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R-2020-0049 - 2/27/2020 RESOLUTION NO. R-2020-0049 I WHEREAS, Chapter 2256, Texas Government ("ode, 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 December 31, 2019 for the City 01"Round Rock has been submitted to the City Council; and WHEREAS, the City Council desires to acknowledge the receipt and acceptance ot, the attached Quarterly Investment Report, Naw'Therefore BE IT RESOLVED BY THE COUNCIL OF TGIF. CITY OF ROUND ROCK, TEXAS, That the Quarterly Investment Report, attached hereto as Exhibit "A" and incorporated herein, is hereby received and accepted. J'he 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 27th (lay of'February, 2020. .4 G CRAIMORE Mayor City 0 I Round c� 1'exas ATTEST: 11-4VI I CL a4XI awe- 011220202,00439566 eck EXHIBIT ROUND ROCK TEXAS FINANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended December 31, 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 CAN, -.No procedures.were perfonned to test the accuracy or completeness of this information. The market values included in these reports xkere obtained by Valley VieN.N 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. Summary Holdings by Investment Category(Security Sector) December 31,2019 YTM @ Description Cost Book Value Market Value Cash 0.65% $ 5,749,625 $ 5,749,625 Certificates of Deposit 2.33% 242,830,995 242.830,995 Local Government Investment Pool 1.63% 49,185,824 49.185,824 Money Market Accounts 1.87% 29,804,649 29,804,649 Municipal 1.87% 1,302,447 1,302,756 US Agency 2.58% 27A89,879 27,619.348 US Treasury 2,38% 998,757 999,541 Total I Avera2e 2.19% $ 357,362,175 $ 357,492,737 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% 1 29:912,788 29,912,788 USA enc 2.52% 40,967,689 41,128,228 US Treasury 238% 996:270 997,793 Total/Average 2.34% $ 339,039,890 $ 339,201,952 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 2.19% 2.19% TexPool Yield 1.62% 1.62% Rolling Three Mo. Treas. Yield 1.60% 1.60% Rolling Six Mo. Treas.Yield 1,7810 1.78% Rolling 1 Yr. Treas, Yield 2.04% 2.04% Rolling 2 Yr. Treas.Yield 2.25% 2.25% Investment Income(3) Interest Income(Approximate) $ 1,930,545 $ 1,930:545 WAM at 12/31/2019 Policy WAM Max Total Portfolio 248 days 540 days Pooled Funds 272 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. Page1. Valley View Consulting,L.L.C. Economic Overview 12/31/2019 The Federal Open Market Committee(FOMC)held the Fed Funds target range at 1.50%-1.75%(Effective Fed Funds are trading+/-1,55%). The Futures Market has reduced the probability of additional decreases until late summer/early fall 2020. Middle East turmoil had bumped crude oil over$60,but it has retreated back below. December Non Farm Payroll rose 145,000 resulting in a three month moving average of 185,000, The Unemployed level remained at 3.5%. The Stock Markets remain at or near historic highs. Consumer spending has improved. Housing shows signs of growth. Overall economic activity remains positive,3rd Quarter GDP was confirmed at 11%, The British are moving forward with Brexit. Several trade agreements are also progressing(China, North America,Japan), The Yield Curve shifted to slightly positive. 3.00 Treasury Yield Curves 3,500 S&P 500 2.5-0 -OP Wily aw-I'm Ow-tow, jam am alaw- 3,250 3,000 2,750 t 2.00 i 2,500 2,250 caffloamm 1.50 2,000 -V 1,750 1,500 1.00 1,250 -- --------- 0.50 1.000 750 500 0.00 250 C) 0 zQr 4ZV ZV ZQr ZV December 3l,2018 September 30, December 31,- 19 4I'< e< e< 1 6.00 US Treasury Historical Yields-Since 2006 3.50 US Treasury Historical Yields-Since Nov 2015 5.50 5-00 100 — 4 4.50 —----------- 2.50 4M 3,50 2.00 3.00 2.50 - 1-50 2.00 -44-,-- ---- 0. 1.50 ----- 1,00 too ------ 0-50 0.50 0,00 0,00 Q0 0 0 zo 62 4 N-, N� K'5 NI" N�) N% yg, lk�Ij ti 0t TnB L -Note —xmo-nth WA Year Ten Year .-5hx-M-vnAh T--W I nYear Page 2. Valley View Consulting,L.L.C. Holdings by Investment Category December 31,2019 Pooled ` e. Debt service Reserve "Projed&s Total Funds Furl Funds PuFul Portfolio Description Book Value °k of Portfolio Soo Value, ctf. Book Value %of Portfolio B04VBook Value %of Portfolio Cash $ 5,743,650 2°I $ 5.975 0% $ — 0% $ — 0°I $ 5749,$25 2% Certificates of Deosit 217,574,385 61°I — 0% — 03/a 25,256;610 7°I 242.830.995 68% Investment Pools 36.220,830 101 9,681448 3% 988.398 0°la 2.293,148 1'a 49.185.824 14% Money Market Accounts 16,148,939 5% 1,579,502 0% 848.582 0% 11,227,627 3°I 29,804.649 8% Municipal 1,302,447 0% — 1 0% — 0% — 0ala 1,302:447 0% US Agee 25,994,731 700 — 0° — 0°I 1,495,148 0'l0 27,489,879 8°la US Treasury — 0°f — 0% — 0°I 998.757 1 0% 998.757 Oaf Total I Au e $302,984,982 85% $ 1 92{4 t, 3% $ 1,836 979 1 V- 1 41 771.28S I I$357 362 178 1 140ak Portfolio Balances(Millions) Order of Liquidity $350 MCash $300 aLocal Government 5250 _ _ Investment Pool a Money Market Account 5200 in US Treasury $150 E3 US Agency $100 o Municipal $50 wCert ficates of Deposit $0 Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 1213112419 1213112019 1213112019 12/3112019 1213112419 Page 3. Valley View Consulting,L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category December 31,2019 December 31,2019 Portfolio Not Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys sells Maturities Calls Interest Depositi(Withdrawal) Cash $ 5,749,625 1-6% 1001 Cash $ — $ — $ — $ — $ — $ (2,941,927) Investment Pools 49,185,824 13.8% 100% Investment Pools — — — — 121.157 33519,613 Money Market Accounts 29,804,649 8,31 75% Money Markets Accounts — — — — 145.898 (108,139) Certificates of Deposit 242.830.995 68.01 85% Certificates of Pemit 56112,262 — 56,186,649 — 1,661,624 Commerc at Pa er — 0.01 10%15% Commercial Paper — — — — — Municipal 1.302.447 0.31 351151 Municipal 1.299325 — — — — 27,489,879 % Combined US AgencyZ 96.11 1-- zz 1 11122� _3 US Treary 75% 1 ::1 Total 1 Average 1$ 357,362,175 100% PASSED Totals # 57,611,587 1 $ 69,686,649 $ 2,024,791 1$ 30,489,647 Portfolio Balances(Millions) $400 Order of Liquidity Portfolio Composition Money Market December 31,2019 $350 oCash Accounts $300 ol-ocal Government Investment Investment Pool Pools $250 S Money Market Account 13-- $200 a US Treasury Cash 1�6% $150 US Treasury 13 US Agency 0,3% M, $100 oMunicipal US Agency $50 7.7% I i I I I a Certificates of Deposit Certificates of $0 Municipal Deposit 12131118 3/31119 6130119 9130/19 12131/19 031 68.0% Page 4. Valley View Consulting.L.L.C. Portfolio Balances By Fund(Millions) 00 sago ®Cap al Project&Speaal Pu pos€ _ Funds w2>0 - - _ - DDebt Serv;ce ReseNe Funds 5<"uv €Debt Service Funds $100 - - - mPooled Funds 550 913012015 1213112015 313112016 &;3012016 9130{2016 1213112016 313112017 613012017 973012017 1213112417 313112018 613012015 9130!2018 12/3112015 313112019 673012019 913012019 1213112019 Page 5. 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 10 - 1.90 — - -- 1.80 - - - 1.70 - 1.60 — 1.50 ----- - � 1.40 -! - - - - 1.30 - -- -- -- -.- � 1.20 — - 1.10FEE CL 1.00 - - 0.90 - — - ---- -- - - 0.80 - - - - - - --- 0.70 -- - --- - -— - 0.60 � - - -- 0.50 - - 0.40 - - 0.30 0.20 0.10 0.00 '\p lQ lLQ CLQ 11Q \Q \`lQ �`LQ `14 �l4 �e Q �1Q 11Q \1Q 1`LQ `LQ �`LQ \T "�'� "?"• '� `� QQ QQ "�� '` Ql coi l N 1 col Ql l \ col Ql � Round Rock TexPool x Rolling 9.5 yr Treasury(Policy WAM max) Rolling 9 mo Treasury Page 6. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio Fund December 31, 2019 Coupes , Face AmounU i/arks/ Ila3rs tctYTM 4M tssuer Credit Ruing k Value Market Value M to t late Rite DaU Shares Price Maturity Sook Fund 000-Pooled Investrnenfs NexBank 1.82% 11/29/2016 $ 16,148,939 $ 16.148,939 100.00 $ 16.148,939 NIA 1 1.82% JPMorgan Chase 0.651. 0913012015 5,743,650 5.743,650 100.00 5,743.650 NIA 1 0.651/. TexSTAR 1.561 AAAm 0913012015 199,547 199.547 100.00 199,547 N/A 1 1.561 TexPool 1.62% AAAm 09/30/2015 31,178,548 31,178,548 100.04 31,178,548 NIA 1 1.62% TexasDAILY 1.66% AAAm 09130/2015 4,842,735 4,842,735 100.00 4,842,735 NIA 1 1.66% Lea Texas Bank 2,24% 0110812018 7,822,436 7,822.436 100.04 7,822,436 4110812020 8 2.20% East West Bank 2.211 0112612018 10.436,091 14 436,091 100.00 10,436,091 01/2612020 26 2.21% FFCB 2.0710 AaatAA+/AAA 0212812018 10.000.000 9,997,002 100.041 10,003,560 0211412020 45 2.32% Cedar Hill ISD Ref-Txbl 0.001 Aaal-IAAA 11/1412019 815.000 813138 99.80 813,346 02/15!2020 46 1,84°I JPMor anChase 256% 03/2112018 5,129.778 5,129,778 100.00 5,129,778 03/21/2020 81 2.56% Independent Bank 2.620E 0410912018 13,519,821 13,519,821 100.00 13,519,821 04109%2020 100 2.62% RBank 2.851 05/1412018 2.087.595 2,087,595 100.00 2,087,595 0511412020 135 2.85% L ac Texas Bank 2.75% 05%15/2018 7.311,756 7,311756 100.00 7,311,756 05/15/2020 136 2.75% Indee2ndent Bank 2.70% 0511672418 5,206.522 5,246.522 100.00 5.206.522 0511612024 137 2.70% Inde ndent Bank 2.95% 06/20/2018 5225,579 5.225,579 100.00 5.225.579 06/1912020 171 2.95% Independent Bank 2.95% 07/0612418 6,743,655 6.743,655 100.00 6,743.655 07/0812020 190 2.9510 Independent Bank 2.701 04/0912019 3,040,748 3.040,748 100.40 3,040.748 47/0912020 191 2.701 FFCB 2,68% Aaa/AA+/AAA 08/2912018 10,000,000 9,998,025 144,63 10,062.701 08124/2020 237 2,71% R Bank 2.081 09/0512019 2,013,494 2,013,494 140.00 2,013,494 09/4312020 247 2.08% East West Bank 2.691 03/0412019 5.112,905 5.112,905 100.00 5,112,905 0910412020 248 2.69% East West Bank 2.7801 0111112019 4,109.625 4.109,625 100.00 4109,625 1011212024 286 2.78% FHLB 2,8618 Aaa/AA+/- 10102/2018 6.000,000 5.999.704 140,90 6.054,275 10115/2020 289 2.8710 Independent Bank 265% 05/01,12019 5136.385 5,236,385 100.00 5.236.385 1110112020 306 2.65% Lea Texas Bank 3.05°I 11/1612018 5.167,572 5,167,572 100,001 5,167,572 1111612020 321 3.05% East West Bank 2.70x0 02/2072019 5,117,870 5.117,870 100.00 1 5.117.870 11/20/2020 325 2,70% Independent Bank 2.05% 0910312019 3.011.996 3,011,996 100.00 3.011.996 12/03/2020 338 2,05% Le ac Texas Bank 3,05% 120712018 5.154,650 5154,650 100.04 5,154.654 12/07,12020 342 3.051: Independent Bank 1.8501 10104,2019 5.000,000 5,000,000 100.00 5,040,000 41/0412021 370 1.851 East West Bank 2.78°l 01/11!2019 10,274,062 10,274,062 100.00 14.274,062 01/1112021 377 27801 Origin Bank 2.82% 02112/2019 6,331.692 6,331,692 100.00 6,331.692 02/1212021 409 2.821 Cedar Hill ISD Ref-Txbl 0.00% Aaa/-/AAA 1171412019 500.000 489,310 97.88 489,410 02/15/2021 412 1.93% East West Bank 2.71% 0212012019 10,748,455 10,748,455 100.00 10.748,455 0211912021 416 2.71% Le ac Texas Bank 2.74% 03/4112019 2,552,086 2,552,086 100.00 2.552,086 03101/2021 426 2.74% Independent Bank 1.86% 09130/2019 5.023,186 5.023.186 100.00 5,023,186 03130/2021 455 1,86% Independent Bank 1.80% 1011112019 9,000,000 9.400,000 100.00 9.040,000 04112/2021 468 1,80% Independent Bank 2.15% 0712212019 5,027,096 5.027,096 100.00 5,027,096 0412212021 478 215% BBVA Compass 1.94% 0812772019 5,032,526 5,032,526 100.00 5,032,526 05127/2421 513 1.94% Ve€Etex Community Bank 1.67% 12/2072019 5,000.000 5,000.000 100.00 5,000.000 06/21%2021 538 1.67% BOKF,NA 2.00% 0612712019 2000,000 2,000.000 100.00 2;040,404 06/2412021 541 2.40% Ventex Community Bank 1.74% 09,3012019 5,021,690 5,021.690 100.00 5,021,690 06/3012021 547 1.74°I BBVA 1.77% 10103`2019 5,014.770 5,014,770 100.00 5.014,770 07105=2021 552 1.77% Independent Bank 2,15% 07/2212019 5.027.096 5.027,096 100.00 5.027.096 07/2212021 569 2.15% East West Bank 1.64% 11%22/2019 5,008,994 5.008,994 100,00 5,048,994 08123=2021 601 1.6410 BBVA Compass 1.87% 08/2772019 3,018,809 3,018,809 100.001 3,018,809 08/2712021 605 1.87% Security State Bank&Trust 2.09% 09/0572419 7.036.451 7.436451 100.04 7.036,451 0911312021 622 2.09% Ventex CommunityBank 1.71% 10103/2019 10,000.040 10,000,000 100.00 10,000.000 10/0412021 643 1.71% East West Bank 1.64010 11/2212019 5,408.994 5.40$.994 100.40 5,00$,994 1112212021 692 1.6410 Ventex Community Bank i.6701� 1212412419 5,004.044 5.440.000 100.00 5;004,040 1212012021 720 1.67% Sub Total i Avera a 2.19% 303,002,803 302,984,982 900.04 303,111,095 272 2.217 Page 7. Valley View Consulting,L.L.C, Holdings by Allocation and Portfolio Fuad December 31, 2019 coolron Settlement Face Aff"xaW Market Days t YTM Issuer Rate Credit RangDaft Shares Book Value Price Market Yale Maturity tate a6rrity Book Fund 176-Interest&Sinking GO Bands TexasDAILY 1.66% AAArn 0413012016 3,267.469 3,267.469 100.00 3,267.469 NIA 1 1.66 0 NexBank1.82% 0212712017 1,579,502 1.579.502 100.00 1,579.502 N/A 1 1.8210 TexPool 1.62% AAAm 09/3012015 609.470 609.470 100.00 609.470 N/A 1 1.621 Sub Total I Average 1.701 5,456,441 5,456,141 166.06 5,466,441 1 1.70! Fund 216-Interest&Sinking Debt Service JPMor an Chase 0e510 1 1 09130/2015 5-9751 5,9751 100.00 1 5,975 NIA 11 0.650! Sub Total 1 Average 0.65% 1 6,9751 5,9751 loom 1 5,975 1 11 0X6% Fund 459-2018 Bond Fund TexPool 1.62% AAAm 1211512018 190.487 1 190.487 I 100.00 190-4871 NIA 11 1.62% Sub Total i Avera2e 1.621 190,4871 190,4871 100.001 190,4871 11 1.621 Fund 460-Bond Fund TexPool 1.62% AAAm 0913012015 441,720 441.720 100.00 441,720 NIA 1 1.6210 NexBank1.82°l 11129%2016 997.787 997.787 100.00 997.787 NIA 1 1.82% East West Bank 2?0% 03/0412019 4.090;664 4.090.664 100.001 4,090.664 0310412020 641 2.7001 Sub Total l Avera a 2.46% 5,530,171 5,530,171 100.001 5,530,17148 2.461 Fund 462-2017 Bond Fund TexPool 1.621 AAAm 0513012017 1.633.782 1.633,782 100.00 1 1.633.782 NIA 1 1,62% Origin Bank 2.21°1 0810112019 3,530.836 3.530,836 100.00 3,530,836 NIA 1 2.21°I Independent Bank L91% 09/3012019 3.014,286 3.014.286 100.00 3,014.286 0913012020 274 1.91% Southside Bank 1.7010 1211912019 6.000,000 6.000,000 100.00 6,000.000 12/21/2020 356 1.701 Sub Total/Avera a 1.861 14,178,904 14,178,904 100.00 14,178,904 209 1.86% Fund 465-2019 CO Bond Fund NexBank 1.82% 0612812019 6,699.003 6.699:003 100.00 6.699,003 NIA 1 1.82% TexPool 1.621/. AAAm 05/30/2019 27,159 27,159 100.00 27.159 NIA 1 1.62% R Bank 2.55% 06/04/2019 3.038.600 3.038.600 100.00 3.038.600 0610412020 156 2.551 Inde endent Bank 2.48% 0610512019 5.062,363 5.062.363 100.00 5,062,363 06/05,2020 157 2.48% Independent Bank 2.52°I 06/0512019 4.050,698 4,050,698 100.00 4.050.698 1210512020 340 2.52% Sub Total I Average 2.261 18,877,823 18,877,823 100.00 18,877,823 141 2.261 Fund 591-Reserves Fund TeXPool1.62% AAAm 0913012015 8.678 8,6781 100,001 8,678 1 N/A 1 11 1.621 NexBank 1.82°l 1 0412912019 848,5821 848.582 1 100.00 1 848.582 N/A 11 1.821 Sub Total I Avera2e 1.82° 857,2591 867,2691 100.001 857,259 1 1.82°k Fund 602-Interest&Sinking Revenue Bonds TexPool 1 1.62% AAArn 1 0913012015 1 5,806.5091 5,806,5091 100.00 1 5.806,509 1 NIA 1 1 1 1.621 Sub Total I Average I.M. 1 5,806,5091 5,806,5091 100.001 5,806,609 11 1.621 Fund 605-Kalahari Debt Service Reserve TexPool 1.62% AAArn 1 0813012019 1 979.720 979.720 1 100.00 979.720 NIA 1 1.62°r"0 Sub Total I Avera a 1.6210 1 979,7201 979,7201 100.001 979,7201 1 11 1.62% Fund 863-Drainage utility Revenue Bond Treasury 1.381 Aaa/AAIAAA 1 0511512019 1 1,000.000 1 998.757 1 99.951 999,541 1 02/1512020 1 461 2.38% FHLMC 1.381 Aaa/AA+/AAA 05/1512019 1.500,000 1,495.148 99.92 1,498.812 05101/2020 122 2.36% Sub Total 1 Average 1 1.38% 1 2,600,0001 2,493,9041 99.931 2,498,3531 1921 2.37"1 Total I Avera a 1 2.160 367_306,092 1 357 362,176 100.03 1$ 357 92 737 1 248 2.190,L Page 8. Valley View Consulting,L.L.G. Book Value Comparison December 31,2019 Issuer Coupcn I s ent IM.,,4°aBegtming Tate/Buys! Tata! Ending k Cl.. a its k',, Rate Date vats I a valm value Fund 000-Peed Investments JPMor an Chase N/A 0913412015 N/A $ 8.687.162 $ $ 2,943.512 $ 5,743.654 $ 2.943.512 TexPool N/A 49/3012015 NIA 1,562.928 32,959,022 3,343,402 31,178,548 29,615,620 TexSTAR N/A 0913012015 NIA 198,705 842 199.547 842 TexasDAILY NIA 0913012015 N/A 8,942,230 5,400.505 9,500,400 4,842,735 4,099.495 NexBank N/A 11129/2016 NIA 14,344.952 1,803.987 16,148,939 1,803,987 Lubbock National Bank 1.65% 1010212017 1010212019 10,321.274 10.321.274 10,321,274} R Bank 1.831 1010212017 10/0212019 2,065,007 2.0657007 {2,065.007 JPMor anChase 1,64% 10,0212017 10/02/2019 14,232.789 14232,789 14.232,789) FNMA 0.00% 10111,'2017 10109/2019 4,997.844 5,400,004 4.997,844) REFCORP 0.000/ 10129/2018 10/1512419 8,490.616 8,500,000 {8.490.616 JPMor anChase 1.98% 1110912017 11/09,2019 5,100375 5,104.375 (57100,375 East West Bank 2-67% 02`2012019 11120/2019 5.082229 11,537 5.093,766 5,082,229 Vera Bank 0.99% 12145/2416 1210512019 245,000 245,000 (245.000 LegacyLexas Bank 2.20% 12!'2112017 12120/2014 10,392.297 38,245 10,434,542 10,392,297 Le ac Texas Bank 2.20% 0110812018 0110812020 7,779.686 42.749 7,822:436 42.749 East West Bank 221% 01126!2018 0112612020 10.378,121 57.974 10;436.091 57,970 FFCB 2071 02/28/2018 02/1412020 9,990,873 9,997,042 6,129 Cedar Hill ISD Ref-Txbi 0.00% 11114/2019 02/1512020 — 811,235 813,138 813.138 JPMor anChase 2.56% 03/21/2018 03121/2020 5.129,778 — 5,129,778 — Inde rodent Bank 2.62% 04/0912018 04/0912020 13.431,124 88.697 13,519,821 88.697 R Bank 2.85% 0511412018 0511412020 2,072,653 14,942 2.087,595 14,942 LegacyTexas Bank 2.75% 05115/2018 05/1512020 7,261,853 49,902 - 7,311,756 49.902 Independent Bank 2.70% 0566/2018 05/1612020 5.171.328 35.193 5.206,522 35.193 Independent Bank 2.951 0612012018 1 0611912020 5,187.427 38,152 5,225,579 38.152 Independent Bank 2.95% 0710612018 07/0812020 6.693,882 49.773 — 6,743.655 49,773 Independent Bank 2.70% 0410912019 0710912020 3.020,195 20.554 3,040,748 20,554 FFCB 2,68% 0812912018 08,124/2020 9.997,258 9,998,025 767 R Bank 2.08% 0910512019 09/03/2020 2,042,965 10,528 — 2,413.494 14.528 East West Bank 2.69% 4310412019 09/0412020 5,078,357 34.548 5,112.905 34.548 East West Bank 2.78% 01111;2019 10,12/2020 4.080,930 28,695 4.109.625 28.695 FHLB 2.86% 1010212018 10/15/2020 5,999.610 5,999.704 94 Independent Bank 2.65% 0510112019 11101/2020 5,201,641 34,744 5236.385 34,744 Le ac Texas Bank 3.45% 1111612018 11116/2024 5,128.475 39,096 5,167,572 39,096 East West Bank 2.70% 0212012019 1112012020 5,083,160 34,714 5,117,870 34,714 Independent Bank 2.05% 09103/2019 1214312020 3,000.000 11.996 3,011,996 11,996 L ac Texas Bank 3.45% 1210712018 1210712020 5,115,651 38,999 5.154,650 38,999 Independent Bank 1.851 10/04/2019 0110412021 5,000,000 — 5,000.000 5,000,000 East West Bank 2.78% 01111%2019 01/1112021 10202,324 71.737 10.274.062 71,737 Origin Bank 2.82% 02112/2019 0211212021 1 6.287.005 44,688 6.331.692 44.688 Cedar Hitt ISD Ref-Txbt 0.00% 1111412019 02/1512021 488.090 489.310 489.310 East West Bank 2.71% 0212412019 02119/2021 10.675.289 73.166 10,748,455 73.166 Le Texas Bank 2.74% 03101%2019 03/01%2021 2,534,731 17,355 — 2,552,086 17,355 Inde ndent Bank 1.86% 09/3012019 03/30,`2021 5.000.000 23.186 — 5.023.186 23.186 Independent Bank 1.80% 10/1112019 04112/2021 9,000.000 9.000,040 9.004.000 Inde ndent Bank 2.15% 07/2212019 04/2212421 5,004,000 27.496 — 5.027.096 27.096 BBVA Compass 1.9410 0812712019 0512712021 5.008,245 24.281 5,032.526 24,281 Veritex Community Bank 1.67% 12/20/2019 0612112021 5,000,044 5,000.000 5.000.040 BQKF,NA 2.40% 0612712019 0612412021 2000,004 2,000,000 Ventex Community Bank 1.74% 09/3012019 0613012021 5.000,000 21,690 5,021.690 21,690 BBVA 1.77% 10,10312019 07/05/2021 -- 5,014,770 — 5,014,770 5.014,770 Inde ndent Bank 2.15% 07122/2019 07122/2021 5,000,000 27.096 5.027,096 27.096 East West Bank 1.64% 11/2212019 0812312021 5,008.994 5,008,994 5._008,994 BBVA Com ss 1.87% 08/2712019 08/2712021 31004.768 14.041 — 3.018.809 14,041 Security State Bank&Trust 209% 09105/201909/1312021 7.000.000 36,451 7.036 451 36,451 Veritex CommunityBank 1.71% 1010312019 14104/2421 10,040.000 10,000,000 10,000,000 Page 9, Valley View!Consulting,L.L.C. Book Value Comparison December 31,2019 Issuer Coupon Settlement Maturity tate Beginning Book Total Buys/ Total Sells/ Ending Book Change In Book Rafe Bate Value Increases Decreases Value ' Value East West Bank 1.64% 11122/2019 11122/2021 5,008,994 5,008,994 5,008,994 Veritex Community Bank 1.671 1212012019 1212012021 5.000,000 5,000,000 5,000,000 Sub TotalfAvera a Fund 000-Pooled Investments 288,180,737 91,558,258 76 775,886 302 984,982 5,255 241 Fund 170-interest&Sinking GO Bonds TexPool N/A 09130/2015 N/A 262,973 589,724 243,226 609,470 346,498 TexasDAILY N/A 0413012016 NIA 85.146 3.242,323 60,000 3.267,469 3,182.323 NexBank NIA 02/2712017 NIA 1,825,946 7,593 254,037 1,579,502 246,444 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 2,174,065 3,839,639 557,263 5,466, 1 3282 376 Fund 210-Interest&Sinking Debt Service JPMor an Chase NIA 0913012015 NIA 1 4,390 1,585 5,975 1.585 Sub TotaltAvera a Fund 210-Interest&Sinking Debt Service 4,3901 1,5851 5,9761 1,585 Fund 459-2018 Bond Fund TexPool N/A 12/15/2018 N/A 200,785 1 1,154 11,452 190,487 (10,298 Sub TotalfAvera a Fund 459-2018 Bond Fund 200,7851 1,1541 11,4521 190 487 (10,298) Fund 460-Band Fund TexPool NIA 09130/2015 N/A 5,961 441,730 5,971 441,720 435.759 NexBank NIA 11/29/2016 N/A 1,578,685 5,843 586,741 997,787 580,897 East West Bank 2.86% 12/0712018 12/09/2019 5.118,120 5,118,120 - 5118,120 East West Bank 2.70% 03104/2019 03104/2020 4,062,920 27,743 4,090._664 27,743 Sub Total/Average Fund 460-Bond Fund 10,765,686 476,317 5,710,832 5,530 171 J5,235,515 Fund 462-2017 Band Fund TexPool N/A 0 513 0/2 0 1 7 N/A 1.892,258 502,048 760,524 1,633.782 258,476 Origin Bank N/A 08101/2019 N/A 3.511.240 19,595 - 3,530,836 19,595 East West Bank 2.86% 1210712018 12109/2019 1,535,436 1,535,436 - "1,535,436 R Bank 2.901/. 12126/2018 12126/2019 2.044,340 2044,340 (2,_044,340 Inde endent Bank 1.91% 09/30/2019 09130/2020 3.000000 14,286 - 3,014,286 14,286 Southside Bank 1.701% 1211912019 1212112020 - 6,000.000 - 6,000,000 6.000,000 Sub TotatfAvera a Fund 462-2017 Bond Fund 11,983,274 6,535,929, 4,340,300 14,178,904 2,195,629 Fund 465-2019 CO Bond Fund TexPool N/A 05130/2019 NIA 26,183 976 27,159 976 NexBank N/A 0612812019 NIA 7.807,463 34,242 1,142702 6,699,003 1,108,460 R Bank 2.55% 06/04/2019 06/04/2020 3,019,344 19.256 3,038,600 19,256 Independent Bank 2,48% 0610512019 06/05/2020 5.031,255 31,108 5,062363 31,108 Independent Bank 2,52% 06105/2019 12/0512020 4,025.407 25,291 4,050.698 25.291 Sub Totat/Avera a Fund 465-2019 CO Bond Fund 19,909,662 110,873 1,142 702 18,877,823 1,031 829 Fund 591-Reserves Fund TexPool N/A O913 012 0 1 5 NIA 8,640 38 8.678 38 NexBank N/A 04129/2019 N/A 1 844.5021 4.0791 848,582 4,079 Sub Total/Average Fund 591-Reserves Fund 863,1421 4117 857,2591 4,117 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 1,222,1001 4,585,159 7501 5,806,509 1 4,584,409 Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 1,222,1001 4,585,159 1 7601 5,806,5091 4,584,409 Fund 605-Kalahari Debt Service Reserve TexPool N/A 0813012019 NIA 975,441 4,279 - 979;720 1 4.279 Sub TotallAvera a Fund 605-Kalahari Debt Service Reserve 975,441 4,2791 979,7201 4,279 Page 10. Valley View Consulting,L.L.C. Book Value Comparison December 31,2019 Coupon Sewernent Beg€nning Book Total Buys] Total Sells/ Ehd€ng Book Change In Issuer Book Maturity Date Ram Date Value IncreasesDecreases value value Fund 863-Drainage Utility Revenue Bond TeXPool N/A 10/3112015 N/A 282.860 459 283,319 282,860 Treasury 1.38% 05/1512019 02/1512020 996.270 — — 998,757 2.487 FHLMC 1.38% 0511512019 05101/2020 1.491 AN 1,495.148 3.659 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 2,770 618 459 283,319 2,493,904 276.714 Total]Ave€a e S' 339.039490 S 107,116 769 1 88 822 84 a 367 362176 $ (1,737.201)1 Page 11. Valley View Consulting,L.L.C. Market Value Comparison december 31,2019 Issuer C.P.. inetl# 1..,4Date Beglnning Market TSI Buys! I TaW.WW I irrss N Market I Change In Marlutt Rate Date Value " Inc A"reas" value value Fund 000-Pooled Investments JPMor an Chase NIA 0913412015 NIA $ 8.687,162 $ $ 2,943.512 $ 5,743.650 $ TexPool NIA 09/3012015 NIA 1,562.928 32.959;022 3,343,402 31.178,548 TexSTAR N/A 09/3012015 N/A 198,705 842 199,547 TexasDAILY NIA 09/3012015 NIA 8,942,234 5,444,505 9.540.040 4,842,735 NexBank NIA 11/29/2016 NIA 14,344.952 1,843.987 - 16,198,939 Lubbock National Bank 1.651 1010212417 1010212019 10,321.274 10.321.274 R Bank 1.831 10/4212017 1410212019 2,065,007 2.065,007 - JPMor anChase 1.6410 10/0212017 1010212019 14,232,789 14,232,789 FNMA 0.44% 14111/2417 14/09/2419 4.997854 - 5,000-440 - 2,150 REFCORP 0.00% 1012912418 14115%2419 8,493,544 8.544,044 6.460 JPMor anChase 1.98°1 11/0912017 11109/2019 5,100.375 5,100,375 East West Bank 2.671 42;'2012419 11/2412019 5,082,229 11.537 5,0937766 Vera Bank 0.991 12105/2416 12/'45/2019 245.040 - 245.000 - LegacyTexas Bank 2.20% 1212112017 1212412019 10.392.297 38,245 14.430.542 Le ac Texas Bank 2.20% 0114812018 0110812020 7.779,686 42.749 7.822,436 East West Bank 2.21% 01/26/2018 01126/2020 10.378.121 57;970 10;436.091 FFCB 2.07% 02128%2018 0211412020 10,004,103 10,003.560 543) Cedar Hili ISD Ref-Txbi 0.00% 11/14/2019 02/1512020 - 811,235 - 813,346 2,111 JPMor anChase 2.561 03/2112018 03121/2024 5,129,778 5,129.778 Independent Bank 2.621 04/0912018 04/0912020 13,431.124 88,697 13,519.821 R Bank 2.85010 4511412018 05/14/2020 2,072.653 14.942 - 2.467,595 Le ac Texas Bank 2.75% 45115/2418 0511512020 7,261,853 49.942 7,311.756 - Independent Bank 2,70% 05/16/2018 05/16/2020 5.171.328 35.193 5,206.522 Independent Bank 2.95% 06/2012018 06/1912020 5.187.427 38,152 5,225,579 Inde ndent Bank 2.951 47/0612018 07108/2020 6,693,882 49.773 - 6,743,655 Independent Bank 2.70% 0410912019 07109/2020 3.020.195 20.554 3,040,748 FFCB 2.68% 4812912018 08:24/2020 10,062.635 - 10,062.701 66 R Bank 20810 09/4512019 09%0312020 2.002.965 10,528 - 2.013 494 East West Bank 2.69% 03144/2019 49%0412024 5.078,357 34.548 5.112.945 East West Bank 2.78% 0111112019 10112/2020 4,080,930 28.695 4.109,625 FHLB 2.86°t 1010212018 10/15/2024 6;473,806 6,054275 %9.531 Independent Bank 2.651 05/01/2019 1110112020 5,201,641 34,744 5,236.385 Le ac Texas Bank 3.051 11/1612418 11/1612020 5,128,475 39.096 5,167,572 East West Bank 2.70% 02/2012019 11120/2020 5,083,160 34,714 5,117,874 Independent Bank 2.051 0910312019 12/0312020 3.000,000 11,996 - 3.011,996 - Le2acyTexas Bank 3.05% 12/0712418 12/07/2420 5,115,651 38.999 5,154,654 Independent Bank 1.85°% 10144/2019 01/04/2021 5.000.004 5,400.000 East West Bank 2.78% 0111112019 01/1112021 10,202,324 71,737 10,274,062 Origin Bank 2.82% 02112/2019 02112%2021 6.287,005 44;688 6,331.692 Cedar Hill ISD Ref-Txb4 0.00% 1111412019 02/1512021 488.090 489.410 1,320 East West Bank 2.711 0212012019 4211912021 10,675.289 73,166 10.748,455 - Le ac Texas Bank 2.74% 0310112019 0310112021 2,534.731 17,355 2.552,086 - Inde endent Bank 1,86% 09130%2019 0313012021 5,000,000 23,186 - 5,023,186 - Independent Bank 1.80°lo- 10/1112419 0411212021 - 9.440.040 - 9.000.444 - Independent Bank 2A5% 47/22/2019 04/2212021 5,000.000 27.096 5.027,096 BBVA Compass 1.94% 08/27/2019 05/2712021 5,008,245 24,281 5,032.526 Veritex Community Bank 1.6710 12/2012019 06121/2021 5,000,000 5.000,000 BOKF.NA 2.00°I 06127/2419 0612412021 2,000.440 2,000.000 Ventex Community Bank 1.74% 0913012019 06/3012021 5.000.000 21.690 5,021.694 BBVA 1.77'! 1010312019 07/05/2021 - 5,414,770 - 5,014,770 - Inde endent Bank 2.15% 0712212019 07/22/2021 5.000.000 27.096 5.027.096 East West Bank 1.64% 11i22I2019 48/2312421 5.048,994 5,408,984 BBVA Compass 1.871 0812712019 0812712021 3,404.768 14,041 - 3,018.809 - Security State Bank&Trust 2.09% 0910512019 09,11312021 7,000.000 36,451 - 7,036.451 Ventex Communis Bank 1.713 10103/2019 1010412021 10.000.000 10.000,004 Page 12. Valley View Consulting.L.L.G. Market Value Comparison December 31, 2019 Issuer Coupon Settlentent Maturity,Date Beginning Market Total Swyst Tota[Se1;'St Ending Market Chan"in Market Rate Data value IncreasesDecreases value ` value East West Bank 1,64% 1112212019 1112212021 — 5,008,994 - 5.008,994 Veritex Community Bank 1.67&1 1212012019 12/2012021 5.000,000 5.000,000 Sub Totat/Avera a Fund 000-Pooled investments 288,336 470 91 558,258 76,775,666 17,967 Fund 170-Interest&Sinking GO Bands TexPool NIA 09/3012015 N/A 262,973 589.724 243.226 609,474 TexasDAILY NIA 04/3012016 NIA 85.146 3.242,323 60,000 3.267.469 — NexBank N/A 02/2712017 N/A 1.825.946 7.593 254,037 1,579,502 — Sub Total/Average Fund 170-Interest&Sinking GO Bonds 2,174,065 3,839 639 557,263 5,456,441 Fund 210-Interest&Sinking Debt Service ipm an Chase NIA 09/30/2015 NIA 4.390 1.585 5.975 Sub Total/Average Fund 210-Interest&Sinking Debt Service 4,3901 1,5851 5,9761 Fund 459-2018 Bond Fund TexPool N1A 12115/2018 NIA 1 200,7851 1.1541 11,4521 190.487 Sub Total/Average Fund 459-2018 Bond Fund 200,7851 1,1641 11,4521 190,4871 — Fund 460-Bond Fund TexPool NIA 0913012015 N/A 5.961 441,730 5.971 441,720 NexBank N/A 11/2912016 NIA 1,578,685 5,843 586.741 997,787 East West Bank 2.861 12/0712018 1210912419 5.118,120 5.118.120 East West Bank 2,70% 0310412019 0310412020 4,062.920 27,743 4,090.664 Sub Total/Average Fund 460-Bond Fund 14,765 686 475,317 6,710,832 5,530,171 Fund 462-2017 Bond Fund TexPool N/A 05130/2017 NtA 1.892.258 502.048 760.524 1.633.782 Or in Bank N/A 0810112019 N/A 3,511.240 19.595 — 3.530,836 East West Bank 2.86% 12107;2018 12109.12019 1,535.436 — 1.535.436 — R Bank 2.90°1 1212612018 1212612019 2.044.340 2,044,340 Independent Bank 1.91% 0913012019 0913012020 3.044,000 14.286 3.014.286 Southside Bank 1.70% 1211912019 12/2112020 6,000.000 6,000.000 — Sub TotatfAvera a Fund 462-2417 Bond Fund 11 983.274 6,535,924 4,340,300 14178.904 Fund 465-2019 CO Bond Fund TexPool N/A 0 513 012 01 9 NIA 26.183 976 27,159 NexBank N/A 06/2812019 N/A 7,807.463 34.242 1,142,702 6,699.003 R Bank 2.55% 06104/2019 06104/2020 3.019.344 19.256 3,038.604 Independent Bank 2.48% 06/0512019 0610512020 5.031,255 31 108 5.062,363 Independent Bank 2.521 06/4512019 1210512020 4.025,407 25,291 4.050,698 Sub TotaltAvera a Fund 465-2019 CO Bond Fund 19.909 662 110,873 1,142,702 18877 823 — Fund 591-Reserves Fund TexPooi N/A 1 0913012015 NIA 1 8,640 1 38 8,678 NexBank N/A 1 04129/2019 1 N/A 1 844.502 1 4.079 848.5821 — Sub TotatfAvera a Fund 591-Reserves Fund 1 853,1421 4,117 867,2591 Fund 602-Interest&Sinking Revenue Bonds TexPool NAA 1 09/3012015 1 N/A 1 1.222.100 1 4.585.159 1 750 1 5.806,509 Sub To AtfAvera a Fund 602-Interest&Sinking Revenue Bonds 1 1,222,1001 4,585,1591 7501 51806,509 Fund 605-Kalahari Debt Service Reserve TexPool N/A 08130/2019 NIA 1 975,441 4.279 979,724 Sub Total/Average Fund 605-Kalahari Debt Service Res 1 975441 1 4,279 979,7201 Page 13. Valley View Consulting,L.L.C. Market Value Comparison December 31, 2019 !suer Coupon SettiernerrtMatu t?atc Beginning Market Total Buys/ Total Sells/ Ending Marl # Change in Market Rate Data Value Increases DecreasesValue Value Fund 863-Drainage Utility Revenue Band TexPooi N/A 10/3112015 N/A 282,880 459 283.319 — Treasury 1.38% 05115120190211512020 997.793 — 999.541 1.748 FF LITG 1.38°! 0511512019 05/01/2020 1,496.294 1,498,812 2.518 Sub TotaliAvera a Fund 863-Drainage Util&Revenue Bond 2,776,947 459 283,319 2,498 353 4,2 Total FAvera e $ 339 201952 $ 407116,769 $ $8822,284 $ 367,492,737 $ (3,701): Page 14. Valley View Consulting,L.L.G. Holdings by Allocation and Portfolio Fund September 30, 2019 Coupon Credit Face Amountf Market [lays to Issuer cr�iit Rath SettieBook Value Market Value Maturity Hate Rate Cate Shares Price Maturity Book Fund 000=Pooled investments NexBank 2.151 11129/2016 $ 14,344,952 $ 14,344,952 100.00 $ 14.344,952 NIA 1 2.15% JPMor an Chase 0.69% 09130/2015 8,687,162 8,687,162 100.00 8,687.162 NIA 1 0.69°1 TexSTAR 2.1101 AAAm 09130/2015 198,705 198,705 100.00 198.705 N/A 1 211°1 TexPool 2.16% AAAm 0913012015 1.562.928 11562.928 100,00 1.562,928 N/A 1 2.16% TexaSDAILY 2.15% AAAm 09/3012015 8.942.230 8,942,230 100.00 8,942,230 N/A 1 2.15% Lubbock National Bank 1.651 1010212017 10,321.274 10.321,274 100,00 10,321,274 1010212019 2 1.65% R Bank 1.83% 10/02/2017 2,065,007 2065,007 100.00 2,065.007 10/0212019 2 1.83% JPMor anChase 1.64% 10/0212017 14,232,789 14,232,789 100.00 14.232,789 1010212019 2 1.641 FNMA 0.00% -/AA/AA- 10111/2017 5.000,000 4.997,844 99.96 4,997,850 10/0912019 9 1.79% REFCORP 0.00% -IAA/- 1012912018 8,500,000 8.490,616 99.92 8,493,540 1011512019 15 2.74% JPMor anChase 1.98°1 1110912017 5,100.375 5.100,375 100.00 5,100,375 11/09/2019 40 1.98% East West Bank 2,671 02/2012019 5.082,229 5,082,229 100.00 51082.229 11120/2019 51 267% Vera Bank 0.99% 12/0512016 245,000 245,000 100.00 245,000 12/05/2019 66 0.99% Le ac Texas Bank 2,20% 1212112017 10,392297 10.392,297 100.00 10,392,297 12120/2019 81 2.20°1 Le ac Texas Bank 2.20% 01/08/2018 7,779,686 7.779,686 100.00 7,779,686 0110812020 100 2.20% East West Bank 2.21% 01/26/2018 10,378,121 107378,121 100,001 10.378,121 01/2612020 118 2.2101 FFCB 2.07% Aaa/AA+/AAA 0212812018 10.000,000 9,990,873 100.041 10.004,103 0211412020 137 2.32% JPMor anChase 2.5610 0312112018 5,129,778 5,129.778 100.00 5.129,778 03/21/2020 173 2.56% Independent Bank 2.62% 04/0912018 13.431,124 13,431,124 100.00 13.431.124 04/09/2020 192 2.62% R Bank 2851 0511412018 2,072.653 2.072,653 100,00 2,072,653 05/14/2020 1 227 2.85% Le ac Texas Bank 2.75% 05/1512018 7,261.853 7,261,853 100.00 7,261,853 05/15/2020 228 2.75% Independent Bank 2.70% 05116/2018 5,171,328 5,171.328 100.00 5,171,328 0511612020 229 2.70% Independent Bank 2.95% 06120/2018 5,187,427 5.187,427 100.00 5,187,427 06/19/2020 263 2.957/ Independent Bank 2.95% 07/06/2018 6,693,882 6,693,882 100.00 6,693,882 0710812020 282 2.95% Independent Bank 2.70'/ 04109/2019 3,020,195 3.020,195 100.00 3,020,195 0710912020 283 2.70% FFCB 2.68% Aaa/AA+/AAA 08/2912018 10,000.000 9,997.258 100.63 10,062635 0812412020 329 2.71% R Bank 2.08% 09/0512019 2.002,965 2,002,965 100.00 2,002.965 0910312020 339 2.08% East West Bank 2.69% 0310412019 5,078,357 5.078,357 100.00 5,078,357 0910412020 340 2691 East West Bank 2.781 01/11/2019 4,080,930 4.080.930 100.00 4,080.930 10/1212020 378 2787 FHLB 2.86% Aaa/AA+/- 1010212018 6,000,000 5,999,610 101.23 6,073,806 10115/2020 381 2.87% Independent Bank 2.65% 05101/2019 5,201,641 5,201,641 100.00 5,201,641 11/0112020 398 2.65% LegacyTexas Bank 3.05% 11116/2018 5,128,475 5,128;475 100.00 5,128,475 1111612020 413 3.05% East West Bank 2.70% 0212012019 5,083.160 5.083,160 100.00 5.083,160 11120/2020 417 2.70°1 Independent Bank 2.05% 0910312019 3,000,000 3,000.000 100.00 3.000,000 12103/2020 430 2.05% Le ac Texas Bank 3.05% 12107/2018 5,115,651 5,115,651 100.00 5.115,651 1210712020 434 3.05% East West Bank 2.78% 01111/2019 10,202.324 10.202.324 100.00 10,202,324 01111/2021 469 2.78% Origin Bank 2.821 02/1212019 6.287,005 6,287.005 100.00 6,287,005 0211212021 501 2.82% East West Bank 271% 02/20/2019 10,675,289 10,675,289 100.00 10,675,289 0211912021 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% IndependentBank 1.86% 0913012019 5,000,000 5,000,000 100.00 5,000,000 03/30/2021 547 1.86% Inde endent Bank 2,15°1 0712212019 5,000,000 5,000,000 100,00 5.000,000 04/22/2021 570 2.15% BBVA Compass 1.94% 08/2712019 5.008,245 5,008,245 100,00 5.008,245 0512712021 605 1.94% BOKF.NA 2.00% 0612712019 2000.000 2,000,000 100.00 2,000,000 0612412021 633 2.00% Ventex Community Bank 1.74% 0913012019 5,000,000 5,000.000 100.00 5,000,000 0613012021 639 1.74% Inde endent Bank 2.15% 07122/2019 5,000,000 5.000,000 100.00 5,000,000 0712212021 6611 2.151 BBVA Compass 1.87% 0812712019 3,004.768 3,004.768 100.00 3,004,768 0812712021 697 1.871 SecurityState Bank&Trust 2.09% 0910512019 7,000.400 7.000.000 100.00 7,000,000 09/13/2021 714 209 t Sub Total I Average 2.21% 288,204,536 288,180,737 1 100.051 288,336,470 1254 2.531 Page 15. Valley View Consulting,L.L.G. Holdings by Allocation and Portfolio Fund September 30, 2019 Issuer Coupon Credit Rafing Settlement Face Amount/ Book Value Market Market Value Maturity Date Days to YT6tl Rate Date Shares Price Maturity Boo Fund 170-Interest&Sinking GO Bonds TexasDAILY 215% AAArn 04130/2016 85,146 85,146 100.00 85,146 NIA 1 2.151 NexBank 2.15°1 0212712017 1,825,946 1.825,946 100.00 1.825.946 NIA 1 2.15% TexPooi 2.16% AAArn 0913012015 262,973 262.973 100.00 262,973 NIA 1 2.16°lo- Sub Total t Average 2.191 2174,065 2,174,065 100.001 2,174,065 1 2.15% Fund 210-Interest&Sinking Debt Service JPMor an Chase 1 0.69°10 1 1 09130/2015 1 4,3901 4,390 1 100.00 1 4.390 NIA I 1 0.69% Sub Total I Average 1 0.69% 1 1 4,3901 4,3901 100.001 4,3901 11 0.691 Fund 499-2018 Bond Fund TexPooi 2.16% AAArn 1 12115/2018 200,785 200,785 100.00 200785 NIA 11 2.16% Sub Total t Average 2.16% 200,7851 200,7851 100.001 200,7851 11 2,161 Fund 460-Bond Fund TexPooi 2.16% AAArn 0913012015 5,961 5.961 100.00 5.961 N/A 1 2,16% NexBank 2.150/ 11129/2016 1,578.685 1.578,685 100.00 1,578,685 NIA 1 2.15°l East West Bank 2.86% 12/0712018 5,118.120 5,118,120 100.00 5,118,120 12/09/2019 70 2.86% East West Bank 2.70% 03/0412019 4,062.920 4,062,920 100.00 4,062,920 0310412020 156 2.70°1 Sub Total I Average 2.70% 10,765 686 10,765,686 100.00 10,769,686 92 2.701 Fund 462-2017 Bond Fund TexPooi 2.16% AAArn 05/3012017 1,892,258 1.892.258 100.00 1.892.258 NIA 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 286% 12/0712018 1,535.436 1.535.436 100.00 1,535.436 1210912019 70 2.86% R Bank 290% 1212612018 2,044.340 2.044.340 100.00 2.044,340 12/26/2019 87 2.90% Independent Bank 1.91% 09,3012019 3,000.000 3.000.000 100.00 3,000.000 09/30/2020 366 1.91% Sub Total 1 Average 2.33% 11,983,274 11,983,274 100.00 11,983,274 116 2.331 Fund 465-2019 CO Bond Fund NexBank 2.15% 06/2812019 7,807,463 7,807,463 100.00 7.807,463 N/A 1 2.15% TexPooi 2.16% AAArn 0513012019 26.183 26,183 100.00 26,183 N/A 1 2.16% R Bank 255% 06104/2019 3,019,344 1019,344 100.00 3,019,344 06104/2020 248 2.55% Independent Bank 2.48% 0610512019 5,031.255 5,031.255 100.00 5,031,255 06105/2020 249 2.48% Independent Bank 252% 06/05/2019 4.025,407 4,025,407 100.00 4,025,407 1210512020 432 2.52% Sub Total 1 Average 237% 19,909,652 19,909,652 100,00 19,909,652 188 2.37% Fund 591-Reserves Fund TexPooi 2.16% AAArn 1 09130/2015 8,6401 8.640 100.00 8,6401 NtA 1 1 2.16% NexBank 2.15% 04/29/2019 844,502 1 844.502 100.00 844,502 1 N/A 1 2.15% Sub Total I Average 1 2.151 1 1 853,1421 853,1421 100.001 853,1421 11 2.15% Fund 602-Interest&Sinking Revenue Bonds TexPooi 1 2,16% AAArn 09/30/2015 1 1,222,1001 1.222,100 100.00 1 1,222.100 1 N/A 1 1 2.16% Sub Total I Average 1 2.161 1 1 1,222,1001 1,222,100 1 100.001 1,222 100 11 2.161 Fund 605-Kalahari Debt Service Reserve TexPooi 2.16% AAArn 08/30/2019 975,441 975.441 100.001 975,441 NIA I11 2.16% Sub Total I Average 2.16% 976,441 1 975,441 1 100.001 975,441 1 11 2.16% Fund 863-Drainage utility Revenue Bond TexPooi 216% AAArn 10131/2015 282,860 282.860 100.00 282,860 N/A 1 2.16% Treasury 1.38% Aaa/AA/AAA 0511512019 1,000.000 996,270 99.78 997,793 02/1512020 138 2.38% FHLMC 1.38% Aaa/AA+IAAA 05115/2019 1.500,000 1.491,488 99.75 1,496,294 05/0112020 214 2.36% Sub Total I Average 1.4601 2,782,860 2,770,618 99.79 2,776,947 165 2.351 Total 1 Average 2231 $ 339 075931 $ 339,039 100=04 11 339,201,952 236 2.34% Page 16. Valley View Consulting,L.L.C.