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Resolution No. 07-063
CITY OF THE COLONY, TEXAS RESOLUTION NO. 07- D{P ~ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, ACCEPTING THE MARCH 30TH, 2007 QUARTERLY INVESTMENT REPORT PREPARED BY AVALON FINANCIAL SERVICES, wmCH IS ATTACHED HERETO AND INCORPORATED HEREIN AS EXHIBIT "A"; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the quarterly investment report, prepared by Avalon Financial Services, dated March 30, 2007, have been presented to the City Council; and WHEREAS, the City Council has determined it to be in the best interest of the City to have an official record of its acceptance of such documents; and WHEREAS, the City Council hereby accepts the March 30, 2007 Quarterly Investment Report prepared by Avalon Financial Services, which is attached hereto and incorporated herein as Exhibit "A." NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS THAT: Section I, The City Council hereby accepts the March 30, 2007 Quarterly Investment Report prepared by Avalon Financial Services, which is attached hereto and incorporated herein as Exhibit "A." Section 2, This Resolution shall become effective immediately from and after its passage, as the law and charter in such cases provides, PASSED, APPROVED and EFFECTIVE this ~day of July, 2007, ',r(l' , '~\'" OF ~,~ (J\ ...... I~,.v " ...... .....:~ ~:. .~. . 'c' ,"4...... ", () '.,-; t"'. '0 : '. 1 ~ Sebl ~5j ~ ~1~ :<. ~ .'. .:, . , . , J-;.... .' '-'A'A'S" City of The Colony INVESTMENT PORTFOLIO SUMMARY For the Quarter Ended March 30, 2007 The investment portfolio of the City is in compliance with the Public Funds Investment Act and the City Inv,,~ 1<) 6V Rebecca Koo, Director of Finance C-:L0e1l ~n~1d Gwen Mansfield, Accounting Manager Strategy Summary: The Federal Open Market Committee (FOMC) of the Federal Reserve Bank held the Fed Funds target steady at 5.25%, Future inflation and economic data will influence the direction and timing of the next move. Since last quarter the market has projected between 15 to 75 bps decline over the next year. Considering investments with maturities greater than six months, will hedge the portfolio should the FOMC decrease rates during 2007. Quarterend Results by Investment Category: Asset Type Ave. Yield 5.29% 5,28% March 30, 2007 End Book Value End Market Value $37,199,429.64 $37,199,429.64 6,318,759,28 6,338,180,00 $43,518,188.92 $43,537,609.64 December 29,2006 Beain Book Value Beain Market Value $25,127,580,63 $25,127,580.63 10,699,704.90 10,715,879,60 $35,827,285.53 $35,843,460.23 Pools Securities Totals Average Yield (1) Total Portfolio 5,29% Fiscal Year-to-Date Average Yield (2) Total Portfolio 5.27% Rolling Three Mo. Treas. Yield Rolling Six Mo. Treas, Yield 5,11% 4,93% Rolling Three Mo. Treas. Yield Rolling Six Mo, Treas. Yield Average Quarterly TexPool Yield 5.07% 4.94% 5,29% (1) Average Yield calculated using quarterend report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees, (2) Fiscal Year-to-Date Average Yields calculated using quarterend report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees, 5.50 5.00 4.50 ~ Oil ~ ..... = 4.00 ~ CJ "- ~ ~ 3.50 3.00 Treasury Yield Curves 2.50 ~ 0 ~ o lc~ ~~~ '\. ~ ~Y,; rv ~ ~~~ '? ~ ~~~ ~ ~ ~Y,; '\.~ I-March 31, 2006 -December 29,2006 -March 30, 20071 Valley View Consulting, L.L.C. 7.50 7.00 ---- 6.50 6.00 5.50 5.00 (!) 4.50 OJ) cI:l ...... ~ 4.00 (!) u ~ (!) ~ 3.50 3.00 2.50 2.00 1.50 1.00 0.50 US Treasury Historical Yields ~~~~~############$$$$############# ~~~~~##########################~## ,~ " ~\ '\\ ,~ " ~ '\\ ,~\ " ~\ '\\ ,~ " ~ '\\ ,~ " ~ '\\ ,~ ,\ ~ '\\ ,~ " ~\ '\\ ,~ " ~ '\\ ,~ " I-Six Month -Two Year -Ten Year I Valley View Consulting. L.L.C. S&P 500 1,750 1,500 1,250 1,000 750 500 250 o ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ ~v($ I-S&P 5001 Valley View Consulting, L.L.C. Detail of Security Holdings March 30, 2007 Adjusted Ticket Security Coupon/ Settlement Maturity Call Original Face\ Book Market Market Life Number Description Rating Discount Date Date Date Par Value Value Price Value (days) Yield T exPool AMm 5.29% 3/30/2007 3/31/2007 $26,520,827.13 $26,520,827.13 1.000 $26,520,827.13 1 5.29% LOGIC AMm 5.30% 3/30/2007 3/31/2007 10,678,602.51 10,678,602,51 1.000 10,678,602.51 1 5.30% 06-12 FHLB AM 2,55% 6/2/2006 4/5/2007 300,000.00 292,887.08 99.790 299,370.00 6 5.47% 05-05 FHLB AM 4.15% 4/15/2005 4/17/2007 400,000.00 400,625.00 99.750 399,000.00 18 3.99% 07-05 FHLB AM 5.55% 3/19/2007 4/19/2007 1,000,000.00 1,000,000.00 100.000 1,000,000.00 20 5.55% 06-05A FHLMC AM 5.13% 3/29/2006 4/24/2007 3/29/2007 700,000.00 700,000.00 99.990 699,930.00 25 5.13% 06-13 FHLB AM 3.00% 6/2/2006 4/25/2007 100,000.00 97,878.44 99,860 99,860.00 26 5.45% 06-1 0 FHLB AM 3.04% 5/26/2006 5/21/2007 250,000.00 244,464.51 99.710 249,275.00 52 5.37% 06-08 FHLB AM 2.35% 5/4/2006 7/9/2007 250,000.00 241,519.75 99.230 248,075.00 101 5.35% 07-01 FHLB AM 4.02% 1/24/2007 9/24/2007 600,000.00 594,966.00 99.410 596,460.00 178 5.31% 06-03 FHLB AM 5.14% 4/5/2006 10/5/2007 4/18/2007 500,000.00 500,000.00 99.900 499,500.00 189 5.14% 07-04 FHLB AM 5.30% 3/20/2007 3/19/2008 500,000.00 500,000.00 99.930 499,650.00 355 5.30% 06-32 FHLB AM 5.38% 12/18/2006 6/18/2008 1/18/2007 600,000.00 600,000.00 100.000 600,000.00 446 5.38% 07-03 FHLB (step) AM 4.50% 3/20/2007 8/15/2008 8/15/2007 500,000.00 497,500.00 99.560 497,800.00 504 5.47% 07-02 FHLB (step) AM 4,00% 3/20/2007 8/20/2008 8/20/2007 150,000.00 148,918.50 99.840 149,760.00 509 5.75% 06-28 FHLB AM 5.35% 12/5/2006 12/5/2008 3/5/2007 500,000.00 500,000.00 99.900 499,500.00 616 5.35% $43,549,429.64 $43,518,188.92 $43,537,609.64 32 5.29% (1) (2) (1) Weighted average life -For purposes of calculating weighted average life, pool investments are assumed to have a one day maturity. (2) Weighted average yield to maturity -The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considerec City of The Colony Portfolio Composition Securities 14.52% . . . . . . . ................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................ . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...................................... . . . . . . . . . . . . . . . . . . . . . . . . . ............................. . . . . . . . . . . . . . . . . . . . ..................... Pools 85.48% $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 City of The Colony Total Po rtfo I io $0 --- ------ -. .... < /'. /. -- .-- > >> -:; .;>. .. ./.; :>.. ..;.;. . .<< > .: / -. .'.; :.:. ;::::::: - - ...:.... .- :....;.. ::.: :; .- -::..: ..... .:..;. ) .:;'.::. ':<.: :;.;: < :< .- >< .:; ;:;. . ...:: ::-. 12/31/2006 3/31/2007 I [] Quarterend Book Value I Adjusted Book Value Comparison December 29, 2006 March 30, 2007 Ticket Security Maturity Original Face/ Adjusted Purchases/ Amort.lCalls/ Original Face/ Adjusted Number Description Date Par Value Book Value Accretions Sales/Maturities Par Value Book Value TexPool 3/31/2007 $14,359,257.51 $14,359,257.51 $12,161,569.62 $26,520,827.13 $26,520,827.13 LOGIC 3/31/2007 10,768,323.12 10,768,323.12 (89,720.61) 10,678,602.51 10,678,602.51 06-19 FHLMC 1/10/2007 250,000.00 248,563.25 (248,563.25) 06-06 FHLMC 1/19/2007 400,000.00 396,045.18 (396,045.18) 06-26 FHLB 1/29/2007 405,000.00 199,564.76 (199,564.76) 06-07 FHLMC 1/22/2007 200,000.00 403,500.69 (403,500.69) 06-29 FHLB 2/15/2007 900,000.00 897,113.86 (897,113.86) 06-25 FHLMC 2/15/2007 300,000.00 298,899.33 (298,899.33) 06-31 FHLB 2/16/2007 1,050,000.00 1,045,496.96 (1,045,496.96) 06-24 FHLB 2/22/2007 200,000.00 198,731.17 (198,731.17) 06-20 FHLB 2/22/2007 100,000.00 99,763.37 (99,763.37) 06-17 FHLB 2/23/2007 250,000.00 248,158.50 (248,158.50) 06-11 FHLB 2/26/2007 300,000.00 299,266,83 (299,266.83) 06-28 FHLMC 2/28/2007 525,000.00 522,681.70 (522,681.70) 06-27 FHLMC 2/28/2007 150,000.00 149,589.01 (149,589.01) 06-01 FHLB 3/2/2007 1,000,000.00 1,000,000.00 (1,000,000.00) 06-21 FHLMC 3/15/2007 110,000.00 109,795.24 (109,795.24) 06-12 FHLB 4/5/2007 300,000,00 295,020.96 300,000.00 292,887.08 05-05 FHLB 4/17/2007 400,000.00 400,546.89 400,000.00 400,625.00 07-05 FHLB 4/19/2007 1,000,000.00 1,000,000.00 1,000,000.00 06-05A FHLMC 4/24/2007 700,000.00 700,000.00 700,000.00 700,000.00 06-13 FHLB 4/25/2007 100,000.00 98,387.61 100,000.00 97,878.44 06-1 0 FHLB 5/21/2007 250,000.00 245,848.38 250,000.00 244,464.51 06-08 FHLB 7/9/2007 250,000,00 242,731.21 250,000.00 241,519.75 07-01 FHLB 9/24/2007 594,966.00 600,000.00 594,966.00 06-03 FHLB 10/5/2007 500,000.00 500,000.00 500,000.00 500,000.00 07-04 FHLB 3/19/2008 500,000.00 500,000.00 500,000.00 06-22 FHLB - Step 11/1/2007 500,000.00 500,000.00 (500,000.00) 06-32 FHLB 6/18/2008 600,000.00 600,000.00 600,000.00 600,000.00 06-23 FHLB 11/6/2008 500,000.00 500,000.00 07-03 FHLB (step-up) 8/15/2008 497,500.00 500,000.00 497,500.00 07 -02 FHLB (step-up) 8/20/2008 148,918.50 150,000.00 148,918.50 06-28 FHLB 12/5/2008 500,000.00 500,000.00 500,000.00 500,000,00 TOTAL $35,867,580.63 $35,827,285.53 $14,902,954.12 ($6,706,890.46) $43,549,429.64 $43,518,188.92 Market Value Comparison December 29, 2006 March 30, 2007 Security Coupon! Original Face! Market Original Face! Market Description Discount Par Value Price Market Value Par Value Price Market Value TexPool $14,359,257.51 1.00 $14,359,257.51 $26,520,827.13 1,000 $26,520,827.13 LOGIC 10,768,323.12 1.00 10,768,323.12 10,678,602.51 1.000 10,678,602.51 06-19 FHLMC 250,000.00 99.95 249,875.00 06-06 FHLMC 400,000.00 99.89 399,560.00 06-26 FHLB 200,000.00 99.98 199,960.00 06-07 FHLMC 405,000.00 99.84 404,352.00 06-29 FHLB 900,000.00 99.77 897,930.00 06-25 FHLMC 300,000.00 99,80 299,400.00 06-31 FHLB 1,050,000.00 99,66 1,046,377.50 06-24 FHLB 200,000.00 99.69 199,380.00 06-20 FHLB 100,000.00 99.91 99,910.00 06-17 FHLB 250,000.00 99.76 249,400.00 06-11 FHLB 300,000.00 99.92 299,760.00 06-28 FHLMC 525,000.00 99.69 523,372.50 06-27 FHLMC 150,000,00 99.82 149,724,00 06-01 FHLB 1,000,000,00 99.95 999,500,00 06-21 FHLMC 110,000.00 99.93 109,918.60 06-12 FHLB 300,000.00 99.30 297,900.00 300,000.00 99,790 299,370.00 05-05 FHLB 400,000.00 99.67 398,680,00 400,000.00 99.750 399,000.00 07-05 FHLB 06-05A FHLMC 700,000.00 99.98 699,860.00 1,000,000.00 99.990 699,930.00 06-13 FHLB 100,000.00 99.32 99,320.00 700,000,00 99.860 99,860.00 06-1 0 FHLB 250,000,00 99.18 247,950,00 100,000.00 99.710 249,275.00 06-08 FHLB 250,000.00 98.52 246,300,00 250,000.00 99.230 248,075.00 07-01 FHLB 250,000.00 99.410 596,460.00 06-03 FHLB 500,000,00 99.83 499,150.00 600,000.00 99.900 499,500.00 07-04 FHLB 500,000.00 99.930 499,650.00 06-22 FHLB - Step 500,000.00 99.89 499,450.00 500,000.00 100.000 600,000.00 06-32 FHLB 600,000.00 100.00 600,000.00 06-23 FHLB 500,000.00 100.00 500,000.00 07-03 FHLB (step-up) 600,000.00 99.560 497,800.00 07-02 FHLB (step-up) 500,000.00 99.840 149,760.00 06-28 FHLB 500,000.00 99.77 498,850.00 150,000.00 99.900 499,500.00 TOTAL 35,867,580.63 35,843,460.23 $43,049,429.64 $42,537,609.64 Book Value Allocated by Fund March 30, 2007 Ticket Security System Debt Service 2002 2003 2004 2006 2006 2004 Number Description Fund Reserve Fund C/O C/O C/O C/O EDC C/O Revenue T exPool $26,520,827.13 LOGIC 1,306,253.06 413,306.81 181,222.78 1,574,647.89 2,419,409.92 1,826,557.29 2,957,204,76 06-12 FHLB 292,887.08 05-05 FHLB 400,625.00 07-05 FHLB 1,000,000.00 06-05A FHLMC 700,000.00 06-13 FHLB 97,878.44 06-10 FHLB 244,464,51 06-08 FHLB 241,519.75 07-01 FHLB 594,966.00 06-03 FHLB 500,000,00 07-04 FHLB 500,000.00 06-32 FHLB 600,000.00 07 -03 FHLB (step) 497,500.00 07 -02 FHLB (step) 148,918.50 06-28 FHLB 500,000.00 $32,139,586.41 $2,006,253.06 $413,306.81 $181,222.78 $1,574,647.89 $2,419,409.92 $1,826,557.29 $2,957,204.76 Market Value Allocated by Fund Ticket Number 06-12 05-05 07-05 06-05A 06-13 06-10 06-08 07-01 06-03 07-04 06-32 07 -03 07 -02 06-28 Security Description T exPool LOGIC FHLB FHLB FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB (step) FHLB (step) FHLB System Fund $26,520,827.13 299,370.00 399,000.00 1,000,000.00 99,860.00 249,275.00 248,075.00 596,460.00 499,500.00 499,650.00 600,000,00 497,800.00 149,760.00 499,500,00 $32,159,077 .13 Debt Service 2002 Reserve Fund C/O 1,306,253.06 413,306.81 699,930.00 $2,006,183.06 $413,306.81 2003 2004 C/O C/O 181,222.78 1,574,647.89 $181,222.78 $1,574,647.89 March 30, 2007 2006 2006 2004 C/O EDC C/O Revenue 2,419,409.92 1,826,557.29 2,957,204.76 $2,419,409,92 $1,826,557,29 $2,957,204.76 CITY OF THE COLONY INTEREST DISTRIBUTION (With Amortization) Fund January February March Quarterly No. Fund Name 2007 2007 2007 Totals 100 General Fund 22,783.97 36,743.42 66,108.13 125,635.52 200 Utility Fund 18,928,94 18,739.46 23,417.56 61,085.96 201 Engineering - Inspections 1,017.08 1,177 .22 1,484.02 3,678.32 210 U. F. Special Capital Projects 1,032.00 1,214.62 2,085.63 4,332,25 213 2004 Revenue Bonds 13,097.16 11,866.23 13,191.52 38,154.91 214 2006 U. F. Cert of Obligation 18,062.77 15,711.36 16,456.86 50,230.99 280 Impact Fees - Water/Sewer 5,191.14 5,524.64 7,011.53 17,727.31 300 Fleet Replacement 2.62 43.93 108.00 154.55 500 General Debt Service Fund 7,938.30 13,888.08 23,419.99 45,246.37 501 Tax Supported Debt Service 2,353.51 5,399.98 6,027.88 13,781.37 502 Revenue Bond Debt Service 1,260.49 18,231.34 24,265.06 43,756.89 520 Community Complex Debt 1,457.75 1,533.59 2,154.82 5,146.16 604 Economic Dev. Corp. 4A 26,128.08 27,008.93 37,730.02 90,867.03 605 Community Dev, Corp. 4B 2,761.38 4,145.73 7,471.99 14,379.10 700 Court Secutiry Fund 793.07 766.60 1,019.46 2,579.13 701 Court Technology Fund 286,61 293.84 418.85 999.30 705 Environmental Fund 195.29 182.23 239.48 617.00 710 Storm Water Utility 748.27 727.58 1,020.70 2,496.55 715 Hotel/Motel Taxes 1,532.73 1,679.41 2,487.35 5,699.49 720 Lake Park Funds 335.61 355.03 534.42 1,225.06 723 Special Events Fund 247.36 240.32 325.26 812.94 730 Library Grants 26.23 24.76 31.87 82.86 752 Police Forfeited Funds 126.91 118.28 149.24 394.43 753 Police Seized Funds 9.77 8.24 10.35 28.36 800 Capital Projects Administration 1,827.08 1,467.70 1,552.29 4,847.07 815 Impact Fees - Streets 140.97 717.42 1,552.10 2,410.49 816 Impact Fees - Drainage 28.15 26.34 33.39 87.88 817 Drainage Improvements 165.90 356.00 758.56 1,280.46 820 Capital Projects Streets 4,892.31 4,592.67 4,493.04 13,978.02 825 Park Improvements 2,287.92 2,257.59 3,086.97 7,632.48 826 Park's Capital Projects 1,732.40 1,704.01 2,341.82 5,778.23 827 Five Star Complex 130.61 281 .40 595.87 1,007.88 839 Austin Rance/COG Grant - - - - 840 2002 G. F. Cert of Obligations 1,856.74 1,680,57 1,858.98 5,396.29 841 2003 Cert of Obligations 2,030.11 1,724.44 814.99 4,569.54 842 2004 Cert of Obligations 8,720.46 7,577.39 8,285.89 24,583.74 843 2006 G. F. Cert of Obligations 488.29 1,363.33 566.97 2,418.59 Totals 150,617.98 189,373.68 263,110.86 603,102,52 Book Value Allocated by Fund December 29, 2006 Ticket Security Systems Debt Service 2002 2003 2004 2006 2006 2004 Number Description Fund Reserve Fund C/O C/O C/O C/O EDC C/O Revenue TexPool $14,359,257.51 LOGIC 280,934.29 413,844.98 453,114.66 1,949,112.91 2,949,276.04 1,802,990.39 2,919,049.85 06-19 FHLMC 248,563.25 06-06 FHLMC 396,045.18 06-07 FHLMC 199,564.76 06-26 FHLB 403,500.69 06-29 FHLB 897,113.86 06-25 FHLMC 298,899.33 06-31 FHLB 1,045,496.96 06-24 FHLB 198,731.17 06-20 FHLB 99,763.37 06-17 FHLB 248,158.50 06-11 FHLB 299,266.83 06-28 FHLMC 522,681.70 06-27 FHLMC 149,589.01 06-01 FHLB 1,000,000.00 06-21 FHLMC 109,795.24 06-12 FHLB 295,020.96 05-05 FHLB 400,546.89 06-05A FHLMC 700,000.00 06-13 FHLB 98,387.61 06-1 0 FHLB 245,848.38 06-08 FHLB 242,731.21 06-03 FHLB 500,000.00 06-22 FHLB - Step 500,000.00 06-32 FHLB 600,000.00 06-23 FHLB 500,000.00 06-28 FHLB 500,000.00 $23,858,962.41 $1,480,934.29 $413,844,98 $453,114.66 $1,949,112,91 $2,949,276.04 $1,802,990,39 $2,919,049.85 Market Value Allocated by Fund December 29, 2006 Ticket Security Systems Debt Service 2002 2003 2004 2006 2006 2004 Number Description Fund Reserve Fund C/O C/O C/O C/O EDC C/O Revenue T exPool $14,359,257.51 LOGIC 280,934.29 413,844.98 453,114.66 1,949,112.91 2,949,276.04 1,802,990.39 2,919,049.85 06-19 FHLMC 249,875.00 06-06 FHLMC 399,560.00 06-07 FHLMC 199,960.00 06-26 FHLB 404,352.00 06-29 FHLB 897,930.00 06-25 FHLMC 299,400.00 06-31 FHLB 1,046,377.50 06-24 FHLB 199,380.00 06-20 FHLB 99,910.00 06-17 FHLB 249,400.00 06-11 FHLB 299,760.00 06-28 FHLMC 523,372.50 06-27 FHLMC 149,724.00 06-01 FHLB 999,500.00 06-21 FHLMC 109,918.60 06-12 FHLB 297,900.00 05-05 FHLB 398,680.00 06-05A FHLMC 699,860.00 06-13 FHLB 99,320.00 06-10 FHLB 247,950.00 06-08 FHLB 246,300.00 06-03 FHLB 499,150.00 06-22 FHLB - Step 499,450.00 06-32 FHLB 600,000.00 06-23 FHLB 500,000.00 06-28 FHLB 498,850.00 $23,875,277,11 $1,480,794.29 $413,844,98 $453,114,66 $1,949,112.91 $2,949,276.04 $1,802,990.39 $2,919,049,85 Disclaimer These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were provided by the City. Yield calculations are not determined using standard performance formulas, are not representative of total return yields, and do not account for investment advisor fees.