NORTH EAST I.S.D. ANNUAL INVESTMENT REPORT

Transcription

1 ANNUAL INVESTMENT REPORT for the year ended June 30, 2015

2 TABLE OF CONTENTS Investment Officers Certification 1 Investment Instruments.. 2 Portfolio Compliance Review.. 3 Review of Activities 4 Investment Controls 5 Investment Strategies 6 Market Strategy 6 Enhancements and Recommended Improvements 6 Investment Plan for Portfolio Composition.. 8 Maturity Aging/Portfolio Performance 9 General Fund Portfolio Composition. 11 General Fund Maturity Aging and Cash Receipts. 12 General Fund vs Pools and Investment Pools Performance Purchases (by fund) 14 Maturities/Calls/Sales (by fund) 17 Changes in Managed Pool Balances (by fund) 19 Changes in Values (by fund) 21 Earnings/Yields (by fund) ANNUAL INVESTMENT REPORT Test Tab: TOC i

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4 2 North East Independent School District Current Investment Instruments for the year ended June 30, 2015 Local Governmental Investment Pools Local Governmental Investment Pools (LGIPs) serve as vehicles for the pooled investment of public moneys of state or local governmental entities. LGIPs serve as short-term investments for funds that may be needed on a day-to-day basis. Commercial Paper Commercial Paper is an unsecured short-term debt instrument issued by a corporation with maturities ranging from three (3) to nine (9) months. The District's investment policy restricts investments in Commercial Paper to the highest quality credits rated superior by Moody's (P1), S&P (A1) or Fitch (F1). Municipal Bonds Municipal Bonds are issued by a city, school, county or other governmental agency. Municipal bonds may be general obligations of the issuer or secured by specified revenues. U.S. Agency Securities U.S. Agency bonds are issued by a government-sponsored agency. These securities are purchased directly by the District from investment brokerage firms registered to do business with the District. The securities are issued in the District's name, cleared through the Federal Reserve Bank system, and held in safekeeping by Frost Bank. Certificates of Deposit (CDs) Certificates of Deposit are negotiable certificates in denominations of $10,000 or more. They are issued by commercial banks against funds deposited for specified periods and earn specified rates of interest.

5 3 North East Independent School District Compliance Review for the year ended June 30, 2015 Category Compliant Comments Investments / Securities Yes Securities purchased were authorized by the Public Funds Investment Act and the District's approved local and legal investment policy. Certification from Broker/Dealers Yes Broker/Dealer Certifications on file. Training Yes CFO, Treasurer, Treasury Accountant and Executive Director of Finance and Accounting completed 10 hours. Diversity Yes Investment portfolio is diversified to reduce risk of loss. Liquidity Yes Maintain sufficient liquidity of portfolio to meet anticipated cash flow requirements. Maturity Yes Maximum maturities in all funds are within legal limits of investment policies. Standard of Care Yes In order of priority, investments are governed by the objectives of Safety of Principal, Liquidity and Yield. Collateral pledges Yes Pledged collateral provided in accordance with local investment policy. Required Credit Ratings Yes Prudent measures are in place to liquidate a downgraded investment. No investments were downgraded. Internal Management Reports Yes Quarterly Investment Reports are provided to the Board of Trustees.

6 4 ANNUAL INVESTMENT REPORT As required by NEISD s investment policies, the District s investment officers are providing this comprehensive annual report on the investment program and investment activity to the Board of Trustees. This report includes NEISD s portfolio performance and recommendations of policies, strategies and improvements necessary to enhance the investment program. Finally, the report includes an investment plan for the ensuing year. Review of Activities During fiscal year , NEISD s operating funds received approximately $889.6 million in local, state, and federal cash receipts. In this context, operating funds refer to all funds of the day-to-day operations of the District, including grant funds; it is not solely the General Fund as defined for budget and accounting purposes. The operating fund also acts as a pass-through account for accounts payable transactions of the School Nutrition Services and Capital Projects funds. Included in the $889.6 million of receipts, are approximately $122.6 million of Interest & Sinking tax payments for the Debt Service Fund. All deposits from the Bexar County Tax Assessor/Collector (BCTAC) are received by the General Fund, with the Interest & Sinking portion transferred to the Debt Service Fund when the BCTAC provides the appropriate breakout data for the month. All funds were actively managed throughout the year and invested in pools, money market funds, agency bonds, municipal bonds and highly rated commercial paper. As of June 30, 2015, the ending book value of North East s portfolio was $379,803,199. The yield earned for the District s portfolio was 0.26% with total interest earnings of $1,247,390 during the fiscal year, compared to the investment pools average earnings rate of 0.07%. A comprehensive benchmark analysis of NEISD s overall portfolio begins on page 8 of this report. The weighted average maturity of total portfolio was days. The General Fund ended the year with a book value of $135,890,588. It earned $537,409, or a 0.29%. The weighted average maturity of the General Fund as of June 30, 2015 was days. A benchmark analysis of the General Fund s performance begins on page 12 of this report. NEISD s Debt Service Fund ended the year with a portfolio balance of $81.0 million. Of the balance, $76.4 million was required to pay August 1, 2015 debt service payments. The fund earned $84,347 during the year.

7 5 The following table summarizes the various Capital Projects Funds as of June 30, 2015: Series Date Original Amount Remaining Amount Series 2007 August 23, 2007 $498.0 million $8.4 million Series 2010 QSCB November 17, 2010 $37.5 million - Series 2012 August 21, 2012 $114.7 million $3.9 million Series /27/13 (VRDO); 7/31/13 (fixed rate bonds) $212.3 million $71.3 million Series 2014 June 5, 2013 $71.4 million $47.6 million In all Capital Projects funds, securities are purchased with maturity dates to match the expected drawdown of funds. Investment Controls Several controls are in place to ensure the safety of NEISD s investments. Highlights of those include: The Board of Trustees has adopted policies and strategies that comply with the Public Funds Investment Act and provides investment officers the flexibility needed to make day-to-day investment decisions. NEISD has cash management and investment management procedures documented for the use and training of NEISD staff. These procedures are updated as needed to account for changes in technology and processes. Contracts are in place between NEISD and its depository bank and safekeeping bank. Certifications are executed with each change in investment policies with the entities NEISD uses to invest securities, e.g., pools and brokers/dealers. NEISD keeps its investments at a third-party safekeeping bank. All trades settle on a delivery versus payment (DVP) basis which ensures that no funds leave the District s possession until a security is placed in the District s safekeeping account. Cash flow analyses are conducted to ensure funds are available when needed. Investment officers receive and file original confirmations and receipts from each investment purchase and wire transaction. The Office of Budget & Financial Analysis and the Office of Accounting & Payroll ensure that clear separation of duties is provided for investment and cash management functions.

8 6 Competitive bidding is always utilized; bids from at least three brokers/dealers are solicited before a purchasing decision is made. Quarterly investment reports are prepared by the District s investment officers and provided to the Board of Trustees. Investment Strategies Each fund has a general strategy outlined within the investment policy of the District. The primary objectives of the District s operating funds are safety, liquidity, and maturity sufficient to meet anticipated cash flow requirements. The investment officers of the District will utilize a weekly cash flow requirement report during the year for the general operating fund budget to anticipate the cash needs. The cash budget enables the investment officers of the District to develop strategies based on interest rate forecasts to earn a higher yield than if the anticipated cash flows were not forecasted. All securities are purchased with the intent to hold to maturity. The agency and debt service funds have safety, liquidity, and maturity sufficient to meet anticipated cash flow requirements as their primary objectives. The debt service funds have limited cash outflows annually and the dates and amounts are known; therefore, investments of these funds are more easily matched to the actual cash outflow requirements. Diversification can be met through the use of an authorized investment pool. All securities are purchased with the intent to hold to maturity. The investment strategy and primary objective for capital project fund portfolios is the assurance that anticipated cash flows are matched with adequate investment liquidity for the safety of the fund and the completion of the targeted projects. A diversified portfolio structured with maturities to match anticipated cash flow is used to provide a reasonable market yield. Maturities may extend beyond one year. Market Strategy The main goal of NEISD s investment program is to ensure its safety, as well as maintain a reasonable financial return under current market conditions, in accordance with policies. The investment officers observe financial market indicators, study financial trends, and utilize available educational tools in order to maintain appropriate investment strategies. Investments are purchased with the expectation of holding to maturity, thereby ensuring the preservation of capital. The local government investment pool (LGIP) rates are tracked daily by the investment officers. If rates on the 30, 60, and 90 day paper are not significantly higher than the LGIP s, then short term investments will only be made to ensure diversity in the portfolio. Enhancements and Recommended Improvements The recommendation for the fiscal year is to continue to maintain an active management philosophy for the District s funds. Interest earnings can be gained by actively managing the portfolio, even if the current market is dismal. Evaluating and modifying cash flow forecasts can improve the yield of a portfolio when current and anticipated market conditions are taken into account. In a normal yield curve environment, with low interest rates at

9 7 the short end of the curve, the investment officers will have to evaluate the value of marketable securities over investment pools that may be currently earning higher rates but have nonguaranteed yields, that over time, could fall below what could be earned in fixed income securities. Some economists predicted rises in yields likely to begin in the second quarter to mid-2015, but that did not happen. Those economists are now predicting a rate hike in December For the NEISD portfolio, this means investments should be purchased to mature on, or about mid and not long thereafter, so that those funds can start to be reinvested at the higher yield and not be under water when rates start to rise. Investment Plan for The investment plan for is a continuation of the plan which includes monitoring of market information, interest rates, forecasted and actual cash flows, and managing every fund in the portfolio on an individual, consistent, and frequent basis. Investment Officers must evaluate the market on an ongoing basis to determine where the District s funds are best utilized in the existing market. Continuing to monitor rating changes in investments as well as changes in the District s cash flow forecast will remain important in the coming year. The effective and efficient management of the portfolio can ensure a reasonable yield on the portfolio without exposing the District to unacceptable levels of risk.

10 8 ENTIRE PORTFOLIO COMPOSITION As of 06/30/14 & 06/30/15 FHLB 7.5% Portfolio Composition - 06/30/14 Book Value $527,427,668 MONEY MARKET 0.30% COMMERCIAL PAPER 7.6% MUNICIPAL BONDS 17.6% FHLMC 1.6% POOLS 52.3% FNMA 4.5% FFCB 7.6% FAMCA 0.77% CDs 0.27% FHLB 3.3% MONEY MARKET 0.03% Portfolio Composition - 06/30/15 Book Value $379,803,199 COMMERCIAL PAPER 11.8% MUNICIPAL BONDS 18.6% POOLS 45.0% ` FHLMC 1.8% FNMA 5.5% FFCB 4.5% FAMCA 1.06% FIXED RATE POOL 7.90% CDs 0.44% Legend: FDIC Floater LIBOR Floater guaranteed by FDIC (U.S. Government Guaranteed) BLACKROCK MMF BlackRock Money Market Fund Managed by BlackRock Investments CDs Fully insured and collateralized Certificates of Deposit COMMERCIAL PAPER Short-term promissory notes issued by a corporation, Rated at least A-1, P-1 or F-1 FAMCA Federal Agricultural Mortgage Corporation (Farmer Mac) FFCB Federal Farm Credit Bank Bonds FHLB Federal Home Loan Bank Bonds FHLB DISCOUNT Federal Home Loan Bank Discount Notes FHLMC Federal Home Loan Mortgage Corporation (Freddie Mac) Bonds FHLMC DISCOUNT Federal Home Loan Mortgage Corporation (Freddie Mac) Discount Notes FNMA Federal National Mortgage Association (Fannie Mae) Bonds FIXED RATE POOL TexasTERM Fixed Rate Series FNMA DISCOUNT Federal National Mortgage Association (Fannie Mae) Discount Notes MUNICIPAL BONDS Municipal Bonds issued by state and local governments POOLS Various Investment Pools Note: Due to rounding, portfolio composition may not equal 100.0%

11 9 MATURITY AGING/ENTIRE PORTFOLIO PERFORMANCE As of 06/30/14 & 06/30/15 Maturity Aging - 06/30/14 vs. 6/30/15 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $ Days Days Days Days Days 1-4 Years 10 + Years Previous Period Current Period Weighted Average Maturity: days 0.45% 0.40% 0.35% 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 NEISD Total Portfolio versus Investment Pools Yield Spread 07/31/12-6/30/15 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 NEISD Total Portfolio versus T-Bills Yield Spread 07/31/12-6/30/ % 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun Day T-bill 90-Day T-bill 180-Day T-bill

12 10 NEISD Total Portfolio versus T-Notes Yield Spread 7/31/12-6/30/ % 0.40% 0.30% 0.20% 0.10% 0.00% -0.10% -0.20% -0.30% -0.40% -0.50% Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Year T-Note 2 Year T-Note

13 11 GENERAL FUND ONLY PORTFOLIO COMPOSITION As of 06/30/14 & 06/30/15 Portfolio Composition - 06/30/14 Book Value $152,256,376 FHLB 5.9% COMMERCIAL PAPER 6.6% MUNICIPAL BONDS 38.4% POOLS 34.4% FHLMC 3.0% FNMA 6.6% FFCB 4.6% CDs 0.6% FHLB 7.4% Portfolio Composition - 06/30/15 Book Value $135,890,588 COMMERCIAL PAPER 7.4% POOLS 32.1% MUNICIPAL BONDS 32.9% FHLMC 5.1% FNMA 9.1% FFCB 5.2% CDs 0.9% Legend: FDIC Floater LIBOR Floater guaranteed by FDIC (U.S. Government Guaranteed) BLACKROCK MMF BlackRock Money Market Fund Managed by BlackRock Investments CDs Fully insured and collateralized Certificates of Deposit COMMERCIAL PAPER Short-term promissory notes issued by a corporation, Rated at least A-1, P-1 or F-1 FAMCA Federal Agricultural Mortgage Corporation (Farmer Mac) FFCB Federal Farm Credit Bank Bonds FHLB Federal Home Loan Bank Bonds FHLB DISCOUNT Federal Home Loan Bank Discount Notes FHLMC Federal Home Loan Mortgage Corporation (Freddie Mac) Bonds FHLMC DISCOUNT Federal Home Loan Mortgage Corporation (Freddie Mac) Discount Notes FLEX REPO Flexible Repurchase Agreements FNMA Federal National Mortgage Association (Fannie Mae) Bonds FNMA DISCOUNT Federal National Mortgage Association (Fannie Mae) Discount Notes FIXED RATE POOL TexasTERM Fixed Rate Series MUNICIPAL BONDS Municipal Bonds issued by state and local governments POOLS Various Investment Pools

14 12 MATURITY AGING/CASH RECEIPTS GENERAL FUND ONLY Maturity Aging - 06/30/14 vs. 06/30/15 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $ Days Days Days Days Days 1-4 Years Previous Period Current Period Weighted Average Maturity: days FOR FY13, FY14, & FY15 Cash Receipts Fiscal Year to Date $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 July August September October November December January February March April May June FY12-13 FY13-14 FY14-15

15 13 GENERAL FUND VERSUS POOLS/INVESTMENT POOL PERFORMANCE PORTFOLIO PERFORMANCE NEISD General Fund versus Investment Pools Yield Spread 7/31/12-6/30/ % 0.40% 0.35% 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 INVESTMENT POOL PERFORMANCE Daily Rates of Investment Pools Fiscal Year % 0.20% 0.15% 0.10% 0.05% 0.00% TexPool TP Prime LOGIC Lone Star Texas CLASS TexSTAR TexasDaily BlackRock Federated Federated Prime Obs Fidelity

16 14 PURCHASES Investment Investment Purchase Maturity Face Principal Yield to Number Description Date Date Value Invested Maturity GENERAL OPERATING Discover Bank 11/19/14 11/21/16 240, , % Capital One Bank 11/19/14 05/19/16 240, , GE Capital Bank 11/21/14 05/23/16 240, , Bank of China/Hong Kong 11/05/14 07/24/15 5,000, ,971, ING (US) Funding LLC 01/29/15 07/01/15 5,000, ,994, FFCB 02/17/15 08/17/16 2,000, ,000, FFCB 03/16/15 08/16/16 2,000, ,000, FHLB 12/12/14 12/12/16 2,000, ,997, FHLB 01/09/15 09/09/16 2,000, ,106, FHLB 01/13/15 01/12/16 2,000, ,999, FHLB 02/09/15 08/09/16 2,000, ,998, FHLMC 02/25/15 08/25/17 2,000, ,000, FHLMC 03/03/15 11/25/16 1,980, ,979, FNMA 10/08/14 01/30/17 2,000, ,024, FNMA 01/14/15 03/10/16 2,216, ,417, Prescott WI Sch Dist 07/09/14 03/01/15 405, , Florida St Hurricane Cata 10/14/14 07/01/16 805, , Florida St Hurricane Cata 10/21/14 07/01/16 1,635, ,658, Massachusetts St 10/27/14 04/01/15 775, , Massachusetts St Cons Ln- 11/03/14 03/01/15 800, , Harris Cnty TX Ref-Senior 11/18/14 08/15/15 860, , Carlisle PA Area Sch Dist 12/03/14 03/01/16 1,725, ,781, New York St Urban Corp Re 12/18/14 03/15/17 1,000, ,002, Regl Transprtn Auth IL Tx 12/18/14 04/01/16 1,000, ,000, Stratford CT Txbl 01/13/15 08/15/16 500, , Harris Cnty Flood Control 01/15/15 10/01/16 2,000, ,001, Florida St Hurricane Cata 01/21/15 07/01/16 1,530, ,546, Alamo TX Cmnty Clg Dist 01/23/15 08/15/15 300, , Broward Cnty FL Sch Brd 01/23/15 07/01/15 1,100, ,123, West Univ Place TX 01/26/15 02/01/17 1,000, ,003, South Carolina St Jobs-Ec 01/28/15 04/01/16 300, , Menasha WI Wtrwks Sys & S 02/09/15 05/01/16 565, , Wisconsin St Gen Fund Ann 02/09/15 05/01/16 350, , Wisconsin St Gen Fund Ann 02/18/15 05/01/16 2,000, ,014, Mississippi St Txbl-Ser 6 02/18/15 10/01/15 1,000, ,000, Garland TX Elec Utility S 02/19/15 03/01/16 1,250, ,284, Houston TX Indep Sch Dist 03/04/15 09/15/15 1,325, ,323, Anderson IN Sch Bldg Corp 03/10/15 07/05/16 800, , Regl Transprtn Auth IL Tx 03/13/15 04/01/16 2,000, ,000, Texas St Tech Univ Revenu 04/09/15 02/15/16 1,015, ,015, Lake Cnty IL Swr Sys Reve 06/01/15 12/01/16 830, , GENERAL OPERATING TOTAL 57,786, ,362, SCHOOL NUTRITION FUND Gwinnett Cnty GA Sch Dist 10/21/14 02/01/16 385, , Passaic Cnty NJ Txbl-Ser 12/16/14 12/01/16 300, , Regl Transprtn Auth IL Tx 03/24/15 04/01/16 1,000, ,000, South Carolina St Public 04/23/15 01/01/16 250, , SCHOOL NUTRITION FUND TOTAL 1,935, ,976,

17 15 PURCHASES Investment Investment Purchase Maturity Face Principal Yield to Number Description Date Date Value Invested Maturity DEBT SERVICE Abbey Nat'l N America LLC 03/24/15 07/30/15 5,000, ,994, Bank of Tokyo-Mit UFJ NY 03/24/15 07/30/15 10,000, ,991, TexasTERM 03/27/15 07/28/15 30,000, ,000, Paris AR Sch Dist #7 Ref 09/22/14 12/01/14 1,155, ,165, Greenwood AR Sch Dist #25 09/22/14 12/01/14 320, , Greenwood AR Sch Dist #25 09/22/14 12/01/14 500, , Akron OH Income Tax Reven 10/09/14 12/01/14 450, , Danville IN Sch Corp Bldg 04/23/15 07/15/15 875, , Phoenix AZ Civic Excise T 04/09/15 07/01/15 500, , San Antonio TX Arpt Sys R 04/14/15 07/01/15 500, , Baltimore MD Revenue Ref- 04/16/15 07/01/15 200, , Indiana St Fin Auth Reven 04/16/15 07/01/15 350, , Mississippi St Dev Bank S 05/15/15 07/01/15 1,355, ,363, DEBT SERVICE TOTAL 51,205, ,232, BOND FUND Abbey Natl N America LLC 11/04/14 07/31/15 5,000, ,984, Minnesota St Gen Fund Rev 09/22/14 03/01/15 1,000, ,001, La Crosse WI 09/25/14 12/01/14 500, , BOND FUND TOTAL 6,500, ,487, VRDO BOND FUND Apple Bk Savings 11/19/14 12/31/15 240, , Pacific Western 11/19/14 11/19/15 240, , First Niagara Bank NY 11/28/14 05/28/15 245, , Santander Bank 12/03/14 06/03/15 245, , Abbey Natl N America LLC 11/04/14 07/31/15 5,000, ,984, Credit Agricole CIB NY 11/06/14 08/03/15 5,000, ,983, Collateralized CP Co LLC 01/30/15 07/27/15 5,000, ,992, Glendale AZ Wtr & Swr Rev 01/09/15 07/01/15 815, , Victoria Cnty TX Jnr Clg 01/14/15 08/15/15 595, , Citizens Property Ins Cor 01/14/15 06/01/15 500, , Lane Cnty Sch Dist #1 Ple 01/15/15 06/15/15 500, , West Morris NJ Regl High 01/28/15 05/01/15 710, , Northbrook IL Txbl-Ref-Se 02/02/15 12/01/15 220, , Urbandale IA Urban Renewa 04/02/15 06/01/15 575, , Arlington Cnty VA Txbl-Re 04/01/15 08/01/15 3,750, ,752, Greensburg Salem PA Sch D 05/18/15 09/15/15 1,000, ,005, VRDO BOND FUND TOTAL 24,635, ,651, HEALTH INSURANCE FUND Lubbock TX Elec Light & P 10/15/14 04/15/15 650, , Crow Wing Cnty MN Ref-Ser 01/09/15 02/01/16 375, , New York St Thruway Auth 01/26/15 07/01/15 400, , Grapevine TX Ref-Ser A 02/26/15 08/15/15 375, , Regl Transprtn Auth IL Tx 03/24/15 04/01/16 1,000, ,000, Honolulu City & Cnty HI 04/02/15 10/01/15 640, , Grossmomt-Cuyamaca CA Cmn 06/02/15 08/01/15 375, , HEALTH INSURANCE FUND TOTAL 3,815, ,857, DENTAL INSURANCE Wimberley TX Indep Sch Di 10/21/14 08/15/16 50, , South Calorina St Econ De 03/30/15 10/01/15 275, , DENTAL INSURANCE TOTAL 325, ,

18 16 PURCHASES Investment Investment Purchase Maturity Face Principal Yield to Number Description Date Date Value Invested Maturity WORKERS' COMP INSURANCE Wimberley TX Indep Sch Di 10/21/14 08/15/15 65, , Minnetrista MN 10/29/14 02/01/15 235, , Williamson Cnty TX Pass-T 11/12/14 02/15/15 320, , Des Plaines IL Park Dist 12/03/14 12/01/16 350, , WORKERS' COMP INSURANCE FUND 970, , TOTALS: $ 147,171, $ 147,886,355.11

19 17 MATURITIES/CALLS/SALES Investment Investment Purchase Maturity Face Principal Yield to Number Description Date Date Called Value Invested Maturity GENERAL OPERATING SAFRA Natl Bank 10/15/13 10/15/14 Open $ 240, $ 240, % Ally Bank UT 10/17/13 04/17/15 Open 240, , JP Morgan Securities LLC 12/20/13 09/15/14 Open 5,000, ,987, Bank of China/Hong Kong 04/03/14 12/19/14 Open 5,000, ,972, FFCB 01/16/13 12/24/14 Open 2,000, ,998, FFCB 05/15/13 12/24/14 Open 2,000, ,001, FHLB 01/29/14 07/29/16 07/29/14 2,000, ,000, FHLB 02/19/14 02/19/16 08/19/14 2,000, ,000, FHLB 04/28/14 10/28/16 07/28/14 3,000, ,000, FHLMC 08/27/13 08/08/16 08/08/14 1,500, ,494, FNMA 03/08/13 05/27/15 Open 2,000, ,008, Miami-Dade Cnty 02/24/12 08/01/14 Open 900, , Cook Cnty Ill 02/24/12 12/01/14 Open 275, , Hudson Cnty NJ 02/27/12 09/01/14 Open 680, , Milwaukee Cnty-Ref 12/20/12 12/01/14 Open 500, , San Antonio ISD 01/15/13 08/15/14 Open 875, , Princeton NJ BRD of EDU 01/29/13 02/01/15 Open 1,005, , Mississippi St DEV Bank S 01/29/13 09/01/14 Open 1,000, ,013, Beaumont TX ISD 01/30/13 02/15/15 Open 1,000, ,049, Municipal Bond 02/07/13 07/01/14 Open 600, , Columbus OH 02/08/13 02/15/15 Open 3,000, ,162, Pflugerville ISD 02/08/13 02/15/15 Open 500, , Denton ISD 02/20/13 08/15/14 Open 1,425, ,525, San Antonio Elec 03/11/13 02/01/15 Open 575, , Hay ISD - Ref 03/22/13 08/15/14 Open 300, , Leander ISD - CABS 03/22/13 08/15/14 Open 1,000, , Dallas - CTFS Obli 04/08/13 02/15/15 Open 1,985, ,066, Horry Cnty SC Sch Dist 04/30/13 03/01/15 Open 1,925, ,090, Regl Transportation Dist 04/30/13 11/01/14 Open 400, , Goose Crk ISD Ref 05/16/13 02/15/15 Open 1,960, ,120, Hays Co - Ref 05/17/13 02/15/15 Open 1,025, ,039, Midlothian ISD 05/29/13 02/15/15 Open 1,955, ,106, Tohopekaliga FL Wtr Auth 07/02/13 10/01/14 Open 1,000, ,033, New York NY Ser G-Subser 10/09/13 04/01/15 Open 3,415, ,445, New York St Urban Dev Cor 10/31/13 03/15/15 Open 5,000, ,003, New York St Dorm Auth St 11/01/13 03/15/15 Open 320, , Chesterfield Cnty VA Econ 11/06/13 01/01/15 Open 420, , Colorado St Hsg & Fin Aut 12/20/13 05/15/15 Open 720, , Foothill De Anza CA Cmnty 01/27/14 08/01/14 Open 2,980, ,983, SW TX Hgr Edu Auth 01/31/14 10/01/14 Open 1,000, ,002, Henry Cnty GA & Henry Cnt 03/21/14 02/01/15 Open 500, , Prescott WI Sch Dist 07/09/14 03/01/15 Open 405, , Massachusetts St 10/27/14 04/01/15 Open 775, , Massachusetts St Cons Ln- 11/03/14 03/01/15 03/01/15 800, , GENERAL OPERATING TOTAL 65,200, ,590, SCHOOL NUTRITION FUND Discover Bank 10/17/13 10/17/14 Open 240, , FFCB 10/09/13 10/01/15 10/01/14 250, , Florida St Dept Gen Svcs 12/09/13 09/01/14 Open 570, , Snohomish Cnty WA Sch Dis 02/05/14 12/01/14 12/01/14 605, , SCHOOL NUTRITION FUND TOTAL 1,665, ,709, DEBT SERVICE FUND ING (US) Funding LLC 02/06/14 07/30/14 Open 5,000, ,993, Sumitomo Corp of America 04/02/14 07/28/14 Open 5,000, ,996, Paris AR Sch Dist #7 Ref 09/22/14 12/01/14 12/01/14 1,155, ,165, Greenwood AR Sch Dist #25 09/22/14 12/01/14 12/01/14 320, , Greenwood AR Sch Dist #25 09/22/14 12/01/14 12/01/14 500, , Akron OH Income Tax Reven 10/09/14 12/01/14 Open 450, , DEBT SERVICE FUND TOTAL 12,425, ,434,

20 18 Investment Investment Purchase Maturity Face Principal Yield to Number Description Date Date Called Value Invested Maturity BOND FUND Connecticut St Txbl-Ser B 10/15/13 10/15/14 Open 500, , Connecticut St Ser A 10/16/13 03/15/15 Open 3,375, ,565, BOND FUND TOTAL 3,875, ,066, BOND FUND UBS Finance Delaware LLC 02/06/14 10/31/14 Open 5,000, ,990, Credit Suisse New York 02/06/14 10/31/14 Open 10,000, ,975, Collateralized Cp Co LLC 04/02/14 12/23/14 Open 5,000, ,988, FFCB 08/01/13 11/28/14 Open 6,000, ,001, FFCB 08/01/13 12/24/14 Open 6,000, ,999, FFCB 08/09/13 05/06/15 Open 5,000, ,993, FFCB 08/09/13 04/09/15 Open 6,000, ,000, FHLB 08/01/13 09/12/14 Open 5,000, ,067, FHLB 08/09/13 01/22/15 Open 6,000, ,002, FHLB 08/09/13 03/13/15 Open 6,000, ,011, FHLB 08/09/13 02/20/15 Open 6,000, ,001, FHLB 08/14/13 06/12/15 Open 5,000, ,014, FHLMC 08/05/13 08/05/15 Open 4,000, ,000, FNMA 08/01/13 10/30/14 Open 5,000, ,026, Port Aransas TX ISD - Ser 08/29/13 08/15/14 Open 305, , San Antonio TX Elec & Gas 09/23/13 02/01/15 02/01/15 1,985, ,112, Morris Cnty Impt Auth Lea 11/04/13 06/15/15 Open 840, , Oregon St Txbl-Ser M 11/13/13 11/01/14 Open 450, , Wisconsin St Gen Fund Ann 12/09/13 05/01/15 Open 1,185, ,193, Southlake TX CTFS Oblig-W 01/14/14 02/15/15 Open 510, , Glassboro NJ Bans-Txbl 01/16/14 01/15/15 Open 5,833, ,868, Washington Cnty TX Jnr C 02/14/14 10/01/14 Open 550, , Indiana St Bond Bank Reve 03/11/14 02/01/15 Open 2,750, ,768, Indianapolis IN Local Pub 04/09/14 01/15/15 Open 2,500, ,595, Minnesota St Gen Fund Rev 09/22/14 03/01/15 Open 1,000, ,001, La Crosse WI 09/25/14 12/01/14 Open 500, , BOND FUND TOTAL 98,408, ,817, VRDO BOND FUND First Niagara Bank NY 11/28/14 05/28/15 Open 245, , Santander Bank 12/03/14 06/03/15 Open 245, , Citizens Property Ins Cor 01/14/15 06/01/15 Open 500, , Lane Cnty Sch Dist #1 Ple 01/15/15 06/15/15 Open 500, , West Morris NJ Regl High 01/28/15 05/01/15 Open 710, , Urbandale IA Urban Renewa 04/02/15 06/01/15 Open 575, , VRDO BOND FUND TOTAL 2,775, ,794, HEALTH INSURANCE FUND Indiana St Bond Bank Reve 03/11/14 02/01/15 Open 500, , Louisiana St Gas & Fuels 04/25/14 05/01/15 05/01/15 250, , Bedford TX Public Propert 04/29/14 02/01/15 Open 210, , Lubbock TX Elec Light & P 10/15/14 04/15/15 Open 650, , HEALTH INSURANCE FUND TOTAL 1,610, ,638, DENTAL INSURANCE Nebraska St Inv Fin Auth 06/09/14 09/01/15 Open 60, , Nebraska St Inv Fin Auth 06/09/14 09/01/15 Open 25, , Nebraska St Inv Fin Auth 06/09/14 09/01/15 Open 25, , DENTAL INSURANCE TOTAL 110, , WORKERS' COMPENSATION FUND Pinnacle Bank 11/26/13 02/26/15 Open 240, , Philadelphia S/D 02/24/12 09/01/14 Open 175, , Nebraska St Inv Fin Auth 06/09/14 09/01/15 Open 60, , Nebraska St Inv Fin Auth 06/09/14 09/01/15 Open 95, , Nebraska St Inv Fin Auth 06/09/14 09/01/15 Open 95, , Michigan St Trunk Line Fu 06/13/14 09/01/14 Open 685, , Minnetrista MN 10/29/14 02/01/15 Open 235, , Williamson Cnty TX Pass-T 11/12/14 02/15/15 Open 320, , WORKERS' COMPENSATION FUND TOTAL 1,905, ,931, TOTALS: $ 187,973, $ 190,093,410.56

21 19 CHANGES IN MANAGED POOL BALANCES Investment Beginning Ending Change in Description Book Balance Book Balance Book Balance GENERAL OPERATING TexPool $ 8,830, $ 11,381, $ 2,550, TexPool Prime 2,248, ,243, ,995, LOGIC 16,254, ,848, (6,405,748.28) Lone Star 25,011, ,119, (7,891,820.40) GENERAL OPERATING TOTAL 52,345, ,593, (8,751,957.11) SCHOOL NUTRITION SERVICES TexPool 289, , TexPool Prime 704, , , LOGIC 2,106, ,642, (463,673.10) SCHOOL NUTRITION SERVICES TOTAL 3,099, ,795, (304,446.81) 479-STUDENT ACTIVITY FUND TexPool 22, , , STUDENT ACTIVITY FUND TOTAL 22, , , DEBT SERVICE TexPool 471, , (9,107.03) TexPool Prime 61,866, ,199, (37,667,256.26) LOGIC 6,435, ,622, , DEBT SERVICE TOTAL 68,774, ,283, (37,490,170.02) QSCB - DEBT SERVICE TexPool Prime 3,760, ,381, ,621, QSCB - DEBT SERVICE TOTAL 3,760, ,381, ,621, CAPITAL PROJECTS 2012 BOND SALE Fidelity 1,604, , (1,499,647.46) TexPool 29, , TexPool Prime 436, ,644, ,207, LOGIC 3,161, ,146, (2,015,032.68) CAPITAL PROJECTS 2012 BOND SALE TOTAL 5,231, ,924, (1,307,369.94) BOND FUND TexPool TexPool Prime 8,672, ,616, ,944, LOGIC 42,647, ,102, (27,545,544.62) BOND FUND TOTAL 51,319, ,719, (10,600,717.83) VRDO BONDS TexPool Prime 40,714, ,504, (32,210,162.57) LOGIC 30,714, ,213, (13,500,814.24) VRDO BONDS TOTAL 71,428, ,717, (45,710,976.81) CAPITAL PROJECTS $498 MILLION TexPool 55, , TexPool Prime 10,103, ,357, (1,746,045.67) CAPITAL PROJECTS $498 MILLION TOTAL 10,158, ,412, (1,746,022.23)

22 20 CHANGES IN MANAGED POOL BALANCES Investment Beginning Ending Change in Description Book Balance Book Balance Book Balance CAPITAL PROJECTS $498 MILLION TexPool Prime 1, , CAPITAL PROJECTS $498 MILLION TOTAL 1, , HEALTH INSURANCE TexPool 76, , TexPool Prime 530, , (231,715.42) LOGIC 8,181, ,881, (2,299,817.03) HEALTH INSURANCE TOTAL 8,787, ,256, (2,531,500.70) DENTAL TexPool Prime 181, , (47,107.11) LOGIC 754, , (64,317.39) DENTAL TOTAL 935, , (111,424.50) WORKERS' COMPENSATION TexPool TexPool Prime 520, , , LOGIC 895, , , WORKERS' COMPENSATION TOTAL 1,416, ,927, , TOTAL: $ 277,283, $ 170,873, $ (106,409,672.99)

23 CHANGES IN VALUES 21 Investment Investment Purchase Maturity Face Beginning Ending Change in Beginning Ending Change in Accrued Number Description Date Date Value Market Value Market Value Market Value Book Value Book Value Book Value Interest GENERAL OPERATING Miami-Dade Cnty 02/24/12 08/01/14 $ 900, $ 903, $ - $ (903,294.00) $ 902, $ - $ (902,917.05) $ Cook Cnty Ill 02/24/12 12/01/14 275, , (274,078.75) 273, (273,706.64) Hudson Cnty NJ 02/27/12 09/01/14 680, , (687,507.20) 686, (686,698.15) Milwaukee Cnty-Ref 12/20/12 12/01/14 500, , (507,970.00) 507, (507,354.49) San Antonio ISD 01/15/13 08/15/14 875, , (880,468.75) 880, (880,276.53) FFCB 01/16/13 12/24/14 2,000, ,001, (2,001,240.00) 1,999, (1,999,702.58) Princeton NJ BRD of EDU 01/29/13 02/01/15 1,005, ,001, (1,001,462.40) 1,002, (1,002,781.34) Mississippi St DEV Bank S 01/29/13 09/01/14 1,000, ,000, (1,000,740.00) 1,001, (1,001,409.79) Beaumont TX ISD 01/30/13 02/15/15 1,000, ,016, (1,016,140.00) 1,014, (1,014,972.95) Municipal Bond 02/07/13 07/01/14 600, , (600,000.00) 622, (622,008.00) Columbus OH 02/08/13 02/15/15 3,000, ,052, (3,052,110.00) 3,050, (3,050,016.40) Pflugerville ISD 02/08/13 02/15/15 500, , (514,435.00) 514, (514,173.31) Denton ISD 02/20/13 08/15/14 1,425, ,433, (1,433,051.25) 1,433, (1,433,233.04) Flower Mound TX 03/07/13 09/01/15 200, , , (9,630.00) 210, , (9,102.28) 3, FNMA 03/08/13 05/27/15 2,000, ,005, (2,005,520.00) 2,003, (2,003,590.49) San Antonio Elec 03/11/13 02/01/15 575, , (591,100.00) 590, (590,548.34) Hay ISD - Ref 03/22/13 08/15/14 300, , (301,695.00) 301, (301,710.49) Leander ISD - CABS 03/22/13 08/15/14 1,000, ,000, (1,000,000.00) 999, (999,670.22) Dallas - CTFS Obli 04/08/13 02/15/15 1,985, ,013, (2,013,623.70) 2,012, (2,012,325.03) Mckinney - Ref 04/09/13 08/15/15 490, , , (9,167.90) 498, , (7,744.08) 3, FHLB 04/18/13 11/20/15 2,000, ,004, ,002, (2,060.00) 2,005, ,001, (3,963.09) 1, Horry Cnty SC Sch Dist 04/30/13 03/01/15 1,925, ,987, (1,987,196.75) 1,985, (1,985,234.74) Regl Transportation Dist 04/30/13 11/01/14 400, , (400,196.00) 400, (400,083.40) FFCB 05/15/13 12/24/14 2,000, ,001, (2,001,240.00) 2,000, (2,000,382.45) Goose Crk ISD Ref 05/16/13 02/15/15 1,960, ,018, (2,018,819.60) 2,017, (2,017,249.70) Hays Co - Ref 05/17/13 02/15/15 1,025, ,030, (1,030,535.00) 1,030, (1,030,330.52) Port of Seattle WA 05/24/13 12/01/15 500, , , (24,040.00) 532, , (22,755.01) 2, Midlothian ISD 05/29/13 02/15/15 1,955, ,009, (2,009,329.45) 2,010, (2,010,067.02) FHLMC 06/03/13 09/04/15 1,000, ,001, ,000, (1,230.00) 1,001, ,000, (994.77) 1, Tohopekaliga FL Wtr Auth 07/02/13 10/01/14 1,000, ,007, (1,007,110.00) 1,006, (1,006,704.90) FHLMC 08/27/13 08/08/16 1,500, ,499, (1,499,460.00) 1,499, (1,499,430.35) FNMA 09/26/13 12/21/15 2,000, ,002, ,001, (760.00) 1,996, ,998, , New York NY Ser G-Subser 10/09/13 04/01/15 3,415, ,432, (3,432,211.60) 3,430, (3,430,303.95) Massachusetts St Wtr Poll 10/15/13 02/01/16 1,000, , , , , , , , Virginia St Hsg Auth Dev 10/15/13 01/01/16 2,000, ,016, ,005, (11,220.00) 2,004, ,001, (2,957.79) 10, SAFRA Natl Bank 10/15/13 10/15/14 240, , (240,000.00) 240, (240,000.00) FNMA 10/17/13 10/26/15 2,000, ,034, ,009, (24,720.00) 2,032, ,007, (24,376.30) 5, Ally Bank UT 10/17/13 04/17/15 240, , (240,000.00) 240, (240,000.00) New York St Urban Dev Cor 10/31/13 03/15/15 5,000, ,999, (4,999,550.00) 5,001, (5,001,748.18) New York St Dorm Auth St 11/01/13 03/15/15 320, , (323,664.00) 323, (323,710.25) New York St Dorm Auth Rev 11/05/13 12/01/15 1,000, ,035, ,011, (24,770.00) 1,035, ,010, (25,050.40) 2, Chesterfield Cnty VA Econ 11/06/13 01/01/15 420, , (423,733.80) 423, (423,747.21) Goldman Sachs Bank USA 11/13/13 11/14/16 240, , , , , Bucks Cnty PA 11/15/13 12/15/15 790, , , (2,038.20) 791, , (955.59) Montgomery Cnty MD Limite 12/09/13 11/01/15 1,000, ,000, , (830.00) 1,001, ,000, (1,287.97) FFCB 12/10/13 12/10/15 3,000, ,996, ,000, , ,000, ,000, New York St Txbl-Ser F 12/20/13 12/15/16 2,830, ,886, ,871, (15,083.90) 2,888, ,864, (23,740.41) 2, Colorado St Hsg & Fin Aut 12/20/13 05/15/15 720, , (724,615.20) 724, (724,449.97) JP Morgan Securities LLC 12/20/13 09/15/14 5,000, ,999, (4,999,805.85) 4,996, (4,996,580.00) Citizens St Bank 12/30/13 12/30/15 245, , , , , Foothill De Anza CA Cmnty 01/27/14 08/01/14 2,980, ,980, (2,980,774.80) 2,980, (2,980,544.17) FHLB 01/29/14 07/29/16 2,000, ,000, (2,000,880.00) 2,000, (2,000,000.00) Assn Cnty Comm of Georgia 01/31/14 09/01/15 1,475, ,519, ,480, (38,468.00) 1,519, ,481, (38,036.37) 14, SW TX Hgr Edu Auth 01/31/14 10/01/14 1,000, ,000, (1,000,590.00) 1,000, (1,000,847.50) West Virginia St HSG Dev 01/31/14 11/01/15 500, , , (1,565.00) 502, , (1,937.15) FNMA 02/06/14 08/26/16 2,000, ,001, ,004, , ,005, ,002, (2,480.71) 4, FHLB 02/19/14 02/19/16 2,000, ,999, (1,999,520.00) 2,000, (2,000,000.00) -

24 CHANGES IN VALUES 22 Investment Investment Purchase Maturity Face Beginning Ending Change in Beginning Ending Change in Accrued Number Description Date Date Value Market Value Market Value Market Value Book Value Book Value Book Value Interest FHLMC 03/19/14 09/19/16 2,000, ,001, ,002, ,000, ,000, , Henry Cnty GA & Henry Cnt 03/21/14 02/01/15 500, , (504,705.00) 504, (504,365.97) New York St Mortgage Agen 03/27/14 10/01/16 980, , , , , (2,033.29) 2, FNMA 04/02/14 03/30/16 2,000, ,003, ,002, (620.00) 2,003, ,001, (1,790.80) 2, Bank of China/Hong Kong 04/03/14 12/19/14 5,000, ,998, (4,998,919.00) 4,982, (4,982,187.50) Royse City Indep Sch Dist 04/25/14 08/15/15 1,437, ,433, ,437, , ,433, ,437, , FHLB 04/28/14 10/28/16 3,000, ,001, (3,001,470.00) 3,000, (3,000,000.00) Colorado St Hsg / Fin Aut 05/01/14 05/15/16 5,310, ,395, ,359, (36,904.50) 5,408, ,355, (52,686.20) 10, FNMA 10/08/14 01/30/17 2,000, ,020, ,020, ,016, ,016, , Florida St Hurricane Cata 10/14/14 07/01/16 805, , , , , , Florida St Hurricane Cata 10/21/14 07/01/16 1,635, ,642, ,642, ,648, ,648, , Bank of China/Hong Kong 11/05/14 07/24/15 5,000, ,999, ,999, ,997, ,997, Harris Cnty TX Ref-Senior 11/18/14 08/15/15 860, , , , , , Discover Bank 11/19/14 11/21/16 240, , , , , Capital One Bank 11/19/14 05/19/16 240, , , , , GE Capital Bank 11/21/14 05/23/16 240, , , , , Carlisle PA Area Sch Dist 12/03/14 03/01/16 1,725, ,754, ,754, ,755, ,755, , FHLB 12/12/14 12/12/16 2,000, ,002, ,002, ,998, ,998, New York St Urban Corp Re 12/18/14 03/15/17 1,000, ,000, ,000, ,002, ,002, , Regl Transprtn Auth IL Tx 12/18/14 04/01/16 1,000, ,000, ,000, ,000, ,000, , FHLB 01/09/15 09/09/16 2,000, ,076, ,076, ,075, ,075, , Stratford CT Txbl 01/13/15 08/15/16 500, , , , , , FHLB 01/13/15 01/12/16 2,000, ,000, ,000, ,999, ,999, , FNMA 01/14/15 03/10/16 2,216, ,336, ,336, ,336, ,336, , Harris Cnty Flood Control 01/15/15 10/01/16 2,000, ,999, ,999, ,000, ,000, , Florida St Hurricane Cata 01/21/15 07/01/16 1,530, ,537, ,537, ,541, ,541, , Alamo TX Cmnty Clg Dist 01/23/15 08/15/15 300, , , , , , Broward Cnty FL Sch Brd 01/23/15 07/01/15 1,100, ,100, ,100, ,100, ,100, , West Univ Place TX 01/26/15 02/01/17 1,000, , , ,003, ,003, , South Carolina St Jobs-Ec 01/28/15 04/01/16 300, , , , , , ING (US) Funding LLC 01/29/15 07/01/15 5,000, ,999, ,999, ,000, ,000, FHLB 02/09/15 08/09/16 2,000, ,000, ,000, ,998, ,998, , Menasha WI Wtrwks Sys & S 02/09/15 05/01/16 565, , , , , , Wisconsin St Gen Fund Ann 02/09/15 05/01/16 350, , , , , FFCB 02/17/15 08/17/16 2,000, ,004, ,004, ,000, ,000, , Wisconsin St Gen Fund Ann 02/18/15 05/01/16 2,000, ,009, ,009, ,009, ,009, , Mississippi St Txbl-Ser 6 02/18/15 10/01/15 1,000, , , ,000, ,000, Garland TX Elec Utility S 02/19/15 03/01/16 1,250, ,269, ,269, ,271, ,271, , FHLMC 02/25/15 08/25/17 2,000, ,002, ,002, ,000, ,000, , FHLMC 03/03/15 11/25/16 1,980, ,983, ,983, ,979, ,979, , Houston TX Indep Sch Dist 03/04/15 09/15/15 1,325, ,323, ,323, ,324, ,324, Anderson IN Sch Bldg Corp 03/10/15 07/05/16 800, , , , , , Regl Transprtn Auth IL Tx 03/13/15 04/01/16 2,000, ,000, ,000, ,000, ,000, , FFCB 03/16/15 08/16/16 2,000, ,002, ,002, ,000, ,000, , Texas St Tech Univ Revenu 04/09/15 02/15/16 1,015, ,014, ,014, ,015, ,015, , Lake Cnty IL Swr Sys Reve 06/01/15 12/01/16 830, , , , , , GENERAL OPERATING FUND TOTAL 155,023, ,940, ,318, (7,621,968.15) 99,932, ,297, (7,635,839.33) 307, SCHOOL NUTRITION SERVICES FFCB 10/09/13 10/01/15 250, , (250,167.50) 249, (249,987.22) Discover Bank 10/17/13 10/17/14 240, , (240,000.00) 240, (240,000.00) Arizona St WTR Infrastruc 10/22/13 10/01/15 490, , , (1,685.60) 492, , (1,806.90) 1, Florida St Dept Gen Svcs 12/09/13 09/01/14 570, , (574,879.20) 574, (574,771.03) Snohomish Cnty WA Sch Dis 02/05/14 12/01/14 605, , (617,051.60) 617, (617,082.63) Wylie TX Indep Sch Dist 02/07/14 08/15/16 500, , , , , , , FNMA 05/13/14 03/30/16 1,000, ,001, ,001, (310.00) 1,002, ,001, (1,693.12) 1, FFCB 05/16/14 05/16/16 1,500, ,498, ,502, , ,500, ,500, Scott Cnty TN Ref-Rural S 06/30/14 06/01/16 265, , , (4,099.55) 272, , (4,003.76) Gwinnett Cnty GA Sch Dist 10/21/14 02/01/16 385, , , , , ,020.83