ANNUAL INVESTMENT REPORT

Transcription

1 NORTH EAST I.S.D. ANNUAL INVESTMENT REPORT for the year ended June 30, ANNUAL INVESTMENT REPORT Tab: Title

2 i TABLE OF CONTENTS Investment Officers Certification 1 Investment Instruments 2 Portfolio Compliance Review 3 Review of Activities 4 Investment Controls 5 Investment Policies 5 Investment Strategies 6 Market Strategy 6 Enhancements and Recommended Improvements 6 Investment Plan for Portfolio Composition.. 8 Maturity Aging/Portfolio Performance 9 Cash Receipts and Investment Pool Performance 13 Purchases (by fund) 14 Maturities/Calls/Sales (by fund) 16 Changes in Managed Pool Balances (by fund) 18 Changes in Values (by fund) 20 Earnings/Yields (by fund) 24 Legal Investment Policies 29 Local Investment Policies ANNUAL INVESTMENT REPORT Tab: TOC (2) 9/25/2013

3 North East Independent School District Annual Investment Report June 30, 2013 Members of the Board: This report summarizes the portfolio and activity of the North East Independent School District for the year ended June 30, /30/2012 6/30/2013 Book Value $ 289,707,393 $ 323,381,835 Market Value 290,056, ,484,467 Weighted Average Maturity (Days) Weighted Average Yield-to-Maturity of Portfolio 0.72% 0.30% Yield-to-Maturity of90-day T-Bill 0.08% 0.04% This quarterly report is presented in accordance with the Texas Government Code Title 10 Section and NEISD Policy. The investment officers hereby certify that, to the best of their knowledge on the date this report was created, North East Independent School District is in compliance with the provisions of Government Code 2256 and with the stated policies and strategies of the District. J?vi~\AUd Associate Superintendent for Business Services/CFO S~O District Treasurer nd Financial Analysis

4 2 North East Independent School District Current Investment Instruments June 30, 2013 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 June 30, 2013 Category Compliant Comments Securities purchased were authorized by the Investments / Securities Public Funds Investment Act and the District's Yes approved local and legal investment policy. Certification from Broker/Dealers Yes Broker/Dealer Certifications on file. Training CFO, Treasurer, Treasury Accountant and Senior Yes Director of Budgets completed 10 hours Diversity Investment portfolio is diversified to reduce risk Yes of loss. Liquidity Maintain sufficient liquidity of portfolio to meet Yes anticipated cash flow requirements. Maturity Maximum maturities in all funds are within legal Yes limits of investment policies. In order of priority, investments are governed by Standard of Care the objectives of Safety of Principal, Liquidity and Yes Yield. Collateral pledges Pledged collateral provided in accordance with Yes local investment policy. Prudent measures are in place to liquidate a Required Credit Ratings downgraded investment. No investments were Yes downgraded. Internal Management Reports Monthly Investment Reports are approved by the Yes Board of Trustees.

6 4 ANNUAL INVESTMENT REPORT As required by NEISD s investment policies, the District s investment officers are required to provide a comprehensive report on the investment program and investment activity to the Board of Trustees annually. This report is required to include NEISD s portfolio performance and recommendations of policies, strategies and improvements necessary to enhance the investment program. Finally, this report is required to include an investment plan for the ensuing year. Review of Activities During fiscal year NEISD s general operating fund received approximately $673.5 million in local, state, and federal cash receipts. These receipts included approximately $105 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 that data. These funds were actively managed throughout the year and invested in pools, money market funds, agency bonds, municipal bonds and highly rated commercial paper. The weighted average maturity of the General Fund as of June 30, 2013 was days. The yield earned by this fund over the fiscal year was 0.31%. As of June 30, 2013, the ending book value of North East s portfolio was $323,381,835. The yield earned for the District s portfolio was 0.30% with total interest earnings of $1,042,546, while the investment pools earned an average rate of 0.13% during the fiscal year. A comprehensive benchmark analysis of NEISD s portfolio begins on page 8 of this report. In July 2007, NEISD received the proceeds from the $498 million bond sale. The proceeds were invested in pools, agency bonds and discount notes, and commercial paper. The fixed income securities were purchased with maturity dates to match the expected draw down schedule of the funds. As of June 30, 2013, $16.2 million remained in investment pools to be used to complete projects. In November 2010, NEISD received the proceeds from the issuance of $37.5 million Limited Maintenance Tax Qualified School Construction Notes. The proceeds were invested in pools, agency bonds, municipal bonds and commercial paper. The fixed income securities were purchased with maturity dates to match the expected draw down schedule of the funds. As of June 30, 2013, $6.2 million was in the investment pools and the book value of the fixed income securities was $739,000. All proceeds from this issuance must be spent by November 17, During August 2013, NEISD received proceeds from the $180.6 million bond sale. The proceeds were invested in pools, agency bonds and discount notes, municipal bonds, and commercial paper. The fixed income securities were purchased with maturity dates to match the expected draw down schedule of the funds. As of June 30, 2013, $44.7 million

7 5 was in the investment pools and the book value of the fixed income securities was $3.3 million. Investment Controls Many investment controls are in place to ensure the safety of NEISD s investments. The Board has adopted policies and strategies that comply with the Public Funds Investment Act and provide investment officers the flexibility needed to make day-to-day investment decisions. NEISD also 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 -- such as the 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. The Office of Budget & Financial Analysis receives and files original confirmations and receipts from each investment purchase and wire transaction. The Office of Budget & Financial Analysis and the Office of Accounting Services & Payroll ensure that clear separation of duties is provided for investment and cash management functions. Competitive bidding is always utilized; bids from three to five brokers/dealers are received before a purchasing decision is made. Periodic investment reports are prepared by the District s investment officers and provided to the Board of Trustees. Investment Policies The policies included in this report continue to be the recommended investment policies for NEISD. The investment policies comply with the Public Funds Investment Act (PFIA). Per the PFIA, the NEISD Investment Policy emphasizes safety of principal, liquidity and addresses investment diversification, yield, and maturity and the quality and capability of investment management. Additionally, as required per the PFIA the policies include: 1. A list of the types of authorized investments in which the District s funds may be invested; 2. The maximum allowable stated maturity of any individual investment owned by the District; 3. For pooled fund groups, the maximum dollar-weighted average maturity allowed based on the stated maturity date of the portfolio; 4. Methods to monitor the market price and credit ratings of investments acquired with public funds; and 5. A requirement for settlement of all transactions, except investment pool funds and mutual funds, on a delivery versus payment basis.

8 6 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 to obtain 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. 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 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. The investment officers continue to work with other offices in the Finance

9 7 Department to implement processes and procedures that, when implemented, will improve cash flow positions and payment terms. Ultimately, these projects should increase efficiency and aid investment performance. Investment Plan for The investment plan for fiscal year 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 also be 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 PORTFOLIO COMPOSITION NORTH EAST I.S.D. As of 06/30/12 & 06/30/13 Portfolio Composition - 06/30/12 Book Value $289,707,393 MUNICIPAL BONDS 23.7% FHLB 1.3% FFCB 0.34% FHLMC 0.39% COMMERCIAL PAPER 38.3% FAMCA 0.48% CDs 0.34% POOLS 35.2% FFCB 3.1% Portfolio Composition - 06/30/13 Book Value $323,381,835 FNMA 1.4% FHLMC 0.3% MUNICIPAL BOND 20.9% CDs 0.08% FHLB 1.7% MONEY MARKET 6.7% POOLS 52.8% COMMERCIAL PAPER 13.0% Legend: CDs Fully insured and collaterallized Certificates of Deposit COMMERCIAL PAPER Short-term promissory notes issued by a corporation, Rated at least A-1, P-1 or F-1 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 FNMA DISCOUNT Federal National Mortgage Association (Fannie Mae) Discount Notes MUNICIPAL Municipal Bonds issued by state and local governments POOLS Various Investment Pools and Bank of America Sweep Account Note: Due to rounding, porfolio composition may not equal 100.0%

11 NORTH EAST I.S.D. As of 06/30/12 & 06/30/13 9 Maturity Aging - 06/30/12 vs. 06/30/13 $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 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% NEISD Total Portfolio versus Investment Pools Yield Spread 7/31/08-06/30/13 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun % 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% NEISD Total Portfolio versus T-Bills Yield Spread 07/31/08-6/30/13 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May Day T-bill 90-Day T-bill 180-Day T-bill

12 % 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% -0.50% NEISD Total Portfolio versus T-Notes Yield Spread 7/31/08-06/30/13 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 1 Year T-Note 2 Year T-Note

13 11 PORTFOLIO COMPOSITION GENERAL FUND ONLY NORTH EAST I.S.D. As of 06/30/12 & 06/30/13 Portfolio Composition - 06/30/12 Book Value $130,220,549 MUNICIPAL BONDS 32.7% FHLB 0.4% COMMERCIAL PAPER 39.9% FHLMC 0.39% FFCB 0.34% POOLS 25.5% Portfolio Composition - 06/30/13 Book Value $148,913,774 FHLMC 0.7% MUNICIPAL BOND 35.6% FNMA 3.0% FFCB 6.7% FHLB 3.7% COMMERCIAL PAPER 18.5% POOLS 31.8% Legend: CDs Fully insured and collaterallized Certificates of Deposit COMMERCIAL PAPER Short-term promissory notes issued by a corporation, Rated at least A-1, P-1 or F-1 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 FNMA DISCOUNT Federal National Mortgage Association (Fannie Mae) Discount Notes MUNICIPAL Municipal Bonds issued by state and local governments POOLS Various Investment Pools and Bank of America Sweep Account Note: Due to rounding, porfolio composition may not equal 100.0%

14 12 MATURITY AGING/PORTFOLIO PERFORMANCE GENERAL FUND ONLY NORTH EAST I.S.D. As of 06/30/12 & 06/30/13 Maturity Aging - 06/30/12 vs. 06/30/13 $450,000,000 $400,000,000 $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 1.50% NEISD General Fund versus Investment Pools Yield Spread 7/31/08-06/30/ % 0.50% 0.00% -0.50% -1.00% Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13

15 13 CASH RECEIPTS NORTH EAST I.S.D. For FY11, FY12, & FY13 $160,000,000 Fiscal Year to Date General Operating Cash Receipts $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 July August September October November December January February March April May June FY FY11-12 FY % Daily Rates of Investment Pools Fiscal Year % INVESTMENT POOL PERFORMANCE NORTH EAST I.S.D. 07/01/12-06/30/ % 0.40% 0.20% 0.00% 7/1/12 7/15/12 7/29/12 8/12/12 8/26/12 9/9/12 9/23/12 10/7/12 10/21/12 11/4/12 11/18/12 12/2/12 12/16/12 12/30/12 1/13/13 1/27/13 2/10/13 2/24/13 3/10/13 3/24/13 4/7/13 4/21/13 5/5/13 5/19/13 6/2/13 6/16/13 6/30/13 TexPool TP Prime LOGIC Lone Star CLASS TexSTAR TexasDaily BlackRock MMF Federated Federated Prime Obs Fidelity

16 14 PURCHASES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Face Value Principal Yield to Number Description Date Date Invested Maturity GENERAL OPERATING ING Funding 07/11/12 04/05/13 $ 10,000, $ 9,948, % Gainesville SD 11/08/12 12/01/13 800, , General Elec CAP Corp 11/15/12 08/09/13 12,000, ,979, Deutsche Bank FINL LLC 11/16/12 08/01/13 1,000, , Euless TX Ref-Ser A 11/29/12 02/15/14 270, , Louisville Met Swr Dist 12/04/12 12/04/13 5,000, ,069, San Benito - Ref 12/06/12 02/01/14 325, , Pflugerville-TXB 12/19/12 02/15/13 870, , FHLB 12/19/12 06/13/14 1,000, ,076, Milwaukee Cnty-Ref 12/20/12 12/01/14 500, , Deutsche BK FIN 12/21/12 06/19/13 5,000, ,991, Weatherford TX Ref 12/27/12 03/01/14 1,000, ,019, San Antonio ISD 01/15/13 08/15/14 875, , FFCB 01/16/13 12/24/14 2,000, ,998, FCAR I 01/22/13 10/18/13 2,000, ,993, Forsyth Cnty GA Sch Dist 01/24/13 02/01/14 500, , Princeton NJ BRD of EDU 01/29/13 02/01/15 1,005, , Mississippi St DEV Bank S 01/29/13 09/01/14 1,000, ,013, Beaumont TX ISD 01/30/13 02/15/15 1,000, ,049, FFCB 02/06/13 02/06/15 1,000, , Coconino Cnty AZ UNIF Sch 02/07/13 07/01/14 600, , Columbus OH 02/08/13 02/15/15 3,000, ,162, Pflugerville ISD 02/08/13 02/15/15 500, , FFCB 02/08/13 07/30/14 2,000, ,998, Denton TX ISD 02/20/13 08/15/14 1,425, ,525, San Antonio TX WTR Reven 02/20/13 05/15/14 600, , Toms River NJ 02/20/13 06/15/14 690, , FCAR II 03/01/13 11/22/13 6,500, ,484, Flower Mound TX Ref 03/07/13 09/01/15 200, , FNMA 03/08/13 05/27/15 2,000, ,008, San Antonio TX Elec & Gas 03/11/13 02/01/15 575, , FNMA 03/18/13 09/18/15 2,500, ,500, FHLB 03/18/13 03/18/15 2,500, ,499, Aurora CO Ref 03/21/13 12/01/13 300, , Hays TX Consol ISD Ref 03/22/13 08/15/14 300, , Leander TX ISD Prem Cap A 03/22/13 08/15/14 1,000, , Dallas TX CTFS Oblig 04/08/13 02/15/15 1,985, ,066, McKinney TX RFBE B/E 04/09/13 08/15/15 490, , FFCB 04/15/13 04/15/15 2,000, ,999, FHLB 04/18/13 11/20/15 2,000, ,010, Horry Cnty, SC Sch Dist 04/30/13 03/01/15 1,925, ,090, Regl Transprtn Dist CO 04/30/13 11/01/14 400, , NY State Dorm Auth 05/07/13 03/15/14 1,325, ,378, Hoover AL Ref-Warrants-Se 05/09/13 03/01/14 635, , FFCB 05/15/13 12/24/14 2,000, ,001, Goose Creek TX ISD 05/16/13 02/15/15 1,960, ,120, Hays Cnty TX Ref Limited 05/17/13 02/15/15 1,025, ,039, Port of Seattle WA 05/24/13 12/01/15 500, , Bank of Nova Scotia NY 05/24/13 02/14/14 3,000, ,995,

17 15 PURCHASES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Face Value Principal Yield to Number Description Date Date Invested Maturity Midlothian TX ISD 05/29/13 02/15/15 1,955, ,106, FHLMC 06/03/13 09/04/15 1,000, ,002, ING (US) Funding LLC 06/18/13 10/15/13 3,000, ,998, FFCB 06/24/13 12/24/14 1,000, , West Virginia St-St Rd 06/27/13 06/01/14 1,000, ,043, GENERAL OPERATING TOTAL 99,035, ,532, SCHOOL NUTRITION SERVICES FCAR II 03/01/13 11/22/13 1,000, , Salt Lk Cnty, UT 03/01/13 06/15/14 200, , Bank of Nova Scotia NY 05/24/13 02/14/14 1,000, , Fort Worth TX CTFS Oblig- 06/27/13 03/01/14 695, , SCHOOL NUTRITION SERVICES TOTAL 2,895, ,923, DEBT SERVICE RABOBANK USA FIN Corp 01/24/13 07/15/13 10,000, ,989, Toyota Motor Credit Corp 01/24/13 07/22/13 1,000, , Carrol TX Indep Sch Dist 06/20/13 02/15/14 425, , DEBT SERVICE TOTAL 11,425, ,423, BOND FUND Maryland ST EDC 05/09/13 06/01/13 2,500, ,507, Ohio St OH Ref-Hgr Ed-Ser 05/20/13 08/01/13 500, , Massachusetts ST Cons Ln- 05/28/13 09/01/13 1,000, ,012, Univ of Texas FING SYS 05/29/13 08/15/13 500, , Texas St Ref-Pub Fin Auth 05/29/13 10/01/13 300, , Northhampton Cnty PA 06/21/13 10/01/13 1,000, ,013, BOND FUND TOTAL 5,800, ,847, HEALTH INSURANCE FCAR II 03/01/13 11/22/13 500, , Grapevine TX Ref 04/11/13 02/15/14 385, , Bank of Nova Scotia NY 05/24/13 02/14/14 1,000, , HEALTH INSURANCE TOTAL 1,885, ,887, DENTAL Clark Cnty NV 06/06/13 11/01/13 250, , DENTAL TOTAL 250, , WORKERS' COMPENSATION Fort Worth TX CTFS Oblig- 06/27/13 03/01/14 500, , WORKERS' COMPENSATION TOTAL 500, , SUMMARY TOTALS: $ 121,790, $ 123,383,342.56

18 16 MATURITIES/CALLS/SALES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Call Face Value Principal Yield to Number Description Date Date Date Invested Maturity GENERAL OPERATING RaboBank USA Fin 01/09/12 07/09/12 Open $ 25,000, $ 24,921, % FCAR Owner Trust CP 02/22/12 08/01/12 Open 15,000, ,968, Abbey Nat NA LLC 03/23/12 12/17/12 Open 10,000, ,929, FCAR OWNER TURST II 06/06/12 03/01/13 Open 2,000, ,992, ING Funding 07/11/12 04/05/13 Open 10,000, ,948, Deutsche BK FIN 12/21/12 06/19/13 Open 5,000, ,991, FFCB 12/12/11 12/12/14 12/12/12 1,000, ,000, FHLB 10/01/10 06/28/13 Open 500, , FHLMC 12/19/11 12/19/14 12/19/12 1,000, ,000, AZ Pwr - Crossover 05/16/11 10/01/12 Open 1,485, ,581, Univ of HI - Ser A 10/13/11 07/15/12 Open 2,000, ,079, Jefferson SWR - D 10/28/11 08/01/12 Open 2,500, ,587, Chicago TXBL Note 11/01/11 12/05/12 Open 8,000, ,000, MS Small Enter 12/05/11 12/01/12 Open 5,670, ,910, AL Wtr Polltn Ln 01/27/12 08/15/12 Open 1,000, ,015, NJ Econ Dev Auth 01/30/12 09/01/12 Open 105, , Illinois - TXBL 03/27/12 01/01/13 Open 1,000, ,019, Central Sq CSD - R 05/03/12 05/15/13 Open 2,750, ,790, Michigan HSG DEV Auth 06/15/12 11/01/13 Open 455, , Pflugerville-TXB 12/19/12 02/15/13 Open 870, , GENERAL OPERATING TOTAL 95,335, ,670, SCHOOL NUTRITION SERVICES Discover Bank 06/13/12 06/13/13 Open 248, , Chicago TXBL Note 11/01/11 12/05/12 Open 1,000, ,000, NYC - TXB - F2 01/20/12 12/01/12 Open 1,500, ,516, NYC 02/06/12 03/01/13 Open 2,000, ,036, SCHOOL NUTRITION SERVICES TOTAL 4,748, ,801, DEBT SERVICE Prudential Funding 10/13/11 07/06/12 Open 1,000, , ING Funding 01/18/12 07/30/12 Open 15,000, ,949, Deutsche BK Fin 02/02/12 07/30/12 Open 10,000, ,968, Credit Agri NA 03/22/12 07/26/12 Open 10,000, ,980, Natixis US Fin 04/13/12 07/30/12 Open 15,000, ,977, Bartow Cnty 05/11/11 08/01/12 Open 1,000, ,052, Chicago TXBL Note 11/01/11 12/05/12 Open 1,000, ,000, DEBT SERVICE TOTAL 53,000, ,925, QSCB PROJECTS Prudential Funding 10/13/11 07/06/12 Open 1,000, , FCAR OWNER TURST II 06/06/12 03/01/13 Open 2,000, ,992, FAMCA 01/14/11 08/10/12 Open 1,400, ,431, FL TPK-REF-DEPT 11/24/10 07/01/12 Open 1,000, ,065, NY TWY BRDG TR 11/24/10 04/01/13 Open 200, , LOWER CO RIV AUT 11/24/10 05/15/13 Open 165, , Beeville ISD 11/23/10 08/15/12 Open 335, , THREE RVRS PK DI 12/09/10 02/01/13 Open 715, , Cuyahoga Econ-TX 03/01/12 12/01/12 Open 4,600, ,654, QSCB PROJECTS TOTAL 11,415, ,628,

19 17 MATURITIES/CALLS/SALES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Call Face Value Principal Yield to Number Description Date Date Date Invested Maturity BOND FUND Maryland ST EDC 05/09/13 06/01/13 Open 2,500, ,507, BOND FUND Total 2,500, ,507, BOND FUND Prudential Funding 10/13/11 07/06/12 Open 1,000, , FCAR OWNER TURST II 06/06/12 03/01/13 Open 3,000, ,988, FHLB 09/29/08 09/14/12 Open 3,250, ,319, BOND FUND TOTAL 7,250, ,304, HEALTH INSURANCE FCAR OWNER TURST II 06/06/12 03/01/13 Open 1,000, , NYC - TXB - F2 01/20/12 12/01/12 Open 1,500, ,516, Illinois - TXBL 03/27/12 01/01/13 Open 1,000, ,019, HEALTH INSURANCE TOTAL 3,500, ,532, DENTAL Doral Bank 06/08/12 06/07/13 Open 248, , Garland ISD - CABS 03/27/12 02/15/13 02/15/13 58, , DENTAL TOTAL 306, , WORKERS' COMPENSATION Beal Bank SSB TX 06/13/12 06/12/13 Open 248, , Illinois - TXBL 03/27/12 01/01/13 Open 1,000, ,019, WORKERS' COMPENSATION TOTAL 1,248, ,267, SUMMARY TOTALS: $ 179,302, $ 179,943,945.83

20 18 CHANGES IN MANAGED POOL BALANCES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Beginning Ending Change in Description Book Balance Book Balance Book Balance GENERAL OPERATING TexPool-General Operating $ 6,455, $ 10,208, $ 3,753, LOGIC-General Operating 12,674, ,912, ,237, TexPool-State Payments 18, (18,351.48) TexasTERM-General Fund 2,000, (2,000,000.00) TexPool Prime-Gen. Fund 11,547, ,681, (1,866,530.72) TexPool-General Operating 500, , GENERAL OPERATING TOTAL 33,196, ,302, ,106, SCHOOL NUTRITION SERVICES TexPool-Food Service ,602, ,601, LOGIC-Food Service 1,841, ,134, (706,760.20) TexPool Prime-Food Svc 2,194, ,284, , SCHOOL NUTRITION SERVICES TOTAL 4,036, ,021, , QSCB - DEBT SERVICE TexPool Prime-5019 Debt S 27, ,782, ,754, QSCB - DEBT SERVICE TOTAL 27, ,782, ,754, DEBT SERVICE TexPool-Debt Service ,330, ,330, LOGIC-Debt Service 13,715, ,284, (10,430,668.23) TexPool Prime-Debt Svc 5,395, ,802, ,406, DEBT SERVICE TOTAL 19,111, ,417, ,306, QSCB BOND FUND TexPool Prime-6019 QSCB P 13,102, ,246, (6,856,100.41) QSCB BOND FUND TOTAL 13,102, ,246, (6,856,100.41) BOND FUND Fidelity - CP b - 21,621, ,621, TexPool Prime ,852, ,852, LOGIC-2012 Bond - 11,209, ,209, TexPool - 9,067, ,067, BOND FUND TOTAL - 44,751, ,751, CAPITAL PROJECTS $498 MILLION TexPool-CP $498 Million 213, ,756, ,543, TexPool Prime ,797, , (26,497,490.92) CAPITAL PROJECTS $498 MILLION TOTAL 27,010, ,056, (10,954,291.15) CAPITAL PROJECTS $498 MILLION TexPool Prime , , (536,219.42) CAPITAL PROJECTS $498 MILLION TOTAL 632, , (536,219.42)

21 19 CHANGES IN MANAGED POOL BALANCES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Beginning Ending Change in Description Book Balance Book Balance Book Balance HEALTH INSURANCE TexPool-Health Insurance ,126, ,126, LOGIC-Health Insurance 3,422, ,493, (1,929,912.59) TexPool Prime-Health Ins. 131, ,814, ,683, HEALTH INSURANCE TOTAL 3,554, ,434, ,880, DENTAL LOGIC-Dental 680, , (393,380.58) TexPool Prime-Dental 21, , , DENTAL TOTAL 702, , , WORKERS' COMPENSATION TexPool-Workers' Comp LOGIC-Workers' Comp 586, ,103, , TexPool Prime-Work Comp 15, , , WORKERS' COMPENSATION TOTAL 602, ,585, , SUMMARY TOTALS: $ 101,976, $ 192,413, $ 90,436,988.56

22 20 CHANGES IN VALUES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Face Value Beginning Ending Change in Beginning Ending Change in Int/Div Accrued Number Description Date Date Market Value Market Value Market Value Book Value Book Value Book Value in the Period GENERAL OPERATING FHLB 10/01/10 06/28/13 $ 500, $ 502, $ - $ (2,370.00) $ 500, $ - $ - $ AZ Pwr - Crossover 05/16/11 10/01/12 1,485, ,502, (17,894.25) 1,502, (17,471.70) North TX TWY Auth 07/25/11 09/01/13 1,000, ,016, ,003, (13,120.00) 1,017, ,002, (15,166.66) 8, Univ of HI - Ser A 10/13/11 07/15/12 2,000, ,002, (2,960.00) 2,004, (4,091.91) Lewisvile ISD 10/17/11 08/15/13 2,000, ,987, ,998, , ,986, ,998, , Jefferson SWR - D 10/28/11 08/01/12 2,500, ,507, (7,875.00) 2,509, (9,662.09) Chicago TXBL Note 11/01/11 12/05/12 8,000, ,007, (7,600.00) 8,000, North TX TWY Auth 11/18/11 09/01/13 4,500, ,574, ,515, (59,040.00) 4,589, ,512, (76,792.53) 36, NJ Sports - Ref - B 12/02/11 03/01/14 610, , , , , , , , MS Small Enter 12/05/11 12/01/12 5,670, ,764, (94,689.00) 5,771, (101,271.62) FFCB 12/12/11 12/12/14 1,000, ,001, (1,920.00) 1,000, FHLMC 12/19/11 12/19/14 1,000, ,001, (1,580.00) 1,000, RaboBank USA Fin 01/09/12 07/09/12 25,000, ,998, , ,996, , NJSHSG 01/09/12 10/01/13 535, , , (663.40) 536, , (928.94) 1, AL Wtr Polltn Ln 01/27/12 08/15/12 1,000, ,002, (2,990.00) 1,003, (3,351.11) NJ Econ Dev Auth 01/30/12 09/01/12 105, , (211.05) 105, (269.62) FCAR Owner Trust CP 02/22/12 08/01/12 15,000, ,999, ,993, , HOUFAC 02/23/12 09/01/13 1,000, ,050, ,007, (43,460.00) 1,053, ,007, (45,709.49) 16, Miami-Dade Cnty 02/24/12 08/01/14 900, , , (25,488.00) 972, , (35,004.56) 18, Cook Cnty Ill 02/24/12 12/01/14 275, , , , , , , Hudson Cnty NJ 02/27/12 09/01/14 680, , , (36,155.60) 767, , (40,188.91) 16, Abbey Nat NA LLC 03/23/12 12/17/12 10,000, ,993, (2,335.00) 9,955, , Illinois - TXBL 03/27/12 01/01/13 1,000, ,012, (12,520.00) 1,012, (12,534.31) Central Sq CSD - R 05/03/12 05/15/13 2,750, ,778, (28,957.50) 2,784, (34,122.18) Central Dauphin 05/22/12 12/01/13 4,095, ,238, ,140, (98,116.20) 4,243, ,138, (104,778.30) 10, FCAR OWNER TURST II 06/06/12 03/01/13 2,000, ,997, , ,993, , Michigan HSG DEV Auth 06/15/12 11/01/13 1,415, ,421, ,417, (3,679.00) 1,428, ,418, (10,085.29) 4, Michigan HSG DEV Auth 06/15/12 11/01/13 455, , (2,047.50) 459, (2,432.23) Gainesville SD 11/08/12 12/01/13 800, , (9,584.00) - 805, (8,307.70) 1, General Elec CAP Corp 11/15/12 08/09/13 12,000, ,999, , ,997, , Deutsche Bank FINL LLC 11/16/12 08/01/13 1,000, , , , , Euless TX Ref-Ser A 11/29/12 02/15/14 270, , (2,376.00) - 272, (2,533.79) 2, Louisville Met Swr Dist 12/04/12 12/04/13 5,000, ,036, (32,700.00) - 5,029, (39,991.25) 57, San Benito - Ref 12/06/12 02/01/14 325, , (2,717.00) - 327, (2,669.82) 2, FHLB 12/19/12 06/13/14 1,000, ,048, (27,648.00) - 1,048, (27,432.99) 2, Milwaukee Cnty-Ref 12/20/12 12/01/14 500, , (8,560.00) - 525, (9,364.72) 1, Weatherford TX Ref 12/27/12 03/01/14 1,000, ,011, (8,130.00) - 1,010, (8,405.85) 6, San Antonio ISD 01/15/13 08/15/14 875, , (19,801.25) - 923, (19,906.89) 17, FFCB 01/16/13 12/24/14 2,000, ,996, (1,960.00) - 1,999, FCAR I 01/22/13 10/18/13 2,000, ,999, , ,997, , Forsyth Cnty GA Sch Dist 01/24/13 02/01/14 500, , (10,225.00) - 513, (10,337.62) 10, Princeton NJ BRD of EDU 01/29/13 02/01/15 1,005, , (2,753.70) - 998, , Mississippi St DEV Bank S 01/29/13 09/01/14 1,000, ,003, (10,330.00) - 1,009, (3,571.47) 4, Beaumont TX ISD 01/30/13 02/15/15 1,000, ,035, (14,100.00) - 1,039, (10,093.37) 10, FFCB 02/06/13 02/06/15 1,000, , (1,160.00) - 1,000, , , Coconino Cnty AZ UNIF Sch 02/07/13 07/01/14 600, , (5,994.00) - 615, (6,288.00) 7, Columbus OH 02/08/13 02/15/15 3,000, ,121, (41,220.00) - 3,130, (31,930.11) 34,000.00

23 21 CHANGES IN VALUES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Face Value Beginning Ending Change in Beginning Ending Change in Int/Div Accrued Number Description Date Date Market Value Market Value Market Value Book Value Book Value Book Value in the Period Pflugerville ISD 02/08/13 02/15/15 500, , (10,010.00) - 536, (9,048.14) 9, FFCB 02/08/13 07/30/14 2,000, ,999, ,000, , , Denton TX ISD 02/20/13 08/15/14 1,425, ,501, (23,683.50) - 1,500, (24,512.00) 25, San Antonio TX WTR Revenu 02/20/13 05/15/14 600, , (5,964.00) - 614, (5,989.50) 2, Toms River NJ 02/20/13 06/15/14 690, , (4,429.80) - 701, (4,306.37) FCAR II 03/01/13 11/22/13 6,500, ,498, , ,491, , Flower Mound TX Ref 03/07/13 09/01/15 200, , (3,738.00) - 219, (2,882.39) 3, FNMA 03/08/13 05/27/15 2,000, ,003, (5,540.00) - 2,007, (1,244.56) San Antonio TX Elec & Gas 03/11/13 02/01/15 575, , (9,734.75) - 617, (8,144.37) 8, FNMA 03/18/13 09/18/15 2,500, ,493, (6,225.00) - 2,500, , FHLB 03/18/13 03/18/15 2,500, ,497, (2,125.00) - 2,499, , Aurora CO Ref 03/21/13 12/01/13 300, , (3,039.00) - 304, (3,093.60) 1, Hays TX Consol ISD Ref 03/22/13 08/15/14 300, , (3,465.00) - 315, (3,848.60) 4, Leander TX ISD Prem Cap A 03/22/13 08/15/14 1,000, , , Dallas TX CTFS Oblig 04/08/13 02/15/15 1,985, ,046, (20,127.90) - 2,056, (10,124.90) 11, McKinney TX RFBE B/E 04/09/13 08/15/15 490, , (3,626.00) - 506, (1,763.93) 2, FFCB 04/15/13 04/15/15 2,000, ,993, (5,860.00) - 1,999, , FHLB 04/18/13 11/20/15 2,000, ,997, (12,440.00) - 2,009, (803.63) 1, Horry Cnty, SC Sch Dist 04/30/13 03/01/15 1,925, ,067, (23,119.25) - 2,075, (15,309.66) 16, Regl Transprtn Dist CO 04/30/13 11/01/14 400, , (1,284.00) - 400, (42.40) NY State Dorm Auth 05/07/13 03/15/14 1,325, ,366, (12,243.00) - 1,369, (9,422.30) 9, Hoover AL Ref-Warrants-Se 05/09/13 03/01/14 635, , (2,063.75) - 642, (1,601.24) 1, FFCB 05/15/13 12/24/14 2,000, ,996, (4,440.00) - 2,001, (101.69) Goose Creek TX ISD 05/16/13 02/15/15 1,960, ,099, (21,246.40) - 2,109, (11,501.06) 12, Hays Cnty TX Ref Limited 05/17/13 02/15/15 1,025, ,034, (5,278.75) - 1,038, (1,047.07) 1, Port of Seattle WA 05/24/13 12/01/15 500, , (9,305.00) - 554, (2,338.71) 2, Bank of Nova Scotia NY 05/24/13 02/14/14 3,000, ,997, , ,996, Midlothian TX ISD 05/29/13 02/15/15 1,955, ,092, (14,251.95) - 2,098, (7,866.72) 8, FHLMC 06/03/13 09/04/15 1,000, , (2,841.00) - 1,002, (77.37) ING (US) Funding LLC 06/18/13 10/15/13 3,000, ,999, , ,998, FFCB 06/24/13 12/24/14 1,000, , (1,920.00) - 999, West Virginia St-St Rd 06/27/13 06/01/14 1,000, ,042, (1,250.00) - 1,043, (526.71) GENERAL OPERATING TOTAL 179,640, ,064, ,520, (811,071.08) 97,058, ,610, (717,631.91) 408, SCHOOL NUTRITION SERVICES Chicago TXBL Note 11/01/11 12/05/12 1,000, ,000, (950.00) 1,000, NYC - TXB - F2 01/20/12 12/01/12 1,500, ,507, (7,590.00) 1,508, (8,168.00) NYC 02/06/12 03/01/13 2,000, ,024, (24,980.00) 2,022, (22,566.23) RI H/E Pub Schs 05/10/12 05/05/14 500, , , (16,680.00) 537, , (20,446.99) 3, Discover Bank 06/13/12 06/13/13 248, , (141.21) 248, FCAR II 03/01/13 11/22/13 1,000, , , , , Salt Lk Cnty, UT 03/01/13 06/15/14 200, , (2,150.00) - 206, (2,425.34) Bank of Nova Scotia NY 05/24/13 02/14/14 1,000, , , Fort Worth TX CTFS Oblig- 06/27/13 03/01/14 695, , (597.70) - 717, (368.58) SCHOOL NUTRITION SERVICES TOTAL 8,143, ,317, ,442, (50,284.93) 5,316, ,438, (52,696.53) 3,936.11

24 22 CHANGES IN VALUES NORTH EAST I.S.D. 07/01/12-06/30/13 Investment Investment Purchase Maturity Face Value Beginning Ending Change in Beginning Ending Change in Int/Div Accrued Number Description Date Date Market Value Market Value Market Value Book Value Book Value Book Value in the Period QSCB - Debt Service Leander ISD - CABS 06/30/11 08/15/26 715, , , , , , , San Antonio ISD 06/30/11 08/15/25 1,000, ,206, ,147, (58,950.00) 1,000, ,000, , QSCB - DEBT SERVICE TOTAL 1,715, ,621, ,582, (39,809.45) 1,383, ,424, , , DEBT SERVICE Leander ISD - CABS 12/16/10 08/15/15 1,000, , , , , , , Bartow Cnty 05/11/11 08/01/12 1,000, ,003, (3,410.00) 1,003, (3,604.09) North TX TWY Auth 07/28/11 09/01/13 1,000, ,016, ,003, (13,120.00) 1,017, ,002, (15,227.09) 8, Prudential Funding 10/13/11 07/06/12 1,000, , , Chicago TXBL Note 11/01/11 12/05/12 1,000, ,000, (950.00) 1,000, Corpus Christi ISD 12/05/11 08/15/13 750, , , (27,772.50) 779, , (26,721.15) 11, ING Funding 01/18/12 07/30/12 15,000, ,999, ,992, , Deutsche BK Fin 02/02/12 07/30/12 10,000, ,999, ,994, , Credit Agri NA 03/22/12 07/26/12 10,000, ,999, ,996, , Natixis US Fin 04/13/12 07/30/12 15,000, ,999, ,993, , RABOBANK USA FIN Corp 01/24/13 07/15/13 10,000, ,999, , ,999, , Toyota Motor Credit Corp 01/24/13 07/22/13 1,000, , , , , Carrol TX Indep Sch Dist 06/20/13 02/15/14 425, , (2,635.00) - 435, (515.84) DEBT SERVICE TOTAL 67,175, ,779, ,175, (28,178.54) 55,713, ,145, , , QSCB PROJECTS FL TPK-REF-DEPT 11/24/10 07/01/12 1,000, ,000, ,065, (65,080.00) NY TWY BRDG TR 11/24/10 04/01/13 200, , (7,330.00) 206, (6,299.57) LOWER CO RIV AUT 11/24/10 05/15/13 165, , (6,517.50) 170, (5,148.44) Beeville ISD 11/23/10 08/15/12 335, , (1,815.70) 336, (1,704.11) THREE RVRS PK DI 12/09/10 02/01/13 715, , (7,357.35) 719, (4,113.57) New Jersey St 12/14/10 07/01/13 240, , , (7,768.80) 245, , (5,402.59) 4, Leander ISD - CABS 12/16/10 08/15/13 500, , , , , , , FAMCA 01/14/11 08/10/12 1,400, ,402, (2,996.00) 1,402, (2,153.65) Prudential Funding 10/13/11 07/06/12 1,000, , , Cuyahoga Econ-TX 03/01/12 12/01/12 4,600, ,627, (27,370.00) 4,630, (30,232.22) FCAR OWNER TURST II 06/06/12 03/01/13 2,000, ,997, , ,993, , QSCB PROJECTS TOTAL 12,155, ,212, , (57,194.89) 12,259, , (105,098.25) 4, BOND FUND Ohio St OH Ref-Hgr Ed-Ser 05/20/13 08/01/13 500, , (2,135.00) - 501, (2,130.85) 2, Massachusetts ST Cons Ln- 05/28/13 09/01/13 1,000, ,007, (4,540.00) - 1,007, (4,392.90) 4, Univ of Texas FING SYS 05/29/13 08/15/13 500, , (2,305.00) - 503, (2,218.95) 2, Texas St Ref-Pub Fin Auth 05/29/13 10/01/13 300, , (1,365.00) - 303, (1,278.69) 1, Northhampton Cnty PA 06/21/13 10/01/13 1,000, ,011, (1,460.00) - 1,011, (1,331.00) 1, BOND FUND TOTAL 3,300, ,327, (11,805.00) - 3,328, (11,352.39) 11, BOND FUND FHLB 09/29/08 09/14/12 3,250, ,277, (27,787.50) 3,253, (3,567.38) Prudential Funding 10/13/11 07/06/12 1,000, , , FCAR OWNER TURST II 06/06/12 03/01/13 3,000, ,996, , ,989, , BOND FUND TOTAL 7,250, ,274, (24,068.19) 7,243, ,