooled Funds s $50 k` , ImAA r $0 -- LI 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 9/30/2018 Page 6. Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 2.10 2.00 1.90 � 1.80 1.70 1.60 1.50 �O 1.40 A0. 0 1.30 1.20 c 1.10 1.00 +■'� 0.90 a 0.80 0.70 "` 0.60 �w„,..• 0.50 WOOOO 0.40 0.30 OMM moo M" 0.20 0.10 0.00 NO �p �O N1O NO NO "O N`O NO NO Nb �O �1 �1 �1 �1 �1 '1 �1 N1 N1 N1 N1 �1 �� N N N N N No N N 0 0 0 0 o O o 0 0 0 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 lb O\�' \�'o\�'►�\�'►.\�'o,\�'►�\�'o\�'►�\�'p\�'►�\�'►'\`�'p\�'►�\`�'o\` `�'►� q, p\`L \`tip\`L►�\ ►�\`L p\ \ p\ ►�\ \`Lq,\`ti \`L p\`L►�\`L p\`L►�\`L \`L p\`L Round Rock TexPool X Rolling 1.5 yr Treasury (Policy WAM max) Rolling 1 yr Treasury (Comparable WAM) Page 7. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) September 30, 2018 Coupon Settlement Face Amount/ Market Issuer Credit Rating Book Value Market Value Maturity Date Days to YTM @ Rate Date Shares Price Maturity Book Fund 000-Pooled Investments NexBank 2.43% 11/29/2016 $ 1,544,946 $ 1,544,946 100.00 $ 1,544,946 N/A 1 2.43% Green Bank 2.11% 06/09/2016 41,154 41,154 100.00 41,154 N/A 1 2.11% JPMor an Chase 0.52% 09/30/2015 8,407,266 8,407,266 100.00 8,407,266 N/A 1 0.52% TexSTAR 2.00% AAAm 09/30/2015 194,173 194,173 100.00 194,173 N/A 1 2.00% TexPool 2.00% AAAm 09/30/2015 15,152,336 15,152,336 100.00 15,152,336 N/A 1 2.00% TexasDAILY 2.03% AAAm 09/30/2015 12,545 12,545 100.00 12,545 N/A 1 2.03% R Bank 1.65% 10/02/2017 2,024,835 2,024,835 100,00 2,024,835 10/02/2018 2 1.65% Southside Bank 1.32% 04/06/2017 6,099,601 6,099,601 100.00 6,099,601 10/05/2018 5 1.32% Wallis State Bank 1.28% 01/27/2017 4,586,854 4,586,854 100.00 4,586,854 10/29/2018 29 1.28% DFW Air ort-Txable Ref 3.12% Al/A+/A+ 03/24/2017 5,000,000 5,006,964 100.05 5,002,250 11/01/2018 32 1.50% Wallis State Bank 1.30% 02/16/2017 5,098,024 5,098,024 100.00 5,098,024 11/15/2018 46 1.30% Southside Bank 1.15% 12/06/2016 5,101,537 5,101,537 100.00 5,101,537 12/06/2018 67 1.15% Lubbock National Bank 1.45% 01/11/2017 10,244,325 10,244,325 100.00 10,244,325 01/11/2019 103 1.45% Galveston Texas 6.21% Aaa/AA+/- 01/08/2018 1,230,000 1,247,259 101.25 1,245,424 02/01/2019 124 2.00% Tomball TX CO's 5.00% Aa3/AA+/- 12/20/2016 775,000 785,336 101.14 1 783,866 02/15/2019 138 1.40% Le ac Texas Bank 1.40% 02/17/2017 9,712,468 9,712,468 100.00 9,712,468 02/19/2019 142 1.40% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/2016 2,250,000 2,253,967 99.72 2,243,610 03/01/2019 152 1.37% Lubbock National Bank 1.45% 03/01/2017 5,621,196 5,621,196 100.00 5,621,196 03/01/2019 152 1.45% R Bank 1.74% 10/02/20172,026,198 2,026,198 100.00 2,026,198 04/02/2019 184 1.74% Lubbock National Bank 1.50% 04/05/2017 6,129,014 6,129,014 100.00 6,129,014 04/05/2019 187 1.50% Independent Bank 1.65% 05/01/2017 5,104,152 5,104,152 100.00 5,104,152 05/01/2019 213 1.65% Union State Bank 2.39% 05/10/2018 2,000,000 2,000,000 100.00 2,000,000 05/09/2019 221 2.39% Texas A&M Univ 1.94% Aaa/AAA/AAA 05/01/2017 2,050,000 2,055,542 99.63 2,042,436 05/15/2019 227 1.50% Le ac Texas Bank 2.05% 12/22/2017 4,088,381 4,088,381 100.00 4,088,381 06/21/2019 264 2.05% Le ac Texas Bank 1.70% 06/23/2017 5,107,488 5,107,488 100.00 5,107,488 06/24/2019 267 1.70% FHLMC 0.88% Aaa/AA+/AAA 02/28/2018 10,000,000 9,896,906 98.59 9,859,218 07/19/2019 292 2.19% Le ac Texas Bank 1.70% 08/10/2017 8,148,813 8,148,813 100.00 8,148,813 08/09/2019 313 1.70% R Bank 1.80% 08/10/2017 2,036,325 2,036,325 100.00 2,036,325 08/10/2019 314 1.80% Le ac Texas Bank 1.70% 08/28/2017 5,093,008 5,093,008 100.00 5,093,008 08/28/2019 332 1.70% Le ac Texas Bank 2.10% 12/21/2017 4,063,501 4,063,501 100.00 4,063,501 09/20/2019 355 2.10% JPMor anChase 1.64% 10/02/2017 14,000,000 14,000,000 100.00 14,000,000 10/02/2019 367 1.64% Lubbock National Bank 1.65% 10/02/2017 10,152,485 10,152,485 100.00 10,152,485 10/02/2019 367 1.65% R Bank 1.83% 10/02/2017 2,027,562 2,027,562 100.00 2,027,562 10/02/2019 367 1.83% FNMA 0.00% -/AA/AA- 10/11/2017 5,000,000 4,910,406 97.12 4,856,221 10/09/2019 374 1.79% JPMor anChase 1.98°,U 11/09/2017 5,000,000 5,000,000 100.00 5,000,000 11/09/2019 405 1.98% Union State Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 431 0.99% Le ac Texas Bank 2.20% 12/21/2017 10,166,368 10,166,368 100.00 10,166,368 12/20/2019 446 2.20% Le ac Texas Bank 2.20% 01/08/2018 7,610,556 7,610,556 100.00 7,610,556 01/08/2020 465 2.20% East West Bank 2.21% 01/26/2018 10,151,287 10,151,287 100.00 10,151,287 01/26/2020 483 2.21% FFCB 2.07% Aaa/AA+/AAA 02/28/2018 10,000,000 9,966,555 99.26 9,926,043 02/14/2020 502 2.32% JPMor anChase 2.56% 03/21/2018 5,000,000 5,000,000 100.00 5,000,000 03/21/2020 538 2.56% Independent Bank 2.62% 04/09/2018 13,084,917 13,084,917 100.00 13,084,917 04/09/2020 557 2.62% R Bank 2.85% 05/14/2018 2,014,418 2,014,418 100.00 2,014,418 05/14/2020 592 2.85% Le ac Texas Bank 2.75% 05/15/2018 7,065,096 7,065,096 100.00 7,065,096 05/15/2020 593 2.75% Independent Bank 2.70% 05/16/2018 5,034,027 5,034,027 100.00 5,034,027 05/16/2020 594 2.70% Independent Bank 1 2.95% 06/20/2018 5,037,178 5,037,178 100.00 5,037,178 06/19/2020 628 2.95% Independent Bank 2.95% 07/05/2018 6,500,000 6,500,000 100.00 6,500,000 07/07/2020 646 2.95% FFCB 2.68% Aaa/AA+/AAA 08/29/2018 10,000,000 9,994:217 99.76 9,976,366 08/24/2020 694 2.71% Sub Total/Average 1.91% 1 1 267,032,033 266,844,184 99.86 1 266,662,466 1 3161 1.93% Page 8. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) September 30, 2018 Issuer Coupon Settlement Face Amount/ Market Days to YTM @ Rate Credit Rating Date Shares Book Value price Market Value Maturity Date ty Book Fund 170-Interest&Sinking GO Bonds Maturi TexasDAILY 2.03% AAAm 04/30/2016 3,010,187 3,010,187 100.00 3,010,187 N/A 1 2.03% NexBank 2.43% 02/27/2017 25,384 25,384 100.00 25,384 N/A 1 2.43% TexPool 2.00% AAAm 09/30/2015 52,254 52,254 100.00 52,254 N/A 1 2.00% Sub Total/Average 2.030/6 3,087,825 3,087,825 100.00 3,087,825 1 2.03% Fund 210-Interest&Sinking Debt Service JPMor an Chase 1 0.52% 09/30/2015 5,540 1 5,540 1 100.00 1 5,540 1 N/A 11 0.52% Sub Total/Average 1 0.52% 5,540 1 5,540 1 100.00 1 5,540 1 11 0.52% Fund 460-Bond Fund TexPool 2.00% AAAm 09/30/2015 352,022 352,022 100.00 352,022 N/A 1 2.00% NexBank 2.43% 11/29/2016 6,508,265 6,508,265 100.00 6,508,265 N/A 1 2.43% East West Bank 2.16% 04/09/2018 5,052,048 5,052,048 100.00 5,052,048 01/09/2019 101 2.16% Independent Bank 2.78% 07/05/2018 6,000,000 6,000,000 100.00 6,000,000 07/08/2019 281 2.78% Sub Total/Average 2.46% 17,912,336 17,912,336 100.00 17,912,336 123 2.46% Fund 461-CO Bond Fund TexPool 2.00% AAAm 10/31/2015 136,350 136,350 100.00 136,350 N/A 11 2.00% Sub Total/Average 2.00% 136,350 136,350 100.00 136,350 1 2.00% Fund 462-2017 Bond Fund TexPool 2.00% AAAm 05/30/2017 3,482,055 3,482,055 100.00 3,482,055 N/A 1 2.00% Le ac Texas Bank 1.60% 06/23/2017 2,040,442 2,040,442 100.00 2,040,442 12/24/2018 85 1.60% Le ac Texas Bank 1.65% 06/23/2017 1,020,859 1,020,859 100.00 1,020,859 03/22/2019 173 1.65% Le ac Texas Bank 1.70% 06/23/2017 1,021,498 1,021,498 100.00 1,021,498 06/24/2019 267 1.70% East West Bank 2.38% 03/21/2018 3,038,189 3,038,189 100.00 3,038,189 09/21/2019 356 2.38% Sub Total/Average 1.97% 110,603,044 10,603,044 100.00 1 10,603,044 161 1.97% Fund 591-Reserves Fund Green Bank 2.11% 06/09/2016 821,959 821,959 100.00 821,959 N/A 1 2.11% TexPool 2.00% AAAm 09/30/2015 8,442 8,442 100.00 8,442 N/A 1 2.00% Sub Total/Average 2.11% 830,401 830,401 100.00 1 830,401 11 2.110/. Fund 602-Interest&Sinking Revenue Bonds TexPool 2.00% AAAm 09/30/2015 1 1,085,614 1,085,614 100.00 1,085,614 N/A 1 2.00% Sub Total/Average 2.00% 1,085,614 1,085,614 100.00 1,085,614 1 2.00% Fund 863-Drainage Utility Revenue Bond NexBank 2.43% 07/30/2017 126,020 126,020 100.00 126,020 N/A 1 2.43% Southside Bank 1.88% 01/08/2018 1,514,017 1,514,017 100.00 1,514,017 01/08/2019 100 1.88% R Bank 2.63% 05/14/2018 3,019,952 3,019,952 100.00 3,019,952 05/14/2019 226 2.63% Sub Total/Average 2.38% 4,659,990 4,659,990 100.00 4,659,990 179 2.38% Total/Average 1.95% $ 305,353,133 $ 305,165,285 99.88 $ 304,983,567 292 Page 9. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2018 Issuer Coupon Settlement MaturitDate Beginning Book Total Buysl Total Sells/ Ending Book Change in Book Rate Date y Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 N/A $ 7.070,964 $ 1,336,302 $ — $ 8,407,266 $ 1,336,302 TexPool N/A 09/30/2015 N/A 9,348,557 7,996,694 2,192,915 15,152,336 5,803,779 TexSTAR N/A 09/30/2015 N/A 193,227 946 — 194,173 946 TexasDAILY N/A 09/30/2015 N/A 12,482 63 — 12,545 63 NexBank N/A 11/29/2016 N/A 2,912,949 631,997 2,000,000 1,544,946 1,368,003 Green Bank N/A 06/09/2016 N/A 40,869 285 — 41,154 285 Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,591,494 — 4,591,494 — 4,591,494 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 10,188,631 8,542 10,197,173 — (10,188,631 Green Bank 1.02% 09/13/2016 09/13/2018 5,089,829 — 5,089,829 — 5,089,829) R Bank 1.65% 10/02/2017 10/02/2018 2,016,522 8,312 — 2,024.835 8,312 Southside Bank 1.32% 04/06/2017 10/05/2018 6,079,593 20,008 — 6,099,601 20,008 Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,572,262 14,591 — 4,586,854 14,591 DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,026,986 — — 5,006,964 20,022 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,081,374 16,650 — 5,098,024 16,650 Southside Bank 1.15% 12/06/2016 12/06/2018 5,086,792 14,745 — 5,101,537 14,745 Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,206,976 37,350 — 10,244,325 37,350 Galveston Texas 6.21% 01/08/2018 02/01/2019 1,260,065 — — 1,247,259 12,805 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 792,227 — — 785,336 6,891 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,678,275 34,193 — 9,712,468 34,193 Corpus Christi-Ref 1.81% 03/14/2016 03/01/2019 2,256,368 — — 2,253,967 2,401 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,607,377 13,820 — 5,621,196 13,820 R Bank 1.74% 10/02/2017 04/02/2019 2,017,427 8,771 — 2,026,198 8,771 Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6;105,899 23,114 — 6,129,014 23,114 Independent Bank 1.65% 05/01/2017 05/01/2019 5,083,012 21,140 — 5,104,152 21,140 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 2,057,788 — — 2,055,542 2,246 Le ac Texas Bank 2.05% 12/22/2017 06/21/2019 4,067,328 21,053 — 4,088,381 21,053 Le ac Texas Bank 1.709,10 06/23/2017 06/24/2019 5,085,665 21,823 — 5,107,488 21,823 FHLMC 0.88% 02/28/2018 07/19/2019 9,864,424 — — 9,896,906 32,482 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,113,996 34,818 — 8,148,813 34,818 R Bank 1.80% 08/10/2017 08/10/2019 2,027,107 9,218 — 2,036,325 9,218 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,071,247 21,761 — 5,093,008 21,761 Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,042,068 21,433 — 4,063,501 21,433 JPMor anChase 1.64% 10/02/2017 10/02/2019 14,000,000 — — 14,000,000 — Lubbock National Bank 1.65°1% 10/02/2017 10/02/2019 10,110,379 42,106 — 10,152,485 42,106 R Bank 1.83% 10/02/2017 10/02/2019 2,018,333 9,229 — 2,027,562 9,229 FNMA 0.00% 10/11/2017 10/09/2019 4,888,367 — — 4,910,406 22,039 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 10,110,201 56,167 — 10,166,368 56,167 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,568,509 42,047 — 7,610,556 42,047 East West Bank 2.21% 01/26/2018 01/26/2020 10,094,899 56,388 — 10,151,287 56,388 FFCB 2.07% 02/28/2018 02/14/2020 9,960,426 — — 9,966,555 6,129 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 84,917 — 13,084,917 84,917 R Bank 2.85% 05/14/2018 05/14/2020 2,000,000 14,418 — 2,014.418 14,418 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 7,016,349 48,746 — 7,065,096 48,746 Independent Bank 2.70% 05/16/2018 05/16/2020 5,000,000 34,027 — 5,034,027 34,027 Independent Bank 2.95% 06/20/2018 06/19/2020 5,000,000 37,178 — 5,037,178 1 37,178 Independent Bank 2.95% 07/05/2018 07/07/2020 — 6,500,000 — 6,500,000 6,500,000 FFCB 2.68% 08/29/2018 08/24/2020 — 9,997,672 — 9,994,217 9,994,217 Sub Total/Average Fund 000-Pooled Investments 1 268,662,245 27,240,521 29,071,412 266,844,184 1 (1,818,061 Page 10. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2018 Coupon Settlement Maturity Date Beginning Book Total Buys/ Total Sells/ EndingBook Change in Book Issuer Rate Date Value Increases Decreases Value Value Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 1,036,694 48,773 1,033,213 52,254 984,440 TexasDAILY N/A 04/30/2016 N/A 2,995,110 15,077 - 3,010,187 15,077 NexBank N/A 02/27/2017 N/A 12,001,858 23,526 12,000,000 25,384 11,976,474 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 16,033,662 87,376 13,033,213 3,087,825 12,945,837 Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 5,262 1 678 400 5,540 278 Sub Total/Average Fund 210-Interest&Sinking Debt Service 5,262 1 678 400 5,540 278 Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 1,431,895 5,421 1,085,294 352,022 1,079,873 NexBank N/A 11/29/2016 N/A 12,465,095 43,169 6,000,000 6,508,265 5,956,831 East West Bank 2.16% 04/09/2018 01/09/2019 5,024,619 27,430 - 5,052,048 27,430 Independent Bank 2.78°!% 07/05/2018 07/08/2019 - 6,000,000 - 6,000,000 6,000,000 Sub Total/Average Fund 460-Bond Fund 18,921,609 6,076,020 7,085,294 17,912,336 1,009,274 Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 135,437 913 - 136,350 913 Sub Total/Average Fund 461-CO Bond Fund 135,437 913 - 136,350 913 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 2,186,635 3,064,084 1,768,664 3,482,055 1,295,420 Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,046,832 7,898 3,054,729 - 3,046,832 Le ac Texas Bank 1.60% 06/23/2017 12/24/2018 2,032,236 8,207 - 2,040,442 8,207 Le ac Texas Bank 1.65% 06/23/2017 03/22/2019 1,016,625 4,234 - 1,020,859 4,234 Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 1,017,133 4,365 - 1,021,498 4,365 East West Bank 2.38% 03/21/2018 09/21/2019 3,020,019 18,171 - 3,038,189 18,171 Sub Total/Average Fund 462-2017 Bond Fund 12,319,480 1 3,106,958 4,823,393 10,603,044 1,716,436 Fund 591-Reserves Fund TexPool N/A 09/30/2015 1 N/A 1 8,401 1 Al I - F 8,442 1 41 Green Bank N/A 06/09/2016 N/A 816,270 5,689 - 821,959 5,689 Sub Total/Average Fund 591-Reserves Fund 824,671 5,730 - 830,401 5,730 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 7,872,048 19,505 6,805,940 1 1,085,614 6,786,435) Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 7,872,048 19,505 1 6,805,940 1 1,085,614 6,786,435 Fund 863-Drainage Utility Revenue Bond NexBank N/A 07/30/2017 N/A 1,222,054 4,798 1,100,831 126,020 1,096,033 Southside Bank 1.88°!% 01/08/2018 01/08/2019 1,506,953 7,063 - 1,514,017 7,063 R Bank 2.63% 05/14/2018 05/14/2019 3,000,000 19,952 - 3,019,952 19,952 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 5,729,007 31,814 1,100,831 4,659,990 1,069,018 Total/Average $ 330,503,423 $ 36,569,515 $ 61,920,483 $ 305,165,285 $ 25,338,138 Page 11. Valley View Consulting,L.L.C. Market Value Comparison September 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 $ 7,070,964 $ 1,336,302 $ — $ 8,407,266 $ — TexPool N/A 09/30/2015 N/A 9,348,557 7,996,694 2,192,915 15,152,336 — TexSTAR N/A 09/30/2015 N/A 193,227 946 — 194,173 — TexasDAILY N/A 09/30/2015 N/A 12,482 63 — 12,545 — NexBank N/A 11/29/2016 N/A 2,912,949 631,997 2,000,000 1,544,946 — Green Bank N/A 06/09/2016 N/A 40,869 285 — 41,154 — Le ac Texas Bank 1.05% 07/06/2016 07/06/2018 4,591,494 — 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 10,188,631 8,542 10,197,173 — — Green Bank 1.02% 09/13/2016 09/13/2018 5,089,829 — 5,089,829 — — R Bank 1.65% 10/02/2017 10/02/2018 2,016,522 8,312 — 2,024,835 — Southside Bank 1.32% 04/06/2017 10/05/2018 6,079,593 20,008 — 6,099,601 — Wallis State Bank 1.28% 01/27/2017 10/29/2018 4,572,262 14,591 — 4,586,854 — DFW Air ort-Txable Ref 3.12% 03/24/2017 11/01/2018 5,012,650 — — 5,002,250 10,400 Wallis State Bank 1.30% 02/16/2017 11/15/2018 5,081,374 16,650 — 5,098,024 — Southside Bank 1.15% 12/06/2016 12/06/2018 5,086,792 14,745 — 5,101,537 — Lubbock National Bank 1.45% 01/11/2017 01/11/2019 10,206,976 37,350 — 10,244,325 — Galveston Texas 6.217T 01/08/2018 02/01/2019 1,257,798 — — 1,245,424 12,374 Tomball TX CO's 5.00% 12/20/2016 02/15/2019 791,670 — — 783,866 7,804 Le ac Texas Bank 1.40% 02/17/2017 02/19/2019 9,678,275 34,193 — 9,712,468 — Cor us Christi-Ref 1.81% 03/14/2016 03/01/2019 2,238,345 — — 2,243,610 5,265 Lubbock National Bank 1.45% 03/01/2017 03/01/2019 5,607,377 13,820 — 5,621,196 — R Bank 1.74% 10/02/2017 04/02/2019 2,017,427 8,771 — 2,026,198 — Lubbock National Bank 1.50% 04/05/2017 04/05/2019 6,105,899 23,114 — 6,129,014 — Inde endent Bank 1.650% 05/01/2017 05/01/2019 5,083,012 21,140 — 5,104,152 — 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 2,041,124 — — 2,042,436 1,312 Le ac Texas Bank 2.05% 12/22/2017 06/21/2019 4,067,328 21,053 — 4,088,381 — Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 5,085,665 21,823 — 5,107,488 — FHLMC 0.88% 02/28/2018 07/19/2019 9,840,215 — — 9,859,218 19,003 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,113,996 34,818 — 8,148,813 — R Bank 1.80% 08/10/2017 08/10/2019 2,027,107 9,218 — 2,036,325 — Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,071,247 21,761 — 5,093,008 — Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,042,068 21,433 — 4,063,501 — 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 10,110,379 42,106 — 10,152,485 — R Bank 1.83% 10/02/2017 10/02/2019 2,018,333 9,229 — 2,027,562 — FNMA 0.00% 10/11/2017 10/09/2019 4,840,621 — — 4,856,221 15,600 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 10,110,201 56,167 — 10,166,368 — Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,568,509 42,047 — 7,610,556 — East West Bank 2.21% 01/26/2018 01/26/2020 10,094,899 56,388 — 10,151,287 — FFCB 2.07% 02/28/2018 02/14/2020 9,942,092 — — 9,926,043 16,049 JPMor anChase 2.56% 03/21/2018 03/21/2020 5,000,000 — — 5,000,000 — Independent Bank 2.62070 04/09/2018 04/09/2020 13,000,000 84,917 — 13,084,917 — R Bank 2.85% 05/14/2018 05/14/2020 2,000,000 14,418 — 2,014,418 — Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 7,016,349 48,746 — 7,065,096 — Independent Bank 2.70% 05/16/2018 05/16/2020 5,000,000 34,027 — 5,034,027 Independent Bank 2.95% 06/20/2018 06/19/2020 5,000,000 37,178 — 5,037,178 Independent Bank 2.95% 07/05/2018 07/07/2020 — 6,500,000 — 6,500,000 E75 FFCB 2.68% 08/29/2018 08/24/2020 — 9,997,672 — 9,976,366E 84) Sub Total/Average Fund 000-Pooled Investments 268,520,110 27,240,521 29,071,412 1 266,662,466 1 123,031 Page 12. Valley View Consulting,L.L.C. Market Value Comparison September 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 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 1,036,694 48,773 1,033,213 52,254 TexasDAILY N/A 04/30/2016 N/A 2,995,110 15,077 - 3,010,187 NexBank N/A 02/27/2017 N/A 12,001,858 23,526 12,000,000 25,384 - Sub Total/Average Fund 170-Interest&Sinking GO Bonds 16,033,662 87,376 13,033,213 3,087,825 - Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 1 5,262 678 400 5,540 - Sub Total/Average Fund 210-Interest&Sinking Debt Service 15,262 678 400 5,540 1 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 1,431,895 5,421 1,085,294 352,022 - NexBank N/A 11/29/2016 N/A 12,465,095 43,169 6,000,000 6,508,265 - East West Bank 2.16% 04/09/2018 01/09/2019 5,024,619 27,430 - 5,052,048 Independent Bank 2.78% 07/05/2018 07/08/2019 - 6,000,000 - 6,000,000 - Sub Total/Average Fund 460-Bond Fund 18,921,609 6,076,020 7,085,294 17,912,336 - Fund 461-CO Bond Fund TexPool N/A 10/31/2015 N/A 135,437 913 - 136,350 - Sub Total/Average Fund 461-CO Bond Fund 135,437 913 - 136,350 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 2,186,635 3,064,084 1,768,664 3,482,055 - Le ac Texas Bank 1.55% 06/23/2017 09/24/2018 3,046,832 7,898 3,054,729 - Le ac Texas Bank 1.60% 06/23/2017 12/24/2018 2,032,236 8,207 - 2,040,442 - Le ac Texas Bank 1.65% 06/23/2017 03/22/2019 1,016,625 4,234 - 1,020,859 - Le ac Texas Bank 1.70% 06/23/2017 06/24/2019 1,017,133 4,365 - 1,021,498 - East West Bank 2.38% 03/21/2018 09/21/2019 3,020,019 18,171 - 3,038,189 - Sub Total/Average Fund 462-2017 Bond Fund 112,319,480 1 3,106,958 4,823,393 10,603,044 1 - Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 1 8,401 1 Al I - 8,442 - Green Bank N/A 06/09/2016 N/A 1 816,270 1 5,689 1 821,959 - Sub Total/Average Fund 591-Reserves Fund L824,671 5,730 - 830,401 - Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 1 7,872,048 19,505 6,805,940 1,085,614 - Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds L 7,872,048 19,505 6,805,940 1,085,614 - Fund 863-Drainage Utility Revenue Bond NexBank N/A 07/30/2017 N/A 1,222,054 4,798 1,100,831 126,020 - Southside Bank 1.88% 01/08/2018 01/08/2019 1,506,953 7,063 - 1,514,017 R Bank 2.63% 05/14/2018 05/14/2019 3,000,000 19,952 - 3,019,952 - Sub Total/Average Fund 863-Drainage Utility Revenue Bond 5,729,007 31,814 1,100,831 4,659,990 - Total/Average $ 330,361,288 $ 36,569,515 $ 61,920,483 $ 304,983,567 $ 23,031 Page 13. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2018 Issuer Coupon Credit Rating Book Value Settlement Face Amount/ Market Days to YTM Rate Date Shares Price Market Value Maturity Date Matt urity Book 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°0 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% DFW Air 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 10,000,000 9,864,424 98.40 9,840,215 07/19/2019 384 2.19% 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 4,042,068 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°0 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 Bank 2.70% 05/16/2018 5,000,000 5,000,000 I 100.00 1 5,000,000 1 05/16/2020 686 2.70% Independent Bank 2.95% 06/20/2018 5,000,000 5,000,000 1 100.00 5,000,000 06/19/2020 1 720 2.95% Sub Total/Average 1.78% 268,860,595 268,662,245 99.87 268,520,110 352 1.81% Page 14. Valley View Consulting, L.L.C. 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 YTM 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 2.17% 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 2.090/. 16,033,662 16,033,662 100.00 16,033,662 1 2.09% Fund 210-Interest&Sinking Debt Service JPMor an Chase 0.62% 09/30/2015 1 5,262 5,262 100.00 5,262 N/A 1 0.62% Sub Total/Average 1 0.62% 15.262 5,262 100.00 5,262 1 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% AAAm 10/31/2015 135,437 135,437 100.00 1 135,437 N/A 1 1 1.81% Sub Total/Average 1 1.81% 1135.437 135,437 100.00 1 135,437 1 1 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 2.38% 03/21/2018 3,020,019 3,020,019 100.00 3,020,019 09/21/2019 4481 2.38% Sub Total/Average 1.83% 12,319,480 12,319,480 00.00T 12,319,480 2121 1.83% Fund 591-Reserves Fund Green Bank 2.09% 06/09/2016 816270 816,270 1 100.00 816,270 N/A 1 2.09% TexPool 1.81% AAAm 09/30/2015 8,401 1 8,401 100.00 8,401 N/A 1 1.81% Sub Total/Average 2.09% 824,671 824,671 100.00 824,671 11 2.09% Fund 602-Interest&Sinking Revenue Bonds TexPool 1.81% AAAm 09/30/2015 7,872,048 7,872,048 100.00 7,872,048 N/A 11 1.81% Sub Total/Average 1.81% 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 1.880% 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 1.85% Page 15. Valley View Consulting,L.L.C.