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R-2016-3687 - 8/25/2016 RESOLUTION NO. R-2016-3687 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending June 30, 2016 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 25th day of August, 2016. ALAN MCGRAW, Mayor City of Round Rock, Texas ATTEST: 2y� d-�s SARA L. WHITE, City Clerk 0112.1604;00362308 PR�OaU�NDROCCK TEXAS QUARTERLY INVESTMENT REPORT For the Quarter Ended June 30, 2016 Prepared by M Valley View Consulting, L.L.C. X D = 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. 4-1 Financial Offigcer. Deputy Chief Financial Officer Accounting Manager Trey ry Accountant >< c -7 �2 t 116 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 detennined 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) June 30,2016 YTM @ Description Cost Book Value Market Value Cash 0.34% $ 19,780,993 $ 19,780,993 Certificates of Deposit 0.94% 119,469,604 119,469,604 Local Government Investment Pool 0.40% 31,796,779 31,796,779 Money Market Accounts 0.47% 24,882,988 24,882,988 Municipal 0.88% 15,480,376 15,517,708 US Agency 0.66% 92,530,433 92,623,590 US Treasury 0.62% 36,499,415 36,536,111 Total 1 Average 0.71% $ 340,440 589 $ 340,607,773 March 31,2016 YTM @ Description Cost Book Value Market Value Cash 0.35% $ 19,496,088 $ 19,496,088 Certificates of Deposit 0.87% 91,800,954 91,800,954 Local Government Investment Pool 0.34% 47,013,279 47,013,279 Money Market Accounts 0.40% 27,060,842 27,060,842 Municipal 0.87% 15,819,172 15,854,311 US Agency 0.64% 107,063,550 107,081,064 US Treasury 0.60% 45,000,722 45,026,363 Total/Average 0.63% $ 353 254,607 $ 363 332,901 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 0.71% 0.61% TexPool Yield 0.36% 0.29% Rolling Three Mo.Treas.Yield 0.26% 0.22% Rolling Six Mo.Treas.Yield 0.42% 0.35% Rolling 1 Yr.Treas.Yield 0.49% 0.41% Rolling 2 Yr.Treas.Yield 0.68% 0.63% Interest Income Interest Income(Approximate) $ 554,253 $ 1,399,652 WAM at 6/3012016 Policy WAM Max Total Portfolio 254 days 540 days Pooled Funds 298 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. Page 1. Valley View Consulting,L.L.C. Economic Overview 6/30/2016 The Federal Open Market Committee(FOMC)maintained the Fed Funds target range of 0.25%-0.50%(actual Fed Funds trading+/-35 to 40 bps). The June FOMC meeting expressed concerns over reduced economic expectation. First Quarter US GDP was revised up to+1.1%(final revision). The June Non-Farm Payroll surged 287k new jobs,although other unemployment data remained modest. The British"Brexit"vote to leave the European Union Global jolted the markets. The US Stock markets plunged,then recovered. Treasury yields dove on the flight to quality. Taxable municipal bonds or CDs offer the best interest earnings opportunity, if available. Treasury Yield Curves US Treasury Historical Yields-Since 1998 2.50 7.50 7.00 - M - _.._.__.- ._ w -._-- _.___-___., 200 . .. --- 6.50 it .00 _��p1� MM► 1MMD 5.50 --- - IIM��"-- _.... _.... �!,. 5.00 1.50 -_------_.. � IMMM� MMM► ......... 4.50 WA 4000 dip Mr 4.00 ......_.__..._-- 400 .. _. ... _ _.-_._..._...__ ......... 3.50 3.00 rMM 2.5040 - 0.50 - 2.00 ._ + 1.00 - •u.- 0.00 . 0.50 _._.. _ O n Q Q Q 0.00 �yWws� 0o, oti o oa oh p� .1b pe o 0A 0A �o oA �� 9 -m--w June 30,2015 March 31,2016 -June 30,2016 .Six Month ......_.............._.___..TWQ.yed'T- Year LI-Ne US Treasury Historical Yields-Since 2006 S&P 500 5.50 5.00 2,250 4.50 _®. m..._ _._.,_, ... _- 2,000 a 4.00 1,750 3.50 ... 1,500 w......... 3.00 1,2502.50 1,000 2.00 750 1.50 1.00 __._ ___ __.____..... __. _ 500 0.50 250 .......... ,� 0.00 o 00 o9r geQ yeQ SeQA geQ" !g ?R- So Valley ViewConsuRing,L.L.C. Page 2. Holdings by Investment Category June 30,2016 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 /o of Portfolio Cash S 19,777,125 61"%0 $ 3,868 0% S - 0% $ - C% S 19,780,993 6% Certificates of Deposit 95,432,879 28% - 01A - 0% 24,036,725 7% 119,469,604 35% Investment Pools 10,787,515 3% 16,194,922 5% 8,249 0% 4,806,094 1% 31,796.779 9% Money Market Accounts 8,502,664 2% - 0% 800,265 0% 15,580,058 5% 24,882,988 7% Municipal 15,480,376 5% - 0% - 0% - 0% 15,480,376 5 US Agency 92,530 433 27% - 0% - 0% - 0% 92,530.433 27% US Treasury 15,503,779 5% - 0% - 0% 20,995,637 6% 36,499,4'.5 11% Total t Avera $258,014,772 76% $ 16,198,790 6% S 808.5141 0%u S 65,418,514 1 19% S 340,440,589 100% Portfolio Balances(Millions) Order of Liquidity $400 $350 _, .. ........... ■Cash $300 - — --- ❑Local Government Investment Pool $250 _-----.-__._ ., - - 13Money Market Account $200 . -- ■US Treasury $150 _.., ......... US Agency ❑Municipal ■Certificates of Deposit $0 Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 6/30/2016 6/30/2016 6/3012016 6/3012016 6130/2016 Page 3, Valley View Consulting,L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category June 30,2016 June 30,2016 Portfolio Net Cash Equivalent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Depositl(withdrawal) Cash s 19,780,993 6% 100% Cash $ - $ - $ - $ - $ - s 264,905 Certificates of Deposit 119,469 604 35% 75% Certificates of Deposit 34678,704 7,010,053 198,486 Investment Pools 31796,779 9% 100% Investment Pools - 35,379 (15,216,500) Money Market Accounts 24,882,988 7% 50% Money Markets Accounts - - 22,146 (2,177,854) Municipal 15,480,376 5% 35%15% Municipal Securities -- - 300,000 - 132,718 - US Agency 92,530,433 271A Combined US Agency -- - 14,500.000 - 182,875 - US Treasury36,499,415 11% 75% US Treasury - - 8,500.000 - 52,500 - TotallAverage $ 340,440.589 100% PASSED Totals $ 34,678,704 S - $ 30,310,051 S - S 624,104 S (17.109,449) Portfolio Balances(Millions) Portfolio Composition $aoo _ Order of Liquidity US Agency June 30,2016 . _ 2746 ■Cash - _ US Treasury $350 _.._.�_...-._. ._. — -- 11 Municipal 5% $300 --- ----- 0Local Government Investment ` Pool Money Market $250 --- --� vMoney Market Account Accounts ;- Cash 7% 6% $200 --- NUS Treasury $150 "'- 0U Agency Investment Pools S100 9% ❑Municipal $50 _..._. Certificates of Deposit $o Certificates of 9/30115 12/31/15 3/31116 6/30116 Deposit 35% Page 4 Valley View Consulting.L.L.C. Portfolio Balances By Fund (Millions) $400 $350 ■Capital Project& Special $300 Purpose Funds $250 o Debt Service Reserve Funds $200 a Debt Service Funds $150 $100 m Pooled Funds $50 $0 9/3012015 12/31/2015 3/31/2016 6/30/2016 Page 5. Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 0.80 0.70 0.60 _. __......_ ...... ... .. MWlSim OW WO SW �wR 0.50 __ ____ __ _ _��;, ,; _�•_. _._ _ ..«" WWIMM- ow tea, tea•.rn ,,, .0+000 ...M+r = 0.40 ..r 40M OM solo a. 0.30 _ . � '' . .agoMOO so 0.20 "+.•"-_... 0.10 .. 0.00 o'`I'D o`<' o'`�' 0'`6 0'`0 o'`rO o'`o 0'`6 0'`0 0�3 ,�o�o ��o ��o �� ti �� h�� 6\3 Round Rock TexPool �► * Rolling 1.5 yr Treasury (Policy WAM max) Rolling 9 mo Treasury (Comparable WAM) Page 6. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2016 Issuer Coupon Settlement Face Amount/ Market Maturity YTM @ Rate Credit Rating Date Shares Book Value Price IUtarket Value pate Book Fund 000-Pooled Investments East West Bank 0.35% 06/27/16 $ 3,501,007 $ 3,501,007 100.00 $ 3,501,007 N/A 0.35% Green Bank 0.55% 06/09/16 5,001,658 5,001,658 100.00 5,001,658 N/A 0.55% JPMor an Chase 0.34% 09/30/15 19,777,125 19,777,125 100.00 19,777,125 N/A 0.34% TexSTAR 0.39% AAAm 09/30/15 189,683 189,683 100.00 189,683 N/A 0.39% TexPool 0.36% AAAm 09/30/15 5,583,132 5,583,132 100.00 5,583,132 N/A 0.36% TexasDAILY 0.44% AAAm 09/30/15 1 5,014,700 5,014,700 100.001 5,014,700 N/A 0.44% Legac Texas Bank 0.52% 12/04/15 5,012,663 5,012,663 100.001 5.012,663 07/01/16 0.52% Treasury 0.50% Aaa/AA+/AAA 11/21/14 5,000,000 5,000,464 100.01 5,000,585 07/31/16 0.39% Union State Bank 0.60% 08/13/15 5,000,000 5,000,000 100.00 5,000,000 08/11/16 0.60% FNMA 0.63% Aaa/AA+/AAA 11/21/14 5,000,000 5,001,102 100.03 5,001,400 08/26/16 0.48% FNMA 0.63% Aaa/AA+/AAA 01/29/15 5,000,000 5,001,611 100.03 5,001,400 08/26/16 0.42% FHLB 2.00% Aaa/AA+/AAA 11/21/14 1 5,000,000 5,014,027 100.28 5,014,241 09/09/16 0.55% FHLB 0.50% Aaa/AA+/AAA 01/29/15 5,000,000 5,000,244 100.01 5,000,418 09/28/16 0.48% FFCB 0.58% Aaa/AA+/AAA 01/29/15 5,000,000 5,000,994 100.041 5,001,949 10/14/16 0.51% Treasury 0.38% Aaa/AA+/AAA 11/21/14 5,000,000 4,997,699 100.02 5,000,976 10/31/16 0.51% FHLB 0.63% Aaa/AA+/AAA 12/04/14 5,000,000 5,000,861 100.06 5,003,065 11/18/16 0.58% FHLMC 0.60% Aaa/AA+/AAA 01/29/15 5,000,000 5,000,892 100.05 5,002,650 11/28/16 0.56% Union State Bank 0.42% 06/04/15 245,000 245,000 100.00 245,000 12/04/16 0.42% FHLB 1.63% Aaa/AA+/AAA 01/29/15 5,000,000 5,022,632 100.48 5,023,903 12/09/16 0.60% FHLMC 0.80% Aaa/AA+/AAA 12/30/13 4,000;000 4,000,000 100.15 4,006,000 12/30/16 0.80% Anderson ISD 1.10% -/AA+/- 03/10/15 500,000 500,638 100.31 501,530 01/05/17 0.85% FHLMC 0.50% Aaa/AA+IAAA 01/29/15 4,500,000 4,497,135 99.97 4,498,560 01/27/17 0.61% Mahtomedi MN 0.00% Aa2/AA-/- 03/03/15 535,000 533,122 99.58 532,769 02/01/17 0.60% FHLB 0.72% Aaa/AA+/AAA 02/17/15 5,000,000 4,999,843 100.11 5,005,499 02/13/17 0.73% McKinney ISD TX 2.00% Aaa/AAA/- 04/07/15 2,290,000 2,309,542 100.911 2,310,839 02/15/17 0.63% Union State Bank 0.60% 02/25/16 5,000,000 5,000,000 100.001 5,000,000 02/23/17 0.60% Treasury 0.88% Aaa/AA+/AAA 02/27/14 5,500,000 5,505,616 100.291 5,515,683 02/28/17 0.72% FHLB 0.75% Aaa/AA+/AAA 03/30/15 6,000,000 6,001,834 100.13 6,007,713 03/24/17 0.71% FFCB 0.70% Aaa/AA+/AAA 04/06/15 6,000,000 5,999,173 100.09 6,005,218 04/06/17 0.72% FFCB 0.65% Aaa/AA+/AAA 09/08/15 2,000,000 1,999,178 100.04 2,000,881 05/01/17 0.70% Tulsa County OK 2.00% -/AA-/- 05/28/15 3,165,000 3,200,350 101.12 3,200,575 05/01/17 0.65% Union State Bank 0.60% 05/12/16 2,000,000 2,000,000 100.00 2,000,000 05/11/17 0.60% FHLB 0.75% Aaa/AA+/AAA 09/08/15 5,000,000 5,000,952 100.13 5,006,346 06/15/17 0.73% FFCB 0.68% Aaa/AA+/AAA 09/08/15 5,000,000 4,996,505 100.12 5,006,022 07/03/17 0.75% FHLMC 0.75% Aaa/AA+/AAA 01/07/16 5,000,000 4,987,852 100.15 5,007,400 07/14/17 0.99% Southside Bank 0.85% 01/25/16 5,010,596 5,010,596 100.00 5,010,596 07/25/17 0.85% Arlington TX 2.50% Aa1/AAA/- 06/17/15 3,000,000 3,055,360 102.18 3,065,250 08/15/17 0.84% FNMA 0.88% Aaa/AA+/AAA 02/17/15 5,000,000 5,000,055 100.281 5,013,800 08/28/17 0.87% FHLB 0.90% Aaa/AA+/AAA 09/08/15 5,000,000 5,005,544 1 100.341 5,017,128 1 09/28/17 1 0.81% Page 7. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2016 Issuer Coupon Settlement Face Amount/ Market Maturity YTM Rate Credit Rating Cate Shares ;, Book Value Price Market Value Cate Book Independent Bank 0.95%0 03/30/16 10,023,945 10,023,945 100.00 10,023,945 09/30/17 0.95% Southside Bank 0.97% 12/08/15 5,024,346 5,024,346 100.00 5,024,346 10/01/17 0.97% Southside Bank 1.00% 12/08/15 5,025,100 5,025,100 100.001 5,025,100 11/01/17 1.00% Southside Bank 1.03% 12/08/15 5,025,854 5,025,854 100.00 5,025,854 12/01/17 1.03% Southside Bank 1.12% 01/06/16 7,520,942 7,520,942 100.00 7,520,942 01/08/18 1.12% Southside Bank 1.00% 01/25/16 5,012,466 5,012,466 100.00 5,012,466 01/25/18 1.00% Independent Bank 1.00% 02/25/16 13,031,967 13,031,967 100.00 13,031,967 02/25/18 1.00% Legac Texas Bank 1.05% 06/20/16 5,000,000 5,000,000 100.00 5,000,000 03/20/18 1.05% R Bank 1.50% 05/13/16 7,500,000 7,500,000 100.001 7,500,000 05/14/18 1.50% Texas A&M University System 1.54% Aaa/AAA/- 10/28/15 3,570,000 3,605,946 101.31 3,616,696 05/15/18 0.99% Le ac Texas Bank 1.10% 06/03/16 5,000,000 5,000,000 100.00 5,000,000 06/04/18 1.10% Le acyTexas Bank 1.10% 06/20/16 5,000;000 5,000,000 100.00 5,000,000 06/20/18 1.10% Corpus Christi-Ref 1.81% Aa2/AA/- 03/14/16 2,250,000 1 2,275,419 101.78 2,290,050 03/01/19 1.37% Sub Total/Average 1 0.85% 1 257,810,184 258,014,772 1 100.14 258,158,726 0.74% Fund 170-Interest&Sinking GO Bonds TexasDAILY 0.44% AAAm 04/30/16 9,248,549 9,248,549 100-001 9,248,549 TexPool 0.36% AAAm 09/30/15 3,247,851 3,247,851 100.001 3,247,851 N/A 0.36% Sub Total t Average 0.42% 12,496,400 1 12,496,400 100.001 12,496,400 0.42% Fund 210-Interest&Sinking Debt Service JPMorgan Chase 0.34% 09/30/15 3,8681 3,868 100.00 3,868 N/A 1 0.34% Sub Total/Average 0.34°l° 3,8681 3,868 1 100.00 3,868 Q.34% Fund 460-Bond Fund TexPool 0.36% AAAm 09/30/15 1,600,333 1,600,333 100.00 1,600,333 N/A 0.36% East West Bank 0.35% 03/31/14 27,601 27,601 100.00 27,601 N/A 0.35% Legac Texas Bank 0.35% 11/23/15 2,009,197 2,009,197 100.00 2,009,197 N/A 0.35% Southside Bank 0.52% 01/26/16 10,020,616 10,020,616 100.00 10,020,616 N/A 0.52% Treasury 0.88% Aaa/AA+/AAA 03/24/14 7,000,000 7,002,951 100.12 7,008,476 09/15/16 0.67% Treasury 0.63% Aaa/AA+/AAA 03/24/14 7,000,000 6,994,840 100.13 7,008,750 12/15/16 1 0.79% Treasury 0.50% Aaa/AA+/AAA 07/14/15 7,000,000 1 6,997,846 1 100.02 7,001,640 03/31/17 0.54% Southside Bank 0.78% 04/01/16 4,000,000 4,000,000 1 100.00 4,000,000 04/03/17 0.78% R Bank 1.01% 01/05/16 7,017,474 7,017,474 100.00 7,017,474 06/30/17 1.01% Sub Total/Average 0.67% 45,675,220 45,670,856 100.04 45,694,086 0.67% Fund 461 -CO Bond Fund TexPool 0.36% AAAm 10/31/15 139 139 100.00 139 N/A 0.36% East West Bank 0.35% 02/13/15 1,513,448 1,513,448 100.00 1,513,448 N/A 0.35% Le acyTexas Bank 0.35% 11/23/15 2,009,197 2,009,197 100.00 2,009,197 N/A 0.35% Le ac Texas Bank 0.70% 01/06/16 4,011,642 4,011,642 100.00 4,011,642 07/06/16 0.70% Southside Bank 0.78% 04/01/16 6,000,000 6,000,000 100.00 6,000,000 04/03/17 0.78% Sub Total/Average 0.64% 13,534,426 13,534,426 100.00 13,534,426 0.64Y.;'- Page 8. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2016 Issuer Coupon Settlement Face Amountl Market Maturity YTM tr Rate Credit, Cute Shares Boot Ajgq Price Market Value Date. gt k= Fund 591 -Reserves Fund Green Bank 0.55% 06/09/16 800,265 800,265 1 100.001 800,265 N/A 0.55% TexPool 0.36% AAAm 09/30/15 1 8,249 1 8,249 1 100ml 8,249 1 N/A 0.36% Sub Total/Average 0.55% 808,514 808,514 100.00 808,514 0.55% Fund 602-Interest&Sinking Revenue Bonds TexPool 1 0.36% 1 AAAm 09/30/15 3,698,521 3,698,521 1 100.00 3,698,521 N/A 1 0.36% Sub Total/Average 1 0.36% 3,698,521 1 3,698,521 1 100.001 3,698,521 0,.1" Pfaff 863-Drainage Utility Revenue Band TexPool 0.36% AAAm 10/31/15 3,205,622 3,205,622 100.00 3,205,622 N/A 0.36% Legac Texas Bank 0.70% 03/30/16 1,502,619 1,502,619 100.00 1,502,619 12/30/16 0.70% LegacyTexas 0.80% 01/07/16 1,504,990 1,504,990 100.00 1,504,990 01/06/17 0.80% Sub Total/Average 0.55% 6,213,232 6,213,232 100.00 6,213,232 0.55% Total/Average 0.79°1° $340,240,364 $340,440,589 100.11 $340;607,773 1 1 0.71% Page 9. Valley View Consulting,L.L.C. Book Value Comparison June 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells/ Ending Book Changein Rate Date Date Book Value Increases Decreases- .Value Book Value Fund 000-Pooled Investments JPMor an Chase N/A 09/30/15 N/A $ 19,491,290 $ 679,286 $ 393,451 $ 19,777,125 $ 285,835 TexPool N/A 09/30/15 N/A 13,826,466 2,613,580 10,856,913 5,583,132 (8,243,333) TexSTAR N/A 09/30/15 N/A 5,186,027 3,656 5,000,000 189,683 (4,996.344) TexasDAILY N/A 09/30/15 N/A 5,009,317 5,382 — 5,014,700 5,382 East West Bank N/A 06/27/16 N/A — 3,501,007 — 3,501,007 3,501,007 Green Bank N/A 06/09/16 N/A — 5,001,658 — 5,001,658 5,001,658 FAMC 0.43% 06/20/14 04/04/16 1,999,985 — 2,000.000 — (1,999,985) FFCB 0.55% 02/27/14 04/28/16 2,500,286 — 2,500,000 — (2,500,286) FFCB 0.50% 02/27/14 05/04/16 2,500,159 — 2,500,000 — (2,500,159) Union State Bank 0.45% 05/14/15 05/12/16 2,000,000 — 2,000,000 — (2,000,000) FHLMC 0.50% 03/27/14 05/13/16 2,499,931 — 2,500,000 — (2,499,931) Le ac Texas Bank 0.50% 12/04/15 06/01/16 5,005,881 4,172 5,010,053 — (5,005,881 Chemeketa OR 3.00% 03/10/15 06/15/16 301.587 — 300,000 — (301,587) FFCB 0.45% 07/31/14 06/20/16 4,999,141 — 5,000,000 — 4,999,141 Le ac Texas Bank 0.52% 12/04/15 07/01/16 5,006,116 6,546 — 5,012,663 6,546 Treasury 0.50% 11/21/14 07/31/16 5,001,826 — — 5,000,464 (1,362) Union State Bank 0.60% 08/13/15 08/11/16 5,000,000 — — 5,000,000 — FNMA 0.63% 01/29/15 08/26/16 5,004,183 — — 5,001,611 2,572) FNMA 0.63% 11/21/14 08/26/16 5,002,861 — — 5,001,102 (1,759 FHLB 2.00% 11/21/14 09/09/16 5,032,006 — — 5,014,027 (17,979) FHLB 0.50% 01/29/15 09/28/16 5;000,491 — — 5,000,244 (247) FFCB 0.58% 01/29/15 10/14/16 5,001,847 — — 5,000,994 (853 Treasury 0.38% 11/21/14 10/31/16 4,995,997 — — 4,997,699 1,702 FHLB 0.63% 12/04/14 11/18/16 5,001,416 — — 5,000,861 556 FHLMC 0.60% 01/29/15 11/28/16 5,001,429 — — 5,000,892 (537) Union State Bank 0.42% 06/04/15 12/04/16 245,000 — — 245,000 — FHLB 1.63% 01/29/15 12/09/16 5,035,346 — — 5,022,632 (12,713) FHLMC 0.80% 12/30/13 12/30/16 4,000,000 — — 4,000,000 — Anderson ISD 1.10% 03/10/15 01/05/17 500,945 — — 500.638 (307) FHLMC 0.50% 01/29/15 01/27/17 4,495,899 — — 4,497,135 1,236 Mahtomedi MN 0.00% 03/03/15 02/01/17 532,331 — — 533,122 791 FHLB 0.72% 02/17/15 02/13/17 4,999,781 — — 4,999,843 63 McKinney ISD TX 2.00% 04/07/15 02/15/17 2,317,274 — — 2,309,542 (7,732) Union State Bank 0.60% 02/25/16 02/23/17 5,000,000 — — 5,000,000 — Treasury 0.88% 02/27/14 02/28/17 5,507,719 — — 5,505,616 (2,103) FHLB 0.75% 03/30/15 03/24/17 6,002,459 — — 6,001,834 (625) FFCB 0.70% 04/06/15 04/06/17 5,998,904 — — 5,999,173 1 269 FFCB 0.65% 09/08/15 1 05/01/17 1,998,933 — — 1,999,178 245 Page 10. Valley View Consulting,L.L.C. Book Value Comparison June 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells! Ending Book Change in Xs laer Rate Date Date Book Value Increases Decreases Value Book Value Tulsa County OK 2.00% 05/28/15 05/01/17 3,210,896 — — 3,200,350 (10,547) Union State Bank 0.60% 05/12/16 05/11/17 — 2,000,000 — 2,000,000 2,000,000 FHLB 0.750% 09/08/15 06/15/17 5,001,200 — — 5,000,952 (248) FFCB 0.68% 09/08/15 07/03/17 4,995,640 — — 4,996,505 864 FHLMC 0.75% 01/07/16 07/14/17 4,984,936 — — 4,9877852 2,917 Southside Bank 0.85% 01/25/16 07/25/17 5,000,000 10,596 — 5,010,596 10,596 Arlington TX 2.50% 06/17/15 08/15/17 3,067,617 — — 3,055,360 (12,257) FNMA 0.88% 02/17/15 08/28/17 5,000,067 — — 5,000,055 (12) FHLB 0.90% 09/08/15 09/28/17 5,006,652 — — 5,005,544 (1,109) Independent Bank 0.95% 03/30/16 09/30/17 10,000,000 23,945 — 10,023,945 23,945 Southside Bank 0.97% 12/08/15 10/01/17 5,012,092 12,254 — 5,024,346 12,254 Southside Bank 1.00% 12/08/15 11/01/17 5,012,466 12,634 — 5,025,100 12,634 Southside Bank 1.03% 12/08/15 12/01/17 5,012,840 13,014 — 5,025,854 13,014 Southside Bank 1.12% 01/06/16 01/08/18 7,500,000 20,942 — 7,520,942 20,942 Southside Bank 1.00% 01/25/16 01/25/18 5,000,000 12,466 — 5,012,466 12,466 Independent Bank 1.00% 02/25/16 02/25/18 13,000,000 31,967 — 13,031,967 31,967 LegacyTexas Bank 1.05% 06/20/16 03/20/18 — 5,000,000 — 5,000,000 5,000,000 R Bank 1.50% 05/13/16 05/14/18 — 7,500,000 — 7,500,000 7,500,000 Texas A&M University System 1.54% 10/28/15 05/15/18 3,610,728 — — 3,605,946 (4,782) LegacyTexas Bank 1.10% 06/03/16 06/04/18 — 5,000,000 — 5,000,000 5,000,000 LegacyTexas Bank 1.10% 06/20/16 06/20/18 — 5,000,000 — 5,000,000 5,000,000 Corpus Christi-Ref 1.81% 03/14/16 03/01/19 2,277,794 — — 2,275,419 (2,375) Sub Total/Average Fund 000-Pooledllnvestments 259,695,759 36,453,106 38,060,417 258,094,772 (1,680,987) Fund 170-Interest&Sinking GO Bonds TexPooi NIA 09/30/15 N/A 12,376,178 3,493 9,131,819 3,247,851 (9,128,326) TexasDAILY N/A 04/30/16 N/A — 9,248,549 — 9,248,549 9,248,549 Sub Total/Average Fund 170-interest&Sinking GO Bonds 12,376,178 9,252,042 1 9,131,819 12,496,400 120,223 Fund 210-Interest.&Sinking Debt Service JPMor an Chase I N/A 1 09/30/15 N/A 4,797 — 930 3,868 930) Sub Total/Average Fund 210-Interest&Sinking Debt Service 4,797 930 3,868 X930) Page 11. Valley View Consulting,L.L.C. Book Value Comparison June 30, 2016 Coupon Settlement Maturity Beginning Total Buysl Tota! Sells/ Evading Book Changein Issuer - -._ a#e Book Value Increases Decreases Value = Book Value Fund 460-Bond Fund TexPool N/A 09/30/15 N/A 1,021,731 1,300,602 722,000 1,600,333 578,602 East West Bank N/A 03/31/14 N/A 27,577 24 - 27,601 24 Le ac Texas Bank N/A 11/23/15 N/A 6,007,459 1,737 4,000,000 2,009,197 (3,998,263 Southside Bank N/A 01/26/16 N/A 10,008,265 12,351 - 10,020,616 12,351 Treasury 0.50% 03/24/14 06/15/16 6,999,081 - 7,000,000 - (6.999,081 Treasury 0.88% 03/24/14 09/15/16 7,006,439 - - 7,002,951 3,488) Treasury 0.63% 03/24/14 12/15/16 6,992,044 - - 6,994,840 2,795 Treasury 0.50% 07/14/15 03/31/17 6,997,130 - - 6,997,846 716 Southside Bank 0.78% 04/01/16 04/03/17 - 4,000,000 - 4,000,000 4,000,000 R Bank 1.01% 01/05/16 06/30/17 7,000,000 17,474 - 7,017,474 17,474 Sub Total/Average Fund 4#0 Bond Fund 52,059;7 6` 5,332,188 11,722,000 45,670,856 (6,388,870) Fund 461 -CO Bond Fund TexPool N/A 10/31/15 N/A 2,777,879 260 2,778,000 139 (2,777,740) East West Bank N/A 02/13/15 N/A 5,010,082 3,366 3,500.000 1,513,448 (3,496,634) Legac Texas Bank N/A 11/23/15 N/A 61007,459 1,737 4,000,000 2,009,197 (3,998,263) Le acyTexas Bank 0.70% 01/06/16 07/06/16 4,004,591 7,050 - 4,011,642 7,050 Southside Bank 0.78% 04/01/16 04/03/17 - 6,000,000 - 6,000,000 6,000.000 Sub Total/Average Fund 461 -CO Bond Fund 17,800,012 6,012,414 10,278,000 13,534,426 (4,265,586) Fund 591 -Reserves Fund TexPool NIA 09/30/15 N/A 807,726 522 800,000 8,249 (799,478) Green Bank N/A 06/09/16 N/A - 800,265 - 800,265 800,265 Sub Total/Average Fund 591-Reserves Fund ' 807,726 800,788 800,000 808,514 788 Fund 602 -Interest&Sinking Revenue Bonds TexPool N/A 1 09/30/15 N/A 4,304,086 7,731 613,295 3.698,521 (605,564) Sub Tota!/Average Fund 602-Interest&Sinking Revenue Bonds 4,304,086 7,731 613,295 3,698,521 (605,564) Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/15 NIA 1,703,870 1,501,753 - 3,205,622 1,501,753 Treasury 0.50% 02/18/15 06/30/16 1,500,485 - 1,500,000 - (1,500,485) Le ac Texas Bank 0.70% 03/30/16 12/30/16 1,500,000 2,619 - 1,502,619 2,619 Le ac Texas 0.80% 01/07/16 01/06/17 1,501,968 3,022 - 1,504,990 3,022 Sub Total/Average1=und863-Drainage Utility Revenue Bond 6,206,323 1,507,394 1 1,500,000 6,213,232 6,909 Total/Avera e $353,254,607 $ 59,365,663-1 $ 72,106,461'[$-340,440,589 $ (12,814,01$) Page 12. Valley View Consulting,L.L.C. Market Value Comparison June 30, 2016 Coupon Settlement Maturity Beginning Total Buysl Total Sells/ Ending Market Change in Issuer I Rate Date Date Market Value Increases Decreases Value Market Value Fund 000-Pooled investments JPMor an Chase N/A 09/30/15 N/A $ 19,491,290 $ 679,286 $ 393,451 $ 19,777,125 $ — TexPool N/A 09/30/15 N/A 13,826,466 2,613,580 10,856,913 5,583,132 — TexSTAR NIA 09/30/15 N/A 5,186,027 3,656 5,000,000 189,683 — TexasDAILY N/A 09/30/15 N/A 5,009,317 5,382 — 5,014,700 — East West Bank N/A 06/27/16 N/A — 3,501,007 — 3,501,007 — Green Bank N/A 06/09/16 N/A — 5,001,658 — 5,001,658 — FAMC 0.43% 06/20/14 04/04/16 2,000,018 — 2,000,000 — (18) FFCB 0.55% 02/27/14 04/28/16 2,500,150 — 2,500,000 — 150 FFCB 0.50% 02/27/14 05/04/16 2,500,038 — 2,500,000 — 38 Union State Bank 0.45% 05/14/15 05/12/16 2,000,000 — 2,000,000 — — FHLMC 0.50% 03/27/14 05/13/16 2,502,025 — 2,500,000 — (2,025 Le ac Texas Bank 0.50% 12/04/15 06/01/16 5,005,881 4,172 5,010,053 — — Chemeketa OR 3.00% 03/10/15 1 06/15/16 301,608 — 300,000 — (1,608) FFCB 0.45% 07/31/14 06/20/16 4,998,905 — 5,000,000 — 1,095 Le ac Texas Bank 0.52% 12/04/15 07/01/16 5,006,116 6,546 — 5,012,663 — Treasury 0.50% 11/21/14 07131/16 5,002,145 — — 5,000,585 (1,560) Union State Bank 0.60% 08/13/15 08/11/16 5,000,000 — — 5,000,000 — FNMA 0.63% 01/29/15 08/26/16 5,010,500 — — 5,001,400 9,100 FNMA 0.63% 11/21/14 08/26/16 5,010,500 — — 5,001,400 9,100 FHLB 2.00% 11/21/14 1 09/09/16 5,032,035 — — 5.014,241 17,795 FHLB 0.50% 01/29/15 09/28/16 4,996,050 — — 5.000,418 4,368 FFCB 0.58% 01/29/15 10/14/16 4,999,635 — — 5,001,949 2,314 Treasury 0.38% 11/21/14 10/31/16 4,997,460 — — 5,000,976 3,516 FHLB 0.63% 12/04/14 11/18/16 5,000,435 — — 5,003,065 21630 FHLMC 0.60% 01/29/15 11/28/16 4,999,250 — — 5,002,650 3,400 Union State Bank 0.42% 06/04/15 12/04/16 245,000 — — 245,000 — FHLB 1.63% 01/29/15 12/09/16 5,035,475 — — 5,023,903 (11,573 FHLMC 0.80% 12/30/13 12/30/16 4,006,400 — — 4,006,000 (400) Anderson ISD 1.10% 03/10/15 01/05/17 502,305 — — 501,530 775 FHLMC 0.50% 01/29/15 01/27/17 4,498,515 — — 4,498,560 45 Mahtomedi MN 0.00% 03/03/15 02/01/17 531,485 — — 532,769 1,284 FHLB 0.72% 02/17/15 02/13/17 5,000,050 — — 5,005,499 5,449 McKinney ISD TX 2.00% 04/07/15 02/15/17 2,317,801 — — 2,310,839 (6,962 Union State Bank 0.60% 02/25/16 02/23/17 5,000,000 — — 5,000,000 — Treasury 0.88% 02/27/14 02/28/17 5,513,101 — — 5,515,683 2,582 FHLB 0.75% 03/30/15 03/24/17 6,000,234 — — 6,007,713 7,479 FFCB 0.70% 04/06/15 04/06/17 5,994,996 — — 6,005,218 10,222 FFCB 0.65% 09/08/15 05/01/17 1,997,638 — — 2,000,881 3,243 Tulsa County OK 2.00% 05/28/15 05/01/17 3,209,563 — — 3,200,575 8,989) Union State Bank 0.60% 05/12/16 05/11/17 — 2,000,000 — 2,000,000 — Page 13. Valley View Consulting,L.L.C. Market Value Comparison June 30, 2016 Coupon Settlement Maturity Beginning Total Buys/` Total Sells/ Ending Market Change in Issuer Rate Date Date- Market Value Increases Decrease& Value Market Value FHLB 0.75% 09/08/15 06/15/17 4,992,665 — — 5,006,346 13,681 FFCB 0.68% 09/08/15 07/03/17 4,992,240 — — 5,006,022 13,782 FHLMC 0.75% 01/07/16 07/14/17 5,001,900 — — 5,007,400 5,500 Southside Bank 0.85% 01/25/16 07/25/17 5,000,000 10,596 — 5,010,596 — Arlin ton TX 2.50% 06/17/15 08/15/17 3,075,900 — — 3,065,250 10,650 FNMA 0.88% 02/17/15 08/28/17 5,008,900 — — 5,013,800 4,900 FHLB 0.90% 09/08/15 09/28/17 5,002,510 — — 5,017,128 14,618 Independent Bank 0.95% 03/30/16 09/30/17 10,000,000 23,945 — 10,023,945 — Southside Bank 0.97% 12/08/15 10/01/17 5,012,092 12,254 — 5,024,346 — Southside Bank 1.00% 12/08/15 1 11/01/17 5,012,466 12,634 — 5,025,100 — Southside Bank 1.03% 12/08/15 12/01/17 5,012,840 13,014 — 5,025,854 — Southside Bank 1.12% 01/06/16 01/08/18 7,500,000 20,942 — 7,520,942 — Southside Bank 1.00% 01/25/16 01/25/18 5,000,000 12,466 — 5,012,466 — Independent Bank 1.00% 02/25/16 02/25/18 13,000,000 31,967 — 13,031,967 — Le ac Texas Bank 1.05% 06/20/16 03/20/18 — 5,000,000 — 5,000,000 — R Bank 1.50% 05/13/16 05/14/18 — 7,500,000 — 7,500,000 — Texas A&M University System 1.54% 10/28/15 1 05/15/18 3,625,442 — — 3,616,696 (8,747) Le ac Texas Bank 1.10% 06/03/16 06/04/18 — 5,000,000 — 5,000,000 — Le ac Texas Bank 1.10% 06/20/16 06/20/18 — 5,000,000 — 5,000,000 — Corpus Christi-Ref 1.81% 03/14/16 03/01/19 2,290,208 — — 2,290,050 158 Sub Total/Average Fund 000-Pooled Investments 259,755,576 36,453,106 38,060,417 258,158,726 10,461 Fund 170-Interest&Sinking GO Bonds TexPool 1 09/30/15 N/A 12,376,178 3,493 9,131,819 3,247,851 — TexasDAILY N/A 1 04/30/16 N/A — 9,248,549 — 9,248,549 — Sub Total/Average Fund 170-Interest&Sinking GO Bonds 12,376,178 9,252,042 9,131,819 12,496,400 — Fund 210 Interest&Sinking Debt Service JPMor an Chase I NIA 1 09/30/15 N/A 4,797 — 930 3,868 — Sub Total/Average Fund 210-Interest&Sinking Debt Service 4,797 — 930 3,868 — Fund 460-Bond Fund TexPool N/A 09/30/15 N/A 1,021,731 1,300,602 722,000 1,600,333 — East West Bank N/A 03/31/14 N/A 27,577 24 — 27,601 — Le ac Texas Bank N/A 11/23/15 N/A 6,007,459 1,737 4,000,000 2,009,197 — Southside Bank N/A 01/26/16 N/A 10,008,265 12,351 — 10,020,616 — Treasury 0.50% 03/24/14 06/15/16 7,003,003 — 71000,000 — 3,003 Treasury 0.88% 03/24/14 09/15/16 7,013,944 — — 7,008,476 5,468) Treasury 0.63% 03/24/14 12/15/16 7,004,095 — — 7,008,750 4,655 Treasury 0.50% 07/14/15 03/31/17 6,991,796 — — 7,001,640 9,844 Southside Bank 0.78% 04/01/16 04/03/17 — 4,000,000 — 4,000,000 — R Bank 1.01% 01/05/16 06/30/17 7,000,000 17,474 — 7,017,474 — Sub TotaUAverage Fund 460-Bond Fund 52,077,870 5,332,188 11,722,000 45,694,086 6,028 Page 14. Valley View Consulting,L.L.C. Market Value Comparison June 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Seats/ Ending Market Chang:in Issuer Rata Date Date; Market Value. Increases Decreases Value Market Value Fund 461 -CO Bond Fund TexPooi N/A 10/31/15 N/A 2,777,879 260 2,778,000 139 — East West Bank N/A 02/13/15 N/A 5,010,082 3,366 3,500,000 1,513,448 — Le ac Texas Bank NIA 11/23/15 N/A 6,007,459 1,737 4,000,000 2,009,197 — Le ac Texas Bank 0.70% 01/06/16 07/06/16 4,004,591 7,050 — 4,011,642 — Southside Bank 0.78% 04/01/16 04/03/17 — 6,000,000 — 6,000,000 — SbTotal/Average Fund 461 -CO Bond Fund 17,800,012 1 6,012,414 1 10,278,000 1 13,534,426 1 - 1=0tnd 591 -Reserves Fund TexPooi N/A 09/30/15 N/A 807,726 522 800,000 8,249 — Green Bank N/A 06/09/16 N/A — 800,265 — 800,265 — Sub Total/Average Fund 591 -Reserves Fund 807,726 800,788 800,000 808,514 — Fund 602-Interest&Sinking Revenue Bonds TexPooi I NIA 09/30/15 N/A 4,304,086 7,731 613,295 3,698,521 — Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 4,304,0861 7,731 1 613,2951 3,698,521 Fund 863-Drainage Utility Revenue Bond TexPooi NIA 10/31/15 N/A 1,703,870 1,501,753 — 3,205,622 — Treasury 0.50% 02/18/15 06/30/16 1,500,819 — 1,500,000 — (819) Le ac Texas Bank 0.70% 03/30/16 12/30/16 1,500,000 2,619 — 1,502,619 — Le ac Texas 0.80% 01/07/16 01/06/17 1,501,968 3,022 — 1,504,990 — Sub Total/Average Fund 863-Drainage Utility Revenue Bond "6,206,657 1,507,394 1,500,000 6,213,232 (819) T tail Average w � $ 353,332,901` $ 59,365,663 ;$ :72,106,461 $ -,.15,671,. :.>, . Page 15. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) March 31, 2016 Issuer Coupon Settlement Face Amount/ Market Maturity YTM Rate Credit Dating Date Shares Hook Vafue Price Market Value Date Book Fund 00,0't Pooled Investments JPMorgan Chase 0.35% 09/30/15 $ 19,491,290 $ 19,491,290 100.000 $ 19,491,290 N/A 0.35% TexSTAR 0.35% AAAm 09/30/15 5,186,027 5,186,027 100.000 5,186,027 N/A 0.35% TexPool 0.33% AAAm 09/30/15 13,826,466 13,826,466 100.000 13,826,466 N/A 0.33% TexasDAiLY 0.41% AAAm 09/30/15 5,009,317 5,009,317 100.000 5,009,317 N/A 0.41% FAMC 0.43% Aaa/AA+/AAA 06/20/14 2,000,000 1,999,985 100.001 2,000,018 04/04/16 0.50% FFCB 0.55% Aaa/AA+/AAA 02/27/14 2,500,000 2,500,286 100.006 2,500,150 04/28/16 0.40% FFCB 0.50% Aaa/AA+/AAA 02/27/14 2,500,000 2,500,159 100.002 2,500,038 05/04/16 0.43% Union State Bank 0.45% 05/14/15 2,000,000 2,000,000 100.000 2,000,000 05/12/16 0.45% FHLMC 0.50% Aaa/AA+/AAA 03/27/14 2,500,000 2,499,931 100.081 2,502,025 05/13/16 0.52% Le ac Texas Bank 0.50% 12/04/15 5,005,881 5,005,881 100.000 5,005,881 06/01/16 0.50% Chemeketa OR 3.00% -IAA+/- 03/10/15 300,000 301,587 100.5361 301,608 06/15/16 0.44% FFCB 0.45% Aaa/AA+/AAA 07/31/14 5,000,000 4,999,141 99.978 4,998,905 06/20/16 0.53% Legac Texas Bank 0.52% 12/04/15 5,006,116 5,006,116 100.000 5,006,116 07/01/16 0.52% Treasury 0.50% Aaa/AA+/AAA 11/21/14 5,000,000 5,001,826 100.043 5,002,145 07/31/16 0.39% Union State Bank 0.60% 08/13/15 5,000,000 5,000,000 100.000 5,000,000 08/11/16 0.60% FNMA 0.63% Aaa/AA+/AAA 01/29/15 5,000,000 5,004,183 100.210 5,010,500 08/26/16 0.42% FNMA 0.63% Aaa/AA+/AAA 11/21/14 5,000,000 5,002,861 100.210 5,010,500 08/26/16 1 0.48% FHLB 2.00% Aaa/AA+/AAA 11/21/14 5,000,000 5,032,006 100.641 5,032,035 09/09/16 0.55% FHLB 0.50% Aaa/AA+/AAA 01/29/15 5,000,000 5,000,491 99.921 4,996,050 09/28/16 0.48% FFCB 0.58% Aaa/AA+/AAA 01/29/15 5,000,000 5,001,847 99.993 4,999,635 10/14/16 0.51% Treasury 0.38% Aaa/AA+/AAA 11/21/14 5,000,000 4,995,997 99.949 4,997,460 10/31/16 0.51% FHLB 0.63% Aaa/AA+/AAA 12/04/14 5,000,000 5,001,416 100.009 5,000,435 11/18/16 0.58% FHLMC 0.60% Aaa/AA+/AAA 01/29/15 5,000,000 5,001,429 99.9851 4,999,250 11/28/16 0.56% Union State Bank 0.42% 06/04/15 245,000 245,000 100.000 245,000 12/04/16 0.42% FHLB 1.63% Aaa/AA+/AAA 01/29/15 5,000,000 5,035,346 100.710 5,035,475 12/09/16 0.60% FHLMC 0.80% Aaa/AA+/AAA 12/30/13 4,000,000 4,000,000 100.160 4,006,400 12/30/16 0.80% Anderson ISD 1.10% -/AA+/- 03/10/15 500,000 500,945 100.461 502,305 01/05/17 0.85% FHLMC 0.50% Aaa/AA+/AAA 01/29/15 4,500,000 4,495,899 99.967 4,498,515 01/27/17 0.61% Mahtomedi MN 0.00% Aa2/AA-/- 03/03/15 535,000 532,331 99.3431 531,485 02/01/17 0.60% FHLB 0.72% Aaa/AA+/AAA 02/17/15 5,000,000 4,999,781 100.001 5,000,050 02/13/17 0.73% McKinney ISD TX 2.00% Aaa/AAA/AA 04/07/15 2,290,000 2,317,274 101.214 2,317,801 02/15/17 0.63% Union State Bank 0.60% 02/25/16 5,000,000 5,000,000 100.000 5,000,000 02/23/17 0.60% Treasury 0.88% Aaa/AA+/AAA 02/27/14 5,500,000 5,507,719 100.238 5,513,101 02/28/17 0.72% FHLB 0.75% Aaa/AA+/AAA 03/30/15 6,000,000 6,002,459 100.004 6,000,234 03/24/17 0.71% FFCB 0.70% Aaa/AA+/AAA 04/06/15 6,000,000 5,998,904 99.917 5,994,996 04/06/17 0.72% FFCB 0.65% Aaa/AA+/AAA 09/08/15 1 21000,000 1,998,933 99.882 1,997,638 05/01/17 0.70% Tulsa County OK 2.00% -/AA-/- 05/28/15 3,165,000 31210,896 101.408 3,209,563 05/01/17 0.65% FHLB 0.75% Aaa/AA+/AAA 09/08/15 5,000,000 5,001,200 99.853 4,992,665 06/15/17 0.73% FFCB 0.68% Aaa/AA+/AAA 09/08/15 5,000,000 4,995,6401 99.845 4,992,240 07/03/17 0.75% Page 16. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) March 31, 2016 Issuer Coupon SettlementFace Amount/ Market Maturity YTM @ Rate_ Credit Rating Date Shares Book Value Price Market Value .f? to stook FHLMC 0.75%° Aaa/AA+/AAA 01/07/16 5,000,000 4,984,936 100.038 5,001,900 07/14/17 0.99% Southside Bank 0.85% 01/25/16 5,000,000 5,000,000 100,000 5,000,000 07/25/17 0.85% Arlington TX 2.50% Aal/AAA/AAA 06/17/15 3,000,000 3,067,617 102.530 3,075,900 08/15/17 0.84% FNMA 0.88% Aaa/AA+IAAA 02/17/15 5,000,000 5,000,067 100.178 5,008,900 08/28/17 0.87% FHLB 0.90% Aaa/AA+IAAA 09/08/15 5,000,000 5,006,652 100.050 5,002,510 09/28/17 0.81% Independent Bank 0.95% 03/30/16 10,000,000 10,000,000 100.000 10,000,000 09/30/17 0.95% Southside Bank 0.97% 12/08/15 5,012,092 5,012,092 100.000 5,012,092 10/01/17 0.97% Southside Bank 1.00% 12/08/15 1 5,012,466 5,012,466 100.0001 5,012,466 11/01/17 1.00% Southside Bank 1.03% 12/08/15 5,012,840 5,012,840 100,0001 5,012,840 12/01/17 1.03% Southside Bank 1.12% 01/06/16 7,500,000 7,500,000 100.000 7,500,000 01/08/18 1.12% Southside Bank 1.00% 01/25/16 5,000,000 5,000,000 100.000 5,000,000 01/25/18 1.00% Independent Bank 1.00% 02/25/16 13,000,000 13,000,000 100.000 13,000,000 02/25/18 1.00% Texas A&M University System 1.54% Aaa/AA+/AA+ 10128/15 3,570,000 3,610,728 101.553 3,625,442 05/15/18 0.99% Corpus Christi-Ref 1.81% Aa2/AA-/AA 03/14/16 2,250,0001 2,277,794 101.787 2,290,208 03/01/19 1 1.37% Sub Total/Average 0.78% 269,417,4961 259,695,7591 100.1301 259,755,576 0.67% Fund 170-Interest&Sinking GO Bonds TexPool 0.33% AAAm 09130/15 12,376,1781 12,376,1781 100.0001 12,376,178 N/A 1 0.33% Sub Total/Average 0.33% 1 12,376,1781 12,376,1781 100.0001 12,376,1781 1 0.33% Fund 210-Interest&Sinking Debt Service JPMorgan Chase 0.35% 09/30/15 4,7971 4,7971 100.0001 4,797 N/A 1 0.35% Sub Total i Average 0.35% 4,797 4,797 100.000 4,797 0.35% Fund 460-Bond Fund TexPool 0.33% AAAm 09/30/15 1,021,731 1,021,731 100.0001 1,021,731 N/A 0.33% East West Bank 0.35% 03/31/14 27,577 27,577 100.000 27,577 N/A 0.35% Le ac Texas Bank 0.35% 11/23/15 6,007,459 6,007,459 100.000 6,007,459 N/A 0.35% Southside Bank 0.49% 01/26/16 10,008,265 10,008,265 100.000 10,008,265 N/A 0.49% R Bank 1.01% 01/05/16 7,000,000 7,000,000 100.000 7,000,000 06/30/17 1.01% Treasury 0.50% Aaa/AA+/AAA 07/14/15 7,000,000 6,997,130 99.883 6,991,796 03/31/17 0.54% Treasury 0.63% Aaa/AA+/AAA 03/24/14 7,000,000 6,992,044 100.0591 7,004,095 12/15/16 0.79% Treasury 0.88% Aaa/AA+/AAA 03/24/14 7,000,000 7,006,439 100.199 7,013,944 09/15/16 0.67% Treasury 0.50% Aaa/AA+/AAA 03/24/14 7,000,000 6,999,081 100.043 7,003,003 06/15/16 0.56% Sub Total/Average 0.61°l° 62,065,031.501 52,059,726 100.025 52,077,8701 1 0.62% Fund 461 -CO Bond Fund TexPool 0.33%° AAAm 10/31/15 2,777,879 2,777,879 100.000 2,777,879 N/A 0.33% East West Bank 0.35% 02/13115 5,010,082 5,010,082 100.000 5,010,082 N/A 0.35% Legac Texas Bank 0.35% 11/23/15 6,007,459 6,007,459 100.000 6,007,459 N/A 0.35% Le ac Texas Bank 0.70% 01/06/16 4,004,591 4,004,591 100.000 4,004,591 07/06/16 0.70% Sub Total/Average 0.43% 17,800,012 17,800,012 100.000 17,800,012 0.43% Page 17. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) March 31, 2016 Issuer Coupon Settlement Face Amount[ Market Maturity YTM @ Rate Credit Rating Date Shares Book Value Price Market Value Date Book Fund 591 - Reserves Fund TexPool 0.33% 1 AAArn 09/30/15 807,7261 807,7261 100.0001 807,726 N/A 1 0.33% Sub Tota!!Average 0.33% 807,726 807,726 100.000 807,726 0.33°!0 Fund 602-Interest&Sinking Revenue Bonds TexPool 0.33% AAArn 1 09/30/15 1 4,304,0861 4,304,0861 100.0001 4,304,086 N/A 0.33% Sub Total/Average 0.33% 1 1 4,304,0861 4,304,0861 100.0001 4,304,0861 0.33% Fund 863-Drainage Utility Revenue Bond TexPool 0.33% AAAm 10/31/15 1,703,870 1,703,870 100.000 1,703,870 N/A 0.33% Treasury 0.50% Aaa/AA+/AAA 02/18/15 1,500,000 1,500,485 100.055 1,500,819 06/30/16 0.37% LegacyTexas Bank 0.70% 03/30/16 1,500,000 1,500,000 100.000 1,500,000 12/30/16 0.70% Le acyTexas 0.80% 01/06/16 1,501,968 1,501,968 100.000 1,501,968 01/06/17 0.80% Sub Total/Average 0.57% 6,205,8381 6,206,323 100.013 6,206,657 0.54% Total/Average 0.71% $352,981,163 1 $353,254,607 100.100 $353,332,901 0:63%0 Page 18. Valley View Consulting, L.L.C.