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Item 3B1 - Financial ReportCITY OF S0UTHLA1<.,,..,E MONTHLY FINANCIAL REPORT September 2022 V2 PERFORMANCE AT A GLANCE Year to Date 3 year Trend Reference MMMEENW- General Fund Exp. Vs. Rev. Positive Positive Page 3 Sales Tax Revenue (2 months prior activity) Positive Positive Page 3 Property Tax Revenue Positive Positive Page 4 Permit Revenues Positive Positive Page 4 Departmental Expenditures Summary Positive Positive Page 5 • - • - Positive = Positive variance or negative variance <1 % compared to seasonal trends. Warning = Negative variance of 14% compared to seasonal trends Negative = Negative Variance of > 4% compared to seasonal trends. City of Southlake Monthly Financial Report 1 11/11/2022 ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY National GDP: V 2.6% GDP is defined as the output of goods and services produced by labor and property located in the United States, The Bureau of Labor and Economic Analysis 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES reported that the "advanced" estimated GDP for the 3rd quarter of 2022 increased at a rate of 2.6%. In the 2nd $250,000,000 quarter of 2022, GDP decreased at a rate of 0.6%. $200,000,000 Housing Starts: y -8.10% Housing starts in August were at a seasonally adjusted rate of 1,439,000, which is 8.1 % below the revised previous month figure of 1,566,000 and 7.7% below September 2021 rate of 1,559,000. $150,000,000 $100,000,000 UNEMPLOYMENT RATES National: 3.7% The National Unemployment rate for October 2022 increased slightly to 3.7% when compared to 3.5% in September 2022. $50,000,000 State-wide: 4.0% The Texas Unemployment rate for September 2022 (preliminary) decreased slightly to 4.0% from 4.1 % in August 2022. $- 2018* 2019* 2020* 2021* 2022* DFW Area: 3.4% *October - September ■ New Construction permit values The Dallas/Fort Worth/Arlington Metropolitan Area Wr unemployment rate for September 2022 (preliminary) decreased slightly to 3.4% when compared to 3.7% in August 2022. City of Southlake Monthly Financial Report 2 11/11/2022 GENERAL FUND OVERALL FUND PERFORMANCE: GENERAL FUND REVENUE VS EXPENDITURES 2022 FY 2022 FY 2022 FY 2022 REVENUE � FY 2022 EXPENDITURE 2021 EXPEND. REVENUE EXPENDITURE VARIANCE Oct $ 1,158,989 $ 2,430,309 $ (1,271,320) $16,000,000 Nov $ 2,530,286 $ 3,030,028 $ (499,742) $14,000,000 Dec $ 8,051,473 $ 4,395,374 $ 3,656,099 $12,000,000 Jan $ 13,878,168 $ 3,110,936 $ 10,767232 Feb $ 9,221,772 $ 3,292,649 $ 5,929:123 $10,000,000 Mar $ Apr $ 3,062,209 2,609,891 $ 3,855,395 $ 3,280,619 $ $ (793,186) (670,728) $8,000,000 $6,000,000 ' May $ 4,154,042 $ 3,546,371 $ 607,671 Jun $ 2,668,193 $ 3,787,807 $ (1,119,614) $4,000,000 _ — Jul * $ 1,742,831 $ (3,796,552) $ 5,539,383 $2,000,000 Aug $ 2,532,533 $ 3,456,552 $ (924,019) $_ _ Sep $ 2,638,390 $ 5,202,936 $ (2,564,546) $(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun J Aug Sep Tot $ 54,248,777 $ 35,592,424 $ 18,656,353 $(4,000,000) CHART OUTLOOK: POSITIVE 1 $(6,000,000) The outlook for the year is positive as revenues are outpaced expenditures by $18.7M. There are year end expenditures (accurals) that will post over the next couple of weeks as we close the fiscal year financials. At the end of the fiscal year, the excess revenue is transferred to the Strategic Initiative Fund and will assist with funding the approved Capital Improvement Plan and other approved initiatives. The significant variance is due to ARPA funding received and applied to Public Safety expenditures during the month of July. REVENUE ANALYSIS GENERAL FUND SALES TAX 2022-2020 COMPARISON FY 2022 FY 2021 FY 2020 � FY 2022 � FY 2021 FY 2020 Oct $ 1,613,415 $ 1,299,576 $ 1,278,635 $3,000,000 Nov $ 1,652,674 $ 1,084,677 $ 1,309,584 Dec $ Jan $ 2,456,532 1,602,323 $ 1,926,407 $ 1,256,119 $ $ 1,993,686 1,360,873 $2,500,000 Feb $ 1,388,859 $ 978,395 $ 1,011,429 $2,000,000 ' Mar $ 1,714,270 $ 1,470,896 $ 1,038,936 Apr $ 1,725,777 $ 1,262,973 $ 287 1,153,263 $1,600,000 ■ May $ 1,725,777 $ 1,262,973 $ 1,153,263 , Jun * $ 1,792,755 $ 2,586,036 $ 1,375,636 $1,000,000 Jul $ 1,607,427 $ 1,449,136 $ 1,190,064 Aug $ 1,659,141 $ 1,427,525 $ 1,233,673 $500,000 Sep $ 1,640,639 $ 1,687,605 $ 1,416,226 Tot $ 20,828,987 $ 18,157,270 $ 15,524,291 $- — Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE Year to date sales tax collections are trending above FY 2021 (14.7%) and FY 2020 (34.2%) collections.June sales were 31% below June 2021 collections and 30% above June collections for June 2020. June 2021 collections included an audit adjustment which represented 38% of collections for the month. Year to date collections are above budget for the year therefore the outlook is considered positive. Staffwill continue to closely monitor collections. City of Southlake Monthly Financial Report 3 11/11/2022 GENERAL FUND REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND FY 2022 FY 2021 FY 2020 ■ FY 2022 ■ FY 2021 FY 2020 Oct $ 653,703 $ 778,578 $ 790,236 $14,000,000 Nov $ 2,017,203 $ 1,582,957 $ 1,426,054 $12,000,000 - Dec $ 6,068,454 $ 6,036,699 $ 9,161,119 $10,000,000 Jan $ 11,588,414 $ 13,167,125 $ 10,088,389 $8,000,000 - Feb $ 5,872,247 $ 4,445,041 $ 4,237,797 Mar $ 584,684 $ 411,151 $ 420,930 $6,000,000 Apr $ 554,247 $ 259,058 $ 55,958 $4,000,000 May $ 151,717 $ 152,945 $ 105,567 $2,000,000 Jun $ 502,344 $ 389,839 $ 448,670 $- Jul * $ (1,310,741) $ (1,365,991) $ (1,457,677) $(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun Aug Aug $ 69,630 $ 52,655 $ 52,000 $(4,000,000) Sep $ 111,205 $ 190,848 $ 28,446 Tot $ 26,863,107 $ 26,100,905 $ 25,357,489 * Net transfer of TIF revenues to TIF CHART OUTLOOK: POSITIVE fund 2022 YTD property tax collections ($26,863,107) are approximately 2.9% and 5.94% higher than 2021 YTD ($26,100,905) and 2020 YTD ($25,357,489), respectively as of September. As indicated on the chart, the majority of the property tax revenue is collected in the first few months of the fiscal year. YTD collections are trending slightly above budget. PERMIT REVENUE 2022-2020 COMPARISON FY 2022 FY 2021 FY 2020 FY 2022 FY 2021 FY 2020 Oct $ 214,445 $ 50,043 $ 134,067 $900,000 Nov $ 185,109 $ 69,734 $ 238,528 Dec $ 94,663 $ 102,515 $ 135,168 $800,000 Jan $ 167,045 $ 88,737 $ 204,931 $700,000 Feb $ 111,545 $ 76,270 $ 212,195 Mar $ 154,046 $ 150,142 $ 126,842 $600,000 Apr $ 277,691 $ 124,870 $ 188,968 $500,000 May $ 788,270 $ 136,364 $ 128,791 $400,000 - Jun $ 133,244 $ 158,786 $ 148,103 Jul $ 192,902 $ 170,985 $ 152,920 $300,000 Aug $ 184,578 $ 217,599 $ 69,101 $200,000 Sep $ 5, $ 2,658,371 $ ,$ $ 1,568,027 $ 6,547 1,986,161 10Q0 $00Tot -` Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE The value of new construction permits ($179.4M+) issued for FY 2022 YTD is approximately 33.3% and 40.9% higher when compared to FY 2021 and FY 2020, respectively. FY 2022 collections are 69.5% and 33.8% higher when compared to FY 2021 and 2020, respectively. Permit revenue exceeded the budget for the fiscal year therefore the outlook is considered positive. City of Southlake Monthly Financial Report 4 11/11/2022 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY FY 2022 ACTUAL AMENDED FY 2022 FY 2021/2022 YTD YTD FY 2021 ACTUAL YTD BUDGET YTD VARIANCE BUDGETVARIANCE FY 2022%SPENT CIVIC) $ 1,080,403 $ 912,197 $ 1,081,377 $ (168,206) $ 974 99.91% COMM $ 513,373 $ 467,033 $ 543,716 $ (46,340) $ 30,343 94.42% CS $ 6,012,549 $ 5,337,901 $ 6,418,718 $ (674,648) $ 406,169 93.67% CSO $ 575,805 $ 541,041 $ 593,383 $ (34,764) $ 17,578 97.04% DPS $ 12,264,146 $ 18,242,756 $ 14,317,193 $ 5,978,610 $ 2,053,047 85.66% ED $ 300,349 $ 161,419 $ 310,693 $ (138,930) $ 10,344 96.67% FIN $ 2,521,340 $ 2,377,585 $ 2,661,413 $ (143,755) $ 140,073 94.74% HR $ 868,971 $ 874,081 $ 912,815 $ 51110 $ 43,844 95.20% IT $ 2,871,969 $ 2,877,470 $ 3,116,373 $ 5,501 $ 244,404 92.16% PDS $ 2,299,178 $ 2,203,104 $ 2,395,390 $ (96,074) $ 96,212 95.98% PW $ 4,621,092 $ 4,603,559 $ 4,924,069 $ (17,533) $ 302,977 93.85% SS $ 1,663,249 $ 2,017,112 $ 1,889,598 $ 353,863 $ 226,349 88.02% Totals $ 35,592,424 $ 40,615,258 $ 39,164,738 $ 5,022,834 $ 3,572,314 90.88% FY 2022 ACTUAL YTD FY 2021 ACTUAL YTD AMENDED FY 2022 BUDGET YTD $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 i $2,000,000 $- CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS CHART OUTLOOK: I POSITIVE As indicated above, 2022 expenditures are below 2021 expenditures for the same period with a significant decrease of 12.4% due to DPS expenditures eligible for ARPA (American Rescue Plan Act). It is important to note ARPA funding is a one-time funding source. The outlook is positive expenditures are below budgeted expenditures for the fiscal year. or - City of Southlake Monthly Financial Report 5 11/11/2022 INVESTMENT REPORT City of Southlake October 1 to September 30, 2022 { r- r - Y5 r;�:'�' `• - �.f r r :YV��E'4 ,. . titer s� 4. Hilltop Securities J�* Contents Investment Management Team Scott McIntyre Market Recap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Senior Portfolio Manager 572.481.2009 Investment Officers'Certification ...........................4 Scott.McIntyre@HilltopSecurities.com Portfolio Overview....................................5 Portfolio Overview....................................6 Greg Warner Senior Portfolio Manager Asset Allocation......................................7 572.487.2072 Credit Rating Summary 8 Greg.Warner@HilltopSecurities.com Benchmark Comparison.................................9 Fund Overview.....................................10 Jodi Jones Investment Reporting Manager Detail of Security Holdings..............................11 572.487.2076 Jodi.Jones@HilltopSecurities.com Famed Income.....................................13 Investment Transactions................................15 Investment Transactions Totals ............................19 Amortization and Accretion .............................20 Projected Cash Flows..................................22 Projected Cash Flows Totals..............................24 Disclosures & Disclaimers...............................25 Page 2 Hilltop Securities J�* Market Recap The month of September was not a good one for the financial markets. The Dow shed -6.4%, while the Nasdaq lost -10.5%. The 2-yearTreasury note, which began the month yielding 3.49%, climbed to a 15-year high of4.34% in the final week of September, before rallying a bit into quarter end.The 10-year note opened the month at 3.19% and reached 3.94%, the highest since 2008, before finding its footing late in the month. There are a number of contributing factors to the huge increase in bond yields last month; the most dominant is that Fed officials not only raised the overnight target rate by 75 basis points for the third straight time in September, but also indicated through the updated"dot plot"that they intend to hike rates further and keep them elevated for longer. By increasing the target rate 300 basis points since March, the Fed has tightened monetary policy faster than at any point in forty years. This has contributed to the strongest dollar in more than two decades, which makes U.S. imports cheaper and exports more expensive, and has a profound negative effect on the profits of U.S. multinational companies. But the more severe damage is happening overseas. With the global commodities markets priced in dollars, nations that import oil and natural gas will lose value in the exchange and effectively pay more. In Europe, where the war in Ukraine has already created a severe natural gas shortage, this is a disaster The inflation rate in August was +10.1 % in the EU and +9.9% in the U.K., and as winter approaches, energy prices are expected to rise further.The ECB hiked by 75 bps in September, the biggest single increase in its history, and signaled another 75 ahead for October.The September hike brought the ECB overnight rate from 0.00%to 0.75%. Clearly, they still have a long way to go, but they're walking a fine line. Rate increases are designed to slow demand, and in doing so will eventually bring down inflation. However, the EU is already very close to recession.The U.K and China may already be in recession, and the U.S. is expected to enter recession at some point next year. Foreign nations are hiking rates at an unpreceded pace and thereby ensuring a deeper recession ... but there's little choice.They need to keep their currency from weakening further and try to bring inflation down as best they can. Here in the U.S., the headline City of Southlake As of September 30, 2022 consumer price index rose +0.1 % in August, above the expected -0.1 % decline and following an unchanged reading in July. On the surface, it wasn't a terrible number, but almost all of the moderation was the result of the decline in gas prices.The majority of the CPI basket of goods continues to rise in price. On a year -over -year basis, CPI increased at an +8.3% pace, down from +8.5%, but above the +8.0%forecast. Unfortunately, it was much worse when food and energy prices were excluded. Core CPI was up +0.6% in August, doubling both the median forecast and the July increase. On an annual basis, the rate of core consumer inflation actually rose from +5.9% to +6.3%. If there were a single report to blame for the September spike in yields and the corresponding resolve of Fed officials to drive inflation lower, this was it. On the labor side, the August employment report was still too strong. Nonfarm payrolls climbed by+315k in August and 5.8 million over the previous 12 months, bringing total payrolls back above the pre -pandemic high point, although leisure and hospitalitypayrolls remain 7.2 million short of the February 2020 count. This suggests that wage pressures will continue to mount in the service sector. Average hourly earnings rose +0.3% in August and +5.2% year -over -year This is down from the cycle high of 5.6% in March, butjob openings still outnumberjob seekers by almost a 2 to 1 count. Fed officials have indicated they would like to see some of this labor slack disappear. So far, businesses have been reluctant to actually let workers go, but eventuallyjob postings should drop. Fed officials and central banks around the world are all on the same page, and the likelihood of global recession has ramped up significantly. Demand is expected to slow in the coming months, which will further test the Fed's resolve. For now, it's all about bringing inflation down, and that means additional rates hikes are queued -up (and priced -in) for November and December. Page 3 Hilltop Securities J�* Investment Officers'Certification This report is prepared for the City of South lake (the "Entity) in accordance with Chapter 2256 of the Texas Public Funds Investment Act ("PFIA"). Section 2256.023(a) of the PFIA states that: "Not less than quarterly, the investment officer shall prepare and submit to the governing body of the entity a written report of the investment transactions for all funds covered by this chapter for the preceding reporting period." This report is signed by the Entity's investment officers and includes the disclosures required in the the PFIA. The investment portfolio complied with the PFIA and the Entity's approved Investment Policy and Strategy throughout the period. All investment transactions made in the portfolio during this period were made on behalf of the Entity and were made in full compliance with the PFIA and the approved Investment Policy. City of Southlake As of September 30, 2022 Investment Officers Mary Morgan Mary Morgan Deputy Director of Finance Sharen Jackson Sharen Jackson Chief Financial Officer Page 4 Hilltop Securities. Portfolio Overview Portfolio Summary ParValue 174,147,951.13 197,126,012.15 Original Cost 175,168,271.21 197,211,659.91 BookValue 174,744,008.43 196,827,607.21 Market Value 174,710,598.29 194,995,432.05 Accrued Interest 275,172.99 227,346.86 BookValue Plus Accrued 175,019,181.42 197,054,954.07 Market Value Plus Accrued 174,985,771.28 195,222,778.90 Net Unrealized Gain/Loss (33,410.14) (1,832,175.17) Asset Allocation ■ AGCY 5.07% ■ AGCY CALL 5.06% ■ CP 13.99% ■ LGIP49.35% ■ MUNI3.67% ■ US GOVT 22.85% City of Southlake October 1, 2021- September 30, 2022 Income Summary Portfolio Characteristics Interest Income $1,313,532.86 Yield to Maturity 0.088% 1.907% Net Amortization/Accretion ($159,855.89) Yield to Worst 0.088% 1.907% Realized Gain/Loss $3,378.67 Years to Final Maturity 0.37 0.35 Net Income $1,157,055.64 Years to Effective Maturity 0.37 0.35 Duration 0.78 0.67 Transaction Summary Buy 123,000,000.00 (122,262,014.98) (59,420.99) (122,321,435.97) 0.00 Maturity (99,000,000.00) 99,000,000.00 0.00 99,000,000.00 0.00 Call Redemption (5,000,000.00) 5,000,000.00 0.00 5,000,000.00 3,378.67 Coupon 0.00 0.00 763,181.82 763,181.82 0.00 Page 5 Hilltop Securities J�* Portfolio Overview Maturity Distribution by Security Type ■ AGCY 5.07% ■ AGCY CALL 5.06% ■ CP 13.99% ■ LGIP 49.35% ■ MUNI3.67% USGOVT22.85% Top Ten Holdings City of Southlake As of September 30, 2022 TEXPOOL 24.07% 75% United States Department of The Treasury 22.85% TEXSTAR 9.84% 49.4 LONESTRGOV 6.50% 50% LONESTRCRP 6.22% Federal Farm Credit Banks Funding Corporation 5.07% 25°'n Federal Home Loan Banks 5.06% 11.7 13.8 12.5 Toyota Motor Credit Corporation 5.01 % 61 6.6 - . Texas A&M University System Board of Regents 3.67% 0°k TXCLASS 2.72% 4, �h Maturity Distribution by Security Type SecurityType Overnight 0-3 Months 3-6 Months 6-9 Months 9-12 Months 1-2Years 2-3 Years 3-4Years 4-5Years PortfolioTotal AGCY 4,994,876.15 — 4,991,990.30 9,986,866.45 AGCY CALL — — — — 9,964,272.07 — 9,964,272.07 CID — 7,958,949.99 4,968,350.00 14,609,770.83 — 27,537,070.83 LGIP 97,141,012.15 — — — — 97,141,012.15 MUNI — 2,573,626.13 — 4,640,673.54 7,214,299.67 USGOVT — 15,018,830.84 7,002,094.67 5,000,140.22 12,975,089.52 4,987,930.81 44,984,086.05 Total 97,141,012.15 22,977,780.83 11,97OA".67 27,178,41332 12,975,08952 24,584,866.72 — — 196,827,607.21 Hilltop Securities J�* Asset Allocation Asset Allocation by Security Type as of 30-Sep-2021 ■ AGCY 2.85% ■ AGCY CALL 2.86% ■ CP 16.59% ■ LGIP53.31% Nor ■ MUNI5.40% ■ US GOVT 18.99% Book Value Basis Security Distribution City of Southlake As of September 30, 2022 Asset Allocation by Security Type as of 30-Sep-2022 ■ AGCY 5.07% ■ AGCY CALL 5.06% ■ CP 13.99% ■ LGIP49.35% ■ MUNI3.67% ■ US GOVT 22.85% AGCY 4,987,589.10 2.85% 2.22% 9,986,866.45 5.07% 0.408% AGCY CALL 4,996,508.70 2.86% 2.20% 9,964,272.07 5.06% 2.469% CP 28,992,228.91 16.59% (2.60%) 27,537,070.83 13.99% 3.256% LGIP 93,162,951.13 53.31% (3.96%) 97,141,012.15 49.35% 2.431% MUNI 9,427,825.76 5.40% (1.73%) 7,214,299.67 3.67% 0.350% USGOVL 33,176,904.83 18.99% 3.87% 44,984,086.05 22.85% 0.410% Portfolio Total 174,744,008.43 100.00% 196,827,607.21 100.000/0 1.907% Page 7 Hilltop Securities J�* Credit Rating Summary Rating Distribution Local Government Investment Pools & Money Market Funds AAA 97,141,012.15 49.35% Total Local Government Investment Pools & Money Market Funds 97,141,012.15 49.35% Short Term Rating Distribution A-1+ 22,668,220.83 11.52% A-1 4,868,850.00 2.47% Total Short Term Rating Distribution 27,537,070.83 13.990/0 Long Term Rating Distribution AAA 72,149,524.24 36.66% Total Long Term Rating Distribution 72,149,524.24 36.66% PortfolioTotal 196,827,607.21 100.000/0 City of Southlake As of September 30, 2022 Allocation by Rating ■ A-1+11.52% ■ A-12.47% ■ AAA86.01% Hilltop Securities J�* Benchmark Comparison - City of Southlake 6 Month CMT - 1 Year CMT TexPool 1.00% City of Southlake As of September 30, 2022 0.00% 0ct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Yield Overview City of Southlake 052 0.40 034 0.24 0.20 0.09 0.09 0.09 0.08 0.09 0.09 0.09 0.11 0.13 0.16 0.16 0.21 0.29 0.44 059 0.79 1.10 1.49 1.91 6 Month CMT 0.14 0.13 0.11 0.11 0.10 0.08 0.07 0.06 0.05 0.05 0.05 0.05 0.05 0.06 0.07 0.12 0.21 0.34 0.54 0.78 1.12 1.55 1.96 2.43 1 Year CMT 0.62 0.50 0.38 0.25 0.15 0.13 0.12 0.11 0.10 0.09 0.09 0.08 0.08 0.09 0.10 0.14 0.21 0.32 0.47 0.64 0.85 1.10 1.37 1.68 TexPool 0.13 0.12 0.09 0.08 0.04 0.02 0.01 0.01 0.01 0.02 0.02 0.03 0.04 0.04 0.04 0.04 0.06 0.15 0.30 0.62 1.00 1.52 2.16 2.41 Hilltop Securities J�* Fund Overview General Operating City of Southlake October 1, 2021- September 30, 2022 174,744,008.43 174,710,598.29 20,284,833.76 196,827,607.21 194,995,432,05 1,157,055.64 127 1.907% 1.907% Total 174,744,008.43 174,710,598.29 20,284,833.76 196,827,607.21 194,995,432.05 1,157,055.64 127 1.907% 1.907% Page 10 Hilltop Securities J�* Detail of Security Holdings General Operating City of Southlake As of September 30, 2022 LNSTCRP LGIP LoneStarCorpO/N 09/30/22 12,234,868.77 100.000 12,234,868.77 12,234,868.77 100.000 12,234,868.77 1 2.614 2.614 AAA LNSTGOV LGIP LoneStarGovO/N 09/30/22 12,803,478.93 100.000 12,803,478.93 12,803,478.93 100.000 12,803,478.93 1 2.424 2.424 AAA TEXPOOL LGIP TexPool 09/30/22 47,370,966.25 100.000 47,370,966.25 47,370,966.25 100.000 47,370,966.25 1 2.413 2.413 AAA TEXSTAR LGIP TexSTAR 09/30/22 19,370,977.66 100.000 19,370,977.66 19,370,977.66 100.000 19,370,977.66 1 2.294 2.294 AAA TXCLASS LGIP Texas CLASS 09/30/22 5,360,720.54 100.000 5,360,720.54 5,360,720.54 100.000 5,360,720.54 1 2.679 2.679 AAA 912828YKO 02/10/22 USGOVT UNITED STATES TREASURY 1.375 10/15/22 5,000,000.00 100.449 5,022,460.94 5,001,272.90 99.922 4,996,093.75 15 0,707 0.707 AAA 912828TY6 09/28/21 USGOVT UNITED STATES TREASURY 1.625 11/15/22 5,000,000.00 101.707 5,085,351.56 5,009,236.31 99.797 4,989,843.75 46 0.113 0.113 AAA 92181PM17 03/09/22 CP Vanderbilt University 0.000 12/01/22 3,000,000.00 99.184 2,975,525.00 2,994,408.33 99.814 2,994,408.33 62 1.107 1.107 A-1+ University of Texas - 91512DME8 09/29/22 CP Permanent University 0.000 12/14/22 5,000,000.00 99.272 4,963,583.33 4,964,541.66 99.291 4,964,541.66 75 3.493 3.493 A-1+ Fund 912828YW4 02/10/22 USGOVT UNITED STATESTREASURY 1.625 12/15/22 5,000,000.00 100.684 5,034,179.69 5,008,321.63 99.656 4,982,812.50 76 0.810 0.810 AAA Toyota Motor Credit 89233HNH3 04/25/22 CP 0.000 01/17/23 5,000,000.00 98.435 4,921,754.17 4,968,350.00 98.845 4,942,265.00 109 2.138 2.138 A-1+ Corporation 91282CBG5 02/02/22 USGOVT UNITED STATESTREASURY 0.125 01/31/23 2,000,000.00 99.344 1,986,875.00 1,995,617.41 98.812 1,976,250.00 123 0.789 0.789 AAA 912828ZD5 10/15/21 USGOVT UNITED STATESTREASURY 0.500 03/15/23 5,000,000.00 100.402 5,020,117.20 5,006,477.26 98.469 4,923,437.50 166 0.215 0.215 AAA 912828ZH6 10/14/21 USGOVT UNITED STATESTREASURY 0.250 04/15/23 5,000,000.00 100.008 5,000,390.65 5,000,140.22 98.047 4,902,343.75 197 0.245 0.245 AAA Toyota Motor Credit 89233HSC9 08/22/22 CP 0.000 05/12/23 5,000,000.00 97.392 4,869,595.83 4,889,429.16 97.235 4,861,765.00 224 3.650 3.650 A-1+ Corporation 8821356W1 10/28/20 MUNI TEXAS A & M UNIV REVS 5.000 05/15/23 05/15/23 Continuous 2,500,000.00 112.026 2,800,650.00 2,573,626.13 101.189 2,529,725.00 227 227 0.260 0.260 AAA 46640QT27 09/08/22 CP J.P. Morgan Securities LLC 0.000 06/02/23 5,000,000.00 97.130 4,856,487.50 4,868,850.00 97.058 4,852,920.00 245 3.965 3.965 A-1 78009BT93 09/15/22 CP Royal Bank of Canada 0.000 06/09/23 5,000,000.00 96.840 4,842,025.00 4,851,491.67 96.992 4,849,585.00 252 4.376 4.376 A-1+ FEDERAL FARM CREDIT 3133EMH96 06/25/21 AGCY 0.125 06/14/23 5,000,000.00 99.713 4,985,650.00 4,994,876.15 97.281 4,864,060.00 257 0.271 0.271 AAA BANKS FUNDING CORP 912828ZY9 12/15/21 USGOVT UNITED STATESTREASURY 0.125 07/15/23 5,000,000.00 99.359 4,967,968.75 4,984,039.30 96.875 4,843,750.00 288 0.532 0.532 AAA 91282CCU3 08/31/21 USGOVT UNITED STATESTREASURY 0.125 08/31/23 4,000,000.00 99.766 3,990,625.00 3,995,708.74 96.297 3,851,875.00 335 0.243 0.243 AAA 91282CAK7 08/26/21 USGOVT UNITED STATESTREASURY 0.125 09/15/23 4,000,000.00 99.750 3,990,000.00 3,995,341.48 96.188 3,847,500.00 350 0.247 0.247 AAA 91282CAP6 10/14/21 USGOVT UNITED STATESTREASURY 0.125 10/15/23 5,000,000.00 99.535 4,976,757.80 4,987,930.81 95.828 4,791,406.25 380 0.358 0.358 AAA FEDERAL FARM CREDIT 3133ENDR8 11/15/21 AGCY 0.400 11/09/23 5,000,000.00 99.713 4,985,665.00 4,991,990.30 95.863 4,793,130.00 405 0.545 0.545 AAA BANKS FUNDING CORP Page 11 Hilltop Securities J�* Detail of Security Holdings City of Southlake As of September 30, 2022 313OAQAFO 12/22/21 AGCYCALL FEDERAL HOME LOAN 0.800 12/22/23 12/22/22 Quarterly 5,000,000.00 100.000 5,000,000.00 5,000,000.00 95.986 4,799,315.00 448 83 0.800 0.800 AAA BANKS 3130ASXL8 09/16/22 AGCY CALL FEDERAL HOME LOAN 3625 02/28/24 11/28/22 Quarterly 5,000,000.00 99.265 4,963,250.00 4,964,272.07 98.953 4,947,660.00 516 59 4.151 4.151 AAA BANKS BOARD OF REGENTS 88213AKBO 09/29/20 MUNI TEXAS A & M UNIVERSITY 2.549 05/15/24 4,485,000.00 107.731 4,831,735.35 4,640,673.54 96.984 4,349,732.40 593 0.400 0.400 AAA SYSTEM Total General Operating 197,126,012.15 197,211,659.91 196,827,607.21 194,995,432.05 127 103 1.907 1.907 Grand Total 197,126,012.15 197,211,659.91 196,827,607.21 194,995,432.05 127 103 1.907 1.907 Page 12 Hilltop Securities J�* Earned Income General Operating City of Southlake October 1, 2021- September 30, 2022 48306AX51 CID Kaiser Foundation Hospitals 0.0 10/05/2021 0.00 0.00 0.00 0.00 0.00 83.35 0.00 83.35 91282851`3 USGOVT UNITED STATESTREASURY 2.875 10/15/2021 66,376.37 5,498.63 71,875.00 0.00 0.00 (5,316.50) 0.00 182.13 TheTrustees of Columbia University in the City of 0.0 19865WXL2 CID 10/20/2021 0.00 0.00 0.00 0.00 0.00 211.10 0.00 211.10 23506FAC1 CID DALLAS FORTWORTHTEXAS INTERNATIONAL 910.00 509.17 1,419.17 0.00 0.00 0.00 0.00 509.17 AIRPORT 0.1311 /15/2021 912828RR3 USGOVT UNITED STATESTREASURY 2.0 11/15/2021 37,771.74 12,228.26 50,000.00 0.00 0.00 (11,606.65) 0.00 621.61 21920NYJ5 CID Cornell University 0.0 11 /18/2021 0.00 0.00 0.00 0.00 0.00 666.65 0.00 666.65 9128285R7 USGOVT UNITED STATESTREASURY 2.625 12/15/2021 38,729.51 26,895.49 65,625.00 0.00 0.00 (26,162.45) 0.00 733.04 92181PAC6 CID Vanderbilt University 0.0 01/12/2022 0.00 0.00 0.00 0.00 0.00 858.33 0.00 858.33 882669BQ6 MUNI TEXAS PUBLIC FINANCE AUTHORITY0.219 730.00 1,460.00 2,190.00 0.00 0.00 0.00 0.00 1,460.00 02/01/2022 92181PC91 CID VANDERBILT UNIVERSITY 0.0 03/09/2022 0.00 0.00 0.00 0.00 0.00 1,722.51 0.00 1,722.51 07286NCHO CID Baylor University 0.0 03/17/2022 0.00 0.00 0.00 0.00 0.00 2,055.55 0.00 2,055.55 48306BD51 CID Kaiser Foundation Hospitals0.004/05/2022 0.00 0.00 0.00 0.00 0.00 3,033.35 0.00 3,033.35 89233HDN1 CID Toyota Motor Credit Corporation 0.0 04/22/2022 0.00 0.00 0.00 0.00 0.00 4,229.15 0.00 4,229.15 07286NFG9 CID Baylor University 0.0 06/16/2022 0.00 0.00 0.00 0.00 0.00 9,479.17 0.00 9,479.17 46640QG13 CID J.P. Morgan Securities LLC0.007/01/2022 0.00 0.00 0.00 0.00 0.00 6,351.40 0.00 6,351.40 91512DG13 CID The Permanent University Fund 0.0 07/01/2022 0.00 0.00 0.00 0.00 0.00 5,230.55 0.00 5,230.55 89233HHK3 CID Toyota Motor Credit Corporation 0.0 08/19/2022 0.00 0.00 0.00 0.00 0.00 11,581.95 0.00 11,581.95 48306BJ71 CID Kaiser Foundation Hospitals0.009/07/2022 0.00 0.00 0.00 0.00 0.00 25,666.67 0.00 25,666.67 92181PJE3 CID Vanderbilt University 0.0 09/14/2022 0.00 0.00 0.00 0.00 0.00 8,166.67 0.00 8,166.67 912828YF1 USGOVT UNITED STATESTREASURY 1.5 09/15/2022 3,314.92 71,685.08 75,000.00 0.00 0.00 (67,578.25) 0.00 4,106.83 07286NJG5 CID Baylor University 0.0 09/16/2022 0.00 0.00 0.00 0.00 0.00 25,555.56 0.00 25,555.56 University of Texas- Permanent University Fund 0.0 91512DJV4 CID 09/29/2022 0.00 0.00 0.00 0.00 0.00 27,500.00 0.00 27,500.00 LNSTCRP LGIP LoneStar Corp O/N 0.0 09/30/2022 0.00 100,385.72 100,385.72 0.00 0.00 0.00 0.00 100,385.72 LNSTGOV LGIP LoneStar Gov O/N 0.0 09/30/2022 0.00 86,342.74 86,342.74 0.00 0.00 0.00 0.00 86,342.74 TEXPOOL LGIP TexPool 0.0 09/30/2022 0.00 302,212.41 302,212.41 0.00 0.00 0.00 0.00 302,212.41 TEXSTAR LGIP TexSTAR 0.0 09/30/2022 0.00 125,268.41 125,268.41 0.00 0.00 0.00 0.00 125,268.41 TXCLASS LGIP Texas CLASS 0.0 09/30/2022 0.00 43,388.88 43,388.88 0.00 0.00 0.00 0.00 43,388.88 Page 13 Hilltop Securities J�* Earned Income City of Southlake October 1, 2021- September 30, 2022 3133EMCH3 AGCY CALL FEDERAL FARM CREDIT BANKS FUNDING CORP 0.16 3,733.33 266.67 4,000.00 0.00 0.00 112.63 3,378.67 3,757.97 10/13/2022 912828YKO US GOVT UNITED STATESTREASURY 1.37510/15/2022 0.00 43,833.13 34,375.00 (22,287.09) 31,745.22 (21,188.04) 0.00 22,645.09 912828TY6 US GOVT UNITED STATESTREASURY 1.62511/15/2022 30,689.54 81,250.00 81,250.00 0.00 30,689.54 (75,500.19) 0.00 5,749.81 92181PM17 CP Vanderbilt University 0.0 12/01/2022 0.00 0.00 0.00 0.00 0.00 18,883.33 0.00 18,883.33 University of Texas- Permanent University Fund0.0 91512DME8 CP 12/14/2022 0.00 0.00 0.00 0.00 0.00 958.33 0.00 958.33 912828YW4 US GOVT UNITED STATESTREASURY 1.625 12/15/2022 0.00 51,877.20 40,625.00 (12,723.21) 23,975.41 (25,858.06) 0.00 26,019.14 89233HNH3 CP Toyota Motor Credit Corporation 0.0 01 /17/2023 0.00 0.00 0.00 0.00 0.00 46,595.83 0.00 46,595.83 91282CBG5 US GOVT UNITED STATESTREASURY 0.125 01/31/2023 0.00 1,657.39 1,250.00 (13.81) 421.20 8,742.41 0.00 10,399.80 912828ZD5 US GOVT UNITED STATES TREASURY 0.5 03/15/2023 0.00 24,033.15 25,000.00 (2,071.82) 1,104.97 (13,639.94) 0.00 10,393.21 912828ZH6 US GOVT UNITED STATES TREASURY 0.25 04/15/2023 0.00 12,056.01 12,500.00 (6,215.85) 5,771.86 (250.44) 0.00 11,805.58 89233HSC9 CP Toyota Motor Credit Corporation 0.0 05/12/2023 0.00 0.00 0.00 0.00 0.00 19,833.33 0.00 19,833.33 8821356WI MUNI TEXAS A & M UNIV REVS 5.0 05/15/2033 47,222.22 125,000.00 125,000.00 0.00 47,222.22 (118,070.80) 0.00 6,929.20 46640QT27 CP J.P. Morgan Securities LLC 0.0 06/02/2023 0.00 0.00 0.00 0.00 0.00 12,362.50 0.00 12,362.50 78009BT93 CP Royal Bank of Canada0.006/09/2023 0.00 0.00 0.00 0.00 0.00 9,466.67 0.00 9,466.67 3133EMH96 AGCY FEDERAL FARM CREDIT BANKS FUNDING CORP 1,857.64 6,250.00 6,250.00 0.00 1,857.64 7,287.05 0.00 13,537.05 0.125 06/14/2023 912828ZY9 US GOVT UNITED STATESTREASURY 0.125 07/15/2023 0.00 4,976.22 6,250.00 (2,598.51) 1,324.73 16,070.54 0.00 21,046.76 91282CCU3 US GOVT UNITED STATESTREASURY 0.125 08/31/2023 428.18 5,000.00 5,000.00 0.00 428.18 4,683.06 0.00 9,683.06 91282CAK7 US GOVT UNITED STATESTREASURY 0.125 09/15/2023 220.99 5,000.00 5,000.00 0.00 220.99 4,862.68 0.00 9,862.68 91282CAP6 US GOVT UNITED STATES TREASURY 0.12510/15/2023 0.00 6,028.01 6,250.00 (3,107,92) 2,885.93 11,173.02 0.00 17,201.02 3133ENDR8 AGCY FEDERAL FARM CREDIT BANKS FUNDING CORP 0.4 0.00 17,555.56 10,000.00 (333.33) 7,888.89 6,325.30 0.00 23,880.86 11/09/2023 313OAQAFO AGCY CALL FEDERAL HOME LOAN BANKS 0.812/22/2023 0.00 31,000.00 20,000.00 0.00 11,000.00 0.00 0.00 31,000.00 3130ASXL8 AGCY CALL FEDERAL HOME LOAN BANKS 3.625 02/28/2024 0.00 7,552.09 0.00 (10,069.44) 17,621.53 1,022.07 0.00 8,574.16 88213AKBO MUNI BOARD OF REGENTS TEXAS A & M UNIVERSITY 43,188.56 114,322.66 114,322.66 0.00 43,188.56 (95,455.29) 0.00 18,867.37 SYSTEM 2.549 05/15/2024 Total General 275,172.99 1,313,532.86 1,420,779.98 (59,420.99) 227,346.86 (159,855.89) 3,378.67 1,157,055.64 Operating Grand Total 275,172.99 1,313,532.86 1,420,779.98 (59,420.99) 227,346.86 (159,855.89) 3,378.67 1,157,055.64 Page 14 Hilltop Securities J�* Investment Transactions General Operating Buy 92181PJE3 91282CBG5 912828YKO 912828YW4 92181PM17 07286NFG9 48306BJ71 89233HNH3 07286NJG5 91512DJV4 89233HSC9 46640QT27 78009BT93 3130ASXL8 91512DME8 48306BD51 91512DG13 46640OG13 912828ZH6 91282CAP6 912828ZD5 07286NCHO 01/12/22 02/01/22 02/09/22 02/09/22 03/09/22 03/17/22 04/05/22 04/22/22 06/16/22 06/30/22 08/19/22 09/07/22 09/14/22 09/15/22 09/28/22 10/05/21 10/04/21 10/04/21 10/13/21 10/13/21 10/14/21 10/20/21 01/12/22 02/02/22 02/10/22 02/10/22 03/09/22 03/17/22 04/06/22 04/25/22 06/16/22 07/01/22 08/22/22 09/08/22 09/15/22 09/16/22 09/29/22 10/05/21 10/05/21 10/05/21 10/14/21 10/14/21 10/15/21 10/20/21 3133ENDR8 11/12/21 11/15/21 89233HHK3 11/22/21 11/23/21 912828ZY9 12/13/21 12/15/21 313OAQAFO 12/07/21 12/22/21 CP US GOVT US GOVT US GOVT CP CP CP CP CP CP CP CP CP AGCY CALL CP CP CP CP US GOVT US GOVT US GOVT CP LC14A CP US GOVT AGCY CALL Vanderbilt University UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY Vanderbilt University Baylor University Kaiser Foundation Hospitals Toyota Motor Credit Corporation Baylor University The Permanent University Fund Toyota Motor Credit Corporation J.P Morgan Securities LLC Royal Bank of Canada FEDERAL HOME LOAN BANKS University ofTexas - Permanent University Fund Kaiser Foundation Hospitals The Permanent University Fund J.P Morgan Securities LLC UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY Baylor University FEDERAL FARM CREDIT BANKS FUNDING CORP Toyota Motor Credit Corporation UNITED STATESTREASURY FEDERAL HOME LOAN BANKS 0.000 09/14/22 0.125 01 /31 /23 1.375 10/15/22 1.625 12/15/22 0.000 12/01 /22 0.000 06/16/22 0.000 09/07/22 0.000 01/17/23 0.000 09/16/22 0.000 09/29/22 0.000 05/12/23 0.000 06/02/23 0.000 06/09/23 3.625 02/28/24 11 /28/22 0.000 12/14/22 0.000 04/05/22 0.000 07/01 /22 0.000 07/01 /22 0.250 04/15/23 0.125 10/15/23 0.500 03/15/23 0.000 03/17/22 0.400 11 /09/23 0.000 08/19/22 0.125 07/15/23 0.800 12/22/23 06/22/22 City of Southlake October 1, 2021- September 30, 2022 3,000,000.00 99.728 2,991,833.33 0.00 2,991,833.33 2,000,000.00 99.344 1,986,875.00 13.81 1,986,888.81 5,000,000.00 100.449 5,022,460.94 22,287.09 5,044,748.03 5,000,000.00 100.684 5,034,179.69 12,723.21 5,046,902.90 3,000,000.00 99.184 2,975,525.00 0.00 2,975,525.00 5,000,000.00 99.810 4,990,520.83 0.00 4,990,520.83 5,000,000.00 99.487 4,974,333.33 0.00 4,974,333.33 5,000,000.00 98A35 4,921,754.17 0.00 4,921,754.17 5,000,000.00 99.489 4,974,444.44 0.00 4,974,444.44 5,000,000.00 99.450 4,972,500.00 0.00 4,972,500.00 5,000,000.00 97.392 4,869,595.83 0.00 4,869,595.83 5,000,000.00 97.130 4,856,487.50 0.00 4,856,487.50 5,000,000.00 96.840 4,842,025.00 0.00 4,842,025.00 5,000,000.00 99.265 4,963,250.00 10,069.44 4,973,319.44 5,000,000.00 99.272 4,963,583.33 0.00 4,963,583.33 5,000,000.00 99.939 4,996,966.65 0.00 4,996,966.65 5,000,000.00 99.895 4,994,769A5 0.00 4,994,769.45 5,000,000.00 99.873 4,993,648.60 0.00 4,993,648.60 5,000,000.00 100.008 5,000,390.65 6,215.85 5,006,606.50 5,000,000.00 99.535 4,976,757.80 3,107.92 4,979,865.72 5,000,000.00 100.402 5,020,117.20 2,071.82 5,022,189.02 5,000,000.00 99.959 4,997,944.45 0.00 4,997,944.45 5,000,000.00 99.713 4,985,665.00 333.33 4,985,998.33 5,000,000.00 99.768 4,988,418.05 0.00 4,988,418.05 5,000,000.00 99.359 4,967,968.75 2,598.51 4,970,567.26 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 0.00 0.401 0.401 0.00 0.789 0.789 0.00 0.707 0.707 0.00 0.810 0.810 0.00 1.108 1.108 0.00 0.752 0.752 0.00 1.207 1.207 0.00 2.138 2.138 0.00 2.015 2.015 0.00 2.218 2.218 0.00 3.650 3.650 0.00 3.965 3.965 0.00 4.376 4.376 0.00 4.151 4.151 0.00 3.493 3.493 0.00 0.120 0.120 0.00 0.140 0.140 0.00 0.170 0.170 0.00 0.245 0.245 0.00 0.358 0.358 0.00 0.215 0.215 0.00 0.100 0.100 0.00 0.546 0.546 0.00 0.311 0.311 0.00 0.532 0.532 0.00 0.800 0.800 Page 15 Hilltop Securities J�* Investment Transactions Total Buy Call Redemption 3133EMCH3 10/12/21 10/13/21 AGCY CALL FEDERAL FARM CREDIT BANKS FUNDING CORP Total Call Redemption Coupon 912828ZY9 882669BQ6 91282CCU3 912828YFI 91282CAK7 912828ZD5 912828ZH6 91282CAP6 912828YKO 3133ENDR8 8821356W1 88213AKBO 912828TY6 3133EMH96 912828YW4 313OAQAFO 912828ZY9 91282CBG5 91282CCU3 912828YFI 91282CAK7 01/15/22 01/15/22 02/01/22 02/01/22 02/28/22 02/28/22 03/15/22 03/15/22 03/15/22 03/15/22 03/15/22 03/15/22 04/15/22 04/15/22 04/15/22 04/15/22 04/15/22 04/15/22 05/09/22 05/09/22 05/15/22 05/15/22 05/15/22 05/15/22 05/15/22 05/15/22 06/14/22 06/14/22 06/15/22 06/15/22 06/22/22 06/22/22 07/15/22 07/15/22 07/31 /22 07/31 /22 08/31/22 08/31/22 09/15/22 09/15/22 09/15/22 09/15/22 US GOVT MUNI US GOVT US GOVT US GOVT US GOVT US GOVT US GOVT US GOVT AGCY MUNI MUNI US GOVT AGCY US GOVT AGCY CALL US GOVT US GOVT US GOVT US GOVT US GOVT UNITED STATESTREASURY TEXAS PUBLIC FINANCE AUTHORITY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY FEDERAL FARM CREDIT BANKS FUNDING CORP TEXAS A & M UN IV REVS TEXAS A & M UN IV REVS UNITED STATESTREASURY FEDERAL FARM CREDIT BANKS FUNDING CORP UNITED STATESTREASURY FEDERAL HOME LOAN BANKS UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY City of Southlake October 1, 2021- September 30, 2022 123,000,000.00 122,262,014.98 59,420.99 122,321,435.97 0.00 0.160 10/13/22 10/13/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 3,378.67 - - (5,000,000.00) 5,000,000.00 0.00 5,000,000.00 3,378.67 0.125 07/15/23 0.00 0.00 3,125.00 3,125.00 0.00 0.219 02/01/22 0.00 0.00 2,190.00 2,190.00 0.00 0.125 08/31/23 0.00 0.00 2,500.00 2,500.00 0.00 1.500 09/15/22 0.00 0.00 37,500.00 37,500.00 0.00 0.125 09/15/23 0.00 0.00 2,500.00 2,500.00 0.00 0.500 03/15/23 0.00 0.00 12,500.00 12,500.00 0.00 0.250 04/15/23 0.00 0.00 6,250.00 6,250.00 0.00 0.125 10/15/23 0.00 0.00 3,125.00 3,125.00 0.00 1.375 10/15/22 0.00 0.00 34,375.00 34,375.00 0.00 0.400 11/09/23 0.00 0.00 10,000.00 10,000.00 0.00 5.000 05/15/23 05/15/23 0.00 0.00 62,500.00 62,500.00 0.00 2.549 05/15/24 0.00 0.00 57,161.32 57,161.32 0.00 1.625 11/15/22 0.00 0.00 40,625.00 40,625.00 0.00 0.125 06/14/23 0.00 0.00 3,125.00 3,125.00 0.00 1.625 12/15/22 0.00 0.00 40,625.00 40,625.00 0.00 0.800 12/22/23 09/22/22 0.00 0.00 20,000.00 20,000.00 0.00 0.125 07/15/23 0.00 0.00 3,125.00 3,125.00 0.00 0.125 01/31/23 0.00 0.00 1,250.00 1,250.00 0.00 0.125 08/31/23 0.00 0.00 2,500.00 2,500.00 0.00 1.500 09/15/22 0.00 0.00 37,500.00 37,500.00 0.00 0.125 09/15/23 0.00 0.00 2,500.00 2,500.00 0.00 Page 16 Hilltop Securities J�* Investment Transactions 912828ZD5 3133EMCH3 9128285F3 912828ZH6 91282CAP6 8821356WI 88213AKBO 23506FAC1 912828RR3 912828TY6 3133EMH96 9128285R7 Total Coupon Maturity 92181PAC6 882669BQ6 92181PC91 07286NCHO 48306BD51 89233HDNI 07286NFG9 46640QG13 91512DG13 89233HHK3 48306BJ71 92181PJE3 912828YFI 09/15/22 09/15/22 10/13/21 10/13/21 10/15/21 10/15/21 10/15/21 10/15/21 10/15/21 10/15/21 11/15/21 11/15/21 11/15/21 11/15/21 11/15/21 11/15/21 11/15/21 11/15/21 11/15/21 11/15/21 12/14/21 12/14/21 12/15/21 12/15/21 US GOVT AGCY CALL US GOVT US GOVT US GOVT MUNI MUNI CID US GOVT US GOVT AGCY US GOVT UNITED STATESTREASURY FEDERAL FARM CREDIT BANKS FUNDING CORP UNITED STATESTREASURY UNITED STATESTREASURY UNITED STATESTREASURY TEXAS A & M UNIV REVS TEXAS A & M UN IV REVS DALLAS FORT WORTH TEXAS INTERNATIONAL AIRPORT UNITED STATESTREASURY UNITED STATESTREASURY FEDERAL FARM CREDIT BANKS FUNDING CORP UNITED STATESTREASURY City of Southlake October 1, 2021- September 30, 2022 0.500 03/15/23 0.00 0.00 12,500.00 12,500.00 0.00 0.160 10/13/22 10/13/21 0.00 0.00 4,000.00 4,000.00 0.00 - - 2.875 10/15/21 0.00 0.00 71,875.00 71,875.00 0.00 - - 0.250 04/15/23 0.00 0.00 6,250.00 6,250.00 0.00 - - 0.125 10/15/23 0.00 0.00 3,125.00 3,125.00 0.00 - - 5.000 05/15/23 05/15/23 0.00 0.00 62,500.00 62,500.00 0.00 - - 2.549 05/15/24 0.00 0.00 57,161.33 57,161.33 0.00 - 0.130 11/15/21 0.00 0.00 1,419.17 1,419.17 0.00 - - 2.000 11/15/21 0.00 0.00 50,000.00 50,000.00 0.00 - - 1.625 11/15/22 0.00 0.00 40,625.00 40,625.00 0.00 - - 0.125 06/14/23 0.00 0.00 3,125.00 3,125.00 0.00 - - 2.625 12/15/21 0.00 0.00 65,625.00 65,625.00 0.00 - - 0.00 0.00 763,181.82 763,181.82 0.00 01/12/22 01/12/22 CID Vanderbilt University 0.000 01/12/22 (3,000,000.00) 100.000 3,000,000.00 0.00 3,000,000.00 0.00 02/01/22 02/01/22 MUNI TEXAS PUBLIC FINANCE 0.219 02/01/22 (2,000,000.00) 100.000 2,000,000.00 0.00 2,000,000.00 0.00 AUTHORITY 03/09/22 03/09/22 CID VANDERBILT UNIVERSITY 0.000 03/09/22 (3,000,000.00) 100.000 3,000,000.00 0.00 3,000,000.00 0.00 03/17/22 03/17/22 CID Baylor University 0.000 03/17/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 04/05/22 04/05/22 CID Kaiser Foundation Hospitals 0.000 04/05/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 04/22/22 04/22/22 CID Toyota Motor Credit Corporation 0.000 04/22/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 06/16/22 06/16/22 CID Baylor University 0.000 06/16/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 07/01/22 07/01/22 CID J.P. Morgan SecuritiesLLC 0.000 07/01/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 07/01/22 07/01/22 CID The Permanent University Fund 0.000 07/01/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 08/19/22 08/19/22 CID Toyota Motor Credit Corporation 0.000 08/19/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 09/07/22 09/07/22 CID Kaiser Foundation Hospitals 0.000 09/07/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 09/14/22 09/14/22 CID Vanderbilt University 0.000 09/14/22 (3,000,000.00) 100.000 3,000,000.00 0.00 3,000,000.00 0.00 09/15/22 09/15/22 US GOVT UNITED STATESTREASURY 1.500 09/15/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 Page 17 Hilltop Securities J�* Investment Transactions City of Southlake October 1, 2021- September 30, 2022 07286NJG5 09/16/22 09/16/22 CP Baylor University 0.000 09/16/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 University ofTexas- Permanent 91512DJV4 09/29/22 09/29/22 CID University Fund 0.000 09/29/22 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — — 48306AX51 10/05/21 10/05/21 CID Kaiser Foundation Hospitals 0.000 10/05/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — — 91282851`3 10/15/21 10/15/21 USGOVT UNITED STATESTREASURY 2.875 10/15/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — — TheTrusteesofColumbia 19865WXL2 10/20/21 10/20/21 CID University in the City of 0.000 10/20/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — — 23506FAC1 11/15/21 11/15/21 CID DALLAS FORT WORTH TEXAS 0.130 11/15/21 (3,000,000.00) 100.000 3,000,000.00 0.00 3,000,000.00 0.00 — — INTERNATIONAL AIRPORT 912828RR3 11/15/21 11/15/21 USGOVT UNITED STATESTREASURY 2.000 11/15/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — 21920NYJ5 11/18/21 11/18/21 CID Cornell University 0.000 11/18/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — — 9128285R7 12/15/21 12/15/21 USGOVT UNITED STATESTREASURY 2.625 12/15/21 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 — — Total Maturity (99,000,000.00) 99,000,000.00 0.00 99,000,000.00 0.00 Page 18 Hilltop Securities J�* Investment Transactions Totals City of Southlake October 1, 2021- September 30, 2022 Total Buy 123,000,000.00 (122,262,014.98) (59,420.99) (122,321,435.97) 0.00 1.381 1.381 Total Call Redemption (5,000,000.00) 5,000,000.00 0.00 5,000,000.00 3,378.67 0.228 0.228 Total Maturity (99,000,000.00) 99,000,000.00 0.00 99,000,000.00 0.00 0.463 0.463 Total Coupon 0.00 0.00 763,181.82 763,181.82 0.00 Page 19 Hilltop Securities J�* Amortization and Accretion General Operating City of Southlake October 1, 2021- September 30, 2022 48306AX51 04/07/21 CP Kaiser Foundation Hospitals 0.010/05/2021 0.00 0.000 0.00 83.35 0.00 0.00 0.00 91282851`3 01/22/21 USGOVT UNITED STATESTREASURY 2.875 10/15/2021 0.00 0.000 0.00 (5,316.50) 0.00 0.00 0.00 19865WXL2 06/24/21 CP The Trustees of Columbia University in the City of 0.0 10/20/2021 0.00 0.000 0.00 211.10 0.00 0.00 0.00 912828RR3 01/15/21 USGOVT UNITED STATES TREASURY 2.0 11/15/2021 0.00 0.000 0.00 (11,606.65) 0.00 0.00 0.00 21920NYJ5 08/05/21 CP Cornell University0.011/18/2021 0.00 0.000 0.00 666.65 0.00 0.00 0.00 9128285137 03/15/21 USGOVT UNITED STATESTREASURY 2.625 12/15/2021 0.00 0.000 0.00 (26,162A5) 0.00 0.00 0.00 92181PAC6 07/12/21 CP Vanderbilt University 0.0 01/12/2022 0.00 0.000 0.00 858.33 0.00 0.00 0.00 92181PC91 07/12/21 CP VANDERBILT UNIVERSITY 0.0 03/09/2022 0.00 0.000 0.00 1,722.51 0.00 0.00 0.00 07286NCHO 10/20/21 CP Baylor University 0.0 03/17/2022 0.00 0.000 0.00 2,055.55 0.00 0.00 0.00 48306BD51 10/05/21 CP Kaiser Foundation Hospitals 0.004/05/2022 0.00 0.000 0.00 3,033.35 0.00 0.00 0.00 89233HDN1 07/27/21 CP Toyota Motor Credit Corporation 0.0 04/22/2022 0.00 0.000 0.00 4,229.15 0.00 0.00 0.00 07286NFG9 03/17/22 CP Baylor University 0.0 06/16/2022 0.00 0.000 0.00 9,479.17 0.00 0.00 0.00 46640OG13 10/05/21 CP J.P. Morgan Securities LLC 0.0 07/01/2022 0.00 0.000 0.00 6,351.40 0.00 0.00 0.00 91512DG13 10/05/21 CP The Permanent University Fund 0.0 07/01/2022 0.00 0.000 0.00 5,230.55 0.00 0.00 0.00 89233HHK3 11/23/21 CP Toyota Motor Credit Corporation 0.0 08/19/2022 0.00 0.000 0.00 11,581.95 0.00 0.00 0.00 48306BJ71 04/06/22 CP Kaiser Foundation Hospitals 0.009/07/2022 0.00 0.000 0.00 25,666.67 0.00 0.00 0.00 92181PJE3 01/12/22 CP Vanderbilt University 0.0 09/14/2022 0.00 0.000 0.00 8,166.67 0.00 0.00 0.00 912828YF1 09/28/21 USGOVT UNITED STATESTREASURY 1.5 09/15/2022 0.00 0.000 0.00 (67,578.25) 0.00 0.00 0.00 07286NJG5 06/16/22 CP Baylor University 0.0 09/16/2022 0.00 0.000 0.00 25,555.56 0.00 0.00 0.00 91512DJV4 07/01/22 CP University of Texas- Permanent University Fund 0.0 09/29/2022 0.00 0.000 0.00 27,500.00 0.00 0.00 0.00 3133EMCH3 10/13/20 AGCY CALL FEDERAL FARM CREDIT BANKS FUNDING CORP 0.1610/13/2022 0.00 0.000 0.00 112.63 0.00 0.00 0.00 912828YKO 02/10/22 USGOVT UNITED STATESTREASURY 1.375 10/15/2022 5,000,000.00 100.449 5,022,460.94 (21,188.04) (21,188.04) 1,272.90 5,001,272.90 912828TY6 09/28/21 USGOVT UNITED STATESTREASURY 1.625 11/15/2022 5,000,000.00 101.707 5,085,351.56 (75,500.19) (76,115.25) 9,236.31 5,009,236.31 92181PM17 03/09/22 CP Vanderbilt University 0.0 12/01/2022 3,000,000.00 99.184 2,975,525.00 18,883.33 18,883.33 (5,591.67) 2,994,408.33 91512DME8 09/29/22 CP University of Texas- Permanent University Fund 0.0 12/14/2022 5,000,000.00 99.272 4,963,583.33 958.33 958.33 (35,458.34) 4,964,541.66 912828YW4 02/10/22 USGOVT UNITED STATESTREASURY 1.625 12/15/2022 5,000,000.00 100.684 5,034,179.69 (25,858.06) (25,858.06) 8,321.63 5,008,321.63 89233HNH3 04/25/22 CP Toyota Motor Credit Corporation 0.0 01 /17/2023 5,000,000.00 98A35 4,921,754.17 46,595.83 46,595.83 (31,650.00) 4,968,350.00 91282CBG5 02/02/22 USGOVT UNITED STATES TREASURY 0.12501/31/2023 2,000,000.00 99.344 1,986,875.00 8,742.41 8,742.41 (4,382.59) 1,995,617.41 912828ZD5 10/15/21 USGOVT UNITED STATES TREASURY 0.5 03/15/2023 5,000,000.00 100.402 5,020,117.20 (13,639.94) (13,639.94) 6,477.26 5,006,477.26 Page 20 Hilltop Securities J�* Amortization and Accretion City of Southlake October 1, 2021- September 30, 2022 912828ZH6 10/14/21 USGOVT UNITED STATES TREASURY 0.25 04/15/2023 5,000,000.00 100.008 5,000,390.65 (250.44) (250.44) 140.22 5,000,140.22 89233HSC9 08/22/22 CP Toyota Motor Credit Corporation 0.0 05/12/2023 5,000,000.00 97.392 4,869,595.83 19,833.33 19,833.33 (110,570.84) 4,889,429.16 8821356WI 10/28/20 MUNI TEXAS A & M UNIV REVS 5.005/15/2033 2,500,000.00 112.026 2,800,650.00 (118,070.80) (227,023.87) 73,626.13 2,573,626.13 46640QT27 09/08/22 CP J.P. Morgan Securities LLC 0.0 06/02/2023 5,000,000.00 97.130 4,856,487.50 12,362.50 12,362.50 (131,150.00) 4,868,850.00 78009BT93 09/15/22 CP Royal Bank of Canada0.006/09/2023 5,000,000.00 96.840 4,842,025.00 9,466.67 9,466.67 (148,508.33) 4,851,491.67 3133EMH96 06/25/21 AGCY FEDERAL FARM CREDIT BANKS FUNDING CORP 0.125 06/14/2023 5,000,000.00 99.713 4,985,650.00 7,287.05 9,226.15 (5,123.85) 4,994,876.15 912828ZY9 12/15/21 USGOVT UNITED STATES TREASURY 0.12507/15/2023 5,000,000.00 99.359 4,967,968.75 16,070.54 16,070.54 (15,960.70) 4,984,039.30 91282CCU3 08/31/21 USGOVT UNITED STATES TREASURY 0.12508/31/2023 4,000,000.00 99.766 3,990,625.00 4,683.06 5,083.74 (4,291.26) 3,995,708.74 91282CAK7 08/26/21 USGOVT UNITED STATES TREASURY 0.12509/15/2023 4,000,000.00 99.750 3,990,000.00 4,862.68 5,341.48 (4,658.52) 3,995,341.48 91282CAP6 10/14/21 USGOVT UNITED STATES TREASURY 0.12510/15/2023 5,000,000.00 99.535 4,976,757.80 11,173.02 11,173.02 (12,069.19) 4,987,930.81 3133ENDR8 11/15/21 AGCY FEDERAL FARM CREDIT BANKS FUNDING CORP 0.411/09/2023 5,000,000.00 99.713 4,985,665.00 6,325.30 6,325.30 (8,009.70) 4,991,990.30 313OAQAFO 12/22/21 AGCY CALL FEDERAL HOME LOAN BANKS 0.812/22/2023 5,000,000.00 100.000 5,000,000.00 0.00 0.00 0.00 5,000,000.00 3130ASXL8 09/16/22 AGCY CALL FEDERAL HOME LOAN BANKS 3.625 02/28/2024 5,000,000.00 99.265 4,963,250.00 1,022.07 1,022.07 (35,727.93) 4,964,272.07 88213AKBO 09/29/20 MUNI BOARD OF REGENTSTEXAS A & M UNIVERSITY SYSTEM 2.549 4,485,000.00 107.731 4,831,735.35 (95,455.29) (191,061.81) 155,673.54 4,640,673.54 05/15/2024 Total General 99,985,000.00 100,070,647.76 (159,855.89) (384,052.70) (298,404.94) 99,686,595.06 Operating Grand Total 99,985,000.00 100,070,647.76 (159,855.89) (384,052.70) (298,404.94) 99,686,595.06 Page 21 Hilltop Securities J�* Projected Cash Flows General Operating City of Southlake September 30, 2022 to September 30, 2023 912828YKO UNITED STATESTREASURY 1.375 10/15/2022 10/17/22 34,375.00 34,375.00 912828YKO UNITED STATESTREASURY 1.375 10/15/2022 10/17/22 5,000,000.00 5,000,000.00 912828ZH6 UNITED STATESTREASURY0.2504/15/2023 10/17/22 6,250.00 6,250.00 91282CAP6 UNITED STATESTREASURY0.12510/15/2023 10/17/22 3,125.00 3,125.00 3133ENDR8 FEDERAL FARM CREDIT BANKS FUNDING CORP 0.411/09/2023 11/09/22 10,000.00 10,000.00 8821356W1 TEXAS A & M UN IV REVS 5.0 05/15/2033 11/15/22 62,500.00 62,500.00 88213AKBO BOARD OF REGENTSTEXAS A & M UNIVERSITY SYSTEM 2.549 05/15/2024 11/15/22 57,161.32 57,161.32 912828TY6 UNITED STATESTREASURY 1.625 11/15/2022 11/15/22 40,625.00 40,625.00 912828TY6 UNITED STATESTREASURY 1.625 11/15/2022 11/15/22 5,000,000.00 5,000,000.00 92181PM17 Vanderbilt University 0.0 1210112022 12/01/22 3,000,000.00 3,000,000.00 3133EMH96 FEDERAL FARM CREDIT BANKS FUNDING CORP 0.125 06/14/2023 12/14/22 3,125.00 3,125.00 91512DME8 University ofTexas- Permanent University Fund 0.012/14/2022 12/14/22 5,000,000.00 5,000,000.00 912828YW4 UNITED STATESTREASURY 1.625 12/15/2022 12/15/22 40,625.00 40,625.00 912828YW4 UNITED STATESTREASURY 1.625 12/15/2022 12/15/22 5,000,000.00 5,000,000.00 313OAQAFO FEDERAL HOME LOAN BANKS 0.812/22/2023 12/22/22 20,000.00 20,000.00 89233HNH3 Toyota Motor Credit Corporation 0.0 01/17/2023 01/17/23 5,000,000.00 5,000,000.00 912828ZY9 UNITED STATESTREASURY0.1 25 07/15/2023 01/17/23 3,125.00 3,125.00 91282CBG5 UNITED STATESTREASURY0.1 25 01/31/2023 01/31/23 1,250.00 1,250.00 91282CBG5 UNITED STATESTREASURY 0.125 01/31/2023 01/31/23 2,000,000.00 2,000,000.00 3130ASXL8 FEDERAL HOME LOAN BANKS 3.625 02/28/2024 02/28/23 91,631.94 91,631.94 91282CCU3 UNITED STATESTREASURY0.1 25 08/31/2023 02/28/23 2,500.00 2,500.00 912828ZD5 UNITED STATESTREASURY 0.5 03/15/2023 03/15/23 12,500.00 12,500.00 912828ZD5 UNITED STATESTREASURY0.503/15/2023 03/15/23 5,000,000.00 5,000,000.00 91282CAK7 UNITED STATESTREASURY0.1 25 09/15/2023 03/15/23 2,500.00 2,500.00 912828ZH6 UNITED STATESTREASURY 0.25 04/15/2023 04/17/23 6,250.00 6,250.00 912828ZH6 UNITED STATESTREASURY0.2504/15/2023 04/17/23 5,000,000.00 5,000,000.00 91282CAP6 UNITED STATESTREASURY0.1 25 10/15/2023 04/17/23 3,125.00 3,125.00 3133ENDR8 FEDERAL FARM CREDIT BANKS FUNDING CORP 0.411/09/2023 05/09/23 10,000.00 10,000.00 89233HSC9 Toyota Motor Credit Corporation 0.0 05/12/2023 05/12/23 5,000,000.00 5,000,000.00 8821356W1 TEXAS A & M UN IV REVS 5.0 05/15/2033 05/15/23 62,500.00 62,500.00 Page 22 Hilltop Securities J�* Projected Cash Flows City of Southlake September 30, 2022 to September 30, 2023 8821356W1 TEXAS A & M UN IV REVS 5.0 05/15/2033 05/15/23 2,500,000.00 2,500,000.00 88213AKBO BOARD OF REGENTSTEXAS A & M UNIVERSITY SYSTEM 2.54905/15/2024 05/15/23 57,161.32 57,161.32 46640QT27 J.P. Morgan Securities LLC 0.0 06/02/2023 06/02/23 5,000,000.00 5,000,000.00 78009BT93 Royal Bank of Canada 0.0 06/09/2023 06/09/23 5,000,000.00 5,000,000.00 3133EMH96 FEDERAL FARM CREDIT BANKS FUNDING CORP 0.125 06/14/2023 06/14/23 3,125.00 3,125.00 3133EMH96 FEDERAL FARM CREDIT BANKS FUNDING CORP 0.125 06/14/2023 06/14/23 5,000,000.00 5,000,000.00 313OAQAFO FEDERAL HOME LOAN BANKS 0.812/22/2023 06/22/23 20,000.00 20,000.00 912828ZY9 UNITED STATESTREASURY 0.125 07/15/2023 07/17/23 3,125.00 3,125.00 912828ZY9 UNITED STATESTREASURY0.1 25 07/15/2023 07/17/23 5,000,000.00 5,000,000.00 3130ASXL8 FEDERAL HOME LOAN BANKS 3.625 02/28/2024 08/28/23 90,625.00 90,625.00 91282CCU3 UNITED STATESTREASURY 0.125 08/31/2023 08/31/23 2,500.00 2,500.00 91282CCU3 UNITED STATESTREASURY0.1 25 08/31/2023 08/31/23 4,000,000.00 4,000,000.00 91282CAK7 UNITED STATESTREASURY0.1 25 09/15/2023 09/15/23 2,500.00 2,500.00 91282CAK7 UNITED STATESTREASURY 0.125 09/15/2023 09/15/23 4,000,000.00 4,000,000.00 Grand Total 652,204.59 75,500,000.00 76,152,204.59 Page 23 Hilltop Securities J�* Projected Cash Flows Totals City of Southlake September 30, 2022 to September 30, 2023 October 2022 43,750.00 5,000,000.00 5,043,750.00 November 2022 170,286.32 5,000,000.00 5,170,286.32 December 2022 63,750.00 13,000,000.00 13,063,750.00 January 2023 4,375.00 7,000,000.00 7,004,375.00 February 2023 94,131.94 94,131.94 March 2023 15,000.00 5,000,000.00 5,015,000.00 April 2023 9,375.00 5,000,000.00 5,009,375.00 May 2023 129,661.32 7,500,000.00 7,629,661.32 June 2023 23,125.00 15,000,000.00 15,023,125.00 July 2023 3,125.00 5,000,000.00 5,003,125.00 August 2023 93,125.00 4,000,000.00 4,093,125.00 September 2023 2,500.00 4,000,000.00 4,002,500.00 Total 652,204.59 75,500,000.00 76,152,204.59 ■ Interest ■ Principal $20,000,000 $10,000,000 $0 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Page 24 Hillto Securities � City of Southlake i� As of September 30, 2022 Disclosures & Disclaimers As a courtesy to investors this information: (1) is provided for informational purposes only; (2) should not be construed as an offer to sell or a solicitation of an offer to buy any security; and (3) does not replace customer statements This report is designed to provide general information and is not intended to provide specific legal, investment, accounting, tax or other professional advice. 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Hilltop Securities Inc. (HTS) is a registered broker -dealer, registered investment adviser and municipal advisor firm that does not provide tax or legal advice. Member of FINRA & SIPC. HTS and HSAM are wholly owned subsidiaries of Hilltop Holdings, Inc. (NYSE: HTH) located at 717 N. Harwood St., Suite 3400, Dallas,Texas 75201, (214) 859-1800, 833-4HILLTOP. Copyright 2022, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings ("Content") in any form is prohibited except with the prior written permission ofthe relevant party. Such party, its affiliates and suppliers ("Content Providers") do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless ofthe cause, or for the results obtained from the use of such Content. In no event shall. Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use ofthe Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact. Page 25