Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Item 3B3 - Monthly Financial Report
Reference Page 3 Page 3 Page 4 Page 4 Page 5 GENERAL FUND PositiveGeneral Fund Exp. Vs. Rev. Sales Tax Revenue (2 months prior activity) Property Tax Revenue Positive Positive Positive Positive Positive PERFORMANCE INDICATORS Positive Warning Permit Revenues Positive Positive Departmental Expenditures Summary Positive = Negative variance of 1-4% compared to seasonal trends = Positive variance or negative variance <1% compared to seasonal trends. PERFORMANCE AT A GLANCE Year to Date 3 year Trend Negative MONTHLY FINANCIAL REPORT April 2026 = Negative Variance of > 4% compared to seasonal trends. Positive City of Southlake Monthly Financial Report 1 5/12/2026 Item 3B3 National GDP: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY2.0% 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 reported that the "advanced" estimated GDP for the 1st quarter of 2026 increased at a rate of 2.0%. In the 4th quarter of 2025, GDP increased at a rate of 0.5%. The National Unemployment rate for April 2026 remained unchanged at 4.3%, compared to March 2026. National: 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES Housing Starts: Single-family housing starts in March 2026 were at a seasonally adjusted rate of 1,032,000, which is 9.7% above the revised February figure of 941,000. 9.7% UNEMPLOYMENT RATES 4.3% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for February 2026 decreased to 4.1% when compared to 4.2% in January 2026. 4.1% State-wide:4.3% The Texas Unemployment rate for March 2026 (preliminary) remained unchanged at 4.3% when compared to February 2026. DFW Area: $- $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 2022*2023*2024*2025*2026* Construction permit values*October-April City of Southlake Monthly Financial Report 2 5/12/2026 GENERAL FUND FY 2026 REVENUE FY 2026 EXPENDITURE VARIANCE Oct 636,258$ 4,794,054$ (4,157,796)$ Nov 2,561,295$ 3,902,817$ (1,341,522)$ Dec 7,631,235$ 4,371,726$ 3,259,509$ Jan 15,423,225$ 3,803,387$ 11,619,838$ Feb 11,349,792$ 4,138,303$ 7,211,489$ Mar 3,196,501$ 4,412,803$ (1,216,302)$ Apr 2,349,693$ 4,001,220$ (1,651,527)$ May -$ -$ -$ Jun -$ -$ -$ Jul -$ -$ -$ Aug -$ -$ -$ Sep -$ Tot 43,147,999$ 29,424,310$ 13,723,689$ POSITIVE FY 2026 FY 2025 FY 2024 Oct 2,090,232$ 1,792,542$ 1,639,596$ Nov 1,911,949$ 1,815,114$ 1,701,432$ Dec 2,832,105$ 2,552,523$ 2,383,801$ Jan 1,815,479$ 1,722,503$ 1,643,095$ Feb 1,423,796$ 1,470,957$ 1,458,994$ Mar 2,062,221$ 1,961,273$ 1,859,641$ Apr -$ 1,828,118$ 1,749,381$ May -$ 1,836,616$ 1,660,932$ Jun -$ 1,837,179$ 1,777,233$ Jul -$ 1,806,454$ 1,653,109$ Aug 1,717,354$ 1,710,382$ Sep 1,889,172$ 1,690,978$ Tot 12,135,782$ 22,229,805$ 20,928,572$ POSITIVE Year-to-date collections are trending higher than FY 2025 (7.3%)and FY 2024 (13.6%)collections.March 2026 sales are higher than in March 2025 (5.1%)and March 2024 (10.9%).Year-to-date collections are above budget, so the outlook is considered positive. Staff will continue to monitor collections closely. GENERAL FUND REVENUE VS EXPENDITURES 2026 OVERALL FUND PERFORMANCE: REVENUE ANALYSIS GENERAL FUND SALES TAX 2026-2024 COMPARISON CHART OUTLOOK: CHART OUTLOOK: Year-to-date revenue is trending below budget. Staff will continue to monitor revenue and expenditures closely. $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 FY 2026 FY 2025 FY 2024 $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2026 REVENUE FY 2026 EXPENDITURE 2025 EXPEND. City of Southlake Monthly Financial Report 3 5/12/2026 GENERAL FUND FY 2026 FY 2025 FY 2024 Oct 312,284$ 415,744$ 577,913$ Nov 2,105,365$ 2,389,817$ 2,012,904$ Dec 4,884,201$ 4,489,786$ 8,236,314$ Jan 12,750,099$ 14,130,006$ 10,376,818$ Feb 7,078,383$ 5,620,386$ 5,623,897$ Mar 511,848$ 640,868$ 532,180$ Apr 182,514$ 295,560$ 257,466$ May -$ 205,571$ 198,604$ Jun -$ 460,606$ 516,677$ Jul *-$ (1,089,408)$ (1,139,094)$ Aug -$ 107,845$ 88,418$ Sep -$ 21,654$ 16,945$ Tot 27,824,694$ 27,688,435$ 27,299,042$ POSITIVE FY 2026 FY 2025 FY 2024 Oct 119,457$ 332,221$ 110,053$ Nov 129,258$ 121,292$ 284,653$ Dec 143,697$ 104,932$ 69,759$ Jan 119,083$ 133,336$ 90,986$ Feb 127,714$ 145,396$ 93,595$ Mar 121,047$ 135,536$ 226,182$ Apr 238,925$ 137,408$ 121,572$ May -$ 192,289$ 198,453$ Jun -$ 152,593$ 159,935$ Jul -$ 124,896$ 135,053$ Aug -$ 112,085$ 100,564$ Sep 117,989$ 156,642$ Tot 999,181$ 1,809,973$ 1,747,447$ POSITIVE As of April,the 2026 YTD property tax collections ($27,824,694)are relatively flat when compared to 2025 YTD ($27,982,167)and FY 2024 YTD ($27,617,492).As indicated on the chart,the majority of the property tax revenue is collected in the second quarter of the fiscal year. YTD collections are trending below budget. * Net transfer of TIF revenues to TIF fund The value of new construction permits ($80.4M+)issued for FY 2026 YTD is approximately 26.0%and 21.7%less than in FY 2025 and FY 2024,respectively.FY 2026 YTD permit revenue is 10.0%less than the FY 2025 revenue and 0.24% higher than FY 2024 revenue. The permit revenue year-to-date is trending slightly above budget, so the outlook is considered positive. PERMIT REVENUE 2026-2024 COMPARISON CHART OUTLOOK: REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND CHART OUTLOOK: $(2,000,000) $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug FY 2026 FY 2025 FY 2024 $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2026 FY 2025 FY 2024 City of Southlake Monthly Financial Report 4 5/12/2026 FY 2026 ACTUAL YTD (APRIL) FY 2025 ACTUAL YTD (APRIL) FY 2026 BUDGET YTD (APRIL)FY 2025 % SPENT 684,931$ 642,285$ 802,256$ 85.38% 494,223$ 513,426$ 573,047$ 86.24% 3,411,417$ 3,532,708$ 4,392,674$ 77.66% 317,576$ 330,038$ 433,529$ 73.25% 13,364,417$ 12,914,076$ 16,647,542$ 80.28% 226,418$ 281,976$ 304,006$ 74.48% 1,963,311$ 1,755,692$ 2,119,826$ 92.62% 377,204$ 370,998$ 632,341$ 59.65% 2,587,188$ 2,348,764$ 3,316,734$ 78.00% 1,365,121$ 1,298,790$ 1,591,804$ 85.76% 2,902,447$ 2,839,337$ 3,677,990$ 78.91% 1,730,055$ 1,467,053$ 2,027,053$ 85.35% 29,424,308$ 28,295,143$ 36,518,802$ 80.57%7,094,494$ CHART OUTLOOK: 296,998$ 775,543$ 6,206$ 226,683$ PDS BUDGET VARIANCE 117,325$ 981,257$ 66,331$ 63,110$ 263,002$ 1,129,165$ As indicated above,2026 expenditures are higher than 2025 expenditures for the same period,up 4.0%,primarily due to compensation changes and contract cost increases.The outlook is positive,as expenditures are on pace to stay within budget for the fiscal year. FY 2025/2026 YTD VARIANCE 42,646$ (121,291)$ (12,462)$ 450,341$ (55,558)$ 207,619$ SS Totals PW CMO CS 238,424$ 115,953$ 3,283,125$ 77,588$ 156,515$ 255,137$ 729,546$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY (19,203)$ 78,824$ COMM EXPENDITURE ANALYSIS POSITIVE $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS FY 2026 ACTUAL YTD (APRIL)FY 2025 ACTUAL YTD (APRIL)FY 2026 BUDGET YTD (APRIL) City of Southlake Monthly Financial Report 5 5/12/2026 INVESTMENT REPORT City of Southlake January 1 to March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved. ©Hilltop Securities Asset Management, LLC. All rights reserved. Contents Page 2 Market Recap � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �3 Investment Officers’ Certification � � � � � � � � � � � � � � � � � � � � � � � � � � �4 Portfolio Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �5 Portfolio Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �6 Asset Allocation � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7 Credit Rating Summary � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �8 Benchmark Comparison � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �9 Fund Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �10 Detail of Security Holdings � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �11 Earned Income � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �12 Investment Transactions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �13 Investment Transactions Totals � � � � � � � � � � � � � � � � � � � � � � � � � � � �14 Amortization and Accretion � � � � � � � � � � � � � � � � � � � � � � � � � � � � �15 Projected Cash Flows� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �16 Projected Cash Flows Totals � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �18 Disclosures & Disclaimers � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �19 City of Southlake As of March 31, 2026 Page 3©Hilltop Securities Asset Management, LLC. All rights reserved. Market Recap Treasury yields moved significantly higher in March as investors repriced inflation risk tied to surging energy prices� The Two-year Treasury Note yield began the month around 3�40% and climbed as high as 4% late in the month before settling to around 3�80% at month- end� Meanwhile, stocks struggled throughout the month, with the S&P 500 posting four consecutive weekly declines and finishing 7% below its January high� The price of oil has nearly doubled since the U�S� and Israel launched strikes against Iran, who then effectively closed the Strait of Hormuz� Roughly 15% to 20% of global crude oil supply and almost 20% of global liquefied natural gas (LNG) shipments have been disrupted, prompting the International Energy Agency to call it the largest supply shock in the history of the oil market� West Texas Intermediate crude oil surged from the mid $60’s to over $100 by late-March, while gasoline, diesel and jet fuel prices rose sharply� The spike in oil prices has fed directly into higher short-term inflation expectations� The Federal Open Market Committee (FOMC) met March 17th and 18th, voting to hold the Fed Funds target rate at 3�50% to 3�75% for the second consecutive meeting� Chairman Powell and policymakers emphasized that higher energy prices risk delaying further progress on inflation and warned against assuming the shock would be transitory given repeated supply disruptions over the last five years� The updated dot plot showed fewer expected cuts in 2026, and futures markets moved to essentially price out any easing moves this year� Chair Powell described current policy as “near neutral” with limited room to respond unless labor market conditions deteriorate further� Economic data released during the month painted a mixed picture� The February jobs report showed payrolls falling by 92k, the fifth negative print in the last nine months, while prior months were also revised lower� The unemployment rate rose to 4�4% as job losses spread beyond cyclical sectors and into health care for the first time in years� While seasonal factors and strike activity played a role, the broader trend confirms that labor market momentum has stalled since last Spring� At the same time, inflation readings moved in the wrong direction, February PPI surged to a whopping 0�7% MoM and Core PCE remained elevated at 3�1% YoY� Fourth quarter GDP was revised down to just +0�7%, highlighting a sharp deceleration from the economy’s strong mid-2025 pace� Consumer spending growth slowed significantly, particularly in services, and the impact from the government shutdown continues to affect official data� The Atlanta Fed’s GDPNow model estimates 2�0% to 3�0% growth in the first quarter, but rising oil prices threaten to offset recent tax-cut-related gains in household cash flows, especially for lower-income consumers� Elsewhere, stress intensified in private credit, raising concerns about liquidity conditions in other markets as well� Multiple fund managers enacted redemption limits or halted withdrawals altogether as concerns grew about credit exposure to software companies and other AI-vulnerable businesses� Gold, which had rallied sharply earlier in the year, fell nearly 10% over the month as higher real rates and dollar strength outweighed the usual safe- haven demand� Looking ahead, markets enter April facing slow employment growth, resurging inflationary pressures from energy, and a Federal Reserve that has little flexibility� While a ceasefire or reopening of the Strait of Hormuz could spark a sharp relief rally, the baseline outlook has shifted toward elevated volatility and downside risks� Until there is clarity on energy supply and the durability of inflation pressures, the Fed is set to remain on hold, while markets remain vulnerable to further surprises� City of Southlake As of March 31, 2026 Page 4©Hilltop Securities Asset Management, LLC. All rights reserved.Page 4 Investment Officers Investment Officers’ Certification This report is prepared for the City of Southlake (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 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� Nicole Bradshaw Deputy Director of Finance Sharen Jackson Chief Financial Officer Nicole Bradshaw Sharen Jackson Page 5 City of Southlake January 1, 2026 - March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved.Page 5 Portfolio Overview Portfolio Summary Asset Allocation Prior 31 Dec-25 Current 31 Mar-26 Par Value 347,591,811�30 356,401,271�55 Original Cost 346,604,211�73 355,361,914�17 Book Value 346,887,852�37 355,824,049�15 Market Value 347,400,400�95 355,978,805�70 Accrued Interest 1,254,609�05 1,105,329�39 Book Value Plus Accrued 348,142,461�42 356,929,378�54 Market Value Plus Accrued 348,655,010�00 357,084,135�09 Net Unrealized Gain/(Loss)512,548�58 154,756�55 Prior 31 Dec-25 Current 31 Mar-26 Yield to Maturity 3�934%3�800% Yield to Worst 3�934%3�800% Days to Final Maturity 123 88 Days to Effective Maturity 123 88 Duration 0�85 0�71 Transaction Summary Transaction Type Quantity Principal Interest Total Amount Realized Gain/Loss Maturity (15,000,000�00)15,000,000�00 0�00 15,000,000�00 0�00 Coupon 0�00 0�00 1,328,125�00 1,328,125�00 0�00 Current Period 1 Jan-26 to 31 Mar-26 Interest Income 3,253,881�66 Net Amortization/Accretion 126,736�53 Realized Gain/(Loss)0�00 Net Income 3,380,618�19 Fiscal Year-to-Date 1 Oct-25 to 31 Mar-26 Net Income 6,865,251�83 Portfolio CharacteristicsIncome Summary City of Southlake As of March 31, 2026 Page 6©Hilltop Securities Asset Management, LLC. All rights reserved. Maturity Distribution by Security Type Security Type Overnight 0-3 Months 3-6 Months 6-9 Months 9-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Portfolio Total AGCY --7,001,327�04 ----5,011,299�59 5,005,906�18 ------17,018,532.81 LGIP 217,691,620�02 ----------------217,691,620.02 MMFUND 21,709,651�53 ----------------21,709,651.53 US GOVT --9,998,334�40 14,999,436�45 19,853,330�39 30,078,955�24 24,474,188�30 ------99,404,244.79 Total 239,401,271.55 16,999,661.44 14,999,436.45 19,853,330.39 35,090,254.83 29,480,094.48 ------355,824,049.15 Portfolio Overview Top Ten Holdings Issuer Allocation United States 27�94% TEXSTAR 22�35% TXCLASS 12�54% TEXPOOL 11�71% LONESTRGOV 9�27% Invesco 6�10% LONESTRCRP 5�31% Federal Farm Credit Banks Funding Corporation 3�38% Federal Home Loan Banks 1�41% Maturity Distribution by Security Type City of Southlake As of March 31, 2026 Page 7©Hilltop Securities Asset Management, LLC. All rights reserved. Book Value Basis Security Distribution Security Type Prior Balance 31-Dec-25 Prior Allocation 31-Dec-25 Change in Allocation Current Balance 31-Mar-26 Current Allocation 31-Mar-26 Yield to Maturity AGCY 17,024,063�42 4�91%(0�12%)17,018,532�81 4�78%4�413% LGIP 210,266,889�53 60�62%0�56%217,691,620�02 61�18%3�693% MMFUND 5,324,921�77 1�54%4�57%21,709,651�53 6�10%3�580% US GOVT 114,271,977�65 32�94%(5�01%)99,404,244�79 27�94%3�978% Portfolio Total 346,887,852.37 100.00%355,824,049.15 100.00%3.800% Asset Allocation Asset Allocation by Security Type as of Asset Allocation by Security Type as of 31-Dec-2025 31-Mar-2026 City of Southlake As of March 31, 2026 Page 8©Hilltop Securities Asset Management, LLC. All rights reserved. Credit Rating Summary Rating Distribution Allocation by Rating Book Value Portfolio Allocation Local Government Investment Pools & Money Market Funds AAA 239,401,271�55 67�28% Total Local Government Investment Pools & Money Market Funds 239,401,271.55 67.28% Long Term Rating Distribution AA+116,422,777�60 32�72% Total Long Term Rating Distribution 116,422,777.60 32.72% Portfolio Total 355,824,049.15 100.00% City of Southlake As of March 31, 2026 Page 9©Hilltop Securities Asset Management, LLC. All rights reserved. Yield Overview Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 City of Southlake 5.19 5.31 5.29 5.29 5.25 5.14 4.93 4.78 4.66 4.50 4.43 4.35 4.35 4.32 4.29 4.28 4.27 4.23 4.13 4.04 3.93 3.86 3.83 3.80 6 Month CMT 5�33 5�33 5�34 5�34 5�29 5�16 5�00 4�84 4�66 4�50 4�39 4�34 4�30 4�28 4�27 4�28 4�25 4�18 4�11 4�02 3�91 3�79 3�71 3�68 1 Year CMT 5�15 5�17 5�16 5�12 5�04 4�93 4�82 4�75 4�69 4�64 4�58 4�50 4�40 4�31 4�23 4�16 4�11 4�08 4�03 3�97 3�91 3�86 3�80 3�77 TexPool 5�31 5�32 5�31 5�32 5�30 5�16 4�91 4�73 4�56 4�39 4�36 4�33 4�34 4�31 4�30 4�31 4�31 4�25 4�14 3�99 3�83 3�71 3�68 3�67 Benchmark Comparison Page 10 City of Southlake January 1, 2026 - March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved. Fund Overview Fund Name Prior Book Value Prior Market Value Changes to Market Value Current Book Value Current Market Value Net Income Days to Final Mty YTM YTW General Operating 346,887,852�37 347,400,400�95 8,578,404�75 355,824,049�15 355,978,805�70 3,380,618�19 88 3�800%3�800% Total 346,887,852.37 347,400,400.95 8,578,404.75 355,824,049.15 355,978,805.70 3,380,618.19 88 3.800%3.800% City of Southlake As of March 31, 2026 Page 11©Hilltop Securities Asset Management, LLC. All rights reserved. Detail of Security Holdings CUSIP Settle Date Security Type Security Description CPN Maturity Date Next Call Date Call Type Par Value Purch Price Original Cost Book Value Mkt Price Market Value Days to Mty Days to Call YTM YTW Rating General Operating INVSCSLAK MMFUND Invesco Gov't & Agency MM 03/31/26 21,709,651�53 100�000 21,709,651�53 21,709,651�53 100�000 21,709,651�53 1 3�580 3�580 AAA LNSTCRP LGIP LoneStar Corp O/N 3�780 03/31/26 18,887,170�17 100�000 18,887,170�17 18,887,170�17 100�000 18,887,170�17 1 3�780 3�780 AAA LNSTGOV LGIP LoneStar Gov O/N 3�660 03/31/26 32,992,255�29 100�000 32,992,255�29 32,992,255�29 100�000 32,992,255�29 1 3�660 3�660 AAA TEXPOOL LGIP TexPool 3�672 03/31/26 41,675,701�05 100�000 41,675,701�05 41,675,701�05 100�000 41,675,701�05 1 3�672 3�672 AAA TEXSTAR LGIP TexSTAR 3�651 03/31/26 79,510,351�53 100�000 79,510,351�53 79,510,351�53 100�000 79,510,351�53 1 3�651 3�651 AAA TXCLASS LGIP Texas CLASS 3�776 03/31/26 44,626,141�98 100�000 44,626,141�98 44,626,141�98 100�000 44,626,141�98 1 3�776 3�776 AAA 91282CGV7 06/11/25 US GOVT U�S� Treasury Note 3�750 04/15/26 10,000,000�00 99�633 9,963,281�25 9,998,334�40 99�984 9,998,437�50 15 4�192 4�192 AA+ 3133ERDZ1 05/10/24 AGCY FFCB 4�750 05/08/26 3,000,000�00 99�820 2,994,588�00 2,999,713�14 100�090 3,002,712�00 38 4�846 4�846 AA+ 3133ERGA3 06/24/24 AGCY FFCB 5�000 06/04/26 4,000,000�00 100�429 4,017,141�00 4,001,613�90 100�201 4,008,028�00 65 4�765 4�765 AA+ 91282CHM6 06/11/25 US GOVT U�S� Treasury Note 4�500 07/15/26 10,000,000�00 100�367 10,036,718�75 10,009,949�66 100�207 10,020,703�10 106 4�150 4�150 AA+ 91282CLH2 02/21/25 US GOVT U�S� Treasury Note 3�750 08/31/26 5,000,000�00 99�242 4,962,109�38 4,989,486�79 99�992 4,999,609�35 153 4�270 4�270 AA+ 91282CLS8 03/13/25 US GOVT U�S� Treasury Note 4�125 10/31/26 10,000,000�00 100�164 10,016,406�25 10,006,090�34 100�176 10,017,578�10 214 4�018 4�018 AA+ 91282CDK4 10/29/25 US GOVT U�S� Treasury Note 1�250 11/30/26 10,000,000�00 97�516 9,751,562�50 9,847,240�05 98�352 9,835,156�20 244 3�599 3�599 AA+ 91282CME8 03/13/25 US GOVT U�S� Treasury Note 4�250 12/31/26 10,000,000�00 100�422 10,042,187�50 10,018,085�64 100�355 10,035,546�90 275 4�002 4�002 AA+ 91282CMH1 03/13/25 US GOVT U�S� Treasury Note 4�125 01/31/27 10,000,000�00 100�227 10,022,656�25 10,010,374�41 100�305 10,030,468�70 306 3�997 3�997 AA+ 91282CMP3 10/29/25 US GOVT U�S� Treasury Note 4�125 02/28/27 10,000,000�00 100�730 10,073,046�88 10,050,495�19 100�324 10,032,421�90 334 3�558 3�558 AA+ 3133EP6K6 02/21/25 AGCY FFCB 4�500 03/26/27 5,000,000�00 100�467 5,023,355�05 5,011,299�59 100�676 5,033,815�00 360 4�263 4�263 AA+ 91282CKJ9 06/11/25 US GOVT U�S� Treasury Note 4�500 04/15/27 5,000,000�00 100�832 5,041,601�56 5,023,929�71 100�770 5,038,476�55 380 4�025 4�025 AA+ 912828ZS2 03/13/25 US GOVT U�S� Treasury Note 0�500 05/31/27 10,000,000�00 92�676 9,267,578�13 9,607,594�81 96�258 9,625,781�20 426 3�984 3�984 AA+ 3130AWBZ2 06/11/25 AGCY FHLB 4�125 06/11/27 5,000,000�00 100�195 5,009,738�25 5,005,906�18 100�355 5,017,745�00 437 4�023 4�023 AA+ 91282CFB2 06/11/25 US GOVT U�S� Treasury Note 2�750 07/31/27 5,000,000�00 97�457 4,872,851�56 4,919,547�59 98�598 4,929,882�80 487 4�001 4�001 AA+ 91282CFH9 02/21/25 US GOVT U�S� Treasury Note 3�125 08/31/27 5,000,000�00 97�316 4,865,820�31 4,923,116�19 99�023 4,951,171�85 518 4�260 4�260 AA+ Total General Operating 356,401,271.55 355,361,914.17 355,824,049.15 355,978,805.70 88 3.800 3.800 Grand Total 356,401,271.55 355,361,914.17 355,824,049.15 355,978,805.70 88 3.800 3.800 Page 12 City of Southlake January 1, 2026 - March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved. Earned Income CUSIP Security Type Detailed Security Description Beginning Accrued Interest Earned Interest Rec'd/ Sold/Matured Interest Purchased Ending Accrued Disc Accr/Prem Amort Net Realized Gain/Loss Net Income General Operating 91282CJV4 US GOVT U�S� Treasury Note 4�25 01/31/2026 88,926�63 17,323�37 106,250�00 0�00 0�00 50�54 0�00 17,373�91 91282CGR6 US GOVT U�S� Treasury Note 4�625 03/15/2026 137,983�43 93,266�57 231,250�00 0�00 0�00 (10,610�09)0�00 82,656�49 INVSCSLAK MMFUND Invesco Gov't & Agency MM 10,105�89 97,063�67 56,604�76 0�00 50,564�80 0�00 0�00 97,063�67 LNSTCRP LGIP LoneStar Corp O/N 0�00 176,369�41 176,369�41 0�00 0�00 0�00 0�00 176,369�41 LNSTGOV LGIP LoneStar Gov O/N 0�00 262,552�19 262,552�19 0�00 0�00 0�00 0�00 262,552�19 TEXPOOL LGIP TexPool 0�00 445,349�21 445,349�21 0�00 0�00 0�00 0�00 445,349�21 TEXSTAR LGIP TexSTAR 0�00 716,818�81 716,818�81 0�00 0�00 0�00 0�00 716,818�81 TXCLASS LGIP Texas CLASS 0�00 417,341�94 417,341�94 0�00 0�00 0�00 0�00 417,341�94 91282CGV7 US GOVT U�S� Treasury Note 3�75 04/15/2026 80,357�14 92,719�78 0�00 0�00 173,076�92 10,707�40 0�00 103,427�18 3133ERDZ1 AGCY FFCB 4�75 05/08/2026 20,979�17 35,625�00 0�00 0�00 56,604�17 697�76 0�00 36,322�76 3133ERGA3 AGCY FFCB 5�0 06/04/2026 15,000�00 50,000�00 0�00 0�00 65,000�00 (2,269�54)0�00 47,730�46 91282CHM6 US GOVT U�S� Treasury Note 4�5 07/15/2026 207,880�43 111,594�70 225,000�00 0�00 94,475�14 (8,480�12)0�00 103,114�58 91282CLH2 US GOVT U�S� Treasury Note 3�75 08/31/2026 63,708�56 46,345�78 93,750�00 0�00 16,304�35 6,206�17 0�00 52,551�95 91282CLS8 US GOVT U�S� Treasury Note 4�125 10/31/2026 70,649�17 102,555�25 0�00 0�00 173,204�42 (2,565�72)0�00 99,989�53 91282CDK4 US GOVT U�S� Treasury Note 1�25 11/30/2026 10,989�01 30,906�59 0�00 0�00 41,895�60 56,052�89 0�00 86,959�48 91282CME8 US GOVT U�S� Treasury Note 4�25 12/31/2026 1,174�03 105,662�98 0�00 0�00 106,837�02 (5,927�09)0�00 99,735�90 91282CMH1 US GOVT U�S� Treasury Note 4�125 01/31/2027 172,622�28 101,997�88 206,250�00 0�00 68,370�17 (3,018�88)0�00 98,979�00 91282CMP3 US GOVT U�S� Treasury Note 4�125 02/28/2027 140,158�84 101,960�73 206,250�00 0�00 35,869�57 (13,219�74)0�00 88,740�98 3133EP6K6 AGCY FFCB 4�5 03/26/2027 59,375�00 56,250�00 112,500�00 0�00 3,125�00 (2,767�14)0�00 53,482�86 91282CKJ9 US GOVT U�S� Treasury Note 4�5 04/15/2027 48,214�29 55,631�87 0�00 0�00 103,846�15 (5,535�57)0�00 50,096�30 912828ZS2 US GOVT U�S� Treasury Note 0�5 05/31/2027 4,395�60 12,362�64 0�00 0�00 16,758�24 81,196�81 0�00 93,559�45 3130AWBZ2 AGCY FHLB 4�125 06/11/2027 11,458�33 51,562�50 0�00 0�00 63,020�83 (1,191�68)0�00 50,370�82 91282CFB2 US GOVT U�S� Treasury Note 2�75 07/31/2027 57,540�76 33,999�29 68,750�00 0�00 22,790�06 14,485�26 0�00 48,484�55 91282CFH9 US GOVT U�S� Treasury Note 3�125 08/31/2027 53,090�47 38,621�49 78,125�00 0�00 13,586�96 12,925�29 0�00 51,546�78 Total General Operating 1,254,609.05 3,253,881.66 3,403,161.32 0.00 1,105,329.39 126,736.53 0.00 3,380,618.19 Grand Total 1,254,609.05 3,253,881.66 3,403,161.32 0.00 1,105,329.39 126,736.53 0.00 3,380,618.19 Page 13 City of Southlake January 1, 2026 - March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved. Investment Transactions CUSIP Trade Date Settle Date Security Type Security Description Coupon Maturity Date Call Date Par Value Price Principal Amount Interest Purchased/ Received Total Amount Realized Gain/ Loss YTM YTW General Operating Coupon 91282CHM6 01/15/26 01/15/26 US GOVT U�S� Treasury Note 4�500 07/15/26 0�00 0�00 225,000�00 225,000�00 0�00 ---- 91282CJV4 01/31/26 01/31/26 US GOVT U�S� Treasury Note 4�250 01/31/26 0�00 0�00 106,250�00 106,250�00 0�00 ---- 91282CFB2 01/31/26 01/31/26 US GOVT U�S� Treasury Note 2�750 07/31/27 0�00 0�00 68,750�00 68,750�00 0�00 ---- 91282CMH1 01/31/26 01/31/26 US GOVT U�S� Treasury Note 4�125 01/31/27 0�00 0�00 206,250�00 206,250�00 0�00 ---- 91282CFH9 02/28/26 02/28/26 US GOVT U�S� Treasury Note 3�125 08/31/27 0�00 0�00 78,125�00 78,125�00 0�00 ---- 91282CLH2 02/28/26 02/28/26 US GOVT U�S� Treasury Note 3�750 08/31/26 0�00 0�00 93,750�00 93,750�00 0�00 ---- 91282CMP3 02/28/26 02/28/26 US GOVT U�S� Treasury Note 4�125 02/28/27 0�00 0�00 206,250�00 206,250�00 0�00 ---- 91282CGR6 03/15/26 03/15/26 US GOVT U�S� Treasury Note 4�625 03/15/26 0�00 0�00 231,250�00 231,250�00 0�00 ---- 3133EP6K6 03/26/26 03/26/26 AGCY FFCB 4�500 03/26/27 0�00 0�00 112,500�00 112,500�00 0�00 ---- Total Coupon 0.00 0.00 1,328,125.00 1,328,125.00 0.00 Maturity 91282CJV4 01/31/26 01/31/26 US GOVT U�S� Treasury Note 4�250 01/31/26 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- 91282CGR6 03/15/26 03/15/26 US GOVT U�S� Treasury Note 4�625 03/15/26 (10,000,000�00)100�000 10,000,000�00 0�00 10,000,000�00 0�00 ---- Total Maturity (15,000,000.00)15,000,000.00 0.00 15,000,000.00 0.00 Page 14 City of Southlake January 1, 2026 - March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved. Investment Transactions Totals Transaction Type Quantity Principal Amount Interest Total Amount Realized G/L YTM YTW Total Maturity (15,000,000�00)15,000,000�00 0�00 15,000,000�00 0�00 4�146 4�146 Total Coupon 0�00 0�00 1,328,125�00 1,328,125�00 0�00 Page 15 City of Southlake January 1, 2026 - March 31, 2026 ©Hilltop Securities Asset Management, LLC. All rights reserved. Amortization and Accretion CUSIP Settle Date Security Type Detailed Security Description Purchase Qty Orig Price Original Cost Amort/Accr for Period Total Amort/Accr Since Purch Remaining Disc/ Premium Ending Book Value General Operating 91282CJV4 06/18/25 US GOVT U�S� Treasury Note 4�25 01/31/2026 0�00 0�000 0�00 50�54 0�00 0�00 0�00 91282CGR6 03/13/25 US GOVT U�S� Treasury Note 4�625 03/15/2026 0�00 0�000 0�00 (10,610�09)0�00 0�00 0�00 91282CGV7 06/11/25 US GOVT U�S� Treasury Note 3�75 04/15/2026 10,000,000�00 99�633 9,963,281�25 10,707�40 35,053�15 (1,665�60)9,998,334�40 3133ERDZ1 05/10/24 AGCY FFCB 4�75 05/08/2026 3,000,000�00 99�820 2,994,588�00 697�76 5,125�14 (286�86)2,999,713�14 3133ERGA3 06/24/24 AGCY FFCB 5�0 06/04/2026 4,000,000�00 100�429 4,017,141�00 (2,269�54)(15,527�10)1,613�90 4,001,613�90 91282CHM6 06/11/25 US GOVT U�S� Treasury Note 4�5 07/15/2026 10,000,000�00 100�367 10,036,718�75 (8,480�12)(26,769�09)9,949�66 10,009,949�66 91282CLH2 02/21/25 US GOVT U�S� Treasury Note 3�75 08/31/2026 5,000,000�00 99�242 4,962,109�38 6,206�17 27,377�41 (10,513�21)4,989,486�79 91282CLS8 03/13/25 US GOVT U�S� Treasury Note 4�125 10/31/2026 10,000,000�00 100�164 10,016,406�25 (2,565�72)(10,315�91)6,090�34 10,006,090�34 91282CDK4 10/29/25 US GOVT U�S� Treasury Note 1�25 11/30/2026 10,000,000�00 97�516 9,751,562�50 56,052�89 95,677�55 (152,759�95)9,847,240�05 91282CME8 03/13/25 US GOVT U�S� Treasury Note 4�25 12/31/2026 10,000,000�00 100�422 10,042,187�50 (5,927�09)(24,101�86)18,085�64 10,018,085�64 91282CMH1 03/13/25 US GOVT U�S� Treasury Note 4�125 01/31/2027 10,000,000�00 100�227 10,022,656�25 (3,018�88)(12,281�84)10,374�41 10,010,374�41 91282CMP3 10/29/25 US GOVT U�S� Treasury Note 4�125 02/28/2027 10,000,000�00 100�730 10,073,046�88 (13,219�74)(22,551�69)50,495�19 10,050,495�19 3133EP6K6 02/21/25 AGCY FFCB 4�5 03/26/2027 5,000,000�00 100�467 5,023,355�05 (2,767�14)(12,055�46)11,299�59 5,011,299�59 91282CKJ9 06/11/25 US GOVT U�S� Treasury Note 4�5 04/15/2027 5,000,000�00 100�832 5,041,601�56 (5,535�57)(17,671�85)23,929�71 5,023,929�71 912828ZS2 03/13/25 US GOVT U�S� Treasury Note 0�5 05/31/2027 10,000,000�00 92�676 9,267,578�13 81,196�81 340,016�68 (392,405�19)9,607,594�81 3130AWBZ2 06/11/25 AGCY FHLB 4�125 06/11/2027 5,000,000�00 100�195 5,009,738�25 (1,191�68)(3,832�07)5,906�18 5,005,906�18 91282CFB2 06/11/25 US GOVT U�S� Treasury Note 2�75 07/31/2027 5,000,000�00 97�457 4,872,851�56 14,485�26 46,696�03 (80,452�41)4,919,547�59 91282CFH9 02/21/25 US GOVT U�S� Treasury Note 3�125 08/31/2027 5,000,000�00 97�316 4,865,820�31 12,925�29 57,295�88 (76,883�81)4,923,116�19 Total General Operating 117,000,000.00 115,960,642.62 126,736.53 462,134.98 (577,222.40)116,422,777.60 Grand Total 117,000,000.00 115,960,642.62 126,736.53 462,134.98 (577,222.40)116,422,777.60 Page 16 City of Southlake March 31, 2026 to March 31, 2027 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount General Operating 91282CGV7 U�S� Treasury Note 3�75 04/15/2026 04/15/26 187,500�00 187,500�00 91282CGV7 U�S� Treasury Note 3�75 04/15/2026 04/15/26 10,000,000�00 10,000,000�00 91282CKJ9 U�S� Treasury Note 4�5 04/15/2027 04/15/26 112,500�00 112,500�00 91282CLS8 U�S� Treasury Note 4�125 10/31/2026 04/30/26 206,250�00 206,250�00 3133ERDZ1 FFCB 4�75 05/08/2026 05/08/26 71,250�00 71,250�00 3133ERDZ1 FFCB 4�75 05/08/2026 05/08/26 3,000,000�00 3,000,000�00 912828ZS2 U�S� Treasury Note 0�5 05/31/2027 06/01/26 25,000�00 25,000�00 91282CDK4 U�S� Treasury Note 1�25 11/30/2026 06/01/26 62,500�00 62,500�00 3133ERGA3 FFCB 5�0 06/04/2026 06/04/26 100,000�00 100,000�00 3133ERGA3 FFCB 5�0 06/04/2026 06/04/26 4,000,000�00 4,000,000�00 3130AWBZ2 FHLB 4�125 06/11/2027 06/11/26 103,125�00 103,125�00 91282CME8 U�S� Treasury Note 4�25 12/31/2026 06/30/26 212,500�00 212,500�00 91282CHM6 U�S� Treasury Note 4�5 07/15/2026 07/15/26 225,000�00 225,000�00 91282CHM6 U�S� Treasury Note 4�5 07/15/2026 07/15/26 10,000,000�00 10,000,000�00 91282CFB2 U�S� Treasury Note 2�75 07/31/2027 07/31/26 68,750�00 68,750�00 91282CMH1 U�S� Treasury Note 4�125 01/31/2027 07/31/26 206,250�00 206,250�00 91282CFH9 U�S� Treasury Note 3�125 08/31/2027 08/31/26 78,125�00 78,125�00 91282CLH2 U�S� Treasury Note 3�75 08/31/2026 08/31/26 93,750�00 93,750�00 91282CLH2 U�S� Treasury Note 3�75 08/31/2026 08/31/26 5,000,000�00 5,000,000�00 91282CMP3 U�S� Treasury Note 4�125 02/28/2027 08/31/26 206,250�00 206,250�00 3133EP6K6 FFCB 4�5 03/26/2027 09/28/26 112,500�00 112,500�00 91282CKJ9 U�S� Treasury Note 4�5 04/15/2027 10/15/26 112,500�00 112,500�00 91282CLS8 U�S� Treasury Note 4�125 10/31/2026 11/02/26 206,250�00 206,250�00 91282CLS8 U�S� Treasury Note 4�125 10/31/2026 11/02/26 10,000,000�00 10,000,000�00 912828ZS2 U�S� Treasury Note 0�5 05/31/2027 11/30/26 25,000�00 25,000�00 91282CDK4 U�S� Treasury Note 1�25 11/30/2026 11/30/26 62,500�00 62,500�00 91282CDK4 U�S� Treasury Note 1�25 11/30/2026 11/30/26 10,000,000�00 10,000,000�00 3130AWBZ2 FHLB 4�125 06/11/2027 12/11/26 103,125�00 103,125�00 91282CME8 U�S� Treasury Note 4�25 12/31/2026 12/31/26 212,500�00 212,500�00 91282CME8 U�S� Treasury Note 4�25 12/31/2026 12/31/26 10,000,000�00 10,000,000�00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 17 City of Southlake March 31, 2026 to March 31, 2027 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount 91282CFB2 U�S� Treasury Note 2�75 07/31/2027 02/01/27 68,750�00 68,750�00 91282CMH1 U�S� Treasury Note 4�125 01/31/2027 02/01/27 206,250�00 206,250�00 91282CMH1 U�S� Treasury Note 4�125 01/31/2027 02/01/27 10,000,000�00 10,000,000�00 91282CFH9 U�S� Treasury Note 3�125 08/31/2027 03/01/27 78,125�00 78,125�00 91282CMP3 U�S� Treasury Note 4�125 02/28/2027 03/01/27 206,250�00 206,250�00 91282CMP3 U�S� Treasury Note 4�125 02/28/2027 03/01/27 10,000,000�00 10,000,000�00 3133EP6K6 FFCB 4�5 03/26/2027 03/26/27 112,500�00 112,500�00 3133EP6K6 FFCB 4�5 03/26/2027 03/26/27 5,000,000�00 5,000,000�00 Grand Total 3,465,000.00 87,000,000.00 90,465,000.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 18 City of Southlake March 31, 2026 to March 31, 2027 Month and Year Interest Principal Total Amount April 2026 506,250�00 10,000,000�00 10,506,250�00 May 2026 71,250�00 3,000,000�00 3,071,250�00 June 2026 503,125�00 4,000,000�00 4,503,125�00 July 2026 500,000�00 10,000,000�00 10,500,000�00 August 2026 378,125�00 5,000,000�00 5,378,125�00 September 2026 112,500�00 112,500�00 October 2026 112,500�00 112,500�00 November 2026 293,750�00 20,000,000�00 20,293,750�00 December 2026 315,625�00 10,000,000�00 10,315,625�00 February 2027 275,000�00 10,000,000�00 10,275,000�00 March 2027 396,875�00 15,000,000�00 15,396,875�00 Total 3,465,000.00 87,000,000.00 90,465,000.00 Projected Cash Flows Totals ©Hilltop Securities Asset Management, LLC. All rights reserved. City of Southlake As of March 31, 2026 Page 19©Hilltop Securities Asset Management, LLC. All rights reserved. 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� It is important to review and save all source documents provided by a product sponsor or brokerage firm which may contain notices, disclosures and other information important to you and may also serve as a reference� If conflicts between this report and sponsor reports or confirmations exist, the information provided by the product sponsors shall prevail� Fees and sales charges paid may not be reflected in the information� The information and data contained herein is obtained from sources believed to be reliable but its accuracy or completeness is not guaranteed� Additionally, the information may contain assets held away from HTS, therefore investors should contact customer service or other representatives from the respective distributors or issuers to determine SIPC coverage for held away assets� HTS and HSAM do not guarantee the information contained herein or its accuracy or completeness regarding contributions, withdrawals, protected values� All information is subject to further review with client to validate final values� It is not possible to directly invest in an index� Financial forecasts, rates of return, risk, inflation, and other assumptions may be used as the basis for illustrations� They should not be considered a guarantee of future performance or a guarantee of achieving overall financial objectives� Past performance is not a guarantee or a predictor of future results of either the indices or any particular investment� S&P rates the creditworthiness of individual bonds from: AAA highest to D lowest� Investing in fixed income securities involves interest rate risk, credit risk, and inflation risk� Interest rate risk is the possibility that bond prices will decrease because of an interest rate increase� When interest rates rise, bond prices and the values of fixed income securities fall� When interest rates fall, bond prices and the values of fixed income securities rise� Credit risk is the risk that a company will not be able to pay its debts, including the interest on its bonds� Inflation risk is the possibility that the interest paid on an investment in bonds will be lower than the inflation rate, decreasing purchasing power� Cash alternatives typically include money market securities and U�S� treasury bills� Investing in such cash alternatives involves inflation risk� In addition, investments in money market securities may involve credit risk and a risk of principal loss� Because money market securities are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency, there is no guarantee the value of your investment will be maintained at $1�00 per share, and your shares, when sold, may be worth more or less than what you originally paid for them� U�S� Treasury bills are subject to market risk if sold prior to maturity� Market risk is the possibility that the value, when sold, might be less than the purchase price� Investing in stock securities involves volatility risk, market risk, business risk, and industry risk� The prices of most stocks fluctuate� Volatility risk is the chance that the value of a stock will fall� Market risk is the chance that the prices of all stocks will fall due to conditions in the economic environment� Business risk is the chance that a specific company’s stock will fall because of issues affecting it� Industry risk is the chance that a set of factors particular to an industry group will adversely affect stock prices within the industry� Securities offered by HTS: (1) are not FDIC (Federal Deposit Insurance Corporation) insured; (2) are not bank deposits; (3) are not guaranteed by any bank or by any other federal government agency� None of the named entities are affiliates of HTS or HSAM�Hilltop Securities Asset Management (HSAM) is an SEC-registered investment advisor� 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 2025, 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 of the 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 of the 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 of the 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�