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Report of Independent Auditors Unaudited Financial Statements With Other Financial Information West Virginia Board of Treasury Investments Consolidated Fund For the Month and Fiscal Year to Date Ended October 31, 2017 Fiscal Year is July 1, 2017 through June 30, 2018 (This page intentionally left blank.) West Virginia Board of Treasury Investments Consolidated Fund Unaudited Financial Statements with Other Financial Information For the Month and Fiscal Year to Date Ended October 31, 2017 Contents Unaudited Financial Statements: Unaudited Combining Statement of Fiduciary Net Position ................................................................. 2 Unaudited Combining Statement of Changes in Fiduciary Net Position ............................................... 4 Notes to Unaudited Financial Statements ............................................................................................... 9 Schedule of Investments in Securities ........................................................................................................ 17 Other Financial Information: Schedule of Net Asset Values .............................................................................................................. 33 Portfolio Statistics ................................................................................................................................ 34 Participant Net Asset Values ............................................................................................................... 35 Glossary of Financial and Investment Terms ....................................................................................... 36 1 West Virginia Board of Treasury Investments Consolidated Fund Combining Statement of Fiduciary Net Position -- Unaudited October 31, 2017 (In Thousands) WV Government WV Short WV Money Money Market Term Bond Market Pool Pool Pool WV Bank Pool Assets Investments: At amortized cost $ 2,369,392 $ 209,095 $ - $ 77,087 At fair value - - 763,085 - Receivables: Accrued interest 1,417 42 2,033 239 Dividends 90 - 14 - Receivable for investments sold - - - - Other - - - - Total receivables 1,507 42 2,047 239 Total assets 2,370,899 209,137 765,132 77,326 Liabilities Accrued expenses 471 69 324 10 Dividends payable - - 1,111 - Payable for investments purchased 24,995 - - - Total liabilities 25,466 69 1,435 10 Net Position Held in trust for investment pool participants 2,345,433 209,068 763,697 77,316 Held in trust for individual investment account holders - - - - Total net position $ 2,345,433 $ 209,068 $ 763,697 $ 77,316 See accompanying notes to unaudited financial statements. 2 Economic Development Municipal Authority - Bond American Commission School Fund Woodmark Loan Pool Reserve Pool Account Account Account Total $ 124,299 $ 18,891 $ - $ - $ - $ 2,798,764 - - 35,583 1,096 1,773 801,537 94 19 131 - 19 3,994 - 1 - 1 - 106 - - - - - - - - - - - - 94 20 131 1 19 4,100 124,393 18,911 35,714 1,097 1,792 3,604,401 15 - - - 1 890 - - - - - 1,111 - - - - - 24,995 15 - - - 1 26,996 124,378 18,911 - - - 3,538,803 - - 35,714 1,097 1,791 38,602 $ 124,378 $ 18,911 $ 35,714 $ 1,097 $ 1,791 $ 3,577,405 3 West Virginia Board of Treasury Investments Consolidated Fund Combining Statement of Changes in Fiduciary Net Position -- Unaudited For the Periods Ended October 31, 2017 WV Money Market Pool WV Government Money Month of Fiscal Year Month of Fiscal Year October (4 Months) October (4 Months) Additions Investment income: Interest $ 1,148 $ 4,207 $ 78 $ 305 Dividends 87 354 - 2 Net (amortization) accretion 1,124 4,256 125 460 Provision for uncollectible loans - - - - Total investment income 2,359 8,817 203 767 Investment expenses: Investment advisor fees 53 202 7 27 Custodian bank fees 6 28 - 4 Administrative fees 62 240 8 30 Total investment expenses 121 470 15 61 Net investment income 2,238 8,347 188 706 Net realized gain (loss) from investments 3 8 - 1 Net increase (decrease) in fair value of investments - - - - Net increase (decrease) in net position from operations 2,241 8,355 188 707 Participant transaction additions: Purchase of pool units by participants 1,131,968 3,548,864 21,831 90,752 Reinvestment of pool distributions 2,241 8,351 188 707 Contibutions to individual investment accounts - - - - Total participant transaction additions 1,134,209 3,557,215 22,019 91,459 Total additions 1,136,450 3,565,570 22,207 92,166 Deductions Distributions to pool participants: Net investment income 2,238 8,347 188 706 Net realized gain (loss) from investments 3 8 - 1 Total distributions to pool participants 2,241 8,355 188 707 Participant transaction deductions: Redemption of pool units by participants 787,261 2,997,399 31,860 84,461 Withdrawals from individual investment accounts - - - - Total participant transaction deductions 787,261 2,997,399 31,860 84,461 Total deductions 789,502 3,005,754 32,048 85,168 Net increase (decrease) in net position 346,948 559,816 (9,841) 6,998 Inter-pool transfers in - 12,150 - - Inter-pool transfers out - (7,500) - - Net inter-pool transfers in (out) - 4,650 - - Change in net position 346,948 564,466 (9,841) 6,998 Net position at beginning of period 1,998,485 1,780,967 218,909 202,070 Net position at end of period $ 2,345,433 $ 2,345,433 $ 209,068 $ 209,068 See accompanying notes to unaudited financial statements. 4 WV Short Term Bond Pool WV Bank Pool Loan Pool Reserve Pool Month of Fiscal Year Month of Fiscal Year Month of Fiscal Year Month of Fiscal Year October (4 Months) October (4 Months) October (4 Months) October (4 Months) $ 1,160 $ 4,695 $ 80 $ 301 $ 93 $ 373 $ 19 $ 18 13 37 - 1 - 1 - 39 2 42 - - - - - - - - - - - - - - 1,175 4,774 80 302 93 374 19 57 57 227 - - - - - - 2 13 - - - - - - 23 91 2 10 3 15 - - 82 331 2 10 3 15 - - 1,093 4,443 78 292 90 359 19 57 18 24 - - - - - - (333) (129) - - - - - - 778 4,338 78 292 90 359 19 57 2,865 10,574 75 283 - 2,183 13 46 1,161 4,432 78 292 90 359 19 57 - - - - - - - - 4,026 15,006 153 575 90 2,542 32 103 4,804 19,344 231 867 180 2,901 51 160 1,093 4,443 78 292 90 359 19 57 18 24 - - - - - - 1,111 4,467 78 292 90 359 19 57 - 4,911 75 283 1,038 3,564 13 46 - - - - - - - - - 4,911 75 283 1,038 3,564 13 46 1,111 9,378 153 575 1,128 3,923 32 103 3,693 9,966 78 292 (948) (1,022) 19 57 - - 1,900 9,400 - - - - - - - (12,150) - - - - - - 1,900 (2,750) - - - - 3,693 9,966 1,978 (2,458) (948) (1,022) 19 57 760,004 753,731 75,338 79,774 125,326 125,400 18,892 18,854 $ 763,697 $ 763,697 $ 77,316 $ 77,316 $ 124,378 $ 124,378 $ 18,911 $ 18,911 5 West Virginia Board of Treasury Investments Consolidated Fund Combining Statement of Changes in Fiduciary Net Position -- Unaudited (Continued) For the Periods Ended October 31, 2017 Municipal Bond Commission School Fund Account Month of Fiscal Year Month of Fiscal Year October (4 Months) October (4 Months) Additions Investment income: Interest $ 28 $ 116 $ - $ - Dividends - - 1 5 Net (amortization) accretion (7) (31) - - Provision for uncollectible loans - - - - Total investment income 21 85 1 5 Investment expenses: Investment advisor fees - - - - Custodian bank fees - - - - Administrative fees - - - - Total investment expenses - - - - Net investment income 21 85 1 5 Net realized gain (loss) from investments - - - - Net increase (decrease) in fair value of investments 3 23 - - Net increase (decrease) in net position from operations 24 108 1 5 Participant transaction additions: Purchase of pool units by participants - - - - Reinvestment of pool distributions - - - - Contibutions to individual investment accounts - - 45 562 Total participant transaction additions - - 45 562 Total additions 24 108 46 567 Deductions Distributions to pool participants: Net investment income - - - - Net realized gain (loss) from investments - - - - Total distributions to pool participants - - - - Participant transaction deductions: Redemption of pool units by participants - - - - Withdrawals from individual investment accounts 275 275 888 888 Total participant transaction deductions 275 275 888 888 Total deductions 275 275 888 888 Net increase (decrease) in net position (251) (167) (842) (321) Inter-pool transfers in - - - - Inter-pool transfers out - - - - Net inter-pool transfers in (out) - - - - Change in net position (251) (167) (842) (321) Net position at beginning of period 35,965 35,881 1,939 1,418 Net position at end of period $ 35,714 $ 35,714 $ 1,097 $ 1,097 See accompanying notes to unaudited financial statements. 6 Economic Development Total Month of Fiscal Year Month of Fiscal Year October (4 Months) October (4 Months) $ 7 $ 30 $ 2,613 $ 10,045 - - 101 439 (1) (5) 1,243 4,722 - - - - 6 25 3,957 15,206 - - 117 456 - - 8 45 - - 98 386 - - 223 887 6 25 3,734 14,319 - - 21 33 (9) (21) (339) (127) (3) 4 3,416 14,225 - - 1,156,752 3,652,702 - - 3,777 14,198 - - 45 562 - - 1,160,574 3,667,462 (3) 4 1,163,990 3,681,687 - - 3,706 14,204 - - 21 33 - - 3,727 14,237 - - 820,247 3,090,664 - 45 1,163 1,208 - 45 821,410 3,091,872 - 45 825,137 3,106,109 (3) (41) 338,853 575,578 - - 1,900 21,550 - - - (19,650) - - 1,900 1,900 (3) (41) 340,753 577,478 1,794 1,832 3,236,652 2,999,927 $ 1,791 $ 1,791 $ 3,577,405 $ 3,577,405 7 (This page intentionally left blank.) 8 West Virginia Board of Treasury Investments Consolidated Fund Notes to Unaudited Financial Statements October 31, 2017 1. Organization and Operations The West Virginia Board of Treasury Investments (the “BTI”) is charged with managing the individual investment pools and accounts of the Consolidated Fund under authority of West Virginia State Code Chapter 12, Article 6C, West Virginia Treasury Investments Act. The West Virginia Legislature established the BTI as a public corporation of the State of West Virginia, to make short-term operating funds of the state more accessible to state government and to allow the West Virginia Investment Management Board (the “IMB”), which had managed the Consolidated Fund, to focus on the state’s long- term trust investments. The Consolidated Fund is the statutory title of the fund that collectively refers to the investment pools and accounts that the BTI manages.
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