QUARTERLY INVESTMENT REPORT
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1 QUARTERLY INVESTMENT REPORT For the Quarter Ended February 28, 2015 Prepared by The investment portfolio of Lone Star College is in compliance with the Public Funds Investment Act and the College's Investment Policy and strategies. /s/ Cynthia F. Gilliam Cynthia F. Gilliam, Vice Chancellor for Administration & Finance/CFO /s/ Tammy Cortes Tammy Cortes, Associate Vice Chancellor for Administration & Finance These reports were compiled using information provided by Lone Star College. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total return yields and do not account for investment advisor fees.
2 Strategy Summary: The Federal Open Market Committee (FOMC) maintained the Fed Funds target range between 0.00% and 0.25% (actual Fed Funds traded +/-10 bps). Fourth Quarter GDP was revised to +2.2% (down the initial estimate +2.6%). Overall 2014 GDP equaled 2.4%, up from 2.2% New payroll and unemployment data remain encouraging. Wage growth and overall participation lag FOMC objectives. The S&P 500 exceeded 2,100, while the 10 year and 30 year Treasury Notes/Bonds recorded record low yields. International economical and political struggles are a long range concern. When available, financial institution deposit yields generally provide the best interest earnings opportunity. Continuing to ladder provides strategic advantage. Quarter End Results by Investment Category: November 30, 2014 February 28, 2015 Asset Type Book Value Market Value Book Value Market Value Avg. Yield Pools/DDA/MMA $ 66,399,827 $ 66,399,827 $ 151,562,994 $ 151,562, % Securities/CDs 64,845,228 64,841,832 76,976,212 76,950, % Totals $ 131,245,055 $ 131,241,659 $ 228,539,206 $ 228,513,468 Average Quarterly Yield (1) Average Quarter End Yields - Fiscal Year Total Portfolio 0.27% Total Portfolio 0.30% Rolling Three Month Treasury 0.03% Rolling Three Month Treasury 0.02% Rolling Six Month Treasury 0.07% Rolling Six Month Treasury 0.06% Rolling One Year Treasury 0.14% Rolling One Year Treasury 0.13% TexPool 0.04% TexPool 0.04% Quarterly Interest Earnings $ 117,644 YTD Interest Earnings $ 231,658 (1) Average Quarterly Yield calculated using quarter end report average yield and adjusted book value. Page 1.
3 3.00 Treasury Yield Curves Percentage February 28, 2014 November 28, 2014 February 27, 2015 Page 2.
4 Percentage US Treasury Historical Yields Six Month T-Bill Two Year T-Note Ten Year T-Note Page 3.
5 2,250 2,000 1,750 1,500 1,250 1, S&P 500 Page 4.
6 Detail of Investment Holdings February 28, 2015 Coupon/ Maturity Settlement Original Face/ Purchase Book Market Market Life Description Rating Discount Date Date Par Value Price Value Price Value (days) Yield SSB MMA MMA 0.20% 03/01/15 02/28/15 20,643, ,643, ,643, % Capital One MMA MMA 0.30% 03/01/15 02/28/15 15,062, ,062, ,062, % LOGIC LGIP AAAm 0.09% 03/01/15 02/28/15 405, , , % LSIP - Corporate LGIP AAAm 0.12% 03/01/15 02/28/15 21,797, ,797, ,797, % LSIP - Corporate Plus (3) LGIP AAAm 0.13% 03/01/15 02/28/15 92,648, ,648, ,648, % LSIP - Government LGIP AAAm 0.05% 03/01/15 02/28/15 205, , , % TexPool LGIP AAAm 0.04% 03/01/15 02/28/15 223, , , % TexPool - Prime LGIP AAAm 0.08% 03/01/15 02/28/15 576, , , % Green Bank CD CD0077R 0.55% 03/20/15 03/20/14 245, , , % Southside Bank CD CD % 03/20/15 09/20/13 6,031, ,031, ,031, % Cadence Bank CD CD % 07/01/15 03/24/14 2,039, ,039, ,039, % Comerica Bank CD CD % 07/01/15 12/02/13 10,031, ,031, ,031, % Inter National Bank CD % 07/22/15 07/22/14 2,003, ,003, ,003, % Comerica Bank CD CD % 08/03/15 03/20/14 8,017, ,017, ,017, % Dallas Wtrwrks & Swr - Muni T9 Aa1/AAA 0.80% 10/01/15 03/25/14 2,400, ,405, ,403, % Comerica Bank CD CD % 10/01/15 01/24/14 10,047, ,047, ,047, % Comerica Bank CD CD9473R 0.40% 11/02/15 04/01/14 4,013, ,013, ,013, % Houston Comm. College - Muni KS4 Aa2/AA- 0.62% 04/15/16 04/16/14 1,000, ,000, , % Comerica Bank CD CD % 05/02/16 05/29/14 10,048, ,048, ,048, % Comerica Bank CD CD % 08/01/16 09/03/14 5,014, ,014, ,014, % Comerica Bank CD CD % 10/01/16 09/03/14 4,012, ,012, ,012, % FHLB Note PV2 Aaa/AA+ 1.63% 12/09/16 02/12/15 4,000, ,065, ,068, % FHLMC Note 3134G6DC4 Aaa/AA+ 0.70% 02/24/17 02/24/15 3,000, ,000, ,991, % FHLMC Note 3134G6CA9 Aaa/AA+ 0.80% 02/27/17 02/27/15 5,000, ,000, ,982, % $ 228,468,492 $ 228,539,206 $ 228,513, % (1) Weighted average life - For purposes of calculating weighted average life, Bank Deposit, Local Government Investment Pool, and Money Market Mutual Fund investments are assumed to have a one day maturity. (1) (2) (2) Weighted average yield to maturity - For purposes of calculating weighted average yield to maturity, realized and unrealized gains/losses, and Investment Advisor fees are not considered. (3) Original Face/Par Value - For reporting purposes, Purchase Price and Market Price are reported as $1.00 and Original Face/Par Value is adjusted accordingly. Actual Purchase Price and Market Price is $0.50, consequentially Original Face/Par Value would double. Page 5.
7 MMA 16% Portfolio Composition LOGIC 0% LSIP 50% Certificates of Deposit 27% Securities 7% TexPool 0% This chart describes the portfolio's portion of each investment pool or category. Page 6.
8 Total Portfolio $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 Quarter End Book Value This chart tracks LSC's Total Portfolio Book Value quarter-by-quarter to provide an historical perspective of the College's financial position. Page 7.
9 $160,000,000 Book Value Maturity Distribution $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Maturity Date Call Date This chart groups the portfolio's positions by maturity and call date. At this time there are no callable investments. Page 8.
10 Book Value Comparison November 30, 2014 February 28, 2015 Coupon/ Maturity Original Face/ Original Face/ Discount Date Par Value Book Value Purchases Maturities/Calls Par Value Book Value SSB MMA 0.20% 03/01/15 $ 10,136,870 $ 10,136,870 $ 10,507,058 $ $ 20,643,927 $ 20,643,927 Capital One MMA 0.30% 03/01/15 15,050,922 15,050,922 11,138 15,062,059 15,062,059 LOGIC 0.09% 03/01/15 405, , , ,593 LSIP - Corporate 0.12% 03/01/15 26,798,471 26,798,471 (5,000,488) 21,797,983 21,797,983 LSIP - Corporate Plus 0.13% 03/01/15 12,069,420 12,069,420 80,578,799 92,648,219 92,648,219 LSIP - Government 0.05% 03/01/15 1,307,929 1,307,929 (1,102,718) 205, ,211 TexPool 0.04% 03/01/15 223, , , ,088 TexPool - Prime 0.08% 03/01/15 407, , , , ,914 Green Bank CD 0.55% 03/20/15 245, , , ,000 Southside Bank CD 0.42% 03/20/15 6,025,240 6,025,240 6,309 6,031,549 6,031,549 Cadence Bank CD 0.20% 07/01/15 2,038,796 2,038,796 1,031 2,039,826 2,039,826 Comerica Bank CD 0.27% 07/01/15 10,024,809 10,024,809 6,824 10,031,633 10,031,633 Inter National Bank CD 0.37% 07/22/15 2,001,865 2,001,865 1,867 2,003,732 2,003,732 Comerica Bank CD 0.23% 08/03/15 8,012,359 8,012,359 4,646 8,017,005 8,017,005 Dallas Wtrwrks & Swr - Muni 0.80% 10/01/15 2,400,000 2,407,940 (2,343) 2,400,000 2,405,597 Comerica Bank CD 0.44% 10/01/15 10,036,707 10,036,707 11,135 10,047,842 10,047,842 Comerica Bank CD 0.40% 11/02/15 4,009,390 4,009,390 4,044 4,013,434 4,013,434 Houston Comm. College - Muni 0.62% 04/15/16 1,000,000 1,000,000 1,000,000 1,000,000 Comerica Bank CD 0.64% 05/02/16 10,032,306 10,032,306 16,016 10,048,323 10,048,323 Comerica Bank CD 0.71% 08/01/16 5,005,935 5,005,935 8,964 5,014,899 5,014,899 Comerica Bank CD 0.73% 10/01/16 4,004,881 4,004,881 7,374 4,012,255 4,012,255 FHLB Note 1.63% 12/09/16 4,065,117 4,000,000 4,065,117 FHLMC Note 0.70% 02/24/17 3,000,000 3,000,000 3,000,000 FHLMC Note 0.80% 02/27/17 5,000,000 5,000,000 5,000,000 $ 131,237,115 $ 131,245,055 $ 103,399,699 $ (6,105,549) $ 228,468,492 $ 228,539,206 Page 9.
11 Market Value Comparison November 30, 2014 February 28, 2015 Coupon/ Maturity Original Face/ Quarter End Original Face/ Discount Date Par Value Market Value Change Par Value Market Value SSB MMA 0.20% 03/01/15 $ 10,136,870 $ 10,136,870 $ 10,507,058 $ 20,643,927 $ 20,643,927 Capital One MMA 0.30% 03/01/15 15,050,922 15,050,922 11,138 15,062,059 15,062,059 LOGIC 0.09% 03/01/15 405, , , ,593 LSIP - Corporate 0.12% 03/01/15 26,798,471 26,798,471 (5,000,488) 21,797,983 21,797,983 LSIP - Corporate Plus 0.13% 03/01/15 12,069,420 12,069,420 80,578,799 92,648,219 92,648,219 LSIP - Government 0.05% 03/01/15 1,307,929 1,307,929 (1,102,718) 205, ,211 TexPool 0.04% 03/01/15 223, , , ,088 TexPool - Prime 0.08% 03/01/15 407, , , , ,914 Green Bank CD 0.55% 03/20/15 245, , , ,000 Southside Bank CD 0.42% 03/20/15 6,025,240 6,025,240 6,309 6,031,549 6,031,549 Cadence Bank CD 0.20% 07/01/15 2,038,796 2,038,796 1,031 2,039,826 2,039,826 Comerica Bank CD 0.27% 07/01/15 10,024,809 10,024,809 6,824 10,031,633 10,031,633 Inter National Bank CD 0.37% 07/22/15 2,001,865 2,001,865 1,867 2,003,732 2,003,732 Comerica Bank CD 0.23% 08/03/15 8,012,359 8,012,359 4,646 8,017,005 8,017,005 Dallas Wtrwrks & Swr - Muni 0.80% 10/01/15 2,400,000 2,406,504 (3,072) 2,400,000 2,403,432 Comerica Bank CD 0.44% 10/01/15 10,036,707 10,036,707 11,135 10,047,842 10,047,842 Comerica Bank CD 0.40% 11/02/15 4,009,390 4,009,390 4,044 4,013,434 4,013,434 Houston Comm. College - Muni 0.62% 04/15/16 1,000, ,040 1,700 1,000, ,740 Comerica Bank CD 0.64% 05/02/16 10,032,306 10,032,306 16,016 10,048,323 10,048,323 Comerica Bank CD 0.71% 08/01/16 5,005,935 5,005,935 8,964 5,014,899 5,014,899 Comerica Bank CD 0.73% 10/01/16 4,004,881 4,004,881 7,374 4,012,255 4,012,255 FHLB Note 1.63% 12/09/16 4,068,228 4,000,000 4,068,228 FHLMC Note 0.70% 02/24/17 2,991,261 3,000,000 2,991,261 FHLMC Note 0.80% 02/27/17 4,982,315 5,000,000 4,982,315 $ 131,237,115 $ 131,241,659 $ 97,271,809 $ 228,468,492 $ 228,513,468 Page 10.
12 Book Value Allocated by Fund February 28, 2015 Operating CIP CIP CIP I & S Description Maturity Fund Fund Revenue Bonds MTN Bond Fund Total SSB MMA 03/01/15 $ 15,619,501 $ $ 5,024,427 $ $ $ 20,643,927 Capital One MMA 03/01/15 10,040,850 5,021,209 15,062,059 LOGIC 03/01/15 348, ,286 17, ,593 LSIP - Corporate 03/01/15 3 9,526 21,775,154 13,300 21,797,983 LSIP - Corporate Plus 03/01/15 67,346,911 25,301,308 92,648,219 LSIP - Government 03/01/15 204, ,211 TexPool 03/01/15 14, , ,088 TexPool - Prime 03/01/15 546,445 30, ,914 Green Bank CD 03/20/15 245, ,000 Southside Bank CD 03/20/15 6,031,549 6,031,549 Cadence Bank CD 07/01/15 2,039,826 2,039,826 Comerica Bank CD 07/01/15 10,031,633 10,031,633 Inter National Bank CD 07/22/15 2,003,732 2,003,732 Comerica Bank CD 08/03/15 8,017,005 8,017,005 Dallas Wtrwks & Swr 10/01/15 2,405,597 2,405,597 Comerica Bank CD 10/01/15 10,047,842 10,047,842 Comerica Bank CD 11/02/15 4,013,434 4,013,434 Houston Community College 04/15/16 1,000,000 1,000,000 Comerica Bank CD 05/02/16 10,048,323 10,048,323 Comerica Bank CD 08/01/16 5,014,899 5,014,899 Comerica Bank CD 10/01/16 4,012,255 4,012,255 FHLB Note 12/09/16 4,065,117 4,065,117 FHLMC Note 02/24/17 3,000,000 3,000,000 FHLMC Note 02/27/17 5,000,000 5,000,000 Total $ 151,024,348 $ 40,054 $ 46,872,064 $ 40,286 $ 30,562,454 $ 228,539,206 Page 11.
13 Market Value Allocated by Fund February 28, 2015 Operating CIP CIP CIP I & S Description Maturity Fund Fund Revenue Bonds MTN Bond Fund Total SSB MMA 03/01/15 $ 15,619,501 $ $ 5,024,427 $ $ $ 20,643,927 Capital One MMA 03/01/15 10,040,850 5,021,209 15,062,059 LOGIC 03/01/15 348, ,286 17, ,593 LSIP - Corporate 03/01/15 3 9,526 21,775,154 13,300 21,797,983 LSIP - Corporate Plus 03/01/15 67,346,911 25,301,308 92,648,219 LSIP - Government 03/01/15 204, ,211 TexPool 03/01/15 14, , ,088 TexPool - Prime 03/01/15 546,445 30, ,914 Green Bank CD 03/20/15 245, ,000 Southside Bank CD 03/20/15 6,031,549 6,031,549 Cadence Bank CD 07/01/15 2,039,826 2,039,826 Comerica Bank CD 07/01/15 10,031,633 10,031,633 Inter National Bank CD 07/22/15 2,003,732 2,003,732 Comerica Bank CD 08/03/15 8,017,005 8,017,005 Dallas Wtrwks & Swr 10/01/15 2,403,432 2,403,432 Comerica Bank CD 10/01/15 10,047,842 10,047,842 Comerica Bank CD 11/02/15 4,013,434 4,013,434 Houston Community College 04/15/16 999, ,740 Comerica Bank CD 05/02/16 10,048,323 10,048,323 Comerica Bank CD 08/01/16 5,014,899 5,014,899 Comerica Bank CD 10/01/16 4,012,255 4,012,255 FHLB Note 12/09/16 4,068,228 4,068,228 FHLMC Note 02/24/17 2,991,261 2,991,261 FHLMC Note 02/27/17 4,982,315 4,982,315 Total $ 150,998,610 $ 40,054 $ 46,872,064 $ 40,286 $ 30,562,454 $ 228,513,468 Page 12.
Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.38% Total Portfolio 0.38%
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