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R-2019-0472 - 12/5/2019 RESOLUTION NO. R-2019-0472 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, 2019 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 5th day of December, 2019. CRAIOR AN, Mayor City o Round Rock, Texas ATTEST: Ish � C��Gly- I" SARA L. WHITE, City Clerk 0112.1902;00435707 EXHIBIT ROUND ROCK TEXAS FINANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2019 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 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, 2018 September 30, 2019 Asset Type Ave.Yield Book Value Market Value Ave.Yield Book Value Market Value Cash 0.52% $ 8,412,806 $ 8,412,806 0.69% $ 8,691,552 $ 8,691,552 Certificates of Deposit 1.98% 218,081,619 218,081,619 2.40% 242,805,381 242,805,381 Local Government Investment Pool 2.00% 23,485,979 23,485,979 2.16% 15,666,210 15,666,210 Money Market Accounts 2.40% 9,067,728 9,067,728 2.16% 29,912,788 29,912,788 Municipal 1.52% 11,349,068 11,317,586 - - US Agency 2.32% 34,768,083 34,617,848 2.52% 40,967,689 41,128,228 US Treasury - - 2.38% 996,270 997,793 Totals $ 305,165,285 $ 304,983,567 $ 339,039,890 $ 339,201,952 Fourth Quarter-End Yield 1.97% 2.34% Average Quarter-End Yields-Fiscal Year(1): Round Rock-Total Portfolio 1.72% 2.33% TexPool Yield 1.62% 2.31% Rolling Three Mo.Treas.Yield 1.69% 2.30% Rolling Six Mo. Treas.Yield 1.73% 2.37% Rolling 1 Yr. Treas.Yield 1.62% 2.41% Rolling 2 Yr. Treas. Yield 1.41% 2.14% Year-to-date Interest Income $ 5,299,626 Approximate $ 7,662,715 Approximate (i) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value. Valley View Consulting,L.L.C. Page 1. Summary Holdings by Investment Category (Security Sector) September 30, 2019 YTM @ Description Cost Book Value Market Value Cash 0.69% $ 8,691,552 $ 8,691,552 Certificates of Deposit 2.40% 242,805,381 242,805,381 Local Government Investment Pool 2.16% 15,666,210 15,666,210 Money Market Accounts 2.16% 29,912,788 29,912,788 US Agency 2.52% 40,967,689 41,128,228 US Treasury 2.38% 996,270 997,793 Total/Average 2.34% $ 339,039,890 $ 339,201,952 June 30,2019 YTM @ Description Cost Book Value Market Value Cash 0.72% $ 6,636,612 $ 6,636,612 Certificates of Deposit 2.46% 241,472,769 241,472,769 Local Government Investment Pool 2.38% 19,838,310 19,838,310 Money Market Accounts 2.63% 32,466,168 32,466,168 US Agency 2.45% 50,870,734 51,074,382 US Treasury 2.38% 993,783 995,703 Total/Average 2.44% $ 352,278,376 $ 352,483,943 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 2.34% 2.33% TexPool Yield 2.16% 2.31% Rolling Three Mo. Treas. Yield 2.03% 2.30% Rolling Six Mo.Treas.Yield 2.17% 2.37% Rolling 1 Yr. Treas. Yield 2.33% 2.41% Rolling 2 Yr. Treas.Yield 2.26% 2.14% Investment Income(3) Interest Income(Approximate) $ 2,077,301 $ 7,662,715 WAM at 9/30/2019 Policy WAM Max Total Portfolio 236 days 540 days Pooled Funds 254 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 9/30/2019 The Federal Open Market Committee(FOMC)reduced the Fed Funds target range to 1.75%-2.00%(Effective Fed Funds are trading+/-1.83%). The Futures Market continues to project additional decreases. Gradual Federal Reserve Bank portfolio reduction ended. August Non Farm Payroll added 136,000 new jobs,with the rolling three month averaging 157,000. Crude oil settled back and trades+/-$55. The Stock Markets waffled near the recent highs. Consumer spending continues albeit less robustly. Overall economic activity remains mostly positive with 2nd Quarter GDP recorded at 2.0%. Brexit, Chinese trade concerns,growth outlook,and other factors may weigh on US growth. The inverted Yield Curve persists with yields declining. 3.50 -_ Treasury veld Curves S&P 500 3,250 3.00 3,000 „� rear seer star► +rte armor do 2,750 2.50 2,500 2.00 2,250 ! ac ,� rer6 2,000 i 1.50 1,750 1,500 i 1.00 1,250 WW ! 1,000 0.50 750 0.00 500 250 s 0 �o� SP o°' ,�O NN +..«.► -September 30,2018 June 30,2019 ...rw.w.September 30,2019 40baa �a� 4aA �a� �a� �a� baa �a� 10� a� 4a 6.00 US Treasury Historical Yields-Since 2006 US Treasury Historical Yields-Since Nov 2015 5.50 3.50 5.00 `"� 3.00 4.50 4.00 2.50 , 3.50 'VP 3.00 2.00e 2.50 N4 1.50 'r 2.00 / 1.50J r,. 1.00 1.00 molt � 0.50 ` v 0.50 •wye+/r�r mor art 0.00 s ... 06 0.00�� 6 �'1 �$ �9 -15 N6 \6 N6 '-110 N9, 'N9 N�' 19 a� o�-16 1\1 KI K1 KA N93 1\00 N� ,, ' " -Six Month T-B' Twor T- �� n r - Note Feb �a�' PJB •Six Month T-Bill Two Year T-NoteTen Year T-Note Valley View Consulting,L.L.C. Page 3. Holdings by Investment Category September 30,2019 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 $ 8,687,162 3% $ 4,390 0% $ — 0% $ — 0% $ 8,691,552 3% Certificates of Deposit 214,968,560 63% — 0% — 0% 27,836,822 8% 242,805,381 72% Investment Pools 10,703,863 3% 1,570,219 0% 984,081 0% 2,408,047 1% 15,666,210 5% Money Market Accounts 14,344,952 4% 1,825,946 1% 844,502 0% 12,897,388 4% 29,912,788 9% US Agency 39,476,201 12% — 0% — 0% 1,491,488 0% 40,967,689 12% US Treasury — 0% — 0% — 0% 996,270 0% 996,270 0% Total/Average $288,180,737 85% $ 3,400,555 1% 1 $ 1,828,583 1% 1 $ 45,630,015 13% $339,039,890 100% Portfolio Balances (Millions) Order of Liquidity $350 $300 o Cash $250 o Local Government Investment Pool $200 o Money Market Account $150 uUS Treasury $100 o US Agency $50 Li Certificates of Deposit $0 Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 9/30/2019 9/30/2019 9/30/2019 9/30/2019 9/30/2019 Page 4. Valley View Consulting,L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category September 30,2019 September 30,2019 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Deposit/(Withdrawal) Cash $ 8,691,552 3% 100% Cash $ - $ - $ - $ - $ - $ 2,054,940 Investment Pools 15,666,210 5% 100% Investment Pools - - - - 159,875 (4,172,099) Money Market Accounts 29,912,788 9% 50% Money Markets Accounts - - 194,426 (2,553,380) Certificates of Deposit 242,805,381 72% 75% Certificates of Deposit 44,170,104 - 42,837,492 - 1,326,980 Commercial Paper - 0% 10%/5% Commercial Paper - _ Municipal - 0% 35%/5% Municipal _ _ _ US Agency 40,967,689 12% Combined US Agency - - 10,000,000 - 281,250 US Treasury 996,270 0% 75% US Treasury - - - - 6,875 Total/Average $ 339,039,890 100% 1 PASSED Totals $ 44,170,104 $ - $ 52,837,492 $ - $ 1,969,406 $ 4,670,540 Portfolio Balances (Millions) $400 Order of Liquidity Portfolio Composition September 30,2019 $350 o Cash Money Market - -----_ Accounts �,,- -- Certificates of 9%.- Deposit ° }� $300 ❑Local Government Investment Investment 72%`a.R Pool Pools $250 o Money Market Account 5% " Cash 2/$200 ......... o r - t US Treasury US Treasury 0% $150 ............... 0 US Agency $100 -- US Agency ❑Municipal oCertificates of Deposit Sk,v 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 Page 5. Valley View Consulting,L.L.C. Portfolio Balances By Fund(Millions) $400 $350 $300 aCapital Project&Special Purpose Funds $250 0Debt Service Reserve Funds $200 V. :E $150 oDebt Service Funds $100 "K aPooled Funds $50 tf' 9/30/2015 12/31/2015 3131/2016 6130/2016 9/30/2016 12/31/2016 3/3112017 6/30/2017 9/3012017 12/31/2017 3/3112018 6/30/2018 9/3012018 12/3112018 3/31/2019 6/30/2019 9/3012019 Page 6. Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 2.60 2.50 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 1.60 0) 1.50 1.40 1.30 1.20 as 1.10 IZ 1.00 0.90 0.80 0.70 ',1040 dW 0.60 - -047 0.50 ,,, low 0.40 0.30 now `...` 0.20 0.10 0.00 1�N�N��NCO N'O No 1qO KBO NlO N�NCO NCO No h�O NqO 1�N�N�1�\A NA�A�A��1��N�N�K�No No h�1�ho No�o N�No No N''N('►� N'�N°'N°'N°'N'' pyo�o�o�o�o�o�yo�o�yoyo pyo�o�o�o�o�yo�o�o�o�o�o�o pyo�oyo�o�o�o�o�o�oyo�o�yo�o�yo�o�o�o�o �o�yo�o�o,tio�o�o�o o�� o� '`� o� ,�� o� ►��o� ,�� ,�� .�o� �.�o� �� .�o� ►.�o� ►.� �.�o� �.�o� ►.�o� N\ N. o� ►.�o� ►.� .�� ►.�o� ►.�o� .� .�o� o ��y` ►.`��y`�o�`� , ow�oo,��o�� 1,`JN J9, o� ��,`0q)ti\`Z�,`Vo,��o��N��y�` ►��` , � o�`��,^o�N Ny�3��` Round Rock TexPool Rolling 1.5 yr Treasury (Policy WAM max) Rolling 9 mo Treasury Valley View Consulting,L.L.C. Page 7. Holdings by Allocation and Portfolio (Fund) September 30, 2019 Coupon Settlement Face Amount/ Days to YTM @ Issuer Credit Rating Market Rate 9 Date Shares Book Value price Market Value Maturity Date Maturity Book Fund 000-Pooled Investments NexBank 2.15% 11/29/2016 $ 14,344,952 $ 14,344,952 100.00 $ 14,344,952 NIA 1 2.15% JPMor an Chase 0.69% 09/30/2015 8,687,162 8,687,162 100.00 8,687,162 N/A 1 0.69% TexSTAR 2.11% AAAm 09/30/2015 198,705 198,705 100.00 198,705 N/A 1 2.11% TexPool 2.16% AAAm 09/30/2015 1,562,928 1,562,928 100.00 1,562,928 N/A 1 2.16% TexasDAILY 2.15% AAAm 09/30/2015 8,942,230 8,942,230 100.00 8,942,230 N/A 1 2.15% Lubbock National Bank 1.65% 10/02/2017 10,321,274 10,321,274 100.00 10,321,274 10/02/2019 2 1.65% R Bank 1.83% 10/02/2017 2,065,007 2,065,007 100.00 2,065,007 10/02/2019 2 1.83% JPMor anChase 1.64% 10/02/2017 14,232,789 14,232,789 100.00 14,232,789 10/02/2019 2 1.64% FNMA 0.00% -/AA/AA- 10/11/2017 5,000,000 4,997,844 99.96 4,997,850 10/09/2019 9 1.79% REFCORP 0.00% -/AA/- 10/29/2018 8,500,000 8,490,616 99.92 8,493,540 10/15/2019 15 2.74% JPMor anChase 1.98% 11/09/2017 5,100,375 5,100,375 100.00 5,100,375 11/09/2019 40 1.98% East West Bank 2.67% 02/20/2019 5,082,229 5,082,229 100.00 5,082,229 11/20/2019 51 2.67% Vera Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 66 0.99% Le ac Texas Bank 2.20% 12/21/2017 10,392,297 10,392,297 100.00 10,392,297 12/20/2019 81 2.20% Le ac Texas Bank 2.20% 01/08/2018 7,779,686 7,779,686 100.00 7,779,686 01/08/2020 100 2.20% East West Bank 2.21% 01/26/2018 10,378,121 10,378,121 100.00 10,378,121 01/26/2020 118 2.21% FFCB 2.07% Aaa/AA+/AAA 02/28/2018 10,000,000 9,990,873 100.04 10,004,103 02/14/2020 137 2.32% JPMor anChase 2.56% 03/21/2018 5,129,778 5,129,778 100.00 5,129,778 03/21/2020 173 2.56% Independent Bank 2.62% 04/09/2018 13,431,124 13,431,124 100.00 13,431,124 04/09/2020 192 2.62% R Bank 2.85% 05/14/2018 2,072,653 2,072,653 100.00 2,072,653 05/14/2020 227 2.85% Le ac Texas Bank 2.75% 05/15/2018 7,261,853 7,261,853 100.00 7,261,853 05/15/2020 228 2.75% Independent Bank 2.70% 05/16/2018 5,171,328 5,171,328 100.00 5,171,328 05/16/2020 229 2.70% Independent Bank 2.95% 06/20/2018 5,187,427 5,187,427 100.00 5,187,427 06/19/2020 263 2.95% Independent Bank 2.95% 07/06/2018 6,693,882 6,693,882 100.00 6,693,882 07/08/2020 282 2.95% Independent Bank 2.70% 04/09/2019 3,020,195 3,020,195 100.00 3,020,195 07/09/2020 283 2.70% FFCB 2.68% Aaa/AA+/AAA 08/29/2018 10,000,000 9,997,258 100.63 10,062,635 08/24/2020 329 2.71% R Bank 2.08% 09/05/2019 2,002,965 2,002,965 100.00 2,002,965 09/03/2020 339 2.08% East West Bank 2.69% 03/04/20195,078,357 5,078,357 100.00 5,078,357 09!04/2020 340 2.69% East West Bank 2.78% 01/11/2019 4,080,930 4,080,930 100.00 4,080,930 10/12/2020 378 2.78% FHLB 2.86% Aaa/AA+/- 10/02/2018 6,000,000 5,999,610 101.23 6,073,806 10/15/2020 381 2.870,10 Independent Bank 2.65% 05/01/2019 5,201,641 5,201,641 100.00 5,201,641 11/01/2020 398 2.65% Le ac Texas Bank 3.05% 11/16/2018 5,128,475 5,128,475 100.00 5,128,475 11/16/2020 413 3.05% East West Bank 2.70% 02/20/2019 5,083,160 5,083,160 100.00 5,083,160 11/20/2020 417 2.70% Independent Bank 2.05% 09/03/2019 3,000,000 3,000,000 100.00 3,000,000 12/03/2020 430 2.05% Le ac Texas Bank 3.05% 12/07/2018 5,115,651 5,115,651 100.00 5,115,651 12/07/2020 434 3.05% East West Bank 2.78% 01/11/2019 10,202,324 10,202,324 100.00 10,202,324 01/11/2021 469 2.78% Origin Bank 2.82% 02/12/2019 6,287,005 6,287,005 100.00 6,287,005 02/12/2021 501 2.82% East West Bank 2.71% 02/20/2019 10,675,289 10,675,289 100.00 10,675,289 02/19/2021 508 2.71% Le ac Texas Bank 2.74% 03/01/2019 2,534,731 2,534,731 100.00 2,534,731 03/01/2021 518 2.74% Independent Bank 1.86% 09/30/2019 5,000,000 5,000,000 100.00 5,000,000 03/30/2021 547 1.86% Independent Bank 2.15% 07/22/2019 5,000,000 5,000,000 100.00 5,000,000 04/22/2021 570 2.15% BBVA Compass 1.94% 08/27/2019 5,008,245 5,008,245 100.00 5,008,245 05/27/2021 605 1.94% BOKF,NA 2.00% 1 06/27/2019 2,000,000 2,000,000 100.00 2,000,000 06/24/2021 633 2.00% Veritex Community Bank 1.74% 09/30/2019 5,000,000 5,000,000 100.00 5,000,000 06/30/2021 639 1.74% Inde endent Bank 2.15% 07/22/2019 5,000,000 5,000,000 100.00 5,000,000 07/22/2021 661 2.15% BBVA Compass 1.87% 08/27/2019 3,004,768 3,004,768 100.00 3,004,768 08/27/2021 697 1.87% SecurityState Bank&Trust 2.09% 09/05/2019 7,000,000 7,000,000 100.00 7,000,000 09/13/2021 714 2.09% Sub Total/Average 2.21% 288,204,536 288,180,737 100.05 288,336,470 254 2.33% Valley View Consulting,L.L.C. Page 8. Holdings by Allocation and Portfolio (Fund) September 30, 2019 Issuer Coupon Settlement Price Maturity Book Face Amount/ Market Rate Credit Rating Date Shares Book Value Market Value Maturity Date Days to YTM @ Fund 170-Interest&Sinking GO Bonds TexasDAILY 2.15% AAAm 04/30/2016 85,146 85,146 100.00 85,146 N/A 1 2.15% NexBank 2.15% 02/27/2017 1,825,946 1,825,946 100.00 1,825,946 N/A 1 2.15% TexPool 2.16% AAAm 09/30/2015 262,973 262,973 100.00 262,973 N/A 1 2.16% Sub Total/Average 2.15% 2,174,065 2,174,065 100.00 2,174,065 1 2.15% Fund 210-Interest&Sinking Debt Service JPMor an Chase 0.69% 09/30/2015 1 4,390 4,390 100.00 1 4,390 N/A 1 0.69% Sub Total/Average 0.69% 4,390 4,390 100.00 4,390 11 0.690/. Fund 459-2018 Bond Fund TexPool 2.16% AAAm 12/15/2018 1 200,785 200,785 100.00 200,785 N/A 11 2.16% Sub Total/Average 2.16% 1 200,785 200,785 100.00 1 200,785 11 2.16% Fund 460-Bond Fund TexPool 2.16% AAAm 09/30/2015 5,961 5,961 100.00 5,961 N/A 1 2.16% NexBank 2.15% 11/29/2016 1,578,685 1,578,685 100.00 1,578,685 N/A 1 2.15% East West Bank 2.86% 12/07/2018 5,118,120 5,118,120 100.00 5,118,120 12/09/2019 70 2.86% East West Bank 2.70% 03/04/2019 4,062,920 4,062,920 100.00 4,062,920 03/04/2020 156 2.70% Sub Total/Average 2.70% 10,765,686 10,765,686 100.00 10,765,686 92 2.70% Fund 462-2017 Bond Fund TexPool 2.16% AAAm 05/30/2017 1,892,258 1,892,258 100.00 1,892,258 N/A 1 2.16% Origin Bank 2.21% 08/01/2019 3,511,240 3,511,240 100.00 3,511,240 N/A 1 2.21% East West Bank 2.86% 12/07/2018 1,535,436 1,535,436 100.00 1,535,436 12/09/2019 70 2.86% R Bank 2.90% 12/26/2018 2,044,340 2,044,340 100.00 2,044,340 12/26/2019 87 2.90% Independent Bank 1.91% 09/30/2019 31000,000 3,000,000 100.00 3,000,000 09/30/2020 366 1.91% Sub Total/Average 2.33% 1 11,983,274 1 11,983,274 100.00 1 11,983,274 116 2.33% Fund 465-2019 CO Bond Fund NexBank 2.15% 06/28/2019 7,807,463 7,807,463 100.00 7,807,463 N/A 1 2.15% TexPool 2.16% AAAm 05/30/2019 26,183 26,183 100.00 26,183 N/A 1 2.16% R Bank 2.55% 06/04/2019 3,019,344 3,019,344 100.00 3,019,344 06/04/2020 248 2.55% Independent Bank 2.48% 06/05/2019 5,031,255 5,031,255 100.00 5,031,255 06/05/2020 249 2.48% Independent Bank 2.52% 06/05/2019 4,025,407 4,025,407 100.00 4,025,407 12/05/2020 432 2.52% Sub Total/Average 2.37% 19,909,652 19,909,652 100.00 19,909,652 1 1 1881 2.37% Fund 591-Reserves Fund TexPool 2.16% AAAm 1 09/30/2015 8,640 8,640 100.00 8,640 N/A 1 2.16% NexBank 2.15% 04/29/2019 844,502 844,502 100.00 844,502 N/A 1 2.15% Sub Total/Average 2.150/. 853,142 853,142 100.00 853,142 1 2.15% Fund 602-Interest&Sinking Revenue Bonds TexPool 2.16% AAAm 1 09/30/2015 1,222,100 1,222,100 100.00 1,222,100 N/A 1 2.16% Sub Total/Average 2.16% 1 1,222,100 1,222,100 1 100.00 1,222,100 1 2.16% Fund 605-Kalahari Debt Service Reserve TexPool 2.16% AAAm 1 08/30/2019 975,441 975,441 100.00 975,441 N/A 1 2.16% Sub Total 1 Average 2.16% 1 1 975,441 975,441 100.00 975,441 1 11 2.16% Fund 863-Drainage Utility Revenue Bond TexPool 2.16% AAAm 10/31/2015 282,860 282,860 100.00 282,860 N/A 1 2.16% Treasury 1.38% Aaa/AA/AAA 05/15/2019 1,000,000 996,270 99.78 997,793 02/15/2020 138 2.38% FHLMC 1.38% Aaa/AA+/AAA 05/15/2019 1,500,000 1,491,488 99.75 1,496,294 05/01/2020 214 2.36% Sub Total/Average 1.46% 2,782,860 2,770,618 99.79 2,776,947 165 2.35% Total 1 Average 2.23% $ 339,075,931 $ 339,039,890 100.04 $ 339,201,952 236 2.34% Page 9. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2019 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 $ 6,631,822 $ 3,526,065 $ 1,470,726 $ 8,687,162 $ 2,055,340 TexPool N/A 09/30/2015 N/A 8,661,493 7,340,889 14,439,455 1,562,928 7,098,565 TexSTAR N/A 09/30/2015 N/A 197,603 1,102 198,705 1,102 TexasDAILY N/A 09/30/2015 N/A 12,767 13,780,041 4,850,578 8,942,230 8,929,464 NexBank N/A 11/29/2016 N/A 7,622,500 6,722,452 — 14,344,952 6,722,452 FHLMC 0.88% 02/28/2018 07/19/2019 9,993,292 — 10,000,000 — 9,993,292 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,253,013 11,532 8,264,545 — 8,253,013 R Bank 1.80% 08/10/2017 08/10/2019 2,063,925 2,063,925 — 2,063,925 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,158,133 7,207 5,165,341 — 5,158,133 Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,127,773 14,499 4,142,273 — 4,127,773 Lubbock National Bank 1.65% 10/02/2017 10/02/2019 10,278,467 42,806 10,321,274 42,806 R Bank 1.83% 10/02/2017 10/02/2019 2,055,607 9,400 2,065,007 9,400 JPMor anChase 1.64% 10/02/2017 10/02/2019 14,232,789 — 14,232,789 FNMA 0.00% 10/11/2017 10/09/2019 4,975,805 — 4,997,844 22,039 REFCORP 0.00% 10/29/2018 10/15/2019 8,433,058 — 8,490,616 57,558 JPMor anChase 1.98% 11/09/2017 11/09/2019 5,100,375 — 5,100,375 East West Bank 2.67% 02/20/2019 11/20/2019 5,048,142 34,087 — 5,082,229 34,087 Vera 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 10,334,882 57,415 — 10,392,297 57,415 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,736,705 42,981 — 7,779,686 42,981 East West Bank 2.21% 01/26/2018 01/26/2020 10,320,473 57,648 — 10,378,121 57,648 FFCB 2.07% 02/28/2018 02/14/2020 9,984,743 — 9,990,873 6,129 JPMor anChase 2.56% 03/21/2018 03/21/2020 5,129,778 — 5,129,778 Independent Bank 2.62% 04/09/2018 04/09/2020 13,343,961 87,163 13,431,124 87,163 R Bank 2.85% 05/14/2018 05/14/2020 2,057,818 14,835 — 2,072,653 14,835 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 7,211,749 50,104 — 7,261,853 50,104 Independent Bank 2.70% 05/16/2018 05/16/2020 5,136,373 34,955 5,171,328 34,955 Independent Bank 2.95% 06/20/2018 06/19/2020 5,149,140 38,287 — 5,187,427 38,287 Independent Bank 2.95% 07/06/2018 07/08/2020 6,645,009 48,873 — 6,693,882 48,873 Independent Bank 2.70% 04/09/2019 07/09/2020 3,000,000 20,195 — 3,020,195 20,195 FFCB 2.68% 08/29/2018 08/24/2020 9,996,492 — 9,997,258 767 R Bank 2.08% 09/05/2019 09/03/2020 — 2,002,965 — 2,002,965 2,002,965 East West Bank 2.69% 03/04/2019 09/04/2020 5,044,042 34,315 — 5,078,357 34,315 East West Bank 2.78% 01/11/2019 10/12/2020 4,052,435 28,495 — 4,080,930 28,495 FHLB 2.86% 10/02/2018 10/15/2020 5.999,516 — 5,999,610 94 Independent Bank 2.65% 05/01/2019 11/01/2020 5,167,402 34,239 — 5,201,641 34,239 Le ac Texas Bank 3.05% 11/16/2018 11/16/2020 5,089,251 39,225 — 5,128,475 39,225 East West Bank 2.70% 02/20/2019 11/20/2020 5,048,686 34,475 — 5,083,160 34,475 Independent Bank 2.05% 09/03/2019 12/03/2020 — 3,000,000 — 3,000,000 3,000,000 Le ac Texas Bank 3.05% 12/07/2018 12/07/2020 5,076,524 39,127 — 5,115,651 39,127 East West Bank 2.78% 01/11/2019 01/11/2021 10,131,088 71,236 10,202,324 71,236 Origin Bank 2.82% 02/12/2019 02/12/2021 6,242,632 44,372 — 6,287,005 44,372 East West Bank 2.71% 02/20/2019 02/19/2021 10,602,621 72,668 — 10,675,289 72,668 Le ac Texas Bank 2.74% 03/01/2019 03/01/2021 2,517,306 17,425 2,534,731 17,425 Independent Bank 1.86% 09/30/2019 03/30/2021 — 5,000,000 — 5,000,000 5,000,000 Independent Bank 2.15% 07/22/2019 04/22/2021 — 5,000,000 — 5,000,000 5,000,000 BBVA Compass 1.94% 08/27/2019 05/27/2021 — 5,008,245 5,008,245 5,008,245 BOKF,NA 2.00% 06/27/2019 06/24/2021 2,000,000 — 2,000,000 Veritex Community Bank 1.740% 09/30/2019 06/30/2021 — 5,000,000 — 5,000,000 5,00070 Independent Bank 2.15% 07/22/2019 07/22/2021 — 5,000,000 — 5,000,000 5,000,000 BBVA Compass 1.87% 08/27/2019 08/27/2021 — 3,004,768 3,004,768 3,004,768 Security State Bank&Trust 2.09% 09/05/2019 09/13/2021 1 — 7,000,000 — 7,000,000 7,000,000 Sub Total/Average Fund 000-Pooled Investments 1266,110,189 72,374,093 50,396,841 288,180,737 22,070,548 Valley View Consulting,L.L.C. Page 10. Book Value Comparison September 30, 2019 Issuer Coupon Settlement Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Rate Date Maturity Date Value Increases Decreases Value Value Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 197,234 9,350,955 9,285,216 262,973 65,739 TexasDAILY N/A 04/30/2016 N/A 84,666 481 - 85,146 481 NexBank N/A 02/27/2017 N/A 8,047,996 25,756 6,247,806 1,825,946 6,222,051 East West Bank 2.69% 01/11/2019 07/11/2019 7,898,918 - 7,898,918 - 7,898,918 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 16,228,813 9,377,191 23,431,940 2,174,065 14,054,748 Fund 210-Interest&Sinking Debt Service NexBank N/A 02/27/2019 N/A 1,010,481 - 1,010,481 - 1,010,481 JPMor an Chase N/A 09/30;2015 N/A 4,790 - 400 4,390 400 Sub Total/Average Fund 210-Interest&Sinking Debt Service 1,015,271 - 1,010,881 4,390 1,010,881 Fund 459-2018 Bond Fund TexPool N/A 12/15/2018 N/A 1,027,574 6,260 1 833,049 200,785 826,789 Wallis State Bank 2.76% 12/21/2018 09/23/2019 3,041,489 1 3,041,489 - 3,041,489 R Bank 2.83% 12/26/2018 09/24/2019 3,042,160 - 3,042,160 - 3,042,160 Sub Total/Average Fund 459-2018 Bond Fund 7,111,223 6,260 1 6,916,699 200,785 6,910,438 Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 25,115 6,181,379 6,200,533 5,961 19,154 NexBank N/A 11/29/2016 N/A 1,568,572 10,113 - 1,578,685 10,113 Independent Bank 2.78% 07/06/2018 07/09/2019 6,126,087 - 6,126,087 - 6,126,087 East West Bank 2.86% 12/07/2018 12/09/2019 5,081,359 36,761 - 5,118,120 36,761 East West Bank 2.70% 03/04/2019 03/04/2020 4,035,365 27,555 - 4,062,920 27,555 Sub Total/Average Fund 460-Bond Fund 16,836,497 1 6,255,809 1 12,326,620 10,765,686 6,070,811 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 758,447 1,492,209 358,399 1,892,258 1,133,811 Origin Bank N/A 08/01/2019 N/A - 3,511,240 - 3,511,240 3,511,240 East West Bank 2.38% 03/21/2018 09/21/2019 3,092,755 - 3,092,755 - 3,092,755 East West Bank 2.86% 12/07/2018 12/09/2019 1,524,408 11,028 - 1,535,436 11,028 R Bank 2.90% 12/26/2018 12/26/2019 2,029,129 15,211 - 2,044,340 15,211 Independent Bank 1.91% 09/30/2019 09/30/2020 1 3,000,000 - 3,000,000-[- 3,000,000 Sub Total/Average Fund 462-2017 Bond Fund 17,404,739 8,029,689 1 3,451,154 11,983,274 4,578,535 Fund 465-2019 CO Bond Fund TexPool N/A 05/30/2019 N/A 24,730 1,453 - 26,183 1,453 NexBank N/A 06/28/2019 N/A 13,377,527 75,392 5,645,456 7,807,463 5,570,064 R Bank 2.55% 06/04/2019 06/04/2020 3,000,000 19,344 - 3,019,344 19,344 Independent Bank 2.48% 06/05/2019 06/05/2020 5,000,000 31,255 - 5,031,255 31,255 Independent Bank 2.52% 06/05/2019 12/05/2020 4,000,000 25,407 - 4,025,407 25,407 Sub Total/Average Fund 465-2019 CO Bond Fund 25,402,257 152,850 5,645,456 19,909,652 5,492,606 Fund 591-Reserves Fund TexPool N/A 09/30/2015 1 N/A I 8,591 I 49 I - 8,640 49 NexBank N/A 04/29/2019 1 N/A 1 839,093 1 5,410 1 844,502 5,410 Sub Total/Average Fund 591-Reserves Fund 847,684 5,458 - 853,142 5,458 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 1 8,281,243 1 41,973 7,101,115 1,222,100 (7,059,142) Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds A 8,281,243 41,973 7,101,115 1,222,100 7,059,142 Fund 605-Kalahari Debt Service Reserve TexPool N/A 08/30/2019 N/A - 975,441 - 975,441 975,441 Sub Total/Average Fund 605-Kalahari Debt Service Reserve - 975,441 - 975,441 975,441 Page 11. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2019 Issuer Coupon Settlement Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Rate Date Maturity Date Value Increases Decreases Value Value Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 558,847 3,566 279,553 282,860 275,987) Treasury 1.38% 05/15/2019 02/15/2020 993,783 — 996,270 2,487 FHLMC 1.38% 05/15/2019 05/01/2020 1,487,829 — — 1,491,488 3,659 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 3,040,459 3,566 279,553 2,770,618 269,841 Total/Average $ 352,278,376 $ 97,222,331 $ 110,560,258 $ 339,039,890 $ 13,238,486 Valley View Consulting,L.L.C. Page 12. Market Value Comparison September 30, 2019 Issuer CouponSettlement 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 $ 6,631,822 $ 3,526,065 $ 1,470,726 $ 8,687,162 $ TexPool N/A 09/30/2015 N/A 8,661,493 7,340,889 14,439,455 1,562,928 TexSTAR N/A 09/30/2015 N/A 197,603 1,102 — 198,705 TexasDAILY N/A 09/30/2015 N/A 12,767 13,780,041 4,850,578 8,942,230 NexBank N/A 11/29/2016 N/A 7,622,500 6,722,452 — 14,344,952 FHLMC 0.88% 02/28/2018 07/19/2019 9,989,643 — 10,000,000 — 10,357 Le ac Texas Bank 1.70% 08/10/2017 08/09/2019 8,253,013 11,532 8,264,545 R Bank 1.80% 08/10/2017 08/10/2019 2,063,925 — 2,063,925 Le ac Texas Bank 1.70% 08/28/2017 08/28/2019 5,158,133 7,207 5,165,341 — Le ac Texas Bank 2.10% 12/21/2017 09/20/2019 4,127,773 14,499 4,142,273 Lubbock National Bank 1.65% 10/02/2017 10/02/2019 10,278,467 42,806 — 10,321,274 R Bank 1.83% 10/02/2017 10/02/2019 2,055,607 9,400 — 2,065,007 JPMor anChase 1.64% 10/02/2017 10/02/2019 14,232,789 — — 14,232,789 FNMA 0.00% 10/11/2017 10/09/2019 4,970,000 — 4,997,850 27,850 REFCORP 0.00% 10/29/2018 10/15/2019 8,445,940 — — 8,493,540 47,600 JPMor anChase 1.98% 11/09/2017 11/09/2019 5,100,375 — — 5,100,375 East West Bank 2.67% 02/20/2019 11/20/2019 5,048,142 34,087 — 5,082,229 Vera 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 10,334,882 57,415 — 10,392,297 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,736,705 42,981 — 7,779,686 East West Bank 2.21% 01/26/2018 01/26/2020 10,320,473 57,648 — 10,378,121 FFCB 2.07% 02/28/2018 02/14/2020 9,992,789 — — 10,004,103 11,314 JPMor anChase 2.56% 03/21/2018 03/21/2020 5,129,778 — — 5,129,778 Independent Bank 2.62% 04/09/2018 04/09/2020 13,343,961 87,163 — 13,431,124 R Bank 2.85% 05/14/2018 05/14/2020 2,057,818 14,835 — 2,072,653 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 7,211,749 50,104 — 7,261,853 Independent Bank 2.70% 05/16/2018 05/16/2020 5,136,373 34,955 — 5,171,328 Independent Bank 2.95% 06/20/2018 06/19/2020 5,149,140 38,287 — 5,187,427 Independent Bank 2.95% 07/06/2018 07/08/2020 6,645,009 48,873 — 6,693,882 Independent Bank 2.70% 04/09/2019 07/09/2020 3,000,000 20,195 — 3,020,195 FFCB 2.68% 08/29/2018 08/24/2020 10,101,610 — — 10,062,635 38,975 R Bank 2.08% 09/05/2019 09/03/2020 — 2,002,965 — 2,002,965 East West Bank 2.69% 03/04/2019 09/04/2020 5,044,042 34,315 — 5,078,357 East West Bank 2.78% 01/11/2019 10/12/2020 4,052,435 28,495 — 4,080,930 FHLB 2.86% 10/02/2018 10/15/2020 6,082,403 — — 6,073,806 8,597 Independent Bank 2.65% 05/01/2019 11/01/2020 5,167,402 34,239 — 5,201,641 Le ac Texas Bank 3.05% 11/16/2018 11/16/2020 5,089,251 39,225 — 5,128,475 East West Bank 2.70% 02/20/2019 11/20/2020 5,048,686 34,475 — 5,083,160 Independent Bank 2.05% 09/03/2019 12/03/2020 — 3,000,000 — 3,000,000 Le ac Texas Bank 3.05% 12/07/2018 12/07/2020 5,076,524 39,127 — 5,115,651 East West Bank 2.78% 01/11/2019 01/11/2021 10,131,088 71,236 — 10,202,324 Ori in Bank 2.82% 02/12/2019 02/12/2021 6,242,632 44,372 — 6,287,005 East West Bank 2.71% 02/20/2019 02/19/2021 10,602,621 72,668 — 10,675,289 Le ac Texas Bank 2.74% 03/01/2019 03/01/2021 2,517,306 17,425 — 2,534,731 Independent Bank 1.86% 09/30/2019 03/30/2021 — 5,000,000 — 5,000,000 Independent Bank 2.15% 07/22/2019 04/22/2021 — 5,000,000 — 5,000,000 BBVA Compass 1.94% 08/27/2019 05/27/2021 — 5,008,245 — 5,008,245 BOKF,NA 2.00% 06/27/2019 06/24/2021 2,000,000 — 2,000,000 Veritex Community Bank 1.74% 09/30/2019 06/30/2021 — 5,000,000 — 5,000,000 Independent Bank 2.15% 07/22/2019 07/22/2021 — 5,000,000 — 5,000,000 BBVA Compass 1.87% 08/27/2019 08/27/2021 — 3,004,768 — 3,004,768 Security State Bank&Trust 2.09% 09/05/2019 09/13/2021 — 7,000,000 — 7,000,000 Sub Total/Average Fund 000-Pooled Investments 266,309,669 72,374,093 1 50,396,841 288,336,470 49,549 Valley View Consulting,L.L.C. Page 13. Market Value Comparison September 30, 2019 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 197,234 9,350,955 9,285,216 262,973 TexasDAILY N/A 04/30/2016 N/A 84,666 481 85,146 NexBank N/A 02/27/2017 N/A 8,047,996 25,756 6,247,806 1,825,946 East West Bank 2.69% 01/11/2019 07/11/2019 71898,918 - 7,898,918 _ Sub Total/Average Fund 170-Interest&Sinking GO Bonds 16,228,813 9,377,191 23,431,940 2,174,065 - Fund 210-Interest&Sinking Debt Service NexBank N/A 02/27/2019 N/A 1,010,481 - 1,010,481 JPMor an Chase N/A 09/30/2015 N/A 4,790 - 400 4,390 - Sub Total/Average Fund 210-Interest&Sinking Debt Service 1,015,271 - 1,010,881 4,390 - Fund 459-2018 Bond Fund TexPool N/A 12/15/2018 N/A 1,027,574 6,260 833,049 200,785 Wallis State Bank 2.76% 12/21/2018 09/23/2019 3,041,489 - 3,041,489 R Bank 2.83% 12/26/2018 09/24/2019 3,042,160 - 3,042,160 - Sub Total/Average Fund 459-2018 Bond Fund 7,111,223 6,260 6,916,699 200,785 - Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 25,115 6,181,379 6,200,533 5,961 NexBank N/A 11/29/2016 N/A 1,568,572 10,113 - 1,578,685 Independent Bank 2.78% 07/06/2018 07/09/2019 6,126,087 - 6,126,087 - East West Bank 2.86% 12/07/2018 12/09/2019 5,081,359 36,761 - 5,118,120 East West Bank 2.70% 03/04/2019 03/04/2020 41035,365 27,555 - 4,062,920 - Sub Total/Average Fund 460-Bond Fund 16,836,497 1 6,255,809 12,326,620 10,765,686 - Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 758,447 1,492,209 358,399 1,892,258 Origin Bank N/A 08/01/2019 N/A - 3,511,240 - 3,511,240 East West Bank 2.38% 03/21/2018 09/21/2019 3,092,755 - 3,092,755 - East West Bank 2.86% 12/07/2018 12/09/2019 1,524,408 11,028 - 1,535,436 R Bank 2.90% 12/26/2018 12/26/2019 2,029,129 15,211 - 2,044,340 Independent Bank 1.91% 09/30/2019 1 09/30/2020 - 3,000,000 - 3,000,000 - Sub Total/Average Fund 462-2017 Bond Fund A7,404,739 8,029,689 3,451,154 11,983,274 - Fund 465-2019 CO Bond Fund TexPool N/A 05/30/2019 N/A 24,730 1,453 - 26,183 NexBank N/A 06/28/2019 N/A 13,377,527 75,392 5,645,456 7,807,463 R Bank 2.55% 06/04/2019 06/04/2020 3,000,000 19,344 - 3,019,344 Inde endent Bank 2.48% 06/05/2019 06/05/2020 5,000,000 31,255 - 5,031,255 Independent Bank 2.52% 06/05/2019 12/05/2020 4,000,000 25,407 - 4,025,407 - Sub Total/Average Fund 465-2019 CO Bond Fund 25,402,257 152,850 1 5,645,456 1 19,909,652 1 - Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,591 49 - 8,640 NexBank N/A 04/29/2019 N/A 839,093 5,410 - 844,502 - Sub Total/Average Fund 591-Reserves Fund 847,684 5,458 - 853,142 1 - Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 8,281,243 41,973 1 7,101,115 1,222,100 - Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 8,281,243 41,973 7,101,115 1,222,100 - Fund 605-Kalahari Debt Service Reserve TexPool N/A 08/30/2019 N/A - 975,441 T 975,441 - Sub Total/Average Fund 605-Kalahari Debt Service Reserve - 975,441 - 975,441 - Page 14. Valley View Consulting,L.L.C. Market Value Comparison September 30, 2019 Coupon Settlement Beginning Market Total Buys/ Total Sells/ EndingMarket Change in Market Issuer Rate Date Maturity Date Value Increases Decreases Value Value Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A 558,847 3,566 279,553 282,860 — Treasury 1.38% 05/15/2019 02/15/2020 995,703 — — 997,793 2,090 FHLMC 1.38% 05/15/2019 05/01/2020 1,491,996 — — 1,496:294 4,298 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 3,046,546 3,566 279,553 2,776,947 6,388 Total/Average $ 352,483,943 $ 97,222,331 $ 110,560,258 $ 339,201,952 $ 55,936 Page 15. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2019 Issuer Coupon Settlement Face Amount/ Market Rate Credit Rating Date Shares Book Value Price Market Value Maturity Maturity Date Days t YTM Book Fund 000-Pooled Investments NexBank 2.63% 11/29/2016 $ 7,622,500 $ 7,622,500 100.00 $ 7,622,500 N/A 1 2.63% JPMor an Chase 0.72% 09/30/2015 6,631,822 6,631,822 100.00 6,631,822 N/A 1 0.72% TexSTAR 2.38% AAAm 09/30/2015 197,603 197,603 100.00 197,603 N/A 1 2.38% TexPool 2.38% AAAm 09/30/2015 8,661,493 8,661,493 100.00 8,661,493 N/A 1 2.380/. TexasDAILY 2.41% AAAm 09/30/2015 12,767 12,767 100.00 12,767 N/A 1 2.41% FHLMC 0.88% Aaa/AA+/AAA 02/28/2018 10,000,000 9,993,292 99.90 9,989,643 07/19/2019 19 2.19% Le ac Texas Bank 1.70% 08/10/2017 8,253,013 8,253,013 100.00 8,253,013 08/09/2019 40 1.70% R Bank 1.80% 08/10/2017 2,063,925 2,063,925 100.00 2,063,925 08/10/2019 41 1.80% Le ac Texas Bank 1.70% 08/28/2017 5,158,133 5,158,133 100.00 5,158,133 08/28/2019 59 1.70% Le ac Texas Bank 2.10% 12/21/2017 4,127,773 4,127,773 100.00 4,127,773 09/20/2019 82 2.10% JPMor anChase 1.64% 10/02/2017 14,232,789 14,232,789 100.00 14,232,789 10/02/2019 94 1.64% Lubbock National Bank 1.65% 10/02/2017 10,278,467 10,278,467 100.00 10,278,467 10/02/2019 94 1.65% R Bank 1.83% 10/02/2017 2,055,607 2,055,607 100.00 2,055,607 10/02/2019 94 1.83% FNMA 0.00% -/AA/AA- 10/11/2017 5,000,000 4,975,805 99.40 4,970,000 10/09/2019 101 1.79% REFCORP 0.00% -/AA/- 10/29/2018 8,500,000 8,433,058 99.36 8,445,940 10/15/2019 107 2.74% JPMor anChase 1.98% 11/09/2017 5,100,375 5,100,375 100.00 5,100,375 11/09/2019 132 1.98% East West Bank 2.67% 02/20/2019 5,048,142 5,048,142 100.00 5,048,142 11/20/2019 143 2.67% Vera Bank 0.99% 12/05/2016 245,000 245,000 100.00 245,000 12/05/2019 158 0.99% Le ac Texas Bank 2.20% 12/21/2017 10,334,882 10,334,882 100.00 10,334,882 12/20/2019 173 2.20% Le ac Texas Bank 2.20% 01/08/2018 7,736,705 7,736,705 100.00 7,736,705 01/08/2020 192 2.20% East West Bank 2.21% 01/26/2018 10,320,473 10,320,473 100.00 10,320,473 01/26/2020 210 2.21°% FFCB 2.07% Aaa/AA+/AAA 02/28/2018 101000,000 9,984,743 99.93 9,992,789 02/14/2020 229 2.32% JPMor anChase 2.56% 03/21/2018 5,129,778 5,129,778 100.00 5,129,778 03/21/2020 265 2.56% Independent Bank 2.62% 04/09/2018 13,343,961 13,343,961 100.00 13,343,961 04/09/2020 284 2.62% R Bank 2.85% 05/14/2018 2,057,818 2,057,818 100.00 2,057,818 05/14/2020 319 2.85% Le ac Texas Bank 2.75% 05/15/2018 7,211,749 7,211,749 100.00 7,211,749 05/15/2020 320 2.75% Independent Bank 2.70% 05/16/2018 5,136,373 5,136,373 100.00 5,136,373 05/16/2020 321 2.70% Independent Bank 2.95% 06/20/2018 5,149,140 5,149,140 100.00 5,149,140 06/19/2020 355 2.95% Independent Bank 2.95% 07/06/2018 6,645,009 6,645,009 100.00 6,645,009 07/08/2020 374 2.95% Independent Bank 2.70% 04/09/2019 3,000,000 3,000,000 100.00 3,000,000 07/09/2020 375 2.70% FFCB 2.68% Aaa/AA+/AAA 08/29/2018 10,000,000 9,996,492 101.02 10,101,610 08/24/2020 421 2.71% East West Bank 2.69% 03/04/2019 5,044,042 5,044,042 100.00 5,044,042 09/04/2020 432 2.69% East West Bank 2.78% 01/11/2019 4,052,435 4,052,435 100.00 4,052,435 10/12/2020 4701 2.78% FHLB 2.86% Aaa/AA+/- 10/02/2018 6,000,000 5,999,516 101.37 6,082,403 10/15/2020 473 2.87% Independent Bank 2.65% 05/01/2019 5,167,402 5,167,402 100.00 5,167,402 11/01/2020 490 2.65% Le ac Texas Bank 3.05% 11/16/2018 5,089,251 5,089,251 100.00 5,089,251 11/16/2020 505 3.05% East West Bank 2.70% 02/20/2019 5,048,686 5,048,686 100.00 5,048,686 11/20/2020 509 2.70% Le ac Texas Bank 3.05% 12/07/2018 5,076,524 5,076,524 100.00 5,076,524 12/07/2020 526 3.05% East West Bank 2.78% 01/11/2019 10,131,088 10,131,088 100.00 10,131,088 01/11/2021 561 2.78% Origin Bank 2.82% 02/12/2019 6,242,632 6,242,632 100.00 6,242,632 02/12/2021 593 2.82% East West Bank 2.71% 02/20/2019 10,602,621 10,602,621 100.00 10,602,621 02/19/2021 600 2.71% Le ac Texas Bank 2.74% 03/01/2019 2,517,306 2,517,306 100.00 2,517,306 03/01/2021 610 2.74% BOKF,NA 2.00% 06/27/2019 1 2,000,000 2,000,000 1 100.00 2,000,000 06/24/2021 725 2.00% Sub Total 1 Average 2.19% 266,227,284 266,110,189 100.03 266,309,669 1 2621 2.38% Page 16. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2019 Coupon Settlement Face Amount/ Issuer Rate Credit Rating Date Shares Book Value Market Market Value Maturity Date Days to YTM @ Price Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 2.41% AAAm 04/30/2016 84,666 84,666 100.00 84,666 N/A 1 2.41% NexBank 2.63% 02/27/2017 8,047,996 8,047,996 100.00 8,047,996 N/A 1 2.63% TexPool 2.38% AAAm 09/30/2015 197,234 197,234 100.00 197,234 N/A 1 2.38% East West Bank 2.69% 01/11/2019 7,898,918 7,898,918 100.00 7,898,918 07/11/2019 11 2.69% Sub Total/Average 2.66% 16,228,813 16,228,813 1 100.00 16,228,813 61 2.66% Fund 210-Interest&Sinking Debt Service NexBank 2.63% 02/27/2019 1,010,481 1,010,481 1 100.00 1,010,481 N/A 1 2.63% JPMor an Chase 0.72% 09/30/2015 4,790 4,790 1 100.00 4,790 N/A 1 0.72% Sub Total/Average 2.62% 1,015,271 1,015,271 1 100.00 1,015,271 1 2.62% Fund 459-2018 Bond Fund TexPool 2.38% AAAm 12/15/2018 1,027,574 1,027,574 100.00 1,027,574 N/A 11 2.38% Wallis State Bank 2.76% 12/21/2018 3,041,489 3,041,489 100.00 3,041,489 09/23/2019 85 2.76% R Bank 2.83% 12/26/2018 3,042,160 3,042,160 100.00 3,042,160 09/24/2019 86 2.83% Sub Total/Average 2.740/6 7,111,223 7,111,223 100.00 7,111,223 73 2.74% Fund 460-Bond Fund TexPool 2.38% AAAm 09/30/2015 25,115 25,115 100.00 25,115 N/A 1 2.38% NexBank 2.63% 11/29/2016 1,568,572 1,568,572 100.00 1,568,572 N/A 1 2.63% Independent Bank 2.78% 07/06/2018 6,126,087 6,126,087 100.00 6,126,087 07/09/2019 9 2.78% East West Bank 2.86% 12/07/2018 5,081,359 5,081,359 100.00 5,081,359 12/09/2019 162 2.86% East West Bank 2.70% 03/04/2019 4,035,365 4,035,365 100.00 4,035,365 03/04/2020 248 2.70% Sub Total/Average 2.77% 16,836,497 1 16,836,497 100.00 16,836,497 112 2.77% Fund 462-2017 Bond Fund TexPool 2.38% AAAm 05/30/2017 758,447 758,447 100.00 758,447 N/A 1 2.38% East West Bank 2.38% 03/21/2018 3,092,755 3,092,755 100.00 3,092,755 09/21/2019 83 2.38% East West Bank 2.86% 12/07/2018 1,524,408 1,524,408 100.00 1,524,408 12/09/2019 162 2.86% R Bank 2.90% 12/26/2018 2,029,129 2,029,129 100.00 2,029,129 12/26/2019 179 2.90% Sub Total/Average 2.62% 7,404,739 7,404,739 100.00 7,404,739 117 2.62% Fund 465-2019 CO Bond Fund NexBank 2.63% 06/28/2019 13,377,527 13,377,527 100.00 13,377,527 N/A 1 2.63% TexPool 2.38% AAAm 05/30/2019 24,730 24,730 100.00 24,730 N/A 1 2.38% R Bank 2.55% 06/04/2019 3,000,000 3,000,000 100.00 3,000,000 06/04/2020 340 2.55% Independent Bank 2.48% 06/05/2019 5,000,000 5,000,000 100.00 5,000,000 06/05/2020 341 2.48% Independent Bank 2.52% 1 06/05/2019 1 4,000,000 4,000,000 100.00 4,000,000 12/05/2020 524 2.52% Sub Total/Average 2.57% 25,402,257 25,402,257 100.00 25,402,257 1 1 19'01 2.57% Fund 591-Reserves Fund TexPool 2.38°r'° T AAAm 09/30/20158.591 8,591 100.00 8,591 N/A 1 2.38% NexBank 2.63% 1 04/29/2019 839,093 839,093 100.00 839,093 N/A 1 2.63% Sub Total/Average 2.63% 847,684 847,684 100.00 1 847,684 1 2.630/. Fund 602-Interest&Sinking Revenue Bonds TexPool 2.38% AAAm 09/30/2015 1 8,281,243 1 8,281,243 1 100.00 8,281,243 N/A 1 2.38% Sub Total/Average 2.38% 8,281,243 1 8,281,243 1 100.00 8,281,243 1 2.38% Fund 863-Drainage Utility Revenue Bond TexPool 2.38% AAAm 10/31/2015 558,847 558,847 100.00 558,847 N/A 1 2.38% Treasury 1.38% Aaa/AA/AAA 05/15/2019 1,000,000 993,783 99.57 995,703 02/15/2020 230 2.38% FHLMC 1.38% Aaa/AA+/AAA 05/15/2019 1,500,000 1,487,829 99.47 1,491,996 05/01/2020 306 2.36% Sub Total/Average 1.56% 3,058,847 3,040,459 99.60 3,046,546 225 2.37% Total/Average 2.29% $ 352,413,859 $ 352,278,376 100.02 $ 352,483,943 223 244% Page 17. Valley View Consulting,L.L.C.