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R-2020-0130 - 5/14/2020 RESOLUTION NO. R-2020-0130 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending March 31, 2020 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 14th day of May, 2020. CRAI MOR N, Mayor City of RoundeRock, Texas ATTEST: SARA L. WHITE, City Clerk 0112.20202;00445383 EXHIBIT f F Y' ROUND ROCK TEXAS .i�6�.��, S FINANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended March 31, 2020 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. Summary Holdings by Investment Category(Security Sector) March 31, 2020 YTM @ Description Cost Book Value Market Value Cash 0.20% $ 6,245,204 $ 6,245,204 Certificates of Deposit 2.19% 268,174,341 268,174,341 Local Government Investment Pool 1.08% 22,855,208 22,855,208 Money Market Accounts 0.86% 33,949,935 33,949,935 Municipal 1.90% 5,533,198 5,550,705 US Agency 2.73% 17,497,348 17,681,596 Total/Average 1.98% $ 354,255,233 $ 354,456,989 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% 27,489,879 27,619,348 US Treasury 2.38% 998,757 999,541 Total/Average 2.19% $ 357,362,175 1 $ 357,492,737 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 1.98% 2.08% TexPool Yield 1.00% 1.31% Rolling Three Mo.Treas.Yield 1.17% 1.38% Rolling Six Mo.Treas. Yield 1.39% 1.58% Rolling 1 Yr.Treas.Yield 1.71% 1.87% Rolling 2 Yr.Treas.Yield 2.12% 2.19% Investment Income(3) Interest Income(Approximate) $ 1,911,446 $ 3,841,992 WAM at 3/31/2020 Policy WAM Max Total Portfolio 263 days 540 days Pooled Funds 303 days 540 days (1)Average Yield calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (2)Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (3)Investment Income includes coupon interest,accrued interest,and discount and premium amortization. Page 1. Valley View Consulting,L.L.C. Economic Overview 3/31/2020 Due to COVID-19 pandemic concerns,the Federal Open Market Committee(FOMC)dramatically reduced the Fed Funds target range to 0.00%to 0.25%(Effective Fed Funds are trading+/- 0.10%). Worldwide economic activity has collapsed because of Coronavirus"social isolation"and other related actions.The Yield Curve plummeted. Crude oil declined severely to less than$25 per barrel. Unemployment claims leaped to over 10 million. The Stock Market"corrected"into a full bear market. U.S.monetary and fiscal programs are designed to stabilize and improve near term economic conditions. Time will tell how long the pandemic lasts and full recovery takes. 3.00 Treasury Yield Curves S&P 500 3,750 2.50 3,500 ` '> I1Mr► 1 am ®wll! 3,250 3,000 2.00 2,750 2,500 1.50400010m2,250 2,000 1.00 1,750 1,500 1,250 0.50 1,000 750 0.00 500 250 o o� �o PQ- e- Q- Ib ..►«.►«March 31,2019 December 31,2019 March 31,2020 40 �a� �a� �a� �a� �a� 1a� 4a1 �a� �a� �a� 1a� 6.00 US Treasury Historical Yields-Since 2006 US Treasury Historical Yields-Since Nov 2015 5.50 3.50 5.00 3.00 4.50 4.00 2.50 3.50 N04 *%j 3.00 2.00 2.50 1.50 2.00 1.50 ✓'� '~ 1.00 1.00 • 0.50 jAkwr 0.50 ♦`�" 0.00 r �qr�I tw�n�, rr wr ,il►�r A 6 0 1 0.00 O O O O O O O O '� '� '� '� �� �� \3 N5 '\t' \tk N5 \5 N6 N6 �1 �1 N$ �O '�°� �g ti0 •�5 �6 �O �6 �6 �1 11 .�1 �1 �O �$ ,�6 ,�� �9 19 �9 .�9 90 ,�J\ Say,�-o)aac NJ\S2� Na\saw No-se�P\�a� o� e� a�' O°� o�" eo, a'�' o°� o'" eo a�" �� oJ" e`o' a1' v°� oma+' eo *�» -Six Mont T-Bill Two Year T-Note «��•••■» Ten Year T-Note � P F P F P F P F a..«»-Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting,L.L.C. Page 2. Holdings by Investment Category March 31,2020 Pooled Debt Service Debt Service Reserve Capital Project&Special Total Funds Funds Funds Purpose Funds Portfolio Description Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Cash $ 6,239,979 2% $ 5,225 0% $ — 0% $ — 0% $ 6,245,204 2% Certificates of Deposit 244,392,629 69% — 0% — 0% 23,781,712 7% 268,174,341 76% Investment Pools 6,229,625 2% 12,945,664 4% 991,830 0% 2,688,089 1% 22,855,208 6% Money Market Accounts 14,243,716 4% 10,618,679 3% 851,724 0% 8,235,817 2% 33,949,935 10% Municipal 5,533,198 2% — 0% — 0% — 0% 5,533,198 2% US Agency 1 15,998,581 5% 1 — 0% — 0% 1 1,498,767 0% 17,497,348 5% Total/Average $292,637,727 1 3% 1 $ 23,569,568 7% $ 1,843,554 1% $ 36,204,384 10% $354,255,233 100% Portfolio Balances (Millions) Order of Liquidity $350 $300 ❑Cash $250 --- ❑Local Government Investment Pool $200 --- - 0Money Market Account $150 ------- ❑US Agency $100 ❑Municipal $50 oCertificates of Deposit Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 Page 3. Valley View Consulting, L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category March 31,2020 March 31,2020 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Deposit/(Withdrawal) Cash $ 6,245,204 1.8% 100% Cash $ — $ — $ — $ — $ — $ 495,579 Investment Pools 22,855,208 6.4% 100% Investment Pools — — — — 162,577 (26,330,616) Money Market Accounts 33,949,935 9.6% 75% Money Markets Accounts — — — — 145,286 4,145,286 Certificates of Deposit 268,174,341 75.7% 85% Certificates of Deposit 52,831,705 — 27,488,359 — 1,515,396 Commercial Paper — 0.0% 10%/5% Commercial Paper — _ _ _ Municipal 5,533,198 1.6% 35%/5% Municipal 5,152,254 — 815,000 US Agency 17,497,348 4.9% Combined US Agency — — 10,000,000 — 237,500 US Treasury — 0.0% 75% US Treasury — — 1,000,000 — 6,875 Total!Average $ 354,255,233 100% PASSED I Totals $ 57,983,959 $ — $ 39,303,359 $ — $ 2,067,634 $ (21,689,750) Portfolio Balances(Millions) $400 Order of Liquidity Portfolio Composition Money Market March 31,2020 $350 ........ _ ❑Cash Accounts 9.6% $300 .. . ❑Local Government Investment -_ Pool $250 Investment Money Market Account Pools" $200 6.4% a US Treasury — Cash $150 1.8% ❑US Agency $100 ........... ............. US Agency \. � . ❑Municipal 4.9% ( , $50 _ Municipal o Certificates of Deposit 1.6% $0 LOW a Certificates of 3131/19 6/30/19 9/30/19 12/31/19 3/31/20 Deposit 75.7% Valley View Consulting,L.L.C. Page 4. Portfolio Balances By Fund(Millions) $400 $350 $300 ■Capital Project&Special Purpose Funds $250 o Debt Service Reserve Funds $200 $150 o Debt Service Funds $100 ®Pooled Funds $50 r�- $0 _ �\�°\`L° ^\V° �\�^�ti° �\�°�ti° 9\�°�ti° ���^�ti° �\�^�ti° 6\�°�ti° 9\�°�ti° ^,��^�ti° �\�^�,y° �\�°\ry° �\�°\,y° �,y° �,y° `ry° �,y° \ry° ^\,y°ti 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 1.90 1.80 1.70 1.60 � 1.5071 1.40 1.30 L 1.20 as 1.10 CL 1.00 0.90 0.80 0.70 0.60 "` 0.50 0.40 0.30 0.20 0.10 0.00 h�D '�`' '��° �`O '�`O ��O �� ►�� �1 ►�� ►��' No No ►��' N°' �°' Nl°, �co 0 0 0 0 0 0 0 0 0 0 0 eeeeZ " r0`0° ° o�`� °\`� ►KT Kp Round Rock TexPool Rolling 1.5 yr Treasury (Policy WAM max) Rolling 9 mo Treasury Valley View Consulting,L.L.C. Page 6. Holdings by Allocation and Portfolio (Fund) March 31, 2020 Coupon Settlement Face Amount/ Issuer Rate Credit Rating Date Shares Book Value Market Market Value Maturity Date Days to YTM @ Price Maturity Book Fund 000-Pooled Investments NexBank 0.90% 11/29/2016 $ 14,243,716 $ 14,243,716 100.00 $ 14,243,716 N/A 1 0.90% JPMor an Chase 0.20% 09/30/2015 6,239,979 6,239,979 100.00 6,239,979 N/A 1 0.20% TexSTAR 0.96% AAAm 09/30/2015 200,221 200,221 100.00 200,221 N/A 1 0.96% TexPool 1.00% AAAm 09/30/2015 861,569 861,569 100.00 861,569 N/A 1 1.00% TexasDAILY 1.20% AAAm 09/30/2015 5,167,836 5,167,836 100.00 5,167,836 N/A 1 1.20% Independent Bank 2.62% 04/09/2018 13,609,083 13,609,083 100.00 13,609,083 04/09/2020 9 2.62% R Bank 2.85% 05/14/2018 2,102,645 2,102,645 100.00 2,102,645 05/14/2020 44 2.85% Le ac Texas Bank 2.75% 05/15/2018 7,361,889 7,361,889 100.00 7,361,889 05/15/2020 45 2.75% Independent Bank 2.70% 05/16/2018 5,241,906 5,241,906 100.00 5,241,906 05/16/2020 46 2.70% Independent Bank 2.95% 06/20/2018 5,263,921 5,263,921 100.00 5,263,921 06/19/2020 80 2.95% Independent Bank 2.95% 07/06/2018 6,793,791 6,793,791 100.00 6,793,791 07/08/2020 99 2.95% Independent Bank 2.70% 04/09/2019 3,061,437 3,061,437 100.00 3,061,437 07/09/2020 100 2.70% Bank OZK 1.72% 02/14/2020 5,006,837 5,006,837 100.00 5,006,837 08/14/2020 136 1.72% FFCB 2.68% Aaa/AA+/AAA 08/29/2018 10,000,000 9,998,783 100.97 10,096,586 08/24/2020 146 2.71% STATE OF TEXAS TRAN 4.00% MIG1/SP1+/F1+ 03/18/2020 5,000,000 5,041,527 101.13 5,056,400 08/27/2020 149 1.90% R Bank 2.08% 09/05/2019 2,023,962 2,023,962 100.00 2,023,962 09/03/2020 156 2.08% East West Bank 2.69% 03/04/2019 5,147,309 5,147,309 100.00 5,147,309 09/04/2020 157 2.69% East West Bank 2.78% 01/11/2019 4,138,206 4,138,206 100.00 4,138,206 10/12/2020 195 2.78% FHLB 2.86% Aaa/AA+/- 10/02/2018 6,000,000 5,999,797 101.40 6,083,869 10/15/2020 198 2.87% Independent Bank 2.65% 05/01/2019 5,271,329 5,271,329 100.00 5,271,329 11/01/2020 215 2.65% Le ac Texas Bank 3.05% 11/16/2018 5,206,877 5,206,877 100.00 5,206,877 11/16/2020 230 3.05% Bank OZK 1.72% 02/14/2020 5,007,308 5,007,308 100.00 5,007,308 11/16/2020 230 1.72% East West Bank 2.70% 02/20/2019 5,152,436 5,152,436 100.00 5,152,436 11/20/2020 234 2.70% Independent Bank 2.05% 09/03/2019 3,030,709 3,030,709 100.00 3,030,709 12/03/2020 247 2.05% Le ac Texas Bank 3.05% 12/07/2018 5,193,868 5,193,868 100.00 5,193,868 12/07/2020 251 3.05% Independent Bank 1.85% 10/04/2019 5,023,313 5,023,313 100.00 5,023,313 01/04/2021 279 1.85% East West Bank 2.78% 01/11/2019 10,345,515 10,345,515 100.00 10,345,515 01/11/2021 286 2.78% Origin Bank 2.82% 02/12/2019 6,376,698 6,376,698 100.00 6,376,698 02/12/2021 318 2.82% Cedar Hill ISD Ref-Txbl 0.00% Aaa/-/AAA 11/14/2019 500,000 491,671 98.86 494,305 02/15/2021 321 1.93% East West Bank 2.71% 02/20/2019 10,821,320 10,821,320 100.00 10,821,320 02/19/2021 325 2.71% Le ac Texas Bank 2.74% 03/01/2019 2,569,528 2,569,528 100.00 2,569,528 03/01/2021 335 2.74% Independent Bank 1.86% 09/30/2019 5,046,418 5,046,418 100.00 5,046,418 03/30/2021 364 1.86% Independent Bank 1.80% 10/11/2019 9,040,821 9,040,821 100.00 9,040,821 04/12/2021 377 1.80% Independent Bank 2.15% 07/22/2019 5,054,322 5,054,322 100.00 5,054,322 04/22/2021 387 2.15% Allegiance Bank 1.70% 02/10/2020 5,000,000 5,000,000 100.00 5,000,000 05/10/2021 405 1.70% BBVA 1.94% 08/27/2019 5,056,864 5,056,864 100.00 5,056,864 05/27/2021 422 1.94% Veritex Community Bank 1.67% 12/20/2019 5,020,818 5,020,818 100.00 5,020,818 06/21/2021 447 1.67% BOKF,NA 2.00% 06/27/2019 2,000,000 2,000,000 100.00 2,000,000 06/24/2021 450 2.00% Veritex Community Bank 1.74% 09/30/2019 5,043,475 5,043,475 100.00 5,043,475 06/30/2021 456 1.74% BBVA 1.77% 10/03/2019 5,036,845 5,036,845 100.00 5,036,845 07/05/2021 461 1.77% Independent Bank 2.15% 07/22/2019 5,054,322 5,054,322 100.00 5,054,322 07/22/2021 478 2.15% R Bank 1.80% 01/27/2020 2,000,000 2,000,000 100.00 2,000,000 07/27/2021 483 1.80% East West Bank 1.64% 11/22/2019 5,029,516 5,029,516 100.00 5,029,516 08/23/2021 510 1.64% BBVA 1.87% 08/27/2019 3,032,881 3,032,881 100.00 3,032,881 08/27/2021 514 1.87% Security State Bank&Trust 2.09% 09/05/2019 7,073,012 7,073,012 100.00 7,073,012 09/13/2021 531 2.09% Veritex Community Bank 1.71% 10/03/2019 10,043,101 10,043,101 100.00 10,043,101 10/04/2021 552 1.71% East West Bank 1.65% 01/27/2020 6,017,656 6,017,656 100.00 6,017,656 10/27/2021 575 1.65% East West Bank 1.54% 02/18/2020 6,010,895 6,010,895 100.00 6,010,895 11/19/2021 598 1.54% East West Bank 1.64% 11/22/2019 5,029,516 5,029,516 100.00 5,029,516 11/22/2021 601 1.64% Veritex Community Bank 1.67% 12/20/2019 5,020,818 5,020,818 100.00 5,020,818 12/20/2021 629 1.67% Bank OZK 1.70% 01/28/2020 8,022,385 8,022,385 100.00 8,022,385 01/24/2022 664 1.70% R Bank 1.75% 01/27/2020 2,000,000 2,000,000 100.00 2,000,000 01/27/2022 667 1.75% Allegiance Bank 1.59% 02/10/2020 1 5,000,000 1 5,000,000 I 100.00 1 5,000,000 02/10/2022 681 1.59% East West Bank 1.54% 02/18/2020 1 5,009,079 1 5,009,079 1 100.00 5,009,079 02/18/2022 689 1.54% Sub Total/Average 2.13% 292,605,949 292,637,727 100.08 292,837,109 3031 2.10% Valley View Consulting,L.L.C. 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Holdings by Allocation and Portfolio (Fund) March 31, 2020 Issuer Coupon Settlement Face Amount/ Market Rate Credit Rating Date Shares Book Value Market Value Maturity Date Days to YTM @ Price Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 1.20% AAAm 04/30/2016 3,279,354 3,279,354 100.00 3,279,354 N/A 1 1.20% NexBank 0.90% 1 02/27/2017 10,618,679 10,618,679 100.00 10,618,679 N/A 1 0.90% TexPool 1.00% AAAm 09/30/2015 2,645,115 2,645,115 100.00 2,645,115 N/A 00% Sub Total/Average 0.98% 16,543,148 16,543,148 100.00 16,543,148 1 1.1 0.00% Fund 210-Interest&Sinking Debt Service JPMor an Chase 0.20% 09/30/2015 5,225 5,225 100.00 1 5,225 N/A 1 0.20% Sub Total/Average 1 0.20% 5,225 5,225 100.00 15,225 1 0.20% Fund 459-2018 Bond Fund TexPool 1.00% AAAm 12/15/2018191,296 191,296 1 100.00 1 191,296 1 N/A 1 1.00% Sub Total/Average 1.00% 191,296 191,296 100.00 1 191,296 1 1 1.00% Fund 460-Bond Fund TexPool 1.00% AAAm 09/30/2015 214,071 214,071 100.00 1 214,071 1 N/A 1 1.00% Sub Total/Average 1.00% 214,071 214,071 100.00 1 214,071 1 1 11 1.000% Fund 462-2017 Bond Fund TexPool 1.00% AAAm 05/30/2017 1,571,741 1,571,741 100.00 1,571,741 N/A 1 1.00% Origin Bank 0.50% 08/01/2019 3,550,326 3,550,326 100.00 3,550,326 N/A 1 0.50% NexBank 0.90% 03/30/2020 1,001,482 1,001,482 100.00 1,001,482 N/A 1 0.90% Independent Bank 1.91% 09/30/2019 3,028,601 3,028,601 100.00 3,028,601 09/30/2020 183 1.91% Southside Bank 1.70% 12/19/2019 6,025,430 6,025,430 100.00 6,025,430 12/21/2020 265 1.70% Bank OZK1.15% 03/06/2020 2,500,000 2,500,000 100.00 2,500,000 03/08/2021 3421 1.15% Sub Total/Average 1 1.31% 17,677,581 1 17,677,581 100.00 17,677,581 1701 1.31% Fund 465-2019 CO Bond Fund NexBank 0.90% 06/28/2019 3,684,009 3,684,009 100.00 3,684,009 N/A 1 0.90% TexPool 1.00% AAAm 05/30/2019 27,253 27,253 100.00 27,253 N/A 1 1.00% R Bank 2.55% 06/04/2019 3,057,979 3,057,979 100.00 3,057,979 06/04/2020 65 2.55% Independent Bank 2.48% 06/05/2019 5,093,604 5,093,604 100.00 5,093,604 06/05/2020 66 2.48% Independent Bank 2.52% 06/05/2019 4,076,098 4,076,098 100.00 4,076,098 12/05/2020 249 2.52% Sub Total/Average 1 2.14% 15,938,942 1 15,938,942 100.00 15,938,942 971 2.14% Fund 591-Reserves Fund TexPool 1.00% AAAm 09/30/2015 8,708 8,708 100.00 1 8,708 N/A 1 1.00% NexBank 0.90% 04/29/2019 --851,724 851,724 100.00 851,724 N/A 1 0.90% Sub Total/Average 0.90% 860,432 860,432 100.00 1 860,432 11 0.90°!° Fund 602-Interest&Sinking Revenue Bonds TexPool 1.00% AAArn 1 09/30/2015 1 7,021,195 1 7,021,195 100.00 1 7,021,195 N/A 1 1.00%. Sub Total/Average 1.00% 17,021,195 1 7,021,195 100.00 1 7,021,195 1 1.00°!° Fund 605-Kalahari Debt Service Reserve TexPool 1.00% 08/30/2019 1 983,122 1 983,122 100.00 1 983,122 N/A 1 1.00% Sub Total/Average 1.00% 983,122 1 983,122 1 100.00 1 983,122 1 1.00% Fund 863-Drainage Utility Revenue Bond TexPool 1.00% AAAm 10/31/2015 683,727 683,727 100.00 683,727 N/A 1 1.00% FHLMC 1.38% Aaa/AA+/AAA 05/15/2019 1,500,000 1,498,767 100.08 1,501,141 05/01/2020 31 2.36% Sub Total/Average 1.26% 2,183,727 2,182,494 100.05 2,184,868 22 1.94% Total/Average 2.00% $ 354,224,688 $ 354,255,233 100.07 $ 354,456,989 263 1.9W/ Valley View Consulting,L.L.C. Page 8. Book Value Comparison March 31, 2020 Issuer LRa pon Settlement Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book te Date eMaturity Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/2015 NIA $ 5,743,650 $ 1,048,170 $ 551,841 $ 6,239,979 $ 496,329 TexPool N/A 09/30/2015 N/A 31,178,548 65,469 30,382,448 861,569 30,316,979 TexSTAR N/A 09/30/2015 N/A 199,547 674 — 200,221 674 TexasDAILY N/A 09/30/2015 N/A 4,842,735 12,325,101 12,000,000 5,167,836 325,101 Nexl3ank N/A 11/29/2016 N/A 16,148,939 3,094,777 5,000,000 14,243,716 1,905,223 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,822,436 — 7,822,436 — 7,822,436 East West Bank 2.21°/% 01/26/2018 01/26/2020 10,436,091 — 10,436,091 — 10,436,091 FFCB 2.07% 02/28/2018 02/14/2020 9,997,002 — 10,000,000 — 9,997,002) 91 Cedar Hill ISD Ref-Txbl 0.00% 11/14/2019 02/15/2020 813,138 — 815,000 — 813,138 JPMor anChase 2.56% 03/21/2018 03/21/2020 5,129,778 — 5,129,778 — 5,129,778 Independent Bank 2.62% 04/09/2018 04/09/2020 13,519,821 89,261 — 13,609,083 89,261 R Bank 2.85% 05/14/2018 05/14/2020 2,087,595 15,050 — 2,102,645 15,050 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 7,311,756 50,133 7,361,889 50,133 Independent Bank 2.70% 05/16/2018 05/16/2020 5,206,522 35,384 — 5,241,906 35,384 Independent Bank 2.95% 06/20/2018 06/19/2020 5,225,579 38,342 5,263,921 38,342 Independent Bank 2.95% 07/06/2018 07/08/2020 6,743,655 50,136 — 6,793,791 50,136 Independent Bank 2.70% 04/09/2019 07/09/2020 3,040,748 20,689 — 3,061,437 20,689 Bank OZK 1.72% 02/14/2020 08/14/2020 — 5,006,837 — 5,006,837 5,006,837 FFCB 2.68% 08/29/2018 08/24/2020 9,998,025 — 9,998,783 758 STATE OF TEXAS TRAN 4.00% 03/18/2020 08/27/2020 — 5,152,254 — 5,041,527 5,041,527 R Bank 2.08% 09/05/2019 09/03/2020 2,013,494 10,468 — 2,023,962 10,468 East West Bank 2.69% 03/04/2019 09/04/2020 5,112,905 34,404 5,147,309 34,404 East West Bank 2.78% 01/11/2019 10/12/2020 4,109,625 28,581 4,138,206 28,581 FHLB 2.86% 10/02/2018 10/15/2020 5,999,704 5,999,797 93 Independent Bank 2.65% 05/01/2019 11/01/2020 5,236,385 34,944 — 5,271,329Le ac Texas Bank 34,944 . 11/16/2018 11/16/2020 5,167,572 39,305 — 5,206,877 39,305 Bank OZK 1.72% 02/14/2020 11/16/2020 — 5,007,308 5,007,308 5,007,308 East West Bank 2.70% 02/20/2019 11/20/2020 5,117,870 34,566 5,152,436 34,566 Independent Bank 2.05% 09/03/2019 12/03/2020 3,011,996 18,713 — 3,030,709 18,713 Le ac Texas Bank 3.05% 12/07/2018 12/07/2020 5,154,650 39,218 — 5,193,868 39,218 Independent Bank 1.85% 10/04/2019 01/04/2021 5,000,000 23,313 — 5,023,313 23,313 East West Bank 2.78% 01/11/2019 01/11/2021 10,274,062 71,454 — 10,345,515 71,454 Origin Bank 2.82% 02/12/2019 02/12/2021 6,331,692 45,005 — 6,376,698 45,005 Cedar Hill ISD Ref-Txbl 0.00% 11/14/2019 02/15/2021 489,310 — 491,671 2,361 East West Bank 2.71% 02/20/2019 02/19/2021 10,748,455 72,864 — 10,821,320 72,864 Le ac Texas Bank 2.74% 03/01/2019 03/01/2021 2,552,086 17,442 2,569,528 17,442 Independent Bank 1.86% 09/30/2019 03/30/2021 7023,186 23,232 — 5,046,418 23,232 Independent Bank 1.80% 10/11/2019 04/12/2021 9,000,000 40,821 — 9,040,821 40,821 Independent Bank 2.15% 07/22/2019 04/22/2021 5,027,096 27,226 — 5,054,322 27,226 Allegiance Bank 1.70% 02/10/2020 05/10/2021 — 5,000,000 — 5,000,000 5,000,000 BBVA 1.94% 08/27/2019 05/27/2021 5,032,526 24,338 — 5,056,864 24,338 Veritex Community Bank 1.67% 12/20/2019 06/21/2021 5,000,000 20,818 — 5,020,818 20,818 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 5,021,690 21,785 — 5,043,475 21,785 BBVA 1.77% 10/03/2019 07/05/2021 5,014,770 22,075 — 5,036,845 22,075 Independent Bank 2.15% 07/22/2019 07/22/2021 5,027,096 27,226 — 5,054,322 27,226 R Bank 1.80% 01/27/2020 07/27/2021 2,000,000 — 2,000,000 2,000,000 East West Bank 1.64% 11/22/2019 08/23/2021 5,008,994 20,522 — 5,029,516 20,522 BBVA 1.87% 08/27/2019 08/27/2021 3,018,809 14,071 — 3,032,881 14,071 Security State Bank&Trust 2.09% 09/05/2019 09/13/2021 7,036,451 36,561 — 7,073,012 36,561 Veritex Community Bank 1.71% 10/03/2019 10/04/2021 10,000,000 43,101 — 10,043,101 43,101 East West Bank 1.65% 01/27/2020 10/27/2021 — 6,017,656 6,017,656 6,017,656 East West Bank1.54% 02/18/2020 11/19/2021 — 6,010,895 — 6,010,895 6,010,895 East West Bank 1.64% 11/22/2019 11/22/2021 5,008,994 20,522 5,029,516 20,522 Veritex Community Bank 1.67% 12/20/2019 12/20/2021 5,000,000 20,818 — 5,020,818 20,818 Bank k 1.70% 01/28/2020 01/24/2022 — 8,022,385 8,022,385 8,022,385 R Bank 1.75% 01/27/2020 01/27/2022 — 2,000,000 — 2,000,000 2,000,000 Valley View Consulting,L.L.C. Page 9. Book Value Comparison March 31, 2020 Issuer Coupon Settlement Maturity Date Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Rate Date Value Increases Decreases Value Value Allegiance Bank 1.59% 02/10/2020 02/10/2022 - 5,000,000 5,000,000 5,000,000 East West Bank 1.54% 02/18/2020 02/18/2022 - 5,009,079 - 5,009,079 5,009,079 Sub Total/Average Fund 000-Pooled Investments 302,984,982 71,892,992 1 82,137,593 292,637,727 10,347,254 Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 609,470 2,313,956 278,312 2,645,115 2,035,645 TexasDAILY N/A 04/30/2016 N/A 3,267,469 11,885 - 3,279,354 11,885 NexBank N/A 02/27/2017 N/A 1,579,502 9,039,177 - 10,618,679 9039,177 Sub Total/Average Fund 170-Interest&SinkingGO Bonds 5,456,441 ,11,365,018 278,312 16,543,148 11,086,707 Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 5,975 - 750 5,225 750 Sub Total/Average Fund 210-Interest&Sinking Debt Service 5,975 - 750 5,225 750 Fund 459-2018 Bond Fund TexPool N/A 12/15/2018 N/A 190,487 809 1 - 191,296 809 Sub Total/Average Fund 459-2018 Bond Fund 190,487 809 - 191,296 809 Fund 460-Bond Fund TexPool N/A 09/30/2015 N/A 441,720 181,316 408,965 214,071 227,649 NexBank N/A 11/29/2016 N/A 997,787 2,729 1,000,516 - 997,787 East West Bank 2.70% 03/04/2019 03/04/2020 4,090,664 9,391 4,100,055 - 4,090,664 Sub Total/Average Fund 460-Bond Fund 5,530,171 193,436 5,509,536 214,071 5,316,100 Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 1,633,782 940,030 1,002,071 1,571,741 62,041 NexBank N/A 03/30/2020 N/A - 1,001,482 - 1,001,482 1,001,482 Ori in Bank N/A 08/01/2019 N/A 3,530,836 19,490 - 3,550,326 19,490 Independent Bank 1.91% 09/30/2019 09/30/2020 3,014,286 14,315 - 3,028,601 14,315 Southside Bank 1.70% 12/19/2019 12/21/2020 6,000,000 25,430 - 6,025,430 25,430 Bank OZK 1.15% 03/06/2020 03/08/2021 - 2,500,000 - 2,500,000 2,500,000 Sub Total/Average Fund 462-2017 Bond Fund 14,178,904 4,500,748 1,002,071 17,677,581 3,498,677 Fund 465-2019 CO Bond Fund TexPool N/A 05/30/2019 N/A 27,159 94 - 27,253 94 NexBank N/A 06/28/2019 N/A 6,699,003 13,592 3,028,587 3,684,009 3,014,995 R Bank 2.55% 06/04/2019 06/04/2020 3,038,600 19,379 - 3,057,979 19,379 Independent Bank 2.48% 06/05/2019 06/05/2020 5,062,363 31,241 5,093,604 31,241 Independent Bank 2.52% 06/05/2019 12/05/2020 4,050,698 25,401 - 4,076,098 25,401 Sub Total/Average Fund 465-2019 CO Bond Fund 18,877,823 89,706 1 3,028,587 15,938,942 2,938,881 Fund 591-Reserves Fund TexPool N/A 09/30/2015 N/A 8,678 30 8,708 1 30 NexBank N/A 04/29/2019 N/A 848,582 3,142 - 851,724 3,142 Sub Total/Average Fund 591-Reserves Fund 857,259 3,173 - 860,432 3,173 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 5,806,509 1,617,423 402,737 7,021,195 1,214,686 Sub Total/Average Fund 602-Interest&SinkingRevenue Bonds 5,806,509 1,617,423 402,737 7,021,195 1,214,686 Fund 605-Kalahari Debt Service Reserve TexPool N/A 08/30/2019 N/A 979,720 3,402 - 983,122 3,402 Sub Total/Average Fund 605-Kalahari Debt Service Reserve 979,720 3,402 - 983,122 3,402 Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A - 783,706 99,979 683,727 683,727 Treasury 1.38% 05/15/2019 02/15/2020 998,757 - 1,000,000 - ggg 757 FHLMC 1.38% 05/15/2019 05/01/2020 1,495,148 - - 1,498,767 3,619 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 2,493,904 783,706 1,099,979 2,182,494 311,410 Total/Average $ 357,362,175 $ 90,450,413 $ 93,459,563j$ 354,255,233 $ 3,106,941 Valley View Consulting,L.L.C. Page 10. Market Value Comparison March 31, 2020 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 $ 5,743,650 $ 1,048,170 $ 551,841 $ 6,239,979 $ TexPool N/A 09/30/2015 N/A 31,178,548 65,469 30,382,448 861,569 TexSTAR N/A 09/30/2015 N/A 199,547 674 200,221 TexasDAILY N/A 09/30/2015 N/A 4,842,735 12,325,101 12,000,000 5,167,836 NexBank N/A 11/29/2016 N/A 16,148,939 3,094,777 5,000,000 14,243,716 Le ac Texas Bank 2.20% 01/08/2018 01/08/2020 7,822,436 — 7,822,436 East West Bank 2.21% 01/26/2018 01/26/2020 10,436,091 — 10,436,091 FFCB 2.07% 02/28/2018 02/14/2020 10,003,560 — 10,000,000 — 3,560 Cedar Hill ISD Ref-Txbl 0.00% 11/14/2019 02/15/2020 813,346 — 815,000 1,654 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 13,519,821 89,261 13,609,083 R Bank 2.85% 05/14/2018 05/14/2020 2,087,595 15,050 — 2,102,645 Le ac Texas Bank 2.75% 05/15/2018 05/15/2020 7,311,756 50,133 7,361,889 Independent Bank 2.70% 05/16/2018 05/16/2020 5,206,522 35,384 5,241,906 Independent Bank 2.95% 06/20/2018 06/19/2020 5,225,579 38,342 — 5,263,921 Independent Bank 2.95% 07/06/2018 07/08/2020 6,743,655 50,136 — 6,793,791 Independent Bank 2.70% 04/09/2019 07/09/2020 3,040,748 20,689 — 3,061,437 Bank OZK 1.72% 02/14/2020 08/14/2020 — 5,006,837 5,006,837 FFCB 2.68% 08/29/2018 08/24/2020 10,062,701 — 10,096,586 33,885 STATE OF TEXAS TRAN 4.00% 03/18/2020 08/27/2020 — 5,152,254 — 5,056,400 11,250 R Bank 2.08% 09/05/2019 09/03/2020 2,013,494 10,468 — 2,023,962 East West Bank 2.69% 03/04/2019 09/04/2020 5,112,905 34,404 — 5,147,309 East West Bank 2.78% 01/11/2019 10/12/2020 4,109,625 28,581 4,138,206 FHLB 2.86% 10/02/2018 10/15/2020 6,054,275 6,083,869 29,594 Independent Bank 2.65% 05/01/2019 11/01/2020 5,236,385 34,944 — 5,271,329 Le ac Texas Bank 3.05% 11/16/2018 11/16/2020 5,167,572 39,305 — 5,206,877 Bank OZK 1.72% 02/14/2020 11/16/2020 — 5,007,308 — 5,007,308 East West Bank 2.70% 02/20/2019 11/20/2020 5,117,870 34,566 — 5,152,436 Independent Bank 2.05% 09/03/2019 12/03/2020 3,011,996 18,713 — 3,030,709 Le ac Texas Bank 3.05% 12/07/2018 12/07/2020 5,154,650 39,218 — 5,193,868 Independent Bank 1.85% 10/04/2019 01/04/2021 5,000,000 23,313 — 5,023,313 East West Bank 2.78% 01/11/2019 01/11/2021 10,274,062 71,454 — 10,345,515 Origin Bank 2.82% 02/12/2019 02/12/2021 6,331,692 45,005 — 6,376,698 Cedar Hill ISD Ref-Txbl 0.00% 11/14/2019 02/15/2021 489,410 — 494,305 4,895 East West Bank 2.71% 02/20/2019 02/19/2021 10,748,455 72,864 — 10,821,320 Le ac Texas Bank 2.74% 03/01/2019 03/01/2021 2,552,086 17,442 2,569,528 Independent Bank 1.86% 09/30/2019 03/30/2021 5,023,186 23,232 5,046,418 Independent Bank 1.80% 10/11/2019 04/12/2021 9,000,000 40,821 — 9,040,821 Independent Bank 2.15% 07/22/2019 04/22/2021 5,027,096 27,226 — 5,054,322 Allegiance Bank 1.70% 02/10/2020 05/10/2021 — 5,000,000 — 5,000,000 BBVA 1.94% 08/27/2019 05/27/2021 5,032,526 24,338 — 5,056,864 Veritex Community Bank 1.67°o 12/20/2019 06/21/2021 5,000,000 20,818 — 5,020,818 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 5,021,690 21,785 — 5,043,475 BBVA 1.77% 10/03/2019 07/05/2021 5,014,770 22,075 — 5,036,845 Independent Bank 2.15% 07/22/2019 07/22/2021 5,027,096 27,226 — 5,054,322 R Bank 1.80% 01/27/2020 07/27/2021 — 2,000,000 — 2,000,000 East West Bank 1.64% 11/22/2019 08/23/2021 5,008,994 20,522 — 5,029,516 BBVA 1.87% 08/27/2019 08/27/2021 3,018,809 14,071 — 3,032,881 Security State Bank&Trust 2.09% 09/05/2019 09/13/2021 7,036,451 36,561 — 7,073,012 Veritex Community Bank 1.717% 10/03/2019 10/04/2021 10,000,000 43,101 10,043,101 East West Bank 1.65% 01/27/2020 10/27/2021 — 6,017,656 — 6,017,656 East West Bank 1.54% 02/18/2020 11/19/2021 — 6,010,895 6,010,895 East West Bank 1.64% 11/22/2019 11/22/2021 5,008,994 20,522 5,029,516 Veritex Community Bank 1.67% 12/20/2019 12/20/2021 5,000,000 20,818 — 5,020,818 Bank OZK 1.70% 01/28/2020 01/24/2022 — 8,022,385 8,022,385 R Bank 1.75% 01/27/2020 01/27/2022 — 2,000,000 — 2,000,000 — Valley View Consulting,L.L.C. 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Market Value Comparison March 31, 2020 Issuer Coupon Settlement Date Beginning Market Total Buys/ Total Sells/ Ending Market Change in Market Rate Date Maturity Value Increases Decreases Value Value Allegiance Bank 1.59% 02/10/2020 02/10/2022 - 5,000,000 5,000,000 East West Bank 1.54% 02/18/2020 02/18/2022 - 5,009,079 - 5,009,079 Sub Total/Average Fund 000-Pooled Investments 303,111,095 71,892,992 1 82,137,593 292,837,109 77,719 Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/2015 N/A 609,470 2,313,956 278,312 2,645,115 TexasDAILY N/A 04/30/2016 N/A 3,267,469 11,885 3,279,354 NexBank N/A 02/27/2017 N/A 1,579,502 9,039,177 - 10,618,679 Sub Total/Average Fund 170-Interest&Sinking GO Bonds 5,456,441 11,365,018 278,312 16,543,148 - Fund 210-Interest&Sinking Debt Service JPMor an Chase N/A 09/30/2015 N/A 5,975 - 750 5,225 - Sub Total/Average Fund 210-Interest&Sinking Debt Service 5,975 - 750 5,225 Fund 459-2018 Bond Fund TexPool N/A 12/15/2018 N/A 190,487 809 - 191,296 Sub Total/Average Fund 459-2018 Bond Fund 190,487 809 - 191,296 - Fund 460-Bond Fund TexPool NIA 09/30/2015 N/A 441,720 181,316 408,965 214,071 NexBank N/A 11/29/2016 N/A 997,787 2,729 1,000,516 East West Bank 2.70% 03/04/2019 03/04/2020 4,090,664 9,391 4,100,055 Sub Total/Average Fund 460-Bond Fund 5,530,171 193,436 5,509,536 214,071 - Fund 462-2017 Bond Fund TexPool N/A 05/30/2017 N/A 1,633,782 940,030 1,002,071 1,571,741 NexBank N/A 03/30/2020 N/A - 1,001,482 - 1,001,482 Ori in Bank N/A 08/01/2019 N/A 3,530,836 19,490 - 3,550,326 Independent Bank 1.91% 09/30/2019 09/30/2020 3,014,286 14,315 - 3,028,601 Southside Bank 1.70% 12/19/2019 12/21/2020 6,000,000 25,430 - 6,025,430 Bank OZK 1.15010 03/06/2020 03/08/2021 - 2,500,000 - 2,500,000 Sub Total/Average Fund 462-2017 Bond Fund 14,178,904 4,500,748 1,002,071 17,677,581 - Fund 465-2019 CO Bond Fund TexPool N/A 05/30/2019 N/A 27,159 94 - 27,253 NexBank N/A 06/28/2019 N/A 6,699,003 13,592 3028,587 3,684,009 R Bank 2.55% 06/04/2019 06/04/2020 3,038,600 19,379 - 3,057,979 Independent Bank 2.48% 06/05/2019 06/05/2020 5,062,363 31,241 5,093,604 Independent Bank 2.52% 06/05/2019 12/05/2020 4,050,698 25,401 - 4,076,098 Sub Total/Average Fund 465-2019 CO Bond Fund 18,877,823 89,706 3,028,587 15,938,942 - Fund 591-Reserves Fund TexPool N/A 09/30/2015 1 N/A I 8,678 I 30 8,708 _ NexBank N/A 04/29/2019 N/A 848,582 3,142 - 851,724 Sub Total/Average Fund 591-Reserves Fund 857,259 3,173 - 860,432 Fund 602-Interest&Sinking Revenue Bonds TexPool N/A 09/30/2015 N/A 5,806,509 1,617,423 402,737 7,021,195 Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 5,806,509 1,617,423 402,737 7,021,195 - Fund 605-Kalahari Debt Service Reserve TexPool N/A 08/30/2019 N/A 979,720 3,402 - 983,122 Sub Total/Average Fund 605-Kalahari Debt Service Reserve 979,720 3,402 - 983,122 - Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/2015 N/A - 783,706 99,979 683,727 Treasury 1.38% 05/15/2019 02/15/2020 999,541 - 1,000,000 459 FHLMC 1.38% 05/15/2019 05/01/2020 1,498,812 - 1,501,141 2,329 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 2,498,353 783,706 1,099,979 2,184,868 2,788 Total/Average $ 357,492,737 $ 90,450,413 $ 93,459,563 $ 354,456,989 $ 80,507 Valley View Consulting,L.L.C. Page 12. Holdings by Allocation and Portfolio (Fund) December 31, 2019 Issuer Coupon Settlement Face Amount/ Market Rate Credit Rating Date Shares Maturity Book Book Value price Market Value Maturity Date Days to YTM @ Fund 000-Pooled Investments NexBank 1.82% 11/29/2016 $ 16,148,939 $ 16,148,939 100.00 $ 16,148,939 N/A 1 1.82% JPMor an Chase 0.65% 09/30/2015 5,743,650 5,743,650 100.00 5,743,650 N/A 1 0.65% TexSTAR 1.56% AAAm 09/30/2015 199,547 199,547 100.00 199,547 N/A 1 1.56% TexPool 1.62% AAAm 09/30/2015 31,178,548 31,178,548 100.00 31,178,548 N/A 1 1.62% TexasDAILY 1.66% AAAm 09/30/2015 4,842,735 4,842,735 100.00 4,842,735 N/A1 1.66% Le ac Texas Bank 2.20% 01/08/2018 7,822,436 7,822,436 100.00 7,822,436 01/08/2020 8 2.20% East West Bank 2.21% 01/26/2018 10,436,091 10,436,091 100.00 10,436,091 01/26/2020 26 2.21% FFCB 2.07% Aaa/AA+/AAA 02/28/2018 10,000,000 9,997,002 100.04 10,003,560 02/14/2020 45 2.32% Cedar Hill ISD Ref-Txbl 0.00% Aaa/-/AAA 11/14/2019 815,000 813,138 99.80 813,346 02/15/2020 46 1.84% JPMor anChase 2.56% 03/21/2018 5,129,778 5,129,778 100.00 5,129,778 03/21/2020 81 2.56% Inde endent Bank 2.62% 04/09/2018 13,519,821 13,519,821 100.00 13,519,821 04/09/2020 100 2.62% R Bank 2.85% 05/14/2018 2,087,595 2,087,595 100.00 2,087,595 05/14/2020 135 2.85% Le ac Texas Bank 2.75% 05/15/2018 7,311,756 7,311,756 100.00 7,311,756 05/15/2020 136 2.75% Independent Bank 2.70% 05/16/2018 5,206,522 5,206,522 100.00 5,206,522 05/16/2020 137 2.70% Independent Bank 2.95% 06/20/2018 5,225,579 5,225,579 100.00 5,225,579 06/19/2020 171 2.95% Independent Bank 2.95% 07/06/2018 6,743,655 6,743,655 100.00 6,743,655 07/08/2020 190 2.95% Independent Bank 2.70% 04/09/2019 3,040,748 3,040,748 100.00 3,040,748 07/09/2020 191 2.70% FFCB 2.68% Aaa/AA+/AAA 08/29/2018 10,000,000 9,998,025 100.63 10,062,701 08/24/2020 237 2.71% R Bank 2.08% 09/05/2019 2,013,494 2,013,494 100.00 2,013,494 09/03/2020 247 2.08% East West Bank 2.69% 03/04/2019 5,112,905 5,112,905 100.00 5,112,905 09/04/2020 248 2.69% East West Bank 2.78% 01/11/2019 4,109,625 4,109,625 100.00 4,109,625 10/12/2020 286 2.78% FHLB 2.86% Aaa/AA+/- 10/02/2018 61000,000 5,999,704 100.90 6,054,275 10/15/2020 289 2.87% Independent Bank 2.65% 05/01/2019 5,236,385 5,236,385 100.00 5,236,385 11/01/2020 306 2.65% Le ac Texas Bank 3.05% 11/16/2018 5,167,572 5,167,572 100.00 5,167,572 11/16/2020 321 3.05% East West Bank 2.70% 02/20/2019 5,117,870 5,117,870 100.00 5,117,870 11/20/2020 325 2.70% Independent Bank 2.05% 09/03/2019 3,011,996 3,011,996 100.00 3,011,996 12/03/2020 338 2.05% Le ac Texas Bank 3.05% 12/07/2018 5,154,650 5,154,650 100.00 5,154,650 12/07/2020 342 3.05% Independent Bank 1.85% 10/04/2019 5,000,000 5,000,000 100.00 5,000,000 01/04/2021 370 1.85% East West Bank 2.78% 01/11/2019 10,274,062 10,274,062 100.00 10,274,062 01/11/2021 377 2.78% Ori in Bank 2.82% 02/12/2019 6,331,692 6,331,692 100.00 6,331,692 02/12/2021 409 2.82% Cedar Hill ISD Ref-Txbl 0.00% Aaa/-/AAA 11/14/2019 500,000 489,310 97.88 489,410 02/15/2021 412 1.93% East West Bank 2.71% 02/20/2019 10,748,455 10,748,455 100.00 10,748,455 02/19/2021 416 2.71% Le ac Texas Bank 2.74% 03/01/2019 2,552,086 2,552,086 100.00 2,552,086 03/01/2021 426 2.74% Inde endent Bank 1.86% 09/30/2019 5,023,186 5,023,186 100.00 5,023,186 03/30/2021 455 1.86% Independent Bank 1.80% 10/11/2019 9,000,000 9,000,000 100.00 9,000,000 04/12/2021 468 1.80°% Independent Bank 2.15% 07/22/2019 5,027,096 5,027,096 100.00 5,027,096 04/22/2021 478 2.15% BBVA Compass 1.94% 08/27/2019 5,032,526 5,032,526 100.00 5,032,526 05/27/2021 513 1.94% Veritex Community Bank 1.67% 12/20/2019 5,000,000 5,000,000 100.00 5,000,000 06/21/2021 538 1.67% BOKF,NA 2.00% 06/27/2019 2,000,000 2,000,000 100.00 2,000,000 06/24/2021 541 2.00% Veritex Community Bank 1.74% 09/30/2019 5,021,690 5,021,690 100.00 5,021,690 06/30/2021 547 1.74% BBVA 1.77% 10/03/2019 5,014,770 5,014,770 100.00 5,014,770 07/05/2021 552 1.77% Independent Bank 2.15% 07/22/2019 5,027,096 5,027,096 100.00 5,027,096 07/22/2021 569 2.15% East West Bank 1.64% 11/22/2019 5,008,994 5,008,994 100.00 5,008,994 08/23/2021 601 1.64% BBVA Compass 1.87% 08/27/2019 3,018,809 3,018,809 100.00 3,018,809 08/27/2021 605 1.87% Security State Bank&Trust 2.09% 09/05/2019 7,036,451 7,036,451 100.00 7,036,451 09/13/2021 622 2.09% Veritex Community Bank 1.71% 10/03/2019 10,000,000 10,000,000 100.00 10,000,000 10/04/2021 643 1.71% East West Bank 1.64% 11/22/2019 5,008,994 5,008,994 100.00 5,008,994 11/22/2021 692 1.64% Veritex Community Bank 1.67% 12/20/2019 1 5,000,000 5,000,000 1 100.00 5,000,000 12/20/2021 720 1.67% Sub Total/Average 2.19% 1 303,002,803 302,984,982 1 100.04 303,111,095 1 272 Valley View Consulting,L.L.C. Page 13. Holdings by Allocation and Portfolio (Fund) December 31, 2019 Issuer Coupon Settlement Face Amount! Market Days to YTM @ Rate Credit Rating Date Shares Book Value Market Value Maturity Date Price Maturity Book Fund 170-Interest&Sinking GO Bonds TexasDAILY 1.66% AAAm 04/30/2016 3,267,469 3,267,469 100.00 3,267,469 N/A 1 1.66% NexBank 1.82% 02/27/2017 1,579,502 1,579,502 100.00 1,579,502 N/A 1 1.82% TexPool 1.62% AAAm 09/30/2015 609,470 609,470 100.00 609,470 N/A 1 1.62% Sub Total/Average 1.70% 5,456,441 5,456,441 100.00 5,456,441 1 1.70% Fund 210-Interest&Sinking Debt Service JPMor an Chase 0.65% 09/30/2015 1 5,975 5,975 100.00 5,975 N/A 1 0.65% Sub Total/Average 0.65% 1 1 15,975 1 5,975 100.00 5,975 1 0.65% Fund 459-2018 Bond Fund TexPool 1.62% AAAm12/15/2018 190,487 190,487 100.00 190,487 N/A 1 1.62% Sub Total/Average 1.62% 190,487 1 190,487 100.00 190,487 1 1.62% Fund 460-Bond Fund TexPool 1.62°o AAAm 09/30/2015 441,720 441,720 100.00 441,720 N/A 1 1.62% NexBank 1.82% 11/29/2016 997,787 997,787 100.00 997,787 N/A 1 1.82% East West Bank 2.70% 03/04/2019 4,090,664 4,090,664 100.00 4,090,664 03/04/2020 64 2.70% Sub Total/Average 2.46% 5,530,171 5,530,171 100.00 5,530,171 48 2.46% Fund 462-2017 Bond Fund TexPool 1.62% AAAm 05/30/2017 1,633,782 1,633,782 100.00 1,633,782 N/A 1 1.62% Origin Bank 2.21% 08/01/2019 3,530,836 3,530,836 100.00 3,530,836 N/A 1 2.21% Independent Bank 1.91% 09/30/2019 3,014,286 3,014,286 100.00 3,014,286 09/30/2020 274 1.91% Southside Bank 1.70% 12/19/2019 6,000,000 6,000,000 100.00 6,000,000 12/21/2020 356 1.70% Sub Total/Average 1.86% 14,178,904 14,178,904 100.00 14,178,904 209 1.86% Fund 465-2019 CO Bond Fund NexBank 1.82% 06/28/2019 6,699,003 6,699,003 100.00 6,699,003 N/A 1 1.82% TexPool 1.62% AAAm 05/30/2019 27,159 27,159 100.00 27,159 N/A 1 1.62% R Bank 2.55% 06/04/2019 3,038,600 3,038,600 100.00 3,038,600 06/04/2020 156 2.55% Independent Bank 2.48% 06/05/2019 5,062,363 5,062,363 100.00 5,062,363 06/05/2020 157 2.48% Inde endent Bank 2.52% 06/05/2019 4,050,698 4,050,698 100.00 4,050,698 12/05/2020 340 2.52% Sub Total/Average 2.26% 18,877,823 1 18,877,823 100.00 18,877,823 1 141 2.26% Fund 591-Reserves Fund TexPool I 1.620/6AAAm 09/30/2015--l- 8,678 8,678 100.00 8,678 N/A I 1 I 1.62% NexBank 1.82% 1 04/29/2019 848,582 848,582 100.00-1- 848,582 N/A 1 1.82% Sub Total/Average 1.82°I0 857,259 857,259 100.00 857,259 1 1.82% Fund 602-Interest&Sinking Revenue Bonds TexPool 1.62% AAAm 09/30/2015 5,806,509 5,806,509 100.00 5,806,509 N/A 1 1 1.62% Sub Total/Average 1.62% 5,806,509 5,806,509 100.00 5,806,509 1 1.62% Fund 605-Kalahari Debt Service Reserve TexPool 1.620% AAAm 08/30/2019 979,720 979,720 100.00 979,720 N/A 1 1.62% Sub Total/Average 1.62% 979,720 979,720 100.00 979,720 1 1.629/. Fund 863-Drainage Utility Revenue Bond Treasury 1.38% Aaa/AA/AAA 05/15/2019 1,000,000 998,757 99.95 999,541 02/15/2020 46 2.38% FHLMC 1.38% Aaa/AA+/AAA 05/15/2019 1,500,000 1,495,148 99.92 1,498,812 05/01/2020 122 2.36% Sub Total/Average 1.38% 2,500,000 2,493,904 99.93 2,498,353 92 2.37% Total/Average 2.16% $ 357,386,092 $ 357,362,175 100.03 $ 357,492,737 248 2,19% Valley View Consulting,L.L.C. Page 14.