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HomeMy WebLinkAbout9020 - Contract Executed Docusign City Council Transmittal Coversheet File Name Purchasing Contact City Council Target Date Piggy Back Option Contract Expiration Ordinance Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 9020 Yes Christina Dormady Investment Advisory Services RFP JUNE 2, 2026 JUNE 2, 2030 26-0871 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 PROFESSIONAL SERVICES AGREEMENT FOR CONSULTING SERVICES FILE 9020 STATE OF TEXAS § COUNTY OF DENTON § THIS AGREEMENT (the “Agreement”) is made and entered into on ________________________, by and between the City of Denton, Texas, a Texas municipal corporation, with its principal office at 215 East McKinney Street, Denton, Denton County, Texas 76201, hereinafter called “OWNER” and Hilltop Securities Asset Management, LLC, with its corporate office at 717 N. Harwood St. Ste 3400 Dallas, TX 75201, hereinafter called “CONSULTANT,” acting herein, by and through their duly authorized representatives. WITNESSETH, that in consideration of the covenants and agreements herein contained, the parties hereto do mutually agree as follows: ARTICLE I CONSULTANT AS INDEPENDENT CONTRACTOR The OWNER has selected CONSULTANT on the basis of demonstrated competence and qualifications to perform the services herein described for a fair and reasonable price pursuant to Chapter 2254 of the Texas Government Code. The OWNER hereby contracts with the CONSULTANT as an independent contractor and not as an employee, and as such, the OWNER will not assert control over the day-to-day operations of the CONSULTANT. The CONSULTANT is customarily engaged to provide services as described herein independently and on a nonexclusive basis in the course of its business. This Agreement does not in any way constitute a joint venture between OWNER and CONSULTANT. The CONSULTANT hereby agrees to perform the services described herein based on the skills required for the scope of work in connection with the Project as stated in the sections to follow, with diligence and in accordance with the highest professional standards customarily obtained for such services in the State of Texas. The professional services set out herein are in connection with the following described project: The Project shall include, without limitation, Investment Advisory Services, as described in Exhibit A, which is on file at the purchasing office and incorporated herein (the “Project”). ARTICLE II SCOPE OF BASIC SERVICES The CONSULTANT shall perform the following services in a professional manner: Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 A. The CONSULTANT shall perform all those services as necessary and as described in the OWNER’s RFP 9020 – Investment Advisory Services, which is on file at the purchasing office and made a part hereof as Exhibit A as if written word for word herein. B. To perform all those services set forth in CONSULTANT’s proposal, which proposal is attached hereto and made a part hereof as Exhibit B as if written word for word herein. C. CONSULTANT shall perform all those services set forth in individual task orders, as described in Exhibit B, which shall be attached to this Agreement and made a part hereof. D. If there is any conflict between the terms of this Agreement and the exhibits attached to this Agreement, the terms and conditions of this Agreement will control over the terms and conditions of the attached exhibits or task orders. ARTICLE III ADDITIONAL SERVICES Additional services to be performed by the CONSULTANT, if authorized by the OWNER, which are not included in the above-described Basic Services, may be negotiated as needed, per rates included in Exhibit C. A. Assisting OWNER in the defense or prosecution of litigation in connection with or in addition to those services contemplated by this AGREEMENT. Such services, if any, shall be furnished by CONSULTANT on a fee basis negotiated by the respective parties outside of and in addition to this AGREEMENT. B. Visits to the site in excess of the number of trips included in Exhibit B. C. Preparing statements for invoicing or other documentation for billing other than for the standard invoice for services attached to this professional services agreement. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 ARTICLE IV TIME OF COMPLETION CONSULTANT is authorized to commence work under this contract upon execution of this AGREEMENT. CONSULTANT shall perform and complete its obligations herein in a prompt and continuous manner, so as to not delay the completion of the Project in accordance with the schedules as described in Exhibit B. The contract shall remain effective for a two (2) year period with the option to renew for an additional two (2) year period upon council approval. At the sole option of the City of Denton, the Contract may be further extended as needed, not to exceed a total of six (6) months. Scope of Investment Decisions. In performing the services listed in Section II. A above, the CONSULTANT shall not have discretionary authority and, accordingly, shall obtain approval from the OWNER for the purchase or sale of securities prior to execution. The OWNER hereby represents and acknowledges that its written investment policy and investment strategy includes its investment objectives and all portfolio limitations and restrictions, including, without limitation, acceptable levels of investment risk. The OWNER also agrees to notify the CONSULTANT in writing ten (10) business days in advance of the implementation of any changes in the OWNER’S investment objectives, investment limitations, and/or financial condition. Return on the Portfolio. The OWNER expressly affirms and acknowledges that the CONSULTANT not promised or guaranteed any stated or specified return on, or performance of, the Investor’s investment portfolio. The CONSULTANT may rely upon all information regarding cashflow schedules or other information pertaining to the Portfolio as provided by the OWNER as being true and accurate. The OWNER recognizes that there may be loss or depreciation of the current liquidation, immediate and ongoing value of any investment due to the fluctuation of market values. The OWNER represents that no party to this Agreement has made any guarantee, either oral or written, that the OWNER’S investment objectives will be achieved. The CONSULTANT shall not be liable for any error in judgment and/or for any investment losses in the Portfolio in the absence of willful malfeasance, gross negligence, or violation of applicable law. Nothing in this Agreement shall constitute a waiver or limitation of any rights that the OWNER may have under applicable state or federal law including without limitation, the state and federal securities laws. ARTICLE V COMPENSATION A. COMPENSATION TERMS: 1. “Subcontract Expense” is defined as expenses incurred by the CONSULTANT in employment of others in outside firms for services related to this agreement. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 2. “Direct Non-Labor Expense” is defined as that expense for any assignment incurred by the CONSULTANT for supplies, transportation and equipment, travel, communications, subsistence, and lodging away from home, and similar incidental expenses in connection with that assignment. B. BILLING AND PAYMENT: For and in consideration of the professional services to be performed by the CONSULTANT herein, the OWNER agrees to pay, based on the cost estimate detail at rate shown in Exhibit C which is attached hereto and made a part of this Agreement as if written word for word herein, a total fee, including reimbursement for direct non-labor expenses not to exceed $300,000. Partial payments to the CONSULTANT will be made on the basis of detailed monthly statements rendered to and approved by the OWNER through its City Manager or his designee; however, under no circumstances shall any monthly statement for services exceed the value of the work performed at the time a statement is rendered. Nothing contained in this Article shall require the OWNER to pay for any work which is unsatisfactory, as reasonably determined by the City Manager or his designee, or which is not submitted in compliance with the terms of this Agreement. The OWNER shall not be required to make any payments to the CONSULTANT when the CONSULTANT is in default under this Agreement. It is specifically understood and agreed that the CONSULTANT shall not be authorized to undertake any work pursuant to this Agreement which would require additional payments by the OWNER for any charge, expense, or reimbursement above the maximum not to exceed fee as stated, without first having obtained written authorization from the OWNER. The CONSULTANT shall not proceed to perform the services listed in Article III “Additional Services,” without obtaining prior written authorization from the OWNER. C. ADDITIONAL SERVICES: For additional services authorized in writing by the OWNER in Article III, the CONSULTANT shall be paid based on the Schedule of Charges at rate shown in Exhibit C. Payments for additional services shall be due and payable upon submission by the CONSULTANT and approval by the City staff, and shall be in accordance with subsection B hereof. Statements shall not be submitted more frequently than monthly. D. PAYMENT: If the OWNER fails to make payments due the CONSULTANT for services and expenses within thirty (30) days after receipt of the CONSULTANT’s undisputed statement thereof, the amounts due the CONSULTANT will be paid interest in accordance with the Texas Government Code 2251.025. Additionally, the CONSULTANT may, after giving seven (7) days’ written notice to the OWNER, suspend services under this Agreement until the CONSULTANT has been paid in full all amounts due for services, expenses, and charges. Nothing herein shall require the OWNER to pay the late charge if the OWNER reasonably determines that the work is unsatisfactory, in accordance with this Article V, “Compensation,” there is a bona fide Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 dispute concerning the amount due, or the invoice was not mailed to the address or in the form as described in this Agreement. The OWNER will notify CONSULTANT of any disputes within twenty-one (21) days of receipt of the invoice. E. Invoices shall be sent directly to the City of Denton Accounts Payable Department, 215 E McKinney St, Denton, TX, 76201-4299. A pro-forma invoice shall be sent to the contract administrator. It is the intention of the City of Denton to make payment on completed orders within thirty days after receipt of invoice or items; whichever is later, unless unusual circumstances arise. Invoices must be fully documented as to labor, materials, and equipment provided, if applicable, and must reference the City of Denton Purchase Order Number in order to be processed. No payments shall be made on invoices not listing a Purchase Order Number. ARTICLE VI OBSERVATION AND REVIEW OF THE WORK The CONSULTANT will exercise reasonable care and due diligence in discovering and promptly reporting to the OWNER any defects or deficiencies in the work of the CONSULTANT or any subcontractors or subconsultants. ARTICLE VII OWNERSHIP OF DOCUMENTS All documents prepared or furnished by the CONSULTANT (and CONSULTANT’s subcontractors or subconsultants) pursuant to this Agreement are instruments of service, and shall become the property of the OWNER upon the termination of this Agreement. The CONSULTANT is entitled to retain copies of all such documents. The documents prepared and furnished by the CONSULTANT are intended only to be applicable to this Project, and OWNER’s use of these documents in other projects shall be at OWNER’s sole risk and expense. In the event the OWNER uses any of the information or materials developed pursuant to this Agreement in another project or for other purposes than specified herein, CONSULTANT is released from any and all liability relating to their use in that project. ARTICLE VIII INDEMNITY AGREEMENT THE CONSULTANT SHALL INDEMNIFY AND SAVE AND HOLD HARMLESS THE OWNER AND ITS OFFICERS, OFFICIALS, AGENTS, AND EMPLOYEES FROM AND AGAINST ANY AND ALL LIABILITY, CLAIMS, DEMANDS, DAMAGES, LOSSES, AND EXPENSES, INCLUDING, BUT NOT LIMITED TO COURT COSTS AND REASONABLE ATTORNEY FEES ASSERTED AGAINST OR INCURRED BY THE OWNER, AND INCLUDING, WITHOUT LIMITATION, DAMAGES FOR BODILY AND PERSONAL INJURY, DEATH AND PROPERTY DAMAGE, RESULTING FROM THE NEGLIGENT ACTS OR OMISSIONS OF THE CONSULTANT OR ITS OFFICERS, SHAREHOLDERS, AGENTS, OR EMPLOYEES Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 INCIDENTAL TO, RELATED TO, AND IN THE EXECUTION, OPERATION, OR PERFORMANCE OF THIS AGREEMENT. Nothing in this Agreement shall be construed to create a liability to any person who is not a party to this Agreement, and nothing herein shall waive any of the parties’ defenses, both at law or equity, to any claim, cause of action, or litigation filed by anyone not a party to this Agreement, including the defense of governmental immunity, which defenses are hereby expressly reserved. ARTICLE IX INSURANCE During the performance of the services under this Agreement, CONSULTANT shall maintain insurance in compliance with the requirements of Exhibit D which is attached hereto and made a part of this Agreement as if written word for word herein. ARTICLE X ALTERNATIVE DISPUTE RESOLUTION The parties may agree to settle any disputes under this Agreement by submitting the dispute to mediation with each party bearing its own costs of mediation. No mediation arising out of or relating to this Agreement, involving one party’s disagreement may include the other party to the disagreement without the other’s approval. Mediation will not be a condition precedent to suit. ARTICLE XI TERMINATION OF AGREEMENT A. Notwithstanding any other provision of this Agreement, either party may terminate by giving thirty (30) days’ advance written notice to the other party. B. This Agreement may be terminated in whole or in part in the event of either party substantially failing to fulfill its obligations under this Agreement. No such termination will be affected unless the other party is given (1) written notice (delivered by certified mail, return receipt requested) of intent to terminate and setting forth the reasons specifying the non-performance, and not less than fifteen (15) calendar days to cure the failure; and (2) an opportunity for consultation with the terminating party prior to termination. C. If the Agreement is terminated prior to completion of the services to be provided hereunder, CONSULTANT shall immediately cease all services and shall render a final bill for services to the OWNER within thirty (30) days after the date of termination. The OWNER shall pay CONSULTANT for all services properly rendered and satisfactorily performed and for reimbursable expenses to termination incurred prior to the date of termination, in accordance with Article V “Compensation.” Should the OWNER subsequently contract with a new consultant for the continuation of services on the Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 Project, CONSULTANT shall cooperate in providing information. The CONSULTANT shall turn over all documents prepared or furnished by CONSULTANT pursuant to this Agreement to the OWNER on or before the date of termination, but may maintain copies of such documents for its use. ARTICLE XII RESPONSIBILITY FOR CLAIMS AND LIABILITIES Approval by the OWNER shall not constitute, nor be deemed a release of the responsibility and liability of the CONSULTANT, its employees, associates, agents, subcontractors, and subconsultants for the accuracy and competency of their designs or other work; nor shall such approval be deemed to be an assumption of such responsibility by the OWNER for any defect in the design or other work prepared by the CONSULTANT, its employees, subcontractors, agents, and consultants. ARTICLE XIII NOTICES All notices, communications, and reports required or permitted under this Agreement shall be personally delivered or mailed to the respective parties by depositing same in the United States mail to the address shown below, certified mail, return receipt requested, unless otherwise specified herein. Mailed notices shall be deemed communicated as of three (3) days’ mailing: To CONSULTANT: To OWNER: Hilltop Securities Asset Management, LLC City of Denton Scott McIntyre Purchasing Manager –File 9020 717 N. Harwood St. Ste 3400, 901B Texas Street Dallas, TX 75201 Denton, Texas 76201 All notices shall be deemed effective upon receipt by the party to whom such notice is given, or within three (3) days’ mailing. ARTICLE XIV ENTIRE AGREEMENT This Agreement and related exhibits constitute the complete and final expression of this Agreement of the parties, and is intended as a complete and exclusive statement of the terms of their agreements, and supersedes all prior contemporaneous offers, promises, representations, negotiations, discussions, communications, and agreements which may have been made in connection with the subject matter hereof. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 ARTICLE XV SEVERABILITY If any provision of this Agreement is found or deemed by a court of competent jurisdiction to be invalid or unenforceable, it shall be considered severable from the remainder of this Agreement and shall not cause the remainder to be invalid or unenforceable. In such event, the parties shall reform this Agreement to replace such stricken provision with a valid and enforceable provision which comes as close as possible to expressing the intention of the stricken provision. ARTICLE XVI COMPLIANCE WITH LAWS The CONSULTANT shall comply with all federal, state, and local laws, rules, regulations, and ordinances applicable to the work covered hereunder as those laws may now read or hereinafter be amended. ARTICLE XVII DISCRIMINATION PROHIBITED In performing the services required hereunder, the CONSULTANT shall not discriminate against any person on the basis of race, color, religion, sex, sexual orientation, national origin or ancestry, age, or physical handicap. ARTICLE XVIII PERSONNEL A. The CONSULTANT represents that it has or will secure, at its own expense, all personnel required to perform all the services required under this Agreement. Such personnel shall not be employees or officers of, or have any contractual relations with the OWNER. CONSULTANT shall inform the OWNER of any conflict of interest or potential conflict of interest that may arise during the term of this Agreement. B. All services required hereunder will be performed by the CONSULTANT or under its supervision. All personnel engaged in work shall be qualified, and shall be authorized and permitted under state and local laws to perform such services. ARTICLE XIX ASSIGNABILITY The CONSULTANT acknowledges that this Agreement is based on the demonstrated competence and specific qualifications of the CONSULTANT and is therefore personal as to the CONSULTANT. Therefore, the CONSULTANT shall not assign any interest in this Agreement, and shall not transfer any interest in this Agreement (whether by assignment, novation, or otherwise) without the prior written consent of the OWNER. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 ARTICLE XX MODIFICATION No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith, and no evidence of any waiver or modification shall be offered or received in evidence in any proceeding arising between the parties hereto out of or affecting this Agreement, or the rights or obligations of the parties hereunder, and unless such waiver or modification is in writing and duly executed; and the parties further agree that the provisions of this section will not be waived unless as set forth herein. ARTICLE XXI MISCELLANEOUS A. The following exhibits are attached to and made a part of this Agreement: Exhibit A – RFP 9020 – Assessment of Organization Structure Related to Capital Projects for the City of Denton (on file at the purchasing office) Exhibit B – Consultant’s Proposal Exhibit C – Consultant’s Compensation Rate Sheet Exhibit D – Consultant’s Insurance Requirements What is called for by one exhibit shall be as binding as if called for by all. In the event of an inconsistency or conflict in this Agreement and any of the provisions of the exhibits, the inconsistency or conflict shall be resolved by giving precedence first to this Agreement then to the exhibits in the order in which they are listed above. B. This Agreement shall be governed by, construed, and enforced in accordance with, and subject to, the laws of the State of Texas or federal law, where applicable, without regard to the conflict of law principles of any jurisdiction. In the event there shall be any dispute arising out of the terms and conditions of, or in connection with, this Agreement, the party seeking relief shall submit such dispute to the District Courts of Denton County or if federal diversity or subject matter jurisdiction exists, to the United States District Court for the Eastern District of Texas-Sherman Division. C. For the purpose of this Agreement, the key persons who will perform most of the work hereunder shall be Scott McIntyre. However, nothing herein shall limit CONSULTANT from using other equally qualified and competent members of its firm to perform the services required herein. D. CONSULTANT shall commence, carry on, and complete any and all projects with all applicable dispatch, in a sound, economical, and efficient manner and in accordance with the provisions hereof. In accomplishing the projects, CONSULTANT shall take such Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 steps as are appropriate to ensure that the work involved is properly coordinated with related work being carried on by the OWNER. E. The OWNER shall assist the CONSULTANT by placing at the CONSULTANT’s disposal all available information pertinent to the Project, including previous reports, any other data relative to the Project, and arranging for the access thereto, and make all provisions for the CONSULTANT to enter in or upon public and private property as required for the CONSULTANT to perform services under this Agreement. F. The captions of this Agreement are for informational purposes only, and shall not in any way affect the substantive terms or conditions of this Agreement. G. The parties agree to transact business electronically. Any statutory requirements that certain terms be in writing will be satisfied using electronic documents and signing. Electronic signing of this document will be deemed an original for all legal purposes. ARTICLE XXII INDEPENDENT CONTRACTOR CONSULTANT shall provide services to OWNER as an independent contractor, not as an employee of the OWNER. CONSULTANT shall not have or claim any right arising from employee status. ARTICLE XXIII RIGHT TO AUDIT The OWNER shall have the right to audit and make copies of the books, records and computations pertaining to this agreement. The CONTRACTOR shall retain such books, records, documents and other evidence pertaining to this agreement during the contract period and five years thereafter, except if an audit is in progress or audit findings are yet unresolved, in which case records shall be kept until all audit tasks are completed and resolved. These books, records, documents and other evidence shall be available, within 10 business days of written request. Further, the CONTRACTOR shall also require all Subcontractors, material suppliers, and other payees to retain all books, records, documents and other evidence pertaining to this agreement, and to allow the OWNER similar access to those documents. All books and records will be made available within a 50 mile radius of the City of Denton. The cost of the audit will be borne by the OWNER unless the audit reveals an overpayment of 1% or greater. If an overpayment of 1% or greater occurs, the reasonable cost of the audit, including any travel costs, must be borne by the CONTRACTOR which must be payable within five business days of receipt of an invoice. Failure to comply with the provisions of this section shall be a material breach of this contract and shall constitute, in the OWNER’S sole discretion, grounds for termination thereof. Each of the terms "books", "records", "documents" and "other evidence", as used above, shall be construed to include drafts and electronic files, even if such drafts or electronic files are subsequently used to generate or prepare a final printed document. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 ARTICLE XXIV PROHIBITION ON CONTRACTS WITH COMPANIES BOYCOTTING ISRAEL Contractor acknowledges that in accordance with Chapter 2271 of the Texas Government Code, City is prohibited from entering into a contract with a company for goods or services unless the contract contains a written verification from the company that it: (1) does not boycott Israel; and (2) will not boycott Israel during the term of the contract. The terms “boycott Israel” and “company” shall have the meanings ascribed to those terms in Section 808.001 of the Texas Government Code. By signing this agreement, Contractor certifies that Contractor’s signature provides written verification to the City that Contractor: (1) does not boycott Israel; and (2) will not boycott Israel during the term of the agreement. Failure to meet or maintain the requirements under this provision will be considered a material breach. ARTICLE XXV PROHIBITION ON CONTRACTS WITH COMPANIES DOING BUSINESS WITH IRAN, SUDAN, OR A FOREIGN TERRORIST ORGANIZATION Sections 2252 and 2270 of the Texas Government Code restricts CITY from contracting with companies that do business with Iran, Sudan, or a foreign terrorist organization. By signing this agreement, Contractor certifies that Contractor’s signature provides written verification to the City that Contractor, pursuant to Chapters 2252 and 2270, is not ineligible to enter into this agreement and will not become ineligible to receive payments under this agreement by doing business with Iran, Sudan, or a foreign terrorist organization. Failure to meet or maintain the requirements under this provision will be considered a material breach. ARTICLE XXVI PROHIBITION ON CONTRACTS WITH COMPANIES BOYCOTTING CERTAIN ENERGY COMPANIES Contractor acknowledges that in accordance with Chapter 2274 of the Texas Government Code, City is prohibited from entering into a contract with a company for goods or services unless the contract contains written verification from the company that it (1) does not boycott energy companies; and (2) will not boycott energy companies during the term of the contract. The terms “boycott energy company” and “company” shall have the meanings ascribed to those terms in Section 809.001 of the Texas Government Code. By signing this agreement, Contractor certifies that Contractor’s signature provides written verification to the City that Contractor: (1) does not boycott energy companies; and (2) will not boycott energy companies during the term of the agreement. Failure to meet or maintain the requirements under this provision will be considered a material breach. ARTICLE XXVII PROHIBITION ON CONTRACTS WITH COMPANIES BOYCOTTING CERTAIN FIREARM ENTITIES AND FIREARM TRADE ASSOCIATIONS Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 Contractor acknowledges that in accordance with Chapter 2274 of the Texas Government Code, City is prohibited from entering into a contract with a company for goods or services unless the contract contains written verification from the company that it (1) does not have a practice, policy, guidance, or directive that discriminates against a firearm entity or firearm trade association; and (2) will not discriminate during the term of the contract against a firearm entity or firearm trade association. The terms “discriminate against a firearm entity or firearm trade association,” “firearm entity” and “firearm trade association” shall have the meanings ascribed to those terms in Chapter 2274 of the Texas Government Code. By signing this agreement, Contractor certifies that Contractor’s signature provides written verification to the City that Contractor: (1) does not have a practice, policy, guidance, or directive that discriminates against a firearm entity or firearm trade association; and (2) will not discriminate during the term of the contract against a firearm entity or firearm trade association. Failure to meet or maintain the requirements under this provision will be considered a material breach. ARTICLE XXVIII TERMINATION RIGHT FOR CONTRACTS WITH COMPANIES DOING BUSINESS WITH CERTAIN FOREIGN-OWNED COMPANIES The City of Denton may terminate this Contract immediately without any further liability if the City of Denton determines, in its sole judgment, that this Contract meets the requirements under Chapter 2274, and Contractor is, or will be in the future, (i) owned by or the majority of stock or other ownership interest of the company is held or controlled by individuals who are citizens of China, Iran, North Korea, Russia, or other designated country (ii) directly controlled by the Government of China, Iran, North Korea, Russia, or other designated country, or (iii) is headquartered in China, Iran, North Korea, Russia, or other designated country. ARTICLE XXIX CERTIFICATE OF INTERESTED PARTIES ELECTRONIC FILING In 2015, the Texas Legislature adopted House Bill 1295, which added section 2252.908 of the Government Code. The law states that the City may not enter into this contract unless the Consultant submits a disclosure of interested parties (Form 1295) to the City at the time the Consultant submits the signed contract. The Texas Ethics Commission has adopted rules requiring the business entity to file Form 1295 electronically with the Commission. Consultant will be required to furnish a Certificate of Interest Parties before the contract is awarded, in accordance with Government Code 2252.908. The consultant shall: 1. Log onto the State Ethics Commission Website at : https://www.ethics.state.tx.us/filinginfo/1295/ 2. Register utilizing the tutorial provided by the State 3. Print a copy of the completed Form 1295 4. Enter the Certificate Number on page 2 of this contract. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 5. Complete and sign the Form 1295 6. Email the form to purchasing@cityofdenton.com with the contract number in the subject line. (EX: Contract 1234 – Form 1295) The OWNER must acknowledge the receipt of the filed Form 1295 not later than the 30th day after Council award. Once a Form 1295 is acknowledged, it will be posted to the Texas Ethics Commission’s website within seven business days. ARTICLE XXX PROHIBITION AGAINST PERSONAL INTEREST IN CONTRACTS No officer, employee, independent consultant, or elected official of the City who is involved in the development, evaluation, or decision-making process of the performance of any solicitation shall have a financial interest, direct or indirect, in the Contract resulting from that solicitation as defined in the City’s Ethic Ordinance 23-1165 and in the City Charter chapter 2 article XI(Ethics). Any willful violation of this section shall constitute impropriety in office, and any officer or employee guilty thereof shall be subject to disciplinary action up to and including dismissal. Any violation of this provision, with the knowledge, expressed or implied, of the Contractor shall render the Contract voidable by the City. The Consultant shall complete and submit the City’s Conflict of Interest Questionnaire. The parties agree to transact business electronically. Any statutory requirements that certain terms be in writing will be satisfied using electronic documents and signing. Electronic signing of this document will be deemed an original for all legal purposes. IN WITNESS HEREOF, the City of Denton, Texas has caused this Agreement to be executed by its duly authorized City Manager, and CONSULTANT has executed this Agreement through its duly authorized undersigned officer on this date______________________. BY: CONSULTANT HILLTOP SECURITIES ASSET MANAGEMENT, LLC Authorized Agent, Title Full Name: ________________________ TEXAS ETHICS COMMISSION CERTIFICATE NUMBER Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Exempt Managing Director Scott McIntyre 06/02/2026 City of Denton, Texas Contract 9020 Revised Date: 9/11/18 BY: CITY OF DENTON, TEXAS Cassey Ogden, Interim City Manager ATTEST: BY: _______________________________ APPROVED AS TO LEGAL FORM: MACK REINWAND, CITY ATTORNEY BY: ______________________________ THIS AGREEMENT HAS BEEN BOTH REVIEWED AND APPROVED as to financial and operational obligations and business terms. ___________________________ SIGNATURE ___________________________ TITLE ___________________________ DEPARTMENT Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Finance Chief Financial Officer KRISTI FOGLE, INTERIM CITY SECRETARY City of Denton, Texas Contract 9020 Revised Date: 9/11/18 Exhibit A RFP - 9020 – Investment Advisory Services (on file in the purchasing office) Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Proposal to Provide Investment Advisory Services RFP 9020 City of Denton, Texas March 25, 2026 City of Denton, Texas March 25, 2026 Proposal to Provide Investment Advisory Services CONTACT: Scott D. McIntyre, Managing Director scott.mcintyre@hilltopsecurities.com 2700 Via Fortuna, Suite 410, Austin, Texas 78746 Office Phone: 512.481.2009, Fax: 512.481.2020 Exhibit B Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 March 25, 2026 Submitted via portal upload Ionwave Ms. Christina Dormady Purchasing City of Denton 901B Texas Street Denton, TX 76209 Dear Ms. Dormady: On behalf of HilltopSecurities Asset Management, LLC (“HSAM”), I appreciate the opportunity to submit our proposal to continue providing investment advisory services to the City of Denton, Texas (the "City"). HSAM believes our long history of helping public entities meet their financial goals highly qualifies our firm to assist the City in the range of investment services it seeks. We hope the City will consider HSAM for the following reasons: Trust. HSAM has been providing quality financial services and peace of mind to its local government clients since 1988. As conservative investment managers who carefully adhere to requirements of state governing law as well as individual client policies, we consider safety to be paramount. Having experienced HSAM professionals in your corner adds peace of mind. Public Funds Knowledge. HSAM has been working exclusively with conservative local government clients since its inception. As of December 31, 2025, HSAM actively managed $37.7 billion for dozens of local governments. In addition, we served as the investment advisor for an additional $13.11 billion, participating in strategy development, market and economic analysis, and selection of prudent security alternatives. Personal Attention and Service. HSAM’s advisory clients are highly important to us, and we are committed to our responsibilities. Because we manage a select number of accounts, we are able to take the time to understand each client’s individual needs and objectives. Through frequent communication of relevant market news, interest rates, and specific securities, we can offer each person on the City's staff the opportunity to continually develop his or her own investment skills. Proper Staffing. We pride ourselves on being responsive. This means we have five experienced investment professionals and two dedicated reporting experts working on your behalf, all with accounting backgrounds. In addition, there are three compliance officers on staff and dozens of analysts, market specialists and IT personnel ready to assist as needed. Professionals throughout the company act as resources, assuring that client objectives are met. HSAM’s engagement for the City will be led by Scott McIntyre, Managing Director and Senior Portfolio Manager, who will coordinate all services from HSAM’s Austin, Texas office (2700 Via Fortuna, Suite 410, Austin, TX 78746). Some services and support may be provided from Hilltop Securities Inc.’s corporate headquarters in Dallas, Texas (717 N. Harwood Street, Suite 3400, Dallas, TX 75201). Cash Management Expertise. HSAM’s service extends far beyond assisting in the management of funds. As Certified Treasury Professionals, we are able to lend valuable experience in the formulation of prudent investment policies as well as effective strategies in changing market conditions. In addition, several members of our management team have investment accounting backgrounds, a useful resource when linking earnings to ledgers. Exceptional Reporting Capabilities. HSAM produces timely and comprehensive reports, with online access, allowing the City to quickly understand and assess its portfolio position, if it chooses the reporting option. We also provide Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Proposal to Provide Investment Advisory Services Scott McIntyre, Managing Director scott.mcintyre@hilltopsecurities.com 512.481.2009 © 2026 HilltopSecurities Asset Management, LLC. All rights reserved. regular market and economic updates as well as a bi-weekly investment strategy conference call to inform our clients of news and events that affect investment earnings. Scope of Services. In addition to investment management services, HSAM offers in-house arbitrage rebate calculations and its affiliate, Hilltop Securities Inc., offers continuing disclosure and financial advisory services. The firm also offers a full range of structured financial products and services designed to meet the balance sheet management needs of its clients. The knowledge and experience of the entire firm is available as a resource to the City's staff. Commitment. HSAM specializes in providing prudent advice and management of public funds. Our commitment is to consistently maintain the highest level of integrity in the financial industry, while seeking above average investment returns based on the safety and security of principal. By design, we provide services to a carefully controlled number of accounts, allowing us to work with our clients on an individual basis and ensure their investment needs are met. With this high level of service and commitment, we are able to maximize the objectives of our valued clients. HSAM genuinely appreciates the opportunity to assist the City with its investments. If you have any questions during the selection process or need additional information, please do not hesitate to call me at 512.481.2009, or e-mail scott.mcintyre@hilltopsecurities.com. We would be honored to continue and strengthen our relationship with the City. Sincerely yours, Scott D. McIntyre, CFA Managing Director Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 T a b l e o f C o n t e n t s P a g e | i © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Table of Contents 1. MINIMUM SERVICE REQUIREMENTS ................................................................................................... 1 2. INVESTMENT MANAGEMENT APPROACH .......................................................................................... 4 3. REPORTING (Separate Bid Option) ....................................................................................................... 9 4. KEY PROJECT PERSONNEL ............................................................................................................... 12 5. FEES ....................................................................................................................................................... 20 Appendix A Hilltop Securities Asset Management, LLC Form ADV Part II Appendix B Sample Report Appendix C Sample Commentary Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 1 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. 1. MINIMUM SERVICE REQUIREMENTS Proven Experience As of December 31, 2025, HSAM managed a total of $37.7 billion in assets for 60 public sector clients, including 20 Texas cities with over $9.6 billion under management. Overall, individual client assets range from a low of $8.8 million, to a high of $3.5 billion. The average per client is $628 million while the median client portfolio is $454 million. The average client tenure is just over eleven years. In addition, we served in an advisory capacity (no trade execution) for another $13.1 billion, bringing the total of assets under management or advisory services to over $50 billion. Our exclusive focus is on fixed income securities as allowed by the PFIA. All of our assets under management are considered non-discretionary, requiring client approval prior to all transactions. HSAM’s entire program was developed and refined to meet the needs of local governments, and our report set was designed to adhere to PFIA requirements. The City of Denton would be an ideal fit. HSAM focuses solely on the management of local government funds with over 90% of its client base in the state of Texas. We work with a number of large cities in the DFW area including Coppell, Denton, Frisco, Richardson and Southlake as well as the Tarrant County Hospital District (JPS Health). The similarity of accounts allows us to gain significant economies of scale and leverage solutions to questions common to local governments. We frequently share this information both one-on-one with our clients and in workshops and classes. Our two senior managers have been with the firm for over 25 years and regularly provide investment training to governmental entities through the North Central Texas Council of Governments and partner organizations such as GTOT and GFOAT. In addition, HSAM provides 10 hours of annual PFIA- compliant investment training, with CPE credits. The following graph summarizes our assets by year for the past five years, broken down by category of services. Advisory assets are a consulting arrangement where the client retains the responsibility for executing transactions. Management assets represent those where HSAM executes transactions (on a non- discretionary basis). The following graphs summarize the composition of portfolios currently under management and reflect the breakdown of assets under management by client type and security type: Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 2 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. HilltopSecurities Asset Management, LLC (”HSAM”) meets all of the minimum service requirements and is committed to providing the services outlined below. We have served as the City’s investment advisor for many years and have demonstrated our ability to meet the City’s requirements. a. Be a registered Investment Advisor as defined and regulated by the Securities and Exchange Commission and be registered with the Texas State Securities Board. HSAM is a federally registered Investment Advisor and is registered in the State of Texas via a notice filing. A copy of the firm’s Form ADV part II filed with SEC, which includes evidence of the firm’s registration with the State of Texas, is attached as Appendix A. b. Be either completely independent of any financial institution or securities brokerage firm; or fully and continuously disclose any relationships with such financial institution(s) and/or securities brokerage firm(s), and further disclose any commissions, bonuses, or soft-dollar payments resulting from the firm’s relationship with the City. As a registered investment advisor, HSAM does not act as a broker or a dealer in securities. Our affiliate, Hilltop Securities Inc., serves as broker in securities for investments made by some local government clients. However, to maintain our independence, and prevent conflicts of interest, HSAM does not solicit bids or purchase any investments from our affiliate. All investment transactions made for our investment management clients are performed on a competitive, best execution basis with non-affiliated brokers/dealers. There are no other business affiliations that will affect our investment management or performance. We will not pay any finders’ fees or share any revenues with other firms. HSAM does not receive any soft-dollar compensation. c. Take no possession of City monies or investment securities, nor have access to or control over such monies and/or securities, unless said firm has a securities clearing operation to buy and sell financial instruments on behalf of its customers. If the latter is the case, the advisor will be required to remit random broker/dealer tickets for review by the City on a quarterly basis. HSAM never takes possession of the City’s funds or securities and it never has access to or control over the City’s monies or other securities. d. Comply with City’s Investment Policy, the Public Funds Investment Act (Texas Government Code, Chapter 2256) and the Collateral Act for Public Funds (Texas Government Code, Chapter 2257). We are well-versed in the laws and regulations that govern public funds investment in the state and the City’s investment policy. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 3 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. e. Review and recommend changes to the City’s Investment Policy and ensure compliance. HSAM will review and recommend changes to the City’s investment policy. f. Assist in developing and implementing investment strategies that will enhance portfolio performance under current and anticipated changes in market conditions within the parameters of established investment policies and cash flow needs. Strategy will be cashflow appropriate, adjusted as market conditions warrant, and transparent. If need be, strategy will be presented to the investment committee for approval. g. Provide non-discretionary management of the investment portfolio by acting solely in an advisory and administrative capacity within the guidelines of the City’s Investment Policy. All HSAM transactions are conducted on a non-discretionary basis, subject to client approval. h. Provide daily, timely assessments of the market as well as a sample broker/dealer inventory pricing sheet for varying types of securities (e.g., commercial paper, U.S. federal agencies, U.S. Treasuries, taxable & tax-exempt municipals, and investment pools) at different maturity levels to aid City staff in planning purchases/sales. As an HSAM client, the City will receive regular market updates, a daily relative value report, and periodic economic e-mails presented in layman’s terms that summarize key economic data and market reactions. The City will also be invited to join our bi-weekly economic recap and investment strategy conference calls. i. Execute securities purchases/sales upon verbal instructions from authorized investment officers. After a trade is executed, the advisor must confirm to the City by email all details of the trade, including the three most competitive offers/bids received. All security purchases and sales for the City must be conducted on a competitive basis. An official trade confirmation must be emailed or accessible on a web-based portal within 5 days of the transaction. The City is responsible for instructing the Custodian to either accept or deliver securities transacted through the advisor. HSAM will execute all trades, provide an immediate trade ticket, written documentation and assistance in security clearance. j. Advise the City on current conditions and other general information. As an HSAM client, the City will receive regular market updates, a daily relative value report, and periodic economic e-mails presented in layman’s terms that summarize key economic data and market reactions. The City will also be invited to join our bi-weekly economic recap and investment strategy conference calls. k. Attend quarterly investment committee meetings in person or via teleconference to discuss portfolio performance, the economic environment, and market conditions. Attendance may be required, from time to time, by other governing or committee bodies of the City when the subject of investments is to be discussed. An HSAM portfolio manager will attend quarterly meetings, and other required meetings, as requested by the City. l. Provide bank collateral pricing and review when necessary. HSAM will provide collateral pricing for the City upon request. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 4 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. 2. INVESTMENT MANAGEMENT APPROACH a) Outline steps that would be taken to ensure the City’s objectives of safety, liquidity, and yield as well as to follow the parameters of the City’s Investment Policy. Most of the accounts we manage are driven by known cashflows such that funds flow in during a specific period of the year and are expected to be spent over a known period of time. In addition, the vast majority of our clients are subject to the Texas Public Investment Act. The City is no exception. Thus, both the first step in the investment approach and the overriding philosophy is to ensure safety and provide adequate liquidity to fund expenditures. This mirrors the primary investment objectives of the City and is provided for in the Texas Public Funds Investment Act. Ensuring safety, liquidity, and yield is part of our DNA. The City’s stated objective of ensuring safety of principal has always been a fundamental objective of HSAM. We’re not advocates of chasing yield. There are opportunities to invest in select higher yielding investments, but with few exceptions, these present more principal risk than we feel is appropriate for a local government investor. Our investment philosophy is conservative in nature, but we believe a thorough discussion and understanding of the risk profile unique to each client is an important step in determining the asset mix of any portfolio. After this, we determine only those market sectors that adhere to written policy and best meet the City’s primary safety goals. Yield is a function of the total process including investment strategy, security selection, and market conditions to name a few. By carefully managing the entire process, the City’s final objective of obtaining a market rate of yield will be met. While the underlying philosophy and adherence to safety remain constant, we must be mindful of an ever changing environment. Global financial conditions, a virtual non-factor ten years ago, now play a prominent role in domestic financial markets and exert a great deal of influence on investment decisions. The recent global pandemic and the subsequent government response has rewritten the economic and interest rate landscape, while record federal budget deficits will limit future support. In this type of environment, it’s even more important that local governments refrain from taking undue risks. This means diversifying maturities to balance current earnings with market risk. Because we independently manage each portfolio, methods of adding value differ among clients. We aim to discuss policy, risk tolerance, and expected cash flow before recommending specific strategies. In the current economic environment, following rate cuts in 2024 and 2025 and evolving expectations for additional easing, subject to inflation and geopolitical developments, we generally seek to extend durations to lock in earnings for longer periods. For clients with investment policies that allow for a wide range of authorized investments, HSAM is able to select the best offerings from among a large number of premier financial sources. Each morning, our portfolio managers review current Treasury, agency and municipal investment offerings from dozens of broker/dealer firms. We perform the review daily, regardless of whether our clients purchase securities. This exercise gives us a necessary historical perspective on the bond market, as we monitor spreads on agencies as well as historical changes in Treasury yields. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 5 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Because this is an ongoing process, we are able to recognize quickly when a particular issue becomes cheap relative to where it has been trading. This “relative value” approach is our most consistently employed strategy. To that end, we can add great value if the City’s cash flows allow us to take advantage of such pricing opportunities. When cash flows are restrictive or when a policy is more conservative, HSAM relies more on our ability to access the market. Although not considered a strategy, we do see security products at more advantageous prices because of the volume of business our firm conducts as a whole. We are able to pass on this “volume discount” to all of our clients, regardless of portfolio size. Due to the cyclical nature of public funds cash flow, a conservative strategy that is prevalent in all portfolio construction is to “ladder” portfolio maturities so that they correspond to known expense payment dates. This is particularly effective when large payroll or debt service payments can be forecasted easily. Oftentimes, it may be advantageous to position laddered securities to mature prior to the actual dates with the expectation of reinvesting in a higher yielding market in the future. Funds that are not tied to specific cash flows are generally invested in a laddered structure as well. However, the length of that ladder can be shortened or lengthened as market conditions change and strategy adapts. Although as much a safeguard as a strategy, diversification is a critical element in the value equation. We believe the most important aspect of diversification is determining the proper allocation between variable rate and fixed rate investments. HSAM will help the City to better diversify by:  Suggesting the optimal percentage of funds to be invested out along the curve in any given rate environment;  Establishing value in each maturity range;  Purchasing securities with the highest relative value within each range; and  Rebalancing the portfolio as securities mature. Generally, by diversifying the portfolio, the City achieves its final stated objective of earning a competitive market rate of return. Because we work closely with our clients, the strategies we ultimately employ are those that our clients both are comfortable with and fully understand. Although it’s quite common for investment managers to talk about a team approach in managing funds, the HSAM group does indeed combine all of its parts into a whole. The four investment managers spend significant time evaluating the economy, financial markets, specific securities and individual portfolios. We share trade ideas amongst ourselves and discuss securities as they are being shown. Although discussion with clients may happen frequently during high trade volume periods, we strive to have regular conversations even when trading is light. Research is freely traded on the desk in the same manner. Conversations between portfolio managers are ongoing throughout the day. b) Since the City occasionally invests in commercial paper, explain safeguards and procedures that are employed regarding investment selection, any issuer due diligence performed, and ongoing credit monitoring. Since all of our clients are public entities, safety of principal is the over-riding objective in everything we do. Since most portfolios are invested primarily in government obligations the burden of credit review and Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 6 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. monitoring greatly reduced. For those clients investing in instruments with credit risk, such as commercial paper, corporate or municipal obligations we invest only in top tier investment grade instruments. Credit ratings and credit reports from the rating agencies are reviewed regularly. All commercial paper issuers are carefully analyzed before being considered for inclusion on the HSAM approved list. Internal summaries of corporate CP issues are available for review. All CP must meet PFIA standards and policy requirements. To ensure these standards are met, credit profiles are checked prior to purchase, and a Bloomberg-fed macro is run weekly on all approved issuers. As the City can attest, we have never purchased a non-compliant issue, nor had to liquidate a downgraded bond. Additionally, we monitor issuer concentrations and limit the amount of the portfolio that may be invested in any single issuer. All investment portfolios have now been fully converted to our investment portfolio tracking and accounting system, which provides enhanced tools for monitoring investment allocations, credit exposure, and ongoing compliance with the City’s Investment Policy. This system strengthens oversight, improves transparency, and supports real-time compliance monitoring. Additional detail on the system and its reporting capabilities is provided later in this proposal. Mr. McIntyre will have primary responsibility for monitoring security credits in the City’s portfolio, but will assign additional credit research to other experts within the firm if needed. Formal credit ratings, as assigned by Standard & Poor’s, Moody’s and Fitch are verified individually prior to purchase on each municipal or commercial paper offering. Credit monitoring and notifications will be enabled on Bloomberg and MSRB’s EMMA (Electronic Municipal Market Access) systems so that we will be notified in the event of credit downgrades. HSAM maintains an approved list of domestic CP issuers that are subject to ongoing due diligence from our portfolio managers. Mr. McIntyre will administer the approval process. The firm maintains a municipal trading operation with analysts specific to that sector. Although we do not purchase municipal securities from our affiliated broker-dealer Hilltop Securities Inc., we are able to seek advice and obtain important information related to the market. In addition, HSAM conducts effective credit research through the formal ratings process whereby only top-tier credits are considered for inclusion in the portfolio. As we’ve done in the past, we’ll exercise a conservative approach to credit authorization with principal preservation being the most important condition. We continue to advocate a more conservative approach to credit even today. We currently plan to limit purchases to domestic issuers, and will be nimble as military and trade conflicts unfold. c) Explain the number and type of broker/dealers (primary, regional, minority or veteran-owned enterprise) your advisory firm works with. HSAM will provide its list of independent broker/dealers to the City on no less than an annual basis as part of our compliance package. The dealer selection process, which has evolved over the years, requires a dealer questionnaire, financials, account rep bios, contact information, references and delivery instructions. Our 2026 list totals 28 firms, with 10 primary dealers, large regional broker/dealers and a number of historically underutilized businesses, including veteran-owned businesses. Our goal is to find financial institutions that offer value, by either holding Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 7 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. large product inventories, being knowledgeable and responsive in the fixed income arena, or having local preference and/or minority status. HSAM does not open individual accounts for its clients. All trades are conducted on a delivery-vs-payment basis and securities will all be delivered from the Hilltop Clearing Group. HSAM will sign the PFIA certification, stating that we’ve read the policy and have procedures in place to preclude the purchase of unapproved or improper investments. d) Describe the primary strategies for adding value and return to investment portfolios. Because we independently manage each portfolio, methods of adding value differ among clients. For clients with investment policies that allow for a wide range of authorized investments, HSAM is able to select the best offerings from among a large number of premier financial sources. Each morning, our portfolio managers review current Treasury, agency and municipal investment offerings from dozens of broker/dealer firms. We perform the review daily, regardless of whether our clients purchase securities. This exercise gives us a necessary historical perspective on the bond market, as we monitor spreads on agencies as well as historical changes in Treasury yields. Because this is an ongoing process, we are able to recognize quickly when a particular issue becomes cheap relative to where it has been trading. This “relative value” approach is our most consistently employed strategy. To that end, we can add great value if the City's cash flows allow us to take advantage of such pricing opportunities. When cash flows are restrictive or when a policy is more conservative, HSAM relies more on our ability to access the market. Although not considered a strategy, we do see security products at more advantageous prices because of the volume of business our firm conducts as a whole. We are able to pass on this “volume discount” to all of our clients, regardless of portfolio size. Due to the cyclical nature of public funds cash flow, a conservative strategy that is prevalent in all portfolio construction is to “ladder” portfolio maturities so that they correspond to known expense payment dates. This is particularly effective when large payroll or debt service payments can be forecasted easily. Oftentimes, it may be advantageous to position laddered securities to mature prior to the actual dates with the expectation of reinvesting in a higher yielding market in the future. Although as much a safeguard as a strategy, diversification is a critical element in the value equation. We believe the most important aspect of diversification is determining the proper allocation between variable rate and fixed rate investments. HSAM will help the City to better diversify by:  Suggesting the optimal percentage of funds to be invested out along the curve in any given rate environment;  Establishing value in each maturity range;  Purchasing securities with the highest relative value within each range; and  Rebalancing the portfolio as securities mature. Generally, by diversifying the portfolio, the City achieves its final stated objective of earning a competitive market rate of return. Because we work closely with our clients, the strategies we ultimately employ are those that our clients both are comfortable with and fully understand. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 8 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Although it’s quite common for investment managers to talk about a team approach in managing funds, the HSAM group does indeed combine all of its parts into a whole. The four investment managers spend significant time evaluating the economy, financial markets, specific securities and individual portfolios. We share trade ideas amongst ourselves and discuss securities as they are being shown. Although discussion with clients may happen frequently during high trade volume periods, we strive to have regular conversations even when trading is light. Research is freely traded on the desk in the same manner. Conversations between portfolio managers are ongoing throughout the day. Our team will be well-versed in the investment objectives and constraints of the City. Furthermore, since all of our public sector clients operate under similar policy constraints, an active and conservative approach is a guiding HSAM principle. On an ongoing basis, all trades are subject to internal compliance review from an independent department of HilltopSecurities. In total, these procedures ensure that the City's best interests are served. e) Describe your access to timely market data, broker/dealer inventories, and availability to Bloomberg terminals, as well as client contact procedures. Is daily market and security pricing information provided? HSAM professionals have access to a total of 14 multifunction Bloomberg screens. These are the primary access points to broker/dealer inventories and up-to-the-second market data. Procedures and contact information for the City’s account are well known and housed in desk-top files. Investment information for the City is input on trade date into the software system and backed up-daily. A daily market snapshot (the RV report) is provided to HSAM clients every morning. Much of our client contact is handled by e-mail, but we are available by phone and Microsoft Teams as well. Our communications protocols with the City of Denton are well established thanks to our long partnership with the City. Currently, all security portfolios are priced daily using an independent pricing source through our investment portfolio tracking and accounting system. This provides timely, accurate market valuation, enhances transparency, and supports ongoing compliance monitoring and reporting. f) From time to time, the City requires assistance with projects such as collateral valuation, money market fund/pool comparisons, investment accounting questions, U.S. agency security and commercial paper issuer research, as well as investment policy modifications . What other special projects and assistance could your firm provide? HSAM is able to provide professional collateral valuation, money market fund/pool comparisons, respond to investment accounting questions, conduct U.S. agency security and commercial paper issuer research, and provide investment policy modifications as well as bank credit reviews. In addition, we’ll evaluate new investment products and services on behalf of the City, conduct market research, both on state and national level and provide custom graphs and reports as needed. We have worked with numerous banks around the state on placing client funds into secured CD’s and can assist the City in this endeavor as opportunities arise. HSAM can call upon the vast resources of our Hilltop Securities family. With experts in arbitrage rebate, continuing disclosures, structured products, interest rates swaps, commodities hedging, municipal underwriting and advisory, there is almost no limit to the assistance we can muster. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 9 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. 3. REPORTING (Separate Bid Option) Provide a detailed monthly report, in a format acceptable to the City, which includes a summary of portfolio activity and performance for the reporting period, comparisons to the prior reporting period(s), and the following information on each security: par, book, and market value, as well as yield to maturity/call/worst information, etc. Total return figures for the portfolio are less relevant since the City is primarily a buy-and- hold investor with unrealized security gains and losses unlikely to be realized. Performance should be measured against an appropriate benchmark. See attached monthly report (Exhibit B). This option is to be priced separately on the bid. HSAM has partnered with Clearwater Analytics® to become the new solutions provider for our investment accounting and reporting services. Clearwater Analytics is a leading provider of web-based investment portfolio accounting, reporting, and reconciliation services for investment data and currently has more than 300 municipal entities on its platform. Clearwater aggregates, validates, reconciles, and reports on more than $5.6 trillion in assets across thousands of accounts daily. HSAM’s partnership with Clearwater has significantly enhanced HSAM’s investment accounting and reporting capabilities. HSAM clients benefit from online access to their portfolio data, the ability to download data to spreadsheets, an automated reconciliation of investment reports to custodial data, and a comprehensive report set. Clearwater’s system provides integrated accounting, compliance, performance, and risk reporting designed to increase accuracy and efficiency while vastly reducing manual processes for investment reporting. If supported by the City’s custodial bank, Clearwater will establish a data connection with the bank so that investment transaction and position data are transmitted to Clearwater nightly. This custodial data will be reconciled against HSAM trade data to ensure our records match the custodial holdings. Investment reports, prepared in accordance with GASB and GAAP standards will be provided both monthly and quarterly. HSAM will provide monthly and quarterly reports in full compliance with both Texas PFIA reporting requirements and GASB standards. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 10 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. HSAM prepares both monthly and quarterly investment reports that are identical in form and annual reports are available upon request. Samples of Clearwater’s report set have been included in Appendix B. In addition, standard reports are available via the online portal and can be filtered, sorted, and customized in many different ways. These reports can be exported to Adobe PDF and Microsoft Excel. Clearwater’s system also provides an investment policy compliance tool. The City’s investment policy will be “translated” into a set of logic-based rules so that the portfolio’s compliance can be measured, tested, and reported. Clearwater provides an innovative web-based solution, easily accessed anywhere, at any time, with nothing more than an internet connection. There is no software installation or maintenance required. The City will have inquiry only access to a full range of investment analysis, accounting, performance, and compliance reporting, most of which can be downloaded to Microsoft Excel. Preliminary reports, which include all data on investment positions held at the City’s custodian, are generally available on the online portal by the second business day following the end of the month. Positions held away from the custodian, such as those held at local government investments pools, must be entered manually by HSAM personnel. This is generally completed within two to three business days after receiving the data from the City. We strive to complete the final reports within three or four business days of receiving complete data. Yields are calculated using industry standard conventions. In order to make transparent and fair comparisons, HSAM reports present a number of basic measurements. HSAM generally reports yields at cost, but current yields (at market) are available on Clearwater as well. We prefer weighted-average yields instead of rate of return measures to ensure our clients, and the boards and/or committees tasked with oversight of investments, understand exactly what the investment portfolio is earning. The formula for yield calculations is shown here: Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 11 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Market Commentary: Our most senior portfolio managers, Scott McIntyre and Greg Warner have been writing market and economic commentary for more than twenty-five years. These are generally published following important economic data releases or market moving news and events. The commentary is distributed by e-mail and is posted to our website at: https://www.hilltopsecurities.com/public-finance/economic-commentary/ In addition, the monthly investment reports contain a brief summary and an in-depth review is published in a quarterly newsletter. Please see samples of recent commentary and updates included in Appendix C. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 12 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. 4. KEY PROJECT PERSONNEL Individuals proposed by the Offeror who are critical to delivering Investment Advisory Services, including those responsible for portfolio management, research, client service, compliance, and day-to-day account oversight. Evaluation will consider their qualifications, relevant investment experience, assigned roles, and availability to ensure they can effectively support the advisory services required under the contract. HSAM’s investment advisory group has decades of fixed income investment experience, focusing on Texas local governments. In addition to those in our investment group, the firm employs more than 200 registered representatives of the Financial Industry Regulatory Authority (FINRA) who engage in annual continuing education related to the securities industry. Many of the professionals firm wide have in excess of 30 years each in the industry. Because the HilltopSecurities family serves its clients using a team approach, we call upon the expertise of any professional within the firm as necessary. HSAM’s team of experienced and skilled professionals is the most valuable resource we have to offer the City. The investment management division consists of nine professionals, all of whom are dedicated to the public sector. We follow a team approach that allows us to fully utilize the expertise and knowledge of each professional and to provide a wealth of firsthand experience to our clients. Our hands-on approach fosters a high level of service and commitment, enabling us to maximize the objectives of our valued clients. Although we Scott and Greg will be the City’s primary contacts while Dan Grant will continue serving as the City’s portfolio manager, every member of our team will be directly accessible to the City. Our goal is to be highly responsive, providing the best possible experience for our clients. Managing Director and Co-Head of our Investment Management Services Group, Scott D. McIntyre, CFA, serves the most active role in the administration and management of the Investment Management department. He is located in Austin, Texas, where the majority of HSAM’s investment advisory services are performed. As with Mr. McIntyre, Managing Director and Co-Head of our Investment Management Services Group, Greg Warner, CTP, will be the City’s primary contact on the portfolio management desk and manage duties such as analyzing the portfolio, assessing market conditions, evaluating investment opportunities, and preparing all documentation related to the account. HSAM’s newest team member, Senior Portfolio Advisor Matt Harris, CFA, will leverage his background in bank portfolio and asset/liability management to assist with investment strategy and portfolio analysis. Senior Portfolio Managers Daniel Grant and Andrea Cash have primary responsibility for transaction execution and trade documentation. Portfolio Managers Alexis Correa and Matthew Gomez will provide trade and analytical support. Reporting Analyst Rikki Ramirez and Reporting Specialist Jess Salas will provide comprehensive investment reporting and other support functions. The following table identifies the key investment personnel who will work with the City. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 13 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Proposed Investment Advisory Team for the City Senior Portfolio Managers Scott McIntyre CFA Co-Head of Investment Management Years with HSAM – 28 Investment Experience - 39 PRIMARY CONTACT Greg Warner, CTP Co-Head of Investment Management Years with HSAM – 28 Investment Experience - 33 PRIMARY CONTACT Matt Harris CFA Senior Portfolio Advisor Years with HSAM - 2 Investment Experience - 18 SECONDARY CONTACT Project Support Dan Grant Senior Portfolio Manager Years with HSAM –14 Investment Experience - 34 Andrea Cash Senior Portfolio Manager Years with HSAM – 12 Investment Experience - 12 Alexis Correa Portfolio Manager Years with HSAM – 3 Investment Experience - 6 Matthew Gomez Portfolio Manager Years with HSAM – 3 Investment Experience - 10 Rikki Ramirez Reporting Analyst Years with HSAM – 2 Investment Experience - 24 Jess Salas Reporting Specialist Years with HSAM – 3 Investment Experience - 2 Résumés Scott D. McIntyre, CFA Managing Director and Co-Head of Investment Management 2700 Via Fortuna, Suite 410 Austin, Texas 78746 Telephone: 800.575.3792 scott.mcintyre@hilltopsecurities.com Areas of Focus Specializes in investment consulting and portfolio management for local governments Profile  Joined HSAM/HilltopSecurities in 1998 as Senior Portfolio Manager  Is the primary manager of HSAM’s Investment Management Division and oversees the daily operations of the group  Develops economic and interest rate outlook  Determines appropriate investment policies and strategies for fixed income clients.  Reviews client revenue and expense cash flows  Analyzes investment alternatives and calculates relative value of individual securities  Presents various investment options to clients  Purchases investment securities on a competitive basis  Reviews monthly and quarterly reports  Evaluates policy compliance and account performance  Past experience includes market and securities analysis, management of the mortgage-backed securities portfolio and active trading of short Treasury positions Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 14 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Education  Bachelor of Science in Management, Texas State University Current and Former Affiliations  CFA Institute  Austin Society of Financial Analysts  Government Treasurers Organization of Texas  Government Finance Officers Association of Texas  Two-term advisor to the national GFOA Treasury and Investment Management (TIM) Committee Licenses and Designations  Chartered Financial Analyst (CFA) designation from the CFA Institute  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o General Securities Principal, Series 24 o General Securities Representative, Series 7 o Uniform Securities Agent, Series 63 o Uniform Investment Adviser, Series 65 Greg Warner, CTP Managing Director and Co-Head of Investment Management 2700 Via Fortuna, Suite 410 Austin, Texas 78746 Telephone: 512.481.2012 greg.warner@hilltopsecurities.com Areas of Focus Specializes in investment management services Profile  Joined HSAM/HilltopSecurities in 1998  Responsibilities include analyzing portfolios, evaluating securities, coordinating the reinvestment of upcoming security maturities, executing trades, reviewing investment policies and investment strategies, monitoring broker- dealer relationships and valuing investment portfolios  Works closely with clients to create and implement appropriate investment strategies  Oversees client account documentation and supervises the investment reporting function  Frequent presenter on investment topics at industry conferences  Began his career in the banking industry, working in the accounting and investment management divisions of banks in Chicago, Illinois and Austin, Texas  Work experience includes portfolio management, asset/liability management, investment accounting, mortgage banking, and extensive analysis and reporting on fixed income investment portfolios Education  Bachelor of Business Administration, The University of Texas at Austin Current Affiliations  Certified Treasury Professional (CTP) designation from the Association for Financial Professionals  Government Treasurer’s Organization of Texas  Texas Association of Counties, County Investment Officer Advisory Committee Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 15 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Licenses Held  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o General Securities Representative, Series 7 o Uniform Securities Agent, Series 63 o Uniform Investment Adviser, Series 65 Matt Harris CFA Senior Portfolio Advisor 2700 Via Fortuna, Suite 410 Austin, Texas 78746 Telephone: 512.340.1845 matt.harris@hilltopsecurities.com Areas of Focus Specializes in investment management services Profile  Joined HSAM in 2025, previously with Hilltop Securities Bank Solutions Team  Responsibilities include analyzing portfolios, evaluating securities, coordinating the reinvestment of upcoming security maturities, executing trades, reviewing investment policies and investment strategies, monitoring broker-dealer relationships and valuing investment portfolios  Works closely with clients to create and implement appropriate investment strategies  Oversees client account documentation and supervises the investment reporting function  Frequent presenter on investment topics at industry conferences  Began his career in the banking industry, providing balance sheet management and fixed income strategy  Work experience includes bank portfolio management, asset/liability management, investment accounting, and extensive analysis and reporting on fixed income investment portfolios Education  Bachelor of Arts, The University of Texas at Austin Current Affiliations  Chartered Financial Analyst Designation  Government Treasurer’s Organization of Texas, Texas Bankers Association Licenses Held  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o General Securities Representative, Series 7 Dan Grant Sr. Vice President and Sr. Portfolio Manager 2700 Via Fortuna, Suite 410 Austin, Texas 78746 Telephone: 512.481.2016 dan.grant@hilltopsecurities.com Areas of Focus Specializes in investment management services Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 16 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Profile  Joined HSAM/HilltopSecurities in 2011  Responsibilities include trade execution, trade documentation, coordinating the reinvestment of upcoming security maturities, analysis of investment securities and fund data, monitoring call status, collateral review, economic research, and other special projects.  Prior experience includes 18 years at Fidelity Investments with the most recent role being Corporate Bond Trader for both institutional and retail customers. Other securities traded include equity and index options, equities and mutual funds. Education  Bachelor of Science – Finance, Bentley University Licenses Held  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o General Securities Representative, Series 7 o Uniform Securities Agent, Series 63 o Uniform Combined Securities Agent and Investment Advisor Representative, Series 66 o Registered Options Principal, Series 4 o Equity Trader Limited Representative, Series 55 Andrea L. Cash Sr. Vice President and Sr. Portfolio Manager 2700 Via Fortuna, Suite 410 Austin, Texas, 78746 Telephone: 512.481.2019 andrea.cash@hilltopsecurities.com Area of Focus Specializes in investment management services Profile  Joined HSAM/HilltopSecurities in 2013  Responsibilities include trade execution, trade documentation, coordinating the reinvestment of upcoming security maturities, monitoring call status, generating monthly and quarterly reports for investment management clients, and other special projects.  Prior experience includes over 20 years in administrative, development and marketing management positions. Education  Bachelor of Arts, University of Washington Licenses Held  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o General Securities Representative, Series 7 o Municipal Securities Representative, Series 52 o Uniform Investment Adviser, Series 66 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 17 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Alexis Correa Portfolio Manager 2700 Via Fortuna, Suite 410 Austin, Texas, 78746 Telephone: 512.481.2074 alexis.correa@hilltopsecurities.com Area of Focus Specializes in investment and economic analysis services Profile  Joined HilltopSecurities in 2022 as Investment Analyst  Responsibilities include development of investment analysis and economic models, due diligence and credit analysis on municipal and corporate issuers, analyzing portfolios, trade execution, trade documentation, and other special projects.  Over four years of investment experience. Started career as a registered representative for Vanguard. Processed mutual fund, stock, bond, and ETF trades for retail clients. Left role at Vanguard for a leadership position with Make-A-Wish Arizona as its Finance & HR Manager. Administered its 401(k) and 457(b) retirement plans, and helped management select investment options for the plans. Returned to Texas for position as a Financial Analyst for the City of Austin’s Treasury Department. Assisted the City with investments, debt issuance and cash management. Education  Bachelor of Business Administration in Finance, Texas State University Licenses Held  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o Securities Industry Essentials o General Securities Representative, Series 7 o Municipal Securities Representative, Series 52 o Uniform Investment Adviser, Series 66 Matthew Gomez Portfolio Manager 2700 Via Fortuna, Suite 410 Austin, Texas, 78746 Telephone: 512.481.2005 matthew.gomez@hilltopsecurities.com Area of Focus Specializes in investment management services Profile  Joined HSAM/HilltopSecurities in 2022  Responsibilities include market and economic research, securities and fund analysis, trends data, and other special projects.  Prior experience includes over 8 years at financial services firms serving retail clients. At Charles Schwab as a trader and client service representative and 7 years at Rodgers Capital/Intrua Financial as the Chief Investment Officer for Rodgers Capital and Client Services Representative. Experience in retail space includes stocks, ETFs, mutual funds, retirement plans, bonds, variable and fixed annuities, non-traded products, retirement plans. In addition, 15 years of customer service experience in the retail environment/client services. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 18 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. Education  Bachelor of Arts – Government, University of Texas at Austin  Bachelor of Arts – Economics, University of Texas at San Antonio Licenses Held  Registered Representative of the Financial Industry Regulatory Authority (FINRA) o General Securities Representative, Series 7 o Municipal Securities Representative, Series 52 o Uniform Securities Agent, Series 63 o Uniform Investment Adviser, Series 66 Rikki Ramirez Investment Reporting Analyst 2700 Via Fortuna, Suite 410 Austin, Texas, 78746 Telephone: 512.481.2002 rikki.ramirez@hilltopsecurities.com Area of Focus Specializes in reporting for investment management Profile  Joined HSAM/Hilltop Securities in 2024  Manages and maintains client accounts through Clearwater Analytics investment accounting and portfolio system  Responsibilities include generating monthly and quarterly reports for all investment management clients and assisting in setting up new client accounts  Assists in the creation of custom client reports, investment-related projects and other special assignments  Twenty- three years of experience as Senior Investment Portfolio Analyst at Patterson & Associates (merged with Meeder Investment Management in May 2021- Dublin, Ohio), an Investment Management firm in Austin  Past employment includes experience in accounting, reporting, compliance, entering trade information and assisting in trade settlement Education  Bachelor of Arts in Mathematics, The University of Texas at Austin Jess Salas Investment Reporting Specialist 2700 Via Fortuna, Suite 410 Austin, Texas, 78746 Telephone: 512.481.2008 jess.salas@hilltopsecurities.com Area of Focus Specializes in investment reporting for investment management Profile  Joined Hilltop Securities Asset Management in February 2024  Responsible for the investment reporting process and end-to-end production of investment reports, ensuring timely and accurate investment reports  Collaborates closely with portfolio managers and assists with the creation of investment reports on a monthly, quarterly, or annual basis Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 19 © 2026 Hilltop Securities Asset Management LLC. All rights reserved.  Coordinates with clients for information requests, reviews the client data to ensure data accuracy, and analyzes investment portfolios for reporting purposes  Utilizes Clearwater Analytics as our investment software for reporting and data reconciliation  Supports the Asset Management team through ad-hoc requests as needed  Previously worked at J.P. Morgan Chase in a variety of roles with nearly 10 years of experience in the finance and banking industry Affiliations  Women in Public Finance and Association of Latino Professionals for America Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 P a g e | 20 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. 5. FEES City prefers a fixed fee structure pricing. If Respondent offers both fixed and asset-based fee structures, both must be provided on Exhibit C “Fee Schedule”. Respondents must use this exhibit to provide fees and, if appropriate, identify other services not listed with their associated costs. Any service not appearing, or which does not have a fee indicated on Exhibit C, will be considered free of charge. Once selected as the City’s investment advisor, no additional or increased fees for services in the fee schedule (Exhibit C) may be charged to the City during the contract term. New services may be added, with pricing for such services to be negotiated at that time. HSAM has uploaded the required Fee Schedule as a separate document. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. City of Denton, Texas Appendix A Hilltop Securities Asset Management, LLC Form ADV II Appendix A Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 1 Form ADV Part 2A March 24, 2025 Hilltop Securities Asset Management, LLC 717 N. Harwood Street, Suite 3400 Dallas, TX 75201 214-953-4000 www.hilltopsecurities.com Form ADV Part 2A – Disclosure Brochure Investment Management & Related Services for Public Entities March 24, 2025 This Brochure provides information about the qualifications and business practices of Hilltop Securities Asset Management, LLC (“HSAM”). If you have questions about the contents of this Brochure, please contact us at 214-953-4000. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. HSAM is a registered investment adviser. Registration of an Investment Adviser does not imply any particular level of skill or training. Additional information about HSAM is also available on the SEC’s website at www.advisorinfo.sec.gov. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 2 Form ADV Part 2A March 24, 2025 Item 2 – Material Changes This Item is intended to discuss only specific material changes that are made to the Brochure and provide clients with a summary of such changes since our last update of our brochure which was March 26, 2024. Mary Ann Dunda was named President of Hilltop Securities Asset Management, LLC in October, 2024. A new Brochure will be provided and/or made available to you as necessary based on changes or new information, without charge. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 3 Form ADV Part 2A March 24, 2025 Item 3 – Table of Contents Item 1 – Cover Page………………………………………………………………………………………. 1 Item 2 – Material Changes……………………………………………………………………………… 2 Item 3 – Table of Contents……………………………………………………………………………… 3 Item 4 – Advisory Business…………………………………………………………………………….. 4 Item 5 – Fees and Compensation……………………………………………………………………… 8 Item 6 – Performance-Based Fees and Side-By-Side Management……………………………. 10 Item 7 – Types of Clients………………………………………………………………………………… 10 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss………………………. 10 Item 9 – Disciplinary Information………………………………………………………………………11 Item 10 – Other Financial Industry Activities and Affiliations………………………………….. 11 Item 11 – Code of Ethics, Participation, or Interest in Client Transactions and Personal Trading……………………………………………………………………….. 12 Item 12 – Brokerage Practices…………………………………………………………………………. 13 Item 13 – Review of Accounts………………………………………………………………………….. 13 Item 14 – Client Referrals and Other Compensation……………………………………………… 14 Item 15 – Custody………………………………………………………………………………………… 14 Item 16 – Investment Discretion………………………………………………………………………. 14 Item 17 – Voting Client Securities…………………………………………………………………….. 14 Item 18 – Financial Information……………………………………………………………………….. 14 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 4 Form ADV Part 2A March 24, 2025 Item 4 – Advisory Business Firm Overview HSAM is a Delaware limited liability company that was formed in 1991 and is a registered Investment Adviser with the United States Securities and Exchange Commission (‘SEC”), pursuant to the Investment Advisors Act of 1940. Hilltop Holdings Inc. (“HTH”) has a 100% membership interest in Hilltop Securities Holdings, LLC, which operates through its wholly owned subsidiaries, Hilltop Securities Inc., Momentum Independent Network Inc., and Hilltop Securities Asset Management, LLC. HTH is a public company listed on the New York Stock Exchange (“NYSE”) under the symbol “HTH”. HSAM currently provides investment advisory services in addition to professional and administrative services. Investment Advisory Services HSAM’s Investment Advisory Services specialize in providing cash flow-based investment strategies to municipal entity clients, including but not limited to cities, counties, school districts, public colleges, hospitals, utilities, and transportation authorities, nationwide. Investment strategies are tailored to each individual client following a review of their cash flow projections and recommending an appropriate strategy based on the client’s cash flow requirements. The securities invested in adhere to the client’s investment objectives, specific maturity limitations, maximum allocation percentages, credit restrictions, including, without limitation acceptable levels of risk provided within each client’s individual Investment Policy Statement (“IPS”). All provisions governing HSAM’s authority are documented in the Agreement for Investment Advisory Services by and between Investor and Hilltop Securities Asset Management, LLC. The Investment Advisor Services agreement may be tailored to accommodate specific requests of the client. HSAM assists the client in creating monthly and/or quarterly investment reports for clients as required by the IPS, stated procedures and/or state law. Generally, HSAM does not maintain discretionary authority and unless specifically instructed otherwise by a client, shall obtain approval from the client for the purchase or sales of securities prior to the execution of any order. Arbitrage Rebate Compliance Services The Arbitrage Rebate Compliance Services program provides professional services to an Issuer, in connection with the sale and delivery of certain bonds, notes, certificates, or other tax exempt obligations (“Obligations”) to determine to what extent, if any, the Issuer will be required to rebate certain investment earnings (amount of rebate referred to as “Arbitrage Amount”) from the proceeds of the Obligations to the United States of America pursuant to the provisions of Section 148(f)(2) of the Internal Revenue Code of 1986 (“Code”). HSAM works with the Issuer to review the schedule of investments made by the Issuer to determine proceeds from the Obligations subject to the rebate requirements of the Code. HSAM will perform these services, consistent with Code and the regulations promulgated thereunder, Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 5 Form ADV Part 2A March 24, 2025 to determine the Arbitrage Amount under Section 148 (f)2 of the Code. HSAM provides a report to the Issuer specifying the Arbitrage Amount based on the investment schedule, the calculations of the bond yield and investment yield, and other information deemed relevant by HSAM. HSAM does not assume any responsibility for record retention requirements the Issuer may have under the Code or other applicable laws; the Issuer remains responsible for any record retention requirements. All provisions governing HSAM’s authority are documented in the Agreement for Arbitrage Rebate Compliance Services (the “Agreement”) between the Issuer and Hilltop Securities Asset Management, LLC. The Agreement shall apply only to Obligations, to the extent that the Obligations do not qualify for exceptions to the rebate requirements in accordance with Section 148 of the Code and related Treasury regulations. Bidding Agent Services HSAM provides bidding agent services for the investment of bond or loan proceeds and other legally available funds on municipal and corporate debt transactions throughout the United States. HSAM’s services include preparation of bid solicitation documentation and specifications, establishing a target group of qualified potential investment providers, assisting in the selection of the investment provider, and working with the Issuer, bond counsel and the winning investment provider to review and negotiate satisfactory documentation. The firm’s clients are municipal and corporate debt issuers whose permitted investments are governed by the resolution or indenture authorizing each bond transaction, local investment policy and in some cases, state law. Local Government Investment Cooperative Local Government Investment Cooperative (“LOGIC”) is duly organized and existing under the laws of the State of Texas as a business trust in conformity with the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code (“ICA”), and the Public Funds Investment Act, Chapter 2256 of the Texas Government Code (“PFIA”) and operates as a local government investment pool for authorized eligible governmental entities to invest their funds. The ICA and PFIA provide for the creation of public funds investment pools (including LOGIC) and authorize eligible governmental entities (“Participants”) to invest their public funds and funds under their control through the investment pools. Only eligible local governments, agencies of the State of Texas and nonprofit corporations acting on behalf of a local government or state agency may become Participants. Eligible local governments include any municipality, school district, county, special district, hospital district, junior college district, political subdivision, authority, public corporation, body politic, or instrumentality of the State of Texas and any nonprofit corporation acting on behalf of any of those entities. LOGIC is overseen by its Board of Trustees. The Board has retained Hilltop Securities Inc., (“HTS”), Hilltop Securities Asset Management, LLC (“HSAM”), and J.P. Morgan Investment Management, LLC (“JPMIM”) collectively referred to as the “Administrators,” to assist the Board of Trustees in managing the pool. LOGIC was established in 1994 for the collective investment of funds by participating governments in one or more portfolios of securities or other assets. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 6 Form ADV Part 2A March 24, 2025 As prescribed in the Seventh Amended and Restated Agreement for Investment Management and Related Services (the “Agreement”); JPMIM shall provide investment advice to LOGIC, HTS shall market and distribute LOGIC and provide advice to the Board of Trustees with respect to whether and how to issue units of LOGIC and concerning the structure, timing, terms, and other similar matters concerning the issuance of units in LOGIC, and HSAM shall provide participant and administrative services to LOGIC. Responsibilities for LOGIC to be performed by HSAM and/or its affiliates and/or their sub contactors (as permitted in the Agreement)(together, the “HSAM Service Providers”) are general administrative responsibilities for LOGIC which include Enrollment, Servicing and Support of Participants; Participant Relations; Board Relations and Ongoing Organizational Maintenance, all items detailed within the Agreement. For the avoidance of doubt, the services provided by HSAM, and its employees hereunder are not intended to and shall not include engaging in municipal advisory activities as that term is defined in Rule 15Bal-1(e) of the Securities Exchange Act of 1934. HSAM shall not be required or requested to undertake a solicitation of a municipal entity or obligated person on behalf of any entity or be required or requested to undertake any activity that would not fall within the general information exclusion above. Employees of HSAM may serve on LOGIC’s governing board, advisory boards, or committees. For the avoidance of doubt, in-the-event that employees of HSAM serve on LOGIC’s governing board, advisory boards, or committees, they will provide advice to LOGIC in accordance with the terms of the Agreement only to the extent that they may rely upon an exclusion or exemption from the definition of municipal advisor under Rule 15-Ba-1-1(d)(2) or (3) of the Exchange Act. Texas Short Term Asset Reserve Program Texas Short Term Asset Reserve Program (“TexSTAR”) Cash Reserve Fund (“TexSTAR Cash Reserve” or the “Fund”) was organized on April 8, 2002, to conform with the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code (“ICA”) and the Public Funds Investment Act, Chapter 2256 of the Texas Government Code (“PFIA”). The ICA and the PFIA provide for the creation of public funds investment pools (including TexSTAR) and authorize eligible governmental entities (“Participants”) to invest their public funds and funds under their control through the investment pools. Only eligible local governments, agencies of the State of Texas and nonprofit corporations acting on behalf of a local government or state agency may become Participants. Eligible local governments include any municipality, school district, county, special district, hospital district, junior college district, political subdivision, authority, public corporation, body politic, or instrumentality of the State of Texas and any nonprofit corporation acting on behalf of any of those entities. The Texas Short Term Asset Reserve Program (“TexSTAR”) is overseen by its Board of Directors (the “Board”). The Board has retained J.P. Morgan Investment Management Inc. (“JPMIM’), Hilltop Securities Inc. (“HTS”), and Hilltop Securities Asset Management, LLC (“HSAM”), collectively referred to as the “Administrators”) to operate and manage the TexSTAR local government investment pool. Each Administrator agrees to provide services under the Amended and Restated Agreement for Investment Management and Related Services (the “Agreement”) in accordance with TexSTAR’s Terms of Participation and Bylaws, Investment Policy, and Operating Procedures. JPMIM shall Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 7 Form ADV Part 2A March 24, 2025 provide investment advice to TexSTAR, HTS shall market and distribute TexSTAR and in addition, shall provide advice to the Board with respect to whether and how to issue units of TexSTAR and concerning the structure, timing, terms, and other similar matters concerning the issuance of units in TexSTAR and HSAM shall provide participant and administrative services to TexSTAR. HSAM will assume general administrative responsibilities for TexSTAR which include Enrollment, Servicing and Support of Participants; Participant Relations; Board Relations and Ongoing Organizational Maintenance, all items detailed within the Agreement. For the avoidance of doubt, the services provided by HSAM and its employees hereunder are not intended to and shall not include engaging in municipal advisory activities as that term is defined in Rule 15Bal-1(e) of the Securities Exchange Act of 1934. HSAM shall not be required or requested to undertake a solicitation of a municipal entity or obligated person on behalf of any entity or be required or requested to undertake any activity that would not fall within the general information exclusion above. Employees of HSAM may serve on TexSTAR’s governing board, advisory boards, or committees. For the avoidance of doubt, in-the-event that employees of HSAM serve on TexSTAR’s governing board, advisory boards, or committees, they will provide advice to TexSTAR in accordance with the terms of the Agreement only to the extent that they may rely upon an exclusion or exemption from the definition of municipal advisor under Rule 15-Ba-1-1(d)(2) or (3) of the Exchange Act. Florida Short Term Asset Reserve Program By execution of an Interlocal Agreement and Trust Instrument (as amended and restated, the “Interlocal Agreement”), City of Ocoee, Florida and Haines City, Florida established an intergovernmental investment pool pursuant to Section 163.01, Florida Statutes to be known as the Florida Short Term Asset Reserve (“FLSTAR”) for the collective investment of funds by participating units of local government (each a “Participant”). FLSTAR is governed by a Board of Trustees (the “Board”) which has retained the services of J.P. Morgan Investment Management Inc. (“JPMIM’), Hilltop Securities Inc. (“HTS”), and Hilltop Securities Asset Management, LLC (“HSAM”), collectively referred to as the “Administrators,” to operate and manage the FLSTAR local government investment pool pursuant to the terms and conditions set forth in the Amended and Restated Agreement for Investment Management and Related Services (the “Agreement”). JPMIM shall provide investment advice to FLSTAR, HTS shall market and distribute FLSTAR and provide advice to the Board with respect to whether and how to issue units of FLSTAR and concerning timing, terms and other similar matters concerning the issuance of units of FLSTAR, and HSAM shall provide participant and administrative services to FLSTAR. HSAM will assume general administrative responsibilities for FLSTAR which include Enrollment, Servicing and Support of Participants; Participant Relations; Board Relations and Ongoing Organizational Maintenance, all items detailed within the Agreement. For the avoidance of doubt, the services provided by HSAM and its employees hereunder are not intended to and shall not include engaging in municipal advisory activities as that term is defined in Rule 15Bal-1(e) of the Securities Exchange Act of 1934. HSAM shall not be required Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 8 Form ADV Part 2A March 24, 2025 or requested to undertake a solicitation of a municipal entity or obligated person on behalf of any entity or be required or requested to undertake any activity that would not fall within the general information exclusion above. Notwithstanding the forgoing, employees of HSAM may serve on FLSTAR’s advisory boards, or committees. For avoidance of doubt, in-the-event that employees of HSAM serve on FLSTAR’s advisory board, or committees, they will provide advice to FLSTAR in accordance with the terms of the Agreement only to the extent that they may upon rely upon an exclusion or exemption from the definition of municipal advisor under Rule 15-Ba-1-1(d)(2) or (3) of the Exchange Act. Item 5 – Fees & Compensation Investment Advisory Services HSAM offers four types of fee structures tailored to fit the specific needs of each client; all are negotiable on a case-by-case basis and all fees are billed in arrears.  Fixed and/or sliding scale percentage fee based on assets under management, assessed quarterly.  Fixed annual fee billed in monthly or quarterly increments.  A transaction-based fee based on the size and maturity of each investment and a contractual basis point fee schedule.  An hourly charge or other fixed fee for a particular service(s), which is typically utilized for consulting services. Asset based fees are negotiated using the following Fee Schedule as a guideline: Assets Under Management Less than $25 million 0.25% $25 million to $50 million 0.20% $50,000,001 to $100 million 0.15% $100,000,001 to $250 million 0.10% $250,000,001 to $500 million 0.06% Over $500 million 0.04% Clients may incur certain administrative and custodial charges imposed by their custodians and/or depository institution. Mutual fund and public fund investment pools charge internal management fees disclosed in a fund’s prospectus or information statement. Arbitrage Rebate Compliance Services HSAM’s fees for arbitrage rebate compliance services is based upon a fixed annual fee per issue. The annual fee is charged based upon the number of years that proceeds exist subject to rebate from the delivery date of the issue to the computation date. HSAM’s fees are payable upon delivery of the report. The first report will be made following one Calculation Period from the date of delivery of the Obligation and on each Calculation Date Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 9 Form ADV Part 2A March 24, 2025 thereafter during the term of the Agreement. The fees for computations of the Arbitrage Amount which encompass more, or less, than on Calculation Period shall be prorated to reflect the longer, or shorter, period of work performed during that period. The fee for each of the Obligations included in the Agreement shall be based on the table below. Additionally, due to significant time saving efficiencies realized when investment information is submitted in an electronic format, HSAM passes the saving to its clients by offering a 10% reduction in fees if information is provided in a spreadsheet or electronic text file format. Bidding Agent Services HSAM abides by U.S. Treasury regulation § 1.148-5(e)(2)(iii)(B)(1) regarding fees charged for serving as bidding agent for the investment of tax-exempt debt proceeds. For Bidding Agent Services for tax-exempt proceeds, the fee amount is the lesser of (i) $50,000 or (ii) 0.2 percent of the initial amount invested. In addition, we may charge fees in excess of the stated fees when performing bidding agent services for funds that are not restricted by the U.S. Treasury regulations. Local Government Investment Cooperative The Administrators fee hereunder for LOGIC shall be accrued daily and paid monthly at an annual rate of 9.75 basis points (0.0975%), based on the total of all participants’ balances in LOGIC at the end of each day. Texas Short Term Asset Reserve Program The Administrators’ fee hereunder for TexSTAR shall be accrued daily and paid monthly at an annual rate of 12 basis points (0.12%) based on the total of all participants’ balances in Description Fee Annual/IRS Computation Date Fee $ or See Note Below Comprehensive Arbitrage Compliance Services Include:  Commingled Funds Analysis & Calculations  Spending Exception Analysis & Calculations  Yield Restriction Analysis & Calculations (for yield restricted Project Funds, Reserve Funds Escrow Funds, etc.)  Parity Reserve Fund Allocations  Transferred Proceeds Calculations  Universal Cap Calculations  Debt Service Fund Calculations (including earnings test when required)  Preparation of all Required IRS Paperwork for Making a Rebate Payment/Yield Reduction Payment  Retention of Records Provided for Arbitrage Computations  IRS Audit Assistance  Delivery of Rebate Calculations Each Year That Meets the Timing Requirements of the Audit Schedule  On-site Meetings, as Appropriate, to Discuss Calculation Results/Subsequent Planning Items Included Other Services Available: IRS Refund Request – Update calculation, prepare refund request package, and assist Borrower as necessary in responding to subsequent IRS Information Services. $750.00 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 10 Form ADV Part 2A March 24, 2025 TexSTAR at the end of the day. The allocation of such fees shall be determined pursuant to a separate agreement among the Administrators. Florida Short Term Asset Reserve Program The Administrators’ fee hereunder shall equal the sum of the Administrators’ fees due and payable by each Portfolio of FLSTAR. The Administrators’ fee from the Government Fund shall be accrued daily and paid monthly at an annual rate of 10 basis points (0.10%), based on the total of all participants’ balance in the Government Fund at the end of each day. The Administrators’ fee from the Prime Fund shall be accrued daily and paid monthly at an annual rate of 13 basis points (0.13%), based on the total of all participants’ balance in the Prime Fund at the end of each day. Item 6 – Performance Based Fees & Side by Side Management HSAM’s advisory services do not incorporate performance-based fees; side-by-side management does not apply to those services currently provided by the Firm. Item 7 – Types of Clients HSAM provides investment services to institutional investors, corporate and municipal entity clients, including but not limited to cities, counties, school districts, public colleges, hospitals, utilities, transportation authorities, private colleges, non-profit entities, and for-profit developers. Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss Methods of Analysis & Investment Strategies for Investment Advisor Services HSAM reviews the investor’s Investment Policy Statement, cash and investment positions, and cash flow projections. HSAM will recommend appropriate investment strategies based on these and other determining factors. HSAM will advise the client on current market conditions, analyze risk/return relationships between various investment alternatives and attend meetings of the governing body of the client where investments are discussed. HSAM will assist in the selection of investment securities, advise on the overall portfolio, all in a manner consistent with the client’s Investment Policy Statement (“IPS”) and execute the transactions as directed by the client. Risk of Loss for Investment Advisor Services There can be no assurance that our investment strategy will be successful, that any client will achieve its investment goals and objectives or that losses will not occur. Any investment in securities can involve significant risks and it is often not possible to mitigate all risks. Certain risks may arise with the investment including but not limited to the following: Market Risk – Risk that investments will lose value as-a-result-of a decline in the overall market. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 11 Form ADV Part 2A March 24, 2025 Credit Risk – Risk of default or decline in security value due to conditions outside of investors control (e.g., bankruptcy, rating downgrades, regulatory changes). Interest Rate Risk – The risk that changes in interest rates may reduce or increase the market value of a bond. Issuer Risk – The risk that the Bond issuer could default on its obligations to pay coupons or repay the principal on the bond. Liquidity Risk – Risk an investment cannot be sold at or near fair market price. Reinvestment Risk – The possibility that an investor will be unable to reinvest cash flows received from an investment, such as coupon payments or interest, at a rate comparable to their current rate of return. Event Risk – The possibility that an unforeseen event will negatively affect a company, industry, or security. Cybersecurity Risk – The loss of confidentiality, integrity, or availability of information, data, or information or control of systems and reflect potential adverse impacts to organizational operations and assets and client information. Item 9 – Disciplinary Information Registered Investment Advisors are required to disclose all material facts regarding any legal or disciplinary events deemed material to your evaluation of HSAM or our management personnel. HSAM and its management personnel do not have any reportable disciplinary events to disclose. Item 10 – Other Financial Industry Activities and Affiliations HSAM is a wholly owned subsidiary of First Southwest Holdings LLC, which is a wholly owned subsidiary of Hilltop Securities Holdings, LLC, ultimately, a wholly owned subsidiary of Hilltop Holdings Inc. HSAM is affiliated with Hilltop Securities, Inc. a broker-dealer subsidiary registered with the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) and a member of the New York Stock Exchange (“NYSE”). Momentum Independent Network is an introducing broker-dealer subsidiary also registered with the SEC and FINRA. Hilltop Securities and Momentum Independent Network are both registered with the Commodity Futures Trading Commission (“CFTC”) and are members of the National Futures Association (“NFA”). Additionally, Hilltop Securities and Momentum Independent Network are investment advisers registered with the SEC under the Investment Advisors Act of 1940. In addition, HSAM maintains affiliations with other financial services companies wholly owned by Hilltop Securities Holdings, LLC. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 12 Form ADV Part 2A March 24, 2025 Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics HSAM has adopted a Code of Ethics under Rule 204A-1 of the Advisers Act expressing HSAM’s commitment to ethical conduct in addition to other policies and procedures outlining our practices surrounding personnel securities transactions, insider trading and general employee policies. HSAM’s Code of Ethics describes its fiduciary duties and obligations to its clients, and sets forth, among other things, HSAM’s practice of monitoring the personal securities transactions of access persons, defined as those who provide investment advice or have access to certain related information. Under HSAM’s Code of Ethics, all access persons have a duty to act in the best interest of our clients and all potential conflicts and violations of the Code of Ethics must be reported to HSAM’s Chief Compliance Officer (“CCO”) or the Compliance Department. All access persons are required to provide written acknowledgement of the Code of Ethics annually, or as amended. HSAM clients or prospective clients can obtain a copy of our Code of Ethics by contacting the Compliance Department at: Hilltop Securities Asset Management, LLC Attn: Compliance Department 717 Harwood Street Suite 3400 Dallas, TX 75201 Participation or Interest in Client Transactions and Personal Trading HSAM requires all access persons to report all their personal securities holdings for accounts they control or in which they have a material interest, to the Compliance Department no later than 10 days after being deemed an access person, annually thereafter, and to report all personal securities transactions quarterly including any new accounts opened during that time frame. HSAM does not allow participation directly or indirectly in initial public offerings or limited offerings. Compliance will periodically review each statement provided by an access person to identify improper trades or trade patterns. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 13 Form ADV Part 2A March 24, 2025 Item 12 – Brokerage Practices Selection of Brokers When HSAM places orders for the execution of transactions for the Portfolio (other than situations where the Investor specifically instructs otherwise in writing), HSAM may allocate transactions to brokers and dealers for execution on markets, at prices that in the judgment of HSAM will be in the best interests of the Investor, taking into consideration, the selection of brokers and dealers, the available prices and rates of brokerage commissions and other relevant factors, without having to demonstrate that factors are of a direct benefit to the Investor. Subject to the foregoing, HSAM will arrange for the execution of securities transactions for the Portfolio through brokers or dealers that HSAM reasonably believes will provide best execution. Best Execution As an Investment Advisor, HSAM has a fiduciary duty to seek best execution for client transactions, under the circumstances of the specific transaction. HSAM seeks best execution through established policies and procedures in addition to evaluating certain factors such as opportunity for a better price than quoted, market conditions, speed of execution and likelihood of trade execution. Research and Soft Dollar Benefits HSAM does not engage in any soft dollar arrangements. Directed Brokerage Arrangements HSAM does not have any direct brokerage arrangements. Aggregation of Orders Transactions for each Investor account will generally be executed independently unless HSAM decides to purchase or sell securities at approximately the same time (“block trade”). HSAM may, but is not obligated to, aggregate such orders to achieve lower overall execution costs and commission rates typically associated with larger orders. Transactions will be average priced and allocated among investors included in the block trade in proportion to the purchase or sale placed for each Investor in the block. Item 13 – Review of Accounts Portfolio managers perform daily and on-going oversight of client trades and investment reports through our investment management and order entry systems. HSAM clients receive an investment report no less than quarterly providing market commentary, portfolio overview, asset allocation, credit rating summary, benchmark comparison, fund overview, detail of security holdings, earned income, investment transactions, investment transaction totals, amortization and accretion, projected cash flows and projected cash flow totals. HSAM portfolio managers will meet to review the investment report at the predetermined need of each client. In addition, HSAM portfolio managers will attend client board meetings at the entity’s request Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 14 Form ADV Part 2A March 24, 2025 to provide portfolio updates or insight on investment decisions applicable with the entity’s investment policy statement. Client investment reporting is generated through Clearwater Analytics investment accounting and reporting software. Investment policy compliance is monitored through Clearwater Analytics compliance system. Each client’s investment policy statement is modeled in Clearwater and is monitored by HSAM personnel to verify the portfolio holdings comply with the investment policy statement. Item 14 – Client Referrals and Other Compensation HSAM does not have any formal referral arrangements with our affiliated broker-dealer or any other party. Item 15 – Custody HSAM does not maintain or accept custody of client funds or securities. Clients will receive account statements from their respective custodians. Clients should carefully review their statements and contact their custodian regarding any questions or discrepancies. Item 16 – Investment Discretion Generally, HSAM does not maintain discretionary authority and unless specifically instructed otherwise by a client, shall obtain approval from the client for the purchase or sales of securities prior to the execution of any order. Item 17 – Voting Client Securities As a matter of Firm policy, HSAM does not vote proxies on behalf of clients. Item 18 – Financial Information HSAM does not require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance and therefore is not required to provide, and has not provided, a balance sheet. In addition, HSAM has not been the subject of any bankruptcy proceeding. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 1 Form ADV Part 2B January 12, 2026 Hilltop Securities Asset Management, LLC 717 N. Harwood Street, Suite 3400 Dallas, TX 75201 214-953-4000 www.hilltopsecurities.com Form ADV Part 2B – Brochure Supplement January 12, 2026 This Brochure supplement provides information about the employees that supplements Hilltop Securities Asset Management, LLC (“HSAM”) Form ADV Part 2A. You should have received a copy of that brochure. Please contact Hilltop Securities Asset Management, LLC Compliance Department at 214-953-4000 if you did not receive Hilltop Securities Asset Management, LLC brochure or if you have questions about the contents of this Brochure. Additional information about the above-referenced individuals is available on the SEC’s website at www.advisorinfo.sec.gov. The HSAM employees referenced below work at the following locations: o Jim Towne – Managing Director, Investment Advisor 777 S. HWY 101, Suite 104 Solana Beach, CA 92075 619-618-3635 o Scott McIntyre, CFA – Managing Director, Co-Head of Investment Management o T. Gregory ‘Greg’ Warner, CTP – Managing Director, Co-Head of Investment Management o Matthew ‘Matt’ Harris, CFA – Senior Vice President, Senior Portfolio Advisor o Andrea Cash – Senior Vice President, Senior Portfolio Manager o Alexis Correa – Assistant Vice President, Portfolio Manager o Matthew Gomez – Assistant Vice President, Portfolio Manager 2700 Via Fortuna Suite 410 Austin, TX 78746 1-800-575-3792 o Daniel Grant III – Senior Vice President, Senior Portfolio Manager 123 Brendans Way Wells, ME 04090 512-481-2016 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 2 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Mary Ann Dunda Year Born: 1967 Education: Texas A&M University – B.B.A., Finance Business Experience: Hilltop Securities Asset Management, LLC o President, Hilltop Securities Asset Management October 2024 - Present o Senior Managing Director, Head of Governmental Services August 2023 – October 2024 o Senior Managing Director, Co-Head of Governmental Services March 2023 – August 2023 Hilltop Securities Inc. o Senior Managing Director, Head of Governmental Services August 2023 - Present o Senior Managing Director, Co-Head of Governmental Services March 2023 – August 2023 o Managing Director, Head of Fund Administration & Distribution April 2021 – March 2023 o Managing Director, Government Investment Pools August 2016 – April 2021 Item 3 – Disciplinary Information Ms. Dunda does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Ms. Dunda is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer as a Senior Managing Director, Head of Governmental Services. She does not receive any additional compensation. Item 6 – Supervision David Medanich, Co-Head of Public Finance, serves as supervisor for Ms. Dunda and can be reached at 214-953-4000. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 3 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Scott McIntyre, CFA Year Born: 1962 Education: Southwest Texas State University – B.S., Business Management Business Experience: Hilltop Securities Asset Management, LLC o Managing Director, Co-Head of Investment Management July 2022 - Present o Managing Director, Senior Portfolio Manager August 2016 – July 2022 Hilltop Securities Inc. o January 2016 – Present Item 3 – Disciplinary Information Mr. McIntyre does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. McIntyre is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. He does not receive any additional compensation. Item 6 – Supervision Mary Ann Dunda serves as supervisor for Mr. McIntyre and can be reached at 214-953- 4086. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 4 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: T. Gregory ‘Greg’ Warner, CTP Year Born: 1966 Education: University of Texas, Austin – B.A.A., Finance Business Experience: Hilltop Securities Asset Management, LLC o Managing Director, Co-Head of Investment Management July 2022 - Present o Senior Vice President, Senior Portfolio Manager August 2016 – July 2022 Hilltop Securities Inc. o January 2016 – Present Item 3 – Disciplinary Information Mr. Warner does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Warner is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. He does not receive any additional compensation. Item 6 – Supervision Mary Ann Dunda serves as supervisor for Mr. Warner and can be reached at 214-953- 4086. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 5 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Daniel Grant III Year Born: 1967 Education: Bentley College – B.S., Finance Business Experience: Hilltop Securities Asset Management, LLC o Senior Vice President, Senior Portfolio Manager February 2025 - Present o Vice President, Portfolio Manager August 2016 – February 2025 Hilltop Securities Inc. o January 2016 – Present Item 3 – Disciplinary Information Mr. Grant does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Grant is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. He does not receive any additional compensation. Item 6 – Supervision Scott McIntyre serves as supervisor for Mr. Grant and can be reached at 512-481-2009. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 6 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Andrea Cash Year Born: 1966 Education: University of Washington – B.A., Sociology Business Experience: Hilltop Securities Asset Management, LLC o Senior Vice President, Senior Portfolio Manager February 2025 - Present o Vice President, Portfolio Manager April 2021 – February 2025 o Assistant Vice President, Portfolio Manager August 2016 – April 2021 Hilltop Securities Inc. o January 2016 – Present Item 3 – Disciplinary Information Ms. Cash does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Ms. Cash is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. She does not receive any additional compensation. Item 6 – Supervision Scott McIntyre serves as supervisor for Ms. Cash and can be reached at 512-481-2009. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 7 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Alexis Correa Year Born: 1996 Education: Texas State - B.B.A., Finance Business Experience: Hilltop Securities Asset Management, LLC o Assistant Vice President, Portfolio Manager February 2025 - Present o Investment Analyst May 2022 – February 2025 Hilltop Securities Inc. o May 2022 - Present City of Austin Treasury Department o Financial Analyst II April 2021 – May 2022 Make-A-Wish Arizona o Finance & Human Resources Manager January 2019 – April 2021 Item 3 – Disciplinary Information Mr. Correa does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Correa is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. He does not receive any additional compensation. Item 6 – Supervision Scott McIntyre serves as supervisor for Mr. Correa and can be reached at 512-481-2009. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 8 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Matthew Gomez Year Born: 1986 Education: University of Texas, Austin – B.A., Government University of Texas, San Antonio – B.A., Economics University of Texas, Permian Basin – M.B.A., Finance Business Experience: Hilltop Securities Asset Management, LLC o Assistant Vice President, Portfolio Manager February 2025 - Present o Investment Analyst August 2022 – February 2025 Hilltop Securities Inc. o August 2022 – Present Unemployed – Parental Obligation o December 2021 – August 2022 Intrua Financial o Client Service Associate May 2020 – December 2021 Item 3 – Disciplinary Information Mr. Gomez does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Gomez is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. He does not receive any additional compensation. Item 6 – Supervision Scott McIntyre serves as supervisor for Mr. Gomez and can be reached at 512-481-2009. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 9 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Jim Towne Year Born: 1965 Education: St. Cloud State University - B.S., Finance University of Minnesota – M.B.A., Finance Business Experience: Hilltop Securities Asset Management, LLC o Managing Director, Investment Advisor August 2023 – Present Hilltop Securities Inc. o Managing Director, Head of Hedging and Reinvestment February 2023 to Present Caldwell Sutter Capital, Inc. o Managing Director, Debt Capital Markets June 2021 – February 2023 Alpine Valley Advisors, LLC o President & Owner March 2017 – June 2021 Item 3 – Disciplinary Information Mr. Towne does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Towne is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer as a Managing Director, Head of DCM Structuring. He does not receive any additional compensation. Item 6 – Supervision Mary Ann Dunda serves as supervisor for Mr. Towne and can be reached at 214-953- 4086. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 10 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Lance Flores Year Born: 1990 Education: University of North Texas – B.A. Economics Business Experience: Hilltop Securities Asset Management, LLC o Asset Management Sales January 2024 - Present Hilltop Securities Inc. o Asset Management Sales July 2022 – Present Merrill Lynch, Pierce, Fenner & Smith Incorporated o Financial Advisor May 2018 – July 2022 Item 3 – Disciplinary Information Mr. Flores does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Flores is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer as Asset Management Sales for Governmental Services. He does not receive any additional compensation. Item 6 – Supervision Mary Ann Dunda serves as supervisor for Mr. Flores and can be reached at 214-953- 4086. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 11 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Mica Owens-Weary Year Born: 1972 Education: Paul Quinn College Attended: August 1992 – March 1993 Degree: Not obtained Major: Psychology Business Experience: Hilltop Securities Asset Management, LLC o Asset Management Sales March 2024 - Present Hilltop Securities Inc. o Asset Management Sales January 2016 – Present Item 3 – Disciplinary Information Ms. Owens-Weary does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Ms. Owens-Weary is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer as Asset Management Sales for Governmental Services. She does not receive any additional compensation. Item 6 – Supervision Mary Ann Dunda serves as supervisor for Ms. Owens-Weary and can be reached at 214-953-4086. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 12 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Matthew ‘Matt’ Alan Harris, CFA Year Born: 1985 Education: University of Texas, Austin – B.A., Government Business Experience: Hilltop Securities Asset Management, LLC o Senior Vice President, Senior Portfolio Advisor March 2025 - Present Hilltop Securities Inc. o March 2025 – Present o Senior Vice President, Fixed Income Strategist January 2024 – March 2025 The Baker Group, LP o Associate Partner, Financial Strategies Group February 2007 – December 2023 Item 3 – Disciplinary Information Mr. Harris does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. Harris is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer. He does not receive any additional compensation. Item 6 – Supervision Scott McIntyre serves as supervisor for Mr. Harris and can be reached at 512-481-2009. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 13 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Charles McCormick Year Born: 2001 Education: University of Kansas – B.A., Finance Business Experience: Hilltop Securities Asset Management, LLC o Hedging and Reinvestment Advisor March 2025 – Present Hilltop Securities Inc. o Hedging and Reinvestment Advisor June 2024 – Present Broski Fence o Field Hand Jan 2023 – May 2024 Undergraduate University Student o University of Kansas August 2020 – May 2024 Item 3 – Disciplinary Information Mr. McCormick does not have any legal, civil, criminal, regulatory or disciplinary history to report. Item 4 & 5 – Other Business Activity and Additional Compensation Mr. McCormick is dually employed with Hilltop Securities, Inc. an affiliated Broker/Dealer as a Hedging and Reinvestment Advisor. He does not receive any additional compensation. Item 6 – Supervision Jim Towne serves as supervisor for Mr. McCormick and can be reached at 651-300- 9799. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 14 Form ADV Part 2B January 12, 2026 Item 2 – Educational Background and Business Experience Name: Jennifer Onstad Year Born: 1970 Education: Sierra College, Rocklin, CA 1994-1995 Sacramento Community College, Sacramento, CA, 1994 Degree: Not obtained Major: Communications Business Experience: Hilltop Securities Asset Management, LLC o Asset Management Sales November 2025 - Present Hilltop Securities Inc. o Asset Management Sales May 2025 – Present TCBI Securities o Registered Representative May 2024 – May 2025 Texas Capital Bank o Vice President October 2021 – May 2024 California Mortgage Bankers Association o Conference Manager November 2019 – October 2021 Item 3 – Disciplinary Information Ms. Onstad does not have any legal, civil, criminal, regulatory or disciplinary history to report. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Hilltop Securities Asset Management, LLC 15 Form ADV Part 2B January 12, 2026 Item 4 & 5 – Other Business Activity and Additional Compensation Ms. Onstad is dually employed with Hilltop Securities Inc. an affiliated Broker/Dealer as Asset Management Sales for Governmental Services. She does not receive any additional compensation. Ms. Onstad owns a condominium property in TX, which she rents and receives rental income. Additionally, she serves on the condominium board as secretary. This activity does not conflict with her duties and responsibilities as an employee of Hilltop Securities Asset Management, LLC. Item 6 – Supervision Mary Ann Dunda serves as supervisor for Ms. Onstad and can be reached at 214-953- 4086. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 © 2026 Hilltop Securities Asset Management LLC. All rights reserved. City of Denton, Texas Appendix B Sample Report Appendix B Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 INVESTMENT REPORT City of Denton October 1 to December 31, 2025 ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 ©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 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �14 Investment Transactions� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �17 Investment Transactions Totals� � � � � � � � � � � � � � � � � � � � � � � � � � � �20 Amortization and Accretion � � � � � � � � � � � � � � � � � � � � � � � � � � � � �21 Projected Cash Flows� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 Projected Cash Flows Totals� � � � � � � � � � � � � � � � � � � � � � � � � � � � � �29 Disclosures & Disclaimers � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �30 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 3©Hilltop Securities Asset Management, LLC. All rights reserved. Market Recap December saw the return of official government data following the 43 day shutdown� After two months of relying on private sources, financial markets finally received delayed October and November readings on inflation, the labor market, economic growth, and consumer sentiment�  Labor market data remained overwhelmingly negative throughout December� Private sector employment data showed more weakness ahead of the FOMC meeting, with the November ADP report revealing a 32k decline in payrolls, the largest monthly drop since early 2023� Small businesses shed 120k jobs, the biggest pullback since May 2020, while larger firms managed modest gains� Challenger’s layoff data showed more than 1�17 million job cuts year to date, already the highest since 2020� By the time the BLS finally released its combined October–November report, the unemployment rate had jumped to 4�6%, and the underemployment rate rose sharply to 8�7%, reflecting a combination of lower survey participation, discouraged workers re entering the labor force, and softening in economic conditions� Payrolls increased a modest 64k in November after a steep 105k decline in October, and the three month average pace of job growth slowed to just 22k, down from 62k prior to the shutdown� The weak job market has fed directly into collapsing consumer confidence� Both the University of Michigan and Conference Board measures slid toward multi decade lows, with Michigan’s current conditions index hitting its lowest reading in nearly fifty years� Confidence eroded further as households continued to struggle with higher prices, slower wage gains, and a cooling job market� Retail categories tied to discretionary spending showed weakening momentum, while hiring freezes broadened across cyclically sensitive sectors such as manufacturing, transportation, information services, and finance� With October CPI data never collected, the November CPI release only provided year over year changes� Even with the data disruptions, the numbers were striking, headline CPI unexpectedly fell from 3�0% to 2�7%, while core CPI softened from 3�0% to 2�6%, both reaching their lowest levels since early 2021� Shelter costs showed a questionable deceleration, posting their smallest two month increase since the early months of the pandemic� Economists warned that shutdown related distortions may unwind in the coming months, but the overall picture reinforced the idea that the Fed’s restrictive stance is continuing to exert downward pressure on inflation� The Federal Reserve delivered its third consecutive 25 basis point cut at the December 10 meeting, lowering the target range to 3�50%–3�75%� The vote was fractured, with three dissents, the most since 2019, as Chicago’s Goolsbee and Kansas City’s Schmid argued for no change while Governor Miran pushed for a larger 50 bp move� Chair Powell described the decision as a “close call,” noting that neither inflation nor employment data made a compelling case for easing, but the committee felt “well positioned to wait and see” heading into 2026� The updated Summary of Economic Projections offered mixed signals: the 2026 GDP forecast was revised sharply higher to 2�3%, while core PCE was nudged down to 2�5%, supporting the view that tariff related inflation pressures might be fading� Later in the month, the economy delivered another surprise when Q3 GDP was revised up to 4�3%, the strongest quarterly growth in two years and well above every major forecast� Personal consumption remained the engine of expansion, while net exports provided an unusually large boost as imports fell sharply� But the stronger growth also pushed the GDP price index up to 3�8%, and the core PCE index rose to 2�9%, complicating the Fed’s inflation narrative and reinforcing the idea that rate cuts in early 2026 are assured� Strong GDP with rising unemployment will be a challenge for policymakers next year, especially in an economy increasingly shaped by rapid technological changes and investment� As the year wraps, the economic landscape remains uncertain marked by strong top line growth but weakening labor momentum, easing inflation but distorted data, and a Fed that cut while signaling caution ahead� The path of monetary policy early in 2026 will hinge on whether the economy’s apparent strength proves durable or whether the growing signs of labor market softening begin to dominate the narrative� Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 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 Denton (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� Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 5 City of Denton October 1, 2025 - December 31, 2025 ©Hilltop Securities Asset Management, LLC. All rights reserved.Page 5 Portfolio Overview Portfolio Summary Asset Allocation Prior 30 Sep-25 Current 31 Dec-25 Par Value 1,081,068,237�76 954,255,829�94 Original Cost 1,072,248,746�06 944,893,518�08 Book Value 1,076,897,497�49 949,534,088�51 Market Value 1,079,199,917�20 952,025,028�42 Accrued Interest 7,217,098�60 7,876,129�22 Book Value Plus Accrued 1,084,114,596�09 957,410,217�73 Market Value Plus Accrued 1,086,417,015�80 959,901,157�64 Net Unrealized Gain/(Loss)2,302,419�71 2,490,939�91 Prior 30 Sep-25 Current 31 Dec-25 Yield to Maturity 4�207%3�906% Yield to Worst 4�207%3�906% Days to Final Maturity 248 331 Days to Effective Maturity 248 314 Duration 1�02 1�00 Transaction Summary Transaction Type Quantity Principal Interest Total Amount Realized Gain/Loss Buy 195,128,727�56 (193,102,233�69)(887,254�10)(193,989,487�79)0�00 Maturity (90,000,000�00)90,000,000�00 0�00 90,000,000�00 0�00 Call Redemption (5,000,000�00)5,000,000�00 0�00 5,000,000�00 27,504�54 Coupon 0�00 0�00 5,956,740�28 5,956,740�28 0�00 MMFUND Dividends 0�00 0�00 128,727�56 128,727�56 0�00 Current Period 1 Oct-25 to 31 Dec-25 Interest Income 9,305,299�33 Net Amortization/Accretion 1,447,988�17 Realized Gain/(Loss)27,504�54 Net Income 10,780,792�05 Fiscal Year-to-Date 1 Oct-25 to 31 Dec-25 Net Income 10,780,792�05 Portfolio CharacteristicsIncome Summary Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 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 --80,000,865�98 20,014,540�41 9,855,253�84 --24,672,054�74 ------134,542,714.98 AGCY CALL ----------24,948,159�46 14,926,676�22 ----39,874,835.68 BANK DEP 22,573,423�07 ----------------22,573,423.07 CP --24,953,175�00 4,921,659�72 19,552,200�00 ----------49,427,034.72 LGIP 124,539,227�77 ----------------124,539,227.77 MUNI --------4,516,511�97 --------4,516,511.97 US GOVT 17,643,179�10 24,974,559�07 44,819,742�96 84,486,299�33 64,933,955�24 233,137,916�40 74,096,780�57 29,967,907�65 --574,060,340.32 Total 164,755,829.94 129,928,600.06 69,755,943.09 113,893,753.17 69,450,467.22 282,758,130.60 89,023,456.79 29,967,907.65 --949,534,088.51 Portfolio Overview Top Ten Holdings Issuer Allocation United States 58�60% TEXSTAR 13�01% Federal Farm Credit Banks Funding Corporation 11�58% Federal Home Loan Mortgage Corporation 3�15% Toyota Motor Credit Corporation 2�60% Wells Fargo 2�38% Federal Home Loan Banks 2�11% United States Department of The Treasury 1�86% Federal National Mortgage Association 1�53% Emory University 1�05% Maturity Distribution by Security Type Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 7©Hilltop Securities Asset Management, LLC. All rights reserved. Book Value Basis Security Distribution Security Type Prior Balance 30-Sep-25 Prior Allocation 30-Sep-25 Change in Allocation Current Balance 31-Dec-25 Current Allocation 31-Dec-25 Yield to Maturity AGCY 124,473,716�39 11�56%2�61%134,542,714�98 14�17%4�437% AGCY CALL 44,829,300�52 4�16%0�04%39,874,835�68 4�20%4�068% BANK DEP 0�00 0�00%2�38%22,573,423�07 2�38%0�600% CP 49,600,444�45 4�61%0�60%49,427,034�72 5�21%4�019% LGIP 374,053,786�22 34�73%(21�62%)124,539,227�77 13�12%3�825% MUNI 4,522,014�18 0�42%0�06%4,516,511�97 0�48%4�494% US GOVT 479,418,235�74 44�52%15�94%574,060,340�32 60�46%3�904% Portfolio Total 1,076,897,497.49 100.00%949,534,088.51 100.00%3.906% Asset Allocation Asset Allocation by Security Type as of Asset Allocation by Security Type as of 30-Sep-2025 31-Dec-2025 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 8©Hilltop Securities Asset Management, LLC. All rights reserved. Credit Rating Summary Rating Distribution Allocation by Rating Book Value Portfolio Allocation Secured Deposits (Insured or Collateralized) Demand Deposits 22,573,423�07 2�38% Total Secured Deposits 22,573,423.07 2.38% Local Government Investment Pools & Money Market Funds AAA 124,539,227�77 13�12% Total Local Government Investment Pools & Money Market Funds 124,539,227.77 13.12% Short Term Rating Distribution A-1+59,165,743�85 6�23% A-1 4,921,659�72 0�52% Total Short Term Rating Distribution 64,087,403.57 6.75% Long Term Rating Distribution AAA 4,516,511�97 0�48% AA+733,817,522�13 77�28% Total Long Term Rating Distribution 738,334,034.10 77.76% Portfolio Total 949,534,088.51 100.00% Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 9©Hilltop Securities Asset Management, LLC. All rights reserved. Yield Overview Jan-24 Feb-24 Mar-24 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 City of Denton 4.76 4.88 4.88 4.90 4.92 4.97 5.07 5.04 4.93 4.65 4.57 4.52 4.45 4.39 4.37 4.34 4.31 4.30 4.29 4.27 4.21 4.11 4.03 3.91 6 Month CMT 5�43 5�39 5�36 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 1 Year CMT 5�09 5�09 5�12 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 TexPool 5�35 5�33 5�32 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 Benchmark Comparison Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 10 City of Denton October 1, 2025 - December 31, 2025 ©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 City of Denton 1,076,897,497�49 1,079,199,917�20 (127,174,888�78)949,534,088�51 952,025,028�42 10,780,792�05 331 3�906%3�906% Total 1,076,897,497.49 1,079,199,917.20 (127,174,888.78)949,534,088.51 952,025,028.42 10,780,792.05 331 3.906%3.906% Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 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 City of Denton TEXPOOL LGIP TexPool 3�827 12/31/25 1,000,000�00 100�000 1,000,000�00 1,000,000�00 100�000 1,000,000�00 1 3�827 3�827 AAA TEXSTAR LGIP TexSTAR 3�825 12/31/25 122,586,224�47 100�000 122,586,224�47 122,586,224�47 100�000 122,586,224�47 1 3�825 3�825 AAA TEXSTAR2 LGIP TexSTAR 3�825 12/31/25 953,003�30 100�000 953,003�30 953,003�30 100�000 953,003�30 1 3�825 3�825 AAA USTDDSLG2 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 8,465,455�14 100�000 8,465,455�14 8,465,455�14 100�000 8,465,455�14 1 2�850 2�850 AA+ USTDDSLGS US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 9,177,723�96 100�000 9,177,723�96 9,177,723�96 100�000 9,177,723�96 1 2�850 2�850 AA+ WF-DNTN1 BANK DEP Wells Fargo - Main 0�600 12/31/25 22,573,423�07 100�000 22,573,423�07 22,573,423�07 100�000 22,573,423�07 1 0�600 0�600 SD 89233HA61 04/15/25 CP Toyota Motor Credit Corp 0�000 01/06/26 10,000,000�00 96�934 9,693,361�11 9,994,236�11 99�938 9,993,790�00 6 4�281 4�281 A-1+ 29157PEH3 CP Emory Univ Taxable CP 4�000 01/14/26 10,000,000�00 100�000 10,000,000�00 10,000,000�00 100�000 10,000,000�00 14 4�000 4�000 A-1+ 91282CGE5 US GOVT U�S� Treasury Note 3�875 01/15/26 20,000,000�00 98�414 19,682,812�50 19,992,425�79 99�988 19,997,656�20 15 4�895 4�895 AA+ 3133ERMK4 07/29/24 AGCY FFCB 4�625 01/26/26 40,000,000�00 100�011 40,004,400�00 40,000,212�97 100�055 40,021,800�00 26 4�617 4�617 AA+ 3133ERCT6 04/29/24 AGCY FFCB 5�000 01/29/26 10,000,000�00 99�847 9,984,717�70 9,999,279�69 100�089 10,008,900�00 29 5�097 5�097 AA+ 3133ERNJ6 08/16/24 AGCY FFCB 4�500 02/06/26 20,000,000�00 100�276 20,055,200�00 20,003,761�09 100�066 20,013,280�00 37 4�304 4�304 AA+ 912828P46 03/01/24 US GOVT U�S� Treasury Note 1�625 02/15/26 5,000,000�00 94�461 4,723,046�88 4,982,133�28 99�727 4,986,328�10 46 4�615 4�615 AA+ 3133EP4K8 03/19/24 AGCY FFCB 4�625 03/05/26 10,000,000�00 99�738 9,973,800�00 9,997,612�24 100�148 10,014,820�00 64 4�765 4�765 AA+ 78009BCJ9 09/19/25 CP Royal Bank of Canada 0�000 03/18/26 5,000,000�00 98�055 4,902,750�00 4,958,938�89 99�199 4,959,955�00 77 3�967 3�967 A-1+ 91282CGV7 US GOVT U�S� Treasury Note 3�750 04/15/26 20,000,000�00 99�820 19,964,062�51 19,993,739�30 100�047 20,009,375�00 105 3�862 3�862 AA+ 3133ERDZ1 05/09/24 AGCY FFCB 4�750 05/08/26 10,000,000�00 99�800 9,980,000�00 9,996,362�51 100�348 10,034,760�00 128 4�856 4�856 AA+ 912828R36 06/18/24 US GOVT U�S� Treasury Note 1�625 05/15/26 10,000,000�00 94�352 9,435,156�25 9,886,770�85 99�301 9,930,078�10 135 4�757 4�757 AA+ 62479MES8 11/25/25 CP MUFG Bank, Ltd�, New York Branch 0�000 05/26/26 5,000,000�00 98�033 4,901,669�44 4,921,659�72 98�443 4,922,130�00 146 3�968 3�968 A-1 9128286X3 10/22/25 US GOVT U�S� Treasury Note 2�125 05/31/26 10,000,000�00 99�043 9,904,296�88 9,934,964�97 99�391 9,939,062�50 151 3�733 3�733 AA+ 3130B1BT3 07/29/24 AGCY FHLB 4�875 06/12/26 10,000,000�00 100�728 10,072,800�00 10,018,177�90 100�502 10,050,170�00 163 4�457 4�457 AA+ 91282CHH7 08/28/25 US GOVT U�S� Treasury Note 4�125 06/15/26 5,000,000�00 100�145 5,007,226�56 5,004,267�84 100�266 5,013,281�25 166 3�933 3�933 AA+ 89233HFW9 10/07/25 CP Toyota Motor Credit Corp 0�000 06/30/26 5,000,000�00 97�140 4,857,025�00 4,903,250�00 98�108 4,905,385�00 181 3�984 3�984 A-1+ 9128287B0 12/06/24 US GOVT U�S� Treasury Note 1�875 06/30/26 5,000,000�00 96�508 4,825,390�63 4,943,411�48 99�195 4,959,765�60 181 4�199 4�199 AA+ 91282CHM6 US GOVT U�S� Treasury Note 4�500 07/15/26 20,000,000�00 100�718 20,143,554�69 20,053,391�55 100�512 20,102,343�80 196 3�993 3�993 AA+ 78009BH54 12/19/25 CP Royal Bank of Canada 0�000 08/05/26 5,000,000�00 97�672 4,883,591�67 4,890,200�00 97�760 4,887,975�00 217 3�747 3�747 A-1+ 912797RG4 10/22/25 US GOVT U�S� Treasury Bill 0�000 08/06/26 10,000,000�00 97�239 9,723,920�00 9,791,981�39 97�945 9,794,500�00 218 3�575 3�575 A-1+ 89233HHE7 11/18/25 CP Toyota Motor Credit Corp 0�000 08/14/26 10,000,000�00 97�116 9,711,572�22 9,758,750�00 97�650 9,765,000�00 226 3�975 3�975 A-1+ 9128282A7 10/15/24 US GOVT U�S� Treasury Note 1�500 08/15/26 25,000,000�00 95�699 23,924,804�69 24,627,220�23 98�723 24,680,664�00 227 3�953 3�953 AA+ Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 12©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 91282CLH2 10/23/24 US GOVT U�S� Treasury Note 3�750 08/31/26 5,000,000�00 99�395 4,969,726�56 4,989,045�26 100�105 5,005,273�45 243 4�090 4�090 AA+ 91282CHY0 US GOVT U�S� Treasury Note 4�625 09/15/26 20,000,000�00 101�082 20,216,406�26 20,081,249�42 100�723 20,144,531�20 258 4�031 4�031 AA+ 3135G0Q22 08/27/24 AGCY FNMA 1�875 09/24/26 10,000,000�00 95�964 9,596,400�00 9,855,253�84 98�708 9,870,810�00 267 3�919 3�919 AA+ 882724RB5 03/07/24 MUNI TEXAS STATE 5�000 10/01/26 4,500,000�00 101�210 4,554,450�00 4,516,511�97 101�091 4,549,084�98 274 4�494 4�494 AAA 912797SA6 10/17/25 US GOVT U�S� Treasury Bill 0�000 10/01/26 5,000,000�00 96�635 4,831,748�07 4,868,387�46 97�435 4,871,744�45 274 3�611 3�611 A-1+ 91282CJC6 09/04/25 US GOVT U�S� Treasury Note 4�625 10/15/26 5,000,000�00 100�859 5,042,968�75 5,030,638�20 100�797 5,039,843�75 288 3�825 3�825 AA+ 912828U24 10/08/24 US GOVT U�S� Treasury Note 2�000 11/15/26 10,000,000�00 96�043 9,604,296�88 9,832,551�45 98�676 9,867,578�10 319 3�979 3�979 AA+ 91282CJK8 US GOVT U�S� Treasury Note 4�625 11/15/26 35,000,000�00 101�207 35,422,460�94 35,180,332�69 100�883 35,308,984�20 319 4�016 4�016 AA+ 91282CJP7 10/29/24 US GOVT U�S� Treasury Note 4�375 12/15/26 10,000,000�00 100�477 10,047,656�25 10,022,045�44 100�777 10,077,734�40 349 4�137 4�137 AA+ 91282CJT9 US GOVT U�S� Treasury Note 4�000 01/15/27 35,000,000�00 99�689 34,891,210�94 34,945,034�90 100�477 35,166,796�70 380 4�156 4�156 AA+ 912828Z78 09/24/24 US GOVT U�S� Treasury Note 1�500 01/31/27 20,000,000�00 95�422 19,084,375�00 19,569,663�26 97�863 19,572,656�20 396 3�547 3�547 AA+ 3130B6CB0 05/09/25 AGCY CALL FHLB 4�150 02/09/27 02/09/26 Quarterly 10,000,000�00 99�975 9,997,500�00 9,998,597�45 100�041 10,004,090�00 405 40 4�168 4�168 AA+ 3133EP2T1 02/16/24 AGCY FFCB 4�125 02/12/27 5,000,000�00 99�245 4,962,250�00 4,985,373�37 100�582 5,029,085�00 408 4�397 4�397 AA+ 912828V98 US GOVT U�S� Treasury Note 2�250 02/15/27 30,000,000�00 96�299 28,889,843�75 29,451,255�75 98�602 29,580,468�60 411 3�933 3�933 AA+ 3134HBQP9 05/23/25 AGCY CALL FHLMC 3�850 02/23/27 02/23/26 Quarterly 5,000,000�00 99�660 4,983,000�00 4,988,603�71 99�972 4,998,595�00 419 54 4�056 4�056 AA+ 91282CKE0 05/14/25 US GOVT U�S� Treasury Note 4�250 03/15/27 5,000,000�00 100�418 5,020,898�44 5,013,982�30 100�840 5,041,992�20 439 4�009 4�009 AA+ 3133ET5R4 12/26/25 AGCY FFCB 3�500 03/26/27 15,000,000�00 99�907 14,986,050�00 14,986,201�81 99�904 14,985,555�00 450 3�580 3�580 AA+ 91282CEF4 US GOVT U�S� Treasury Note 2�500 03/31/27 15,000,000�00 96�508 14,476,171�88 14,729,101�43 98�758 14,813,671�80 455 4�003 4�003 AA+ 91282CKJ9 05/14/25 US GOVT U�S� Treasury Note 4�500 04/15/27 5,000,000�00 100�891 5,044,531�25 5,030,255�27 101�227 5,061,328�10 470 4�012 4�012 AA+ 91282CEN7 US GOVT U�S� Treasury Note 2�750 04/30/27 20,000,000�00 98�820 19,764,062�50 19,791,282�25 99�020 19,803,906�20 485 3�562 3�562 AA+ 912828X88 11/04/25 US GOVT U�S� Treasury Note 2�375 05/15/27 10,000,000�00 98�133 9,813,281�25 9,832,454�98 98�477 9,847,656�20 500 3�640 3�640 AA+ 91282CKR1 US GOVT U�S� Treasury Note 4�500 05/15/27 15,000,000�00 100�665 15,099,804�69 15,062,874�96 101�320 15,198,046�80 500 4�182 4�182 AA+ 91282CET4 12/02/25 US GOVT U�S� Treasury Note 2�625 05/31/27 10,000,000�00 98�605 9,860,546�88 9,868,102�27 98�797 9,879,687�50 516 3�592 3�592 AA+ 91282CNE7 11/04/25 US GOVT U�S� Treasury Note 3�875 05/31/27 10,000,000�00 100�348 10,034,765�63 10,031,515�51 100�516 10,051,562�50 516 3�644 3�644 AA+ 91282CKV2 US GOVT U�S� Treasury Note 4�625 06/15/27 10,000,000�00 101�707 10,170,703�12 10,141,449�82 101�598 10,159,765�60 531 3�617 3�617 AA+ 91282CFB2 12/10/25 US GOVT U�S� Treasury Note 2�750 07/31/27 10,000,000�00 98�621 9,862,109�38 9,867,094�88 98�871 9,887,109�40 577 3�621 3�621 AA+ 3134HBL66 09/09/25 AGCY CALL FHLMC 3�500 09/09/27 03/09/26 Quarterly 10,000,000�00 99�539 9,953,900�00 9,960,958�30 99�693 9,969,320�00 617 68 3�741 3�741 AA+ 91282CLL3 US GOVT U�S� Treasury Note 3�375 09/15/27 15,000,000�00 99�060 14,858,984�38 14,912,256�17 99�820 14,973,046�80 623 3�732 3�732 AA+ 3135G05Y5 12/07/23 AGCY FNMA 0�750 10/08/27 5,000,000�00 87�532 4,376,600�00 4,700,479�57 95�253 4,762,665�00 646 4�311 4�311 AA+ 91282CLX7 US GOVT U�S� Treasury Note 4�125 11/15/27 15,000,000�00 99�227 14,883,984�38 14,921,765�09 101�145 15,171,679�65 684 4�419 4�419 AA+ Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 13©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 91282CFZ9 10/16/24 US GOVT U�S� Treasury Note 3�875 11/30/27 5,000,000�00 100�051 5,002,539�06 5,001,697�40 100�715 5,035,742�20 699 3�856 3�856 AA+ 91282CGC9 12/07/23 US GOVT U�S� Treasury Note 3�875 12/31/27 5,000,000�00 98�754 4,937,695�31 4,968,130�16 100�746 5,037,304�70 730 4�211 4�211 AA+ 91282CMF5 02/13/25 US GOVT U�S� Treasury Note 4�250 01/15/28 10,000,000�00 99�551 9,955,078�13 9,968,273�86 101�477 10,147,656�20 745 4�415 4�415 AA+ 91282CGH8 US GOVT U�S� Treasury Note 3�500 01/31/28 20,000,000�00 99�949 19,989,843�76 19,994,007�03 100�020 20,003,906�20 761 3�515 3�515 AA+ 9128283W8 US GOVT U�S� Treasury Note 2�750 02/15/28 15,000,000�00 94�888 14,233,203�13 14,504,276�88 98�492 14,773,828�05 776 4�399 4�399 AA+ 3134HBQQ7 05/23/25 AGCY CALL FHLMC 4�000 02/23/28 02/23/26 Quarterly 5,000,000�00 99�552 4,977,600�00 4,982,126�26 100�034 5,001,710�00 784 54 4�176 4�176 AA+ 3134HBRM5 05/19/25 AGCY CALL FHLMC 4�000 05/19/28 02/19/26 Quarterly 10,000,000�00 99�310 9,931,000�00 9,944,549�97 100�039 10,003,880�00 870 50 4�247 4�247 AA+ 91282CCH2 10/15/24 US GOVT U�S� Treasury Note 1�250 06/30/28 5,000,000�00 90�961 4,548,046�88 4,688,734�24 94�648 4,732,421�85 912 3�890 3�890 AA+ 91282CNY3 US GOVT U�S� Treasury Note 3�375 09/15/28 15,000,000�00 99�652 14,947,851�57 14,949,616�62 99�605 14,940,820�35 989 3�506 3�506 AA+ 91282CPP0 12/22/25 US GOVT U�S� Treasury Note 3�500 12/15/28 10,000,000�00 99�918 9,991,796�88 9,991,871�95 99�895 9,989,453�10 1,080 3�529 3�529 AA+ 91282CJW2 10/17/25 US GOVT U�S� Treasury Note 4�000 01/31/29 10,000,000�00 101�480 10,148,046�88 10,139,506�58 101�281 10,128,125�00 1,127 3�518 3�518 AA+ 91282CFJ5 10/17/25 US GOVT U�S� Treasury Note 3�125 08/31/29 10,000,000�00 98�426 9,842,578�13 9,850,622�20 98�328 9,832,812�50 1,339 3�564 3�564 AA+ 91282CLN9 10/17/25 US GOVT U�S� Treasury Note 3�500 09/30/29 10,000,000�00 99�766 9,976,562�50 9,977,778�86 99�563 9,956,250�00 1,369 3�564 3�564 AA+ Total City of Denton 954,255,829.94 944,893,518.08 949,534,088.51 952,025,028.42 331 53 3.906 3.906 Grand Total 954,255,829.94 944,893,518.08 949,534,088.51 952,025,028.42 331 53 3.906 3.906 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 14 City of Denton October 1, 2025 - December 31, 2025 ©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 City of Denton 89233GX68 CP Toyota Motor Credit Corp 0�0 10/06/2025 0�00 0�00 0�00 0�00 0�00 3,034�72 0�00 3,034�72 91282CFP1 US GOVT U�S� Treasury Note 4�25 10/15/2025 98,121�58 8,128�42 106,250�00 0�00 0�00 515�92 0�00 8,644�34 29157PEB6 CP Emory Univ Taxable CP 4�37 10/23/2025 57,659�72 14,566�67 72,226�39 0�00 0�00 0�00 0�00 14,566�67 3133EPC37 AGCY FFCB 4�875 11/13/2025 93,437�50 28,437�50 121,875�00 0�00 0�00 465�97 0�00 28,903�47 89233GYE0 CP Toyota Motor Credit Corp 0�0 11/14/2025 0�00 0�00 0�00 0�00 0�00 53,411�11 0�00 53,411�11 91282CFW6 US GOVT U�S� Treasury Note 4�5 11/15/2025 339,945�65 110,054�35 450,000�00 0�00 0�00 10,141�32 0�00 120,195�67 91282CGA3 US GOVT U�S� Treasury Note 4�0 12/15/2025 236,065�57 163,934�43 400,000�00 0�00 0�00 36,544�50 0�00 200,478�93 78009AZK3 CP Royal Bank of Canada 0�0 12/19/2025 0�00 0�00 0�00 0�00 0�00 45,534�72 0�00 45,534�72 78009AZP2 CP Royal Bank of Canada 0�0 12/23/2025 0�00 0�00 0�00 0�00 0�00 94,988�89 0�00 94,988�89 9128285T3 US GOVT U�S� Treasury Note 2�625 12/31/2025 33,169�16 32,455�84 65,625�00 0�00 0�00 14,222�96 0�00 46,678�80 TEXPOOL LGIP TexPool 349,478�30 1,004,630�80 1,029,072�80 0�00 325,036�30 0�00 0�00 1,004,630�80 TEXSTAR LGIP TexSTAR 1,014,471�32 1,802,292�48 2,393,362�88 0�00 423,400�92 0�00 0�00 1,802,292�48 TEXSTAR2 LGIP TexSTAR 0�00 12,560�91 9,475�28 0�00 3,085�63 0�00 0�00 12,560�91 USTDDSLG2 US GOVT U�S� Treasury DD SLGS 0�0 12/31/2025 0�00 61,765�40 61,765�40 0�00 0�00 0�00 0�00 61,765�40 USTDDSLGS US GOVT U�S� Treasury DD SLGS 0�0 12/31/2025 0�00 66,962�16 66,962�16 0�00 0�00 0�00 0�00 66,962�16 WF-DNTN1 BANK DEP Wells Fargo - Main 0�00 24,949�99 16,144�01 0�00 8,805�98 0�00 0�00 24,949�99 89233HA61 CP Toyota Motor Credit Corp 0�0 01/06/2026 0�00 0�00 0�00 0�00 0�00 106,055�56 0�00 106,055�56 29157PEH3 CP Emory Univ Taxable CP 4�0 01/14/2026 0�00 75,000�00 0�00 (555�56)75,555�56 0�00 0�00 75,000�00 91282CGE5 US GOVT U�S� Treasury Note 3�875 01/15/2026 164,266�30 193,750�00 0�00 0�00 358,016�30 49,773�38 0�00 243,523�38 3133ERMK4 AGCY FFCB 4�625 01/26/2026 334,027�78 462,500�00 0�00 0�00 796,527�78 (783�72)0�00 461,716�28 3133ERCT6 AGCY FFCB 5�0 01/29/2026 86,111�11 125,000�00 0�00 0�00 211,111�11 2,366�74 0�00 127,366�74 3133ERNJ6 AGCY FFCB 4�5 02/06/2026 137,500�00 225,000�00 0�00 0�00 362,500�00 (9,611�67)0�00 215,388�33 912828P46 US GOVT U�S� Treasury Note 1�625 02/15/2026 10,377�04 20,312�50 0�00 0�00 30,689�54 36,527�51 0�00 56,840�01 3133EP4K8 AGCY FFCB 4�625 03/05/2026 33,402�78 115,625�00 0�00 0�00 149,027�78 3,486�89 0�00 119,111�89 78009BCJ9 CP Royal Bank of Canada 0�0 03/18/2026 0�00 0�00 0�00 0�00 0�00 49,705�56 0�00 49,705�56 91282CGV7 US GOVT U�S� Treasury Note 3�75 04/15/2026 346,311�48 189,402�81 375,000�00 0�00 160,714�29 5,516�88 0�00 194,919�69 3133ERDZ1 AGCY FFCB 4�75 05/08/2026 188,680�56 118,750�00 237,500�00 0�00 69,930�56 2,591�91 0�00 121,341�91 912828R36 US GOVT U�S� Treasury Note 1�625 05/15/2026 61,379�08 40,968�99 81,250�00 0�00 21,098�07 76,250�51 0�00 117,219�50 62479MES8 CP MUFG Bank, Ltd�, New York Branch 0�0 05/26/2026 0�00 0�00 0�00 0�00 0�00 19,990�28 0�00 19,990�28 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 15 City of Denton October 1, 2025 - December 31, 2025 ©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 9128286X3 US GOVT U�S� Treasury Note 2�125 05/31/2026 0�00 41,324�76 106,250�00 (83,606�56)18,681�32 30,668�09 0�00 71,992�85 3130B1BT3 AGCY FHLB 4�875 06/12/2026 147,604�17 121,875�00 243,750�00 0�00 25,729�17 (10,103�93)0�00 111,771�07 91282CHH7 US GOVT U�S� Treasury Note 4�125 06/15/2026 60,860�66 51,896�90 103,125�00 0�00 9,632�55 (2,172�97)0�00 49,723�92 89233HFW9 CP Toyota Motor Credit Corp 0�0 06/30/2026 0�00 0�00 0�00 0�00 0�00 46,225�00 0�00 46,225�00 9128287B0 US GOVT U�S� Treasury Note 1�875 06/30/2026 23,692�26 23,441�72 46,875�00 0�00 258�98 27,877�89 0�00 51,319�61 91282CHM6 US GOVT U�S� Treasury Note 4�5 07/15/2026 190,760�87 225,000�00 0�00 0�00 415,760�87 (24,252�19)0�00 200,747�81 78009BH54 CP Royal Bank of Canada 0�0 08/05/2026 0�00 0�00 0�00 0�00 0�00 6,608�33 0�00 6,608�33 912797RG4 US GOVT U�S� Treasury Bill 0�0 08/06/2026 0�00 0�00 0�00 0�00 0�00 68,061�39 0�00 68,061�39 89233HHE7 CP Toyota Motor Credit Corp 0�0 08/14/2026 0�00 0�00 0�00 0�00 0�00 47,177�78 0�00 47,177�78 9128282A7 US GOVT U�S� Treasury Note 1�5 08/15/2026 47,894�02 93,750�00 0�00 0�00 141,644�02 147,421�89 0�00 241,171�89 91282CLH2 US GOVT U�S� Treasury Note 3�75 08/31/2026 16,056�63 47,651�93 0�00 0�00 63,708�56 4,152�57 0�00 51,804�51 91282CHY0 US GOVT U�S� Treasury Note 4�625 09/15/2026 40,883�98 235,082�87 0�00 0�00 275,966�85 (29,012�37)0�00 206,070�50 3135G0Q22 AGCY FNMA 1�875 09/24/2026 3,645�83 46,875�00 0�00 0�00 50,520�83 49,959�97 0�00 96,834�97 882724RB5 MUNI TEXAS STATE 5�0 10/01/2026 112,500�00 56,250�00 112,500�00 0�00 56,250�00 (5,502�20)0�00 50,747�80 912797SA6 US GOVT U�S� Treasury Bill 0�0 10/01/2026 0�00 0�00 0�00 0�00 0�00 36,639�39 0�00 36,639�39 91282CJC6 US GOVT U�S� Treasury Note 4�625 10/15/2026 106,779�37 58,399�20 115,625�00 0�00 49,553�57 (9,646�92)0�00 48,752�28 912828U24 US GOVT U�S� Treasury Note 2�0 11/15/2026 75,543�48 50,423�37 100,000�00 0�00 25,966�85 47,513�40 0�00 97,936�77 91282CJK8 US GOVT U�S� Treasury Note 4�625 11/15/2026 611,430�03 408,114�17 809,375�00 0�00 210,169�20 (51,167�44)0�00 356,946�73 91282CJP7 US GOVT U�S� Treasury Note 4�375 12/15/2026 129,098�36 110,084�33 218,750�00 0�00 20,432�69 (5,661�42)0�00 104,422�91 91282CJT9 US GOVT U�S� Treasury Note 4�0 01/15/2027 296,739�13 350,000�00 0�00 0�00 646,739�13 12,834�05 0�00 362,834�05 912828Z78 US GOVT U�S� Treasury Note 1�5 01/31/2027 50,543�48 75,000�00 0�00 0�00 125,543�48 97,073�25 0�00 172,073�25 3130B6CB0 AGCY CALL FHLB 4�15 02/09/2027 163,694�44 103,750�00 207,500�00 0�00 59,944�44 431�64 0�00 104,181�64 3133EP2T1 AGCY FFCB 4�125 02/12/2027 28,072�92 51,562�50 0�00 0�00 79,635�42 3,187�04 0�00 54,749�54 912828V98 US GOVT U�S� Treasury Note 2�25 02/15/2027 86,209�24 168,750�00 0�00 0�00 254,959�24 119,051�79 0�00 287,801�79 3134HBQP9 AGCY CALL FHLMC 3�85 02/23/2027 20,319�44 48,125�00 0�00 0�00 68,444�44 2,425�47 0�00 50,550�47 91282CKE0 US GOVT U�S� Treasury Note 4�25 03/15/2027 9,392�27 54,005�52 0�00 0�00 63,397�79 (2,884�52)0�00 51,121�01 3133ET5R4 AGCY FFCB 3�5 03/26/2027 0�00 7,291�67 0�00 0�00 7,291�67 151�81 0�00 7,443�47 91282CEF4 US GOVT U�S� Treasury Note 2�5 03/31/2027 686�81 89,285�72 0�00 (5,837�91)95,810�44 51,558�22 0�00 140,843�94 91282CKJ9 US GOVT U�S� Treasury Note 4�5 04/15/2027 103,893�44 56,820�84 112,500�00 0�00 48,214�29 (5,776�43)0�00 51,044�41 91282CEN7 US GOVT U�S� Treasury Note 2�75 04/30/2027 0�00 97,885�77 137,500�00 (133,813�13)94,198�90 27,219�75 0�00 125,105�51 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 16 City of Denton October 1, 2025 - December 31, 2025 ©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 912828X88 US GOVT U�S� Treasury Note 2�375 05/15/2027 0�00 37,934�82 118,750�00 (111,650�82)30,835�64 19,173�73 0�00 57,108�55 91282CKR1 US GOVT U�S� Treasury Note 4�5 05/15/2027 254,959�24 170,178�88 337,500�00 0�00 87,638�12 (11,165�58)0�00 159,013�30 91282CET4 US GOVT U�S� Treasury Note 2�625 05/31/2027 0�00 21,634�61 0�00 (1,442�31)23,076�92 7,555�39 0�00 29,190�00 91282CNE7 US GOVT U�S� Treasury Note 3�875 05/31/2027 0�00 61,593�25 193,750�00 (166,222�68)34,065�93 (3,250�12)0�00 58,343�13 91282CKV2 US GOVT U�S� Treasury Note 4�625 06/15/2027 136,475�41 116,374�87 231,250�00 0�00 21,600�27 (23,379�81)0�00 92,995�06 91282CFB2 US GOVT U�S� Treasury Note 2�75 07/31/2027 0�00 16,440�22 0�00 (98,641�30)115,081�52 4,985�50 0�00 21,425�72 3134HBL66 AGCY CALL FHLMC 3�5 09/09/2027 21,388�89 87,500�00 0�00 0�00 108,888�89 5,696�17 0�00 93,196�17 91282CLL3 US GOVT U�S� Treasury Note 3�375 09/15/2027 14,917�13 90,435�08 0�00 (45,683�70)151,035�91 11,454�34 0�00 101,889�42 3135G05Y5 AGCY FNMA 0�75 10/08/2027 18,020�83 9,375�00 18,750�00 0�00 8,645�83 41,237�60 0�00 50,612�60 91282CLX7 US GOVT U�S� Treasury Note 4�125 11/15/2027 233,712�64 155,997�31 309,375�00 0�00 80,334�94 10,073�92 0�00 166,071�23 91282CFZ9 US GOVT U�S� Treasury Note 3�875 11/30/2027 65,112�70 48,795�26 96,875�00 0�00 17,032�97 (214�25)0�00 48,581�01 91282CGC9 US GOVT U�S� Treasury Note 3�875 12/31/2027 48,963�99 48,446�23 96,875�00 0�00 535�22 3,787�12 0�00 52,233�35 91282CMF5 US GOVT U�S� Treasury Note 4�25 01/15/2028 90,081�52 106,250�00 0�00 0�00 196,331�52 3,687�60 0�00 109,937�60 91282CGH8 US GOVT U�S� Treasury Note 3�5 01/31/2028 117,934�78 175,000�00 0�00 0�00 292,934�78 856�18 0�00 175,856�18 9128283W8 US GOVT U�S� Treasury Note 2�75 02/15/2028 52,683�42 103,125�00 0�00 0�00 155,808�42 55,454�99 0�00 158,579�99 3134HBQQ7 AGCY CALL FHLMC 4�0 02/23/2028 21,111�11 50,000�00 0�00 0�00 71,111�11 1,985�42 0�00 51,985�42 3134HBRM5 AGCY CALL FHLMC 4�0 05/19/2028 146,666�67 100,000�00 200,000�00 0�00 46,666�67 5,549�45 0�00 105,549�45 3134HBVR9 AGCY CALL FHLMC 4�0 06/09/2028 61,111�11 37,777�78 98,888�89 0�00 0�00 1,942�47 27,504�54 67,224�79 91282CCH2 US GOVT U�S� Treasury Note 1�25 06/30/2028 15,794�84 15,627�81 31,250�00 0�00 172�65 29,410�68 0�00 45,038�50 91282CNY3 US GOVT U�S� Treasury Note 3�375 09/15/2028 7,458�56 52,209�95 0�00 (91,367�40)151,035�91 1,563�93 0�00 53,773�88 91282CPP0 US GOVT U�S� Treasury Note 3�5 12/15/2028 0�00 9,615�38 0�00 (6,730�77)16,346�15 75�07 0�00 9,690�45 91282CJW2 US GOVT U�S� Treasury Note 4�0 01/31/2029 0�00 82,608�69 0�00 (84,782�61)167,391�30 (8,540�30)0�00 74,068�40 91282CFJ5 US GOVT U�S� Treasury Note 3�125 08/31/2029 0�00 65,607�74 0�00 (40,573�20)106,180�94 8,044�07 0�00 73,651�81 91282CLN9 US GOVT U�S� Treasury Note 3�5 09/30/2029 0�00 73,076�93 0�00 (16,346�15)89,423�08 1,216�36 0�00 74,293�29 Total City of Denton 7,217,098.60 9,305,299.33 9,533,522.81 (887,254.10)7,876,129.22 1,447,988.17 27,504.54 10,780,792.05 Grand Total 7,217,098.60 9,305,299.33 9,533,522.81 (887,254.10)7,876,129.22 1,447,988.17 27,504.54 10,780,792.05 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 17 City of Denton October 1, 2025 - December 31, 2025 ©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 City of Denton Buy 89233HFW9 10/06/25 10/07/25 CP Toyota Motor Credit Corp 0�000 06/30/26 5,000,000�00 97�141 4,857,025�00 0�00 4,857,025�00 0�00 3�984 3�984 91282CJW2 10/16/25 10/17/25 US GOVT U�S� Treasury Note 4�000 01/31/29 10,000,000�00 101�480 10,148,046�88 84,782�61 10,232,829�49 0�00 3�518 3�518 91282CEF4 10/16/25 10/17/25 US GOVT U�S� Treasury Note 2�500 03/31/27 5,000,000�00 98�551 4,927,539�06 5,837�91 4,933,376�97 0�00 3�531 3�531 91282CLN9 10/16/25 10/17/25 US GOVT U�S� Treasury Note 3�500 09/30/29 10,000,000�00 99�766 9,976,562�50 16,346�15 9,992,908�65 0�00 3�564 3�564 91282CFJ5 10/16/25 10/17/25 US GOVT U�S� Treasury Note 3�125 08/31/29 10,000,000�00 98�426 9,842,578�13 40,573�20 9,883,151�33 0�00 3�564 3�564 912797SA6 10/16/25 10/17/25 US GOVT U�S� Treasury Bill 0�000 10/01/26 5,000,000�00 96�635 4,831,748�07 0�00 4,831,748�07 0�00 3�611 3�611 91282CEN7 10/21/25 10/22/25 US GOVT U�S� Treasury Note 2�750 04/30/27 10,000,000�00 98�906 9,890,625�00 130,774�46 10,021,399�46 0�00 3�493 3�493 912797RG4 10/21/25 10/22/25 US GOVT U�S� Treasury Bill 0�000 08/06/26 10,000,000�00 97�239 9,723,920�00 0�00 9,723,920�00 0�00 3�575 3�575 9128286X3 10/21/25 10/22/25 US GOVT U�S� Treasury Note 2�125 05/31/26 10,000,000�00 99�043 9,904,296�88 83,606�56 9,987,903�44 0�00 3�733 3�733 29157PEH3 10/23/25 10/23/25 CP Emory Univ Taxable CP 4�000 01/14/26 5,000,000�00 100�000 5,000,000�00 0�00 5,000,000�00 0�00 4�000 4�000 29157PEH3 10/23/25 10/24/25 CP Emory Univ Taxable CP 4�000 01/14/26 5,000,000�00 100�000 5,000,000�00 555�56 5,000,555�56 0�00 4�000 4�000 91282CEN7 11/03/25 11/04/25 US GOVT U�S� Treasury Note 2�750 04/30/27 10,000,000�00 98�734 9,873,437�50 3,038�67 9,876,476�17 0�00 3�631 3�631 912828X88 11/03/25 11/04/25 US GOVT U�S� Treasury Note 2�375 05/15/27 10,000,000�00 98�133 9,813,281�25 111,650�82 9,924,932�07 0�00 3�640 3�640 91282CNE7 11/03/25 11/04/25 US GOVT U�S� Treasury Note 3�875 05/31/27 10,000,000�00 100�348 10,034,765�63 166,222�68 10,200,988�31 0�00 3�644 3�644 89233HHE7 11/17/25 11/18/25 CP Toyota Motor Credit Corp 0�000 08/14/26 10,000,000�00 97�116 9,711,572�22 0�00 9,711,572�22 0�00 3�975 3�975 62479MES8 11/24/25 11/25/25 CP MUFG Bank, Ltd�, New York Branch 0�000 05/26/26 5,000,000�00 98�033 4,901,669�44 0�00 4,901,669�44 0�00 3�968 3�968 USTDDSLG2 11/30/25 11/30/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 61,765�40 1�000 61,765�40 0�00 61,765�40 0�00 2�947 2�947 USTDDSLGS 11/30/25 11/30/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 66,962�16 1�000 66,962�16 0�00 66,962�16 0�00 2�947 2�947 91282CET4 12/01/25 12/02/25 US GOVT U�S� Treasury Note 2�625 05/31/27 10,000,000�00 98�605 9,860,546�88 1,442�31 9,861,989�19 0�00 3�592 3�592 91282CFB2 12/09/25 12/10/25 US GOVT U�S� Treasury Note 2�750 07/31/27 10,000,000�00 98�621 9,862,109�38 98,641�30 9,960,750�68 0�00 3�621 3�621 78009BH54 12/18/25 12/19/25 CP Royal Bank of Canada 0�000 08/05/26 5,000,000�00 97�672 4,883,591�67 0�00 4,883,591�67 0�00 3�747 3�747 91282CLL3 12/19/25 12/22/25 US GOVT U�S� Treasury Note 3�375 09/15/27 5,000,000�00 99�805 4,990,234�38 45,683�70 5,035,918�08 0�00 3�490 3�490 91282CNY3 12/19/25 12/22/25 US GOVT U�S� Treasury Note 3�375 09/15/28 10,000,000�00 99�621 9,962,109�38 91,367�40 10,053,476�78 0�00 3�520 3�520 91282CPP0 12/19/25 12/22/25 US GOVT U�S� Treasury Note 3�500 12/15/28 10,000,000�00 99�918 9,991,796�88 6,730�77 9,998,527�65 0�00 3�529 3�529 3133ET5R4 12/23/25 12/26/25 AGCY FFCB 3�500 03/26/27 15,000,000�00 99�907 14,986,050�00 0�00 14,986,050�00 0�00 3�580 3�580 Total Buy 195,128,727.56 193,102,233.69 887,254.10 193,989,487.79 0.00 Call Redemption Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 18 City of Denton October 1, 2025 - December 31, 2025 ©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 3134HBVR9 12/09/25 12/09/25 AGCY CALL FHLMC 4�000 06/09/28 12/09/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 27,504�54 ---- Total Call Redemption (5,000,000.00)5,000,000.00 0.00 5,000,000.00 27,504.54 Coupon 882724RB5 10/01/25 10/01/25 MUNI TEXAS STATE 5�000 10/01/26 0�00 0�00 112,500�00 112,500�00 0�00 ---- 3135G05Y5 10/08/25 10/08/25 AGCY FNMA 0�750 10/08/27 0�00 0�00 18,750�00 18,750�00 0�00 ---- 91282CFP1 10/15/25 10/15/25 US GOVT U�S� Treasury Note 4�250 10/15/25 0�00 0�00 106,250�00 106,250�00 0�00 ---- 91282CGV7 10/15/25 10/15/25 US GOVT U�S� Treasury Note 3�750 04/15/26 0�00 0�00 375,000�00 375,000�00 0�00 ---- 91282CKJ9 10/15/25 10/15/25 US GOVT U�S� Treasury Note 4�500 04/15/27 0�00 0�00 112,500�00 112,500�00 0�00 ---- 91282CJC6 10/15/25 10/15/25 US GOVT U�S� Treasury Note 4�625 10/15/26 0�00 0�00 115,625�00 115,625�00 0�00 ---- 29157PEB6 10/23/25 10/23/25 CP Emory Univ Taxable CP 4�370 10/23/25 0�00 0�00 72,226�39 72,226�39 0�00 ---- 91282CEN7 10/31/25 10/31/25 US GOVT U�S� Treasury Note 2�750 04/30/27 0�00 0�00 137,500�00 137,500�00 0�00 ---- 3133ERDZ1 11/08/25 11/08/25 AGCY FFCB 4�750 05/08/26 0�00 0�00 237,500�00 237,500�00 0�00 ---- 3130B6CB0 11/09/25 11/09/25 AGCY CALL FHLB 4�150 02/09/27 02/09/26 0�00 0�00 207,500�00 207,500�00 0�00 ---- 3133EPC37 11/13/25 11/13/25 AGCY FFCB 4�875 11/13/25 0�00 0�00 121,875�00 121,875�00 0�00 ---- 91282CJK8 11/15/25 11/15/25 US GOVT U�S� Treasury Note 4�625 11/15/26 0�00 0�00 809,375�00 809,375�00 0�00 ---- 91282CKR1 11/15/25 11/15/25 US GOVT U�S� Treasury Note 4�500 05/15/27 0�00 0�00 337,500�00 337,500�00 0�00 ---- 912828R36 11/15/25 11/15/25 US GOVT U�S� Treasury Note 1�625 05/15/26 0�00 0�00 81,250�00 81,250�00 0�00 ---- 912828U24 11/15/25 11/15/25 US GOVT U�S� Treasury Note 2�000 11/15/26 0�00 0�00 100,000�00 100,000�00 0�00 ---- 91282CFW6 11/15/25 11/15/25 US GOVT U�S� Treasury Note 4�500 11/15/25 0�00 0�00 450,000�00 450,000�00 0�00 ---- 91282CLX7 11/15/25 11/15/25 US GOVT U�S� Treasury Note 4�125 11/15/27 0�00 0�00 309,375�00 309,375�00 0�00 ---- 912828X88 11/15/25 11/15/25 US GOVT U�S� Treasury Note 2�375 05/15/27 0�00 0�00 118,750�00 118,750�00 0�00 ---- 3134HBRM5 11/19/25 11/19/25 AGCY CALL FHLMC 4�000 05/19/28 02/19/26 0�00 0�00 200,000�00 200,000�00 0�00 ---- 9128286X3 11/30/25 11/30/25 US GOVT U�S� Treasury Note 2�125 05/31/26 0�00 0�00 106,250�00 106,250�00 0�00 ---- 91282CFZ9 11/30/25 11/30/25 US GOVT U�S� Treasury Note 3�875 11/30/27 0�00 0�00 96,875�00 96,875�00 0�00 ---- 91282CNE7 11/30/25 11/30/25 US GOVT U�S� Treasury Note 3�875 05/31/27 0�00 0�00 193,750�00 193,750�00 0�00 ---- 3134HBVR9 12/09/25 12/09/25 AGCY CALL FHLMC 4�000 06/09/28 12/09/25 0�00 0�00 98,888�89 98,888�89 0�00 ---- 3130B1BT3 12/12/25 12/12/25 AGCY FHLB 4�875 06/12/26 0�00 0�00 243,750�00 243,750�00 0�00 ---- 91282CHH7 12/15/25 12/15/25 US GOVT U�S� Treasury Note 4�125 06/15/26 0�00 0�00 103,125�00 103,125�00 0�00 ---- 91282CGA3 12/15/25 12/15/25 US GOVT U�S� Treasury Note 4�000 12/15/25 0�00 0�00 400,000�00 400,000�00 0�00 ---- Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 19 City of Denton October 1, 2025 - December 31, 2025 ©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 91282CJP7 12/15/25 12/15/25 US GOVT U�S� Treasury Note 4�375 12/15/26 0�00 0�00 218,750�00 218,750�00 0�00 ---- 91282CKV2 12/15/25 12/15/25 US GOVT U�S� Treasury Note 4�625 06/15/27 0�00 0�00 231,250�00 231,250�00 0�00 ---- 9128287B0 12/31/25 12/31/25 US GOVT U�S� Treasury Note 1�875 06/30/26 0�00 0�00 46,875�00 46,875�00 0�00 ---- 9128285T3 12/31/25 12/31/25 US GOVT U�S� Treasury Note 2�625 12/31/25 0�00 0�00 65,625�00 65,625�00 0�00 ---- 91282CCH2 12/31/25 12/31/25 US GOVT U�S� Treasury Note 1�250 06/30/28 0�00 0�00 31,250�00 31,250�00 0�00 ---- 91282CGC9 12/31/25 12/31/25 US GOVT U�S� Treasury Note 3�875 12/31/27 0�00 0�00 96,875�00 96,875�00 0�00 ---- Total Coupon 0.00 0.00 5,956,740.28 5,956,740.28 0.00 Maturity 89233GX68 10/06/25 10/06/25 CP Toyota Motor Credit Corp 0�000 10/06/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- 91282CFP1 10/15/25 10/15/25 US GOVT U�S� Treasury Note 4�250 10/15/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- 29157PEB6 10/23/25 10/23/25 CP Emory Univ Taxable CP 4�370 10/23/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- 3133EPC37 11/13/25 11/13/25 AGCY FFCB 4�875 11/13/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- 89233GYE0 11/14/25 11/14/25 CP Toyota Motor Credit Corp 0�000 11/14/25 (10,000,000�00)100�000 10,000,000�00 0�00 10,000,000�00 0�00 ---- 91282CFW6 11/15/25 11/15/25 US GOVT U�S� Treasury Note 4�500 11/15/25 (20,000,000�00)100�000 20,000,000�00 0�00 20,000,000�00 0�00 ---- 91282CGA3 12/15/25 12/15/25 US GOVT U�S� Treasury Note 4�000 12/15/25 (20,000,000�00)100�000 20,000,000�00 0�00 20,000,000�00 0�00 ---- 78009AZK3 12/19/25 12/19/25 CP Royal Bank of Canada 0�000 12/19/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- 78009AZP2 12/23/25 12/23/25 CP Royal Bank of Canada 0�000 12/23/25 (10,000,000�00)100�000 10,000,000�00 0�00 10,000,000�00 0�00 ---- 9128285T3 12/31/25 12/31/25 US GOVT U�S� Treasury Note 2�625 12/31/25 (5,000,000�00)100�000 5,000,000�00 0�00 5,000,000�00 0�00 ---- Total Maturity (90,000,000.00)90,000,000.00 0.00 90,000,000.00 0.00 Money Market Funds USTDDSLG2 10/31/25 10/31/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 0�00 0�00 21,233�46 21,233�46 0�00 ---- USTDDSLGS 10/31/25 10/31/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 0�00 0�00 23,019�98 23,019�98 0�00 ---- USTDDSLG2 11/30/25 11/30/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 0�00 0�00 20,317�86 20,317�86 0�00 ---- USTDDSLGS 11/30/25 11/30/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 0�00 0�00 22,027�34 22,027�34 0�00 ---- USTDDSLG2 12/31/25 12/31/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 0�00 0�00 20,214�08 20,214�08 0�00 ---- USTDDSLGS 12/31/25 12/31/25 US GOVT U�S� Treasury DD SLGS 0�000 12/31/25 0�00 0�00 21,914�84 21,914�84 0�00 ---- Total Money Market Funds 0.00 0.00 128,727.56 128,727.56 0.00 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 20 City of Denton October 1, 2025 - December 31, 2025 ©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 Buy 195,128,727�56 (193,102,233�69)(887,254�10)(193,989,487�79)0�00 3�647 3�647 Total Call Redemption (5,000,000�00)5,000,000�00 0�00 5,000,000�00 27,504�54 4�234 4�234 Total Maturity (90,000,000�00)90,000,000�00 0.00 90,000,000�00 0.00 4�630 4�630 Total Coupon 0�00 0�00 5,956,740.28 5,956,740�28 0.00 Total Money Market Funds 0�00 0�00 128,727.56 128,727�56 0.00 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 21 City of Denton October 1, 2025 - December 31, 2025 ©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 City of Denton 89233GX68 01/17/25 CP Toyota Motor Credit Corp 0�0 10/06/2025 0�00 0�000 0�00 3,034�72 0�00 0�00 0�00 91282CFP1 02/06/24 US GOVT U�S� Treasury Note 4�25 10/15/2025 0�00 0�000 0�00 515�92 0�00 0�00 0�00 3133EPC37 11/28/23 AGCY FFCB 4�875 11/13/2025 0�00 0�000 0�00 465�97 0�00 0�00 0�00 89233GYE0 02/19/25 CP Toyota Motor Credit Corp 0�0 11/14/2025 0�00 0�000 0�00 53,411�11 0�00 0�00 0�00 91282CFW6 US GOVT U�S� Treasury Note 4�5 11/15/2025 0�00 0�000 0�00 10,141�32 0�00 0�00 0�00 91282CGA3 US GOVT U�S� Treasury Note 4�0 12/15/2025 0�00 0�000 0�00 36,544�50 0�00 0�00 0�00 78009AZK3 03/25/25 CP Royal Bank of Canada 0�0 12/19/2025 0�00 0�000 0�00 45,534�72 0�00 0�00 0�00 78009AZP2 04/01/25 CP Royal Bank of Canada 0�0 12/23/2025 0�00 0�000 0�00 94,988�89 0�00 0�00 0�00 9128285T3 10/01/24 US GOVT U�S� Treasury Note 2�625 12/31/2025 0�00 0�000 0�00 14,222�96 0�00 0�00 0�00 USTDDSLG2 US GOVT U�S� Treasury DD SLGS 0�0 12/31/2025 8,465,455�14 1�000 8,465,455�14 0�00 0�00 0�00 8,465,455�14 USTDDSLGS US GOVT U�S� Treasury DD SLGS 0�0 12/31/2025 9,177,723�96 1�000 9,177,723�96 0�00 0�00 0�00 9,177,723�96 89233HA61 04/15/25 CP Toyota Motor Credit Corp 0�0 01/06/2026 10,000,000�00 96�934 9,693,361�11 106,055�56 300,875�00 (5,763�89)9,994,236�11 29157PEH3 CP Emory Univ Taxable CP 4�0 01/14/2026 10,000,000�00 100�000 10,000,000�00 0�00 0�00 0�00 10,000,000�00 91282CGE5 US GOVT U�S� Treasury Note 3�875 01/15/2026 20,000,000�00 98�414 19,682,812�50 49,773�38 309,613�29 (7,574�21)19,992,425�79 3133ERMK4 07/29/24 AGCY FFCB 4�625 01/26/2026 40,000,000�00 100�011 40,004,400�00 (783�72)(4,187�03)212�97 40,000,212�97 3133ERCT6 04/29/24 AGCY FFCB 5�0 01/29/2026 10,000,000�00 99�847 9,984,717�70 2,366�74 14,561�99 (720�31)9,999,279�69 3133ERNJ6 08/16/24 AGCY FFCB 4�5 02/06/2026 20,000,000�00 100�276 20,055,200�00 (9,611�67)(51,438�91)3,761�09 20,003,761�09 912828P46 03/01/24 US GOVT U�S� Treasury Note 1�625 02/15/2026 5,000,000�00 94�461 4,723,046�88 36,527�51 259,086�40 (17,866�72)4,982,133�28 3133EP4K8 03/19/24 AGCY FFCB 4�625 03/05/2026 10,000,000�00 99�738 9,973,800�00 3,486�89 23,812�24 (2,387�76)9,997,612�24 78009BCJ9 09/19/25 CP Royal Bank of Canada 0�0 03/18/2026 5,000,000�00 98�055 4,902,750�00 49,705�56 56,188�89 (41,061�11)4,958,938�89 91282CGV7 US GOVT U�S� Treasury Note 3�75 04/15/2026 20,000,000�00 99�820 19,964,062�51 5,516�88 29,676�79 (6,260�70)19,993,739�30 3133ERDZ1 05/09/24 AGCY FFCB 4�75 05/08/2026 10,000,000�00 99�800 9,980,000�00 2,591�91 16,362�51 (3,637�49)9,996,362�51 912828R36 06/18/24 US GOVT U�S� Treasury Note 1�625 05/15/2026 10,000,000�00 94�352 9,435,156�25 76,250�51 451,614�60 (113,229�15)9,886,770�85 62479MES8 11/25/25 CP MUFG Bank, Ltd�, New York Branch 0�0 05/26/2026 5,000,000�00 98�033 4,901,669�44 19,990�28 19,990�28 (78,340�28)4,921,659�72 9128286X3 10/22/25 US GOVT U�S� Treasury Note 2�125 05/31/2026 10,000,000�00 99�043 9,904,296�88 30,668�09 30,668�09 (65,035�03)9,934,964�97 3130B1BT3 07/29/24 AGCY FHLB 4�875 06/12/2026 10,000,000�00 100�728 10,072,800�00 (10,103�93)(54,622�10)18,177�90 10,018,177�90 91282CHH7 08/28/25 US GOVT U�S� Treasury Note 4�125 06/15/2026 5,000,000�00 100�145 5,007,226�56 (2,172�97)(2,958�72)4,267�84 5,004,267�84 89233HFW9 10/07/25 CP Toyota Motor Credit Corp 0�0 06/30/2026 5,000,000�00 97�140 4,857,025�00 46,225�00 46,225�00 (96,750�00)4,903,250�00 9128287B0 12/06/24 US GOVT U�S� Treasury Note 1�875 06/30/2026 5,000,000�00 96�508 4,825,390�63 27,877�89 118,020�85 (56,588�52)4,943,411�48 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 22 City of Denton October 1, 2025 - December 31, 2025 ©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 91282CHM6 US GOVT U�S� Treasury Note 4�5 07/15/2026 20,000,000�00 100�718 20,143,554�69 (24,252�19)(90,163�14)53,391�55 20,053,391�55 78009BH54 12/19/25 CP Royal Bank of Canada 0�0 08/05/2026 5,000,000�00 97�672 4,883,591�67 6,608�33 6,608�33 (109,800�00)4,890,200�00 912797RG4 10/22/25 US GOVT U�S� Treasury Bill 0�0 08/06/2026 10,000,000�00 97�239 9,723,920�00 68,061�39 68,061�39 (208,018�61)9,791,981�39 89233HHE7 11/18/25 CP Toyota Motor Credit Corp 0�0 08/14/2026 10,000,000�00 97�116 9,711,572�22 47,177�78 47,177�78 (241,250�00)9,758,750�00 9128282A7 10/15/24 US GOVT U�S� Treasury Note 1�5 08/15/2026 25,000,000�00 95�699 23,924,804�69 147,421�89 702,415�54 (372,779�77)24,627,220�23 91282CLH2 10/23/24 US GOVT U�S� Treasury Note 3�75 08/31/2026 5,000,000�00 99�395 4,969,726�56 4,152�57 19,318�70 (10,954�74)4,989,045�26 91282CHY0 US GOVT U�S� Treasury Note 4�625 09/15/2026 20,000,000�00 101�082 20,216,406�26 (29,012�37)(135,156�84)81,249�42 20,081,249�42 3135G0Q22 08/27/24 AGCY FNMA 1�875 09/24/2026 10,000,000�00 95�964 9,596,400�00 49,959�97 258,853�84 (144,746�16)9,855,253�84 882724RB5 03/07/24 MUNI TEXAS STATE 5�0 10/01/2026 4,500,000�00 101�210 4,554,450�00 (5,502�20)(37,938�03)16,511�97 4,516,511�97 912797SA6 10/17/25 US GOVT U�S� Treasury Bill 0�0 10/01/2026 5,000,000�00 96�635 4,831,748�07 36,639�39 36,639�39 (131,612�54)4,868,387�46 91282CJC6 09/04/25 US GOVT U�S� Treasury Note 4�625 10/15/2026 5,000,000�00 100�859 5,042,968�75 (9,646�92)(12,330�55)30,638�20 5,030,638�20 912828U24 10/08/24 US GOVT U�S� Treasury Note 2�0 11/15/2026 10,000,000�00 96�043 9,604,296�88 47,513�40 228,254�57 (167,448�55)9,832,551�45 91282CJK8 US GOVT U�S� Treasury Note 4�625 11/15/2026 35,000,000�00 101�207 35,422,460�94 (51,167�44)(242,128�25)180,332�69 35,180,332�69 91282CJP7 10/29/24 US GOVT U�S� Treasury Note 4�375 12/15/2026 10,000,000�00 100�477 10,047,656�25 (5,661�42)(25,610�81)22,045�44 10,022,045�44 91282CJT9 US GOVT U�S� Treasury Note 4�0 01/15/2027 35,000,000�00 99�689 34,891,210�94 12,834�05 53,823�96 (54,965�10)34,945,034�90 912828Z78 09/24/24 US GOVT U�S� Treasury Note 1�5 01/31/2027 20,000,000�00 95�422 19,084,375�00 97,073�25 485,288�26 (430,336�74)19,569,663�26 3130B6CB0 05/09/25 AGCY CALL FHLB 4�15 02/09/2027 10,000,000�00 99�975 9,997,500�00 431�64 1,097�45 (1,402�55)9,998,597�45 3133EP2T1 02/16/24 AGCY FFCB 4�125 02/12/2027 5,000,000�00 99�245 4,962,250�00 3,187�04 23,123�37 (14,626�63)4,985,373�37 912828V98 US GOVT U�S� Treasury Note 2�25 02/15/2027 30,000,000�00 96�299 28,889,843�75 119,051�79 561,412�00 (548,744�25)29,451,255�75 3134HBQP9 05/23/25 AGCY CALL FHLMC 3�85 02/23/2027 5,000,000�00 99�660 4,983,000�00 2,425�47 5,603�71 (11,396�29)4,988,603�71 91282CKE0 05/14/25 US GOVT U�S� Treasury Note 4�25 03/15/2027 5,000,000�00 100�418 5,020,898�44 (2,884�52)(6,916�14)13,982�30 5,013,982�30 3133ET5R4 12/26/25 AGCY FFCB 3�5 03/26/2027 15,000,000�00 99�907 14,986,050�00 151�81 151�81 (13,798�19)14,986,201�81 91282CEF4 US GOVT U�S� Treasury Note 2�5 03/31/2027 15,000,000�00 96�508 14,476,171�88 51,558�22 252,929�55 (270,898�57)14,729,101�43 91282CKJ9 05/14/25 US GOVT U�S� Treasury Note 4�5 04/15/2027 5,000,000�00 100�891 5,044,531�25 (5,776�43)(14,275�98)30,255�27 5,030,255�27 91282CEN7 US GOVT U�S� Treasury Note 2�75 04/30/2027 20,000,000�00 98�820 19,764,062�50 27,219�75 27,219�75 (208,717�75)19,791,282�25 912828X88 11/04/25 US GOVT U�S� Treasury Note 2�375 05/15/2027 10,000,000�00 98�133 9,813,281�25 19,173�73 19,173�73 (167,545�02)9,832,454�98 91282CKR1 US GOVT U�S� Treasury Note 4�5 05/15/2027 15,000,000�00 100�665 15,099,804�69 (11,165�58)(36,929�73)62,874�96 15,062,874�96 91282CET4 12/02/25 US GOVT U�S� Treasury Note 2�625 05/31/2027 10,000,000�00 98�605 9,860,546�88 7,555�39 7,555�39 (131,897�73)9,868,102�27 91282CNE7 11/04/25 US GOVT U�S� Treasury Note 3�875 05/31/2027 10,000,000�00 100�348 10,034,765�63 (3,250�12)(3,250�12)31,515�51 10,031,515�51 91282CKV2 US GOVT U�S� Treasury Note 4�625 06/15/2027 10,000,000�00 101�707 10,170,703�12 (23,379�81)(29,253�30)141,449�82 10,141,449�82 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 23 City of Denton October 1, 2025 - December 31, 2025 ©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 91282CFB2 12/10/25 US GOVT U�S� Treasury Note 2�75 07/31/2027 10,000,000�00 98�621 9,862,109�38 4,985�50 4,985�50 (132,905�12)9,867,094�88 3134HBL66 09/09/25 AGCY CALL FHLMC 3�5 09/09/2027 10,000,000�00 99�539 9,953,900�00 5,696�17 7,058�30 (39,041�70)9,960,958�30 91282CLL3 US GOVT U�S� Treasury Note 3�375 09/15/2027 15,000,000�00 99�060 14,858,984�38 11,454�34 53,271�79 (87,743�83)14,912,256�17 3135G05Y5 12/07/23 AGCY FNMA 0�75 10/08/2027 5,000,000�00 87�532 4,376,600�00 41,237�60 323,879�57 (299,520�43)4,700,479�57 91282CLX7 US GOVT U�S� Treasury Note 4�125 11/15/2027 15,000,000�00 99�227 14,883,984�38 10,073�92 37,780�71 (78,234�91)14,921,765�09 91282CFZ9 10/16/24 US GOVT U�S� Treasury Note 3�875 11/30/2027 5,000,000�00 100�051 5,002,539�06 (214�25)(841�66)1,697�40 5,001,697�40 91282CGC9 12/07/23 US GOVT U�S� Treasury Note 3�875 12/31/2027 5,000,000�00 98�754 4,937,695�31 3,787�12 30,434�85 (31,869�84)4,968,130�16 91282CMF5 02/13/25 US GOVT U�S� Treasury Note 4�25 01/15/2028 10,000,000�00 99�551 9,955,078�13 3,687�60 13,195�73 (31,726�14)9,968,273�86 91282CGH8 US GOVT U�S� Treasury Note 3�5 01/31/2028 20,000,000�00 99�949 19,989,843�76 856�18 4,163�27 (5,992�97)19,994,007�03 9128283W8 US GOVT U�S� Treasury Note 2�75 02/15/2028 15,000,000�00 94�888 14,233,203�13 55,454�99 271,073�75 (495,723�12)14,504,276�88 3134HBQQ7 05/23/25 AGCY CALL FHLMC 4�0 02/23/2028 5,000,000�00 99�552 4,977,600�00 1,985�42 4,526�26 (17,873�74)4,982,126�26 3134HBRM5 05/19/25 AGCY CALL FHLMC 4�0 05/19/2028 10,000,000�00 99�310 9,931,000�00 5,549�45 13,549�97 (55,450�03)9,944,549�97 3134HBVR9 06/11/25 AGCY CALL FHLMC 4�0 06/09/2028 0�00 0�000 0�00 1,942�47 0�00 0�00 0�00 91282CCH2 10/15/24 US GOVT U�S� Treasury Note 1�25 06/30/2028 5,000,000�00 90�961 4,548,046�88 29,410�68 140,687�36 (311,265�76)4,688,734�24 91282CNY3 US GOVT U�S� Treasury Note 3�375 09/15/2028 15,000,000�00 99�652 14,947,851�57 1,563�93 1,765�05 (50,383�38)14,949,616�62 91282CPP0 12/22/25 US GOVT U�S� Treasury Note 3�5 12/15/2028 10,000,000�00 99�918 9,991,796�88 75�07 75�07 (8,128�05)9,991,871�95 91282CJW2 10/17/25 US GOVT U�S� Treasury Note 4�0 01/31/2029 10,000,000�00 101�480 10,148,046�88 (8,540�30)(8,540�30)139,506�58 10,139,506�58 91282CFJ5 10/17/25 US GOVT U�S� Treasury Note 3�125 08/31/2029 10,000,000�00 98�426 9,842,578�13 8,044�07 8,044�07 (149,377�80)9,850,622�20 91282CLN9 10/17/25 US GOVT U�S� Treasury Note 3�5 09/30/2029 10,000,000�00 99�766 9,976,562�50 1,216�36 1,216�36 (22,221�14)9,977,778�86 Total City of Denton 807,143,179.10 797,780,867.24 1,447,988.17 4,640,570.43 (4,721,741.43)802,421,437.67 Grand Total 807,143,179.10 797,780,867.24 1,447,988.17 4,640,570.43 (4,721,741.43)802,421,437.67 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 24 City of Denton December 31, 2025 to December 31, 2026 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount City of Denton 89233HA61 Toyota Motor Credit Corp 0�0 01/06/2026 01/06/26 10,000,000�00 10,000,000�00 29157PEH3 Emory Univ Taxable CP 4�0 01/14/2026 01/14/26 90,000�00 90,000�00 29157PEH3 Emory Univ Taxable CP 4�0 01/14/2026 01/14/26 10,000,000�00 10,000,000�00 91282CGE5 U�S� Treasury Note 3�875 01/15/2026 01/15/26 387,500�00 387,500�00 91282CGE5 U�S� Treasury Note 3�875 01/15/2026 01/15/26 20,000,000�00 20,000,000�00 91282CHM6 U�S� Treasury Note 4�5 07/15/2026 01/15/26 450,000�00 450,000�00 91282CJT9 U�S� Treasury Note 4�0 01/15/2027 01/15/26 700,000�00 700,000�00 91282CMF5 U�S� Treasury Note 4�25 01/15/2028 01/15/26 212,500�00 212,500�00 3133ERMK4 FFCB 4�625 01/26/2026 01/26/26 925,000�00 925,000�00 3133ERMK4 FFCB 4�625 01/26/2026 01/26/26 40,000,000�00 40,000,000�00 3133ERCT6 FFCB 5�0 01/29/2026 01/29/26 250,000�00 250,000�00 3133ERCT6 FFCB 5�0 01/29/2026 01/29/26 10,000,000�00 10,000,000�00 912828Z78 U�S� Treasury Note 1�5 01/31/2027 02/02/26 150,000�00 150,000�00 91282CFB2 U�S� Treasury Note 2�75 07/31/2027 02/02/26 137,500�00 137,500�00 91282CGH8 U�S� Treasury Note 3�5 01/31/2028 02/02/26 350,000�00 350,000�00 91282CJW2 U�S� Treasury Note 4�0 01/31/2029 02/02/26 200,000�00 200,000�00 3133ERNJ6 FFCB 4�5 02/06/2026 02/06/26 450,000�00 450,000�00 3133ERNJ6 FFCB 4�5 02/06/2026 02/06/26 20,000,000�00 20,000,000�00 3130B6CB0 FHLB 4�15 02/09/2027 02/09/26 103,750�00 103,750�00 3130B6CB0 FHLB 4�15 02/09/2027 02/09/26 10,000,000�00 10,000,000�00 3133EP2T1 FFCB 4�125 02/12/2027 02/12/26 103,125�00 103,125�00 9128282A7 U�S� Treasury Note 1�5 08/15/2026 02/17/26 187,500�00 187,500�00 9128283W8 U�S� Treasury Note 2�75 02/15/2028 02/17/26 206,250�00 206,250�00 912828P46 U�S� Treasury Note 1�625 02/15/2026 02/17/26 40,625�00 40,625�00 912828P46 U�S� Treasury Note 1�625 02/15/2026 02/17/26 5,000,000�00 5,000,000�00 912828V98 U�S� Treasury Note 2�25 02/15/2027 02/17/26 337,500�00 337,500�00 3134HBQP9 FHLMC 3�85 02/23/2027 02/23/26 96,250�00 96,250�00 3134HBQQ7 FHLMC 4�0 02/23/2028 02/23/26 100,000�00 100,000�00 3134HBQQ7 FHLMC 4�0 02/23/2028 02/23/26 5,000,000�00 5,000,000�00 91282CFJ5 U�S� Treasury Note 3�125 08/31/2029 03/02/26 156,250�00 156,250�00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 25 City of Denton December 31, 2025 to December 31, 2026 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount 91282CLH2 U�S� Treasury Note 3�75 08/31/2026 03/02/26 93,750�00 93,750�00 3133EP4K8 FFCB 4�625 03/05/2026 03/05/26 231,250�00 231,250�00 3133EP4K8 FFCB 4�625 03/05/2026 03/05/26 10,000,000�00 10,000,000�00 3134HBL66 FHLMC 3�5 09/09/2027 03/09/26 175,000�00 175,000�00 91282CHY0 U�S� Treasury Note 4�625 09/15/2026 03/16/26 462,500�00 462,500�00 91282CKE0 U�S� Treasury Note 4�25 03/15/2027 03/16/26 106,250�00 106,250�00 91282CLL3 U�S� Treasury Note 3�375 09/15/2027 03/16/26 253,125�00 253,125�00 91282CNY3 U�S� Treasury Note 3�375 09/15/2028 03/16/26 253,125�00 253,125�00 78009BCJ9 Royal Bank of Canada 0�0 03/18/2026 03/18/26 5,000,000�00 5,000,000�00 3135G0Q22 FNMA 1�875 09/24/2026 03/24/26 93,750�00 93,750�00 3133ET5R4 FFCB 3�5 03/26/2027 03/26/26 131,250�00 131,250�00 91282CEF4 U�S� Treasury Note 2�5 03/31/2027 03/31/26 187,500�00 187,500�00 91282CLN9 U�S� Treasury Note 3�5 09/30/2029 03/31/26 175,000�00 175,000�00 882724RB5 TEXAS STATE 5�0 10/01/2026 04/01/26 112,500�00 112,500�00 3135G05Y5 FNMA 0�75 10/08/2027 04/08/26 18,750�00 18,750�00 91282CGV7 U�S� Treasury Note 3�75 04/15/2026 04/15/26 375,000�00 375,000�00 91282CGV7 U�S� Treasury Note 3�75 04/15/2026 04/15/26 20,000,000�00 20,000,000�00 91282CJC6 U�S� Treasury Note 4�625 10/15/2026 04/15/26 115,625�00 115,625�00 91282CKJ9 U�S� Treasury Note 4�5 04/15/2027 04/15/26 112,500�00 112,500�00 91282CEN7 U�S� Treasury Note 2�75 04/30/2027 04/30/26 275,000�00 275,000�00 3133ERDZ1 FFCB 4�75 05/08/2026 05/08/26 237,500�00 237,500�00 3133ERDZ1 FFCB 4�75 05/08/2026 05/08/26 10,000,000�00 10,000,000�00 912828R36 U�S� Treasury Note 1�625 05/15/2026 05/15/26 81,250�00 81,250�00 912828R36 U�S� Treasury Note 1�625 05/15/2026 05/15/26 10,000,000�00 10,000,000�00 912828U24 U�S� Treasury Note 2�0 11/15/2026 05/15/26 100,000�00 100,000�00 912828X88 U�S� Treasury Note 2�375 05/15/2027 05/15/26 118,750�00 118,750�00 91282CJK8 U�S� Treasury Note 4�625 11/15/2026 05/15/26 809,375�00 809,375�00 91282CKR1 U�S� Treasury Note 4�5 05/15/2027 05/15/26 337,500�00 337,500�00 91282CLX7 U�S� Treasury Note 4�125 11/15/2027 05/15/26 309,375�00 309,375�00 3134HBRM5 FHLMC 4�0 05/19/2028 05/19/26 200,000�00 200,000�00 3134HBRM5 FHLMC 4�0 05/19/2028 05/19/26 10,000,000�00 10,000,000�00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 26 City of Denton December 31, 2025 to December 31, 2026 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount 62479MES8 MUFG Bank, Ltd�, New York Branch 0�0 05/26/2026 05/26/26 5,000,000�00 5,000,000�00 9128286X3 U�S� Treasury Note 2�125 05/31/2026 06/01/26 106,250�00 106,250�00 9128286X3 U�S� Treasury Note 2�125 05/31/2026 06/01/26 10,000,000�00 10,000,000�00 91282CET4 U�S� Treasury Note 2�625 05/31/2027 06/01/26 131,250�00 131,250�00 91282CFZ9 U�S� Treasury Note 3�875 11/30/2027 06/01/26 96,875�00 96,875�00 91282CNE7 U�S� Treasury Note 3�875 05/31/2027 06/01/26 193,750�00 193,750�00 3130B1BT3 FHLB 4�875 06/12/2026 06/12/26 243,750�00 243,750�00 3130B1BT3 FHLB 4�875 06/12/2026 06/12/26 10,000,000�00 10,000,000�00 91282CHH7 U�S� Treasury Note 4�125 06/15/2026 06/15/26 103,125�00 103,125�00 91282CHH7 U�S� Treasury Note 4�125 06/15/2026 06/15/26 5,000,000�00 5,000,000�00 91282CJP7 U�S� Treasury Note 4�375 12/15/2026 06/15/26 218,750�00 218,750�00 91282CKV2 U�S� Treasury Note 4�625 06/15/2027 06/15/26 231,250�00 231,250�00 91282CPP0 U�S� Treasury Note 3�5 12/15/2028 06/15/26 175,000�00 175,000�00 89233HFW9 Toyota Motor Credit Corp 0�0 06/30/2026 06/30/26 5,000,000�00 5,000,000�00 9128287B0 U�S� Treasury Note 1�875 06/30/2026 06/30/26 46,875�00 46,875�00 9128287B0 U�S� Treasury Note 1�875 06/30/2026 06/30/26 5,000,000�00 5,000,000�00 91282CCH2 U�S� Treasury Note 1�25 06/30/2028 06/30/26 31,250�00 31,250�00 91282CGC9 U�S� Treasury Note 3�875 12/31/2027 06/30/26 96,875�00 96,875�00 91282CHM6 U�S� Treasury Note 4�5 07/15/2026 07/15/26 450,000�00 450,000�00 91282CHM6 U�S� Treasury Note 4�5 07/15/2026 07/15/26 20,000,000�00 20,000,000�00 91282CJT9 U�S� Treasury Note 4�0 01/15/2027 07/15/26 700,000�00 700,000�00 91282CMF5 U�S� Treasury Note 4�25 01/15/2028 07/15/26 212,500�00 212,500�00 912828Z78 U�S� Treasury Note 1�5 01/31/2027 07/31/26 150,000�00 150,000�00 91282CFB2 U�S� Treasury Note 2�75 07/31/2027 07/31/26 137,500�00 137,500�00 91282CGH8 U�S� Treasury Note 3�5 01/31/2028 07/31/26 350,000�00 350,000�00 91282CJW2 U�S� Treasury Note 4�0 01/31/2029 07/31/26 200,000�00 200,000�00 78009BH54 Royal Bank of Canada 0�0 08/05/2026 08/05/26 5,000,000�00 5,000,000�00 912797RG4 U�S� Treasury Bill 0�0 08/06/2026 08/06/26 10,000,000�00 10,000,000�00 3133EP2T1 FFCB 4�125 02/12/2027 08/12/26 103,125�00 103,125�00 89233HHE7 Toyota Motor Credit Corp 0�0 08/14/2026 08/14/26 10,000,000�00 10,000,000�00 9128282A7 U�S� Treasury Note 1�5 08/15/2026 08/17/26 187,500�00 187,500�00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 27 City of Denton December 31, 2025 to December 31, 2026 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount 9128282A7 U�S� Treasury Note 1�5 08/15/2026 08/17/26 25,000,000�00 25,000,000�00 9128283W8 U�S� Treasury Note 2�75 02/15/2028 08/17/26 206,250�00 206,250�00 912828V98 U�S� Treasury Note 2�25 02/15/2027 08/17/26 337,500�00 337,500�00 3134HBQP9 FHLMC 3�85 02/23/2027 08/24/26 96,250�00 96,250�00 91282CFJ5 U�S� Treasury Note 3�125 08/31/2029 08/31/26 156,250�00 156,250�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 3134HBL66 FHLMC 3�5 09/09/2027 09/09/26 175,000�00 175,000�00 91282CHY0 U�S� Treasury Note 4�625 09/15/2026 09/15/26 462,500�00 462,500�00 91282CHY0 U�S� Treasury Note 4�625 09/15/2026 09/15/26 20,000,000�00 20,000,000�00 91282CKE0 U�S� Treasury Note 4�25 03/15/2027 09/15/26 106,250�00 106,250�00 91282CLL3 U�S� Treasury Note 3�375 09/15/2027 09/15/26 253,125�00 253,125�00 91282CNY3 U�S� Treasury Note 3�375 09/15/2028 09/15/26 253,125�00 253,125�00 3135G0Q22 FNMA 1�875 09/24/2026 09/24/26 93,750�00 93,750�00 3135G0Q22 FNMA 1�875 09/24/2026 09/24/26 10,000,000�00 10,000,000�00 3133ET5R4 FFCB 3�5 03/26/2027 09/28/26 262,500�00 262,500�00 91282CEF4 U�S� Treasury Note 2�5 03/31/2027 09/30/26 187,500�00 187,500�00 91282CLN9 U�S� Treasury Note 3�5 09/30/2029 09/30/26 175,000�00 175,000�00 882724RB5 TEXAS STATE 5�0 10/01/2026 10/01/26 112,500�00 112,500�00 882724RB5 TEXAS STATE 5�0 10/01/2026 10/01/26 4,500,000�00 4,500,000�00 912797SA6 U�S� Treasury Bill 0�0 10/01/2026 10/01/26 5,000,000�00 5,000,000�00 3135G05Y5 FNMA 0�75 10/08/2027 10/08/26 18,750�00 18,750�00 91282CJC6 U�S� Treasury Note 4�625 10/15/2026 10/15/26 115,625�00 115,625�00 91282CJC6 U�S� Treasury Note 4�625 10/15/2026 10/15/26 5,000,000�00 5,000,000�00 91282CKJ9 U�S� Treasury Note 4�5 04/15/2027 10/15/26 112,500�00 112,500�00 91282CEN7 U�S� Treasury Note 2�75 04/30/2027 11/02/26 275,000�00 275,000�00 912828U24 U�S� Treasury Note 2�0 11/15/2026 11/16/26 100,000�00 100,000�00 912828U24 U�S� Treasury Note 2�0 11/15/2026 11/16/26 10,000,000�00 10,000,000�00 912828X88 U�S� Treasury Note 2�375 05/15/2027 11/16/26 118,750�00 118,750�00 91282CJK8 U�S� Treasury Note 4�625 11/15/2026 11/16/26 809,375�00 809,375�00 91282CJK8 U�S� Treasury Note 4�625 11/15/2026 11/16/26 35,000,000�00 35,000,000�00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 28 City of Denton December 31, 2025 to December 31, 2026 Projected Cash Flows CUSIP Detailed Security Description Post Date Interest Principal Total Amount 91282CKR1 U�S� Treasury Note 4�5 05/15/2027 11/16/26 337,500�00 337,500�00 91282CLX7 U�S� Treasury Note 4�125 11/15/2027 11/16/26 309,375�00 309,375�00 91282CET4 U�S� Treasury Note 2�625 05/31/2027 11/30/26 131,250�00 131,250�00 91282CFZ9 U�S� Treasury Note 3�875 11/30/2027 11/30/26 96,875�00 96,875�00 91282CNE7 U�S� Treasury Note 3�875 05/31/2027 11/30/26 193,750�00 193,750�00 91282CJP7 U�S� Treasury Note 4�375 12/15/2026 12/15/26 218,750�00 218,750�00 91282CJP7 U�S� Treasury Note 4�375 12/15/2026 12/15/26 10,000,000�00 10,000,000�00 91282CKV2 U�S� Treasury Note 4�625 06/15/2027 12/15/26 231,250�00 231,250�00 91282CPP0 U�S� Treasury Note 3�5 12/15/2028 12/15/26 175,000�00 175,000�00 91282CCH2 U�S� Treasury Note 1�25 06/30/2028 12/31/26 31,250�00 31,250�00 91282CGC9 U�S� Treasury Note 3�875 12/31/2027 12/31/26 96,875�00 96,875�00 Grand Total 21,508,125.00 409,500,000.00 431,008,125.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Page 29 City of Denton December 31, 2025 to December 31, 2026 Month and Year Interest Principal Total Amount January 2026 3,015,000�00 90,000,000�00 93,015,000�00 February 2026 2,462,500�00 25,000,000�00 42,462,500�00 March 2026 2,318,750�00 15,000,000�00 17,318,750�00 April 2026 1,009,375�00 20,000,000�00 21,009,375�00 May 2026 2,193,750�00 25,000,000�00 37,193,750�00 June 2026 1,675,000�00 35,000,000�00 36,675,000�00 July 2026 2,200,000�00 20,000,000�00 22,200,000�00 August 2026 1,180,625�00 55,000,000�00 56,180,625�00 September 2026 1,968,750�00 30,000,000�00 31,968,750�00 October 2026 359,375�00 14,500,000�00 14,859,375�00 November 2026 2,371,875�00 45,000,000�00 47,371,875�00 December 2026 753,125�00 10,000,000�00 10,753,125�00 Total 21,508,125.00 384,500,000.00 431,008,125.00 Projected Cash Flows Totals ©Hilltop Securities Asset Management, LLC. All rights reserved. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 City of Denton As of December 31, 2025 Page 30©Hilltop Securities Asset Management, LLC. All rights reserved. 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All rights reserved. City of Denton, Texas Appendix C Sample Commentaries Appendix C Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 As expected, the FOMC left their target fed funds rate unchanged in a range of 3.50%- 3.75%. The 11-1 vote had Trump appointee Stephen Miran dissenting once again, favoring a 25 bps rate cut. The official statement was little changed from the January 28 statement with just two differences. The first change noted that the unemployment rate “has been little changed in recent months” whereas the January statement said the unemployment rate “has shown some signs of stabilization.” The second change acknowledged the war in Iran with a very understated comment: “The implications of developments in the Middle East for the U.S. economy are uncertain.” The updated dot plot and summary of economic projections was adjusted slightly, with the forecast for core inflation by the end of 2026 up from December’s 2.5% to 2.7%; GDP up a tenth to 2.4%; and unemployment steady at 4.4%. The FOMC’s December projection for one 25 basis point rate cut this year and another next year was unchanged. One notable change was an increase in the median estimate for the longer run rate, which was nudged up from 3% to 3.1%. This suggests members see a higher neutral rate, in fact the highest they have had in their projections since 2016. During his press conference, Chair Powell noted that the standard playbook tells them to look through an oil/energy price related inflation spike, but the context is important and the impact on inflation expectations is important. He noted that, “The labor market is clearly not a source of inflationary pressures.” Perhaps one of his most revealing statements was this: “It’s important to keep policy either mildly restrictive or close to that but not too restrictive because of the downside risks in the labor market. We are balancing these two goals.” That statement pretty much sums up the situation and tells us we should expect this Fed to be on hold for some time. Powell also very directly addressed his future, referring to the ongoing Justice Department investigation and stating, “I have no intention of leaving the board until the investigation is well and truly over with transparency and finality.” He also said that he would serve as “chairman pro-tem” until his successor was named and confirmed, which he said was provided for in the law. He went on to say that he had not yet decided whether he will serve out his term as a Fed board member until January 2028, although that will clearly be influenced by the status of the investigation. Bond yields were little changed on the initial announcement but moved to session highs during the press conference, particularly following his statement that he would remain on the Board as long as the investigation was unresolved. The balance of comments has leaned toward the hawkish side. Stock markets have extended their losses as well. FOMC On Hold As They Cite Uncertainty Please see disclosure starting on page 2 Economic Commentary Page 1 March 18, 2026 Greg Warner, CTP HilltopSecurities Asset Management Co-Head of Investment Management Managing Director 512.481.2012 greg.warner@hilltopsecurities.com Scott McIntyre, CFA HilltopSecurities Asset Management Co-Head of Investment Management Managing Director 512.481.2009 scott.mcintyre@hilltopsecurities.com Matt Harris, CFA HilltopSecurities Asset Management Senior Portfolio Advisor Senior Vice President 512.340.1845 matt.harris@hilltopsecurities.com The second change acknowledged the war in Iran with a very understated comment: “The implications of developments in the Middle East for the U.S. economy are uncertain.” “It’s important to keep policy either mildly restrictive or close to that but not too restrictive because of the downside risks in the labor market. We are balancing these two goals.” That statement pretty much sums up the situation and tells us we should expect this Fed to be on hold for some time. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Economic Commentary Market Indications as of 2:18 P.M. Central Time DOW Down -658 to 46,335 (HIGH: 50,188) NASDAQ Down -249 to 22,230 (HIGH: 23,958) S&P 500 Down -66 to 6,650 (HIGH: 6,979) 1-Yr T-bill current yield 3.66%; opening yield 3.62% 2-Yr T-note current yield 3.75%; opening yield 3.68% 3-Yr T-note current yield 3.75%; opening yield 3.68% 5-Yr T-note current yield 3.86%; opening yield 3.79% 10-Yr T-note current yield 4.26%; opening yield 4.20% 30-Yr T-bond current yield 4.88%; opening yield 4.85% The paper/commentary was prepared by Hilltop Securities Asset Management (HSAM). It is intended for informational purposes only and does not constitute legal or investment advice, nor is it an offer or a solicitation of an offer to buy or sell any investment or other specific product. Information provided in this paper was obtained from sources that are believed to be reliable; however, it is not guaranteed to be correct, complete, or current, and is not intended to imply or establish standards of care applicable to any attorney or advisor in any particular circumstances. The statements within constitute the views of HTS and/or HSAM as of the date of the document and may differ from the views of other divisions/departments of Hilltop Securities Inc. and its affiliates. In addition, the views are subject to change without notice. This paper represents historical information only and is not an indication of future performance. Sources available upon request. Hilltop Securities Asset Management is an SEC-registered investment advisor. Hilltop Securities Inc. is a registered broker-dealer, registered investment adviser and municipal advisor firm that does not provide tax or legal advice. 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. © 2026 Hilltop Securities Inc. | All rights reserved | MEMBER: NYSE/FINRA/SIPC Page 2 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 This morning’s release of the February producer price index (PPI) from the Bureau of Labor Statistics (BLS) came in hotter than expected and will put an end to any lingering hopes for rate cuts this summer. The 0.7% gain in the headline PPI for the month crushed the median forecast for a +0.3% increase while the year-over-year rate surged to +3.4% from January’s +2.9% and easily topped forecasts for a +3.0% increase. The core PPI, which excludes food, energy and trade, wasn’t quite as bad but still posted a +0.5% increase for February and +3.5% for the year. It’s not just that the PPI numbers were ugly, but the trend is very disconcerting as PPI has been gaining steam with larger monthly gains for four months in a row. All of this coming before the Iran war sent oil prices dramatically higher which will undoubtedly push producer prices up further in the months to come. Producer Price Index (Month-over-Month Percent Change) -0.5% -0.3% -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 PPI Final Demand PPI Core (Ex Food, Energy, & Trade) Source: Bureau of Labor Statistics The biggest contributor to February’s increase was a 0.37% rise in services costs, as well as gains in food (+0.13%) and energy (+0.12%). The next couple of months will see huge contributions from energy thanks to rising gas and oil prices. Food will be impacted as well due to higher costs for transportation and fertilizer. While PPI is not as closely followed as the CPI (consumer price index) or the PCE (personal consumption expenditures), today’s data adds to the growing mountain of evidence that inflation remains a problem that isn’t going away any time soon. That will keep the Fed firmly on hold and there is zero chance of a rate cut coming at today’s FOMC meeting. More on that later today. Hot February PPI Squashes Whatever Remains of Near-Term Rate Cut Hopes Please see disclosure starting on page 2 Economic Commentary Page 1 March 18, 2026 Greg Warner, CTP HilltopSecurities Asset Management Co-Head of Investment Management Managing Director 512.481.2012 greg.warner@hilltopsecurities.com Scott McIntyre, CFA HilltopSecurities Asset Management Co-Head of Investment Management Managing Director 512.481.2009 scott.mcintyre@hilltopsecurities.com Matt Harris, CFA HilltopSecurities Asset Management Senior Portfolio Advisor Senior Vice President 512.340.1845 matt.harris@hilltopsecurities.com It’s not just that the PPI numbers were ugly, but the trend is very disconcerting as PPI has been gaining steam with larger monthly gains for four months in a row. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Economic Commentary Market Indications as of 12:12 P.M. Central Time DOW Down -463 to 46,531 (HIGH: 50,188) NASDAQ Down -201 to 22,278 (HIGH: 23,958) S&P 500 Down -36 to 6,680 (HIGH: 6,979) 1-Yr T-bill current yield 3.65%; opening yield 3.62% 2-Yr T-note current yield 3.72%; opening yield 3.68% 3-Yr T-note current yield 3.72%; opening yield 3.68% 5-Yr T-note current yield 3.83%; opening yield 3.79% 10-Yr T-note current yield 4.23%; opening yield 4.20% 30-Yr T-bond current yield 4.86%; opening yield 4.85% The paper/commentary was prepared by Hilltop Securities Asset Management (HSAM). It is intended for informational purposes only and does not constitute legal or investment advice, nor is it an offer or a solicitation of an offer to buy or sell any investment or other specific product. Information provided in this paper was obtained from sources that are believed to be reliable; however, it is not guaranteed to be correct, complete, or current, and is not intended to imply or establish standards of care applicable to any attorney or advisor in any particular circumstances. The statements within constitute the views of HTS and/or HSAM as of the date of the document and may differ from the views of other divisions/departments of Hilltop Securities Inc. and its affiliates. In addition, the views are subject to change without notice. This paper represents historical information only and is not an indication of future performance. Sources available upon request. Hilltop Securities Asset Management is an SEC-registered investment advisor. Hilltop Securities Inc. is a registered broker-dealer, registered investment adviser and municipal advisor firm that does not provide tax or legal advice. 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. © 2026 Hilltop Securities Inc. | All rights reserved | MEMBER: NYSE/FINRA/SIPC Page 2 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 It’s Friday the 13th, and with that comes a flurry of economic data to close out a volatile week in the markets. Beginning with growth, the BEA’s second estimate of fourth quarter GDP was revised down to a 0.7% annualized pace from the initial 1.4%, a steep drop from the early 2.8% expectation just weeks ago and well below the 5% plus tracking measure from earlier in the year. The revised Q4 growth marks the slowest pace in three quarters and pulls full year 2025 growth down to 2.1% from 2.4%, the weakest since 2020. Government spending continued to weigh on the headline, but the bigger story was a meaningful cooling in consumption. Personal consumption was revised down 0.4% to 2.0% for Q4. Some of that softness could rebound in Q1, with the Atlanta Fed’s GDP Now measure currently tracking 2.7%, though three weeks remain in the quarter, plenty of time for shifting data and new headlines. Turning to inflation, the January Personal Income & Outlays report showed core PCE, the Fed’s preferred measure, ticking up to 3.1% year over year, well above the 2% target. Headline PCE eased slightly to 2.8%, but both measures are somewhat stale considering the recent jump in energy prices. While the Fed emphasizes PCE, it also monitors CPI, which has been running cooler (2.5% headline and 2.4% core), and this divergence has been increasingly watched by markets. Looking ahead to March, headline inflation is likely to firm further as oil prices rise and Middle East supply concerns build, with some of those pressures potentially filtering into core via transportation, goods, and broader pass through effects. Gross Domestic Product (Quarter-over-Quarter Annualized Percent Change) Source: Bureau of Economic Analysis 0.7% 4.4%3.8% -0.6% 1.9% 3.3% -6% -4% -2% 0% 2% 4% 6% 8% 10% Q4-25Q3-25Q2-25Q1-25Q4-24Q3-24 Personal Consumption Business Fixed Investment Residential Investment Inventories Net Exports Government Spending GDP Growth Continues to Slow, While Inflation Remains Sticky Please see disclosure starting on page 2. Economic Commentary Page 1 March 13, 2026 Matt Harris, CFA HilltopSecurities Asset Management Senior Portfolio Advisor Senior Vice President 512.340.1845 matt.harris@hilltopsecurities.com Scott McIntyre, CFA HilltopSecurities Asset Management Co-Head of Investment Management Managing Director 512.481.2009 scott.mcintyre@hilltopsecurities.com Greg Warner, CTP HilltopSecurities Asset Management Co-Head of Investment Management Managing Director 512.481.2012 greg.warner@hilltopsecurities.com While the Fed emphasizes PCE, it also monitors CPI, which has been running cooler (2.5% headline and 2.4% core), and this divergence has been increasingly watched by markets. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Meanwhile in the Middle East, the Strait of Hormuz remains closed. West Texas Intermediate is trading between $90 to $100 a barrel, and the U.S. has temporarily lifted certain sanctions on Russian oil. Higher gasoline prices will erode purchasing power and put downward pressure on consumer spending forecasts. Equity and bond markets remain volatile alongside energy markets, and that instability is likely to persist as long as the conflict continues. The Federal Open Market Committee (FOMC) meets next week (March 17-18) and is expected to hold rates steady. Looking ahead, the path for rate cuts in 2026 has grown increasingly uncertain. Economists maintain forecasts for two quarter-point cuts by December, with the first now expected in June. Yet market pricing tells a more pessimistic story. Traders now see barely one cut this year, down from two cuts priced in just two weeks ago. Several major banks have already delayed their rate-cut calls to September or later, and Fed Chair Powell is expected to acknowledge stagflation risks while emphasizing a wait-and-see approach. Market Indications as of 11:54 A.M. Central Time DOW Up 29 to 46,706 (HIGH: 50,188) NASDAQ Down -131 to 22,181 (HIGH: 23,958) S&P 500 Down -19 to 6,654 (HIGH: 6,979) 1-Yr T-bill current yield 3.64%; opening yield 3.63% 2-Yr T-note current yield 3.73%; opening yield 3.73% 3-Yr T-note current yield 3.75%; opening yield 3.75% 5-Yr T-note current yield 3.87%; opening yield 3.86% 10-Yr T-note current yield 4.28%; opening yield 4.26% 30-Yr T-bond current yield 4.91%; opening yield 4.88% Economic Commentary The paper/commentary was prepared by Hilltop Securities Asset Management (HSAM). It is intended for informational purposes only and does not constitute legal or investment advice, nor is it an offer or a solicitation of an offer to buy or sell any investment or other specific product. Information provided in this paper was obtained from sources that are believed to be reliable; however, it is not guaranteed to be correct, complete, or current, and is not intended to imply or establish standards of care applicable to any attorney or advisor in any particular circumstances. The statements within constitute the views of HTS and/or HSAM as of the date of the document and may differ from the views of other divisions/departments of Hilltop Securities Inc. and its affiliates. In addition, the views are subject to change without notice. This paper represents historical information only and is not an indication of future performance. Sources available upon request. Hilltop Securities Asset Management is an SEC-registered investment advisor. Hilltop Securities Inc. is a registered broker-dealer, registered investment adviser and municipal advisor firm that does not provide tax or legal advice. 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. Page 2 Several major banks have already delayed their rate-cut calls to September or later, and Fed Chair Powell is expected to acknowledge stagflation risks while emphasizing a wait-and- see approach. © 2026 Hilltop Securities Inc. | All rights reserved | MEMBER: NYSE/FINRA/SIPC Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Exhibit C Total Price $68,000.00 Description QTY UOM Unit Extended Advisory Services 4 QUARTERLY 17000 68000 Monthly Reporting (included in Advisory Services)12 MONTHLY 0 Fee Waived Quarterly Reporting (included in Advisory Services)4 QUARTERLY 0 Included in Monthly Fee Hilltop Securities Southwest Asset Management, LLC 9020 - Page 1 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Investment Advisory Services – 9020 Exhibit D INSURANCE REQUIREMENTS Respondent’s attention is directed to the insurance requirements below. It is highly recommended that respondents confer with their respective insurance carriers or brokers to determine in advance of Proposal/Bid submission the availability of insurance certificates and endorsements as prescribed and provided herein. If an apparent low respondent fails to comply strictly with the insurance requirements, that respondent may be disqualified from award of the contract. Upon contract award, all insurance requirements shall become contractual obligations, which the successful contractor shall have a duty to maintain throughout the course of this contract. STANDARD PROVISIONS: Without limiting any of the other obligations or liabilities of the Contractor, the Contractor shall provide and maintain until the contracted work has been completed and accepted by the City of Denton, Owner, the minimum insurance coverage as indicated hereinafter. As soon as practicable after notification of contract award, Contractor shall file with the Purchasing Department satisfactory certificates of insurance including any applicable addendum or endorsements, containing the contract number and title of the project. Contractor may, upon written request to the Purchasing Department, ask for clarification of any insurance requirements at any time; however, Contractors are strongly advised to make such requests prior to proposal/bid opening, since the insurance requirements may not be modified or waived after proposal/bid opening unless a written exception has been submitted with the proposal/bid. Contractor shall not commence any work or deliver any material until he or she receives notification that the contract has been accepted, approved, and signed by the City of Denton. All insurance policies proposed or obtained in satisfaction of these requirements shall comply with the following general specifications, and shall be maintained in compliance with these general specifications throughout the duration of the Contract, or longer, if so noted: • Each policy shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least A- or better. • Any deductibles or self-insured retentions shall be declared in the proposal. If requested by the City, the insurer shall reduce or eliminate such deductibles or self-insured retentions with respect to the City, its officials, agents, employees and volunteers; or, the contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses. • Liability policies shall be endorsed to provide the following: Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Investment Advisory Services – 9020 o Name as Additional Insured the City of Denton, its Officials, Agents, Employees and volunteers. o That such insurance is primary to any other insurance available to the Additional Insured with respect to claims covered under the policy and that this insurance applies separately to each insured against whom claim is made or suit is brought. The inclusion of more than one insured shall not operate to increase the insurer's limit of liability. o Provide a Waiver of Subrogation in favor of the City of Denton, its officials, agents, employees, and volunteers. • Cancellation: City requires 30 day written notice should any of the policies described on the certificate be cancelled or materially changed before the expiration date. • Should any of the required insurance be provided under a claims made form, Contractor shall maintain such coverage continuously throughout the term of this contract and, without lapse, for a period of three years beyond the contract expiration, such that occurrences arising during the contract term which give rise to claims made after expiration of the contract shall be covered. • Should any of the required insurance be provided under a form of coverage that includes a general annual aggregate limit providing for claims investigation or legal defense costs to be included in the general annual aggregate limit, the Contractor shall either double the occurrence limits or obtain Owners and Contractors Protective Liability Insurance. • Should any required insurance lapse during the contract term, requests for payments originating after such lapse shall not be processed until the City receives satisfactory evidence of reinstated coverage as required by this contract, effective as of the lapse date. If insurance is not reinstated, City may, at its sole option, terminate this agreement effective on the date of the lapse. SPECIFIC ADDITIONAL INSURANCE REQUIREMENTS: All insurance policies proposed or obtained in satisfaction of this Contract shall additionally comply with the following specifications, and shall be maintained in compliance with these additional specifications throughout the duration of the Contract, or longer, if so noted: A. COMMERCIAL GENERAL LIABILITY INSURANCE Commercial General Liability Insurance including, but not limited to, Premises/Operations, Personal & Advertising Injury, Products/Completed Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Investment Advisory Services – 9020 Operations, Independent Contractors, and Contractual Liability with minimum combined bodily injury (including death) and property damage limits of $1,000,000.00 per occurrence and $2,000,000.00 general aggregate. B. PROFESSIONAL LIABILITY INSURANCE If CONTRACTOR is a licensed or certified person who renders professional services, then Professional Liability Insurance to provide coverage against any claim which the CONTRACTOR becomes legally obligated to pay as damages arising out of the performance of professional services caused by any negligent error, omission or act with minimum limits of $1,000,000.00 per claim, $2,000,000.00 annual aggregate. SUBCONTRACTING LIABILITY (1) Without limiting any of the other obligations or liabilities of the CONTRACTOR, the CONTRACTOR shall require each Subcontractor performing work under the contract, at the Subcontractor's own expense, to maintain during the engagement with the CITY, types and limits of insurance that are appropriate for the services/work being performed, comply with all applicable laws and are consistent with industry standards. The Subcontractor’s liability insurance shall name CONTRACTOR as an additional insured. (2) CONTRACTOR shall obtain and monitor the certificates of insurance from each Subcontractor. CONTRACTOR must retain the certificates of insurance for the duration of the contract and shall have the responsibility of enforcing insurance requirements among its subcontractors. The CITY shall be entitled, upon request and without expense, to receive copies of these certificates. Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 CONFLICT OF INTEREST QUESTIONNAIRE CONFLICT OF INTEREST QUESTIONNAIRE - FORM CIQ For vendor or other person doing business with local governmental entity This questionnaire reflects changes made to the law by H.B. 23, 84th Leg., Regular Session. This questionnaire is being filed in accordance with Chapter 176, Local Government Code, by a vendor who has a business relationship as defined by Section 176.001(1-a) with a local governmental entity and the vendor meets requirements under Section 176.006(a). By law this questionnaire must be filed with the records administrator of the local government entity not later than the 7th business day after the date the vendor becomes aware of facts that require the statement to be filed. See Section 176.006(a-1), Local Government Code. A vendor commits an offense if the vendor knowingly violates Section 176.006, Local Government Code. An offense under this section is a misdemeanor. 1 Name of vendor who has a business relationship with local governmental entity. 2 Check this box if you are filing an update to a previously filed questionnaire. (The law requires that you file an updated completed questionnaire with the appropriate filing authority not later than the 7th business day after the date on which you became aware that the originally filed questionnaire was incomplete or inaccurate.) 3 Name of local government officer about whom the information in this section is being disclosed. Name of Officer This section, (item 3 including subparts A, B, C & D), must be completed for each officer with whom the vendor has an employment or other business relationship as defined by Section 176.001(1-a), Local Government Code. Attach additional pages to this Form CIQ as necessary. A. Is the local government officer named in this section receiving or likely to receive taxable income, other than investment income, from the vendor? Yes No B. Is the vendor receiving or likely to receive taxable income, other than investment income, from or at the direction of the local government officer named in this section AND the taxable income is not received from the local governmental entity? Yes No C. Is the filer of this questionnaire employed by a corporation or other business entity with respect to which the local government officer serves as an officer or director, or holds an ownership of one percent or more? Yes No D. Describe each employment or business and family relationship with the local government officer named in this section. 4 I have no Conflict of Interest to disclose. 5 Signature of vendor doing business with the governmental entity Date Hilltop Securities Asset Management, LLC N/A March 25, 2026 Docusign Envelope ID: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Certificate Of Completion Envelope Id: 8A4773D8-1844-4BDF-8EAE-1D71CFA85087 Status: Completed Subject: Please DocuSign: City Council Contract 9020 Investment Advisory Services Source Envelope: Document Pages: 113 Signatures: 5 Envelope Originator: Certificate Pages: 6 Initials: 1 Christina Dormady AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-06:00) Central Time (US & Canada) 901B Texas Street Denton, TX 76209 christina.dormady@cityofdenton.com IP Address: 198.49.140.10 Record Tracking Status: Original 5/14/2026 4:41:51 PM Holder: Christina Dormady christina.dormady@cityofdenton.com Location: DocuSign Signer Events Signature Timestamp Christina Dormady christina.dormady@cityofdenton.com Buyer City of Denton Security Level: Email, Account Authentication (None) Completed Using IP Address: 198.49.140.10 Sent: 5/14/2026 4:47:35 PM Viewed: 5/14/2026 4:47:43 PM Signed: 5/14/2026 4:49:54 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Lori Hewell lori.hewell@cityofdenton.com Purchasing Manager City of Denton Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 198.49.140.10 Sent: 5/14/2026 4:49:57 PM Viewed: 5/14/2026 4:50:52 PM Signed: 5/14/2026 4:51:05 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Leah Bush leah.bush@cityofdenton.com Assistant City Attorney Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 198.49.140.104 Sent: 5/14/2026 4:51:08 PM Viewed: 5/15/2026 3:15:51 PM Signed: 5/15/2026 3:31:58 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Scott McIntyre scott.mcintyre@hilltopsecurities.com Managing Director Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 151.186.191.22 Sent: 5/15/2026 3:32:01 PM Viewed: 5/15/2026 3:44:12 PM Signed: 5/15/2026 3:48:50 PM Electronic Record and Signature Disclosure: Accepted: 5/15/2026 3:44:12 PM ID: 88b62dec-4ead-4690-a298-6f3b673921c4 Signer Events Signature Timestamp Matt Hamilton matthew.hamilton@cityofdenton.com Chief Financial Officer City of Denton Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 47.185.138.128 Sent: 5/15/2026 3:48:53 PM Viewed: 5/15/2026 4:14:39 PM Signed: 5/15/2026 4:15:16 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Cheyenne Defee cheyenne.defee@cityofdenton.com Procurement Administration Supervisor City of Denton Security Level: Email, Account Authentication (None) Completed Using IP Address: 198.49.140.10 Sent: 5/15/2026 4:15:19 PM Viewed: 6/3/2026 8:34:56 AM Signed: 6/3/2026 8:35:41 AM Electronic Record and Signature Disclosure: Not Offered via Docusign Cassey Ogden Cassey.Ogden@cityofdenton.com Interim City Manager City of Denton Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 198.49.140.10 Sent: 6/3/2026 8:35:44 AM Viewed: 6/3/2026 1:31:17 PM Signed: 6/3/2026 1:31:22 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Kristi Fogle Kristi.Fogle@cityofdenton.com Chief of Staff Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 198.49.140.10 Sent: 6/3/2026 1:31:25 PM Resent: 6/4/2026 1:59:51 PM Resent: 6/8/2026 2:32:21 PM Viewed: 6/8/2026 2:46:34 PM Signed: 6/8/2026 2:48:00 PM Electronic Record and Signature Disclosure: Accepted: 6/8/2026 2:46:34 PM ID: 961dc87e-9a33-4778-967f-e919d1d0ef00 In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Cheyenne Defee cheyenne.defee@cityofdenton.com Procurement Administration Supervisor City of Denton Security Level: Email, Account Authentication (None) Sent: 5/14/2026 4:49:56 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Carbon Copy Events Status Timestamp Gretna Jones gretna.jones@cityofdenton.com Legal Secretary City of Denton Security Level: Email, Account Authentication (None) Sent: 5/15/2026 4:15:19 PM Viewed: 5/18/2026 10:57:50 AM Electronic Record and Signature Disclosure: Not Offered via Docusign City Secretary Office citysecretary@cityofdenton.com Security Level: Email, Account Authentication (None) Sent: 6/8/2026 2:48:03 PM Electronic Record and Signature Disclosure: Not Offered via Docusign Randee Klingele Randee.klingele@cityofdenton.com Treasury Manager City of Denton Security Level: Email, Account Authentication (None) Sent: 6/8/2026 2:48:04 PM Viewed: 6/9/2026 9:13:48 AM Electronic Record and Signature Disclosure: Not Offered via Docusign Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 5/14/2026 4:47:35 PM Envelope Updated Security Checked 6/4/2026 1:59:50 PM Envelope Updated Security Checked 6/4/2026 1:59:50 PM Envelope Updated Security Checked 6/4/2026 1:59:50 PM Certified Delivered Security Checked 6/8/2026 2:46:34 PM Signing Complete Security Checked 6/8/2026 2:48:00 PM Completed Security Checked 6/8/2026 2:48:04 PM Payment Events Status Timestamps Electronic Record and Signature Disclosure ELECTRONIC RECORD AND SIGNATURE DISCLOSURE From time to time, City of Denton (we, us or Company) may be required by law to provide to you certain written notices or disclosures. 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