city of corinth, texas...texpool $ 413,259 $ 413,307 $ - $ - texstar. funds. city of corinth. city...

Prepared By:Chris Rodriguez

Financial Services Manager

City of Corinth, Texas

ANNUAL INVESTMENT REPORT

For Fiscal Year Ended September 30, 2015

Lee Ann BunselmeyerActing City Manager

Caryn Riggs

Assistant Director of Finance

3300 Corinth Parkway • Corinth, TX • 940.498.3280 • Fax 940.498.3232

November 17, 2015

TO: Honorable Mayor and Members of the City Council

The Annual Investment Report is written in accordance with state statutes, specifically the PublicFunds Investment Act, section 2256 of the Texas Government Code. This report is presented tocomply with the City’s investment policy that states “within one hundred (180) days of the end ofthe fiscal year, the Director of Finance shall present an annual report on the investment program andinvestment activity. This report may be presented as a component of the fourth quarter report to theCity Manager and City Council.”

I. STATUTORY AND POLICY REQUIREMENTS

On January 15, 2015, a resolution was passed to adopt a formal investment policy for the Cityof Corinth. The Investment Policy is required by state law to be reviewed each year. Thepolicy designates the Director of Finance as being responsible for the City’s investment program.The Director of Finance is also responsible for establishing written procedures for theoperation of the program. These procedures include the explicit delegation of authority topersons who carry out the daily investment transactions. The Director of Finance hasmade this delegation of authority to the Financial Services Manager. Investment officialshave the authority to invest all funds for the City of Corinth, the Corinth Crime Controland Prevention District and Corinth Economic Development Corporation with the exception offunds contributed to the Texas Municipal Retirement System (TMRS); other fundsestablished by the City for deferred employee compensation; and revenue bond escrowfunds. These funds are managed by outside investment managers and administrators and aremonitored by the Finance Department.

The funds of the City of Corinth, Texas, are invested in compliance with Article. 842(a-1)entitled the “Public Funds Investment Act” of the Texas Government Code. Staff annuallyreviews the policy guidelines and objectives to ensure compliance with the changes in statelaw, and with the investment strategies adopted by the City Council as summarized below inorder of importance.

1) Safety – Preservation and safety of Principal.Safety of principal invested is the foremost objective in the investment decisions of theCity. Each investment transaction shall seek to ensure the preservation of capital in theoverall portfolio. The risk of loss shall be controlled by investing only in authorizedsecurities as defined in this Policy, by qualifying the financial institutions and broker withwhich the City will transact, and by portfolio diversification. Safety is defined as theundiminished return of the principal on the City’s investments.

2) Liquidity.

The investment portfolio shall be managed to maintain liquidity to ensure that funds will beavailable to meet the City’s cash flow requirements and by investing in securities with activesecondary markets. Investments shall be structured in such a manner as to provide liquiditynecessary to pay obligations as they become due. A security may be liquidated prior to itsstated maturity to meet unanticipated cash requirements or to otherwise favorably adjustthe City’s portfolio.

3) Diversification.

Investment maturities shall be staggered throughout the budget cycle to provide cash flowbased on the anticipated needs of the City. Diversifying the appropriate maturitystructure will reduce market cycle risk.

4) Market Rate-of-Return (Yield).

The City’s investment portfolio shall be designed to optimize a market rate-of-return oninvestments consistent with risk constraints and cash flow requirements of the portfolio.The investment portfolio shall be managed in a manner which seeks to attain a marketrate of return throughout budgetary and economic cycles. The City will not attempt toconsistently attain an unrealistic above market rate-of-return, as this objective will subjectthe overall portfolio to greater risk. Therefore, the City’s rate of return objective issecondary to those of safety and liquidity. Rate of return (yield) is defined as the annualincome returned on an investment, expressed as a percentage.

5) Public Trust

The Investment Officer shall avoid any transactions that might impair public confidence inthe City’s ability to govern effectively. The governing body recognizes that indiversifying the portfolio, occasional measured losses due to market volatility areinevitable, and must be considered within the context of the overall portfolio’sinvestment return, provided that adequate diversification has been implemented. Theprudence of the investment decision shall be measured in accordance with the tests set forthin Section 2256.006(b) of the Act.

Signature Redacted Signature Redacted

Signature Redacted Signature Redacted

Signature Redacted

Beginning Book Value as of 9/30/2014 $ 13,167,444Beginning Market Value as of 9/30/2014 $ 13,162,703WAM at Beginning Date (Days) 268

Ending Book Value as of 9/30/2015 $ 12,304,220Ending Market Value as of 9/30/2015 $ 12,318,327

Unrealized Gain/(Loss) $ 14,107

Change to Market Value(1)

$ (844,376)

WAM at Ending Date (Days) 230WAM Policy Benchmark < 270

Beginning Book Value as of 9/30/2014 $ 322,596Beginning Market Value as of 9/30/2014 $ 322,191WAM at Beginning Date (Days) 356

Ending Book Value as of 9/30/2015 $ 198,534Ending Market Value as of 9/30/2015 $ 198,534

Unrealized Gain/(Loss) $ -


$ (123,657)


The investment strategy for operating funds and commingled pools containingoperating funds have as their primary objective to assure that anticipated cash flowsare matched with adequate investment liquidity. The secondary objective is tostructure a portfolio, which will minimize volatility during economic cycles. This may beaccomplished by purchasing high quality, short-term securities, which will complimenteach other in a laddered maturity structure. A dollar-weighted average maturity of 270days or less will be maintained and calculated by using the stated final maturity dateof each security.

(1)The decrease in the Change to Market Value for the Operating Funds is due to the budgeted use of fund balance for the

Public Safety Communications upgrade and Tower Ridge.

For Period Ending September 30, 2015

DEBT SERVICE RESERVE FUND

(2)The Change to Market Value decrease in the reserve fund is due to the budgeted use of fund balance towards the annual

debt service payments.

Investment strategies for debt service reserve and contingency funds shall have asthe primary objective the ability to generate a dependable revenue stream to theappropriate fund from securities with a low degree of volatility. Securities should be ofhigh quality and, except as may be required by the bond ordinance specific to anindividual issue, of short to intermediate-term maturities. Volatility shall be furthercontrolled through the purchase of securities carrying the highest coupon available,within the desired maturity and quality range, without paying a premium, if at allpossible. Such securities will tend to hold their value during economic cycles. A dollarweighted average maturity of 365 days or less will be maintained and calculated byusing the stated final maturity date of each security.

INVESTMENT STRATEGIES COMPLIANCE REPORT

OPERATING FUNDS

Beginning Book Value as of 9/30/2014 $ 1,523,623Beginning Market Value as of 9/30/2014 $ 1,522,862WAM at Beginning Date (Days) 191


Unrealized Gain/(Loss) $ -


$ (970,543)


Beginning Book Value as of 9/30/2014 $ 417,728Beginning Market Value as of 9/30/2014 $ 417,727WAM at Beginning Date (Days) 264


Unrealized Gain/(Loss) $ 346


$ 20,990


Investment strategies for construction projects or special revenue fund portfolios willhave as their primary objective to assure that anticipated cash flows are matched withadequate investment liquidity. These portfolios should include at least 10% in highlyliquid securities to allow for flexibility and unanticipated project outlays. The statedfinal maturity dates of securities held should not exceed the estimated projectcompletion date. A dollar weighted average maturity of 270 days or less will bemaintained and calculated by using the stated final maturity of each security.

(1)The Change to Market Value decrease in the bond funds is due to the capital project expenditures for the 1.5 MG Ground

Storage Tank, Shady Rest Lane and Tower Ridge.

BOND FUNDS

Investment strategies for bond funds will have as their primary objective to assure thatanticipated cash flows are matched with adequate investment liquidity. Theseportfolios should include at least 10% in highly liquid securities to allow for flexibilityand unanticipated project outlays. The stated final maturity dates of securities heldshould not exceed the estimated project completion date. A dollar weighted averagematurity of 365 days or less will be maintained and calculated by using the stated finalmaturity of each security.

For Period Ending September 30, 2015

(2)No significant change.

SPECIAL REVENUE FUNDS

INVESTMENT STRATEGIES COMPLIANCE REPORT

Market Sector Dec. 31, 2014 Mar. 31, 2015 June 30, 2015 Sept. 30, 2015

U.S. Federal Agency -Coupon $ 2,350,000 $ 3,350,000 $ 3,350,000 $ 3,350,000U.S. Federal Agency-Callable 2,630,000 4,130,000 2,845,000 2,845,000

Managed Pools 2,320,583 2,821,023 1,408,060 908,351

Money Market 5,987,319 5,991,011 6,210,577 3,639,171

Bank Cash 6,313,322 1,284,474 1,964,569 2,751,925

Total Par Value: $ 19,601,224 $ 17,576,508 $ 15,778,206 $ 13,494,447

Performance

Indicators

Policy

Benchmark Dec. 31, 2014 Mar. 31, 2015 June 30, 2015 Sept. 30, 2015

Average Yield to Maturity 0.302% 0.470% 0.443% 0.491%> Policy Benchmark-(Six Month T-Bill) 0.096% 0.105% 0.078% 0.173%

Callable Securities < 30.00% 13.42% 23.50% 18.03% 21.08%

Investment By Type <

U.S. Treasuries 100.00% 0.00% 0.00% 0.00% 0.00%U.S. Agencies 100.00% 25.40% 42.55% 39.27% 45.91%Certificates of Deposit 100.00% 0.00% 0.00% 0.00% 0.00%Managed Pools 50.00% 11.84% 16.05% 8.92% 6.73%Money Market 100.00% 30.55% 34.09% 39.36% 26.97%Cash 100.00% 32.21% 7.31% 12.45% 20.39%

The portfolio is restricted to U.S. Treasuries, U.S. Agencies, bonds issued by Texas public entities and rated AA or better, fullyinsured/collateralized certificates of deposit, and fully collateralized repurchase agreements. The investments are diversified bysecurity type to protect interest income from the volatility of interest rates and to protect the portfolio from the risk of principalloss in any one market.

Note: The portfolio is below the benchmark for callable securities for the year. The Average Yield to Maturity exceeds the

Policy Benchmark for all four quarters of the year.

Portfolio Summary By Market Sector


Agency Coupon24.83%

Agency Callable21.08%Managed Pools

6.73%

Money Market26.97%

Bank Cash20.39%

As of Sept. 30, 2015

Dealers/Brokers Dec. 31, 2014 Mar. 31, 2015 June 30, 2015 Sept. 30, 2015

Broker/DealerCoastal Securities $ 1,130,000 $ 2,130,000 $ 845,000 $ 845,000Mutual Securities 1,500,000 2,000,000 2,000,000 2,000,000SAMCO Capital Markets 2,350,000 3,350,000 3,350,000 3,350,000

Total Broker/Dealer $ 4,980,000 $ 7,480,000 $ 6,195,000 $ 6,195,000

Managed Pools/ Depository BankTexPool $ 413,259 $ 413,307 $ - $ -TexStar 1,907,324 2,407,716 1,408,060 908,352Money Market 5,987,319 5,991,011 6,210,577 3,639,171NorthStar Bank 6,313,322 1,284,474 1,964,569 2,751,925

Total Managed Pools/Depository Bank $ 14,621,224 $ 10,096,508 $ 9,583,206 $ 7,299,447

Total Par Value: $ 19,601,224 $ 17,576,508 $ 15,778,206 $ 13,494,447

Performance

Indicators

Policy


Highest Broker Percent < 40.00% 11.99% 19.06% 21.23% 24.83%

Portfolio Summary By Broker/Dealer

To guard against default possibilities, and to promote diversification of bidders, business with any one issuer, or investmentbroker, is limited to forty (40%) percent of the total portfolio at any point in time. As shown in the table below, the portfolioadhered to this provision throughout the quarter.


Coastal Securities6.26%

Mutual Securities14.82%

SAMCO CapitalMarkets24.83%

TexStar6.73%

Money Market26.97%

NorthStar Bank20.39%


Maturity Time Frame Dec. 31, 2014 Mar. 31, 2015 June 30, 2015 Sept. 30, 2015

0-30 Days $ 14,621,224 $ 10,096,508 $ 9,583,206 $ 7,599,44731-90 Days - - - -91-180 Days - - 300,000 1,300,000181-270 Days - 300,000 1,300,000 -271-360 Days 300,000 1,300,000 -361-450 Days 1,300,000 - - 500,000451-540 Days - - 500,000 2,095,000

541 Days & Over 3,380,000 5,880,000 4,095,000 2,000,000

$ 19,601,224 $ 17,576,508 $ 15,778,206 $ 13,494,447

Performance

Indicators

Policy


Weighted Avg. Maturity < 365 Days 160 303 222 217

Maturities < 30 days > 5.00% 74.59% 57.44% 60.74% 56.32%

Note: The portfolio is within the benchmark limits for the Weighted Average Maturity and liquidity is at 56% at the end of the

fiscal year.


The risk of market price volatility is minimized through maturity diversification. The maturities on our investments are staggeredover a series of three-month increments to provide cash flow based on the anticipated needs of the City. Liquidity is achievedby matching investment maturities with forecasted cash flow requirements and by investing in securities with active secondarymarkets. Short-term investment pools and money market funds provide daily liquidity and are utilized as a competitive yieldalternative to fixed maturity investments.

Portfolio Summary By Maturity

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

Dec. 31, 2014 Mar. 31, 2015 June 30, 2015 Sept. 30, 2015

Liquidity (0-30 Days) Core Portfolio Reserves

Fund Type Dec. 31, 2014 Mar. 31, 2015 June 30, 2015 Sept. 30, 2015

Operating Funds $ 18,406,271 $ 15,981,049 $ 14,664,977 $ 12,305,558Debt Service Reserve Fund 322,602 322,718 323,366 198,534Special Revenues Funds 237,767 237,852 237,938 438,037Bond Funds 634,584 1,034,889 551,925 552,319

$ 19,601,224 $ 17,576,508 $ 15,778,206 $ 13,494,447

Performance

Indicators

Policy


WAM by Fund <

Operating Funds 270 Days 160 323 238 230Debt Service Reserve Funds 365 Days 318 280 1 1Special Revenue Funds 270 Days 138 100 62 213Bond Funds 365 Days 84 46 1 1

As shown in the graph above, the investments in the portfolio are distributed by fund type. Preservation and safety of principalof these investments is the most important strategy. All investments shall be high quality securities with no perceived defaultrisk. Market fluctuations will occur; however, by managing the weighted-average days to maturity (WAM) for each fund type,losses are minimized.

Note: The Weighted Average Maturity for all Funds are below the policy benchmark as of September 30, 2015.

Portfolio Summary By Fund Type


Operating Funds91.19%

Debt Service ReserveFund1.47%

Special RevenuesFunds3.25%

Bond Funds4.09%



U.S. Federal Agency -Coupon $ 1,140,000 $ 1,140,000 $ 1,140,000 $ 1,140,000

U.S. Federal Agency-Callable 370,000 370,000 655,000 655,000

Managed Pools 310,694 310,730 310,773 430,830

Money Market 690,259 690,712 555,311 555,708

Bank Cash 113,244 187,956 204,946 245,221Total Par Value: $ 2,624,197 $ 2,699,398 $ 2,866,030 $ 3,026,759

Performance

Indicators

Policy





U.S. Treasuries 100.00% 0.00% 0.00% 0.00% 0.00%U.S. Agencies 100.00% 57.54% 55.94% 62.63% 59.31%Managed Pools 100.00% 11.84% 11.51% 10.84% 14.23%Money Market 100.00% 26.30% 25.59% 19.38% 18.36%Cash 100.00% 4.32% 6.96% 7.15% 8.10%


Maturities < 30 days > 5.00% 42.46% 44.06% 37.37% 40.70%

ANNUAL INVESTMENT REPORTEconomic Development Corporation


Note: The portfolio exceeds the policy benchmark for the Average Yield to Maturity for all four quarters of the fiscal year. The

liquidity for the portfolio is 41% at the end of the fiscal year.

U.S. Federal Agency -Coupon37.67%

U.S. Federal Agency-Callable21.64%

Managed Pools14.23%

Money Market18.36%

Bank Cash8.10%



U.S. Federal Agency -Coupon $ 150,000 $ 150,000 $ 150,000 $ 150,000

U.S. Federal Agency-Callable - - - -

Managed Pools - - - -

Money Market - - - 75,038

Bank Cash 130,125 187,933 262,533 201,319Total Par Value: $ 280,125 $ 337,933 $ 412,533 $ 426,357

Performance

Indicators

Policy





U.S. Treasuries 100.00% 0.00% 0.00% 0.00% 0.00%U.S. Agencies 100.00% 53.55% 44.39% 36.36% 35.18%Managed Pools 100.00% 0.00% 0.00% 0.00% 0.00%Money Market 100.00% 0.00% 0.00% 0.00% 17.60%Cash 100.00% 46.45% 55.61% 63.64% 47.22%


Maturities < 30 days > 5.00% 46.45% 55.61% 63.64% 64.82%

Note: The portfolio is within the policy benchmark for the Average Yield to Maturity for the fiscal year. The liquidity for the

portfolio is 65% at the end of the fiscal year.

ANNUAL INVESTMENT REPORTStreet Maintenance Sales Tax


U.S. Federal Agency -Coupon35.18%

Money Market17.60%

Bank Cash47.22%



U.S. Federal Agency -Coupon $ - $ - $ - $ -Cash in Bank 137,952 151,899 161,430 173,691

Total Par Value: $ 137,952 $ 151,899 $ 161,430 $ 173,691

Performance

Indicators

Policy





U.S. Treasuries 100.00% 0.00% 0.00% 0.00% 0.00%U.S. Agencies 100.00% 0.00% 0.00% 0.00% 0.00%Managed Pools 100.00% 0.00% 0.00% 0.00% 0.00%Cash 100.00% 100.00% 100.00% 100.00% 100.00%


Note: Due to liquidity needs, the fund balance is not invested. All funds are held in the bank account.


Crime Control & Prevention District


Cash in Bank100.00%


Actual ActualFund Name 2014-15 2013-14 Variance

OPERATING FUNDS100 General Fund $ 3,345,530 $ 3,235,681 $ 109,849110 Water/Sewer Operations 2,275,941 3,153,980 (878,038)120 Storm Water Utility Fund 447,819 549,142 (101,323)130 Economic Development Corporation 3,026,759 2,750,080 $ 276,679131 Crime Control & Prevention District 173,691 106,773 66,918132 Street Maintenance Sales Tax 426,357 373,571 52,786

Northstar Cash 2,751,925 2,125,795 626,130$ 12,448,022 $ 12,295,022 $ 153,001

RESERVE FUNDS200 Debt Service $ 198,534 $ 322,485 $ (123,951)

$ 198,534 $ 322,485 $ (123,951)

BOND / CAPITAL PROJECTS FUNDS193 General Fund Capital Expenditure Fund 1,720,846 2,268,887 (548,040)194 Utility Capital Expenditure Fund 612,226 510,982 101,244703 Streets - 2007 C.O. 400,699 585,000 (184,301)704 All Departmental - 2007 C.O. - - -705 Fire - 2010 C.O. - - -800 Water - 2007 C.O. - 614,363 (614,363)801 Wastewater - 2007 C.O. - - -802 Drainage - 2007 C.O. 151,620 321,229 (169,610)

$ 2,885,391 $ 4,300,461 $ (1,415,070)

INTERNAL SERVICE FUNDS300 General Fund Vehicle Replacement - 125,027 (125,027)301 Fire Vehicle Replacement 75,430 225,049 (149,619)302 Technology Replacement - - -310 Utility Vehicle Replacement 300,300 300,042 258311 Utility Meter Replacement 775,540 675,038 100,502

$ 1,151,271 $ 1,325,157 $ (173,886)

IMPACT FEE FUNDS610 Water/Sewer Impact Fees 200,000 100,000 100,000611 Wastewater Impact Fees 100,000 - 100,000620 Storm Drainage Impact Fees - - -630 Roadway Impact Fees - 80,000 (80,000)699 Street Escrow Fund 138,037 237,641 (99,605)

$ 438,037 $ 417,641 $ 20,395

$ 17,121,254 $ 18,660,765 $ (1,539,511)

CITY OF CORINTHINVESTED BALANCE COMPARISON(For Periods Ending September 30)

$- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000

Operating Fund

Reserve Funds

Bond / Capital Project Funds

Internal Service Funds

Impact Fee Funds

Operating Fund Reserve Funds Bond / Capital Project Funds Internal Service Funds Impact Fee Funds

2013-14 12,295,022 322,485 4,300,461 $1,325,157 $417,641

2014-15 12,448,022 198,534 2,885,391 $1,151,271 $438,037

INVESTED BALANCE COMPARISON

Actual ActualFund Name 2014-15 2013-14 Variance

OPERATING FUNDS:100 General Fund $ 39,762 $ 31,945 $ 7,818110 Water/Sewer Operations 6,996 13,874 (6,878)120 Storm Water Utility Fund 418 1,078 (661)130 Economic Development Corporation $ 11,026 $ 11,332 $ (306)131 Crime Control & Prevention District 149 343 (193)132 Street Maintenance Sales Tax 932 2,094 (1,162)

$ 59,283 $ 60,666 $ (1,383)RESERVE FUNDS:

200 Debt Service $ 1,772 $ 3,752 $ (1,980)$ 1,772 $ 3,752 $ (1,980)

BOND /CAPITAL PROJECTS FUNDS193 General Fund Capital Expenditure Fund 9,058 10,195 (1,137)194 Utility Capital Expenditure Fund 1,531 2,761 (1,230)703 Streets - 2007 C.O. 1,422 1,147 275704 All Departmental - 2007 C.O. 21 91 (70)705 Fire - 2010 C.O. 44 259 (215)800 Water - 2007 C.O. 207 3,077 (2,871)801 Wastewater - 2007 C.O. 14 2,179 (2,164)802 Drainage - 2007 C.O. 1,103 1,128 (25)

$ 13,400 $ 20,837 $ (7,437)

INTERNAL SERVICE FUNDS300 General Fund Vehicle Replacement 86 607 (520)301 Fire Vehicle Replacement 513 584 (71)302 Technology Replacement 21 2 20310 Utility Vehicle Replacement 1,227 1,235 (8)311 Utility Meter Replacement 6,063 2,905 3,158

$ 7,912 $ 5,333 $ 2,579

IMPACT FEE FUNDS610 Water/Sewer Impact Fees $ 588 $ 546 $ 42611 Wastewater Impact Fees 190 281 (91)620 Storm Drainage Impact Fees 86 218 (131)630 Roadway Impact Fees 269 471 (202)630 Street Escrow 411 1,340 (929)

$ 1,545 $ 2,855 $ (1,311)

83,911$ 93,443$ (9,532)$

CITY OF CORINTHINTEREST EARNINGS COMPARISON(For Periods Ending September 30)

INTEREST EARNINGS COMPARISON

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000

Operating Funds

Reserve Funds

Bond / Capital Project Funds

Internal Service Funds

Impact Fee Funds

Operating Funds Reserve Funds Bond / Capital Project Funds Internal Service Funds Impact Fee Funds

2013-14 $60,666 $3,752 $20,837 $5,333 $2,855

2014-15 $59,283 $1,772 $13,400 $7,912 $1,545




APPENDIX A

Investment ReportFor Month Ending September 30, 2015

City

ofC

orinth

3300

Corinth

Park

way

Corin

th,T

X76208

-940498

3200

Cit

yo

fC

ori

nth

po

rtfo

lio

Tex

as

Co

mp

lia

nce

Ch

an

ge

inV

al

Re

po

rtS

ort

ed

by

Fu

nd

Octo

ber

1,2014

-S

ep

tem

ber

30,2015

Redem

ptions

Change

inV

alu

e

Book

Valu

eIn

v#

Issu

er

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

Fu

nd

:P

oo

led

Cash

1001

20

0

SY

S10

01

2

NT

HS

TR

10

/01

/20

14

3,2

35

.18

2,1

25,7

94

.82

7,3

82

,15

3.7

86,7

56

,023.8

3626

,129.9

52,7

51

,924.7

7

2,7

51

,92

4.7

70

.19

8/

/0.0

02

,12

5,7

94

.82

2,7

51

,924.7

7626

,129.9

56,7

56

,023.8

37,3

82

,15

3.7

8

3,2

35

.18

2,1

25,7

94

.82

7,3

82

,15

3.7

86,7

56

,023.8

3626

,129.9

52,7

51

,924.7

7

0.0

02

,12

5,7

94

.82

2,7

51

,924.7

7626

,129.9

56,7

56

,023.8

37,3

82

,15

3.7

8

Su

bT

ota

lsF

or:

Fu

nd

:P

oo

led

Cash

Fu

nd

:G

en

era

lF

un

d

1051

310

0

3134

G4

TD

0

FH

LM

C09

/01

/20

14

7,3

93

.75

84

5,6

98

.30

0.0

00

.00

-698

.30

845

,000.0

0

845

,00

0.0

00

.87

401

/27

/20

17

6,6

95

.46

84

3,1

63

.30

846

,859.0

03

,69

5.7

00

.00

0.0

0

1014

010

0

SY

S10

14

0

TX

ST

AR

10

/01

/20

14

55

7.2

61.0

02,5

00

,53

0.1

72,5

00

,000.0

0530

.17

531

.17

531

.17

0.0

99

//

53

0.1

71.0

0531

.17

530

.17

2,5

00

,000.0

02,5

00

,53

0.1

7

1032

710

0

SY

S10

32

7

NT

HS

TR

10

/01

/20

14

3,3

25

.18

64

0,6

81

.33

1,0

63

,68

9.8

31,7

04

,371.1

6-6

40,6

81

.33

0.0

0

0.0

00

.25

0/

/3,0

72

.43

64

0,6

81

.33

0.0

0-6

40,6

81

.33

1,7

04

,371.1

61,0

63

,68

9.8

3

1049

510

0

3130

A0C

65

FH

LB

01

/07

/20

14

6,2

50

.00

99

6,7

67

.48

0.0

00

.00

1,4

42.0

2998

,209.5

0

1,0

00

,00

0.0

00

.77

112

/28

/20

16

6,2

50

.00

99

7,1

00

.00

1,0

01

,600.0

04

,50

0.0

00

.00

0.0

0

1049

810

0

3130

A0JT

8

FH

LB

01

/28

/20

14

74

3.7

574

8,8

40

.97

0.0

0750

,000.0

0-7

48,8

40

.97

0.0

0

0.0

00

.00

001

/17

/20

17

2,0

54

.17

74

7,0

75

.00

0.0

0-7

47,0

75

.00

750

,000.0

00

.00

1052

310

0

3130

A3Q

80

FH

LB

01

/02

/20

15

3,9

22

.92

0.0

05

00

,00

0.0

00

.00

500

,000.0

0500

,000.0

0

500

,00

0.0

01

.04

709

/29

/20

17

3,8

93

.75

0.0

0501

,850.0

0501

,850.0

00

.00

500

,00

0.0

0

1052

210

0

3134

G5

VA

0

FH

LM

C01

/02

/20

15

9,3

40

.27

0.0

01,0

00

,00

0.0

00

.00

1,0

00

,000.0

01,0

00

,000.0

0

1,0

00

,00

0.0

01

.25

012

/29

/20

17

6,1

45

.83

0.0

01,0

02

,400.0

01,0

02

,400.0

00

.00

1,0

00

,00

0.0

0

31,5

33

.13

3,2

31,9

89

.08

5,0

64

,22

0.0

04,9

54

,371.1

6111

,751.5

93,3

43

,740.6

7

28,6

41

.81

3,2

28,0

20

.63

3,3

53

,240.1

7125

,219.5

44,9

54

,371.1

65,0

64

,22

0.0

0

Su

bT

ota

lsF

or:

Fu

nd

:G

en

era

lF

un

d

Fu

nd

:U

tility

Fu

nd

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e2

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1045

011

0

3133

1V

AJ5

FF

CB

05

/31

/20

12

76

8.7

818

7,6

48

.87

0.0

0187

,000.0

0-1

87,6

48

.87

0.0

0

0.0

00

.00

011

/03

/20

14

4,3

24

.38

18

7,7

29

.30

0.0

0-1

87,7

29

.30

187

,000.0

00

.00

1046

011

0

3133

XY

RX

5

FH

LB

09

/18

/20

12

52

8.7

510

0,4

57

.74

0.0

0100

,000.0

0-1

00,4

57

.74

0.0

0

0.0

00

.00

012

/22

/20

14

1,1

75

.00

10

0,4

90

.00

0.0

0-1

00,4

90

.00

100

,000.0

00

.00

1050

711

0

3133

EC

E91

FF

CB

08

/01

/20

14

1,2

00

.00

30

0,0

00

.00

0.0

00

.00

0.0

0300

,000.0

0

300

,00

0.0

00

.40

002

/01

/20

16

1,2

00

.00

29

8,7

40

.00

300

,090.0

01

,35

0.0

00

.00

0.0

0

1052

711

0

3130

A3P

C2

FH

LB

09

/30

/20

15

2.7

10.0

01

49

,95

5.9

00

.00

150

,248.5

0150

,248.5

0

150

,00

0.0

00

.67

412

/12

/20

16

0.0

00.0

0150

,472.5

0150

,472.5

00

.00

149

,95

5.9

0

1021

111

0

SY

S10

21

1

TX

ST

AR

10

/01

/20

14

45

4.2

550

9,5

73

.02

600

,42

9.3

5500

,000.0

0100

,429.3

5610

,002.3

7

610

,00

2.3

70

.09

9/

/42

9.3

550

9,5

73

.02

610

,002.3

7100

,429.3

5500

,000.0

06

00

,42

9.3

5

1035

811

0

SY

S10

35

8

NT

HS

TR

10

/01

/20

14

5,0

66

.25

2,0

57,4

06

.65

105

,16

1.1

5946

,628.8

4-8

41,4

67

.69

1,2

15

,938.9

6

1,2

15

,93

8.9

60

.25

0/

/5,1

61

.15

2,0

57,4

06

.65

1,2

15

,938.9

6-8

41,4

67

.69

946

,628.8

41

05

,16

1.1

5

1001

811

0

SY

S10

01

8

TX

PO

OL

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

05

.27

1/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1002

311

0

SY

S10

02

3

FE

DE

R10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

05

.19

0/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

8,0

20

.74

3,1

55,0

86

.28

855

,54

6.4

01,7

33

,628.8

4-8

78,8

96

.45

2,2

76

,189.8

3

12,2

89

.88

3,1

53,9

38

.97

2,2

76

,503.8

3-8

77,4

35

.14

1,7

33

,628.8

48

55

,54

6.4

0

Su

bT

ota

lsF

or:

Fu

nd

:U

tility

Fu

nd

Fu

nd

:D

rain

ag

eF

un

d

1052

812

0

3130

A3P

C2

FH

LB

09

/30

/20

15

2.7

10.0

01

49

,95

5.9

00

.00

150

,248.5

0150

,248.5

0

150

,00

0.0

00

.67

412

/12

/20

16

0.0

00.0

0150

,472.5

0150

,472.5

00

.00

149

,95

5.9

0

1030

212

0

SY

S10

30

2

TX

ST

AR

10

/01

/20

14

22

3.4

039

7,6

02

.59

216

.11

100

,000.0

0-9

9,7

83

.89

297

,818.7

0

297

,81

8.7

00

.09

9/

/21

6.1

139

7,6

02

.59

297

,818.7

0-9

9,7

83

.89

100

,000.0

02

16

.11

1033

212

0

SY

S10

33

2

NT

HS

TR

10

/01

/20

14

59.6

815

1,5

39

.26

60

.70

151

,599.9

6-1

51,5

39

.26

0.0

0

0.0

00

.25

0/

/6

0.7

015

1,5

39

.26

0.0

0-1

51,5

39

.26

151

,599.9

660

.70

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e3

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

28

5.7

954

9,1

41

.85

150

,23

2.7

1251

,599.9

6-1

01,0

74

.65

448

,067.2

0

27

6.8

154

9,1

41

.85

448

,291.2

0-1

00,8

50

.65

251

,599.9

61

50

,23

2.7

1

Su

bT

ota

lsF

or:

Fu

nd

:D

rain

ag

eF

un

d

Fu

nd

:E

co

no

mic

Develo

pm

en

t

1049

313

0

3133

1JQ

55

FF

CB

12

/31

/20

13

14

7.7

492

5,0

72

.18

0.0

0925

,000.0

0-9

25,0

72

.18

0.0

0

0.0

00

.00

010

/06

/20

14

5,3

18

.75

92

5,0

92

.50

0.0

0-9

25,0

92

.50

925

,000.0

00

.00

1050

313

0

3134

G3

W55

FH

LM

C07

/31

/20

14

22

5.0

05

0,0

52

.45

0.0

00

.00

-51

.09

50

,00

1.3

6

50

,00

0.0

00

.43

111

/24

/20

15

18

3.1

25

0,1

71

.88

50

,02

5.0

0-1

46

.88

0.0

00

.00

1047

413

0

3133

EC

E91

FF

CB

02

/01

/20

13

60

0.0

015

0,0

00

.00

0.0

00

.00

0.0

0150

,000.0

0

150

,00

0.0

00

.40

002

/01

/20

16

60

0.0

014

9,3

70

.00

150

,045.0

0675

.00

0.0

00

.00

1050

213

0

3133

EC

E91

FF

CB

07

/31

/20

14

40

0.0

010

0,0

00

.00

0.0

00

.00

0.0

0100

,000.0

0

100

,00

0.0

00

.40

002

/01

/20

16

40

0.0

09

9,5

80

.00

100

,030.0

0450

.00

0.0

00

.00

1050

413

0

3133

EC

E91

FF

CB

07

/31

/20

14

80

0.0

020

0,0

00

.00

0.0

00

.00

0.0

0200

,000.0

0

200

,00

0.0

00

.40

002

/01

/20

16

80

0.0

019

9,1

60

.00

200

,060.0

0900

.00

0.0

00

.00

1049

713

0

3133

82

K85

FH

LB

01

/28

/20

14

1,1

25

.00

25

0,0

47

.91

0.0

00

.00

-32

.73

250

,015.1

8

250

,00

0.0

00

.43

703

/18

/20

16

1,1

25

.00

25

0,1

50

.00

250

,100.0

0-5

0.0

00

.00

0.0

0

1050

813

0

3133

82

K85

FH

LB

08

/01

/20

14

1,7

55

.00

38

9,7

21

.27

0.0

00

.00

190

.40

389

,911.6

7

390

,00

0.0

00

.49

903

/18

/20

16

1,7

55

.00

39

0,2

34

.00

390

,156.0

0-7

8.0

00

.00

0.0

0

1051

513

0

3134

G4

TD

0

FH

LM

C09

/01

/20

14

1,1

81

.25

13

5,1

11

.56

0.0

00

.00

-111

.56

135

,000.0

0

135

,00

0.0

00

.87

401

/27

/20

17

1,0

69

.70

13

4,7

06

.56

135

,297.0

0590

.44

0.0

00

.00

1051

913

0

3134

G4

TD

0

FH

LM

C10

/31

/20

14

1,8

84

.90

0.0

02

35

,00

0.0

00

.00

235

,000.0

0235

,000.0

0

235

,00

0.0

00

.87

401

/27

/20

17

1,5

19

.35

0.0

0235

,517.0

0235

,517.0

00

.00

235

,00

0.0

0

1052

613

0

3134

G4

TD

0

FH

LM

C06

/30

/20

15

63

0.3

70.0

02

85

,00

0.0

00

.00

285

,000.0

0285

,000.0

0

285

,00

0.0

00

.87

401

/27

/20

17

18

7.0

40.0

0285

,627.0

0285

,627.0

00

.00

285

,00

0.0

0

1000

713

0

SY

S10

00

7

TX

PO

OL

10

/01

/20

14

17

2.7

131

0,6

69

.12

120

,16

1.0

90

.00

120

,161.0

9430

,830.2

1

430

,83

0.2

10

.08

5/

/16

1.0

931

0,6

69

.12

430

,830.2

1120

,161.0

90

.00

120

,16

1.0

9

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e4

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1002

113

0

SY

S10

02

1

NT

HS

TR

10

/01

/20

14

53

3.3

027

5,1

72

.34

334

,30

2.5

1364

,253.8

0-2

9,9

51

.29

245

,221.0

5

245

,22

1.0

50

.25

0/

/0.0

027

5,1

72

.34

245

,221.0

5-2

9,9

51

.29

364

,253.8

03

34

,30

2.5

1

1037

913

0

SY

S10

37

9

NT

HS

TR

10

/01

/20

14

1,6

21

.60

1.0

06

91

,50

7.4

4135

,799.5

3555

,707.9

1555

,708.9

1

555

,70

8.9

10

.25

0/

/1,5

07

.44

1.0

0555

,708.9

1555

,707.9

1135

,799.5

36

91

,50

7.4

4

11,0

76

.87

2,7

85,8

47

.83

1,6

65

,97

1.0

41,4

25

,053.3

3240

,840.5

53,0

26

,688.3

8

14,6

26

.49

2,7

84,3

07

.40

3,0

28

,617.1

7244

,309.7

71,4

25

,053.3

31,6

65

,97

1.0

4

Su

bT

ota

lsF

or:

Fu

nd

:E

co

no

mic

Develo

pm

en

t

Fu

nd

:C

rim

eC

on

tro

l&

Pre

v

1032

313

1

SY

S10

32

2

NT

HS

TR

10

/01

/20

14

20

4.6

915

7,6

97

.77

52

,96

6.1

036

,97

2.6

215

,99

3.4

8173

,691.2

5

173

,69

1.2

50

.19

8/

/0.0

015

7,6

97

.77

173

,691.2

515

,99

3.4

836

,97

2.6

252

,96

6.1

0

20

4.6

915

7,6

97

.77

52

,96

6.1

036

,97

2.6

215

,99

3.4

8173

,691.2

5

0.0

015

7,6

97

.77

173

,691.2

515

,99

3.4

836

,97

2.6

252

,96

6.1

0

Su

bT

ota

lsF

or:

Fu

nd

:C

rim

eC

on

tro

l&

Pre

v

Fu

nd

:S

treet

Main

ten

an

ce

S

1048

613

2

3134

G3

W55

FH

LM

C09

/30

/20

13

67

5.0

015

0,0

31

.69

0.0

00

.00

-27

.62

150

,004.0

7

150

,00

0.0

00

.43

111

/24

/20

15

67

5.0

015

0,3

90

.00

150

,075.0

0-3

15

.00

0.0

00

.00

1015

513

2

SY

S10

15

5

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.03

0/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1033

113

2

SY

S10

33

1

NT

HS

TR

10

/01

/20

14

13

2.7

520

2,4

23

.72

75

,11

8.7

1202

,504.8

1-1

27,3

86

.10

75

,03

7.6

2

75

,03

7.6

20

.25

0/

/11

8.7

120

2,4

23

.72

75

,03

7.6

2-1

27,3

86

.10

202

,504.8

175

,11

8.7

1

1040

113

2

SY

S10

04

2

NT

HS

TR

10

/01

/20

14

22

4.9

05

9,3

19

.01

239

,52

9.2

397

,52

8.9

5142

,000.2

8201

,319.2

9

201

,31

9.2

90

.19

8/

/0.0

05

9,3

19

.01

201

,319.2

9142

,000.2

897

,52

8.9

52

39

,52

9.2

3

1,0

32

.65

41

1,7

74

.42

314

,64

7.9

4300

,033.7

614

,58

6.5

6426

,360.9

8

79

3.7

141

2,1

32

.73

426

,431.9

114

,29

9.1

8300

,033.7

63

14

,64

7.9

4

Su

bT

ota

lsF

or:

Fu

nd

:S

treet

Main

ten

an

ce

S

Fu

nd

:G

en

era

lF

un

dC

ap

ital

1051

219

3

3134

G3

3R

9

FH

LM

C09

/01

/20

14

4,5

00

.00

1,0

00,3

52

.78

0.0

00

.00

-402

.59

999

,950.1

9

1,0

00

,00

0.0

00

.46

701

/15

/20

16

3,9

25

.00

1,0

01,4

75

.00

1,0

00

,700.0

0-7

75

.00

0.0

00

.00

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e5

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1050

019

3

3133

78

2N

0

FH

LB

03

/28

/20

14

2,1

87

.50

25

0,0

00

.00

0.0

00

.00

0.0

0250

,000.0

0

250

,00

0.0

00

.87

403

/10

/20

17

2,1

87

.50

24

9,6

75

.00

251

,375.0

01

,70

0.0

00

.00

0.0

0

1046

419

3

SY

S10

46

4

NT

HS

TR

10

/01

/20

14

1,8

60

.02

1,0

18,8

86

.58

1,9

59.7

5550

,000.0

0-5

48,0

40

.25

470

,846.3

3

470

,84

6.3

30

.25

0/

/1,9

59

.75

1,0

18,8

86

.58

470

,846.3

3-5

48,0

40

.25

550

,000.0

01

,95

9.7

5

8,5

47

.52

2,2

69,2

39

.36

1,9

59.7

5550

,000.0

0-5

48,4

42

.84

1,7

20

,796.5

2

8,0

72

.25

2,2

70,0

36

.58

1,7

22

,921.3

3-5

47,1

15

.25

550

,000.0

01

,95

9.7

5

Su

bT

ota

lsF

or:

Fu

nd

:G

en

era

lF

un

dC

ap

ita

l

Fu

nd

:W

ate

r/W

aste

wa

ter

Cap

1046

519

4

SY

S10

46

5

NT

HS

TR

10

/01

/20

14

1,2

82

.81

51

0,9

82

.03

201

,24

4.3

0100

,000.0

0101

,244.3

0612

,226.3

3

612

,22

6.3

30

.25

0/

/1,2

44

.30

51

0,9

82

.03

612

,226.3

3101

,244.3

0100

,000.0

02

01

,24

4.3

0

1,2

82

.81

51

0,9

82

.03

201

,24

4.3

0100

,000.0

0101

,244.3

0612

,226.3

3

1,2

44

.30

51

0,9

82

.03

612

,226.3

3101

,244.3

0100

,000.0

02

01

,24

4.3

0

Su

bT

ota

lsF

or:

Fu

nd

:W

ate

r/W

aste

wate

rC

ap

Fu

nd

:G

en

era

lD

eb

tS

erv

ice

1051

420

0

3134

G4

TD

0

FH

LM

C09

/01

/20

14

88

2.6

613

5,1

11

.56

0.0

0135

,000.0

0-1

35,1

11

.56

0.0

0

0.0

00

.00

001

/27

/20

17

98

1.1

013

4,7

06

.56

0.0

0-1

34,7

06

.56

135

,000.0

00

.00

1032

820

0

SY

S10

32

8

NT

HS

TR

10

/01

/20

14

54

8.2

518

7,4

84

.52

136

,04

9.3

0125

,000.0

011

,04

9.3

0198

,533.8

2

198

,53

3.8

20

.25

0/

/54

7.2

718

7,4

84

.52

198

,533.8

211

,04

9.3

0125

,000.0

01

36

,04

9.3

0

1001

720

0

SY

S10

01

7

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

05

.28

8/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1,4

30

.91

32

2,5

96

.08

136

,04

9.3

0260

,000.0

0-1

24,0

62

.26

198

,533.8

2

1,5

28

.37

32

2,1

91

.08

198

,533.8

2-1

23,6

57

.26

260

,000.0

01

36

,04

9.3

0

Su

bT

ota

lsF

or:

Fu

nd

:G

en

era

lD

eb

tS

erv

ice

Fu

nd

:G

FV

eh

icle

&E

qu

ip

1046

230

0

SY

S10

46

2

NT

HS

TR

10

/01

/20

14

49.2

412

5,0

27

.40

50

.08

125

,077.4

8-1

25,0

27

.40

0.0

0

0.0

00

.25

0/

/5

0.0

812

5,0

27

.40

0.0

0-1

25,0

27

.40

125

,077.4

850

.08

49.2

412

5,0

27

.40

50

.08

125

,077.4

8-1

25,0

27

.40

0.0

0

50.0

812

5,0

27

.40

0.0

0-1

25,0

27

.40

125

,077.4

850

.08

Su

bT

ota

lsF

or:

Fu

nd

:G

FV

eh

icle

&E

qu

ip

Fu

nd

:F

ire

Veh

icle

Rep

lac

e

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e6

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1051

030

1

SY

S10

51

0

NT

HS

TR

10

/01

/20

14

36

9.9

722

5,0

49

.32

100

,38

1.0

2250

,000.0

0-1

49,6

18

.98

75

,43

0.3

4

75

,43

0.3

40

.25

0/

/38

1.0

222

5,0

49

.32

75

,43

0.3

4-1

49,6

18

.98

250

,000.0

01

00

,38

1.0

2

36

9.9

722

5,0

49

.32

100

,38

1.0

2250

,000.0

0-1

49,6

18

.98

75

,43

0.3

4

38

1.0

222

5,0

49

.32

75

,43

0.3

4-1

49,6

18

.98

250

,000.0

01

00

,38

1.0

2

Su

bT

ota

lsF

or:

Fu

nd

:F

ire

Ve

hic

leR

ep

lace

Fu

nd

:U

tility

Veh

icle

&E

q

1048

731

0

3134

G3

W55

FH

LM

C09

/30

/20

13

90

0.0

020

0,0

42

.26

0.0

00

.00

-36

.84

200

,005.4

2

200

,00

0.0

00

.43

111

/24

/20

15

90

0.0

020

0,5

20

.00

200

,100.0

0-4

20

.00

0.0

00

.00

1046

331

0

SY

S10

46

2

NT

HS

TR

10

/01

/20

14

25

7.5

310

0,0

41

.78

258

.17

0.0

0258

.17

100

,299.9

5

100

,29

9.9

50

.25

0/

/25

8.1

710

0,0

41

.78

100

,299.9

5258

.17

0.0

02

58

.17

1,1

57

.53

30

0,0

84

.04

258

.17

0.0

0221

.33

300

,305.3

7

1,1

58

.17

30

0,5

61

.78

300

,399.9

5-1

61

.83

0.0

02

58

.17

Su

bT

ota

lsF

or:

Fu

nd

:U

tility

Veh

icle

&E

q

Fu

nd

:U

tility

Mete

rR

ep

lac

1050

931

1

3134

G4

SV

1

FH

LM

C08

/01

/20

14

1,4

87

.50

50

0,0

12

.50

0.0

0500

,000.0

0-5

00,0

12

.50

0.0

0

0.0

00

.00

001

/30

/20

17

2,2

37

.50

49

9,1

12

.50

0.0

0-4

99,1

12

.50

500

,000.0

00

.00

1052

431

1

3130

A3Q

80

FH

LB

01

/02

/20

15

3,9

22

.92

0.0

05

00

,00

0.0

00

.00

500

,000.0

0500

,000.0

0

500

,00

0.0

01

.04

709

/29

/20

17

3,8

93

.75

0.0

0501

,850.0

0501

,850.0

00

.00

500

,00

0.0

0

1051

131

1

SY

S10

51

1

NT

HS

TR

10

/01

/20

14

52

1.3

217

5,0

38

.36

100

,50

1.8

80

.00

100

,501.8

8275

,540.2

4

275

,54

0.2

40

.25

0/

/50

1.8

817

5,0

38

.36

275

,540.2

4100

,501.8

80

.00

100

,50

1.8

8

5,9

31

.74

67

5,0

50

.86

600

,50

1.8

8500

,000.0

0100

,489.3

8775

,540.2

4

6,6

33

.13

67

4,1

50

.86

777

,390.2

4103

,239.3

8500

,000.0

06

00

,50

1.8

8

Su

bT

ota

lsF

or:

Fu

nd

:U

tility

Mete

rR

ep

lac

Fu

nd

:W

ate

rIm

pact

Fees

1048

561

0

3134

G3

W55

FH

LM

C09

/30

/20

13

45

0.0

010

0,0

21

.13

0.0

00

.00

-18

.42

100

,002.7

1

100

,00

0.0

00

.43

111

/24

/20

15

45

0.0

010

0,2

60

.00

100

,050.0

0-2

10

.00

0.0

00

.00

1052

961

0

3130

A3P

C2

FH

LB

09

/30

/20

15

1.8

10.0

099

,97

0.6

00

.00

100

,165.6

7100

,165.6

7

100

,00

0.0

00

.67

412

/12

/20

16

0.0

00.0

0100

,315.0

0100

,315.0

00

.00

99

,97

0.6

0

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e7

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1005

261

0

SY

S10

01

3

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.20

9/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

45

1.8

110

0,0

21

.13

99

,97

0.6

00

.00

100

,147.2

5200

,168.3

8

45

0.0

010

0,2

60

.00

200

,365.0

0100

,105.0

00

.00

99

,97

0.6

0

Su

bT

ota

lsF

or:

Fu

nd

:W

ate

rIm

pact

Fees

Fu

nd

:W

aste

wate

rIm

pact

Fe

1053

061

1

3130

A3P

C2

FH

LB

09

/30

/20

15

1.8

10.0

099

,97

0.6

00

.00

100

,165.6

7100

,165.6

7

100

,00

0.0

00

.67

412

/12

/20

16

0.0

00.0

0100

,315.0

0100

,315.0

00

.00

99

,97

0.6

0

1031

561

1

SY

S10

31

5

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.20

9/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1.8

10.0

099

,97

0.6

00

.00

100

,165.6

7100

,165.6

7

0.0

00.0

0100

,315.0

0100

,315.0

00

.00

99

,97

0.6

0

Su

bT

ota

lsF

or:

Fu

nd

:W

aste

wate

rIm

pa

ct

Fe

Fu

nd

:R

oad

way

Imp

act

Fees

1051

663

0

3134

G4

TD

0

FH

LM

C09

/01

/20

14

17

5.0

08

0,0

66

.11

0.0

080

,00

0.0

0-8

0,0

66

.11

0.0

0

0.0

00

.00

001

/27

/20

17

23

3.3

37

9,8

26

.11

0.0

0-7

9,8

26

.11

80

,00

0.0

00

.00

1030

163

0

SY

S10

30

1

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.20

9/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

17

5.0

08

0,0

66

.11

0.0

080

,00

0.0

0-8

0,0

66

.11

0.0

0

23

3.3

37

9,8

26

.11

0.0

0-7

9,8

26

.11

80

,00

0.0

00

.00

Su

bT

ota

lsF

or:

Fu

nd

:R

oad

way

Imp

act

Fees

Fu

nd

:S

treet

Escro

w

1032

969

9

SY

S10

32

9

NT

HS

TR

10

/01

/20

14

37

3.2

723

7,6

41

.16

395

.36

100

,000.0

0-9

9,6

04

.64

138

,036.5

2

138

,03

6.5

20

.25

0/

/39

5.3

623

7,6

41

.16

138

,036.5

2-9

9,6

04

.64

100

,000.0

03

95

.36

1001

969

9

SY

S10

01

9

TX

PO

OL

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

04

.92

8/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

37

3.2

723

7,6

41

.16

395

.36

100

,000.0

0-9

9,6

04

.64

138

,036.5

2

39

5.3

623

7,6

41

.16

138

,036.5

2-9

9,6

04

.64

100

,000.0

03

95

.36

Su

bT

ota

lsF

or:

Fu

nd

:S

treet

Escro

w

Fu

nd

:S

treet

2007

CO

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e8

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1050

670

3

3133

XY

RX

5

FH

LB

08

/01

/20

14

1,8

50

.62

35

2,4

93

.13

0.0

0350

,000.0

0-3

52,4

93

.13

0.0

0

0.0

00

.00

012

/22

/20

14

3,2

21

.46

35

2,6

06

.04

0.0

0-3

52,6

06

.04

350

,000.0

00

.00

1051

770

3

3134

G4

TD

0

FH

LM

C09

/01

/20

14

17

1.3

523

5,1

94

.20

0.0

0235

,000.0

0-2

35,1

94

.20

0.0

0

0.0

00

.00

001

/27

/20

17

34

2.7

123

4,4

89

.20

0.0

0-2

34,4

89

.20

235

,000.0

00

.00

1006

470

3

SY

S10

00

9

TX

PO

OL

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.13

1/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1013

870

3

SY

S10

13

8

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.13

2/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1033

070

3

SY

S10

33

0

NT

HS

TR

10

/01

/20

14

78

1.0

81.0

04

00

,69

8.7

70

.00

400

,698.7

7400

,699.7

7

400

,69

9.7

70

.25

0/

/69

8.7

71.0

0400

,699.7

7400

,698.7

70

.00

400

,69

8.7

7

2,8

03

.05

58

7,6

88

.33

400

,69

8.7

7585

,000.0

0-1

86,9

88

.56

400

,699.7

7

4,2

62

.94

58

7,0

96

.24

400

,699.7

7-1

86,3

96

.47

585

,000.0

04

00

,69

8.7

7

Su

bT

ota

lsF

or:

Fu

nd

:S

treet

2007

CO

Fu

nd

:T

ec

h2007

CO

1038

070

4

SY

S10

38

0

NT

HS

TR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.61

3/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1006

570

4

SY

S10

00

99

TX

PO

OL

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

02

.24

6/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1013

970

4

SY

S10

13

9

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.14

5/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00.0

00

.00

0.0

00

.00

0.0

0

Su

bT

ota

lsF

or:

Fu

nd

:T

ech

2007

CO

Fu

nd

:F

ire

201

0C

O

1037

070

5

SY

S10

37

0

NT

HS

TR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.51

0/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00.0

00

.00

0.0

00

.00

0.0

0

Su

bT

ota

lsF

or:

Fu

nd

:F

ire

2010

CO

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e9

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

Fu

nd

:W

ate

r200

7C

O

1006

680

0

SY

S10

00

9

TX

PO

OL

10

/01

/20

14

80.5

441

3,2

25

.65

85

.57

413

,311.2

2-4

13,2

25

.65

0.0

0

0.0

00

.05

0/

/8

5.5

741

3,2

25

.65

0.0

0-4

13,2

25

.65

413

,311.2

285

.57

1013

580

0

SY

S10

13

5

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.10

3/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1033

380

0

SY

S10

33

3

NT

HS

TR

10

/01

/20

14

0.0

020

1,1

37

.65

0.0

0201

,137.6

5-2

01,1

37

.65

0.0

0

0.0

00

.25

0/

/0.0

020

1,1

37

.65

0.0

0-2

01,1

37

.65

201

,137.6

50

.00

80.5

461

4,3

63

.30

85

.57

614

,448.8

7-6

14,3

63

.30

0.0

0

85.5

761

4,3

63

.30

0.0

0-6

14,3

63

.30

614

,448.8

785

.57

Su

bT

ota

lsF

or:

Fu

nd

:W

ate

r20

07

CO

Fu

nd

:W

aste

wate

r2007

CO

1006

780

1

SY

S10

00

9

TX

PO

OL

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.03

5/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

1013

680

1

SY

S10

13

6

TX

ST

AR

10

/01

/20

14

0.0

00.2

90

.00

0.0

00

.00

0.2

9

0.2

90

.03

1/

/0.0

00.2

90

.29

0.0

00

.00

0.0

0

1033

480

1

SY

S10

33

4

NT

HS

TR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.25

0/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00.2

90

.00

0.0

00

.00

0.2

9

0.0

00.2

90

.29

0.0

00

.00

0.0

0

Su

bT

ota

lsF

or:

Fu

nd

:W

aste

wate

r2007

CO

Fu

nd

:D

rain

ag

e2007

CO

1050

580

2

3133

74

BM

1

FH

LB

08

/01

/20

14

72.2

210

0,2

84

.70

0.0

0100

,000.0

0-1

00,2

84

.70

0.0

0

0.0

00

.00

010

/27

/20

14

24

4.4

410

0,3

25

.56

0.0

0-1

00,3

25

.56

100

,000.0

00

.00

1051

880

2

3134

G4

TD

0

FH

LM

C09

/01

/20

14

45

7.6

77

0,0

57

.85

0.0

070

,00

0.0

0-7

0,0

57

.85

0.0

0

0.0

00

.00

001

/27

/20

17

50

8.7

16

9,8

47

.85

0.0

0-6

9,8

47

.85

70

,00

0.0

00

.00

1013

780

2

SY

S10

13

7

TX

ST

AR

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

00

.09

0/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b

Redem

ptions

Change

inV

alu

e

Book

Valu

e

Oc

tob

er

1,2014

-S

ep

tem

ber

30,201

5

Pag

e10

Texas

Co

mp

lian

ce

Ch

an

ge

inV

alR

ep

ort

Cit

yo

fC

ori

nth

po

rtfo

lio

Inv

#Is

suer

Fund

Purc

hD

ate

Inte

restA

ccru

al

Begin

nin

gB

ook

Valu

e

Purc

hase

s/A

dditi

ons

Endin

g

Cusi

pP

ar

Valu

eY

TM

MatD

ate

Inte

rest

Rece

ived

Begin

nin

gM

ark

etV

alu

eM

ark

etV

alu

eE

ndin

g

1045

880

2

SY

S10

45

8

NT

HS

TR

10

/01

/20

14

38

9.3

115

1,2

29

.34

390

.27

0.0

0390

.27

151

,619.6

1

151

,61

9.6

10

.25

0/

/39

0.2

715

1,2

29

.34

151

,619.6

1390

.27

0.0

03

90

.27

1006

880

2

SY

S10

00

9

TX

PO

OL

10

/01

/20

14

0.0

00.0

00

.00

0.0

00

.00

0.0

0

0.0

02

.97

2/

/0.0

00.0

00

.00

0.0

00

.00

0.0

0

91

9.2

032

1,5

71

.89

390

.27

170

,000.0

0-1

69,9

52

.28

151

,619.6

1

1,1

43

.42

32

1,4

02

.75

151

,619.6

1-1

69,7

83

.14

170

,000.0

03

90

.27

Su

bT

ota

lsF

or:

Fu

nd

:D

rain

ag

e2007

CO

78,9

63

.45

18

,78

6,7

13

.35

17,1

27

,69

3.6

418,7

92,2

09.8

5-1

,666

,52

7.4

117,1

20,1

85.9

4

82,2

66

.64

18

,77

9,6

23

.07

17,1

36,6

38.5

0-1

,642

,98

4.5

718,7

92,2

09.8

51

7,1

27

,69

3.6

4

Rep

ort

Gra

nd

To

tals

:

Port

folio

CIT

Y

Run

Da

te:1

0/1

9/2

01

5-

14

:42

TC

(PR

F_

TC

)7

.0

Re

po

rtV

er.

7.3

.3b




APPENDIX B

First Southwest Portfolio Assessment

Signature Redacted




APPENDIX C

Glossary

Appendix C - Glossary

Glossary

Accrued Interest - In the sale of a new issue of municipal bonds, the dollar amount, based on the stated rateor rates of interest, which has accrued on the bonds from the dated date, or other stated date, up to but notincluding the date of delivery. When a bond is purchased in the secondary market, the dollar amount, basedupon the stated rate of interest, which has accrued on the bond from the most recent interest payment date,up to but not including the date of settlement. Accrued interest is paid to the seller by the purchaser and isusually calculated on a 360-day-year basis (assumes each month has 30 days).

Agencies – Federal agency securities.

Arbitrage – Generally, transactions by which securities are bought and sold in different markets at the sametime for the sake of the profit arising from a difference in prices in the two markets. With respect to theissuance of municipal bonds, arbitrage usually refers to the difference between the interest paid on the bondsissued and the interest earned by investing the bond proceeds in other securities. Arbitrage profits arepermitted on bond proceeds for various temporary periods after issuance of municipal bonds. InternalRevenue Service regulations govern arbitrage of municipal bond proceeds.

Asked – The price at which securities are offered.

Bankers’ Acceptance (BA) – A draft or bill or exchange accepted by a bank or trust company. Theaccepting institution guarantees payment of the bill, as well as the issuer.

Bearer Bond – Bond which is presumed to be owned by the person who holds it. The Tax Equity and FiscalResponsibility Act of 1982 requires the issuance of municipal bonds in fully registered form, with minorexceptions.

Bid – The price offered by a buyer of securities. (When you are selling securities, you ask for a bid).

Book Value – The original acquisition cost of an investment plus or minus the accrued amortization oraccretion.

Broker – A broker brings buyers and sellers together for a commission.

Callable Bond – a bond issue in which all or part of its outstanding principal amount may be redeemedbefore maturity by the issuer under specified conditions.

Call Price – The price at which an issuer may redeem a bond prior to maturity. The price is usually at aslight premium to the bond’s original issue price to compensate the holder for loss of income and ownership.

Call Risk – The risk to a bondholder that a bond may be redeemed prior to maturity.

Capital Appreciation Bond – Long-term tax exempt security sold at a large discount. Yield is reinvestedat a stated rate until maturity at which time the investor receives total payment. Latter represents bothprincipal and interest.

Certificate of Deposit (CD) – A time deposit with a specific maturity evidenced by a certificate. Largedenomination CD’s are typically negotiable.


Page 2 of 6

Collateral – Securities, evidence of deposit or other property which a borrower pledges to secure repaymentof a loan. Also refers to securities pledged by a bank to secure deposits of public monies.

Commercial Paper (tax-exempt) – Short-term, unsecured promissory notes issued in either registered orbearer form, and usually backed by a line of credit with a bank. Maturities do not exceed 270 days andgenerally average 30 – 45 days.

Comprehensive Annual Financial Report (CAFR) – The official annual report for the City of Corinth. Itincludes five combined statements for each individual fund and account group prepared in conformity withGAAP. It also includes supporting schedules necessary to demonstrate compliance with finance related tolegal and contractual provision, extensive introductory material, and a detailed Statistical Section.

Coupon – (a) The annual rate of interest that a bond’s issuer promises to pay the bondholder on the bond’sface value. (b) A certificate attached to a bond evidencing interest due on a payment date.

Current Yield – The ratio of the annual dollar amount of interest to the purchase price of a bond, stated asa percentage. For example, a $1,000 bond purchased at par with an 8% coupon pays $80 per year, or acurrent yield of 8%. The same bond, if purchased at a discounted price of $800, would have a current yieldof 10%.

Dated Date – The date of a bond issue, printed on each bond, from which interest usually starts to accrue,even though the bonds may actually be delivered at some later date.

Dealer – A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for hisown account.

Debenture – A bond secured only by the general credit of the issuer.

Delivery Date – Date on which the bonds are physically delivered in exchange for the payment of thepurchase price. The date of issuance is the same date as the delivery date.

Delivery Versus Payment – There are two methods of delivery of securities: delivery versus payment anddelivery versus receipt. Delivery versus payment is delivery of securities with an exchange of money forthe securities. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for thesecurities.

Discount – The difference between the cost price of a security and its maturity when quoted at lower thanface value. A security selling below original offering price shortly after sale also is considered to be at adiscount.

Discount Securities – Non-interest bearing money market instruments that are issued a discount andredeemed at maturity for full face value, e.g. U.S. Treasury Bills.

Diversification – Dividing investment funds among a variety of securities offering independent returns.

Federal Credit Agencies – Agencies of the Federal government set up to supply credit to various classes ofinstitutions and individuals, e.g., S & L’s small business firms, students, farmers, farm cooperatives, andexporters.


Page 3 of 6

Federal Deposit Insurance Corporation (FDIC) – A federal agency that insures bank deposits, currentlyup to $100,000 per deposit.

Federal Funds Rate – The rate of interest at which federal funds are traded. This rate is currently peggedby the Federal Reserve through open-market operations.

Federal Home Loan Banks (FHLB) – The institutions that regulate and lend to savings and loanassociations. The Federal Home Loan Banks play a role analogous to that played by the Federal ReserveBanks vis-à-vis member commercial banks.

Federal National Mortgage Association (FNMA) – FNMA, like GNMA was chartered under the FederalNational Mortgage Association Act in 1938. FNMA is a federal corporation working under the auspices ofthe Department of Housing and Urban Development (HUD). It is the largest single provider of residentialmortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder ownedcorporation. The corporation’s purchases include a variety of adjustable mortgages and second loans, inaddition to fixed-rate mortgages. FNMA’s securities are also highly liquid and are widely accepted. FNMAassumes and guarantees that all security holders will receive timely payment of principal and interest.

Federal Open Market Committee (FOMC) – Consists of seven members of the Federal Reserve Board andfive of the twelve Federal Reserve Bank Presidents. The President of the New York Federal Reserve Bankis a permanent member, while the other Presidents serve on a rotating basis. The Committee periodicallymeets to set Federal Reserve guidelines regarding purchases and sales of Government Securities in the openmarket as a means of influencing the volume of bank credit and money.

Federal Reserve System – The central bank of the United States created by Congress and consisting of aseven member Board of Governors in Washington, D.C., 12 regional banks and about 5,700 commercialbanks that are members of the system.

Fiscal Year – A twelve-month period which determines the time frame for financial reporting, budgeting,and accounting. At the end of the fiscal year, financial position and results of operations are determined.

Government National Mortgage Association (GNMA or Ginnie Mae) – Securities influencing the volumeof bank credit guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loanassociations, and other institutions. Security holder is protected by full faith and credit of the U.S.Government. Ginnie Mae securities are backed by the FHA, VA or FMHM mortgages. The term “passthroughs” is often used to describe Ginnie Maes.

Interest – Compensation for the use of borrowed money, generally expressed as an annual percentage ofthe principal amount.

Liquidity – Usually refers to the ability to convert assets (such as investments) into cash.

Market Value – The Current face or par value of an investment multiplied by the net selling price of thesecurity as quoted by a recognized market pricing source quoted on the valuation date.

Master Repurchase Agreement – A written contract covering all future transactions between the parties torepurchase – reverse repurchase agreements that establishes each party’s rights in the transactions. A masteragreement will often specify, among other things, the right of the buyer-lender to liquidate the underlyingsecurities in the event of default by the seller-borrower.


Page 4 of 6

Maturity – The date upon which the principal of a municipal bond becomes due and payable to thebondholder.

Money Market – The market in which short-term debt instruments (bills, commercial paper, bankers’acceptances, etc.) are issued and traded.

Note – A written, short-term promise of the issuer to repay a specified principal amount on a certain date,together with interest at a stated rate, or according to a formula for determining that rate, payable from adefined source of anticipated revenue. Notes usually mature in less than five years.

Offer – The price asked by a seller of securities. (When you are buying securities, you ask for an offer.)

Open Market Operations – Purchases and sales of government and certain other securities in the openmarket by the New York Federal Reserve Bank as directed by the FOMC in order to influence the volumeof money and credit in the economy. Purchases inject reserves in the bank system and stimulate growth ofmoney and credit; sales have the opposite effect. Open market operations are the Federal Reserve’s mostimportant and most flexible monetary policy tool.

Original Issue Discount – An amount which represents the difference by which par value exceeds the publicoffering price of a new issue or part of an issue of municipal bonds. Original issue discount is amortizedover the life of the bonds and is generally treated as tax-exempt interest. When the investor sells the bondsbefore maturity, any profit or loss realized on such sale is figured on the adjusted cost basis for tax purposes.The adjusted cost basis is calculated for each year the bonds are outstanding by adding the accretion valueto the original offering price. The accretion value is determined by the rules and regulations of the InternalRevenue Service. Selling the bonds at a price in excess of the adjusted cost basis would result in a taxablegain for the seller, while a selling price below that level would be treated as a loss for income tax purposes.

Par Value – In the case of bonds, the amount of principal which must be paid at maturity. Par value is alsoreferred to as the face amount of a security.

Pooled Fund Group – An internally created fund of an investing entity in which one or more institutionalaccounts of the investing entity are invested.

Portfolio – Collection of securities held by an investor.

Premium – The amount by which the price paid for a security exceeds par value, generally representing thedifference between the nominal interest rate and the actual or effective return to the investor.

Primary Dealer – A group of government securities dealers who submit daily reports of market activity andpositions and monthly financial statements to the Federal Reserve Bank of New York and are subject to itsinformal oversight. Primary dealers include Securities and Exchange Commission (SEC) – registeredsecurities broker-dealers, banks, and a few unregulated firms.

Primary Market – The market for new issues of municipal securities.

Principal – The face amount or par value of a bond or issue of bonds payable on stated dates of maturity.

Prudent Person Rule – An investment standard. In some states the law requires that a fiduciary, such as atrustee, may invest money only in a list of securities selected by the custody state—the so-called legal


Page 5 of 6

list. In other states the trustee may invest in a security if it is one which would be bought by a prudent personof discretion and intelligence who is seeking a reasonable income and preservation of capital.

Qualified Public Depositories – A financial institution which does not claim exemption from the paymentof any sales or compensating use or ad valorem taxes under the laws of this state, which has segregatedfor the benefit of the commission eligible collateral having a value of not less than its maximum liabilityand which has been approved by the Public Deposit Protection Commission to hold public deposits.

Qualified Representative – A Person who holds a position with a business organization, who is authorizedto act on behalf of the business organization, and who is one of the following:

(a) for a business organization doing business that is regulated by or registered with asecurities commission, a person who is registered under the rules of the NationalAssociation of Securities Dealers;

(b) for a state or federal bank, a savings bank, or a state or federal credit union, a member ofthe loan committee for the bank or branch of the bank or a person authorized by corporateresolution to act on behalf of and bind the banking institution; or

(c) for an investment pool, the person authorized by the elected official or board withauthority to administer the activities of the investment pool to sign the written instrumenton behalf of the investment pool.

Rate of Return – The yield obtainable on a security based on its purchase price or its current market price.This may be the amortized yield to maturity on a bond the current income return.

Ratings – Evaluations of the credit quality of notes and bonds usually made by independent ratingservices, although many financial institutions also rate bonds for their own purposes. Ratings generallymeasure the probability of the timely repayment of principal of and interest on municipal bonds. Ratingsare initially made before issuance and are continuously reviewed and may be amended to reflect changesin the issuer’s credit position. The information required by the rating agencies varies with each bondissue, but generally includes demographics, debt burden, economic base, finances, and managementstructure. The information is evaluated and the issue is assigned a letter rating which reflects thecreditworthiness of the bonds. The higher the credit rating, the more favorable the effect on themarketability of the bond.

Repurchase Agreement - A simultaneous agreement to buy, hold for a specified time, and sell back at afuture date obligations described by Section 2256.009(a)(1), at a market value at the time the funds aredisbursed of not less than the principal amount of the funds disbursed. The term includes a direct securityrepurchase agreement and a reverse security repurchase agreement.

Safekeeping – A service to customers rendered by banks for a fee whereby securities and valuables of alltypes and descriptions are held in the bank’s vaults for protection.

Secondary Market – A market made for the purchase and sale of outstanding issues following the initialdistribution.

Securities and Exchange Commission or SEC – The federal agency responsible for supervising andregulating the securities industry. Generally, municipal securities are exempt from the SEC’s registrationand reporting requirements. However, the SEC has responsibility for the approval of Municipal SecuritiesRulemaking Board rules, and has jurisdiction, pursuant to SEC Rule 10b-5, over fraud in the sale ofmunicipal securities.


Page 6 of 6

Security – Generally, evidence of debt or equity in a common enterprise in which a person invests in theexpectation of earning income. The term includes notes, stocks, bonds, debentures, mortgages, and otherforms of negotiable and non-negotiable evidences of indebtedness or ownership. Unless exempted, as aremunicipal bonds, securities transactions are subject to federal and state regulation.

Separately Invested Asset – An account or fund of a state agency or local government that is not investedin a pooled fund group.

Treasury Securities – Debt obligations of the United States Government sold by the Treasury Departmentin the forms of bills, notes, and bonds.

Bills – Short-term obligations which mature in one year or less, and are sold at a discount in lieu ofpaying periodic interest.

Notes – Interest bearing obligations which mature between one year and 10 years.

Bonds – Interest bearing long-term obligations which generally mature in 10 years or more.

Yield Curve – A graph which plots the yields on securities with equivalent quality but different maturities,at a given point in time. The vertical axis represents the interest rates, while the horizontal axis depicts theyears to maturity. The term structure of interest rates, as reflected by the yield curve, will vary accordingto market conditions, resulting in a variety of yield curve configurations.

Normal or Positive Yield Curve – Indicates that short-term securities have a lower interest rate thanlong-term securities.

Inverted or Negative Yield Curve – Reflects the situation of short-term rates exceeding long-termrates.

Flat Yield Curve – Reflects the situation when short and long-term rates are the same.

Humpback Yield Curve – An unusual shape, indicating that rates are rising in the early years,peaking in the middle years and declining in later years.

Yield to Maturity – The rate of return to the investor earned from payments of principal and interest, withinterest compounded semiannually and assuming that interest paid is reinvested at the same rate. Yield tomaturity takes into account the time value of the investment.

Zero Coupon Bond – A bond which pays no interest, but is issued at a deep discount from par, appreciatingto its full value at maturity.

city of corinth, texas...texpool $ 413,259 $ 413,307 $ - $ - texstar. funds. city of corinth. city...

Documents