Corsicana Independent School District · 2016. 8. 31. · Corsicana Independent School District...

Corsicana Independent School District

Mike Nielsen Assistant Superintendent of Business and Finance

601 North 13th Street, Corsicana, Texas 75110 Voice: (903) 874-7441 -- Fax: (903) 872-2100

September 21, 2015 Dear Dr. Frost and CISD Board of Trustees: Please find attached the CISD Quarterly Report for the 4th quarter of the 2014-2015 school year. This report format provides a broad base of comparison by presenting a long-term comparison of our TexPool investments, Logic investments LoneStar, government agency security investments at book value, and our bank account status. Market value reports are included in the attached information as required by law. As you are aware, House Bill 2459 states the investment officer shall prepare and submit to the governing body of the entity a written report of investment transactions for all funds covered by the bill for the preceding reporting period not less than quarterly. The first page is a summary of money invested in TexPool investments, Logic investments, LoneStar, and monies in our depository. The following pages are News from TexPool, Logic investments, and LoneStar that give the monthly average yield, Performance Summary, Portfolio by Type of Investment, and Portfolio Asset Summary. If you have questions, please contact me at 903-602-8100. Sincerely, Mike Nielsen COMPLIANCE STATEMENT The investment portfolio presented in these reports conforms in all respects to the investment policies of CISD and is being managed under the investment strategy developed and approved by the Board of Trustees of Corsicana ISD.

Corsicana ISD Investmentsas of August 2015

DescriptionBalance per

General Ledger First Public TexStar TexPool** Logic Balance by Fund fund func obj sobj org fscl_yr pgm

199 00 1105 00 000 5 00 General Fund 18,324,803.36$ 12,391,979.31$ 903,787.13$ 75,172.40$ 4,953,864.52$ 18,324,803.36$ 240 00 1105 00 000 5 00 Food Service - Child Nutrition 1,240,273.52 1,240,273.52 1,240,273.52 599 00 1105 00 000 5 00 Debt Serv - Interest & Sinking 1,220,165.86 139,223.64 910,273.22 170,669.00 1,220,165.86 698 00 1105 00 000 5 00 Construction - Stadium 4,694,747.48 4,694,747.48 4,694,747.48 699 00 1105 00 000 5 00 Construction - Building 48,613,632.09 48,613,632.09 48,613,632.09 755 00 1105 00 000 5 00 Workers Comp 330,778.56 330,778.56 330,778.56 829 00 1105 00 000 5 00 Leporis Scholarship Investment 38,805.80 38,805.80 38,805.80 829 00 1810 00 000 5 00 Breithaupt Valeditorium Investment 10,023.82 10,023.82 10,023.82 827 00 1810 00 000 5 00 Marx Scholarship Investment 10,117.33 10,117.33 10,117.33

74,483,347.82$ 17,086,726.79$ 1,043,010.77$ 2,615,444.65$ 53,738,165.61$ 74,483,347.82$ ** incl in-transit item

Difference -$

Account Number

BALANCE PER INVESTMENT SERVICE

ANNOUNCEMENTSWe would like to recognize and welcomethe following entity who joined theTexPool program in May 2015:

TexPoolWheeler County

Upcoming Events06/10/15 – 06/12/15 TASBO Summer Conference Kerrville

06/17/15 – 06/19/15 TACCBO Conference Fort Worth

07/12/15 – 07/14/15 TASSCUBO Summer Workshop San Antonio

TexPool Advisory Board Members

Overseen by the State of Texas Comptrollerof Public Accounts Glenn Hegar.

Operated under the supervision of the TexasTreasury Safekeeping Trust Company.

Additional information regardingTexPool is available upon request:www.texpool.com 1-866-839-7665 (1-866-TEX-POOL) Fax: 866-839-3291

Economic and Market Commentary

Month in Cash: Economy continues to meander

June 1, 2015

The U.S. economy has been taking steps forward and backward since the financialcrisis, but May’s data might be better described as “sideways.” We had a slightrebound from the poor first quarter, but certainly not any affirmation that the secondquarter is going to be overly strong. Industrials were the most sideways, particularlywith the differing data across the many city indexes. Some were up, some down andsome didn’t move much at all.

Housing was probably the most positive indicator in the month, although the labormarket continues to improve, which leads to consumer-led economic growth. Butinflation stubbornly continues to be benign, and that is what is pressuring the FederalReserve to wait to raise rates. September is now the most likely policy meeting inwhich the hike will come. If we have resurgence in economic strength in June, a July meeting could be possible now that the Fed has implemented a conference-callcapability. Chair Janet Yellen says the call will operate just like the press conferencethat would come following such a major announcement. It would certainly be a goodtest of that capability!

Yellen and other Fed officials have been repeatedly telling the market to focus moreon the movement of rates beyond liftoff. Initially everyone was thinking there wouldbe three hikes before the end of this year, but now many think there will be two.The thought is that rates would rise only every other FOMC meeting and pause for a period of time around 1%. That’s quite possible, but it is really dependent on theoverall economic performance.

On the positive side, although U.S. growth isn’t rebounding as fast as we thought itcould, other parts of the world are, including Europe.

Speaking of Europe, cash managers will be keeping an eye on a new regulatory proposal by the European Parliament that would compel off-shore money marketfunds to float their net asset values (NAV). Sound familiar? It’s quite similar to thereforms implemented by the SEC last summer.

Like the SEC’s rules, the European proposal has several exemptions: governmentfunds that can invest in eurozone government securities; retail funds for consumersversus institutions; and “Low Volatility” funds, which invest in securities of up to

PERFORMANCE AS OF MAY 31, 2015TexPool TexPool Prime

Current Invested Balance $13,868,100,574.90 $1,188,628,045.86 Weighted Average Maturity (1)* 51 Days 33 DaysWeighted Average Maturity (2)* 79 Days 43 DaysNet Asset Value 1.00006 1.00002Total Number of Participants 2,329 188Management Fee on Invested Balance 0.0473% 0.0638%Interest Distributed $664,463.84 $104,957.68 Management Fee Collected $561,774.32 $52,640.06Standard & Poor's Current Rating AAAm AAAm

Month AveragesAverage Invested Balance $14,174,527,365.66 $1,200,943,253.66 Average Monthly Yield, on a simple basis (3)* 0.06% 0.10%Average Weighted Average Maturity (1)* 50 Days 40 DaysAverage Weighted Average Maturity (2)* 78 Days 50 Days

*Definitions for Average Monthly Yield and Weighted Average Maturity can be found on page 2.

e e eratd dFederated, founded in 1955, is publicly traded on the NYSE. It is one of the largest managersof AAA-rated money market portfolios in the country (Source: iMoneyNet as of 2/28/15).

Visit us at FederatedInvestors.com.

G35884-24 (6/15)

Federated is a registered trademark of Federated Investors, Inc.

2015 ©Federated Investors, Inc.

Monthly Newsletter June 2015

(continued page 6)

■ 1-7 days 26.9

■ 8-30 days 15.2

■ 31-90 days 44.2

■ 91-180 days 11.1

■ 181+ days 2.6

Portfolio by Maturity (%)As of May 31, 2015

Portfolio by Type of Investment (%)As of May 31, 2015

■ Agencies 76.1

■ Repurchase

Agreements 14.5

■ Treasurys 8.0

■ Money Market

Funds 1.4

PORTFOLIO ASSET SUMMARY AS OF MAY 31 2015Book Value Market Value

Uninvested Balance $1,440,019.11 $1,440,019.11

Receivable for Investments Sold 0.00 0.00

Accrual of Interest Income 5,291,726.99 5,291,726.99

Interest and Management Fees Payable -664,450.50 -664,450.50

Payable for Investments Purchased 0.00 0.00

Accrued Expenses & Taxes 0.00 0.00

Repurchase Agreements 2,007,872,000.00 2,007,844,540.00

Mutual Fund Investments 201,020,952.90 201,020,952.90

Government Securities 10,289,457,314.30 10,290,241,671.03

US Treasury Bills 0.00 0.00

US Treasury Notes 1,363,683,012.10 1,363,765,523.00

Total $13,868,100,574.90 $13,868,939,982.53

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated InvestmentCounseling and the assets are safe kept in a separate custodial account at State Street Bank in the name of TexPool. The only source of payment to theParticipants is the assets of TexPool. There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio, please contact TexPool Participant Services.

PARTICIPANT SUMMARYNumber of Participants Balance

School District 575 $4,382,805,327.67

Higher Education 56 $980,845,509.30

Healthcare 81 $555,129,380.02

Utility District 721 $1,841,856,244.79

City 451 $3,713,599,895.42

County 177 $1,303,349,315.32

Other 268 $1,087,871,612.95

Definition of Weighted Average Maturity (1) & (2)*(1)“WAM Days” is the mean average of the periods of time remaining until the securities held in TexPool (a) are scheduled to be repaid, (b) would be repaidupon a demand by TexPool, or (c) are scheduled to have their interest rate readjusted to reflect current market rates. Securities with adjustable rates payableupon demand are treated as maturing on the earlier of the two dates set forth in (b) and (c) if their scheduled maturity is 397 days or less; and the later of thetwo dates set forth in (b) and (c) if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortized cost of theportfolio invested in each period.

*(2)“WAM Days” is calculated in the same manner as the described in footnote 1, but is based solely on the periods of time remaining until the securities held inTexPool (a) are scheduled to be repaid or (b) would be repaid upon a demand by TexPool, without reference to when interest rates of securities within TexPoolare scheduled to be readjusted.

Definition of Average Monthly Yield (3)*(3)This current yield for TexPool Prime for each date may reflect a waiver of some portion or all of each of the management fees.

June 2015

2

DAILY SUMMARYMoney Mkt. Fund Daily TexPool Market Value

Date Equiv. (SEC Std.) Allocation Factor Invested Balance Per Share WAM Days (1) WAM Days (2)

5/1 0.0539% 0.000001478 $14,466,840,503.80 1.00004 46 75

5/2 0.0539% 0.000001478 $14,466,840,503.80 1.00004 46 75

5/3 0.0539% 0.000001478 $14,466,840,503.80 1.00004 46 75

5/4 0.0522% 0.000001431 $14,364,327,958.88 1.00005 44 73

5/5 0.0522% 0.000001430 $14,285,898,340.06 1.00006 48 75

5/6 0.0542% 0.000001485 $14,251,321,677.20 1.00005 49 78

5/7 0.0538% 0.000001475 $14,231,561,352.49 1.00006 49 77

5/8 0.0538% 0.000001474 $14,380,475,381.55 1.00006 47 75

5/9 0.0538% 0.000001474 $14,380,475,381.55 1.00006 47 75

5/10 0.0538% 0.000001474 $14,380,475,381.55 1.00006 47 75

5/11 0.0537% 0.000001471 $14,324,104,295.89 1.00006 50 76

5/12 0.0546% 0.000001496 $14,309,867,576.84 1.00005 49 75

5/13 0.0569% 0.000001558 $14,292,674,169.38 1.00005 50 78

5/14 0.0562% 0.000001540 $14,230,171,428.25 1.00004 49 78

5/15 0.0567% 0.000001554 $14,101,644,119.01 1.00004 49 78

5/16 0.0567% 0.000001554 $14,101,644,119.01 1.00004 49 78

5/17 0.0567% 0.000001554 $14,101,644,119.01 1.00004 49 78

5/18 0.0558% 0.000001530 $14,045,655,524.24 1.00004 52 79

5/19 0.0553% 0.000001515 $14,089,485,955.61 1.00005 52 79

5/20 0.0558% 0.000001530 $14,027,165,880.76 1.00004 52 79

5/21 0.0565% 0.000001549 $13,950,588,062.22 1.00005 52 81

5/22 0.0562% 0.000001540 $14,111,829,191.67 1.00005 53 81

5/23 0.0562% 0.000001540 $14,111,829,191.67 1.00005 53 81

5/24 0.0562% 0.000001540 $14,111,829,191.67 1.00005 53 81

5/25 0.0562% 0.000001540 $14,111,829,191.67 1.00005 53 81

5/26 0.0569% 0.000001559 $14,092,542,275.41 1.00005 52 79

5/27 0.0564% 0.000001544 $14,094,153,416.44 1.00006 52 80

5/28 0.0565% 0.000001548 $13,922,331,917.26 1.00006 52 80

5/29 0.0561% 0.000001537 $13,868,100,574.90 1.00006 51 79

5/30 0.0561% 0.000001537 $13,868,100,574.90 1.00006 51 79

5/31 0.0561% 0.000001537 $13,868,100,574.90 1.00006 51 79

Average: 0.055268% 0.000001515 $14,174,527,365.66 1.00005 50 78

3

■ 1-7 days 43.9

■ 8-30 days 23.8

■ 31-90 days 23.2

■ 91-180 days 3.6

■ 181+ days 5.5

Portfolio by Maturity (%)As of May 31, 2015

Portfolio by Type of Investment (%)As of May 31, 2015

■ Commercial

Paper 51.7

■ Government 4.6

■ Repurchase

Agreements 25.3

■ Other 9.8

■ Variable Rate

Notes 8.6

PORTFOLIO ASSET SUMMARY AS OF MAY 31, 2015Book Value Market Value

Uninvested Balance $934.72 $934.72

Accrual of Interest Income 207,873.86 207,873.86




Repurchase Agreements 301,224,000.00 301,224,000.00

Commercial Paper 613,536,470.55 613,561,567.71

Bank Instruments 50,142,471.36 50,151,075.00


Government Securities 5,000,000.00 5,000,340.00

Variable Rate Notes 102,607,064.99 102,596,157.00

Total $1,188,628,045.86 $1,188,651,178.67

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated InvestmentCounseling and the assets are safe kept in a separate custodial account at State Street Bank in the name of TexPool Prime. The assets of TexPool Prime are the only source of payments to the Participants. There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio, please contact TexPool Participant Services.


School District 84 $659,938,022.54


Healthcare 10 $14,868,152.41

Utility District 5 $47,476,486.77

City 37 $150,038,268.99

County 22 $111,200,285.38

Other 22 $116,644,644.92

June 2015

4

5

DAILY SUMMARYMoney Mkt. Fund Daily TexPool Prime Market Value


5/1 0.1055% 0.000002890 $1,259,009,690.42 1.00002 39 52

5/2 0.1055% 0.000002890 $1,259,009,690.42 1.00002 39 52

5/3 0.1055% 0.000002890 $1,259,009,690.42 1.00002 39 52

5/4 0.1008% 0.000002763 $1,248,974,720.88 1.00002 39 51

5/5 0.1014% 0.000002778 $1,249,895,419.36 1.00002 43 54

5/6 0.1046% 0.000002865 $1,222,914,836.72 1.00002 45 55

5/7 0.1048% 0.000002872 $1,214,650,950.86 1.00002 45 55

5/8 0.0969% 0.000002656 $1,212,954,183.41 1.00001 45 56

5/9 0.0969% 0.000002656 $1,212,954,183.41 1.00001 45 56

5/10 0.0969% 0.000002656 $1,212,954,183.41 1.00001 45 56

5/11 0.0998% 0.000002733 $1,219,808,398.17 1.00002 42 53

5/12 0.1040% 0.000002850 $1,210,108,068.92 1.00001 43 53

5/13 0.1047% 0.000002868 $1,201,681,427.06 1.00002 42 53

5/14 0.1048% 0.000002872 $1,194,306,397.20 1.00002 42 52

5/15 0.1072% 0.000002937 $1,161,891,540.27 1.00002 44 54

5/16 0.1072% 0.000002937 $1,161,891,540.27 1.00002 44 54

5/17 0.1072% 0.000002937 $1,161,891,540.27 1.00002 44 54

5/18 0.1041% 0.000002851 $1,168,904,350.60 1.00003 41 51

5/19 0.1030% 0.000002823 $1,164,939,274.22 1.00003 40 51

5/20 0.1029% 0.000002819 $1,161,455,039.01 1.00003 40 50

5/21 0.1030% 0.000002823 $1,164,220,648.25 1.00003 39 49

5/22 0.1040% 0.000002850 $1,187,496,916.03 1.00002 38 48

5/23 0.1040% 0.000002850 $1,187,496,916.03 1.00002 38 48

5/24 0.1040% 0.000002850 $1,187,496,916.03 1.00002 38 48

5/25 0.1040% 0.000002850 $1,187,496,916.03 1.00002 38 48

5/26 0.1016% 0.000002783 $1,183,489,057.52 1.00003 34 44

5/27 0.0944% 0.000002587 $1,214,952,903.86 1.00003 33 43

5/28 0.0993% 0.000002720 $1,191,501,326.77 1.00003 33 43

5/29 0.1049% 0.000002873 $1,188,628,045.86 1.00002 33 43

5/30 0.1049% 0.000002873 $1,188,628,045.86 1.00002 33 43

5/31 0.1049% 0.000002873 $1,188,628,045.86 1.00002 33 43

Average: 0.1030% 0.000002822 $1,200,943,253.66 1.00002 40 50

Participant Services1001 Texas Ave. 14th FloorHouston, TX 77002

0.00

0.02

0.04

0.06

0.08

0.10

0.12

5/315/154/304/153/313/152/282/15

TexPoolRate

TexPoolPrime Rate

90-DayT-Bill Rate

TexPool & TexPool Prime vs. 90-Day Treasury Bill

90-Day Treasury Bill is a short-term debt instrument backed by the national government. These areused to collect immediate cash to meet outstanding obligations.

Any private investor can invest in a Treasury bill. The 90-Day Treasury Bill is a weighted average rateof the weekly auctions of 90-Day Treasury Bills.

90-day maturities. The latter goes out fartherdown the curve than the SEC, which onlyallows up to 60 days. In any case, it is helpfulthat the regulatory landscape on both sides ofthe Atlantic is similar so as not to confuseinvestors.

Back in the U.S., our weighted average maturity (WAM) for May didn’t change muchfrom April, with a range of 45-55 days for government portfolios (with most in the lowerend of that span). Prime portfolios are still in the40-50 day range, but have drifted from the highend to near 40. While this is a significant move,it is not enough of one to technically shift therange. But if you looked at it on a true numberbasis, it is closer to the bottom than the top. The London interbank offered rate (Libor)curve steepened a little over the month, likelydue to the expectation of the first Fed move.One-month Libor slipped a basis point, 6-month rose three basis points and the 12-month section moved up five basis points.

6

(continued from page 1)

ANNOUNCEMENTSWe would like to recognize and welcomethe following entity who joined theTexPool program in June 2015:

TexPoolTravis County MUD 17

Upcoming Events07/12/15 – 07/14/15 TASSCUBO Summer Workshop San Antonio

08/26/15 – 08/28/15 TAC Legislative Conference Austin

09/14/15 – 09/17/15 CTAT Annual Conference Wichita Falls


Overseen by the State of Texas Comptrollerof Public Accounts Glenn Hegar.

Operated under the supervision of the TexasTreasury Safekeeping Trust Company.

Additional information regardingTexPool is available upon request:www.texpool.com 1-866-839-7665 (1-866-TEX-POOL) Fax: 866-839-3291

Economic and Market Commentary

Month in Cash: Looking forward—really!—to the end of summer

July 1, 2015

For most of us, summer is a time to pull back from the hustle and bustle of life. Noone—especially school children and college students—want to think about it ending.But this year, at least in the financial industry, we are looking forward to September.It is the month that the market expects the Federal Reserve will raise rates for the firsttime since 2008. For cash managers, that will bring on more celebratory fireworksthan the Fourth of July.

Anticipation for liftoff has ratcheted up following the June meeting of the FederalOpen Market Committee (FOMC). Its statement and economic/rate projectionspoint to a September hike, and also increased the likelihood of an additional rise inDecember. While this has been our base case for some time, with the housing marketheating up, the labor market strengthening, consumer confidence climbing and thepoor first quarter long forgotten, it is almost hard to imagine that the hikes wouldn’tunfold this way. But inflation is still not quite where the Fed would like to see it,with PCE still below the two percent level. It is hanging in there: not getting worse,but not getting any better.

However, at this point, it would take a substantial negative event to postpone thehike, and we don’t believe that even a Greek default will do it. In any case, none ofthe global banks we deal with in the prime or municipal money market portfolioshave any meaningful exposure to Greece, and therefore the portfolios won’t beimpacted in any way, shape or form.

As you know, while the Fed’s maneuvers on the longer term are always in the backof our minds, they take a back seat to the daily trading we do with the central bank.Lately, that has become much easier as the Fed’s staff has gotten better and better atrunning the operations. A year-and-a-half into the implementation of the reverserepo program, it finally is running smoothly, issuing enough collateral to keep ratesabove the floor. And since the Fed started adding term-repo issuances for quarter end,there’s been less concern about supply now than there had been. While the Fed willhave to navigate the reverse repo program when rates rise, it has $4 trillion on its balance sheet to use if it needs to control the rate more firmly.

PERFORMANCE AS OF JUNE 30, 2015TexPool TexPool Prime

Current Invested Balance $13,993,984,983.46 $1,192,234,404.60 Weighted Average Maturity (1)* 43 Days 36 DaysWeighted Average Maturity (2)* 67 Days 44 DaysNet Asset Value 1.00004 1.00000Total Number of Participants 2,330 188Management Fee on Invested Balance 0.0473% 0.0638%Interest Distributed $654,174.74 $102,437.86 Management Fee Collected $531,255.87 $50,120.59Standard & Poor's Current Rating AAAm AAAm

Month AveragesAverage Invested Balance $13,868,608,835.11 $1,173,675,796.05 Average Monthly Yield, on a simple basis (3)* 0.06% 0.11%Average Weighted Average Maturity (1)* 48 Days 37 DaysAverage Weighted Average Maturity (2)* 74 Days 45 Days

*Definitions for Average Monthly Yield and Weighted Average Maturity can be found on page 2.

e e eratd dFederated, founded in 1955, is publicly traded on the NYSE. It is one of the largest managersof AAA-rated money market portfolios in the country (Source: iMoneyNet as of 2/28/15).

Visit us at FederatedInvestors.com.

G35884-24 (7/15)

Federated is a registered trademark of Federated Investors, Inc.

2015 ©Federated Investors, Inc.

Monthly Newsletter July 2015

(continued page 6)

■ 1-7 days 22.3

■ 8-30 days 40.0

■ 31-90 days 19.0

■ 91-180 days 15.3

■ 181+ days 3.4

Portfolio by Maturity (%)As of June 30, 2015

Portfolio by Type of Investment (%)As of June 30, 2015

■ Agencies 73.8

■ Repurchase

Agreements 15.3

■ Treasurys 7.5

■ Money Market

Funds 3.4

PORTFOLIO ASSET SUMMARY AS OF JUNE 30, 2015Book Value Market Value

Uninvested Balance $519,586.25 $519,586.25











Total $13,993,984,983.46 $13,994,669,309.51

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated InvestmentCounseling and the assets are safe kept in a separate custodial account at State Street Bank in the name of TexPool. The only source of payment to theParticipants is the assets of TexPool. There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio, please contact TexPool Participant Services.


School District 575 $4,380,688,251.00

Higher Education 56 $1,122,348,779.54

Healthcare 81 $517,414,521.04


City 451 $3,883,164,351.63

County 177 $1,175,061,147.84

Other 268 $992,253,183.83

Definition of Weighted Average Maturity (1) & (2)*(1)“WAM Days” is the mean average of the periods of time remaining until the securities held in TexPool (a) are scheduled to be repaid, (b) would be repaidupon a demand by TexPool, or (c) are scheduled to have their interest rate readjusted to reflect current market rates. Securities with adjustable rates payableupon demand are treated as maturing on the earlier of the two dates set forth in (b) and (c) if their scheduled maturity is 397 days or less; and the later of thetwo dates set forth in (b) and (c) if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortized cost of theportfolio invested in each period.

*(2)“WAM Days” is calculated in the same manner as the described in footnote 1, but is based solely on the periods of time remaining until the securities held inTexPool (a) are scheduled to be repaid or (b) would be repaid upon a demand by TexPool, without reference to when interest rates of securities within TexPoolare scheduled to be readjusted.

Definition of Average Monthly Yield (3)*(3)This current yield for TexPool Prime for each date may reflect a waiver of some portion or all of each of the management fees.

July 2015

2

DAILY SUMMARYMoney Mkt. Fund Daily TexPool Market Value


6/1 0.0571% 0.000001565 $13,792,320,811.35 1.00006 50 77

6/2 0.0575% 0.000001576 $13,771,021,924.68 1.00006 47 74

6/3 0.0561% 0.000001536 $13,753,469,883.31 1.00007 49 77

6/4 0.0566% 0.000001552 $13,766,304,309.06 1.00007 49 76

6/5 0.0563% 0.000001543 $13,689,964,028.18 1.00007 49 77

6/6 0.0563% 0.000001543 $13,689,964,028.18 1.00007 49 77

6/7 0.0563% 0.000001543 $13,689,964,028.18 1.00007 49 77

6/8 0.0564% 0.000001544 $13,591,275,670.79 1.00005 47 74

6/9 0.0563% 0.000001542 $13,598,240,893.27 1.00007 46 74

6/10 0.0562% 0.000001540 $13,591,545,996.48 1.00006 47 74

6/11 0.0581% 0.000001591 $13,575,573,441.59 1.00007 47 73

6/12 0.0584% 0.000001601 $13,649,880,704.99 1.00006 48 75

6/13 0.0584% 0.000001601 $13,649,880,704.99 1.00006 48 75

6/14 0.0584% 0.000001601 $13,649,880,704.99 1.00006 48 75

6/15 0.0588% 0.000001612 $13,646,236,526.44 1.00004 46 73

6/16 0.0598% 0.000001638 $13,837,046,376.66 1.00005 46 72

6/17 0.0595% 0.000001631 $13,836,248,097.96 1.00004 47 73

6/18 0.0568% 0.000001557 $14,192,192,210.91 1.00004 50 75

6/19 0.0590% 0.000001616 $14,138,222,716.69 1.00005 50 76

6/20 0.0590% 0.000001616 $14,138,222,716.69 1.00005 50 76

6/21 0.0590% 0.000001616 $14,138,222,716.69 1.00005 50 76

6/22 0.0584% 0.000001600 $14,167,987,519.47 1.00004 48 73

6/23 0.0566% 0.000001550 $13,920,695,590.05 1.00005 48 74

6/24 0.0580% 0.000001590 $13,942,346,694.32 1.00004 48 73

6/25 0.0572% 0.000001568 $14,221,691,293.11 1.00005 46 71

6/26 0.0570% 0.000001561 $14,169,376,513.84 1.00005 46 70

6/27 0.0570% 0.000001561 $14,169,376,513.84 1.00005 46 70

6/28 0.0570% 0.000001561 $14,169,376,513.84 1.00005 46 70

6/29 0.0561% 0.000001536 $13,917,750,939.38 1.00004 44 68

6/30 0.0571% 0.000001565 $13,993,984,983.46 1.00004 43 67

Average: 0.0575% 0.000001575 $13,868,608,835.11 1.00005 48 74

3

■ 1-7 days 44.1

■ 8-30 days 16.6

■ 31-90 days 28.4

■ 91-180 days 10.1

■ 181+ days 0.8

Portfolio by Maturity (%)As of June 30, 2015

Portfolio by Type of Investment (%)As of June 30, 2015

■ Commercial

Paper 51.7

■ Government 8.4

■ Repurchase

Agreements 21.6

■ Other 9.7

■ Variable Rate

Notes 8.6

PORTFOLIO ASSET SUMMARY AS OF JUNE 30, 2015Book Value Market Value

Uninvested Balance -$182.75 -$182.75









Government Securities 0.00 0.00


Total $1,192,234,404.60 $1,192,238,883.11

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated InvestmentCounseling and the assets are safe kept in a separate custodial account at State Street Bank in the name of TexPool Prime. The assets of TexPool Prime are the only source of payments to the Participants. There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio, please contact TexPool Participant Services.




Healthcare 10 $15,469,517.07


City 37 $158,386,015.54

County 22 $125,865,419.33

Other 22 $115,926,491.98

July 2015

4

5

DAILY SUMMARYMoney Mkt. Fund Daily TexPool Prime Market Value


6/2 0.0934% 0.000002558 $1,186,244,109.49 1.00003 32 42

6/3 0.1100% 0.000003015 $1,186,052,461.77 1.00003 31 41

6/4 0.1100% 0.000003015 $1,187,635,323.32 1.00003 34 43

6/5 0.1069% 0.000002930 $1,185,042,972.04 1.00001 39 47

6/6 0.1069% 0.000002930 $1,185,042,972.04 1.00001 39 47

6/7 0.1069% 0.000002930 $1,185,042,972.04 1.00001 39 47

6/8 0.1109% 0.000003038 $1,177,590,521.68 1.00002 39 47

6/9 0.1077% 0.000002952 $1,179,716,267.26 1.00002 37 46

6/10 0.1074% 0.000002942 $1,179,852,113.58 1.00001 37 45

6/11 0.1130% 0.000003096 $1,173,416,630.75 1.00001 37 45

6/12 0.1089% 0.000002983 $1,177,559,332.41 1.00000 39 47

6/13 0.1089% 0.000002983 $1,177,559,332.41 1.00000 39 47

6/14 0.1089% 0.000002983 $1,177,559,332.41 1.00000 39 47

6/15 0.1120% 0.000003068 $1,152,459,294.36 1.00001 37 45

6/16 0.1092% 0.000002992 $1,161,782,184.84 1.00000 36 44

6/17 0.1062% 0.000002909 $1,164,854,822.78 1.00001 36 43

6/18 0.1045% 0.000002862 $1,158,453,037.64 1.00001 38 45

6/19 0.1034% 0.000002832 $1,152,471,293.08 1.00000 38 46

6/20 0.1034% 0.000002832 $1,152,471,293.08 1.00000 38 46

6/21 0.1034% 0.000002832 $1,152,471,293.08 1.00000 38 46

6/22 0.1007% 0.000002759 $1,153,105,304.20 1.00001 36 43

6/23 0.1002% 0.000002744 $1,151,367,943.73 1.00001 38 46

6/24 0.1042% 0.000002854 $1,150,253,230.13 1.00000 38 46

6/25 0.1026% 0.000002812 $1,173,804,835.46 1.00001 37 44

6/26 0.1066% 0.000002921 $1,181,868,482.40 1.00000 39 47

6/27 0.1066% 0.000002921 $1,181,868,482.40 1.00000 39 47

6/28 0.1066% 0.000002921 $1,181,868,482.40 1.00000 39 47

6/29 0.1026% 0.000002810 $1,202,965,759.20 1.00000 36 43

6/30 0.1111% 0.000003043 $1,192,234,404.60 1.00000 36 44

Average: 0.1063% 0.000002912 $1,173,675,796.05 1.00001 37 45

Participant Services1001 Texas Ave. 14th FloorHouston, TX 77002

0.00

0.02

0.04

0.06

0.08

0.10

0.12

6/306/155/315/154/304/153/313/15

TexPoolRate

TexPoolPrime Rate

90-DayT-Bill Rate


90-Day Treasury Bill is a short-term debt instrument backed by the national government. These areused to collect immediate cash to meet outstanding obligations.

Any private investor can invest in a Treasury bill. The 90-Day Treasury Bill is a weighted average rateof the weekly auctions of 90-Day Treasury Bills.

Our weighted average maturity (WAM) forJune didn’t change much with a range of 40-50 days for government and prime portfolios.

The London interbank offered rate (Libor)curve steepened a little over the month, likelydue to the expectation of the first Fed move.One-month and three-month Libor were flat,while six- and 12-month Libor each moved upby two basis points.

6

(continued from page 1)

(continued page 6)

ANNOUNCEMENTSEconomic and Market Commentary:How times have changedAugust 1, 2015

The incessant buzz surrounding whether the Federal Reserve will or won’t initiate

liftoff in September, got us thinking about how much times have changed. We can

recall a meeting years ago in the board room on the 27th fl oor of our Downtown offi ce

building. It was with members of the New York Federal Reserve Bank, and the discussion

centered on the possibility the target funds rate, 1% at the time, could be lowered another

25 basis points to 0.75% … 0.75%!

We thought that was madness; now, we’d be jumping for joy over such a rate! And,

frankly, we believe we will get to 0.75% at some point next year, likely in the fi rst half of

2016. We also think the Fed will initiate its fi rst increase in the funds rate in nine years

at its meeting next month, the noise surrounding its late July post-meeting statement

notwithstanding. If you strip that statement down, there were less than 10 word

changes, with a lot of consternation focused on the addition of the word “some,’’ as in

policymakers need to see “some” further improvement in the labor markets to justify a

rate hike. Honestly, this all sounds like word sniffi ng to me.

Based on the economic data and events since the Fed met in June and signaled a

September move (July’s was a non-press conference, non-forecast meeting, which is

why there was so much obsession over word changes), it doesn’t appear to me that

policymakers are wavering. Fed Chair Janet Yellen’s biannual comments to Congress

TexPool Participant Services Managed and1001 Texas Avenue, Suite 1400 ● Houston, TX 77002 Serviced by e e eratd dPhone: 1-866-TEXPOOL (839-7665) ● Fax: 1-866-839-3291 ● TexPool.com G35884-24 (8/15)

We would like to recognize and

welcome the following entities

who joined the TexPool program

in July 2015:

TexPool

South Texas College

City of La Vernia

Colorado County GCD

TexPool Prime

Town of Pantego

Colorado County GCD

Upcoming Events

8/26/15 – 8/28/2015

TAC Legislative Conference

Austin

9/14/2015 – 9/17/2015

CTAT Annual Conference

Wichita Falls

9/22/2015 – 9/25/2015

TML Conference

San Antonio


Overseen by the State of Texas

Comptroller of Public Accounts

Glenn Hegar.

Operated under the supervision

of the Texas Treasury Safekeeping

Trust Company.

Additional information regarding

TexPool is available upon request:

www.texpool.com

1-866-839-7665 (1-866-TEX-POOL)

Fax: 866-839-3291

Monthly Newsletter: August 2015

Performance as of July 31, 2015

TexPool TexPool Prime

Current Invested Balance $13,453,405,389.74 $1,104,047,634.83

Weighted Average Maturity (1)* 49 Days 34 Days

Weighted Average Maturity (2)* 82 Days 55 Days

Net Asset Value 1.00005 1.00000

Total Number of Participants 2,333 190

Management Fee on Invested Balance 0.0473% 0.0638%

Interest Distributed $732,837.48 $115,593.94

Management Fee Collected $550,703.00 $52,435.31

Standard & Poor's Current Rating AAAm AAAm

Month Averages

Average Invested Balance $13,711,954,585.18 $1,185,307,497.21

Average Monthly Yield, on a simple basis (3)* 0.06% 0.12%

Average Weighted Average Maturity (1)* 50 Days 35 Days

Average Weighted Average Maturity (2)* 79 Days 50 Days

*Defi nitions for Average Monthly Yield and Weighted Average Maturity can be found on page 2.

G35884-24.indd 3G35884-24.indd 3 8/5/2015 3:35:29 PM8/5/2015 3:35:29 PM

Pg: 2

Portfolio by Maturity (%)As of July 31, 2015

■ 1-7 days 27.1■ 8-30 days 20.5■ 31-90 days 42.6■ 91-180 days 5.8■ 181+ days 4.0

Portfolio by Type of Investment (%)As of July 31, 2015

■ Agencies 73.6■ Repurchase

Agreements 16.8■ Treasurys 5.4■ Money Market

Funds 4.2

Portfolio Asset Summary as of July 31, 2015

Book Value Market Value

Uninvested Balance -$14,904.00 -$14,904.00




Payable for Investments Purchased -125,000,000.00 -125,000,000.00







Total $13,453,405,389.74 $13,454,001,129.01

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated Investment Counseling and the assets are safe kept in a separate

custodial account at State Street Bank in the name of TexPool. The only source of payment to the Participants is the assets of TexPool. There is no secondary source of payment for the pool such as insurance or

State guarantee. Should you require a copy of the portfolio, please contact TexPool Participant Services.

Participant Summary

Number of Participants Balance

School District 575 $4,093,317,140.80

Higher Education 57 $1,063,718,496.73

Healthcare 81 $445,080,073.86


City 452 $3,806,940,786.68

County 177 $1,131,680,858.08

Other 269 $1,018,602,594.88

Defi nition of Weighted Average Maturity (1) & (2)

*(1)“WAM Days” is the mean average of the periods of time remaining until the securities held in TexPool (a) are scheduled to be repaid, (b) would be repaid upon a demand by TexPool, or (c) are scheduled

to have their interest rate readjusted to refl ect current market rates. Securities with adjustable rates payable upon demand are treated as maturing on the earlier of the two dates set forth in (b) and (c) if their

scheduled maturity is 397 days or less; and the later of the two dates set forth in (b) and (c) if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortized

cost of the portfolio invested in each period.

*(2)“WAM Days” is calculated in the same manner as the described in footnote 1, but is based solely on the periods of time remaining until the securities held in TexPool (a) are scheduled to be repaid or (b)

would be repaid upon a demand by TexPool, without reference to when interest rates of securities within TexPool are scheduled to be readjusted.

Defi nition of Average Monthly Yield (3)

*(3)This current yield for TexPool Prime for each date may refl ect a waiver of some portion or all of each of the management fees.


G35884-24.indd 4G35884-24.indd 4 8/5/2015 3:35:30 PM8/5/2015 3:35:30 PM

Pg: 3

Daily Summary

DateMoney Mkt. Fund Equiv. (SEC Std.)

Daily Allocation Factor

TexPool Invested Balance

Market Value Per Share WAM Days (1) WAM Days (2)

7/1 0.0565% 0.000001548 $13,895,824,715.11 1.00005 45 72

7/2 0.0577% 0.000001581 $13,880,386,709.47 1.00007 46 72

7/3 0.0577% 0.000001581 $13,880,386,709.47 1.00007 46 72

7/4 0.0577% 0.000001581 $13,880,386,709.47 1.00007 46 72

7/5 0.0577% 0.000001581 $13,880,386,709.47 1.00007 46 72

7/6 0.0583% 0.000001596 $13,886,258,446.86 1.00005 45 71

7/7 0.0578% 0.000001583 $13,913,935,638.57 1.00005 50 77

7/8 0.0612% 0.000001676 $13,890,050,571.97 1.00006 51 79

7/9 0.0649% 0.000001778 $13,768,693,286.61 1.00005 52 79

7/10 0.0658% 0.000001802 $13,901,692,126.35 1.00005 53 83

7/11 0.0658% 0.000001802 $13,901,692,126.35 1.00005 53 83

7/12 0.0658% 0.000001802 $13,901,692,126.35 1.00005 53 83

7/13 0.0637% 0.000001746 $13,829,767,818.25 1.00005 51 81

7/14 0.0639% 0.000001750 $13,735,899,666.41 1.00006 51 82

7/15 0.0650% 0.000001781 $13,623,981,237.59 1.00006 52 84

7/16 0.0667% 0.000001827 $13,603,950,136.14 1.00005 51 81

7/17 0.0656% 0.000001797 $13,498,204,738.06 1.00007 53 85

7/18 0.0656% 0.000001797 $13,498,204,738.06 1.00007 53 85

7/19 0.0656% 0.000001797 $13,498,204,738.06 1.00007 53 85

7/20 0.0653% 0.000001788 $13,388,838,861.07 1.00005 50 82

7/21 0.0641% 0.000001755 $13,478,481,771.69 1.00004 49 79

7/22 0.0619% 0.000001697 $13,527,573,781.73 1.00003 50 81

7/23 0.0623% 0.000001706 $13,413,706,136.57 1.00004 50 81

7/24 0.0637% 0.000001746 $13,734,660,643.14 1.00004 50 80

7/25 0.0637% 0.000001746 $13,734,660,643.14 1.00004 50 80

7/26 0.0637% 0.000001746 $13,734,660,643.14 1.00004 50 80

7/27 0.0643% 0.000001763 $13,757,102,043.88 1.00004 48 78

7/28 0.0633% 0.000001734 $13,679,150,331.33 1.00007 48 78

7/29 0.0641% 0.000001757 $13,675,371,679.42 1.00005 48 77

7/30 0.0660% 0.000001808 $13,623,381,267.07 1.00005 48 77

7/31 0.0669% 0.000001833 $13,453,405,389.74 1.00005 49 82

Average: 0.0630% 0.000001725 $13,711,954,585.18 1.00005 50 79

G35884-24.indd 5G35884-24.indd 5 8/5/2015 3:35:30 PM8/5/2015 3:35:30 PM

Pg: 4

TEXPOOL PRIME


Portfolio by Maturity (%)As of July 31, 2015

■ 1-7 days 35.8■ 8-30 days 30.4■ 31-90 days 23.1■ 91-180 days 9.8■ 181+ days 0.9

Portfolio by Type of Investment (%)As of July 31, 2015

■ Commercial

Paper 52.7■ Government 6.8■ Repurchase

Agreements 12.9■ Other 10.5■ Variable Rate

Notes 17.1



Uninvested Balance $256.09 $256.09









Government Securities 0.00 0.00


Total $1,104,047,634.83 $1,104,044,014.13

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated Investment Counseling and the assets are safe kept in a separate

custodial account at State Street Bank in the name of TexPool Prime. The assets of TexPool Prime are the only source of payments to the Participants. There is no secondary source of payment for the pool such as

insurance or State guarantee. Should you require a copy of the portfolio, please contact TexPool Participant Services

Participant Summary

Number of Participants Balance



Healthcare 10 $14,570,839.90


City 38 $152,051,966.28

County 22 $100,897,673.35

Other 23 $114,805,150.32

G35884-24.indd 6G35884-24.indd 6 8/5/2015 3:35:30 PM8/5/2015 3:35:30 PM

Pg: 5

TEXPOOL PRIME

Daily Summary

DateMoney Mkt. Fund Equiv. (SEC Std.)

Daily Allocation Factor

TexPool Prime Invested Balance

Market Value Per Share WAM Days (1) WAM Days (2)

7/1 0.1103% 0.000003023 $1,204,652,248.86 1.00000 38 50

7/2 0.1094% 0.000002997 $1,205,172,999.98 0.99999 38 50

7/3 0.1094% 0.000002997 $1,205,172,999.98 0.99999 38 50

7/4 0.1094% 0.000002997 $1,205,172,999.98 0.99999 38 50

7/5 0.1094% 0.000002997 $1,205,172,999.98 0.99999 38 50

7/6 0.1082% 0.000002965 $1,188,480,885.54 1.00000 37 50

7/7 0.1063% 0.000002912 $1,195,353,257.42 1.00000 37 50

7/8 0.1095% 0.000002999 $1,191,582,372.14 1.00000 38 50

7/9 0.1096% 0.000003002 $1,192,223,882.20 1.00000 38 50

7/10 0.1106% 0.000003029 $1,190,011,426.38 0.99999 38 50

7/11 0.1106% 0.000003029 $1,190,011,426.38 0.99999 38 50

7/12 0.1106% 0.000003029 $1,190,011,426.38 0.99999 38 50

7/13 0.1096% 0.000003004 $1,189,966,515.57 1.00000 36 48

7/14 0.1130% 0.000003096 $1,202,434,194.80 1.00000 35 50

7/15 0.1190% 0.000003261 $1,180,454,215.72 1.00000 34 50

7/16 0.1200% 0.000003288 $1,190,265,972.53 1.00000 35 53

7/17 0.1180% 0.000003234 $1,186,722,234.19 0.99999 35 53

7/18 0.1180% 0.000003234 $1,186,722,234.19 0.99999 35 53

7/19 0.1180% 0.000003234 $1,186,722,234.19 0.99999 35 53

7/20 0.1124% 0.000003080 $1,175,301,620.38 1.00000 32 50

7/21 0.1112% 0.000003046 $1,161,567,014.09 1.00000 32 51

7/22 0.1116% 0.000003057 $1,152,776,647.59 1.00000 34 51

7/23 0.1137% 0.000003114 $1,153,690,893.56 1.00000 33 50

7/24 0.1194% 0.000003272 $1,180,247,090.12 1.00000 32 49

7/25 0.1194% 0.000003272 $1,180,247,090.12 1.00000 32 49

7/26 0.1194% 0.000003272 $1,180,247,090.12 1.00000 32 49

7/27 0.1264% 0.000003462 $1,173,940,227.52 1.00000 32 49

7/28 0.1226% 0.000003358 $1,200,806,190.85 1.00000 31 48

7/29 0.1233% 0.000003377 $1,220,050,561.11 1.00000 30 49

7/30 0.1336% 0.000003660 $1,175,303,826.95 1.00000 31 50

7/31 0.1397% 0.000003828 $1,104,047,634.83 1.00000 34 55

Average: 0.1155% 0.000003165 $1,185,307,497.21 1.00000 35 50

G35884-24.indd 1G35884-24.indd 1 8/5/2015 3:35:11 PM8/5/2015 3:35:11 PM

last month, as well as those from other Fed governors, were

supportive of a September move. And despite a few bumps, most

notably in manufacturing, the stream of economic news has been

pretty good. The latest GDP report showed consumer spending

picking up and housing continuing to improve. Outside of

stubbornly modest wage gains, the labor market continues to act

as if it’s the 1990s.

We do think the Fed will tread very gingerly once it begins to

move. Our scenario sees a rate hike of 25 basis points or so every

second or third meeting, starting with September as opposed to

December, as some are currently suggesting. Given the cash-fl ow

complications and all the funding and window-dressing moves

that occur in the money market toward the end of every year,

to toss in the beginning of a policy of raising rates when they’ve

eff ectively been at zero for seven years wouldn’t make a lot of

sense from our perspective. That said, we wouldn’t be surprised if

the Fed only makes one move this year; its fi rst meeting in 2016 is

in late January, so skipping December wouldn’t be such a big deal.

With the cash market starting to price in a move, we’ve been

able to fi nd value in fl oaters—fl oating-rate instruments that reset

periodically and generally benefi t in a rising-rate environment—

and further out on the cash yield curve. This has resulted in a

unique circumstance in our portfolios—the weighted average

life of our holdings has extended by about 10 days over the

past month as we moved out on the curve, but the weighted

average maturity hasn’t budged, refl ecting a big increase in

holdings of fl oaters that reset monthly. See you—and the Fed?—

in September.

90-Day Treasury Bill is a short-term debt instrument backed by the national government. These are

used to collect immediate cash to meet outstanding obligations.

Any private investor can invest in a Treasury bill. The 90-Day Treasury Bill is a weighted average

rate of the weekly auctions of 90-Day Treasury Bills.

Participant Services

1001 Texas Ave. 14th Floor

Houston, TX 77002

TexPool

Prime Rate


90-Day

T-Bill Rate

TexPool

Rate

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

7/317/156/306/155/315/154/304/15

G35884-24.indd 2G35884-24.indd 2 8/5/2015 3:35:29 PM8/5/2015 3:35:29 PM

New

sPe

rfor

man

ce

New Participants

We would like to welcome the following entities who joined the LOGIC program in June:City of BeltonCity of McGregor

Monthly Online Statement Enhancement

We are pleased to inform you of an enhancement to your monthly online statements for LOGIC. When you access your monthly statements using the internet transaction system, they can be obtained in a single pdf fi le, which includes all of your accounts. This fi le can be printed and/or saved on your computer for future reference. Please contact LOGIC Participant Services if you need any as-sistance using this feature.

LOGIC NewsletterJune 2015

Econ

omic

Com

men

tary

The second quarter carried on the eventful nature of 2015. Despite ongoing concerns over Greece’s possible exit from the Eurozone, a stock market bubble in China, a softer US economy, illiquidity in fi xed income markets, and geopolitics, risk assets have largely dismissed all the these negatives. Unsurprisingly, fixed income markets haven’t fared as well. The US economy appears to have bounced out of the fi rst quarter’s growth pothole and consensus forecasts are for growth of 2.5% in the second quarter. The rebound in growth is being once again driven by the US consumer. Savings rates were outpacing spending rates in the fi rst quarter, but this trend has gone into reverse and nominal consumer spending increased by 0.9% in May, the highest level since August 2009. The housing market is showing signs of a pick-up, with new and existing home sales rising, as are housing starts. The pick-up in Treasury yields may not slow the pace of growth in home sales as much as feared. However, mortgage approvals are rising again and higher wage growth and consumer confidence should support this segment of the economy. All of this data points to an increasingly likely fi rst rate hike by the US Federal Reserve (the Fed) before year end. The Federal Open Market Committee (FOMC) met twice in the second quarter. In April, they expressed some concern about the growth slowdown following the weak fi rst quarter, though they communicated that they believed much of the weakness was transitory. They expressed a more optimistic tone in June as most participants still expect lift-off before the end of the year.While some of the FOMC’s recent signals were somewhat dovish, it is expected that economic data over the coming months will support a move towards normalization beginning with a September hike. None-the-less, the Fed is trying to minimize market disruption as much as possible by stressing its expectation of a shallow path towards higher rates. It may be hard for the Fed to move too quickly as higher rates will cause the dollar to strengthen, restricting the Fed’s ability to get back to a neutral level. Consistent with Chair Yellen’s guidance, it is anticipated the Fed will move towards a 1.75% level by the end of 2016, but a pause at that point to assess the market impact is highly likely. The U.S. yield curve typically fl attens as tightening cycles evolve and it is expected that this time will be no different. In addition, higher rates should spur long duration demand from pensions and insurance companies, effectively muting a move higher and contributing to a fl atter yield curve. This information is an excerpt from an economic report dated June 2015 provided to LOGIC by JPMorgan Asset Management, Inc., the investment manager of the LOGIC pool.

*Definition of Weighted Average Maturity (1) & (2)

(1) This weighted average maturity calculation uses the SEC Rule 2a-7 defi nition for stated maturity for any fl oating rate instrument held in the portfolio to determine the weighted average maturity for the pool. This Rule specifi es that a variable rate instrument to be paid in 397 calendar days or less shall be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

(2) This weighted average maturity calculation uses the fi nal maturity of any fl oating rate instruments held in the portfolio to calculate the weighted average maturity for the pool.

Rates refl ect historical information and are not an indication of future performance.

As of June 30, 2015Current Invested Balance $3,654,155,351.53Weighted Average Maturity (1)* 46 DaysWeighted Average Maturity (2)* 48 DaysNet Asset Value 1.000069Total Number of Participants 479Management Fee on Invested Balance 0.0875%Interest Distributed $654,221.60Management Fee Collected $269,602.10% of Portfolio Invested Beyond 1 Year 0.28%Standard & Poor’s Current Rating AAAm

June Averages:Average Invested Balance $3,748,578,101.03Average Monthly Yield, on a simple basis 0.1249%Average Weighted Average Maturity (1)* 50 DaysAverage Weighted Average Maturity (2)* 52 Days

Distribution of Participants by TypeAs of June 30, 2011

Portfolio by Maturity

As of June 30, 2011

Info

rmat

ion

at a

Gla

nce

His

tory Historical Program Information

Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Jun 15 0.1249% $3,654,155,351.53 $3,654,410,680.14 1.000069 50 52 479 May 15 0.1122% 3,946,893,410.17 3,947,118,664.62 1.000057 50 53 477 Apr 15 0.1130% 3,998,470,171.80 3,998,712,647.13 1.000060 53 56 477 Mar 15 0.0999% 4,066,005,418.39 4,066,212,104.05 1.000050 54 54 476 Feb 15 0.0921% 4,259,905,573.48 4,260,112,636.65 1.000044 56 56 475 Jan 15 0.0843% 4,685,467,403.35 4,685,649,495.36 1.000035 53 53 474 Dec 14 0.0974% 3,939,993,459.46 3,940,056,660.58 1.000012 54 54 474 Nov 14 0.0871% 3,113,166,276.38 3,113,286,210.13 1.000038 57 57 474 Oct 14 0.0879% 2,980,769,409.32 2,980,950,713.69 1.000053 56 56 473 Sep 14 0.0795% 3,010,891,831.13 3,011,100,863.54 1.000069 57 57 472 Aug 14 0.0927% 3,093,141,562.93 3,093,305,609.22 1.000049 56 56 470 Jul 14 0.0989% 3,271,203,541.22 3,271,345,878.40 1.000043 51 52 469

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Uninvested Balance $ (2,192.66) $ (2,192.66) Accrual of Interest Income 705,098.01 705,098.01 Interest and Management Fees Payable (709,727.37) (709,727.37) Payable for Investment Purchased 0.00 0.00 Receivable for Investment Sold 0.00 0.00 Repurchase Agreements 658,756,999.96 658,756,999.96 Commercial Paper 2,476,653,977.07 2,476,829,814.75 Government Securities 518,751,196.52 518,830,687.45 Total $ 3,654,155,351.53 $ 3,654,410,680.14

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by J.P. Morgan Chase & Co. and the assets are safekept in a separate custodial account at the Federal Reserve Bank in the name of LOGIC. The only source of payment to the Participants are the assets of LOGIC. There is no secondary source of payment for the pool such as insurance or guarantee. Should you require a copy of the portfolio, please contact LOGIC Participant Services.

Portfolio Asset Summary as of June 30, 2015

Commercial Paper67.78%

RepurchaseAgreements

18.03%

8 to 30 days14.97%

1 to 7 days30.54%

181+ days3.91%

31 to 90 days46.76% Utility District

9.81%

Other6.47%

School District39.04% Health Care

1.67%

County10.65%

HigherEducation

2.71%

City29.65%


Portfolio by Type of InvestmentAs of June 30, 2015


As of June 30, 2015

91 to 180 days3.82%

Agencies10.69%

Treasuries3.50%

Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 6/1/2015 0.1173% 0.000003215 $3,986,154,889.05 1.000067 50 52 6/2/2015 0.1203% 0.000003295 $3,981,141,852.66 1.000068 52 55 6/3/2015 0.1240% 0.000003398 $3,984,284,841.13 1.000064 53 56 6/4/2015 0.1257% 0.000003445 $3,982,615,910.81 1.000064 54 57 6/5/2015 0.1233% 0.000003377 $3,940,596,839.37 1.000047 52 55 6/6/2015 0.1233% 0.000003377 $3,940,596,839.37 1.000047 52 55 6/7/2015 0.1233% 0.000003377 $3,940,596,839.37 1.000047 52 55 6/8/2015 0.1242% 0.000003403 $3,832,320,408.95 1.000064 53 56 6/9/2015 0.1237% 0.000003388 $3,819,427,904.33 1.000059 53 566/10/2015 0.1234% 0.000003380 $3,809,595,373.15 1.000051 52 566/11/2015 0.1286% 0.000003523 $3,728,260,994.10 1.000054 52 556/12/2015 0.1260% 0.000003451 $3,727,757,375.08 1.000045 50 536/13/2015 0.1260% 0.000003451 $3,727,757,375.08 1.000045 50 536/14/2015 0.1260% 0.000003451 $3,727,757,375.08 1.000045 50 536/15/2015 0.1334% 0.000003654 $3,684,217,271.67 1.000055 50 526/16/2015 0.1306% 0.000003579 $3,695,324,831.06 1.000055 49 516/17/2015 0.1227% 0.000003362 $3,682,424,199.55 1.000057 48 516/18/2015 0.1186% 0.000003249 $3,675,033,378.09 1.000062 48 506/19/2015 0.1205% 0.000003300 $3,639,891,958.76 1.000055 46 496/20/2015 0.1205% 0.000003300 $3,639,891,958.76 1.000055 46 496/21/2015 0.1205% 0.000003300 $3,639,891,958.76 1.000055 46 496/22/2015 0.1188% 0.000003255 $3,647,035,675.51 1.000071 46 496/23/2015 0.1226% 0.000003358 $3,609,355,769.84 1.000066 50 536/24/2015 0.1265% 0.000003466 $3,590,728,408.95 1.000068 49 526/25/2015 0.1249% 0.000003421 $3,662,800,649.78 1.000065 48 506/26/2015 0.1308% 0.000003584 $3,629,522,522.96 1.000058 47 506/27/2015 0.1308% 0.000003584 $3,629,522,522.96 1.000058 47 506/28/2015 0.1308% 0.000003584 $3,629,522,522.96 1.000058 47 506/29/2015 0.1275% 0.000003494 $3,619,159,232.12 1.000071 47 506/30/2015 0.1322% 0.000003622 $3,654,155,351.53 1.000069 46 48 Average 0.1249% 0.000003421 $3,748,578,101.03 50 52

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Daily Summary for June 2015

LOGIC versus 90-Day Treasury Bill

This material is for information purposes only. This information does not represent an offer to buy or sell a security. The above rate information is obtained from sources that are believed to be reliable; however, its accuracy or completeness may be subject to change. The LOGIC management fee may be waived in full or in part at the discretion of the LOGIC co-administrators and the LOGIC rate for the period shown refl ects waiver of fees. This table represents historical investment performance/return to the customer, net of fees, and is not an indication of future performance. An investment in the security is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the issuer seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the security. Information about these and other program details are in the fund’s Information Statement which should be read carefully before investing. The yield on the 90-Day Treasury Bill (“T-Bill Yield”) is shown for comparative purposes only. When comparing the investment returns of the LOGIC pool to the T-Bill Yield, you should know that the LOGIC pool consist of allocations of specifi c diversifi ed securities as detailed in the respective Information Statements. The T-Bill Yield is taken from Bloomberg Finance L.P. and represents the daily closing yield on the then current 90-day T-Bill.

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For more information contact LOGIC Participant Services 1-800-895-6442 www.logic.org

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oard LOGIC Board Members

Philip G. Roberson Arlington ISD Board President

Fred L. Werner Municipal Finance Director Board Vice President

Judd R. Sanderson North Texas Municipal Water District Board Treasurer / Investment Offi cer

Sandra Newby Tarrant Regional Water District Board Member

Greg Jordan City of Grapevine Board Member

LOGIC Participant Servicesc/o First Southwest Asset Management, Inc.325 North St. Paul Street, Suite 800Dallas, TX 75201

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New Participants

We would like to welcome the following entities who joined the LOGIC program in July:Brazosport Water AuthorityItaly ISDRoyal ISD

Conferences

LOGIC Representatives will be attending the following conferences in September. We look forward to visiting with those of you attending these events:

County Treasurers’ Association of Texas Annual Conference – September 14-17, Wichita FallsTexas Municipal League Annual Conference - September 22-25, San Antonio

LOGIC NewsletterJuly 2015

Econ

omic

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men

tary

July proved to be a more turbulent time for investors than performance numbers may suggest. While global equities as a whole ended the month roughly fl at and major government bond yields ended moderately lower, both asset classes experienced signifi cant intra-month swings. There was no shortage of negative headlines as the Greek negotiations, collapse of the Chinese stock market and the increasing likelihood of a Puerto Rican default took center stage. Meanwhile, after stabilizing in the second quarter, crude oil prices began to decline again, the U.S. dollar showed some renewed signs of strength and major yield curves began to fl atten again. Events during the month did little to clarify the timing of the fi rst U.S. rate hike in more than nine years. While the FOMC statement was tweaked to note that the Committee only needs to see “some further improvement in the labor market” before raising rates, the other major requirement, reasonable confidence in infl ation moving back to their longer-run objective of 2%, was unchanged. Thus, the Fed’s policy stance remains data dependent between now and mid-September. While data released in July was mixed, the Fed appeared generally unconcerned, expecting continued improvement in the economy in the second half of the year.The solid economic activity that occurred in the second quarter is expected to continue into the second half of the year. Expectations are for labor markets to continue to improve and place upward pressure on wages. Improved household incomes and individual balance sheets, better access to credit, lower energy prices and higher confi dence are likely to result in better consumption and, in light of a much improved supply/demand backdrop, accelerated housing activity going forward. Core infl ation is anticipated to accelerate toward 2% by the fourth quarter. Given the tight supply of rental properties, rent is expected to trend higher, providing uplift to core infl ation. This will serve to offset some of the disinflationary pressures associated with a stronger dollar. The outlook in 2016 is less clear. Despite disappointing wage data of late, wages should gradually improve as labor market slack is further diminished. The Fed should begin to tighten policy in the second half of 2015, but the pace will initially be slow and gradual. Financial asset price volatility is expected to remain higher during this transition period. Economic activity should gradually rise with the potential for global growth to stabilize and become less of a restraint to domestic activity in the years ahead.This information is an excerpt from an economic report dated July 2015 provided to LOGIC by JPMorgan Asset Management, Inc., the investment manager of the LOGIC pool.





As of July 31, 2015Current Invested Balance $3,695,302,543.37Weighted Average Maturity (1)* 47 DaysWeighted Average Maturity (2)* 49 DaysNet Asset Value 1.000035Total Number of Participants 482Management Fee on Invested Balance 0.0875%Interest Distributed $661,713.61Management Fee Collected $270,556.04% of Portfolio Invested Beyond 1 Year 0.00%Standard & Poor’s Current Rating AAAm

July Averages:Average Invested Balance $3,640,602,624.27Average Monthly Yield, on a simple basis 0.1265%Average Weighted Average Maturity (1)* 45 DaysAverage Weighted Average Maturity (2)* 47 Days

Distribution of Participants by TypeAs of July 31, 2011


As of July 31, 2011

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Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Jul 15 0.1265% $3,695,302,543.37 $3,695,464,092.30 1.000035 45 47 482 Jun 15 0.1249% 3,654,155,351.53 3,654,410,680.14 1.000069 50 52 479 May 15 0.1122% 3,946,893,410.17 3,947,118,664.62 1.000057 50 53 477 Apr 15 0.1130% 3,998,470,171.80 3,998,712,647.13 1.000060 53 56 477 Mar 15 0.0999% 4,066,005,418.39 4,066,212,104.05 1.000050 54 54 476 Feb 15 0.0921% 4,259,905,573.48 4,260,112,636.65 1.000044 56 56 475 Jan 15 0.0843% 4,685,467,403.35 4,685,649,495.36 1.000035 53 53 474 Dec 14 0.0974% 3,939,993,459.46 3,940,056,660.58 1.000012 54 54 474 Nov 14 0.0871% 3,113,166,276.38 3,113,286,210.13 1.000038 57 57 474 Oct 14 0.0879% 2,980,769,409.32 2,980,950,713.69 1.000053 56 56 473 Sep 14 0.0795% 3,010,891,831.13 3,011,100,863.54 1.000069 57 57 472 Aug 14 0.0927% 3,093,141,562.93 3,093,305,609.22 1.000049 56 56 470 Jul 14 0.0989% 3,271,203,541.22 3,271,345,878.40 1.000043 51 52 469

Ass

ets


Uninvested Balance $ (5,131.79) $ (5,131.79) Accrual of Interest Income 700,670.99 700,670.99 Interest and Management Fees Payable (745,712.03) (745,712.03) Payable for Investment Purchased (36,140,962.50) (36,140,962.50) Receivable for Investment Sold 0.00 0.00 Repurchase Agreements 449,221,999.99 449,221,999.99 Commercial Paper 2,583,415,405.06 2,583,528,458.36 Government Securities 698,856,273.65 698,904,769.28 Total $ 3,695,302,543.37 $ 3,695,464,092.30





12.04%

8 to 30 days18.73%

1 to 7 days14.55%

181+ days3.29%


9.96%

Other6.43%


1.66%

County10.58%

HigherEducation

2.70%

City29.46%


Portfolio by Type of InvestmentAs of July 31, 2015


As of July 31, 2015

91 to 180 days8.03%

Agencies16.24%

Treasuries2.49%

Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 7/1/2015 0.1226% 0.000003358 $3,646,059,185.35 1.000064 46 48 7/2/2015 0.1218% 0.000003337 $3,629,040,148.99 1.000061 43 46 7/3/2015 0.1218% 0.000003337 $3,629,040,148.99 1.000061 43 46 7/4/2015 0.1218% 0.000003337 $3,629,040,148.99 1.000061 43 46 7/5/2015 0.1218% 0.000003337 $3,629,040,148.99 1.000061 43 46 7/6/2015 0.1241% 0.000003400 $3,634,191,279.76 1.000059 44 47 7/7/2015 0.1229% 0.000003366 $3,624,786,098.28 1.000057 43 46 7/8/2015 0.1300% 0.000003563 $3,617,714,340.59 1.000068 43 46 7/9/2015 0.1309% 0.000003585 $3,592,479,383.18 1.000068 45 487/10/2015 0.1306% 0.000003579 $3,593,462,490.91 1.000053 45 477/11/2015 0.1306% 0.000003579 $3,593,462,490.91 1.000053 45 477/12/2015 0.1306% 0.000003579 $3,593,462,490.91 1.000053 45 477/13/2015 0.1253% 0.000003433 $3,582,739,580.55 1.000061 45 477/14/2015 0.1262% 0.000003457 $3,567,930,847.27 1.000063 44 477/15/2015 0.1292% 0.000003540 $3,529,409,500.44 1.000057 44 467/16/2015 0.1272% 0.000003485 $3,503,856,543.38 1.000060 44 467/17/2015 0.1270% 0.000003480 $3,466,795,784.10 1.000051 42 457/18/2015 0.1270% 0.000003480 $3,466,795,784.10 1.000051 42 457/19/2015 0.1270% 0.000003480 $3,466,795,784.10 1.000051 42 457/20/2015 0.1225% 0.000003357 $3,486,650,078.23 1.000050 42 447/21/2015 0.1196% 0.000003278 $3,721,313,783.76 1.000052 45 487/22/2015 0.1259% 0.000003448 $3,725,073,133.18 1.000043 44 477/23/2015 0.1193% 0.000003268 $3,727,027,918.86 1.000045 46 487/24/2015 0.1240% 0.000003396 $3,806,466,091.43 1.000037 44 467/25/2015 0.1240% 0.000003396 $3,806,466,091.43 1.000037 44 467/26/2015 0.1240% 0.000003396 $3,806,466,091.43 1.000037 44 467/27/2015 0.1271% 0.000003481 $3,799,499,307.37 1.000044 44 467/28/2015 0.1303% 0.000003571 $3,792,504,143.77 1.000049 49 517/29/2015 0.1338% 0.000003666 $3,761,432,327.12 1.000042 50 527/30/2015 0.1360% 0.000003725 $3,734,377,662.54 1.000041 50 527/31/2015 0.1369% 0.000003750 $3,695,302,543.37 1.000035 47 49 Average 0.1265% 0.000003466 $3,640,602,624.27 45 47

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LOGIC Participant Servicesc/o First Southwest Company, LLC325 North St. Paul Street, Suite 800Dallas, TX 75201

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Holiday Reminder

In observance of Columbus Day, LOGIC will be closed on Monday, October 12, 2015. All ACH transactions initiated on Friday, October 9th, will settle on Tuesday October 13th. Please plan accordingly for your liquidity needs.

Conferences

LOGIC Representatives will be attending the following conferences in September. We look forward to visiting with those of you attending these events:

County Treasurers’ Association of Texas Annual Conference – September 14-17, Wichita FallsTexas Municipal League Annual Conference - September 22-25, San Antonio

LOGIC NewsletterAugust 2015

Econ

omic

Com

men

tary

Economic news out of China and the renewed plunge in oil prices caused signifi cant volatility in global stock and bond markets during the month of August. The related impact on inflationary expectations pushed market participants to reduce the likelihood of a September Fed rate hike. China surprised markets in mid-August, permitting a wider trading band (+/-2%) around its currency’s tightly controlled daily fi xing. The abrupt change, which devalued the Yuan by 3% versus the US dollar over two days, was seen as another sign of economic weakness in the world’s second largest economy. This slowdown within the world’s largest energy consumer became a catalyst for oil market volatility. U.S. economic releases throughout the month were generally very positive, with a solid employment report, quite strong vehicle sales, and better-than-expected readings on retail sales, housing starts and existing home sales. Most importantly, the government revised its estimate of second quarter 2015 real GDP growth to a better than expected annual rate of 3.7%, up from 2.3%. The tone of the Federal Open Market Committee (FOMC) July meeting minutes was somewhat more cautious than the FOMC statement and refl ected heightened uncertainties around global developments. Fed offi cials initially responded to the volatility in global equity markets at the end of the month by tempering the potential for Fed lift-off in September. However, after the Jackson Hole conference, Fed offi cials appeared to stick with their plan to begin normalizing rates by the end of the year despite recent market turmoil, remaining confi dent in their forecast for steadily improving growth and infl ation that should begin to gradually fi rm. The probability of a rate hike in September remains below 50%. The Federal Reserve has been waiting for a move in core CPI but it hasn’t seen it yet. Core CPI is expected to move toward 2% by the fourth quarter. While domestic data appears to have met the Fed’s criteria for tighter monetary policy at its September FOMC meeting, recent market volatility and a sharp decline in energy prices is likely to have affected the members’ level of confi dence. In order to achieve clarity on the timing of the initial rate hike, economists need to come to terms with whether the market is driving the Fed or whether the Fed is driving the market. If global growth jitters do cause the Fed to defer on a September lift-off, odds are still quite high that the fi rst rate hike will happen this year. Regardless of the timing of the initial rate hike, the pace of tightening will be gradual. This information is an excerpt from an economic report dated August 2015 provided to LOGIC by JPMorgan Asset Management, Inc., the investment manager of the LOGIC pool.





As of August 31, 2015Current Invested Balance $3,481,714,713.30Weighted Average Maturity (1)* 38 DaysWeighted Average Maturity (2)* 40 DaysNet Asset Value 1.000020Total Number of Participants 482Management Fee on Invested Balance 0.0875%Interest Distributed $662,080.45Management Fee Collected $259,916.46% of Portfolio Invested Beyond 1 Year 0.00%Standard & Poor’s Current Rating AAAm

August Averages:Average Invested Balance $3,497,434,794.66Average Monthly Yield, on a simple basis 0.1354%Average Weighted Average Maturity (1)* 41 DaysAverage Weighted Average Maturity (2)* 43 Days

Distribution of Participants by Type

As of August 31, 2011



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Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Aug 15 0.1354% $3,481,714,713.30 $3,481,787,250.61 1.000020 41 43 482 Jul 15 0.1265% 3,695,302,543.37 3,695,464,092.30 1.000035 45 47 482 Jun 15 0.1249% 3,654,155,351.53 3,654,410,680.14 1.000069 50 52 479 May 15 0.1122% 3,946,893,410.17 3,947,118,664.62 1.000057 50 53 477 Apr 15 0.1130% 3,998,470,171.80 3,998,712,647.13 1.000060 53 56 477 Mar 15 0.0999% 4,066,005,418.39 4,066,212,104.05 1.000050 54 54 476 Feb 15 0.0921% 4,259,905,573.48 4,260,112,636.65 1.000044 56 56 475 Jan 15 0.0843% 4,685,467,403.35 4,685,649,495.36 1.000035 53 53 474 Dec 14 0.0974% 3,939,993,459.46 3,940,056,660.58 1.000012 54 54 474 Nov 14 0.0871% 3,113,166,276.38 3,113,286,210.13 1.000038 57 57 474 Oct 14 0.0879% 2,980,769,409.32 2,980,950,713.69 1.000053 56 56 473 Sep 14 0.0795% 3,010,891,831.13 3,011,100,863.54 1.000069 57 57 472

Ass

ets


Uninvested Balance $ (4,603.39) $ (4,603.39) Accrual of Interest Income 308,583.11 308,583.11 Interest and Management Fees Payable (759,700.34) (759,700.34) Payable for Investment Purchased (42,000,000.00) (42,000,000.00) Receivable for Investment Sold 0.00 0.00 Repurchase Agreements 568,642,999.98 568,642,999.98 Commercial Paper 2,265,144,370.15 2,265,231,663.91 Government Securities 690,383,063.79 690,368,307.34 Total $ 3,481,714,713.30 $ 3,481,787,250.61


Portfolio Asset Summary as of August 31, 2015



16.14%

8 to 30 days27.75%

1 to 7 days30.39%

181+ days3.62%


9.96%

Other6.43%


1.66%

County10.58%

HigherEducation

2.70%

City29.46%



Portfolio by Type of Investment




91 to 180 days4.74%

Agencies16.96%

Treasuries2.63%

Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 8/1/2015 0.1369% 0.000003750 $3,695,302,543.37 1.000035 47 49 8/2/2015 0.1369% 0.000003750 $3,695,302,543.37 1.000035 47 49 8/3/2015 0.1360% 0.000003725 $3,695,269,249.07 1.000040 47 49 8/4/2015 0.1349% 0.000003697 $3,691,992,359.90 1.000033 46 48 8/5/2015 0.1361% 0.000003730 $3,691,054,248.45 1.000025 45 47 8/6/2015 0.1363% 0.000003734 $3,639,603,632.29 1.000032 45 47 8/7/2015 0.1374% 0.000003764 $3,620,872,524.22 1.000013 43 45 8/8/2015 0.1374% 0.000003764 $3,620,872,524.22 1.000013 43 45 8/9/2015 0.1374% 0.000003764 $3,620,872,524.22 1.000013 43 458/10/2015 0.1337% 0.000003664 $3,608,543,491.22 1.000021 42 448/11/2015 0.1340% 0.000003672 $3,596,467,124.45 1.000019 41 438/12/2015 0.1314% 0.000003599 $3,580,091,967.78 1.000022 43 458/13/2015 0.1330% 0.000003643 $3,482,510,552.22 1.000012 43 458/14/2015 0.1336% 0.000003659 $3,369,684,855.79 1.000004 42 448/15/2015 0.1336% 0.000003659 $3,369,684,855.79 1.000004 42 448/16/2015 0.1336% 0.000003659 $3,369,684,855.79 1.000004 42 448/17/2015 0.1345% 0.0000036860 $3,373,348,383.32 1.000014 41 438/18/2015 0.1332% 0.0000036490 $3,372,008,991.71 1.000010 41 438/19/2015 0.1337% 0.0000036640 $3,363,994,894.84 1.000012 40 428/20/2015 0.1308% 0.0000035840 $3,370,602,208.05 1.000013 40 418/21/2015 0.1382% 0.000003787 $3,340,976,715.06 1.000006 39 418/22/2015 0.1382% 0.000003787 $3,340,976,715.06 1.000006 39 418/23/2015 0.1382% 0.000003787 $3,340,976,715.06 1.000006 39 418/24/2015 0.1395% 0.000003823 $3,333,938,657.65 1.000016 38 408/25/2015 0.1358% 0.000003720 $3,459,213,801.23 1.000017 36 388/26/2015 0.1352% 0.000003705 $3,447,106,614.53 1.000026 38 408/27/2015 0.1340% 0.000003672 $3,453,033,516.97 1.000024 38 408/28/2015 0.1355% 0.000003712 $3,464,925,618.47 1.000010 36 388/29/2015 0.1355% 0.000003712 $3,464,925,618.47 1.000010 36 388/30/2015 0.1355% 0.000003712 $3,464,925,618.47 1.000010 36 388/31/2015 0.1368% 0.000003749 $3,481,714,713.30 1.000020 38 40 Average 0.1354% 0.000003709 $3,497,434,794.66 41 43

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Daily Summary for August 2015



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LOG

IC B







LOGIC Participant Servicesc/o First Southwest Company, LLC325 North St. Paul Street, Suite 800Dallas, TX 75201

Monthly Newsletter — June 2015

For more information about TexSTAR, please visit our web site at www.texstar.org.

Performance

As of June 30, 2015Current Invested Balance $5,113,377,874.72Weighted Average Maturity (1) 53 DaysWeighted Average Maturity (2) 69 DaysNet Asset Value 1.000082Total Number of Participants 794Management Fee on Invested Balance 0.05%*Interest Distributed $538,806.02Management Fee Collected $221,032.61% of Portfolio Invested Beyond 1 Year 1.47%Standard & Poor’s Current Rating AAAmRates reflect historical information and are not an indication of future performance.

June AveragesAverage Invested Balance $5,378,263,141.58Average Monthly Yield, on a simple basis 0.0719%Average Weighted Average Maturity (1)* 52 DaysAverage Weighted Average Maturity (2)* 68 Days

Definition of Weighted Average Maturity (1) & (2)



* The maximum management fee authorized for the TexSTAR Cash Reserve Fund is 12 basis points. This fee may be waived in full or in part in the discretion of the TexSTAR

co-administrators at any time as provided for in the TexSTAR Information Statement.

Economic CommentaryThe second quarter carried on the eventful nature of 2015. Despite ongoing concerns over Greece’s possible exit from the Eurozone, a stock market bubble in China, a softer US economy, illiquidity in fi xed income markets, and geopolitics, risk assets have largely dismissed all the these negatives. Unsurprisingly, fi xed income markets haven’t fared as well, with the Barclays Global Aggregate falling 1.2% in the last quarter. The US economy appears to have bounced out of the fi rst quarter’s growth pothole and consensus forecasts are for growth of 2.5% in the second quarter. The rebound in growth is being once again driven by the US consumer. Savings rates were outpacing spending rates in the fi rst quarter, but this trend has gone into reverse and nominal consumer spending increased by 0.9% in May, the highest level since August 2009. The housing market is showing signs of a pick-up, with new and existing home sales rising, as are housing starts. The pick up in Treasury yields may not slow the pace of growth in home sales as much as feared. However, mortgage approvals are rising again and higher wage growth and consumer confi dence should support this segment of the economy. The employment cost index shows that private wage growth accelerated to 2.7% year-on-year in the fi rst quarter as the labor market tightened, a trend which should continue. All of this data points to an increasingly likely fi rst rate hike by the US Federal Reserve (the Fed) before year end. The Federal Open Market Committee (FOMC) met twice in the second quarter. In April, they expressed some concern about the growth slowdown following the weak fi rst quarter, though they communicated that they believed much of the weakness was transitory. They expressed a more optimistic tone in June as most participants still expect lift-off before the end of the year.While some of the FOMC’s recent signals were somewhat dovish, it is expected that economic data over the coming months will support a move towards normalization beginning with a September hike. None-the-less, the Fed is trying to minimize market disruption as much as possible by stressing its expectation of a shallow path towards higher rates. It may be hard for the Fed to move too quickly as higher rates will cause the dollar to strengthen, restricting the Fed’s ability to get back to a neutral level. Consistent with Chair Yellen’s guidance, it is anticipated the Fed will move towards a 1.75% level by the end of 2016, but a pause at that point to assess the market impact is highly likely. The U.S. yield curve typically fl attens as tightening cycles evolve and it is expected that this time will be no different. In addition, higher rates should spur long duration demand from pensions and insurance companies, effectively muting a move higher and contributing to a fl atter yield curve.

This information is an excerpt from an economic report dated June 2015 provided to TexSTAR by JP Morgan Asset Management, Inc., the investment manager of the TexSTAR pool.

Monthly Online Statement EnhancementWe are pleased to inform you of an enhancement to your monthly online statements for TexSTAR. When you access your monthly statements using the internet transaction system, they can be obtained in a single pdf fi le, which includes all of your accounts. This fi le can be printed and/or saved on your computer for future reference. Please contact TexSTAR Participant Services if you need any assistance using this feature.


Portfolio by Type of InvestmentAs of June 30, 2015


Uninvested Balance $ 6,640.15 $ 6,640.15 Accrual of Interest Income 1,119,038.00 1,119,038.00 Interest and Management Fees Payable (608,244.20) (608,244.20) Payable for Investment Purchased 0.00 0.00 Repurchase Agreement 724,185,999.97 724,185,999.97 Government Securities 4,388,674,440.80 4,389,094,885.72

Total $ 5,113,377,874.72 $ 5,113,798,319.64

Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by J.P. Morgan Chase & Co. and the assets are safekept in a separate custodial account at the Federal Reserve Bank in the name of TexSTAR. The only source of payment to the Participants are the assets of TexSTAR. There is no secondary source of payment for the pool such as insurance or guarantee. Should you require a copy of the portfolio, please contact TexSTAR Participant Services.

Information at a Glance

Portfolio Asset Summary as of June 30, 2015

Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Jun 15 0.0719% $5,113,377,874.72 $5,113,798,319.64 1.000082 52 68 794 May 15 0.0643% 5,481,487,398.04 5,481,958,268.19 1.000085 52 70 794 Apr 15 0.0701% 5,578,041,120.52 5,578,486,668.16 1.000079 52 74 793 Mar 15 0.0604% 5,532,363,738.20 5,532,642,521.32 1.000050 52 76 792 Feb 15 0.0548% 6,025,452,923.84 6,025,900,171.82 1.000073 49 74 792 Jan 15 0.0542% 5,795,866,262.14 5,796,287,813.37 1.000076 50 77 791 Dec 14 0.0501% 5,158,234,676.14 5,158,405,384.45 1.000037 51 80 790 Nov 14 0.0387% 4,453,961,626.26 4,454,149,924.27 1.000042 52 84 790 Oct 14 0.0385% 4,433,918,584.81 4,434,061,738.75 1.000043 50 82 788 Sep 14 0.0317% 4,479,282,436.21 4,479,598,265.68 1.000070 50 80 788 Aug 14 0.0350% 4,815,579,162.38 4,815,792,254.70 1.000043 52 83 788 Jul 14 0.0323% 4,816,487,266.54 4,816,599,027.29 1.000023 52 81 788

Agencies79.87%

1 to 7 days22.41%

31 to 90 days37.24% 8 to 30 days

22.35%

City27.20%

Health Care3.15%

County6.17%

Other7.81%

Historical Program Information

181+ days5.01%


As of June 30, 2015


14.16%

Treasuries5.97%

91 to 180 days12.99%

School District33.38%

HigherEducation

2.77%

Utility District19.52%

TexSTAR versus 90-Day Treasury Bill

Mny Mkt Fund Daily Allocation TexSTAR Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 6/1/2015 0.0731% 0.000002003 $5,508,645,335.58 1.000083 50 67 6/2/2015 0.0698% 0.000001913 $5,483,626,974.67 1.000086 51 67 6/3/2015 0.0767% 0.000002100 $5,451,801,064.50 1.000088 54 71 6/4/2015 0.0767% 0.000002101 $5,444,479,366.33 1.000091 53 70 6/5/2015 0.0726% 0.000001988 $5,409,030,025.90 1.000089 53 70 6/6/2015 0.0726% 0.000001988 $5,409,030,025.90 1.000089 53 70 6/7/2015 0.0726% 0.000001988 $5,409,030,025.90 1.000089 53 70 6/8/2015 0.0705% 0.000001932 $5,301,748,926.42 1.000083 54 70 6/9/2015 0.0694% 0.000001900 $5,323,434,679.69 1.000090 54 706/10/2015 0.0692% 0.000001897 $5,376,797,250.76 1.000084 53 706/11/2015 0.0741% 0.000002030 $5,345,222,339.80 1.000084 54 716/12/2015 0.0731% 0.000002004 $5,393,688,860.19 1.000081 51 686/13/2015 0.0731% 0.000002004 $5,393,688,860.19 1.000081 51 686/14/2015 0.0731% 0.000002004 $5,393,688,860.19 1.000081 51 686/15/2015 0.0771% 0.000002111 $5,314,617,243.47 1.000081 51 686/16/2015 0.0738% 0.000002021 $5,302,440,187.83 1.000088 51 676/17/2015 0.0707% 0.000001937 $5,305,944,686.02 1.000083 50 666/18/2015 0.0684% 0.000001875 $5,419,848,176.85 1.000082 48 646/19/2015 0.0653% 0.000001789 $5,457,117,316.73 1.000089 50 656/20/2015 0.0653% 0.000001789 $5,457,117,316.73 1.000089 50 656/21/2015 0.0653% 0.000001789 $5,457,117,316.73 1.000089 50 656/22/2015 0.0656% 0.000001798 $5,407,680,830.49 1.000081 51 666/23/2015 0.0638% 0.000001747 $5,427,834,423.33 1.000085 51 666/24/2015 0.0703% 0.000001926 $5,432,590,552.24 1.000084 51 666/25/2015 0.0719% 0.000001971 $5,466,611,608.47 1.000081 52 676/26/2015 0.0776% 0.000002127 $5,310,701,681.30 1.000079 51 666/27/2015 0.0776% 0.000002127 $5,310,701,681.30 1.000079 51 666/28/2015 0.0776% 0.000002127 $5,310,701,681.30 1.000079 51 666/29/2015 0.0739% 0.000002024 $5,209,579,073.83 1.000079 52 676/30/2015 0.0767% 0.000002100 $5,113,377,874.72 1.000082 53 69 Average 0.0719% 0.000001970 $5,378,263,141.58 52 68

Daily Summary for June 2015

This material is for information purposes only. This information does not represent an offer to buy or sell a security. The above rate information is obtained from sources that are believed to be reliable; however, its accuracy or completeness may be subject to change. The TexSTAR management fee may be waived in full or in part at the discretion of the TexSTAR co-administrators and the TexSTAR rate for the period shown refl ects waiver of fees. This table represents historical investment performance/return to the customer, net of fees, and is not an indication of future performance. An investment in the security is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the issuer seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the security. Information about these and other program details are in the fund’s Information Statement which should be read carefully before investing. The yield on the 90-Day Treasury Bill (“T-Bill Yield”) is shown for comparative purposes only. When comparing the investment returns of the TexSTAR pool to the T-Bill Yield, you should know that the TexSTAR pool consist of allocations of specifi c diversifi ed securities as detailed in the respective Information Statements. The T-Bill Yield is taken from Bloomberg Finance L.P. and represents the daily closing yield on the then current 90-day T-Bill.

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90 Day T-Bill Rate TexSTAR Rate

TexSTAR Participant ServicesFirst Southwest Asset Management, Inc.325 North St. Paul Street, Suite 800Dallas, Texas 75201

TexSTAR Board Members

William Chapman Central Texas Regional Mobility Authority Governing Board President Nell Lange City of Frisco Governing Board Vice President Kenneth Huewitt Houston ISD Governing Board Treasurer Michael Bartolotta First Southwest Company Governing Board Secretary Joni Freeman JP Morgan Chase Governing Board Asst. Sec./Treas. Eric Cannon Town of Addison Advisory Board Nicole Conley Austin ISD Advisory Board Pamela Moon City of Lubbock Advisory Board Monte Mercer North Central TX Council of Government Advisory Board Stephen Fortenberry Plano ISD Advisory Board Becky Brooks Government Resource Associates, LLC Advisory Board

For more information contact TexSTAR Participant Services 1-800-TEX-STAR www.texstar.org

Monthly Newsletter — July 2015


Performance

As of July 31, 2015Current Invested Balance $5,191,663,669.11Weighted Average Maturity (1) 48 DaysWeighted Average Maturity (2) 61 DaysNet Asset Value 1.000063Total Number of Participants 795Management Fee on Invested Balance 0.05%*Interest Distributed $553,546.46Management Fee Collected $226,610.34% of Portfolio Invested Beyond 1 Year 0.96%Standard & Poor’s Current Rating AAAmRates reflect historical information and are not an indication of future performance.

July AveragesAverage Invested Balance $5,366,160,822.36Average Monthly Yield, on a simple basis 0.0722%Average Weighted Average Maturity (1)* 50 DaysAverage Weighted Average Maturity (2)* 63 Days






Economic CommentaryJuly proved to be a more turbulent time for investors than broad asset class performance numbers may suggest. While global equities as a whole ended the month roughly fl at and major government bond yields ended moderately lower, both asset classes experienced signifi cant intra-month swings. There was no shortage of negative headlines as the Greek negotiations, collapse of the Chinese stock market and the increasing likelihood of a Puerto Rican default took center stage. Meanwhile, after stabilizing in the second quarter, crude oil prices began to decline again, the U.S. dollar showed some renewed signs of strength and major yield curves began to fl atten again. Events during the month did little to clarify the timing of the fi rst U.S. rate hike in more than nine years. While the FOMC statement was tweaked to note that the Committee only needs to see “some further improvement in the labor market” before raising rates, the other major requirement, reasonable confi dence in infl ation moving back to their longer-run objective of 2%, was unchanged. Thus, the Fed’s policy stance remains data dependent between now and mid-September. While data released in July was mixed, the Fed appeared generally unconcerned, expecting continued improvement in the economy in the second half of the year.The solid economic activity that occurred in the second quarter is expected to continue into the second half of the year. Expectations are for labor markets to continue to improve, eroding labor market slack further and placing upward pressure on wages. Improved household incomes and individual balance sheets, better access to credit, lower energy prices and higher confi dence are likely to result in better consumption and, in light of a much improved supply/demand backdrop, accelerated housing activity going forward. Continued, albeit gradual, appreciation of the U.S. dollar should further impair export growth. However, analysis suggests that the bulk of the adjustment has already occurred and net trade will be only a modest headwind. Core infl ation is anticipated to accelerate toward 2% by the fourth quarter. Given the tight supply of rental properties, rent is expected to trend higher, providing uplift to core infl ation. This will serve to offset some of the disinfl ationary pressures associated with a stronger dollar. Headline infl ation should improve due to base effects and the waning drag from energy prices into the second half of the year. The outlook in 2016 is less clear. Despite disappointing wage data of late, wages should gradually improve as labor market slack is further diminished. The Fed should begin to tighten policy in the second half of 2015, but the pace will initially be slow and gradual. Financial asset price volatility is expected to remain higher during this transition period. Economic activity should gradually rise with the potential for global growth to stabilize and become less of a restraint to domestic activity in the years ahead.

This information is an excerpt from an economic report dated July 2015 provided to TexSTAR by JP Morgan Asset Management, Inc., the investment manager of the TexSTAR pool.

New ParticipantsWe would like to welcome the following entity who joined the TexSTAR program in May:

Brazosport Water Authority


Portfolio by Type of InvestmentAs of July 31, 2015


Uninvested Balance $ 79.99 $ 79.99 Accrual of Interest Income 419,315.27 419,315.27 Interest and Management Fees Payable (589,800.11) (589,800.11) Payable for Investment Purchased 0.00 0.00 Repurchase Agreement 1,015,250,999.92 1,015,250,999.92 Government Securities 4,176,583,074.04 4,176,928,310.60

Total $ 5,191,663,669.11 $ 5,192,008,905.67




Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Jul 15 0.0722% $5,191,663,669.11 $5,192,008,905.67 1.000063 50 63 795 Jun 15 0.0719% 5,113,377,874.72 5,113,798,319.64 1.000082 52 68 794 May 15 0.0643% 5,481,487,398.04 5,481,958,268.19 1.000085 52 70 794 Apr 15 0.0701% 5,578,041,120.52 5,578,486,668.16 1.000079 52 74 793 Mar 15 0.0604% 5,532,363,738.20 5,532,642,521.32 1.000050 52 76 792 Feb 15 0.0548% 6,025,452,923.84 6,025,900,171.82 1.000073 49 74 792 Jan 15 0.0542% 5,795,866,262.14 5,796,287,813.37 1.000076 50 77 791 Dec 14 0.0501% 5,158,234,676.14 5,158,405,384.45 1.000037 51 80 790 Nov 14 0.0387% 4,453,961,626.26 4,454,149,924.27 1.000042 52 84 790 Oct 14 0.0385% 4,433,918,584.81 4,434,061,738.75 1.000043 50 82 788 Sep 14 0.0317% 4,479,282,436.21 4,479,598,265.68 1.000070 50 80 788 Aug 14 0.0350% 4,815,579,162.38 4,815,792,254.70 1.000043 52 83 788

Agencies73.23%

1 to 7 days29.19%

31 to 90 days31.33% 8 to 30 days

22.14%

City27.17%

Health Care3.14%

County6.16%

Other7.80%


181+ days3.73%


As of July 31, 2015


19.55%

Treasuries7.22%

91 to 180 days13.61%


HigherEducation

2.77%



Mny Mkt Fund Daily Allocation TexSTAR Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 7/1/2015 0.0727% 0.000001993 $5,021,819,309.42 1.000089 54 69 7/2/2015 0.0678% 0.000001858 $5,304,695,822.18 1.000101 48 63 7/3/2015 0.0678% 0.000001858 $5,304,695,822.18 1.000101 48 63 7/4/2015 0.0678% 0.000001858 $5,304,695,822.18 1.000101 48 63 7/5/2015 0.0678% 0.000001858 $5,304,695,822.18 1.000101 48 63 7/6/2015 0.0676% 0.000001853 $5,322,369,601.36 1.000082 47 62 7/7/2015 0.0677% 0.000001854 $5,374,152,286.26 1.000081 47 61 7/8/2015 0.0710% 0.000001946 $5,353,244,625.21 1.000090 49 63 7/9/2015 0.0710% 0.000001946 $5,339,886,480.82 1.000098 50 647/10/2015 0.0725% 0.000001987 $5,394,534,212.22 1.000085 49 627/11/2015 0.0725% 0.000001987 $5,394,534,212.22 1.000085 49 627/12/2015 0.0725% 0.000001987 $5,394,534,212.22 1.000085 49 627/13/2015 0.0734% 0.000002011 $5,382,133,908.53 1.000081 48 627/14/2015 0.0733% 0.000002008 $5,387,688,338.96 1.000083 47 617/15/2015 0.0780% 0.000002136 $5,370,156,248.46 1.000079 49 637/16/2015 0.0813% 0.000002227 $5,392,557,722.75 1.000078 53 667/17/2015 0.0736% 0.000002017 $5,367,973,855.66 1.000098 51 647/18/2015 0.0736% 0.000002017 $5,367,973,855.66 1.000098 51 647/19/2015 0.0736% 0.000002017 $5,367,973,855.66 1.000098 51 647/20/2015 0.0658% 0.000001804 $5,336,172,930.43 1.000079 52 657/21/2015 0.0630% 0.000001727 $5,352,276,876.95 1.000071 52 657/22/2015 0.0611% 0.000001674 $5,377,751,549.12 1.000058 52 647/23/2015 0.0657% 0.000001801 $5,371,926,202.18 1.000057 54 677/24/2015 0.0729% 0.000001997 $5,395,698,787.67 1.000069 52 647/25/2015 0.0729% 0.000001997 $5,395,698,787.67 1.000069 52 647/26/2015 0.0729% 0.000001997 $5,395,698,787.67 1.000069 52 647/27/2015 0.0770% 0.000002110 $5,317,842,860.97 1.000074 52 647/28/2015 0.0771% 0.000002113 $5,302,014,489.08 1.000071 51 647/29/2015 0.0786% 0.000002154 $5,273,592,159.62 1.000054 50 637/30/2015 0.0810% 0.000002220 $5,260,332,378.68 1.000056 50 627/31/2015 0.0829% 0.000002270 $5,191,663,669.11 1.000063 48 61 Average 0.0722% 0.000001977 $5,336,160,822.36 50 63

Daily Summary for July 2015


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TexSTAR Participant ServicesFirst Southwest Asset Company, LLC325 North St. Paul Street, Suite 800Dallas, Texas 75201


William Chapman Central Texas Regional Mobility Authority Governing Board President Nell Lange City of Frisco Governing Board Vice President Kenneth Huewitt Houston ISD Governing Board Treasurer Michael Bartolotta First Southwest Company Governing Board Secretary Joni Freeman JP Morgan Chase Governing Board Asst. Sec./Treas. Eric Cannon City of Allen Advisory Board Nicole Conley Austin ISD Advisory Board Monte Mercer North Central TX Council of Government Advisory Board Stephen Fortenberry Plano ISD Advisory Board Becky Brooks Government Resource Associates, LLC Advisory Board


Monthly Newsletter — August 2015


Performance

As of August 31, 2015Current Invested Balance $5,444,712,315.25Weighted Average Maturity (1) 47 DaysWeighted Average Maturity (2) 60 DaysNet Asset Value 1.000027Total Number of Participants 796Management Fee on Invested Balance 0.05%*Interest Distributed $594,587.48Management Fee Collected $224,642.33% of Portfolio Invested Beyond 1 Year 1.38%Standard & Poor’s Current Rating AAAmRates reflect historical information and are not an indication of future performance.

August AveragesAverage Invested Balance $5,289,821,436.15Average Monthly Yield, on a simple basis 0.0823%Average Weighted Average Maturity (1)* 47 DaysAverage Weighted Average Maturity (2)* 60 Days






Economic CommentaryEconomic news out of China and the renewed plunge in oil prices caused signifi cant volatility in global stock and bond markets during the month of August. The related impact on infl ationary expectations pushed market participants to reduce the likelihood of a September Fed rate hike. China surprised markets in mid-August, permitting a wider trading band (+/-2%) around its currency’s tightly controlled daily fi xing. The abrupt change, which devalued the Yuan by 3% versus the US dollar over two days, was seen as another sign of economic weakness in the world’s second largest economy. This slowdown within the world’s largest energy consumer became a catalyst for oil market volatility. U.S. economic releases throughout the month were generally very positive, with a solid employment report, quite strong vehicle sales, and better-than-expected readings on retail sales, housing starts and existing home sales. Most importantly, the government revised its estimate of second quarter 2015 real GDP growth to a better than expected annual rate of 3.7%, up from 2.3%. The tone of the Federal Open Market Committee (FOMC) July meeting minutes was somewhat more cautious than the FOMC statement and refl ected heightened uncertainties around global developments. Fed offi cials initially responded to the volatility in global equity markets at the end of the month by tempering the potential for Fed lift-off in September. However, after the Jackson Hole conference, Fed offi cials appeared to stick with their plan to begin normalizing rates by the end of the year despite recent market turmoil, remaining confi dent in their forecast for steadily improving growth and infl ation that should begin to gradually fi rm. The probability of a rate hike in September remains below 50%. The Federal Reserve has been waiting for a move in core CPI but it hasn’t seen it yet. Core CPI is expected to move toward 2% by the fourth quarter. While domestic data appears to have met the Fed’s criteria for tighter monetary policy at its September FOMC meeting, recent market volatility and a sharp decline in energy prices is likely to have affected the members’ level of confi dence. In order to achieve clarity on the timing of the initial rate hike, economists need to come to terms with whether the market is driving the Fed or whether the Fed is driving the market. If global growth jitters do cause the Fed to defer on a September lift-off, odds are still quite high that the fi rst rate hike will happen this year. Regardless of the timing of the initial rate hike, the pace of tightening will be gradual.

This information is an excerpt from an economic report dated August 2015 provided to TexSTAR by JP Morgan Asset Management, Inc., the investment manager of the TexSTAR pool.

New ParticipantsWe would like to welcome the following entity who joined the TexSTAR program in August:

Italy ISD

Holiday ReminderIn observance of Columbus Day, TexSTAR will be closed on Monday, October 12, 2015. All ACH transactions initiated on Friday, October 9th, will settle on Tuesday October 13th. Please plan accordingly for your liquidity needs.



Portfolio by Type of Investment



Uninvested Balance $ 7,296.23 $ 7,296.23 Accrual of Interest Income 435,880.51 435,880.51 Interest and Management Fees Payable (624,124.72) (624,124.72) Payable for Investment Purchased 0.00 0.00 Repurchase Agreement 1,246,098,999.90 1,246,098,999.90 Government Securities 4,198,794,263.33 4,198,945,867.37

Total $ 5,444,712,315.25 $ 5,444,863,919.29



Portfolio Asset Summary as of August 31, 2015

Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Aug 15 0.0823% $5,444,712,315.25 $5,444,863,919.29 1.000027 47 60 796 Jul 15 0.0722% 5,191,663,669.11 5,192,008,905.67 1.000063 50 63 795 Jun 15 0.0719% 5,113,377,874.72 5,113,798,319.64 1.000082 52 68 794 May 15 0.0643% 5,481,487,398.04 5,481,958,268.19 1.000085 52 70 794 Apr 15 0.0701% 5,578,041,120.52 5,578,486,668.16 1.000079 52 74 793 Mar 15 0.0604% 5,532,363,738.20 5,532,642,521.32 1.000050 52 76 792 Feb 15 0.0548% 6,025,452,923.84 6,025,900,171.82 1.000073 49 74 792 Jan 15 0.0542% 5,795,866,262.14 5,796,287,813.37 1.000076 50 77 791 Dec 14 0.0501% 5,158,234,676.14 5,158,405,384.45 1.000037 51 80 790 Nov 14 0.0387% 4,453,961,626.26 4,454,149,924.27 1.000042 52 84 790 Oct 14 0.0385% 4,433,918,584.81 4,434,061,738.75 1.000043 50 82 788 Sep 14 0.0317% 4,479,282,436.21 4,479,598,265.68 1.000070 50 80 788

Agencies74.35%

1 to 7 days30.42%

31 to 90 days35.79% 8 to 30 days

16.50%

City27.14%

Health Care3.14%

County6.16%

Other7.79%


181+ days3.21%




22.89%

Treasuries2.76%

91 to 180 days14.08%


HigherEducation

2.76%



Mny Mkt Fund Daily Allocation TexSTAR Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 8/1/2015 0.0829% 0.000002270 $5,191,663,669.11 1.000063 48 61 8/2/2015 0.0829% 0.000002270 $5,191,663,669.11 1.000063 48 61 8/3/2015 0.0779% 0.000002135 $5,228,148,233.22 1.000056 49 62 8/4/2015 0.0757% 0.000002075 $5,238,911,666.22 1.000058 48 61 8/5/2015 0.0790% 0.000002164 $5,232,051,535.59 1.000037 48 60 8/6/2015 0.0790% 0.000002165 $5,224,973,442.56 1.000040 47 59 8/7/2015 0.0803% 0.000002200 $5,160,120,497.14 1.000042 45 58 8/8/2015 0.0803% 0.000002200 $5,160,120,497.14 1.000042 45 58 8/9/2015 0.0803% 0.000002200 $5,160,120,497.14 1.000042 45 588/10/2015 0.0792% 0.000002169 $5,131,144,845.53 1.000030 45 578/11/2015 0.0796% 0.000002182 $5,156,074,620.55 1.000030 45 578/12/2015 0.0812% 0.000002225 $5,085,554,601.77 1.000026 48 618/13/2015 0.0805% 0.000002206 $5,077,285,220.81 1.000009 46 598/14/2015 0.0790% 0.000002164 $5,157,390,649.25 1.000014 45 578/15/2015 0.0790% 0.000002164 $5,157,390,649.25 1.000014 45 578/16/2015 0.0790% 0.000002164 $5,157,390,649.25 1.000014 45 578/17/2015 0.0803% 0.000002199 $5,168,586,268.57 1.000010 45 578/18/2015 0.0851% 0.000002331 $5,298,101,968.14 0.999999 46 618/19/2015 0.0815% 0.000002233 $5,367,882,973.32 1.000000 45 598/20/2015 0.0778% 0.000002131 $5,475,181,540.79 1.000011 47 618/21/2015 0.0815% 0.000002234 $5,417,735,577.17 1.000012 48 628/22/2015 0.0815% 0.000002234 $5,417,735,577.17 1.000012 48 628/23/2015 0.0815% 0.000002234 $5,417,735,577.17 1.000012 48 628/24/2015 0.0857% 0.000002349 $5,432,099,705.64 1.000004 47 618/25/2015 0.0892% 0.000002444 $5,522,500,546.40 1.000019 49 628/26/2015 0.0861% 0.000002359 $5,498,099,937.07 1.000025 48 618/27/2015 0.0905% 0.000002479 $5,477,879,895.73 1.000021 49 628/28/2015 0.0857% 0.000002348 $5,445,402,564.83 1.000017 47 608/29/2015 0.0857% 0.000002348 $5,445,402,564.83 1.000017 47 608/30/2015 0.0857% 0.000002348 $5,445,402,564.83 1.000017 47 608/31/2015 0.0969% 0.000002654 $5,444,712,315.25 1.000027 47 60 Average 0.0823% 0.000002254 $5,289,821,436.15 47 60

Daily Summary for August 2015


6/5/20

15

6/10/2

015

6/15/2

015

6/20/2

015

6/25/2

015

6/30/2

015

7/5/20

15

7/10/2

015

7/15/2

015

7/20/2

015

7/25/2

015

7/31/2

015

8/5/20

15

8/10/2

015

8/15/2

015

8/20/2

015

8/25/2

015

8/31/2

015

0.00

0.02

0.04

0.06

0.08

-0.02


TexSTAR Participant ServicesFirst Southwest Asset Company, LLC325 North St. Paul Street, Suite 800Dallas, Texas 75201


William Chapman Central Texas Regional Mobility Authority Governing Board President Nell Lange City of Frisco Governing Board Vice President Kenneth Huewitt Houston ISD Governing Board Treasurer David Medanich First Southwest Company Governing Board Secretary Joni Freeman JP Morgan Chase Governing Board Asst. Sec./Treas. Eric Cannon City of Allen Advisory Board Nicole Conley Austin ISD Advisory Board Monte Mercer North Central TX Council of Government Advisory Board Stephen Fortenberry Plano ISD Advisory Board Becky Brooks Government Resource Associates, LLC Advisory Board


Mike NielsenCorsicana ISD2200 West 4th AvenueCorsicana,Texas 75110

Statement Period:

Summary of Portfolio Holdings

June 2015

Monthly Statement

06/01/2015 to 06/30/2015

Participant #: 175903 Lone Star«Investment Pool

Fund

Number Price Account

% Port.Account of Shares Per Share Balance

8,689,522.538,689,522.53 1.00Corporate Overnight FundGeneral Fund 100.00%

Totals: 8,689,522.53

Portfolio Transactions

0.000.00 1.00Government Overnight Fund 0.00 %

8,689,522.538,689,522.53 1.00Corporate Overnight Fund 100.00 %

0.000.00 .50Corporate Overnight Plus Fund 0.00 %

Fund

Share Price Fund

% Port.

Total Value: 8,689,522.53 100.00 %

Totals

0.00 %

0.14 %

0.00 %

Yield Quantity Per Share Balance (USD)

Settle Date Trade Type Amount (USD)Number of Shares Price/ShareShare Balance

06/01/2015 Starting Balance 8,688,510.67

General Fund - Corporate Overnight Fund

8,688,510.67

06/30/2015 Interest 1,011.861,011.868,689,522.53 1.00

06/30/2015 Ending Balance 8,689,522.538,689,522.53

Important Information about this statement Please review this statement carefully, it is the official record of your account with Lone Star Investment Pool and First Public, LLC. If you disagree with any transaction, or if there are any errors or omissions in this statement please notify us promptly in writing, but no later than 10 business days after receipt of this statement. Trades pending settlement will not appear on this statement. All such trades will appear in the next monthly statement. The yield for the period is an annualized rate that reflects the relationship between the average amount of income earned and the average daily balance for the account. Please notify First Public promptly and in writing of any changes of address or phone number. Times of transactions will be furnished upon written request. The Lone Star Investment Pool Information Statement should be read carefully before investing. Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. All transactions are no load. No remuneration has, or will be, paid to any entity in connection with this transaction. An investor may obtain an Information Statement by contacting First Public at the address and phone number identified above. An investment in Lone Star investment Pool is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency and although Lone Star Investment Pool seeks to preserve the value of the investment at a fixed share price, it is possible to lose money by investing in municipal fund securities.

PUBLIC®MEMBER FINRA/SIPC

firstpublic.com 12007 Research Blvd. • Austin, Texas 78759 • 1-800-758-3927

FIRST

1 1Page ofParticipant #: 175903

Mike NielsenCorsicana ISD2200 West 4th AvenueCorsicana,Texas 75110

Statement Period:


July 2015

Monthly Statement

07/01/2015 to 07/31/2015


Fund




Totals: 8,690,590.16





Fund

Share Price Fund

% Port.

Total Value: 8,690,590.16 100.00 %

Totals

0.00 %

0.14 %

0.00 %





8,689,522.53

07/31/2015 Interest 1,067.631,067.638,690,590.16 1.00

07/31/2015 Ending Balance 8,690,590.168,690,590.16




FIRST


Sherra McGahaCorsicana ISD2200 West 4th AvenueCorsicana,Texas 75110

Statement Period:


August 2015

Monthly Statement

08/01/2015 to 08/31/2015


Fund



4,694,747.484,694,747.48 1.00Corporate Overnight FundConstruction - Stadium 27.48%

Totals: 4,694,747.48

Fund




Totals: 12,391,979.31





Fund

Share Price Fund

% Port.

Total Value: 17,086,726.79 100.00 %

Totals

0.00 %

0.16 %

0.00 %



08/01/2015 Starting Balance 0.00

Construction - Stadium - Corporate Overnight Fund

0.00

08/25/2015 Transfer In 4,694,593.464,694,593.464,694,593.46 1.00

From Corporate Overnight Fund - General Fund

08/31/2015 Interest 154.02154.024,694,747.48 1.00

08/31/2015 Ending Balance 4,694,747.484,694,747.48




8,690,590.16

08/21/2015 Deposit 4,694,593.464,694,593.4613,385,183.62 1.00

08/25/2015 Deposit 3,700,000.003,700,000.0017,085,183.62 1.00

08/25/2015 Transfer Out -4,694,593.46-4,694,593.4612,390,590.16 1.00

To Corporate Overnight Fund - Construction - Stadium

08/31/2015 Interest 1,389.151,389.1512,391,979.31 1.00

08/31/2015 Ending Balance 12,391,979.3112,391,979.31



FIRST




FIRST



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