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R-2016-3975 - 12/1/2016
RESOLUTION NO. R-2016-3975 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending September 30, 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 1 st day of December, 2016. ALAN MCGRAW, Mayor City of Round Rock, Texas ATTEST: C yy". K4NL� SARA L. WHITE, City Clerk 0112.1604;00367868 P�ROaU�NDROCCKTEMS QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2016 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. Financial Officer Deputy Chief Financial Oft&r cm P7 &CJ4 Accounting Manager Treas y Accountant /()/2,6116 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 arc not necessarily reflective of current liquidation values. Yield calculations arc not determined using standard perfonmance formulas,are not representative of total return yields and do not account for investment advisor fees. EXHIBIT „A„ Summary Holdings by Investment Category(Security Sector) September 30,2016 YTM @ Description Cost Book Value Market Value Cash 0.36% $ 19,008,126 $ 19,008,126 Certificates of Deposit 0.98% 148,246,336 148,246,336 Local Government Investment Pool 0.43% 14,356,583 14,356,583 Money Market Accounts 0.53% 16,387,637 16,387,637 Municipal 0.88% 15,935,797 15,941,398 US Agency 0.71% 72,502,268 72,543,237 US Treasury 0.65% 24,499,144 24,515,462 Total/Average 0.80% $ 310,935,892 $ 310,998,779 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/Average 0.71% $ 340,440,589 $ 340,607,773 Average Yield Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 0.80% 0.65% TexPool Yield 0.38% 0.31% Rolling Three Mo.Treas.Yield 0.30% 0.24% Rolling Six Mo.Treas.Yield 0.42% 0.37% Rolling 1 Yr.Treas.Yield 0.55% 0.44% Rolling 2 Yr.Treas.Yield 0.70% 0.65% Investment Income(3) Interest Income(Approximate) $ 615,238 $ 1,995,624 WAM at 9/30/2016 Policy WAM Max Total Portfolio 280 days 540 days Pooled Funds 306 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. Economic Overview 9/30/2016 The Federal Open Market Committee(FOMC)maintained the Fed Funds target range of 0.25%-0.50%(actual Fed Funds traded+/-40 bps). The September FOMC meeting recorded dissenting votes for maintaining rates. More hawkish members wanted to raise the range by 0.25°/x. The current probability of a December FOMC meeting vote to raise the Fed Funds target is+/-60%. Second Quarter US GDP revised to 1.4%(from 1.1%,no more revision is expected). Other economic data reflected modest,yet inconsistent,growth. The US Stock markets have maintained higher levels. Treasury yields drifted slightly higher on tightening rumors. Taxable municipal bonds or CDs offer the best interest earnings opportunity,if available. 2.50 Treasury Yield Curves US Treasury Historical Yields-Since 1998 7.50 7.00 6.50 2.00 -- -------- 6.00- 5.50 5.00 1.50 C= '�- 4.50 ,,00,0020000® ® ® 4. ® 4.00A. 1.00 --- ------- ��,�, � - 3.50 do 3.00 cs� 2.50 0.50 974 2.00 - 1.50 1.00 LA - 0.00 0.50 ._.... ........ - - - -® , a rte® O�6*44 ry 4 �y ^o��Q 0.00 A Ah z S� �b 50 O N- N"' Nh tiA h 6 �l �t7 41-19- J1� J11 J" J9 JI:I J, Jq JA Jg 0 -September 30,2015 ®® June 30,2016 ®September 30,2016 m eSlx Month T-8111 Two Year T-Note Ten Year T-Nota 5.50 US Treasury Historical Yields-Since 2006 S&P 500 5.00 `� 2,500 4.50 ....... ....... .........._.._.........._......... --- -- ---- - - 2,250 4.002,000 - OF V 3.50 1,750 - 3.00- � 1,500 - ----- - --- 2.50 - - ...._._....... 1,250_...__.._...- --- �---� -------- - 2.00 - V g 1,000 1.50 6750 1.00 500 - 0.50 250 - 0.00 �..d�..�a. �. ®®® 0 geQ 5e� c�eQ geF geCr SeQ ceQ geQ" geQ c�eCr geQ '<ep e<eo 1<0 deo deo �e� �e� deo X00 X00 ®® 1 Two,CeaLLNote Ten Year T-Not Valley View Consulting,L.L.C. Page 2. Holdings by Investment Category September 30,2016 Pooled Debt Service Debt Service Reserve Capltal Project&Special Total Funds Funds Funds Purpose Funds Portfolio Description Book Value %of Portfollo Book Value %.ofPortfollo Book.Value %of Portfollo Book Value %of Portfolio Book Value %of Portfolio Cash $ 19,003,904 6A $ 4,223 0% $ — 0% $ — 0% $ 19,008,126 6% Certificates of Deposit 119,656,743 38% — 0% — 0% 28,589,593 9% 148,246,336 48% Investment Pools 9,548,996 3% 2,490,863 1% 8,256 0% 2,308,469 1% 14,356,583 5% Money Market Accounts 8,524,736 3% 0% 801,013 0% 7,061,889 2% 16,387,637 5% Municipal 15,935,797 5% 0% — 0% 0% 15,935,797 5% US Agency 72,502,268 23% — 0% 0% — 0% 72,502,2fi8 23% US Treasury 10,502,910 3% — 0% — 0% 13,996,235 5% 24,499,144 8% ToWI AVera e $255,675;353; 820/i $ 249510851 1% $ 809,269 0% 1 $ 61,956,185-1 17% 1 $310.935.R"" 1000/6 Portfolio Balances(Millions) Order of Liquidity $350 — $300 ©Cash ❑Local Government $250 — Investment Pool o Money Market Account $200 — ■US Treasury $150 — ❑US Agency $100 "� ❑Municipal $50 — — — IM a Certificates of Deposit $0 _ Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 9/30/2016 9/30/2016 9130/2016 9130/2016 9/30/2016 Page 3. Investment Holdings by Investment Category Quarterly Transactions By Investment Category September 30,2016 September 30,2016 Portfolio Net CashE,qulvatent Description Book Value %of Portfolio Limitation Description Buys Sells Maturities Calls Interest Depositl(Withdrawal) Cash S 19,008.126 6% 100% Cash $ — $ — $ — $ — S — S 772,867) Certificates of Deposit 148,246,336 48% 75% Certificates of Deposit 42,801,037 14,024,305 319,488 Investment Pools 14,356.583 5% 100% Investment Pools 22,182 (17,440,196) Money Markel Accounts 16,387,637 5% 50% Money Markets Accounts 25,425 (8,495,351) Municipal 15.935,797 5% 35%/5% Municipal Securities 492.125 45,990 US Agency 72,502,268 23% Combined US Agenc 20,000,000 225,625 US Treasu 24,499,144 8% 75% US Treasury 12A00,000 84,686 Total f Average $ 310,935,892 100% PASSED Totals 1$ 43,293,162 $ - $ 46,024,305 1$ — '$ 723,397 1$ 26 708,414 Portfolio Balances(Millions) Portfolio Composition Order of Liquidity MuSeptember 30,2016 US Agency $400 s pal 23% Money Markel '�� $350 oCash MAccounts US Treasury 5% 8% $300 — --- DLocal Government Investment Pool Investment Pools $250 — o5%MoneyMarkelAccount Cash $200 — — NUSTreasury $150 — — ❑US Agency $100 — DMunicipal oCertificates of Deposit $0 EIM Certificates of 9130115 12/31/15 3131116 6130116 9/30116 Deposit 48% Page 4. Valley View Consulting,L.L.C. Portfolio Balances By Fund (Millions) $400 $350 ®Capital Project&Special $300 _. __. _.- __ __..........__ Purpose Funds $250 _._.._ ❑Debt Service Reserve Funds $200 _._ _____ ___._____ _______ ❑Debt Service Funds $150 $100 _.. _.. _................ _----- - a Pooled Funds $50 - __ ....... $0 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 Page 5. Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 0.90 0.80 0.70 0.60 a 17-D "=:T,arm C= 0.50 3 ................. L) 0.40 am dw W cum a. Ono woo dos 0.30 0.20 ..................................................... do 0.10 -mom 0.00 Nb �h <0 N(b �N` NCO N6N N6 N\ 4P Krp N\ 15 16 '\3 NIZY""1 N N "'Krb �P A Round Rock TexPool o 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) September 30, 2016 Issuer Coupon Settlement Face Amount/ Market Maturity Days to YTM @ Rate Credit Rating Date Shares Book Value Price Market Value Date Maturity Book Fund 000-Pooled Investments East West Bank 0.45% 06/27/16 $ 1,018,189 $ 1,018,189 100.00 $ 1,018,189 N/A 1 0.45% Green Bank 0.55% 06/09/16 7,006,331 7,006,331 100.00 7,006,331 N/A 1 0.55% JPMorgan Chase 0.36% 09/30/15 19,003,904 19,003,904 100.00 19,003,904 N/A 1 0.36% TexSTAR 0.41% AAAm 09/30/15 189,874 189,874 100.00 189,874 N/A 1 0.41% TexPool 0.38% AAAm 09/30/15 4,338,469 4,338,469 100.00 4,338,469 N/A 1 0.38% Southside Bank 0.53% 08/31/16 500,216 500,216 100.00 500,216 N/A 1 0.53% TexasDAILY 0.51% AAAm 09/30/15 5,020,653 5,020,653 100.00 5,020,653 N/A 1 0.51% FFCB 0.56% Aaa/AA+/AAA 01/29/15 5,000,000 5,000,131 100.01 5,000,290 10/14/16 14 0.51% Treasury 0.38% Aaa/AA+/AAA 11/21/14 5,000,000 4,999,420 100.01 5,000,390 10/31/16 31 0.51% FHLB 0.63% Aaa/AA+/AAA 12/04/14 5,000,000 5,000,299 100.01 5,000,700 11/18/16 49 0.58% FHLMC 0.60% Aaa/AA+/AAA 01/29/15 5,000,000 5,000,348 100.06 5,002,900 11/28/16 59 0.56% Union State Bank 0.42% 06/04/15 245,000 245,000 100.00 245,000 12/04/16 65 0.42% FHLB 1.63% Aaa/AA+/AAA 01/29/15 5,000,000 5,009,779 100.23 5,011,570 12/09/16 70 0.60% FHLMC 0.80% Aaa/AA+/AAA 12/30/13 4,000,000 4,000,000 100.10 4,004,000 12/30/16 91 0.80% Anderson ISD 1.10% -/AA+/- 03/10/15 500,000 500,327 100.11 500,550 01/05/17 97 0.85% FHLMC 0.50% Aaa/AA+/AAA 01/29/15 4,500,000 4,498,384 100.00 4,499,996 01/27/17 119 0.61% Mahtomedi MN 0.00% Aa2/AA4- 03/03/15 535,000 533,922 99.69 533,325 02/01/17 124 0.60% FHLB 0.72% Aaa/AA+/AAA 02/17/15 5,000,000 4,999,906 100.07 5,003,720 02/13/17 136 0.73% McKinney ISD TX 2.00% Aaa/AAA/- 04/07/15 2,290,000 2,301,725 100.47 2,300,740 02/15/17 138 0.63% Union State Bank 0.60% 02/25/16 5,000,000 5,000,000 100.00 5,000,000 02/23/17 146 0.60% Treasury 0.88% Aaa/AA+/AAA 02/27/14 5,500,000 5,503,490 100.18 5,509,878 02/28/17 151 0.72% FHLB 0.75% Aaa/AA+/AAA 03/30/15 6,000,000 6,001,202 100.08 6,004,824 03/24/17 175 0.71% FFCB 0.70% Aaa/AA+/AAA 04/06/15 6,000,000 5,999,444 100.04 6,002,550 04/06/17 188 0.72% FFCB 0.65% Aaa/AA+/AAA 09/08/15 2,000,000 1,999,426 100.01 2,000,102 05/01/17 213 0.70% Tulsa County OK 2.00% -/AA-/- 05/28/15 3,165,000 3,189,687 100.64 3,185,193 05/01/17 2131 0.65% Union State Bank 0.60% 05/12/16 2,000,000 2,000,000 100.00 2,000,000 05/11/17 223 0.60% FHLB 0.75% Aaa/AA+/AAA 09/08/15 5,000,000 5,000,702 100.03 5,001,495 06/15/17 258 0.73% FFCB 0.68% Aaa/AA+/AAA 09/08/15 5,000,000 4,997,378 99.96 4,997,775 07/03/17 276 0.75% FHLMC 0.75% Aaa/AA+/AAA 01/07/16 5,000,000 4,990,801 100.02 5,000,800 07/14/17 287 0.99% Southside Bank 0.85% 01/25/16 5,021,214 5,021,214 100.00 5,021,214 07/25/17 298 0.85% Union State Bank 0.85% 08/11/16 5,000,000 5,000,000 100.00 5,000,000 08/10/17 314 0.85% Arlington TX 2.50% Aa1/AAA/- 06/17/15 3,000,000 3,042,968 101.49 3,044,760 08/15/17 319 0.84% FNMA 0.88% Aaa/AA+/AAA 02/17/15 5,000,000 5,000,043 100.14 5,006,750 08/28/17 332 0.87% FHLB 0.90% Aaa/AA+/AAA 09/08/15 5,000,000 5,004,423 100.12 5,005,765 09/28/17 363 0.81% Independent Bank 0.95% 03/30/16 10,047,948 10,047,948 100.00 10,047,948 09/30/17 365 0.95% Southside Bank 0.97% 12/08/15 5,036,630 5,036,630 100.00 5,036,630 10/01/17 366 0.97% Southside Bank 1.00% 12/08/15 5,037,766 5,037,766 100.00 5,037,766 11/01/17 397 1.00% LegacyTexas Bank 0.92% 08/29/16 5,003,907 5,003,907 100.00 5,003,907 11/29/17 425 0.92% Southside Bank 1.03% 12/08/15 1 5,038,902 5,038,902 100.00 5,038,902 12/01/17 427 1.03% Southside Bank 1.12% 01/06/16 7,541,943 7,541,943 100.00 7,541,943 01/08/18 465 1.12% Southside Bank 1.00% 01/25/16 5,024,963 5,024,963 100.00 5,024,963 01/25/18 482 1.00% Arlington TX ISD 0.00% Aaa/AAA/- 07/26/16 500,000 493,038 98.52 492,615 02/15/18 503 1.02% Page 7. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) September 30, 2016 Issuer Coupon Settlement Face Amount/ Market Maturity Days to YTM @ Rate Credit Rating Date Shares Book Value Price Market Value Date Maturity Book Independent Bank 1.00% 02/25/16 13,064,725 13,064,725 100.00 13,064,725 02/25/18 513 1.00% LegacyTexas Bank 1.05% 06/20/16 5,013,245 5,013,245 100.00 5,013,245 03/20/18 536 1.05% LegacyTexas Bank 1.00% 07/06/16 4,507,647 4,507,647 100.00 4,507,647 04/06/18 553 1.00% R Bank 1.50% 05/13/16 7,528,409 7,528,409 100.00 7,528,409 05/14/18 591 1.50% Texas A&M University System 1.54% Aaa/AAA/AAA 10/28/15 3,570,000 3,601,111 100.99 3,605,414 05/15/18 592 0.99% LegacyTexas Bank 1.10% 06/03/16 5,013,876 5,013,876 100.00 5,013,876 06/04/18 612 1.10% LegacyTexas Bank 1.10% 06/20/16 5,013,876 5,013,876 100.00 5,013,876 06/20/18 628 1.10% LegacyTexas Bank 1.05% 07/06/16 4,508,030 4,508,030 100.00 4,508,030 07/06/18 644 1.05% LegacyTexas Bank 1.02% 08/29/16 10,008,663 10,008,663 100.00 10,008,663 08/29/18 698 1.02% Green Bank 1.02% 09/13/16 5,000,000 5,000,000 100.00 5,000,000 09/13/18 713 1.02% Corpus Christi-Ref 1.81% Aa2/AA/AA 03/14/16 2,250,000 2,273,018 101.28 2,278,800 03/01/19 882 1.37% Sub Total/Average 0.89% 255,544,378 255,675,353 100.07 255,729,280 306 0.82% Fund 170-Interest&Sinking GO Bonds TexasDAILY 0.51% AAAm 04/30/16 563,166 563,166 100.00 563,166 N/A 1 0.51% TexPool 0.38% AAAm 09/30/15 382,450 382,450 100.00 382,450 N/A 1 0.38% Sub Total/Average 0.46% 945,616 945,616 100.00 945,616 1 0.46% Fund 210-Interest&Sinking Debt Service JPMorgan Chase 0.36% 1 111 9/30/15 4,223 4,223 1 100.001 4,223 1 N/A I 1 1 0.36% Sub Total/Average 0.36% 1 1 1 4,223 1 4,223 1 100.001 4,223 1 1 1 1 0.36% Fund 460-Bond Fund TexPool 0.38% AAAm 09/30/15 600,987 600,987 100.00 600,987 N/A 1 0.38% East West Bank 0.45% 03/31/14 27,632 27,632 100.00 27,632 N/A 1 0.45% Southside Bank 0.53% 01/26/16 7,033,564 7,033,564 100.00 7,033,564 N/A 1 0.53% Treasury 0.63% Aaa/AA+/AAA 03/24/14 7,000,000 6,997,666 100.07 7,004,921 12/15/16 76 0.79% Treasury 0.50% Aaa/AA+/AAA 07/14/15 7,000,000 6,998,569 100.00 7,000,273 03/31/17 182 0.54% Southside Bank 0.78% 04/01/16 4,015,658 4,015,658 100.00 4,015,658 04/03/17 185 0.78% R Bank 1.01% 01/05/16 7,034,991 7,034,991 100.00 7,034,991 06/30/17 273 1.01% Green Bank 0.84% 09/15/16 7,000,000 7,000,000 100.00 7,000,000 09/15/17 350 0.84% Sub Total I Average 0.70% 39,712,831 39,709,066 100.01 39,718,025 174 0.74% Fund 461 -CO Bond Fund Green Bank 0.55% 08/31/16 693 693 100.00 693 N/A 1 0.55% Southside Bank 0.78% 04/01/16 6,023,487 6,023,487 100.00 6,023,487 04/03/17 185 0.78% Sub Total I Average 0.78% 6,024,180 6,024,180 100.00 6,024,180 185 0.78% Fund 591 -Reserves Fund Green Bank 0.55% 06/09/16 801,013 801,013 100.00 801,013 N/A 1 0.55% TexPool 0.38% AAAm 09/30/15 8,256 8,256 100.00 8,256 N/A 1 0.38% Sub Total 1 Average 0.55% 809,269 809,269 100.00 809,269 1 0.55% Fund 602-Interest&Sinking Revenue Bonds TexPool 0.38% AAAm 09/30/15 1,545,247 1 1,545,247 100.001 1,545,247 1 N/A 1 1 1 0.38% Sub Total/Average 0.38% 1,545,247 1 1,545,247 1 100.001 1,545,247 1 1 1 0.381/6 Page 8. Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) September 30, 2016 Issuer Coupon Settlement Face Amount/ Market Maturity Days to YTM @ Rate Credit Rating Date Shares Book Value Price Market Value Date Maturity Book Fund 863-Drainage Utility Revenue Bond TexPool 0.38% AAAm 10/31/15 1,707,482 1,707,482 100.00 1,707,482 N/A 1 0.38% LegacyTexas Bank 0.70% 03/30/16 1,505,272 1,505,272 100.00 1,505,272 12/30/16 91 0.70% LegacyTexas 0.80% 01/07/16 1,508,019 1,508,019 100.00 1,508,019 01/06/17 98 0.80% LegacyTexas Bank 0.85% 07/06/16 1,502,167 1,502,167 100.00 1,502,167 07/06/17 279 0.85% Sub Total 1 Average 0.67% 6,222,939 6,222,939 100.00 6,222,939 113 0.67% Total I Average 0.86% $310,808,683 $310,935,892 100.06 $310,998,779 280 0.80% Page 9. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells/ Ending Book Change in Issuer Rate Date Date Book Value Increases Decreases Value Book Value Fund 000 -Pooled Investments JPMor an Chase N/A 09/30/15 N/A $ . 19,777,125 $ 4,476,668 $ 5,249,890 $ 19,003,904 $ (773,222) TexPool N/A 09/30/15 N/A 5,583,132 2,410,240 3,654,904 4,338,469 (1,244,664) TexSTAR N/A 09/30/15 N/A 189,683 191 — 189,874 191 TexasDAILY N/A 09/30/15 N/A 5,014,700 5,953 — 5,020,653 5,953 East West Bank N/A 06/27/16 N/A 3,501,007 2,729 2,485,547 1,018,189 (2,482,818) Southside Bank N/A 08/31/16 N/A — 500,216 — 500,216 500,216 Green Bank N/A 06/09/16 N/A 5,001,658 2,004,674 — 7,006,331 2,004,674 Legac Texas Bank 0.52% 12/04/15 07/01/16 5,012,663 — 5,012,663 — (5,012,663) Treasury 0.50% 11/21/14 07/31/16 5,000,464 — 5,000,000 — (5,000,464 Union State Bank 0.60% 08/13/15 08/11/16 5,000,000 — 5,000,000 — 5,000,000) FNMA 0.63% 11/21/14 08/26/16 5,001,102 — 5,000,000 — (5,001,102) FNMA 0.63% 01/29/15 08/26/16 5,001,611 — 5,000,000 — 5,001,611) FHLB 2.00% 11/21/14 09/09/16 5,014,027 — 5,000,000 — (5,014,027) FHLB 0.50% 01/29/15 09/28/16 5,000,244 — 5,000,000 — (5,000,244) FFCB 0.58% 01/29/15 10/14/16 5,000,994 — — 5,000,131 (863) Treasury 0.38% 11/21/14 10/31/16 4,997,699 — — 4,999,420 1,721 FHLB 0.63% 12/04/14 11/18/16 5,000,861 — — 5,000,299 (562) FHLMC 0.60% 01/29/15 11/28/16 5,000,892 — — 5,000,348 (543) Union State Bank 0.42% 06/04/15 12/04/16 245,000 — — 245,000 — FHLB 1.63% 01/29/15 12/09/16 5,022,632 — — 5,009,779 (12,853) FHLMC 0.80% 12/30/13 12/30/16 4,000,000 — — 4,000,000 — Anderson ISD 1.10% 03/10/15 01/05/17 500,638 — — 500,327 (310) FHLMC 0.50% 01/29/15 01/27/17 4,497,135 — — 4,498,384 1,249 Mahtomedi MN 0.00% 03/03/15 02/01/17 533,122 — — 533,922 800 FHLB 0.72% 02/17/15 02/13/17 4,999,843 — — 4,999,906 63 McKinney ISD TX 2.00% 04/07/15 02/15/17 2,309,542 — — 2,301,725 7,817 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 5,505,616 — — 5,503,490 (2,126) FHLB 0.75% 03/30/15 03/24/17 6,001,834 — — 6,001,202 (632) FFCB 0.70% 04/06/15 04/06/17 5,999,173 — — 5,999,444 272 FFCB 0.65% 09/08/15 05/01/17 1,999,178 — — 1,999,426 248 Tulsa County OK 2.00% 05/28/15 05/01/17 3,200,350 — — 3,189,687 (10,663) Union State Bank 0.60% 05/12/16 05/11/17 2,000,000 — — 2,000,000 — FHLB 0.75% 09/08/15 06/15/17 5,000,952 — — 5,000,702 (250 FFCB 0.68% 09/08/15 07/03/17 4,996,505 — — 4,997,378 874 FHLMC 0.75% 01/07/16 07/14/17 1 4,987,852 — — 4,990,801 2,949 Southside Bank 0.85% 01/25/16 07/25/17 5,010,596 10,618 — 5,021,214 10,618 Union State Bank 0.85% 1 08/11/16 1 08/10/17 — 1 5,000,000 — 5,000,000 5,000,000 Valley View Consulting,L.L.C. Page 10. Book Value Comparison September 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sellsl Ending Book Change in Issuer Rate Date Date Book Value Increases Decreases Value Book Value Arlington TX 2.50% 06/17/15 08/15/17 3,055,360 — — 3,042,968 (12,392 FNMA 0.88% 02/17/15 08/28/17 5,000,055 — — 5,000,043 (12) FHLB 0.90% 09/08/15 09/28/17 5,005,544 — — 5,004,423 (1,121) Independent Bank 0.95% 03/30/16 09/30/17 10,023,945 24,003 — 10,047,948 24,003 Southside Bank 0.97% 12/08/15 10/01/17 5,024,346 12,284 — 5,036,630 12,284 Southside Bank 1.00% 12/08/15 11/01/17 5,025,100 12,666 — 5,037,766 12,666 LegacyTexas Bank 0.92% 08/29/16 11/29/17 — 5,003,907 — 5,003,907 5,003,907 Southside Bank 1.03% 12/08/15 12/01/17 5,025,854 13,048 — 5,038,902 13,048 Southside Bank 1.12% 01/06/16 01/08/18 7,520,942 21,001 — 7,541,943 21,001 Southside Bank 1.00% 01/25/16 01/25/18 5,012,466 12,497 — 5,024,963 12,497 Arlington TX ISD 0.00% 07/26/16 02/15/18 — 492,125 — 493,038 493,038 Independent Bank 1.00% 02/25/16 02/25/18 13,031,967 32,758 — 13,064,725 32,758 LegacyTexas Bank 1.05% 06/20/16 03/20/18 5,000,000 13,245 — 5,013,245 13,245 LegacyTexas Bank 1.00% 07/06/16 04/06/18 — 4,507,647 — 4,507,647 4,507,647 R Bank 1.50% 05/13/16 05/14/18 7,500,000 28,409 — 7,528,409 28,409 Texas A&M University System 1.54% 10/28/15 05/15/18 3,605,946 — — 3,601,111 (4,835) LegacyTexas Bank 1.10% 06/03/16 06/04/18 5,000,000 13,876 — 5,013,876 13,876 LegacyTexas Bank 1.10% 06/20/16 06/20/18 5,000,000 13,876 — 5,013,876 13,876 LegacyTexas Bank 1.05% 07/06/16 07/06/18 — 4,508,030 — 4,508,030 4,508,030 LegacyTexas Bank 1.02% 08/29/16 08/29/18 — 10,008,663 — 10,008,663 10,008,663 Green Bank 1.02% 09/13/16 09/13/18 — 5,000,000 — 5,000,000 5,000,000 Corpus Christi-Ref 1.81% 03/14/16 03/01/19 2,275,419 — — 2,273,018 (2,401) Sub Total/Average Fund 000-Pooled Investments 1 1 258,014,772 44,129,323 46,403,004 1 255,675,353 1 (2,339,419) Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/15 N/A 3,247,851 1,598 2,867,000 382,450 (2,865,402) TexasDAILY N/A 04/30/16 N/A 9,248,549 71,826 8,757,210 563,166 (8,685,383) Sub Total/Average Fund 170-Interest&Sinking GO Bonds 12,496,400 73,425 11,624,210 945,616 (11,550,785) Fund 210-Interest& Sinking Debt Service JPMorgan Chase I N/A 1 09/30/15 N/A 3,868 355 — 4,223 355 Sub Total/Average Fund 210-Interest&Sinking Debt Service 3,868 355 — 4,223 355 Page 11. Valley View Consulting,L.L.C. Book Value Comparison September 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells/ Ending Book Change in Issuer Rate Date Date Book Value Increases Decreases Value Book Value Fund 460 -Bond Fund TexPool N/A 09/30/15 N/A 1,600,333 654 1,000,000 600,987 (999,346) East West Bank N/A 03/31/14 N/A 27,601 30 - 27,632 30 LegacyTexas Bank N/A 11/23/15 N/A 2,009,197 1,191 2,010,388 - (2,009,197) Southside Bank N/A 01/26/16 N/A 10,020,616 12,948 3,000,000 7,033,564 (2,987,052 Treasury 0.88% 03/24/14 09/15/16 7,002,951 - 7,000,000 - 7,002,951) Treasury 0.63% 03/24/14 12/15/16 6,994,840 - - 6,997,666 2,826 Treasury 0.50% 07/14/15 03/31/17 6,997,846 - - 6,998,569 723 Southside Bank 0.78% 04/01/16 04/03/17 4,000,000 15,658 - 4,015,658 15,658 R Bank 1.01% 01/05/16 06/30/17 7,017,474 17,517 - 7,034,991 17,517 Green Bank 0.84% 09/15/16 09/15/17 - 7,000,000 - 7,000,000 7,000,000 Sub Total/Average Fund 460-Bond Fund 45,670,856 7,047,999 13,010,388 39,709,066 (5,961,791) Fund 461 -CO Bond Fund TexPool N/A 10/31/15 N/A 139 0 139 - (139) Green Bank N/A 08/31/16 N/A - 550,693 550,000 693 693 East West Bank N/A 02/13/15 NIA 1,513,448 1,004 1,514,453 - (1,513,448) LegacyTexas Bank N/A 11/23/15 N/A 2,009,197 1,191 2,010,388 - (2,009,197) LegacyTexas Bank 0.70% 01/06/16 07/06/16 4,011,642 - 4,011,642 - (4,011,642) Southside Bank 1 0.78% 04/01/16 1 04/03/17 6,000,000 23,487 - 6,023,487 23,487 Sub Total/Average Fund 461 -CO Bond Fund 13,534,426 576,376 8,086,621 6,024,180 (7,510,245) Fund 591 -Reserves Fund TexPool N/A 09/30/15 N/A 8,249 8 - 8,256 8 Green Bank N/A 06/09/16 N/A 800,265 748 - 801,013 748 Sub Total/Average Fund 591 -Reserves Fund 808,514 756 - 809,269 756 Fund 602-Interest&Sinking Revenue Bonds TexPool I N/A 1 09/30/15 N/A 3,698,521 718,591 2,871,866 1,545,247 (2,153,274) Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 3,698,521 718,591 2,871,866 1,545,247 (2,153,274) Fund 863-Drainage Utility Revenue Bond TexPool N/A 1 10/31/15 N/A 3,205,622 1,859 1,500,000 1,707,482 (1,498,141) LegacyTexas Bank 0.70% 03/30/16 12/30/16 1,502,619 2,653 - 1,505,272 2,653 LegacyTexas 0.80% 01/07/16 01/06/17 1,504,990 3,028 - 1,508,019 3,028 LegacyTexas Bank 0.85% 07/06/16 07/06/17 - 1,502,167 - 1,502,167 1,502,167 Sub Total/Average Fund 863-Drainage Utility Revenue Bond 6,213,232 1,509,707 1,500,000 6,222,939 9,707 Total/Average $340,440,589 $ 54,056,532 $ 83,496,089 $310,935,892 $ (29,504,697) Page 12. Valley View Consulting,L.L.C. Market Value Comparison September 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells/ Ending Market Change in Issuer Rate Date Date Market Value Increases Decreases Value Market Value Fund 000-Pooled Investments JPMorgan Chase N/A 09/30/15 N/A $ 19,777,125 $ 4,476,668 $ 5,249,890 $ 19,003,904 $ — TexPool N/A 09/30/15 N/A 5,583,132 2,410,240 3,654,904 4,338,469 — TexSTAR N/A 09/30/15 N/A 189,683 191 — 189,874 — TexasDAILY N/A 09/30/15 N/A 5,014,700 5,953 — 5,020,653 — East West Bank N/A 06/27/16 N/A 3,501,007 2,729 2,485,547 1,018,189 — Southside Bank N/A 08/31/16 N/A — 500,216 — 500,216 — Green Bank N/A 06/09/16 N/A 5,001,658 2,004,674 — 7,006,331 — Le ac Texas Bank 0.52% 12/04/15 07/01/16 5,012,663 — 5,012,663 — — Treasury 0.50% 11/21/14 07/31/16 5,000,585 — 5,000,000 — 585 Union State Bank 0.60% 08/13/15 08/11/16 5,000,000 — 5,000,000 — — FNMA 0.63% 11/21/14 08/26/16 5,001,400 — 5,000,000 — 1,400) FNMA 0.63% 01/29/15 08/26/16 5,001,400 — 5,000,000 — (1,400) FHLB 2.00% 11/21/14 09/09/16 5,014,241 — 5,000,000 — (14,241) FHLB 0.50% 01/29/15 09/28/16 1 5,000,418 — 5,000,000 — (418) FFCB 0.58% 01/29/15 10/14/16 5,001,949 — — 5,000,290 (1,659) Treasury 0.38% 11/21/14 10/31/16 5,000,976 — — 5,000,390 (586) FHLB 0.63% 12/04/14 11/18/16 5,003,065 — — 5,000,700 (2,365) FHLMC 0.60% 01/29/15 11/28/16 5,002,650 — — 5,002,900 250 Union State Bank 0.42% 06/04/15 12/04/16 245,000 — — 245,000 — FHLB 1.63% 01/29/15 12/09/16 5,023,903 — — 5,011,570 (12,333 FHLMC 0.80% 12/30/13 12/30/16 4,006,000 — — 4,004,000 2,000 Anderson ISD 1.10% 03/10/15 01/05/17 501,530 — — 500,550 (980) FHLMC 0.50% 01/29/15 01/27/17 4,498,560 — — 4,499,996 1,436 Mahtomedi MN 0.00% 03/03/15 02/01/17 532,769 — — 533,325 556 FHLB 0.72% 02/17/15 02/13/17 5,005,499 — — 5,003,720 (1,779) McKinney ISD TX 2.00% 04/07/15 02/15/17 2,310,839 — — 2,300,740 10,099 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 5,515,683 — — 5,509,878 (5,805) FHLB 0.75% 03/30/15 03/24/17 6,007,713 — — 6,004,824 2,889) FFCB 0.70% 04/06/15 04/06/17 6,005,218 — — 6,002,550 (2,668) FFCB 0.65% 09/08/15 05/01/17 2,000,881 — — 2,000,102 779 Tulsa County OK 2.00% 05/28/15 05/01/17 3,200,575 — — 3,185,193 (15,382) Union State Bank 0.60% 05/12/16 05/11/17 2,000,000 — — 2,000,000 — FHLB 0.75% 09/08/15 06/15/17 5,006,346 — — 5,001,495 (4,851 FFCB 0.68% 09/08/15 07/03/17 5,006,022 — — 4,997,775 (8,247) FHLMC 0.75% 01/07/16 07/14/17 5,007,400 — — 5,000,800 (6,600 Southside Bank 0.85% 01/25/16 07/25/17 5,010,596 10,618 — 5,021.214 — Union State Bank 0.85% 08/11/16 08/10/17 — 5,000,000 — 5,000,000 — Arlington TX 2.50% 06/17/15 08/15/17 3,065,250 — — 3,044,760 (20,490) FNMA 0.88% 02/17/15 08/28/17 5,013,800 — — 5,006,750 (7,050 Page 13. Valley View Consulting,L.L.C. Market Value Comparison September 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells/ Ending Market Change in Issuer Rate Date Date Market Value Increases Decreases Value Market Value FHLB 0.90% 09/08/15 09/28/17 5,017,128 — — 5,005,765 (11,363) Independent Bank 0.95% 03/30/16 09/30/17 10,023,945 24,003 — 10,047,948 — Southside Bank 0.97% 12/08/15 10/01/17 5,024,346 12,284 — 5,036,630 — Southside Bank 1.00% 12/08/15 11/01/17 5,025,100 12,666 — 5,037,766 — LegacyTexas Bank 0.92% 08/29/16 11/29/17 — 5,003,907 — 5,003,907 — Southside Bank 1.03% 12/08/15 12/01/17 5,025,854 13,048 — 5,038,902 — Southside Bank 1.12% 01/06/16 01/08/18 7,520,942 21,001 — 7,541,943 — Southside Bank 1.00% 01/25/16 01/25/18 5,012,466 12,497 — 5,024,963 — Arlin ton TX ISD 0.00% 07/26/16 02/15/18 — 492,125 — 492,615 490 Independent Bank 1.00% 02/25/16 02/25/18 13,031,967 32,758 — 13,064,725 — Le acyTexas Bank 1.05% 06/20/16 03/20/18 5,000,000 13,245 — 5,013,245 — Le ac Texas Bank 1.00% 07/06/16 04/06/18 — 4,507,647 — 4,507,647 — R Bank 1.50% 05/13/16 05/14/18 7,500,000 28,409 — 7,528,409 — Texas A&M University System 1.54% 10/28/15 05/15/18 3,616,696 — — 3,605,414 (11,281) Legac Texas Bank 1.10% 06/03/16 06/04/18 5,000,000 13,876 — 5,013,876 — Le ac Texas Bank 1.10% 06/20/16 06/20/18 5,000,000 13,876 — 5,013,876 — LegacyTexas Bank 1.05% 07/06/16 07/06/18 — 4,508,030 — 4,508,030 — Le ac Texas Bank 1 1.02% 1 08/29/16 08/29/18 — 10,008,663 — 10,008,663 — Green Bank 1.02% 09/13/16 09/13/18 — 5,000,000 — 5,000,000 — Corpus Christi-Ref 1.81% 03/14/16 03/01/19 2,290,050 — — i 2,278,800 (11,250) Sub Total/Average Fund 000-Pooled Investments 258,158,726 44,129,323 46,403,004 255,729,280 (155,765} Fund 170-Interest&Sinking GO Bonds TexPool N/A 09/30/15 N/A 3,247,851 1,598 2,867,000 382,450 — TexasDAILY N/A 04/30/16 N/A 9,248,549 71,826 8,757,210 563,166 — Sub Total/Average Fund 170-Interest&Sinking GO Bonds 12,496,400 73,425 11,624,210 945,616 — Fund 210-Interest&Sinking Debt Service JPMorgan Chase I N/A 1 09/30/15 N/A 3,868 355 — 4,223 — Sub Total[Average Fund 210-Interest&Sinking Debt Service 3,868 355 — 4,223 — Fund 460-Bond Fund TexPool N/A 09/30/15 N/A 1,600,333 654 1,000,000 600,987 — East West Bank N/A 03/31/14 N/A 27,601 30 — 27,632 — LegacyTexas Bank N/A 11/23/15 N/A 2,009,197 1,191 2,010,388 — — Southside Bank N/A 01/26/16 N/A 10,020,616 12,948 3,000,000 7,033,564 — Treasury 0.88% 03/24/14 09/15/16 7,008,476 — 7,000,000 — (8,476) Treasury 0.63% 03/24/14 12/15/16 7,008,750 — — 7,004,921 (3,829) Treasury 0.50% 07/14/15 03/31/17 7,001,640 — — 7,000,273 (1,367) Southside Bank 0.78% 04/01/16 04/03/17 4,000,000 15,658 — 4,015,658 — R Bank 1.01% 01/05/16 06/30/17 7,017,474 17,517 — 7,034,991 — Green Bank 0.84% 09/15/16 09/15/17 — 7,000,000 — 7,000,000 — Sub Total/Average Fund 460-Bond Fund 45,694,086 7,047,999 13,010,388 39,718,025 (13,672) Page 14. Valley View Consulting,L.L.C. Market Value Comparison September 30, 2016 Coupon Settlement Maturity Beginning Total Buys/ Total Sells/ Ending Market Change in Issuer Rate Date Date Market Value Increases Decreases Value Market Value Fund 461 -CO Bond Fund TexPool N/A 10/31/15 N/A 139 0 139 — — Green Bank N/A 08/31/16 N/A — 550,693 550,000 693 — East West Bank N/A 02/13/15 N/A 1,513,448 1,004 1,514,453 — — LegacyTexas Bank N/A 11/23/15 N/A 2,009,197 1,191 2,010,388 — — Legac Texas Bank 0.70% 01/06/16 07/06/16 4,011,642 — 4,011,642 — — Southside Bank 1 0.78% 1 04/01/16 1 04/03/17 6,000,000 1 23,487 1 — 6,023,487 — Sub Total/Average Fund 461 -CO Bond Fund 13,534,426 576,376 8,086,621 6,024,180 — Fund 591 -Reserves Fund TexPool N/A 09/30/15 N/A 8,249 8 — 8,256 — Green Bank N/A 06/09/16 N/A 800,265 748 — 801,013 — Sub Total/Average Fund 591 -Reserves Fund 808,514 756 — 809,269 — Fund 602-Interest&Sinking Revenue Bonds TexPool I N/A 1 09/30/15 N/A 3,698,521 718,591 1 2,871,866 1 1,545,247 — Sub Total/Average Fund 602-Interest&Sinking Revenue Bonds 3,698,521 718,591 2,871,866 1,545,247 — Fund 863-Drainage Utility Revenue Bond TexPool N/A 10/31/15 N/A 3,205,622 1,859 1,500,000 1,707,482 — LegacyTexas Bank 0.70% 03/30/16 12/30/16 1,502,619 2,653 — 1,505,272 — LegacyTexas 0.80% 01/07/16 01/06/17 1,504,990 3,028 — 1,508,019 — Legac Texas Bank 0.85% 07/06/16 07/06/17 — 1,502,167 — 1,502,167 — Sub Total/Average Fund 863-Drainage Utility Revenue Bond 6,213,232 1,509,707 1,500,000 6,222,939 — Total/Average $ 340,607,773 $ 54,056,532 $ 83,496,089 $ 310,998,779 $ (169,437) Page 15. 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 Market Value Date 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% JPMorgan 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% AAAnn 09/30/15 5,583,132 5,583,132 100.00 5,583,132 N/A 0.36% TexasDAILY 0.44% AAAnn 09/30/15 5,014,700 5,014,700 100.00 5,014,700 N/A 0.44% LegacyTexas Bank 0.52% 12/04/15 5,012,663 5,012,663 100.00 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 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 5,000,994 100.04 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+/- 03/10/15 500,000 500,638 100.311 501,530 01/05/17 0.85% FHLMC 0.50% Aaa/AA+/AAA 01/29/15 4,500,000 4,497,135 99.97 4,498,560 01/27/17 0.61% Mahtomedi MN 0.00% 1 A22/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 1 0.73% McKinney ISD TX 2.00% Aaa/AAA/- 04/07/15 2,290,000 2,309,542 100.91 2,310,839 02/15/17 0.63% Union State Bank 0.60% 02/25/16 5,000,000 5,000,000 100.00 5,000,000 02/23/17 0.60% Treasury 0.88% Aaa/AA+/AAA 02/27/14 5,500,000 5,505,616 100.29 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% 1 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% 1 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% 1 01/25/16 5,010,596 5,010,596 100.00 5,010,596 07/25/17 0.850/( Arlington TX 2.50% Aa1/AAA/- 06/17/15 3,000,000 3,055,360 1 102.18 3,065,250 08/15/17 FNMA 0.88% Aaa/AA+/AAA 02/17/15 5,000,000 5,000,055 1 100.281 5,013,800 08/28/17 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 Page 16. 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 Market Value Date Book Independent Bank 0.95% 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 5,025,100 100.00 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% LegacyTexas 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 7,500,000 100.00 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% LegacyTexas Bank 1.10% 06/03/16 5,000,000 5,000,000 100.00 5,000,000 06/04/18 1.10% LegacyTexas 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 1 2,250,000 1 2,275,419 1 101.78 2,290,050 03/01/19 1.37% Sub Total I Average 0.85% 1 257,810,184 1 258,014,772 1 100.141 258,158,726 0.74% Fund 170-Interest&Sinking GO Bonds TexasDAILY 0.44% AAAm 04/30/16 9,248,549 9,248,549 100.00 9,248,549 N/A 0.44% TexPool 0.36% AAAm 09/30/15 3,247,851 3,247,851 100.00 3,247,851 N/A 0.36% Sub Total/Average 0.42% 12,496,400 12,496,400 100.00 12,496,400 0.42% Fund 210-Interest&Sinking Debt Service JPMorgan Chase 0.34% 09/30/15 3,868 1 3,868 1 100.001 3,868N/A 0.34% Sub Total I Average 0.34% 1 3,868 1 3,868 1 100.001 3,868 1 1 0.34% 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% LegacyTexas Bank 0.35% 11/23/15 2,009,197 2,009,197 100.00 2,009,197 NIA 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 0.79% Treasury 0.50% Aaa/AA+/AAA 07/14/15 7,000,000 6,997,846 100.02 7,001,640 03/31/17 0.54% Southside Bank 0.78% 04/01/16 4,000,000 4,000,000 100.00 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% 1 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% LegacyTexas Bank 0.35% 11/23/15 2,009,197 2,009,197 100.00 2,009,197 N/A 0.35% LegacyTexas 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 I Average 1 0.64% 13,534,426 13,534,426 1 100.00 13,534,426 0.64% Page 17. 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 Market Value Date Book Fund 591 -Reserves Fund Green Bank 0.55% 06/09/16 800,265 800,265 100.00 800,265 N/A 0.55% TexPool 0.36% AAAm 09/30/15 8,249 8,249 100.00 8,249 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% AAAm 09/30/15 3,698,521 3,698,521 1 100.00 3,698,521 N/A 0.36% Sub Total/Average 1 0.36% 3,698,521 1 3,698,521 1 100.001 3,698,521 1 1 0.36% Fund 863-Drainage Utility Revenue Bond TexPool 0.36% AAAm 10/31/15 3,205,622 3,205,622 100.00 3,205,622 N/A 0.36% LegacyTexas 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% $340,240,364 $340,440,589 100.11 $340,607,773 0.71% Page 18. Valley View Consulting,L.L.C. City of Round Rock, Texas Annual Comparison of Portfolio Performance FYE Results by Investment Category: September 30,2016 September 30,2015 Asset Type Ave.Yield Book Value Market Value Ave.Yield Book Value Market Value Cash 0.36% $ 19,008,126 $ 19,008,126 0.00% $ 19,739,266 $ 19,739,266 Certificates of Deposit 0.98% 148,246,336 148,246,336 0.49% 12,245,000 12,245,000 Local Government Investment Pool 0.43% 14,356,583 14,356,583 0.09% 65,587,614 65,587,614 Money Market Accounts 0.53% 16,387,637 16,387,637 0.15% 15,027,316 15,027,316 Municipal 0.88% 15,935,797 15,941,398 0.63% 12,128,503 12,146,895 US Agency 0.71% 72,502,268 72,543,237 0.59% 137,155,803 137,281,620 US Treasury 0.65% 24,499,144 24,515,462 0.47% 78,497,083 78,618,637 Totals $ 310,935,892 $ 310,998,779 $ 340,380,585 $ 340,646,348 2016 2015 Change Total Portfolio Average Yield (1) 0.80% 0.41% 0.39% TexPool Yield 0.38% 0.09% 0.29% Rolling Three Mo.Treas.Yield 0.30% 0.04% 0.26% Rolling Six Mo.Treas. Yield 0.42% 0.13% 0.29% Rolling 1 Yr.Treas.Yield 0.55% 0.24% 0.30% Rolling 2 Yr.Treas.Yield 0.70% 0.51% 0.19% Fiscal YTD Interest Earnings $ 1,995,624 $ 1,124,689 (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. Page 19. Valley View Consulting,L.L.C.