it south texas - twfrs.org - december 2016 inve… · lf south texas money management. reporting...

South Texas Money Management, Ltd. 700 N. St. Mary's Street, Suite I 00 San Antonio, TX 78205

_. it * * ..

SOUTH TEXAS MONEY MANAGEMENT. ------LTD------

I-IELPING INDIVIDUALS, INDIVIDUALLY.•

ENCLOSED IS YOUR INVESTMENT PORTFOLIO REPORT

The Woodlands Firefighters Retirement System

Period: December 01, 2016 to December 31, 2016

Enclosed is your statement for your account managed by South Texas Money Management, Ltd. Please contact us with any questions regarding this statement.

COMMUNICATIONS

Contributions, Withdrawals, Billing or Account Changes

Transition Team [email protected]

Strategy or Investment Changes Madelon Leone [email protected]

Web Site: www.stmmltd.com (210) 824-8916


CASH & CASH EQUIVALENTS

EQUITY

FIXED INCOME SECURITIES

ACCRUED INCOME

... * *.If.

SOUTH TEXAS MONEY MANAGEMENT-------LTo------

HELPING INDIVIDUALS. INOIVIOIJALLV.-

Statement of Assets Objective: Balanced

December 31, 2016

Total

�

460,637 17,235,359

6,879,310 71,995

Market

Ya.l.u..e

460,637 18,905,142

6,851,407 71,995

REPORTING PERIOD: 12/01/2016 TO 12/31/2016

Percent

of

Portfolio

1.8 % 71.9% 26.1 %

.3%

Your Portfolio Asset Allocation *

26.1°1..----�

�----71.9%

South Texas Money Management, Ltd.

• ACCRUED INCOME

• CASH & CASH EQUIVALENTS

• EQUITY

• FIXED INCOME SECURITIES

Total:

0.3%

1.8%

71.9%

26.1%

100.0%

* Your asset allocation may vary from your target asset allocation.

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SOUTH TEXAS MONEY MANAGEMENT. ------LTD------

HELPING INDIVIDUALS, INDIVIDUALLY.•

Equity Sector Diversification

Versus MSCI World Index

December 31, 2016

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SOUTH TEXAS MONEY MANAGEMENT.


LTD



Assets in Portfolio

Average Unit Total Percent Est. Par Value Unit Total Market Market of Annual Current Cost Unrealized or Shares Description Cost($) Cost($) Price($) Value($) Portfolio Income($) Yield YTW Gain/Loss ($)

CASH & CASH EQUIVALENTS

CASH TD INSURED DEPOSIT ACCOUNT 460,637 1.000 460,637 1.75 46 .01

460,637 460,637 1.75 46 0.01 0

&U Elffl

EQUITY

CONSUMER DISCRETIONARY 6,565 AARON'S, INC. 24.877 163,319 31.990 210,014 0.80 722 .34 46,696

14,724 AMERICAN EAGLE OUTFITTERS 16.741 246,488 15.170 223,363 0.85 7,362 3.30 (23,125) 9,617 BED BATH & BEYOND INC 40.979 394,099 40.640 390,835 1.49 4,809 1.23 (3,264) 3,363 DISNEY WALT CO 106.190 357,117 104.220 350,492 1.33 5,246 1.50 (6,625) 2,203 DOLLAR GENERAL CORP 72.287 159,249 74.070 163,176 0.62 2,203 1.35 3,927 6,078 GARMIN LTD 37.865 230,146 48.490 294,722 1.12 12,399 4.21 64,576 2,932 HASBRO INC 81.823 239,905 77.790 228,080 0.87 5,981 2.62 (11,825) 6,287 MACY'S INC 38.084 239,432 35.810 225,137 0.86 9,493 4.22 (14,295) 8,006 MICHELIN (CGDE)-UNSPON ADR 21.499 172,120 22.210 177,813 0.68 3,875 2.18 5,694

49,900 ST APL ES INC 8.106 404,511 9.050 451,595 1.72 23,952 5.30 47,084

TOTAL CONSUMER DISCRETIONARY 2,606,385 2,715,229 10.33 76,043 2.80 108,843

CONSUMER STAPLES 5,574 BROWN-FOREMAN CORP CLASS B 45.611 254,237 44.920 250,384 0.95 4,069 1.63 (3,853) 4,757 LAUDER ESTEE COS INC 79.863 379,909 76.490 363,863 1.38 6,470 1.78 (16,046) 3,876 NESTLE SA SPNSRD ADR REP RG SH 75.252 291,677 71.740 278,064 1.06 7,547 2.71 (13,612)

ONE ADR REP 114TH OF A REG SH 8,761 SYSCO CORP 47.224 413,730 55.370 485,097 1.85 11,565 2.38 71,367

TOTAL CONSUMER STAPLES 1,339,553 1,377,408 5.24 29,650 2.15 37,855

ENERGY 3,550 CHEVRON CORP NEW 103.570 367,675 117.700 417,835 1.59 15,336 3.67 50,160 5,599 OCCIDENT AL PETROLEUM 67.848 379,882 71.230 398,817 1.52 17,021 4.27 18,935

TOTAL ENERGY 747,557 816,652 3.11 32,357 3.96 69,095

FINANCIALS

South Texas Money Management, Ltd. of 14

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LTD



Assets in Portfolio

Average Unit Total Percent Est. % Par Value Unit Total Market Market of Annual Current Cost Unrealized or Shares Description Cost($) Cost($) Price($) Value($) Portfolio Income($) Yield YTW Gain/Loss($)

EQUITY

FINANCIALS (Cont.) 26,505 BANK OF AMERICA CORP 15.755 417,596 22.100 585,761 2.23 7,952 1.36 168,164

8,122 BANK OF MONTREAL 64.354 522,685 71,920 584,134 2.22 21,540 3.69 61,449

7,351 FIRST AMERICAN FINANCIAL 39.236 288,425 36,630 269,267 1.02 9,997 3.71 (19,158)

TOT AL FINANCIALS 1,228,706 1,439,162 5.47 39,488 2.74 210,456

HEALTH CARE 6,731 BRISTOL-MYERS SQUIBB CO 62.679 421,893 58.440 393,360 1.50 10,231 2.60 {28,533)

3,143 EDWARDS LIFESCIENCES CORP 98.272 308,870 93.700 294,499 1.12 0 .00 (14,370)

5,599 MERCK & CO. INC. 55.906 313,016 58.870 329,613 1.25 10,526 3.19 16,597

4,383 NUVASIVE INC 64.824 284,125 67.360 295,239 1.12 0 .00 11,114

8,002 TEVA PHARMACEUTICAL INDS ADR 36.990 295,991 36.250 290,073 1.10 9,250 3.19 (5,919)

2,188 UNITED THERAPEUTICS CORP DEL 116.737 255,421 143.430 313,825 1.19 0 .00 58,404

2,695 VARIAN MEDICAL SYSTEMS INC 90.642 244,281 89.780 241,957 0.92 0 .00 {2,324)

TOTAL HEALTH CARE 2,123,597 2,158,565 8.21 30,008 1.39 34,968

INDUSTRIALS 4,408 EATON CORPORATION PLC 55.656 245,332 67.090 295,733 1.12 10,050 3.40 50,401

15,997 GENERAL ELECTRIC CO 26.745 427,843 31.600 505,505 1.92 15,357 3.04 77,662

3,352 GRANITE CONSTRUCTION INC 49.286 165,207 55.000 184,360 0.70 1,743 .95 19,153

1,456 MIDDLEBY CORP 119.163 173,501 128.810 187,547 0.71 0 .00 14,046

2,579 RAYTHEON CO NEW 135.625 349,776 142.000 366,218 1.39 7,556 2.06 16,442

5,002 SPIRIT AIRLINES INC 47.634 238,266 57.860 289,416 1.10 0 .00 51,150

23,518 VOLVO AB-B SHS-UNSPON ADR 10.333 243,017 11.600 272,809 1.04 6,538 2.40 29,792

TOTAL INDUSTRIALS 1,842,941 2,101,588 7.99 41,245 1.96 258,647

INFORMATION TECHNOLOGY 4,429 ADOBE SYSTEMS INC 92.864 411,293 102.950 455,966 1.73 0 .00 44,672

12,407 ATOS SE UNSPON. ADR 19.866 246,481 21.070 261,415 0.99 2,171 .83 14,934

5,869 ELECTRONIC ARTS INC 76.266 447,605 78.760 462,242 1.76 0 .00 14,637

9,758 INTEL CORP 30.385 296,499 36.270 353,923 1.35 10,148 2.87 57,423

6,235 MICROSOFT CORP 41.424 258,280 62.140 387,443 1.47 9,727 2.51 129,163

9,514 NETSCOUT SYSTEMS 29.942 284,871 31.500 299,691 1.14 0 .00 14,820


•• * • .If-

SOUTH TEXAS MONEY MANAGEMENT ..


LTD



Assets in Portfolio

Average Unit Total Percent Est. %

Par Value Unit Total Market Market of Annual Current Cost Unrealized or Shares Description Cost($) Cost($) Price($) Value($) Portfolio Income($) Yield YTW Gain/Loss($)

EQUITY

INFORMATION TECHNOLOGY (Cont.) 5,480 VANTIV INC 37.195 203,830 59.620 326,718 1.24 0 .00 122,888

TOTAL INFORMATION TECHNOLOGY 2,148,859 2,547,398 9.69 22,046 0.87 398,539

MATERIALS 11,880 BHP BILLITON PLC-ADR 32.953 391,485 31.460 373,745 1.42 7,128 1.91 (17,740)

5,131 DU PONT E I DE NEMOURS & CO 64.386 330,365 73.400 376,615 1.43 7,799 2.07 46,250

8,515 INTERNATIONAL PAPER CO 40.583 345,561 53.060 451,806 1.72 15,753 3.49 106,245

TOTAL MATERIALS 1,067,412 1,202,166 4.57 30,680 2.55 134,754

TELECOMMUNICATION SERVICES 8,572 AT&T INC 33.103 283,758 42.530 364,567 1.39 16,801 4.61 80,809

5,414 T MOBILE US INC COM 47.391 256,575 57.510 311,359 1.18 14,889 4.78 54,784

6,324 VERIZON COMMUNICATIONS 48.384 305,982 53.380 337,575 1.28 14,608 4.33 31,593

10,435 VODAFONE GROUP PLC NEW 32.388 337,971 24.430 254,927 0.97 15,579 6.11 (83,043)

TOTAL TELECOMMUNICATION SERVICES 1,184,285 1,268,428 4.82 61,878 4.88 84,144

UTILITIES 20,777 SECTOR SPDR TRUST SBI INT-UTIL 45.960 954,913 48.570 1,009,139 3.84 34,448 3.41 54,226

TOT AL UTILITIES 954,913 1,009,139 3.84 34,448 3.41 54,226

REAL ESTATE 2,912 SL GREEN REAL TY CORP 97.163 282,937 107.550 313,186 1.19 9,027 2.88 30,249

TOTAL REAL ESTATE 282,937 313,186 1.19 9,027 2.88 30,249

SMALL CAP FUNDS 14,225 ISHARES CORE S&P SMALL-CAP ETF 120.085 1,708,214 137.520 1,956,222 7.44 23,770 1.22 248,008

TOTAL SMALL CAP FUNDS 1,708,214 1,956,222 7.44 23,770 1.22 248,008

Mi. i111111ift II :i; ii! I t


CORPORATE BONDS 400,000 BANK OF MONTREAL SNR 99.973 399,892 99.770 399,079 1.52 5,600 1.40 1.42 (813)

1.400% 04-10-2018

350,000 BANK OF NOVA SCOTIA SNR 99.978 349,924 100.036 350,126 1.33 5,950 1.70 1.71 201

1.700% 06-11-2018


• it * * lf,

SOUTH TEXAS MONEY MANAGEMENT ..


LTD


HELPING INDIVIDUALS, INDIVIDUALLY."

Assets in Portfolio

Average Unit Total Percent Est. % Par Value Unit Total Market Market of Annual Current Cost Unrealized or Shares Description Cost($) Cost($) Price($) Value($) Portfolio Income($) Yield YTW Gain/Loss ($)


CORPORATE BONDS (Cont.) 250,000 CISCO SYSTEM INC SNR 99.994 249,984 100.293 250,731 0.95 4,125 1.65 1.65 747

1.650% 06-15-2018

400,000 NEW YORK UNIVERSITY SNR 100.002 400,009 100.474 401,898 1.53 7,068 1.76 1.76 1,888 1.767% 07-01-2019

50,000 PEPSICO SR UNSECURED 99.995 49,998 99.772 49,886 0.19 625 1.25 1.25 (112) 1.250% 04-30-2018

400,000 PFIZER INC SR NT 1.45%19 99.910 399,641 99.337 397,347 1.51 5,800 1.46 1.48 (2,294) 1.4500% 06-03-2019

250,000 WELLS FARGO & CO SNR FXD 99.963 249,906 100.617 251,542 0.96 6,500 2.58 2.61 1,635 2.600% 07-22-2020

TOTAL CORPORATE BONDS 2,099,355 2,100,608 7.99 35,668 1.70 1.71 1,253

MUNICIPAL BONDS

Taxable

350,000 AUSTIN TX ELEC UTL Y REV TAX 100.002 350,006 100.416 351,456 1.34 5,964 1.70 1.70 1,450 1.704% 11-15-2018

350,000 AUSTIN TX WTR REV TAX 100.003 350,010 99.597 348,590 1.33 7,466 2.14 2.13 (1,420) 2.133% 11-15-2019

250,000 COLORADO ST UNIV SYS REV TAX 100.003 250,006 99.123 247,808 0.94 6,720 2.71 2.68 (2,199) 2.688% 03-01-2021

200,000 HAWAII ST GO BOS FJ 100.188 200,376 97.946 195,892 0.75 2,740 1.40 1.31 (4,484) 1.370% 10-01-2020

375,000 INDIANA ST FIN AUTH REV TAX 100.001 375,003 100.464 376,740 1.43 4,988 1.32 1.32 1,737 1.330% 07-15-2017

400,000 JEA FL POWER REV TAX 100.001 400,005 99.728 398,912 1.52 7,552 1.89 1.88 (1,093) 1.888% 10-01-2019

400,000 MONTGOMERY ALA GO WTS B 101.897 407,588 100.167 400,668 1.52 8,600 2.15 1.54 (6,920) 2 .150% 04-01-2020

350,000 NEW YORK NY GO TAX 100.001 350,003 100.856 352,996 1.34 7,525 2.13 2.14 2,993

2.150% 06-01-2020

350,000 PORT OF HOUSTON GO TAX 107.922 377,725 107.796 377,286 1.44 17,500 4.64 2.02 (439) 5.000% 10-01-2019


.. .. * *•

SOUTH TEXAS MONEY MANAGEMENT�

LTD


HELPING INOIVlDUALS. INDIVIDUALLY."

Assets in Portfolio

Average Unit Total Par Value Unit Total Market Market or Shares Description Cost($) Cost($) Price($) Value($)


MUNICIPAL BONDS (Cont.)

Taxable

270,000 SAN ANTONIO TX GO TAX 100.004 270,010 99.730 269,271

2.448% 02-01-2021 350,000 TEXAS TECH UNIV REV REF TAX 100.003 350,009 100.646 352,261

2.104% 02-15-2020 400,000 UNIV OF N TEXAS TX 102.142 408,566 100.400 401,600

2.103% 04-15-2020 400,000 UNIVERSITY HOUSTON TEX UNIV RE 103.910 415,639 100.873 403,492

2.5000% 02-15-2021 275,000 WILLIAMSON CNTY TX GO TAX 100.003 275,008 99.574 273,829

1.588% 02-15-2019

TOTAL MUNICIPAL BONDS

&: l&R:IMIIMIIIIIA rattt,

4,779,955 4,750,800

ACCRUED INCOME ACCRUED INCOME 71,995 71,995

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TOT AL PORTFOLIO 24,647,300 26,289,181



Percent Est. of Annual Current Cost Unrealized

Portfolio Income($) Yield YTW Gain/Loss ($)

1.02 6,610 2.45 2.44 (739)

1.34 7,364 2.09 2.10 2,252

1.53 8,412 2.09 1.43 (6,966)

1.53 10,000 2.48 1.51 (12,147)

1.04 4,367 1.59 1.58 (1,179)

18.07 105,807 2.23 1.82 (29,155)

0.27

100.00 572,160 2.18 1,641,881

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Trade Date

EQUITY

12/06/16

12/13/16

12/14/16

12/15/16

12/15/16

12/16/16


Quantit:t

6,009

716

8,002

2,672

5,851

2,173

,.• * * ...

SOUTH TEXAS MONEY MANAGEMENT

"'

------LTD------


Investment Changes

Purchases

Descri.Q_tion

NUVASIVE INC

BANK OF MONTREAL

TEVA PHARMACEUTICAL INDS ADR

ISHARES CORE S&P SMALL-CAP ETF

SECTOR SPDR TRUST SBI INT-UTIL

SYSCO CORP

EQUITY Totals:

Average Cost($)

66.96

73.69

36.99

138.98

48.18

56.35


Total Cost($)

402,361.18

52,760.61

295,991.33

371,354.29

281,878.88

122,453.98

1,526,800.27

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------LTD------


Date Sold Quantity

FIXED INCOME

12/08/2016 200,000

12/08/2016 350,000

EQUITY

12/02/2016 4,302

12/02/2016 193

12/02/2016 404

12/02/2016 724

12/02/2016 3,272

12/02/2016 508

12/02/2016 296

12/02/2016 183

12/12/2016 4,177


Investment Changes

Sales / Maturities

Purchase Total

Description Date Cost($)

JEFFERSON CNTY CO SD GO TAX 04/23/2015 200,002.95

1.150% 12-15-2017

PEPSICO SR UNSECURED 04/27/2015 349,985.09

1.250% 04-30-2018

FIXED INCOME Totals: 549,988.04

GERNER CORP 08/26/2015 259,933.79

GERNER CORP 09/09/2015 12,109.98

GERNER CORP 01/29/2016 23,402.55

GERNER CORP 03/21/2016 38,405.52

NATIONAL GRID PLC-SP ADR 03/12/2015 208,742.15




NUVASIVE INC 12/06/2016 279,690.90

EQUITY Totals: 888,477.56

Year to Date Gain/Losses

Total Proceeds($)

199,441.00

349,124.00

548,565.00

206,086.53

9,245.63

19,353.55

34,683.09

187,640.42

29,132.44

16,974.81

10,494.56

283,563.40

797,174.43


------- Gain or Loss ($) -------

Short Term Long Term

(561.95)

(861.09)

0.00 (1.423.04)

(4,049.00)

(3,722.43)

3,872.50

(3,898.93)

(422,851.79)

(53,847.26)

(2,864.35)

(21,101.73)

(5,054.13)

(3,131.35)

(1,405.38)

(87,404.20)

(272,681.94)

of 14

The Woodlands Firefighters

Retirement System

Statement of Changes

Period($)

Beginning Market Value 25,678,466

Contributions/Withdrawals 303,720

Management Fee (7,471)

Income Earned 57,899

Increase/Decrease in Market Value 256,568

Market Value on 12/31/2016 26,289,181

,..•* *�



------LTD------

1-tELPING INOIVIOUALS, INOIVIOUALLY.•

Year to Date($)

22,205,372

2,507,554

(83,073)

439,414

1,219,914

26,289,181

Account Investment Perforniance

Year Period to Date

Total Account (Net of Fees) 1.20% 6.63%

Equity 1.83% 10.46%

Fixed Income 0.05% 2.20%

"Please be advised that several items may cause the performance of your account to diverge from the benchmark. These include, but are

not limited to, objective changes, significant cash contributions or

withdrawals, cash directives, non-core holdings, tax managed positions and uninvested income cash."

"Past performance is not indicative of future results." Total Account (Net of Fees) includes return

on cash held in the account.

For any questions regarding your account performance, please contact your STMM Investment Advisor.


• ic **.If.


REPORTING PERIOD: 12/01/2016 TO 12/31/2016 The Woodlands Firefighters Retirement System

Year End

12/31/2015

12/31/2016

------LTD------

HELPING INDIVIDUALS. INDIVIDUALLY.•

Yearly Summary of Account Value

�rket Value ($)

22,205,372

26,289,181

Net Additions & Withdrawals ($)

5,077,110

2,507,584

7,584,695

Disclosures

Fees 8. Expenses($) Annual Income ($)

(110,387) 254,671

(83,103) 442,909

Data represented on this page is from inception of the account or 2004 when STMM converted to Financial Information Network (FIN), a portfolio accounting system.

This information is for informational purposes only. Please rely on the statement and Form 1099 provided by your custodian for tax purposes.



MSCI World Index

S&P 500 Total Return Index

Russell 3000 Index w/lncome

..,• * * ...

SOUTH TEXAS MONEY MANAGEMENT� ------LTD------


Market Performance

Period

2.39 %

1.98 %

1.95 %

Barclays 1-10 Yr. Blend Muni Bond Index 0.72 %

90 Day Treasury Bill Index 0.06 %

Barclays Intermediate Govt/Credit Bond Index 0.07 %

Barclays Aggregate Bond Index 0.14 %

Consumer Price Index (CPI) (0.16)%

Gold (Spot Price) (1.61) %



Year to Date

7.51 %

11.96 %

12.74 %

(0.10) %

0.40 %

2.08 %

2.65 %

2.04 %

9.12 %

of 14

The Woodlands Firefighters Retirement

System

..,• * *•

SOUTH TEXAS MONEY MANAGEMENT�


------LTD------

HELPtNG INDIVIDUALS, INDIVIDUALLY.•

Disclosures

This investment portfolio repo1t is provided to you for infonnational purposes only. It provides infonnation on your account managed by South Texas Money Management, Ltd., a registered investment advisor. It is not

intended as a tax document. South Texas Money Management, Ltd. is not the custodian of your assets. South Texas Money Management, Ltd. is not a broker/dealer. You should verify this investment portfolio report with the statement provided by your custodian. South Texas Money Management, Ltd. provides the following services:

I. Investment management 2. Asset allocation management 3. Quarterly performance and strategy summary repmts 4. Annual investment presentation (upon request) 5. Annual written analysis of account holdings and pcrfonnance 6. Open communication

Important Notes:

Market Valuation: Market valuations for securities in this repo1t are provided only as a gem.,-al guide to value your pmtfolio. Such market valuations are obtained from outside parties. These market valuations may vary from your custodian statement. For example, the market value for a bond may vary from your custodian statement. Bond prices are based on a method of fair valuing bonds that applies analytic methods to historical prices to produce an estimated price. TI1is price is not necessarily the price you paid for the bond, nor is it the price you could receive if you sold it and this price is not necessarily a price at which the bond has ever traded.

Trade Date / Settlement Date: This report includes transactions executed (traded) but not yet settled during the period. Your custodian may prepare statements for the same period which include only transactions which

have settled within such period.

Cost Basis: South Texas Money Management. Ltd. may have no infonnation regarding cost basis of securities purchased prior to our management of your account. Such cost basis is necessary to compute the gain or Joss upon the sale ofa security. If the gain or loss infonnation detailed herein is inconsistent with your records, it may be due to missing cost basis. In that case, please contact us to provide missing cost basis for your account.

Tax Managed or Directed: If assets are segregated as "Tax Managed or Directed," it generally means they are "directed" or low cost basis holdings. The total account perfonnance includes these assets. Client directed cash levels are part of the total return and do not necessarily reflect South Texas Money Management, Ltd. ("STMM") cash strategy. STMM shall have no responsibility with respect to any assets that are segregated as "Unmanaged", and total account perfonnance will not include any such Unmanaged assets. Accordingly, Unmanaged assets are not included in the account market value for purposes of calculating STMM's management fee.

Reports to the Internal Revenue Service: TI1is report is not a tax document. Your custodian will provide to you, the lntemal Revenue Service and to certain states, infonnation on sales, dividends and various types of interest credited to your account in order to file your tax return.

Please contact either of your South Texas Money Management investment advisers listed on the first page of this report under "Strategy or Investment Changes" if there arc any changes in your personal or financial situation or investment objectives, or if you wish to impose, add or modify any reasonable restrictions to the management of your account.

Important disclosures are set forth in Part 2 of South Texas Money Management's Fonn ADV, a copy of which has been provided without charge to you. Jfyou would like to receive a copy of the ADV Part 2 at no charge, contact us at the phone number or address below. You may also access the current ADV Part 2 at http://www.stmmltd.com/fonn-adv.

If you have any questions regarding this portfolio repo1t, your po1tfolio or to change your contact infonnation, please contact South Texas Money Management, Ltd. by phone (210) 824-8916 or in writing to 700 N. St. Mary's Street, Suite JOO, San Antonio, TX 78205.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. THERE IS A RISK OF LOSS.

South Texas Money Management, Ltd, of 14

it south texas - twfrs.org - december 2016 inve… · lf south texas money management. reporting...

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