ESBD_490083_1771875117340_Addendum #1 - Investment and MFD Advisory Services 22326 (F).pdf

PDF 2 MB Posted Mar 9, 2026

Attached to: Investment Advisory Services and Municiple Financial Products Advisory Services
Solicitation number: 2026-007
Issued by: Texas

About this file

Written by GovTribe AI · Jul 2, 2026

This document is an Addendum #1 to Request for Proposal (RFP) 2026-007 issued by the City of Waco, Texas Purchasing Services for Investment Advisory Services and Municipal Financial Products Advisory Services. The RFP closing date is 2:00 P.M. CST on Monday, March 9, 2026, with opening immediately following at 2:01 P.M. CST at the Operations Center, Purchasing Services Office, 1415 N. 4th St., Waco, TX 76707, via Zoom Video Conferencing. The addendum provides a comprehensive Investment Report prepared by Hilltop Securities Asset Management, LLC, covering the City of Waco's portfolio performance for the period October 1 to December 31, 2025. Respondents must sign and return the addendum acknowledgment with their RFP response by the closing deadline. All other requirements of the original invitation remain unchanged.

The Investment Report details the City's investment portfolio with a par value of $922,659,734.04 and a book value of $921,726,476.47 as of December 31, 2025. The portfolio includes diversified holdings in U.S. Treasury securities, agency bonds, municipal bonds, certificates of deposit, commercial paper, and local government investment pools, with a yield to maturity of 3.852 percent. The portfolio generated net income of $9,047,221.36 during the fourth quarter of 2025, with interest income of $8,373,200.33 and net amortization/accretion of $674,021.03. The report includes detailed security holdings, earned income analysis, investment transactions totaling $45.5 million in purchases and $7.0 million in sales, projected cash flows through December 2026 totaling $273.3 million, and a market recap analyzing economic conditions including declining employment, moderating inflation, and Federal Reserve rate cuts during the period.

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Purchasing Services Post Office Box 2570

Waco, Texas 76702-2570 Phone: 254-750-8405

Fax: 254-750-8063 KaseyG@wacotx.gov

CITY OF WACO www.waco-texas.com

Date:

RFP No:

Commodity:

02/23/2026

2026-007 Investment Advisory Services and Municipal Financial Products Advisory Services

Purchasing Agent: Kasey Gamblin

Closing Time: 2:00 P.M. CST, Monday, March 9, 2026 Opening Time: 2:01 P.M. CST, Monday, March 9, 2026

RFP Opening Location: Operations Center, Purchasing Services Office, 1415 N. 4th St., Waco, TX 76707, via Zoom Video Conferencing Only

Addendum No: 1

Information Provided (Investment Report)

The above-mentioned RFP invitation has been changed in the following manner. Sign and return addendum to the Purchasing Office by the closing time and date with your RFP response. Returning this page signed by your authorized agent will serve to acknowledge this change. All other requirements of the invitation remain unchanged. If you have any questions, please call or stop by the Purchasing Office at the above address.

Firm:____________________________________________________________________________________

Address___________________________________________________________________________________

Signature of Person Authorized to Sign Bid:______________________________________________________________________

Signor's Name and Title (print or type):_____________________________________________________________________________

E-mail Address:____________________________________________________________________________

Date:____________________Telephone:___________________________Fax:_________________________

RFP 2026-007 Investment Advisory Services and Municipal Financial Products Advisory Services mailto:KaseyG@wacotx.gov file://NETAPP/HOMES/JodyC/0%20Purchasing/Utilities/2014/RFB%202014-012%20Generator%20Rebuild/www.waco-texas.com

INVESTMENT REPORT

City of Waco

October 1 to December 31, 2025

RFP 2026-007 Investment Advisory Services and Municipal Financial Products Advisory Services

Contents

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�� 16

Investment Transactions�� 22

Investment Transactions Totals �� 28

Amortization and Accretion �� 29

Projected Cash Flows�� 33

Projected Cash Flows Totals�� 39

Disclosures & Disclaimers�� 40

As of December 31, 2025

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.

October 1, 2025 - December 31, 2025

Portfolio Overview

Portfolio Summary

Asset Allocation

Prior

30 Sep-25 Current

31 Dec-25

Par Value 927,732,017.30 922,659,734.04

Original Cost 923,518,993.59 918,317,526.83

Book Value 926,997,318.27 921,726,476.47

Market Value 928,314,411.52 923,139,684.11

Accrued Interest 3,962,379.16 3,598,835.73

Book Value Plus Accrued 930,959,697.43 925,325,312.20

Market Value Plus Accrued 932,276,790.68 926,738,519.84

Net Unrealized Gain/(Loss) 1,317,093.25 1,413,207.64

Prior

30 Sep-25 Current

31 Dec-25

Yield to Maturity 4.113% 3.852%

Yield to Worst 4.113% 3.852%

Days to Final Maturity 185 158

Days to Effective Maturity 174 155

Duration 0.99 0.92

Transaction Summary

Transaction Type Quantity Principal Interest Total Amount Realized Gain/Loss

Buy 45,524,826.42 (44,652,246.85) (145,857.32) (44,798,104.17) 0.00

Sell (7,005,191.87) 7,005,191.87 0.00 7,005,191.87 0.00

Maturity (43,500,000.00) 43,500,000.00 0.00 43,500,000.00 0.00

Call Redemption (10,000,000.00) 10,000,000.00 0.00 10,000,000.00 0.00

Coupon 0.00 0.00 4,307,014.36 4,307,014.36 0.00

MMFUND Dividends 0.00 0.00 643,360.29 643,360.29 0.00

Current Period 1 Oct-25 to 31 Dec-25

Interest Income 8,373,200.33

Net Amortization/Accretion 674,021.03

Realized Gain/(Loss) 0.00

Net Income 9,047,221.36

Fiscal Year-to-Date 1 Oct-25 to 31 Dec-25

Net Income 9,047,221.36

Portfolio CharacteristicsIncome Summary

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 -- -- 9,993,023.23 14,870,496.61 9,988,287.96 35,952,886.08 -- -- -- 70,804,693.90

AGCY CALL -- 12,638,572.87 -- 7,849,388.72 4,849,085.43 9,796,737.12 -- -- -- 35,133,784.14

BANK DEP 2,647,515.10 -- -- -- -- -- -- -- -- 2,647,515.10

CD -- 5,164,384.05 6,729,057.84 -- -- 6,737,563.03 -- -- -- 18,631,004.92

CP -- -- 19,662,913.89 -- -- -- -- -- -- 19,662,913.89

LGIP 345,822,968.46 -- -- -- -- -- -- -- -- 345,822,968.46

MMFUND 70,890,840.60 -- -- -- -- -- -- -- -- 70,890,840.60

MUNI -- 2,500,000.00 -- -- 4,918,640.37 8,419,089.25 5,547,595.32 1,637,067.90 -- 23,022,392.84

US GOVT 85,622,404.96 34,972,959.09 40,894,017.77 39,681,827.49 39,939,277.94 73,806,276.40 20,193,598.96 -- -- 335,110,362.62

Total 504,983,729.12 55,275,916.01 77,279,012.73 62,401,712.83 59,695,291.70 134,712,551.88 25,741,194.29 1,637,067.90 -- 921,726,476.47

Portfolio Overview

Top Ten Holdings

Issuer Allocation

TEXPOOL 34.76%

United States 27.07%

United States Department of The Treasury 9.29%

Federal Home Loan Banks 6.66%

Allspring Funds Trust - Allspring Government Money Market Fund 5.53%

Federal Farm Credit Banks Funding Corporation 3.24%

DREYFUS 2.16%

Royal Bank of Canada 2.13%

TEX PRIME 1.51%

First Nat'l Bank McGregor 1.29%

Maturity Distribution by Security Type

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 50,942,353.16 5.50% 2.19% 70,804,693.90 7.68% 4.166%

AGCY CALL 47,840,329.07 5.16% (1.35%) 35,133,784.14 3.81% 4.674%

BANK DEP 2,297,871.63 0.25% 0.04% 2,647,515.10 0.29% 2.164%

CD 18,444,538.79 1.99% 0.03% 18,631,004.92 2.02% 4.043%

CP 9,747,633.33 1.05% 1.08% 19,662,913.89 2.13% 4.012%

LGIP 356,819,152.58 38.49% (0.97%) 345,822,968.46 37.52% 3.834%

MMFUND 50,336,217.76 5.43% 2.26% 70,890,840.60 7.69% 3.576%

MUNI 18,520,325.54 2.00% 0.50% 23,022,392.84 2.50% 4.095%

US GOVT 372,048,896.41 40.13% (3.78%) 335,110,362.62 36.36% 3.753%

Portfolio Total 926,997,318.27 100.00% 921,726,476.47 100.00% 3.852%

Asset Allocation

Asset Allocation by Security Type as of Asset Allocation by Security Type as of 30-Sep-2025 31-Dec-2025

Credit Rating Summary

Rating Distribution Allocation by Rating Book Value Portfolio Allocation

Secured Deposits (Insured or Collateralized)

Certificates of Deposit 18,631,004.92 2.02%

Demand Deposits 2,647,515.10 0.29%

Total Secured Deposits 21,278,520.02 2.31%

Local Government Investment Pools & Money Market Funds

AAA 416,713,809.06 45.21%

Total Local Government Investment Pools & Money Market Funds 416,713,809.06 45.21%

Short Term Rating Distribution

A-1+ 19,662,913.89 2.13%

Total Short Term Rating Distribution 19,662,913.89 2.13%

Long Term Rating Distribution

AA 5,547,595.32 0.60%

AAA 10,056,157.15 1.09%

AA+ 443,548,840.66 48.12%

AA- 4,918,640.37 0.53%

Total Long Term Rating Distribution 464,071,233.50 50.35%

Portfolio Total 921,726,476.47 100.00%

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 Waco 4.29 4.38 4.33 4.35 4.40 4.74 4.80 4.77 4.74 4.61 4.55 4.45 4.37 4.35 4.32 4.32 4.30 4.22 4.23 4.19 4.11 4.02 3.94 3.85

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

October 1, 2025 - December 31, 2025

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

2016A CO TWDB 900,265.80 900,265.80 8,975.97 909,241.77 909,241.77 8,791.07 1 3.686% 3.686%

2017 CO 286,059.85 286,059.85 (50,934.80) 235,125.05 235,125.05 2,362.10 1 3.827% 3.827%

2018 CO 1,870,341.20 1,870,341.20 (468,667.66) 1,401,673.54 1,401,673.54 15,011.04 1 3.827% 3.827%

2019 CO 10,719,164.62 10,719,164.62 (1,059,443.07) 9,659,721.55 9,659,721.55 71,625.65 1 2.854% 2.854%

2020 CO 16,217,682.66 16,217,682.66 29,125.51 16,246,808.17 16,246,808.17 118,909.07 1 2.852% 2.852%

2021A CO 17,281,477.31 17,281,477.31 (2,243,902.54) 15,037,574.77 15,037,574.77 126,322.37 1 3.080% 3.080%

2021B CO Taxable 99,418.87 99,418.87 128.27 99,547.14 99,547.14 128.27 1 0.480% 0.480%

2022A CO 51,407,762.24 51,407,762.24 (3,050,901.74) 48,356,860.50 48,356,860.50 363,212.94 1 2.851% 2.851%

2022B CO Taxable 364,892.02 364,892.02 (37,207.33) 327,684.69 327,684.69 3,434.91 1 3.827% 3.827%

2023A CO 104,825,270.04 104,831,725.46 (1,100,722.19) 103,728,661.39 103,731,003.27 1,045,252.96 4 3.852% 3.852%

2023B CO Taxable 2,417,354.86 2,417,354.86 8,926.35 2,426,281.21 2,426,281.21 24,275.05 1 3.827% 3.827%

2024A CO 215,168,582.97 215,386,149.77 2,326,140.62 217,528,511.05 217,712,290.39 2,242,582.65 71 3.969% 3.969%

2024B CO Taxable 5,453,990.43 5,453,990.43 (2,692,937.76) 2,761,052.67 2,761,052.67 38,630.57 1 3.827% 3.827%

2025 CO 132,718,873.52 132,945,717.53 1,487,928.80 134,099,641.16 134,433,646.34 1,323,255.68 295 3.914% 3.914%

2025B CO TWDB 0.00 0.00 19,878,808.42 19,878,808.42 19,878,808.42 70,965.42 1 3.310% 3.310%

Combined Funds 367,266,181.88 368,132,408.89 (18,210,044.26) 349,029,283.39 349,922,364.64 3,592,461.62 257 4.034% 4.034%

Total 926,997,318.27 928,314,411.52 (5,174,727.41) 921,726,476.47 923,139,684.11 9,047,221.36 158 3.852% 3.852%

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

2016A CO TWDB

GVIXX MMFUND ALLSPRING:GOVT MM I 12/31/25 869,458.33 100.000 869,458.33 869,458.33 100.000 869,458.33 1 3.680 3.680 AAA

TEXSTAR LGIP TexSTAR 3.825 12/31/25 39,783.44 100.000 39,783.44 39,783.44 100.000 39,783.44 1 3.825 3.825 AAA

Total 2016A CO

TWDB

909,241.77 909,241.77 909,241.77 909,241.77 1 3.686 3.686

2017 CO

TEXPOOL LGIP TexPool 3.827 12/31/25 235,125.05 100.000 235,125.05 235,125.05 100.000 235,125.05 1 3.827 3.827 AAA

Total 2017 CO 235,125.05 235,125.05 235,125.05 235,125.05 1 3.827 3.827

2018 CO

TEXPOOL LGIP TexPool 3.827 12/31/25 1,401,673.54 100.000 1,401,673.54 1,401,673.54 100.000 1,401,673.54 1 3.827 3.827 AAA

Total 2018 CO 1,401,673.54 1,401,673.54 1,401,673.54 1,401,673.54 1 3.827 3.827

2019 CO

TEXPOOL LGIP TexPool 3.827 12/31/25 40,759.42 100.000 40,759.42 40,759.42 100.000 40,759.42 1 3.827 3.827 AAA

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 9,618,962.13 100.000 9,618,962.13 9,618,962.13 100.000 9,618,962.13 1 2.850 2.850 AA+

Total 2019 CO 9,659,721.55 9,659,721.55 9,659,721.55 9,659,721.55 1 2.854 2.854

2020 CO

TEXPOOL LGIP TexPool 3.827 12/31/25 37,450.87 100.000 37,450.87 37,450.87 100.000 37,450.87 1 3.827 3.827 AAA

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 16,209,357.30 100.000 16,209,357.30 16,209,357.30 100.000 16,209,357.30 1 2.850 2.850 AA+

Total 2020 CO 16,246,808.17 16,246,808.17 16,246,808.17 16,246,808.17 1 2.852 2.852

2021A CO

TEXPOOL LGIP TexPool 3.827 12/31/25 3,540,940.89 100.000 3,540,940.89 3,540,940.89 100.000 3,540,940.89 1 3.827 3.827 AAA

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 11,496,633.88 100.000 11,496,633.88 11,496,633.88 100.000 11,496,633.88 1 2.850 2.850 AA+

Total 2021A CO 15,037,574.77 15,037,574.77 15,037,574.77 15,037,574.77 1 3.080 3.080

2021B CO Taxable

WF-WAC21B BANK DEP Wells Fargo - Checking 0.480 12/31/25 99,547.14 100.000 99,547.14 99,547.14 100.000 99,547.14 1 0.480 0.480 SD

Total 2021B CO Taxable

99,547.14 99,547.14 99,547.14 99,547.14 1 0.480 0.480

2022A CO

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

TEXPOOL LGIP TexPool 3.827 12/31/25 59,408.85 100.000 59,408.85 59,408.85 100.000 59,408.85 1 3.827 3.827 AAA

USTDDSLG2 US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 12,809,307.83 100.000 12,809,307.83 12,809,307.83 100.000 12,809,307.83 1 2.850 2.850 AA+

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 35,488,143.82 100.000 35,488,143.82 35,488,143.82 100.000 35,488,143.82 1 2.850 2.850 AA+

Total 2022A CO 48,356,860.50 48,356,860.50 48,356,860.50 48,356,860.50 1 2.851 2.851

2022B CO Taxable

TEXPOOL LGIP TexPool 3.827 12/31/25 327,684.69 100.000 327,684.69 327,684.69 100.000 327,684.69 1 3.827 3.827 AAA

Total 2022B CO Taxable

327,684.69 327,684.69 327,684.69 327,684.69 1 3.827 3.827

2023A CO

TEXPOOL LGIP TexPool 3.827 12/31/25 95,752,878.31 100.000 95,752,878.31 95,752,878.31 100.000 95,752,878.31 1 3.827 3.827 AAA

912828P46 01/17/24 US GOVT U.S. Treasury Note 1.625 02/15/26 8,000,000.00 95.016 7,601,250.00 7,975,783.08 99.727 7,978,124.96 46 4.152 4.152 AA+

Total 2023A CO 103,752,878.31 103,354,128.31 103,728,661.39 103,731,003.27 4 3.852 3.852

2023B CO Taxable

TEXPOOL LGIP TexPool 3.827 12/31/25 2,426,281.21 100.000 2,426,281.21 2,426,281.21 100.000 2,426,281.21 1 3.827 3.827 AAA

Total 2023B CO Taxable

2,426,281.21 2,426,281.21 2,426,281.21 2,426,281.21 1 3.827 3.827

2024A CO

TEXPOOL LGIP TexPool 3.827 12/31/25 157,753,375.74 100.000 157,753,375.74 157,753,375.74 100.000 157,753,375.74 1 3.827 3.827 AAA

91282CGE5 07/09/24 US GOVT U.S. Treasury Note 3.875 01/15/26 5,000,000.00 98.668 4,933,398.44 4,998,289.73 99.988 4,999,414.05 15 4.796 4.796 AA+

91282CGL9 07/10/24 US GOVT U.S. Treasury Note 4.000 02/15/26 5,000,000.00 98.832 4,941,601.56 4,995,432.34 100.004 5,000,195.30 46 4.765 4.765 AA+

91282CGR6 07/10/24 US GOVT U.S. Treasury Note 4.625 03/15/26 5,000,000.00 99.828 4,991,406.25 4,998,979.70 100.188 5,009,375.00 74 4.729 4.729 AA+

91282CGV7 07/10/24 US GOVT U.S. Treasury Note 3.750 04/15/26 5,000,000.00 98.398 4,919,921.88 4,986,699.20 100.047 5,002,343.75 105 4.703 4.703 AA+

91282CHB0 07/10/24 US GOVT U.S. Treasury Note 3.625 05/15/26 5,000,000.00 98.160 4,908,007.81 4,981,039.99 100.027 5,001,367.20 135 4.673 4.673 AA+

91282CHH7 07/11/24 US GOVT U.S. Treasury Note 4.125 06/15/26 5,000,000.00 99.078 4,953,906.25 4,988,846.41 100.266 5,013,281.25 166 4.628 4.628 AA+

91282CHY0 07/11/24 US GOVT U.S. Treasury Note 4.625 09/15/26 5,000,000.00 100.113 5,005,664.06 5,001,981.01 100.723 5,036,132.80 258 4.567 4.567 AA+

912828U24 10/31/25 US GOVT U.S. Treasury Note 2.000 11/15/26 10,000,000.00 98.238 9,823,828.13 9,852,449.03 98.676 9,867,578.10 319 3.741 3.741 AA+

91282CJP7 07/11/24 US GOVT U.S. Treasury Note 4.375 12/15/26 5,000,000.00 99.715 4,985,742.19 4,994,282.60 100.777 5,038,867.20 349 4.499 4.499 AA+

3130B82L5 10/31/25 AGCY FHLB 3.500 10/04/27 10,000,000.00 99.749 9,974,942.00 9,977,135.30 99.904 9,990,360.00 642 3.635 3.635 AA+

Total 2024A CO 217,753,375.74 217,191,794.31 217,528,511.05 217,712,290.39 71 3.969 3.969

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

2024B CO Taxable

TEXPOOL LGIP TexPool 3.827 12/31/25 2,761,052.67 100.000 2,761,052.67 2,761,052.67 100.000 2,761,052.67 1 3.827 3.827 AAA

Total 2024B CO Taxable

2,761,052.67 2,761,052.67 2,761,052.67 2,761,052.67 1 3.827 3.827

2025 CO

TEXPOOL LGIP TexPool 3.827 12/31/25 16,659,892.16 100.000 16,659,892.16 16,659,892.16 100.000 16,659,892.16 1 3.827 3.827 AAA

91282CJV4 06/25/25 US GOVT U.S. Treasury Note 4.250 01/31/26 3,500,000.00 100.004 3,500,136.72 3,500,035.60 100.012 3,500,410.17 31 4.237 4.237 AA+

91282CGL9 06/25/25 US GOVT U.S. Treasury Note 4.000 02/15/26 3,500,000.00 99.895 3,496,308.59 3,499,321.59 100.004 3,500,136.71 46 4.162 4.162 AA+

91282CGR6 06/25/25 US GOVT U.S. Treasury Note 4.625 03/15/26 5,000,000.00 100.359 5,017,968.75 5,005,117.06 100.188 5,009,375.00 74 4.107 4.107 AA+

91282CGV7 06/25/25 US GOVT U.S. Treasury Note 3.750 04/15/26 5,000,000.00 99.734 4,986,718.75 4,995,343.16 100.047 5,002,343.75 105 4.083 4.083 AA+

91282CHB0 06/25/25 US GOVT U.S. Treasury Note 3.625 05/15/26 5,000,000.00 99.602 4,980,078.13 4,991,702.32 100.027 5,001,367.20 135 4.082 4.082 AA+

91282CHH7 06/25/25 US GOVT U.S. Treasury Note 4.125 06/15/26 6,000,000.00 100.109 6,006,562.50 6,003,116.75 100.266 6,015,937.50 166 4.008 4.008 AA+

91282CHM6 06/25/25 US GOVT U.S. Treasury Note 4.500 07/15/26 6,000,000.00 100.512 6,030,703.13 6,015,872.64 100.512 6,030,703.14 196 3.998 3.998 AA+

91282CHU8 06/26/25 US GOVT U.S. Treasury Note 4.375 08/15/26 6,600,000.00 100.406 6,626,812.50 6,614,946.33 100.469 6,630,937.50 227 4.002 4.002 AA+

91282CHY0 06/26/25 US GOVT U.S. Treasury Note 4.625 09/15/26 7,000,000.00 100.766 7,053,593.75 7,031,310.18 100.723 7,050,585.92 258 3.971 3.971 AA+

91282CJC6 06/26/25 US GOVT U.S. Treasury Note 4.625 10/15/26 7,000,000.00 100.840 7,058,789.06 7,035,976.77 100.797 7,055,781.25 288 3.953 3.953 AA+

91282CJK8 06/26/25 US GOVT U.S. Treasury Note 4.625 11/15/26 7,000,000.00 100.906 7,063,437.50 7,040,364.83 100.883 7,061,796.84 319 3.944 3.944 AA+

91282CJP7 06/26/25 US GOVT U.S. Treasury Note 4.375 12/15/26 6,000,000.00 100.645 6,038,671.88 6,025,366.58 100.777 6,046,640.64 349 3.919 3.919 AA+

91282CJT9 06/26/25 US GOVT U.S. Treasury Note 4.000 01/15/27 6,000,000.00 100.129 6,007,734.38 6,005,295.07 100.477 6,028,593.72 380 3.912 3.912 AA+

91282CKA8 06/26/25 US GOVT U.S. Treasury Note 4.125 02/15/27 6,000,000.00 100.355 6,021,328.13 6,014,910.65 100.645 6,038,671.86 411 3.896 3.896 AA+

91282CKE0 06/26/25 US GOVT U.S. Treasury Note 4.250 03/15/27 5,000,000.00 100.625 5,031,250.00 5,022,203.08 100.840 5,041,992.20 439 3.868 3.868 AA+

91282CKJ9 06/27/25 US GOVT U.S. Treasury Note 4.500 04/15/27 5,000,000.00 101.242 5,062,109.38 5,044,918.13 101.227 5,061,328.10 470 3.777 3.777 AA+

91282CKR1 06/27/25 US GOVT U.S. Treasury Note 4.500 05/15/27 5,000,000.00 101.316 5,065,820.31 5,048,453.09 101.320 5,066,015.60 500 3.767 3.767 AA+

3130B6R24 06/27/25 AGCY FHLB 3.875 06/04/27 6,000,000.00 100.182 6,010,948.20 6,008,140.40 100.424 6,025,434.00 520 3.776 3.776 AA+

91282CLG4 06/27/25 US GOVT U.S. Treasury Note 3.750 08/15/27 3,000,000.00 100.023 3,000,703.13 3,000,617.85 100.422 3,012,656.25 592 3.737 3.737 AA+

91282CLL3 06/27/25 US GOVT U.S. Treasury Note 3.375 09/15/27 3,000,000.00 99.277 2,978,320.31 2,983,305.17 99.820 2,994,609.36 623 3.716 3.716 AA+

91282CLQ2 06/27/25 US GOVT U.S. Treasury Note 3.875 10/15/27 3,000,000.00 100.316 3,009,492.19 3,007,533.63 100.672 3,020,156.25 653 3.728 3.728 AA+

91282CLX7 06/27/25 US GOVT U.S. Treasury Note 4.125 11/15/27 3,000,000.00 100.898 3,026,953.13 3,021,420.94 101.145 3,034,335.93 684 3.726 3.726 AA+

91282CMB4 06/27/25 US GOVT U.S. Treasury Note 4.000 12/15/27 4,500,000.00 100.680 4,530,585.94 4,524,477.20 100.977 4,543,945.29 714 3.709 3.709 AA+

Total 2025 CO 133,759,892.16 134,264,918.52 134,099,641.16 134,433,646.34 295 3.914 3.914

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

2025B CO TWDB

BNY4685 MMFUND

Dreyfus Treas Sec Cash Mgmt MM

12/31/25 9,642,264.94 100.000 9,642,264.94 9,642,264.94 100.000 9,642,264.94 1 3.310 3.310 AAA

BNY4686 MMFUND

Dreyfus Treas Sec Cash Mgmt MM

12/31/25 10,236,543.48 100.000 10,236,543.48 10,236,543.48 100.000 10,236,543.48 1 3.310 3.310 AAA

Total 2025B CO

TWDB

19,878,808.42 19,878,808.42 19,878,808.42 19,878,808.42 1 3.310 3.310

Combined Funds

GVIXX MMFUND ALLSPRING:GOVT MM I 12/31/25 50,142,573.85 100.000 50,142,573.85 50,142,573.85 100.000 50,142,573.85 1 3.680 3.680 AAA

JPM-WAC1 11/30/25 BANK DEP JPM Chase Bk 2.230 12/31/25 343,407.69 100.000 343,407.69 343,407.69 100.000 343,407.69 1 2.230 2.230 SD

JPM-WAC2 12/31/25 BANK DEP JPM Chase Bk Savings 2.230 12/31/25 2,204,560.27 100.000 2,204,560.27 2,204,560.27 100.000 2,204,560.27 1 2.230 2.230 SD

TEXPOOL LGIP TexPool 3.827 12/31/25 39,373,000.06 100.000 39,373,000.06 39,373,000.06 100.000 39,373,000.06 1 3.827 3.827 AAA

TEXPRIME LGIP TexPool Prime 3.998 12/31/25 13,927,865.04 100.000 13,927,865.04 13,927,865.04 100.000 13,927,865.04 1 3.998 3.998 AAA

TEXSTAR LGIP TexSTAR 3.825 12/31/25 11,485,796.52 100.000 11,485,796.52 11,485,796.52 100.000 11,485,796.52 1 3.825 3.825 AAA

CD-50272-1 CD First Nat'l Bk McGregor 4.050 02/06/26 5,164,384.05 100.000 5,164,384.05 5,164,384.05 100.000 5,164,384.05 37 4.050 4.050 SD

882806HX3 08/08/23 MUNI Texas Tech University - Rev 4.835 02/15/26 2,500,000.00 100.000 2,500,000.00 2,500,000.00 100.083 2,502,081.23 46 4.835 4.835 AA+

3130ALGJ7 AGCY CALL FHLB 1.000 03/23/26 01/23/26 Monthly 9,750,000.00 91.000 8,872,500.00 9,670,067.15 99.406 9,692,094.75 82 23 4.751 4.751 AA+

3130ALSH8 10/19/23 AGCY CALL FHLB 0.875 03/30/26 Expired 3,000,000.00 89.950 2,698,500.00 2,968,505.72 99.310 2,979,288.00 89 5.308 5.308 AA+

3133EP7C3 05/01/24 AGCY FFCB 4.625 04/01/26 5,000,000.00 99.220 4,960,982.20 4,994,814.03 100.214 5,010,715.00 91 5.055 5.055 AA+

3130B0KT5 04/10/24 AGCY FHLB 4.650 04/21/26 5,000,000.00 99.769 4,988,450.00 4,998,209.20 100.272 5,013,615.00 111 4.771 4.771 AA+

78009BEF5 08/21/25 CP Royal Bank of Canada 0.000 05/15/26 10,000,000.00 97.018 9,701,850.00 9,850,366.67 98.598 9,859,780.00 135 4.144 4.144 A-1+

912828R36 09/30/24 US GOVT U.S. Treasury Note 1.625 05/15/26 5,000,000.00 96.805 4,840,234.38 4,962,875.63 99.301 4,965,039.05 135 3.668 3.668 AA+

91282CHB0 07/18/24 US GOVT U.S. Treasury Note 3.625 05/15/26 5,000,000.00 98.500 4,925,000.00 4,984,394.31 100.027 5,001,367.20 135 4.487 4.487 AA+

CD-52133 CD First Nat'l Bk McGregor 4.250 06/24/26 6,729,057.84 100.000 6,729,057.84 6,729,057.84 100.000 6,729,057.84 175 4.250 4.250 SD

78009BFV9 10/02/25 CP Royal Bank of Canada 0.000 06/29/26 10,000,000.00 97.173 9,717,250.00 9,812,547.22 98.133 9,813,340.00 180 3.880 3.880 A-1+

3130AMSS2 09/06/23 AGCY CALL FHLB 1.050 06/30/26 03/30/26 Quarterly 3,000,000.00 89.997 2,699,916.93 2,944,331.04 98.698 2,960,925.00 181 89 4.894 4.894 AA+

3133EMQ62 03/15/24 AGCY CALL FFCB 0.990 07/13/26 01/18/26 Continuous 5,000,000.00 92.026 4,601,300.00 4,905,057.68 98.573 4,928,660.00 194 18 4.643 4.643 AA+

91282CHM6 06/25/24 US GOVT U.S. Treasury Note 4.500 07/15/26 5,000,000.00 99.617 4,980,859.38 4,994,849.24 100.512 5,025,585.95 196 4.696 4.696 AA+

91282CHU8 11/12/24 US GOVT U.S. Treasury Note 4.375 08/15/26 5,000,000.00 100.250 5,012,500.00 5,004,625.95 100.469 5,023,437.50 227 4.223 4.223 AA+

3130AXCP1 11/10/23 AGCY FHLB 4.875 09/11/26 5,000,000.00 99.960 4,998,002.50 4,999,532.92 100.799 5,039,925.00 254 4.889 4.889 AA+

91282CHY0 06/16/25 US GOVT U.S. Treasury Note 4.625 09/15/26 5,000,000.00 100.637 5,031,835.94 5,018,242.14 100.723 5,036,132.80 258 4.091 4.091 AA+

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

3135G0Q22 10/14/25 AGCY FNMA 1.875 09/24/26 10,000,000.00 98.327 9,832,652.90 9,870,963.69 98.708 9,870,810.00 267 3.693 3.693 AA+

3130B3A29 10/11/24 AGCY FHLB 4.000 10/09/26 5,000,000.00 100.000 5,000,000.00 5,000,000.00 100.279 5,013,940.00 282 4.000 4.000 AA+

3134GW4C7 03/15/24 AGCY CALL FHLMC 0.800 10/27/26 01/27/26 Quarterly 5,000,000.00 90.719 4,535,970.00 4,849,085.43 97.695 4,884,745.00 300 27 4.605 4.605 AA+

052414RS0 12/13/23 MUNI Austin Electric Util Sys, TX 2.777 11/15/26 5,000,000.00 94.778 4,738,900.00 4,918,640.37 99.273 4,963,644.44 319 4.710 4.710 AA-

91282CJP7 06/25/24 US GOVT U.S. Treasury Note 4.375 12/15/26 5,000,000.00 99.539 4,976,953.13 4,990,838.13 100.777 5,038,867.20 349 4.574 4.574 AA+

3133EPQ73 07/18/24 AGCY FFCB 4.125 12/22/26 5,000,000.00 99.430 4,971,512.15 4,988,287.96 100.493 5,024,655.00 356 4.374 4.374 AA+

022447T71 07/23/25 MUNI

ALVIN TEX INDPT SCH

DIST

5.000 02/15/27 5,500,000.00 101.511 5,583,105.00 5,560,317.81 101.599 5,587,930.84 411 3.990 3.990 AAA

3130AL5A8 03/15/24 AGCY CALL FHLB 0.900 02/26/27 02/26/26 Quarterly 5,000,000.00 89.946 4,497,300.00 4,795,660.09 96.937 4,846,860.00 422 57 4.586 4.586 AA+

91282CKE0 06/16/25 US GOVT U.S. Treasury Note 4.250 03/15/27 5,000,000.00 100.414 5,020,703.13 5,014,559.96 100.840 5,041,992.20 439 3.999 3.999 AA+

3133EP6K6 04/11/24 AGCY FFCB 4.500 03/26/27 5,000,000.00 99.172 4,958,600.00 4,982,114.41 101.091 5,054,570.00 450 4.803 4.803 AA+

91282CKJ9 10/11/24 US GOVT U.S. Treasury Note 4.500 04/15/27 5,000,000.00 101.391 5,069,531.25 5,036,427.40 101.227 5,061,328.10 470 3.913 3.913 AA+

91282CKR1 05/14/25 US GOVT U.S. Treasury Note 4.500 05/15/27 5,000,000.00 100.906 5,045,312.50 5,031,371.60 101.320 5,066,015.60 500 4.024 4.024 AA+

3133ERGT2 06/25/24 AGCY FFCB 4.500 06/11/27 5,000,000.00 99.941 4,997,050.00 4,998,560.14 101.301 5,065,025.00 527 4.521 4.521 AA+

088281Y79 10/02/25 MUNI BEXAR CNTY TEX 1.514 06/15/27 2,945,000.00 96.582 2,844,339.90 2,858,771.44 97.236 2,863,607.50 531 3.600 3.600 AAA

91282CKZ3 07/18/24 US GOVT U.S. Treasury Note 4.375 07/15/27 5,000,000.00 100.465 5,023,242.19 5,012,316.47 101.328 5,066,406.25 561 4.208 4.208 AA+

3133ETJT5 06/16/25 AGCY FFCB 3.875 08/27/27 5,000,000.00 99.777 4,988,850.00 4,991,396.82 100.490 5,024,475.00 604 3.984 3.984 AA+

3130B7QM9 09/11/25 AGCY FHLB 3.500 09/09/27 5,000,000.00 99.895 4,994,750.00 4,995,539.01 99.940 4,996,980.00 617 3.555 3.555 AA+

CD-54850-1 CD First Nat'l Bk McGregor 3.830 09/21/27 6,737,563.03 100.000 6,737,563.03 6,737,563.03 100.000 6,737,563.03 629 3.830 3.830 SD

91282CLQ2 08/28/25 US GOVT U.S. Treasury Note 3.875 10/15/27 10,000,000.00 100.453 10,045,312.50 10,038,466.17 100.672 10,067,187.50 653 3.650 3.650 AA+

3130B6PR1 06/16/25 AGCY CALL FHLB 4.250 12/10/27 06/10/26 One-time 5,000,000.00 100.047 5,002,350.00 5,001,077.04 100.232 5,011,620.00 709 161 4.200 4.200 AA+

91282CMN8 09/04/25 US GOVT U.S. Treasury Note 4.250 02/15/28 10,000,000.00 101.508 10,150,781.25 10,131,658.80 101.531 10,153,125.00 776 3.600 3.600 AA+

91282CMS7 09/04/25 US GOVT U.S. Treasury Note 3.875 03/15/28 10,000,000.00 100.707 10,070,703.13 10,061,940.16 100.805 10,080,468.70 805 3.580 3.580 AA+

65887PXW0 09/23/25 MUNI

NORTH DAKOTA PUB FIN

AUTH

4.000 12/01/28 5,500,000.00 100.938 5,551,590.00 5,547,595.32 100.655 5,536,033.13 1,066 3.684 3.684 AA

088281Y95 10/02/25 MUNI BEXAR CNTY TEX 1.721 06/15/29 1,750,000.00 93.109 1,629,407.50 1,637,067.90 93.822 1,641,883.35 1,262 3.730 3.730 AAA

Total Combined Funds

350,053,208.35 346,166,306.21 349,029,283.39 349,922,364.64 257 55 4.034 4.034

Grand Total 922,659,734.04 918,317,526.83 921,726,476.47 923,139,684.11 158 55 3.852 3.852

October 1, 2025 - December 31, 2025

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

2016A CO TWDB

GVIXX MMFUND ALLSPRING:GOVT MM I 2,905.43 8,395.23 8,580.13 0.00 2,720.53 0.00 0.00 8,395.23

TEXSTAR LGIP TexSTAR 0.00 395.84 395.84 0.00 0.00 0.00 0.00 395.84

Total 2016A CO

TWDB

2,905.43 8,791.07 8,975.97 0.00 2,720.53 0.00 0.00 8,791.07

2017 CO

TEXPOOL LGIP TexPool 0.00 2,362.10 2,362.10 0.00 0.00 0.00 0.00 2,362.10

Total 2017 CO 0.00 2,362.10 2,362.10 0.00 0.00 0.00 0.00 2,362.10

2018 CO

TEXPOOL LGIP TexPool 0.00 15,011.04 15,011.04 0.00 0.00 0.00 0.00 15,011.04

Total 2018 CO 0.00 15,011.04 15,011.04 0.00 0.00 0.00 0.00 15,011.04

2019 CO

TEXPOOL LGIP TexPool 0.00 406.76 406.76 0.00 0.00 0.00 0.00 406.76

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.0 12/31/2025 0.00 71,218.89 71,218.89 0.00 0.00 0.00 0.00 71,218.89

Total 2019 CO 0.00 71,625.65 71,625.65 0.00 0.00 0.00 0.00 71,625.65

2020 CO

TEXPOOL LGIP TexPool 0.00 373.74 373.74 0.00 0.00 0.00 0.00 373.74

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.0 12/31/2025 0.00 118,535.33 118,535.33 0.00 0.00 0.00 0.00 118,535.33

Total 2020 CO 0.00 118,909.07 118,909.07 0.00 0.00 0.00 0.00 118,909.07

2021A CO

TEXPOOL LGIP TexPool 0.00 35,336.36 35,336.36 0.00 0.00 0.00 0.00 35,336.36

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.0 12/31/2025 0.00 90,986.01 90,986.01 0.00 0.00 0.00 0.00 90,986.01

Total 2021A CO 0.00 126,322.37 126,322.37 0.00 0.00 0.00 0.00 126,322.37

2021B CO Taxable

WF-WAC21B BANK DEP Wells Fargo - Checking 0.00 128.27 128.27 0.00 0.00 0.00 0.00 128.27

Total 2021B CO Taxable

0.00 128.27 128.27 0.00 0.00 0.00 0.00 128.27

2022A CO

October 1, 2025 - December 31, 2025

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

TEXPOOL LGIP TexPool 0.00 592.88 592.88 0.00 0.00 0.00 0.00 592.88

USTDDSLG2 US GOVT U.S. Treasury DD SLGS 0.0 12/31/2025 0.00 93,458.89 93,458.89 0.00 0.00 0.00 0.00 93,458.89

USTDDSLGS US GOVT U.S. Treasury DD SLGS 0.0 12/31/2025 0.00 269,161.17 269,161.17 0.00 0.00 0.00 0.00 269,161.17

Total 2022A CO 0.00 363,212.94 363,212.94 0.00 0.00 0.00 0.00 363,212.94

2022B CO Taxable

TEXPOOL LGIP TexPool 0.00 3,434.91 3,434.91 0.00 0.00 0.00 0.00 3,434.91

Total 2022B CO Taxable

0.00 3,434.91 3,434.91 0.00 0.00 0.00 0.00 3,434.91

2023A CO

912828M56 US GOVT U.S. Treasury Note 2.25 11/15/2025 59,490.49 19,259.51 78,750.00 0.00 0.00 16,751.80 0.00 36,011.31

TEXPOOL LGIP TexPool 0.00 927,231.50 927,231.50 0.00 0.00 0.00 0.00 927,231.50

912828P46 US GOVT U.S. Treasury Note 1.625 02/15/2026 16,603.26 32,500.00 0.00 0.00 49,103.26 49,510.15 0.00 82,010.15

Total 2023A CO 76,093.75 978,991.01 1,005,981.50 0.00 49,103.26 66,261.94 0.00 1,045,252.96

2023B CO Taxable

TEXPOOL LGIP TexPool 0.00 24,275.05 24,275.05 0.00 0.00 0.00 0.00 24,275.05

Total 2023B CO Taxable

0.00 24,275.05 24,275.05 0.00 0.00 0.00 0.00 24,275.05

2024A CO

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 1,196.71 0.00 9,325.13

91282CFW6 US GOVT U.S. Treasury Note 4.5 11/15/2025 84,986.41 27,513.59 112,500.00 0.00 0.00 2,103.33 0.00 29,616.92

91282CGA3 US GOVT U.S. Treasury Note 4.0 12/15/2025 59,016.39 40,983.61 100,000.00 0.00 0.00 8,195.35 0.00 49,178.95

TEXPOOL LGIP TexPool 0.00 1,562,045.27 1,562,045.27 0.00 0.00 0.00 0.00 1,562,045.27

91282CGE5 US GOVT U.S. Treasury Note 3.875 01/15/2026 41,066.58 48,437.50 0.00 0.00 89,504.08 11,238.91 0.00 59,676.41

91282CGL9 US GOVT U.S. Treasury Note 4.0 02/15/2026 25,543.48 50,000.00 0.00 0.00 75,543.48 9,338.33 0.00 59,338.33

91282CGR6 US GOVT U.S. Treasury Note 4.625 03/15/2026 10,220.99 58,770.72 0.00 0.00 68,991.71 1,285.86 0.00 60,056.58

91282CGV7 US GOVT U.S. Treasury Note 3.75 04/15/2026 86,577.87 47,350.70 93,750.00 0.00 40,178.57 11,715.40 0.00 59,066.10

91282CHB0 US GOVT U.S. Treasury Note 3.625 05/15/2026 68,461.28 45,696.18 90,625.00 0.00 23,532.46 12,770.49 0.00 58,466.68

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 6,077.22 0.00 57,974.12

91282CHY0 US GOVT U.S. Treasury Note 4.625 09/15/2026 10,220.99 58,770.72 0.00 0.00 68,991.71 (706.04) 0.00 58,064.67

October 1, 2025 - December 31, 2025

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

912828U24 US GOVT U.S. Treasury Note 2.0 11/15/2026 0.00 34,119.02 100,000.00 (91,847.83) 25,966.85 28,620.90 0.00 62,739.92

91282CJP7 US GOVT U.S. Treasury Note 4.375 12/15/2026 64,549.18 55,042.17 109,375.00 0.00 10,216.35 1,464.78 0.00 56,506.95

3130B82L5 AGCY FHLB 3.5 10/04/2027 0.00 58,333.33 0.00 (21,388.89) 79,722.22 2,193.30 0.00 60,526.63

Total 2024A CO 609,625.42 2,147,088.12 2,377,670.27 (113,236.72) 492,279.98 95,494.53 0.00 2,242,582.65

2024B CO Taxable

TEXPOOL LGIP TexPool 0.00 38,630.57 38,630.57 0.00 0.00 0.00 0.00 38,630.57

Total 2024B CO Taxable

0.00 38,630.57 38,630.57 0.00 0.00 0.00 0.00 38,630.57

2025 CO

912797QZ3 US GOVT U.S. Treasury Bill 0.0 12/18/2025 0.00 0.00 0.00 0.00 0.00 31,178.87 0.00 31,178.87

TEXPOOL LGIP TexPool 0.00 129,819.04 129,819.04 0.00 0.00 0.00 0.00 129,819.04

91282CJV4 US GOVT U.S. Treasury Note 4.25 01/31/2026 25,061.14 37,187.50 0.00 0.00 62,248.64 (109.16) 0.00 37,078.34

91282CGL9 US GOVT U.S. Treasury Note 4.0 02/15/2026 17,880.43 35,000.00 0.00 0.00 52,880.43 1,386.98 0.00 36,386.98

91282CGR6 US GOVT U.S. Treasury Note 4.625 03/15/2026 10,220.99 58,770.72 0.00 0.00 68,991.71 (6,448.90) 0.00 52,321.82

91282CGV7 US GOVT U.S. Treasury Note 3.75 04/15/2026 86,577.87 47,350.70 93,750.00 0.00 40,178.57 4,134.10 0.00 51,484.81

91282CHB0 US GOVT U.S. Treasury Note 3.625 05/15/2026 68,461.28 45,696.18 90,625.00 0.00 23,532.46 5,652.49 0.00 51,348.67

91282CHH7 US GOVT U.S. Treasury Note 4.125 06/15/2026 73,032.79 62,276.28 123,750.00 0.00 11,559.07 (1,675.73) 0.00 60,600.55

91282CHM6 US GOVT U.S. Treasury Note 4.5 07/15/2026 57,228.26 67,500.00 0.00 0.00 124,728.26 (7,240.67) 0.00 60,259.33

91282CHU8 US GOVT U.S. Treasury Note 4.375 08/15/2026 36,878.40 72,187.50 0.00 0.00 109,065.90 (5,909.61) 0.00 66,277.89

91282CHY0 US GOVT U.S. Treasury Note 4.625 09/15/2026 14,309.39 82,279.01 0.00 0.00 96,588.40 (11,182.47) 0.00 71,096.54

91282CJC6 US GOVT U.S. Treasury Note 4.625 10/15/2026 149,491.12 81,758.88 161,875.00 0.00 69,375.00 (11,345.03) 0.00 70,413.85

91282CJK8 US GOVT U.S. Treasury Note 4.625 11/15/2026 122,286.01 81,622.83 161,875.00 0.00 42,033.84 (11,379.76) 0.00 70,243.07

91282CJP7 US GOVT U.S. Treasury Note 4.375 12/15/2026 77,459.02 66,050.60 131,250.00 0.00 12,259.62 (6,495.45) 0.00 59,555.15

91282CJT9 US GOVT U.S. Treasury Note 4.0 01/15/2027 50,869.57 60,000.00 0.00 0.00 110,869.57 (1,239.97) 0.00 58,760.03

91282CKA8 US GOVT U.S. Treasury Note 4.125 02/15/2027 31,610.05 61,875.00 0.00 0.00 93,485.05 (3,236.68) 0.00 58,638.32

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 (4,584.44) 0.00 49,421.09

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 (8,579.81) 0.00 48,241.03

91282CKR1 US GOVT U.S. Treasury Note 4.5 05/15/2027 84,986.41 56,726.29 112,500.00 0.00 29,212.71 (8,605.19) 0.00 48,121.11

3130B6R24 AGCY FHLB 3.875 06/04/2027 69,750.00 58,125.00 110,437.50 0.00 17,437.50 (1,381.95) 0.00 56,743.05

91282CLG4 US GOVT U.S. Treasury Note 3.75 08/15/2027 14,368.21 28,125.00 0.00 0.00 42,493.21 (91.99) 0.00 28,033.01

October 1, 2025 - December 31, 2025

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

91282CLL3 US GOVT U.S. Treasury Note 3.375 09/15/2027 4,475.14 25,732.04 0.00 0.00 30,207.18 2,413.35 0.00 28,145.40

91282CLQ2 US GOVT U.S. Treasury Note 3.875 10/15/2027 53,678.28 29,357.44 58,125.00 0.00 24,910.71 (1,014.00) 0.00 28,343.44

91282CLX7 US GOVT U.S. Treasury Note 4.125 11/15/2027 46,742.53 31,199.46 61,875.00 0.00 16,066.99 (2,748.37) 0.00 28,451.09

91282CMB4 US GOVT U.S. Treasury Note 4.0 12/15/2027 53,114.75 45,291.84 90,000.00 0.00 8,406.59 (2,998.63) 0.00 42,293.21

Total 2025 CO 1,261,767.34 1,374,757.68 1,438,381.54 0.00 1,198,143.48 (51,502.00) 0.00 1,323,255.68

2025B CO TWDB

BNY4685 MMFUND Dreyfus Treas Sec Cash Mgmt MM 0.00 34,421.94 34,421.94 0.00 0.00 0.00 0.00 34,421.94

BNY4686 MMFUND Dreyfus Treas Sec Cash Mgmt MM 0.00 36,543.48 36,543.48 0.00 0.00 0.00 0.00 36,543.48

Total 2025B CO

TWDB

0.00 70,965.42 70,965.42 0.00 0.00 0.00 0.00 70,965.42

Combined Funds

91282CFP1 US GOVT U.S. Treasury Note 4.25 10/15/2025 98,121.58 8,128.42 106,250.00 0.00 0.00 901.31 0.00 9,029.72

3134GWYZ3 AGCY FHLMC 0.53 10/28/2025 6,757.50 1,192.50 7,950.00 0.00 0.00 10,453.76 0.00 11,646.26

91282CFW6 US GOVT U.S. Treasury Note 4.5 11/15/2025 84,986.41 27,513.59 112,500.00 0.00 0.00 (1,129.14) 0.00 26,384.45

91282CGA3 US GOVT U.S. Treasury Note 4.0 12/15/2025 59,016.39 40,983.61 100,000.00 0.00 0.00 2,636.64 0.00 43,620.25

GVIXX MMFUND ALLSPRING:GOVT MM I 180,153.72 493,803.19 515,670.67 0.00 158,286.24 0.00 0.00 493,803.19

JPM-WAC1 BANK DEP JPM Chase Bk 0.00 2,977.38 2,977.38 0.00 0.00 0.00 0.00 2,977.38

JPM-WAC2 BANK DEP JPM Chase Bk Savings 0.00 4,168.42 4,168.42 0.00 0.00 0.00 0.00 4,168.42

TEXPOOL LGIP TexPool 0.00 176,188.20 176,188.20 0.00 0.00 0.00 0.00 176,188.20

TEXPRIME LGIP TexPool Prime 0.00 297,415.81 297,415.81 0.00 0.00 0.00 0.00 297,415.81

TEXSTAR LGIP TexSTAR 0.00 114,277.98 114,277.98 0.00 0.00 0.00 0.00 114,277.98

WF-WAC1 BANK DEP Wells Fargo - Checking #1 0.00 1,939.09 1,939.09 0.00 0.00 0.00 0.00 1,939.09

CD-50272-1 CD First Nat'l Bk McGregor 4.05 02/06/2026 31,765.66 52,510.70 52,186.43 0.00 32,089.93 0.00 0.00 52,510.70

882806HX3 MUNI Texas Tech University - Rev 4.835 02/15/2026 15,445.14 30,218.75 0.00 0.00 45,663.89 0.00 0.00 30,218.75

3130ALGJ7 AGCY CALL FHLB 1.0 03/23/2026 2,166.67 24,375.00 0.00 0.00 26,541.67 90,787.92 0.00 115,162.92

3130ALSH8 AGCY CALL FHLB 0.875 03/30/2026 72.92 6,562.50 0.00 0.00 6,635.42 32,925.84 0.00 39,488.34

3133EP7C3 AGCY FFCB 4.625 04/01/2026 115,625.00 57,812.50 115,625.00 0.00 57,812.50 5,301.21 0.00 63,113.71

3130B0KT5 AGCY FHLB 4.65 04/21/2026 103,333.33 58,125.00 116,250.00 0.00 45,208.33 1,488.43 0.00 59,613.43

78009BEF5 CP Royal Bank of Canada 0.0 05/15/2026 0.00 0.00 0.00 0.00 0.00 102,733.33 0.00 102,733.33

912828R36 US GOVT U.S. Treasury Note 1.625 05/15/2026 30,689.54 20,484.50 40,625.00 0.00 10,549.03 25,064.26 0.00 45,548.75

October 1, 2025 - December 31, 2025

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

91282CHB0 US GOVT U.S. Treasury Note 3.625 05/15/2026 68,461.28 45,696.18 90,625.00 0.00 23,532.46 10,515.79 0.00 56,211.97

CD-52133 CD First Nat'l Bk McGregor 4.25 06/24/2026 5,427.14 71,393.82 70,552.79 0.00 6,268.16 0.00 0.00 71,393.82

78009BFV9 CP Royal Bank of Canada 0.0 06/29/2026 0.00 0.00 0.00 0.00 0.00 95,297.22 0.00 95,297.22

3130AMSS2 AGCY CALL FHLB 1.05 06/30/2026 7,962.50 7,875.00 15,750.00 0.00 87.50 27,639.67 0.00 35,514.67

3133EMQ62 AGCY CALL FFCB 0.99 07/13/2026 10,725.00 12,375.00 0.00 0.00 23,100.00 43,614.24 0.00 55,989.24

91282CHM6 US GOVT U.S. Treasury Note 4.5 07/15/2026 47,690.22 56,250.00 0.00 0.00 103,940.22 2,342.17 0.00 58,592.17

91282CHU8 US GOVT U.S. Treasury Note 4.375 08/15/2026 27,938.18 54,687.50 0.00 0.00 82,625.68 (1,827.46) 0.00 52,860.04

3130AXCP1 AGCY FHLB 4.875 09/11/2026 13,541.67 60,937.50 0.00 0.00 74,479.17 168.90 0.00 61,106.40

91282CHY0 US GOVT U.S. Treasury Note 4.625 09/15/2026 10,220.99 58,770.72 0.00 0.00 68,991.71 (6,512.46) 0.00 52,258.26

3135G0Q22 AGCY FNMA 1.875 09/24/2026 0.00 40,104.16 0.00 (10,416.67) 50,520.83 38,310.79 0.00 78,414.96

3130B3A29 AGCY FHLB 4.0 10/09/2026 95,555.56 50,000.00 100,000.00 0.00 45,555.56 0.00 0.00 50,000.00

3134GW4C7 AGCY CALL FHLMC 0.8 10/27/2026 17,111.11 10,000.00 20,000.00 0.00 7,111.11 45,583.39 0.00 55,583.39

052414RS0 MUNI Austin Electric Util Sys, TX 2.777 11/15/2026 52,454.44 34,712.50 69,425.00 0.00 17,741.94 22,998.41 0.00 57,710.91

91282CJP7 US GOVT U.S. Treasury Note 4.375 12/15/2026 64,549.18 55,042.17 109,375.00 0.00 10,216.35 2,346.09 0.00 57,388.26

3133EPQ73 AGCY FFCB 4.125 12/22/2026 56,718.75 51,562.50 103,125.00 0.00 5,156.25 2,938.20 0.00 54,500.70

022447T71 MUNI ALVIN TEX INDPT SCH DIST 5.0 02/15/2027 35,138.89 68,750.00 0.00 0.00 103,888.89 (13,085.16) 0.00 55,664.84

3130AL5A8 AGCY CALL FHLB 0.9 02/26/2027 4,375.00 11,250.00 0.00 0.00 15,625.00 43,043.21 0.00 54,293.21

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 (3,003.87) 0.00 51,001.65

3133EP6K6 AGCY FFCB 4.5 03/26/2027 3,125.00 56,250.00 0.00 0.00 59,375.00 3,583.79 0.00 59,833.79

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 (6,973.97) 0.00 49,846.87

91282CKR1 US GOVT U.S. Treasury Note 4.5 05/15/2027 84,986.41 56,726.29 112,500.00 0.00 29,212.71 (5,593.25) 0.00 51,133.04

3133ERGT2 AGCY FFCB 4.5 06/11/2027 68,750.00 56,250.00 112,500.00 0.00 12,500.00 241.26 0.00 56,491.26

088281Y79 MUNI BEXAR CNTY TEX 1.514 06/15/2027 0.00 11,022.97 22,293.65 (13,252.34) 1,981.66 14,431.54 0.00 25,454.50

91282CKZ3 US GOVT U.S. Treasury Note 4.375 07/15/2027 46,365.49 54,687.50 0.00 0.00 101,052.99 (1,921.98) 0.00 52,765.52

3133ETJT5 AGCY FFCB 3.875 08/27/2027 18,298.61 48,437.50 0.00 0.00 66,736.11 1,253.78 0.00 49,691.28

3130B7QM9 AGCY FHLB 3.5 09/09/2027 9,722.22 43,750.00 0.00 0.00 53,472.22 648.12 0.00 44,398.12

3133ERSM4 AGCY CALL FFCB 4.33 09/10/2027 25,258.33 (0.00) 25,258.33 0.00 0.00 0.00 0.00 (0.00)

CD-54850-1 CD First Nat'l Bk McGregor 3.83 09/21/2027 7,002.96 64,500.76 63,726.91 0.00 7,776.81 0.00 0.00 64,500.76

91282CLQ2 US GOVT U.S. Treasury Note 3.875 10/15/2027 178,927.60 97,858.12 193,750.00 0.00 83,035.71 (5,168.04) 0.00 92,690.08

3130B6PR1 AGCY CALL FHLB 4.25 12/10/2027 65,520.83 53,125.00 106,250.00 0.00 12,395.83 (592.96) 0.00 52,532.04

October 1, 2025 - December 31, 2025

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

91282CMN8 US GOVT U.S. Treasury Note 4.25 02/15/2028 54,279.89 106,250.00 0.00 0.00 160,529.89 (14,783.74) 0.00 91,466.26

91282CMS7 US GOVT U.S. Treasury Note 3.875 03/15/2028 17,127.07 98,480.66 0.00 0.00 115,607.73 (6,865.80) 0.00 91,614.86

65887PXW0 MUNI NORTH DAKOTA PUB FIN AUTH 4.0 12/01/2028 73,333.33 55,000.00 110,000.00 0.00 18,333.33 (3,685.29) 0.00 51,314.71

088281Y95 MUNI BEXAR CNTY TEX 1.721 06/15/2029 0.00 7,445.72 15,058.75 (8,951.59) 1,338.56 7,660.40 0.00 15,106.12

Total Combined Funds

2,011,987.22 3,028,695.06 3,216,714.41 (32,620.60) 1,856,588.47 563,766.56 0.00 3,592,461.62

Grand Total 3,962,379.16 8,373,200.33 8,882,601.08 (145,857.32) 3,598,835.73 674,021.03 0.00 9,047,221.36

October 1, 2025 - December 31, 2025

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

2019 CO

Buy

USTDDSLGS 11/29/25 11/29/25 US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 71,218.89 1.000 71,218.89 0.00 71,218.89 0.00 2.948 2.948

Total Buy 71,218.89 71,218.89 0.00 71,218.89 0.00

Money Market Funds

USTDDSLGS 10/31/25 10/31/25 US GOVT U.S. Treasury DD SLGS 0.000 12/31/25 0.00 0.00 25,032.13 25,032.13 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 23,218.35 23,218.35 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 22,968.41…

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File details come from the government source that posted it. Updated Jul 2, 2026.