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R-2025-213 - 8/14/2025 RESOLUTION NO. R-2025-213 WHEREAS, Chapter 2256, Texas Government Code, Section 2256.023 of the Public Funds Investment Act states that a written report of investments be submitted to the governing body at least quarterly; and WHEREAS, a Quarterly Investment Report for the quarter ending June 30, 2025 for the City of Round Rock has been submitted to the City Council; and WHEREAS, the City Council desires to acknowledge the receipt and acceptance of the attached Quarterly Investment Report, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Quarterly Investment Report, attached hereto as Exhibit "A" and incorporated herein, is hereby received and accepted. The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended. RESOLVED this 14th day of August, 2025. CRAIG OR , Mayor City of Roun ock, Texas ATTEST: 19 AN FRANKLIN, City Clerk 0112.20252:4914-4145-8329 • EXHIBIT A ROUND ROCK TEXAS FINANCE QUARTERLY INVESTMENT REPORT For the Quarter Ended June 30, 2025 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the City of Round Rock, Texas is in compliance with the Public Funds Investment Act and the Investment Policy and Strategies. Signature withheld for security purposes Signature withheld for security purposes Chief Financial Officer Deputy Chief Financial Officer Signature withheld for security purposes Signature withheld for security purposes Controller Treasury Accountant • Valle View on ultin , LLC Dated Y 9 Disclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting,L.L.C. from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas,are not representative of total return yields and do not account for investment advisor fees. Summary Holdings by Investment Category (Security Sector) June 30, 2025 YTM @ Description Cost Book Value Market Value Cash 0.08% $ 28,365,134 $ 28,365,134 Certificates of Deposit 4.37% 130,842,063 130,842,063 Local Government Investment Pool 4.30% 191,087,109 191,087,109 Money Market Accounts 4.08% 84,432,374 _ 84,432,374 US Agency 4.67% 203,127,111 - 203,762,697 US Treasury 4.65% 9,810,843 9,833,226 Total/Average 4.23% $ 647,664,635 $ 648,322,604 March 31,2025 YTM @ Description Cost Book Value Market Value Cash 0.03% $ 15,701,191 $ 15,701,191 Certificates of Deposit 4.48% 152,047,032 152,047,032 Local Government Investment Pool 4.35% 115,763,644 115,763,644 Money Market Accounts 4.51% 64,928,594 64,928,594 US Agency 4.69% 215,810,319 216,740,093 US Treasury 4.65% 14,762,986 14,800,461 Total/Average 4.42% $ 579,013,766 $ 579,981,015 Average Yield _ Current Fiscal Year- Quarter(1) to-Date(2) Total Portfolio 4.23% 4.36% TexPool Yield 4.30% 4.40% Rolling Three Mo.Treas.Yield 4.37% 4.42% Rolling Six Mo.Treas.Yield 4.27% 4.42% Rolling 1 Yr.Treas.Yield 4.31% 4.52% Rolling 2 Yr.Treas.Yield 4.41% 4.45% Investment Income(3) Interest Income(Approximate) $ 6,577,028 $ 19,425,922 WAM at 6/30/2025 Policy WAM Max Total Portfolio 132 days 540 days Pooled Funds 174 days 540 days (1)Average Yield calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (2)Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. (3)Investment Income includes coupon interest,accrued interest,and discount and premium amortization. 1 City of Round Rock Valley View Consulting, L.L.C. Economic Overview 6/30/2025 The Federal Open Market Committee(FOMC)kept the Fed Funds target range at 4.25%-4.50%(Effective Fed Funds trade+/-4.33%). Expectations for additional rate cuts are volatile with current estimates for two 0.25%cuts projected late 2025.June Non-Farm Payroll added+147k new jobs, prior months'revisions increased the Three Month Rolling Average to+150k(from the previous +135k). First Quarter 2025 final estimate GDP declined slightly to-0.5%. An Import surge increased the trade deficit. The S&P 500 Stock Index reached a new high(+/-6,175)from February's previous high(over 6,115). The yield curve still bottoms out in the 2-3 year maturity section. Crude Oil remains below$70 per barrel. Inflation continues above the FOMC 2%target(Core PCE+/- 2.7%and Core CPI+/-2.8%). Uncertainty abounds throughout global economic outlooks,tariff negotiations and violent political disruptions. 6.0o Treasury Yield Curves S&P 500 7,000 I 5.00 6,000 4.00 _ - -- 5,000 3.00 4,000 2.00 3,000 2,000 1.00 1,000 0.00 , 43 ° co - 14 1v -lv -6 0�5 N6 ,� �� N� ti0 ti� �� rya ti� ts ti h `O eo. Leo Feo 4'6 �e'Q' Leo Leo, �e'o, <<e'Q' eF 0 June 30,2024 March 31,2025 ---June 30,2025 6.00 US Treasury Historical Yields-Since 2006 US Treasury Historical Yields-Since Nov 2018 6.00 5.50 r1 5.50 •r-•`r•� 5.00 .w - 5.00 ► 1 4.50 �� `` 4.50 � 1 - 1 4.00 I , 4.00 ' ill 3.50 L 11 IV I 3.50 ' 3.00 �`� ai 3.00 i� 2.50 1 /'w 2.50 :ay".a.P ,. !2.00 '� , PiM / I z.00 r. 1.50 r 0 I ,.50 �aka J 1.00 -- /' / 1.00 0.50 V. "' I 0.50 /J �a o.00 . �„ , S- sr , - at o.00 -i, , 0551Ae39 ,. ,NN1')• 1' ,4' 15 6 ,.(1 ,� 19IPq,' cq� tbn, �y <I' '?" ':3 '9 'P IP0111La. 1� 1› 00 rye 1y NeP x` acaP aca aaca Qco 0 o ao o a )0 Os a ao )a ° a° S a 0 )a� o YaP 0- PC‘- Jo' a° ' ' -Six Month T-Bill Two Year T-Note mum. Ten Year T-Note 1 [ ---Six Month T-Bill Two Year T-Note Ten Year T-Note 2 All numbers estimated and subject to change. Valley View Consulting.L.L.C. Holdings by Investment Category June 30, 2025 Pooled Debt Service Debt Service Reserve Capital Project&Special Total Funds Funds Funds Purpose Funds Portfolio Description Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Book Value %of Portfolio Cash $ 28,365,134 4% $ 0% $ - 0% $ - 0% $ 28,365,134 4% Certificates of Deposit 130,842,063 20% - 0% - 0% - 0% 130,842,063 20% Investment Pools 55,140,615 9% 25,806,244 4% 4,730,293 1% 105,409,958 16% 191,087,109 30% Money Market Accounts 62,931,837 10% - 0% - 0% 21,500,538 3% 84,432,374 13% Municipal 0% 0% - 0% - 0% - 0% US Agency 203,127,111 31% 0% - 0% - 0% 203,127,111 31% US Treasury 9,810,843 2% - 0% - 0% - 0% 9,810,843 2% Total/Average 5 490,217,603 76% $ 25,806,244 4% $ 4,730,293 1% $126,910,496 20% $647,664,635 100% Portfolio Balances (Millions) Order of Liquidity $600 is Cash $500 id Local Government Investment Pool $400 ■Money Market Account $300 ■US Treasury ❑US Agency $200 ❑Municipal $100 ■Certificates of Deposit $0 I Pooled Funds DS Funds DSR Funds CP&SP Funds Total Portfolio 6/30/2025 6/30/2025 6/30/2025 6/30/2025 — 6/30/2025 3 City of Round Rock Valley View Consulting, L.L.C. Investment Holdings by Investment Category Quarterly Transactions By Investment Category June 30,2025 June 30,2025 %of Portfolio Net Cash Equivalent Description Book Value Portfolio Limitation Description Buys Sells Maturities Calls Interest Deposit/(Withdrawal) Cash $ 28,365,134 4.4% 100°/ Cash $ — $ — $ — $ — $ — $ 12,663,944 Investment Pools 191,087,109 29.5% 100% Investment Pools — — — — 1,634,188 a 75,323,465 Money Market Accounts 84,432,374 13.0% 75% Money Markets Accounts — — — — 741,017 19,503,780 Certificates of Deposit 130,842,063 20.2% 85% Certificates of Deposit 23,491,390 — 44,696,358 — 1,625,936 — Commercial Paper — 0.0% 10%/5% Commercial Paper — — — — — Municipal — 0.0% 35%/5% Municipal — — — — — — US Agency 203,127,111 31.4% _ 85% US Agency — 13,000,000 — 2,456,000 — US Treasury 9,810,843 1.5% 85% US Treasury — — 5,000,000 — 190,625 — Total/Average $ 647,664,635 100% PASSED Totals $ 23,491,390 $ — $ 62,696,358 $ — $ 6,647,767 $ 107,491,189 Portfolio Balances(Millions) Portfolio Composition Order of Liquidity June 30,2025 1.1 Investment Pools $600 `— 29.5% Money Market Accounts tWt •Cash 13.0% c $500 o Local Government Investment Pool ,/ $400 •Money Market Account / $300I I ■US Treasury Cash 4.4 $200 o US Agency US Treasury 1.5% Certificates of $100 ❑Municipal Deposit 20.2% $0 ■Certificates of Deposit 3 �n� .y41' 3 pry US Agency 0 0 ,�'1� ro 31.4% 4 City of Round Rock Valley View Consulting,L.L.C. City of Round Rock Pooled Funds Performance 5.50 /T 5.00 4.50 i I°op aft // i -4, 4.00 I I I 3.50 ai / co c 3.00 I d I a 2.50 2.00 7 ♦ I 1.50 I ` ♦`♦ ' ♦ I 1.00 ♦ I • 0.50 �_ ./P4.1.1 % \ % • 0.00 or1 �h ,�h �o �o �6 �0 <\ ,(� ,(\ ,(\ee ,�w ,ee �o ,�o �o �o000o titititi4033 0i a o, ahh 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0`� o`� oti o`� o`� oti oti o`� o� oti o� o� o`� o'� o`� o`� o`� o, oti oti oti o`� 61'�\( ,,\( o\�'0\`1',�'l.,.�,1'0„`1'0�`1',���1',\ti o\( 0\`1',,ti 41,o�`1 0,`1',.��1',��,1'0�`1'61',,ti,�ti 0�'1'0�`1',�ti��ti o�`,o��',,o,,ti o�'L o�`1',.��1',.��1'0�`1',,v,.�`1',�ti o�`� o�o,,,Jo4bcPcP,,r1P43onocP,,rvo4')64bo�otio43CPon)\n3456§043,,ro456�0cA,rr1P43450,,r9rPCPcP,(1P^PCPCP<P4345 Round Rock — TexPool Rolling 1.5 yr Treasury (Policy WAM max) — Rolling 9 mo Treasury 5 City of Round Rock Valley View Consulting,L.L.C. •.oum^w I• Portfolio Balances By Fund (Millions) $600 $500 ■Capital Project&Special Purpose Funds 1111111111 $400 o Debt Service Reserve Funds $300 ❑Debt Service Funds $200 $100 ■Pooled Funds $0 0,to 0,6 0,6 0'1 0,1 0,•\ �4'` 00 0 0N0 00 DNoi �Noi �0 �,,0 019 019 019 019 D D 0 D 015. 015, D,t 0ry O,y') 0,y 0,ti^3 0,� 0,ti D,ti 0,ti ,tit. 0,ti4, O,ti4, 6\�00' 4 ry0\�0'\�41.\moo\' 0\�0\�o�ti\�o�1�0\�0'\�o�ti o��^�ti\�41'\�o�ti\�a��\���ti\�0\�o�ti\�o1' 0<19 \�0\�o�ti\�a�^�0\�^�ti\o�ti\o1' 0\�0\�o�ti\�o1' 0 0 olti 6 City of Round Rock Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2025 Coupon Settlement Face Amount/ Market Days to YTM @ Issuer Rate Credit Rating Date Shares Book Value Price Market Value Maturity Date Maturity Book Fund 000-Pooled Investments JPMorgan Chase 0.08% 9/30/2015 $ 28,365,134 $ 28,365,134 100.00 $ 28,365,134 N/A 1 0.08% InterBank 4.65% 5/13/2025 19,879,215 19,879,215 100.00 19,879,215 N/A 1 4.65% InterBank . 4.75% 5/14/2025 240,917 240,917 100.00 240,917 N/A 1 4.75% NexBank 4.45% 11/29/2016 34,511,568 34,511,568 100.00 34,511,568 N/A 1 4.45% NexBank 4.45% 1/13/2023 8,082,783 8,082,783 100.00 8,082,783 N/A 1 4.45% Veritex Community Bank 4.33% _ 9/1/2020 217,354 217,354 100.00 217,354 N/A 1 4.33% TexasDAILY Select 4.45% AAAm 12/3/2021 5,770,599 5,770,599 100.00 5,770,599 N/A 1 4.45% TexasDAILY 4.32% AAAm 9/30/2015 2,600,052 2,600,052 100.00 2,600,052 N/A 1 4.32% TexasDAILY 4.32% AAAm 6/1/2021 2,783 2,783 100.00 2,783 N/A 1 4.32% TexPool 4.30% AAAm _ 9/30/2015 46,536,972 46,536,972 100.00 46,536,972 N/A 1 4.30% TexSTAR 4.28% AAAm 9/30/2015 230,208 230,208 100.00 230,208 N/A 1 4.28% FHLB , 4.81% Aa1/AA+ 3/7/2024 5,000,000 5,000,000 100.01 5,000,274 7/7/2025 7 4.81% American Nat'l Bank&Trust 5.10% 9/14/2023 3,279,555 3,279,555 100.00 3,279,555 7/14/2025 14 5.10% FHLB 3.60% Aa1/AA+ 8/28/2023 500,000 499,624 99.96 499,799 7/18/2025 18 5.22% FHLMC ` 0.38% Aa1/AA+ 8/28/2023 5,000,000 4,987,195 99.78 4,988,962 7/21/2025 21 5.11% FFCB 4.88% Aa1/AA+ 8/16/2023 5,000,000 4,999,429 100.03 5,001,602 7/28/2025 28 5.03% American Nat'l Bank&Trust 4.25% 4/28/2025 11,058,491 11,058,491 100.00 11,058,491 7/28/2025 28 4.25% American Nat'l Bank&Trust 5.10% 9/19/2023 5,465,925 5,465,925 100.00 5,465,925 8/19/2025 50 5.10% FAMCA 5.18% 9/27/2023 10,000,000 10,000,000 100.11 10,010,948 8/27/2025 58 5.18% American Nat'l Bank&Trust 5.00% 11/29/2023 5,412,796 5,412,796 100.00 5,412,796 8/28/2025 59 5.00% American Nat'l Bank&Trust 5.25% 11/9/2023 4,345,974 4,345,974 100.00 4,345,974 9/9/2025 71 5.25% Wallis Bank 5.30% 11/15/2023 6,492,617 6,492,617 100.00 6,492,617 9/15/2025 77 5.30% American Nat'l Bank&Trust 5.00% 12/7/2023 5,407,521 5,407,521 100.00 5,407,521 10/2/2025 94 5.00% American Nat'l Bank&Trust 4.90% 12/14/2023 5,393,969 5,393,969 100.00 5,393,969 10/9/2025 101 4.90% American Nat'l Bank&Trust 5.00% 11/24/2023 5,417,146 5,417,146 100.00 5,417,146 10/16/2025 108, 5.00% Treasury ' 5.00% Aa1/AA+ 4/25/2024 5,000,000 4,999,089 100.20 5,009,976 10/31/2025 123 5.06% TVA 0.00% Aa1/AA+ 1/19/2024 5,000,000 4,925,773 98.56 4,927,750 11/1/2025 124 4.61% TVA 0.00% Aa1/AA+ . 1/30/2024 10,000,000 9,851,527 98.56 9,855,500 11/1/2025 124 4.61% FNMA 0.50% Aa1/AA+ 1/4/2024 10,000,000 9,866,415 98.66 9,866,360 11/7/2025 130 4.45% FHLB 4.75% Aa1/AA+ 2/5/2024 15,000,000 15,019,553 100.19 15,027,917 12/12/2025 165 4.44% Independent Financial Bank 3.40% 12/31/2024 11,069,927 11,069,927 100.00 11,069,927 12/31/2025 184 3.40% FHLB 4.50% Aa1/AA+ 2/14/2024 13,000,000 13,000,000 100.10 13,012,948 1/2/2026 186 4.50% FHLB 4.70% Aa1/AA+ 2/26/2024 15,000,000 15,000,000 100.26 15,038,844 2/13/2026 228 4.70% FFCB 4.63% Aa1/AA+ 3/6/2024 20,000,000 20,006,560 100.28 20,056,984 3/5/2026 248 4.57% Cornerstone Capital Bank _ 4.50% 9/5/2024 12,450,342 12,450,342 100.00 12,450,342 3/5/2026 248 4.50% Cornerstone Capital Bank _ 4.40% 9/26/2024 12,409,124 12,409,124 100.00 12,409,124 3/26/2026 269 4.40% FAMCA _ 4.65% 4/22/2024 10,000,000 9,973,838 100.33 10,033,282 4/8/2026 282 5.01% FFCB 4.88% Aa1/AA+ 4/25/2024 10,000,000 9,992,857 100.51 10,050,643 4/15/2026 289 4.97% FAMCA 4.95% 5/6/2024 10,000,000 10,000,000 100.66 10,066,275 5/6/2026 310 4.95% FFCB 4.75% Aa1/AA+ 5/9/2024 2,000,000 1,998,211 100.57 2,011,346 5/8/2026 312 4.86% FFCB 4.88% Aa1/AA+ 5/16/2024 3,000,000 3,002,728 100.64 3,019,190 5/15/2026 319 4.77% FHLB _ 4.88% Aa1/AA+ 6/6/2024 5,000,000 5,003,402 100.76 5,037,786 6/12/2026 347 4.79% FAMCA 4.75% 6/21/2024 20,000,000 20,000,000 100.64 20,128,054 6/18/2026 353 4.75% Treasury 0.63% Aa1/AA+ 12/18/2024 5,000,000 4,811,753 96.47 4,823,250 7/31/2026 396 4.25% FAMCA 4.27% 2/6/2025 15,000,000 15,000,000 100.29 15,042,996 8/6/2026 402 4.27% 7 City of Round Rock Valley View Consulting,L.L.C. Holdings by Allocation and Portfolio (Fund) June 30, 2025 Coupon Settlement Face Amount/ Market Days to YTM @ Issuer Rate Credit Rating Date Shares Book Value Price Market Value Maturity Date Maturity Book American Nat'I Bank&Trust 4.20% 2/10/2025 11,093,107 11,093,107 100.00 11,093,107 9/10/2026 437 4.20% Third Coast Bank _ 3.75% 10/3/2024 20,504,779 20,504,779 100.00 20,504,779 10/3/2026 460 3.75% FAMCA 4.33% 11/20/2024 15,000,000 , 15,000,000 100.57 15,085,239 11/20/2026 508 4.33% American Nat'l Bank&Trust 4.00% 5/15/2025 11,040,790 11,040,790 100.00 11,040,790 2/15/2027 595 4.00% Sub Total/Average 3.96% 490,779,649 490,217,603 100.02 490,875,572 174 4.27% Fund 170-Interest&Sinking GO Bonds TexasDAILY 4.32% AAAm 4/30/2016 31,743 31,743 100.00 31,743 N/A 1 4.32% TexPool 4.30% AAAm 9/30/2015 22,991,584 22,991,584 100.00 22,991,584 N/A 1 4.30% Sub Total/Average 4.30% 23,023,327 23,023,327 100.00 23,023,327 1 4.30% Fund 463-2024 GO TexPool 4.30% AAAm 5/17/2024 62,328,890 62,328,890 100.00 62,328,890 N/A 1 4.30% Sub Total/Average 4.30% 62,328,890 62,328,890 100.00 62,328,890 1 4.30% Fund 466&467-2024 CO TexPool 4.30% AAAm 5/17/2024 20,361,469 20,361,469 100.00 20,361,469 N/A 1 4.30% Sub Total/Average 4.30% 20,361,469 20,361,469 100.00 20,361,469 1 4.30% Fund 551 -2024 LTN TexPool 4.30% AAAm 5/17/2024 13,464,582 13,464,582 100.00 13,464,582 N/A 1 4.30% Sub Total/Average 4.30% 13,464,582 13,464,582 100.00 13,464,582 1 4.30% Fund 602-Interest&Sinking Revenue Bonds TexPool 4.30% AAAm 9/30/2015 2,782,917 2,782,917 100.00 2,782,917 N/A 1 4.30% Sub Total/Average 4.30% 2,782,917 2,782,917 100.00 2,782,917 1 4.30% Fund 604-2022 SIB Loan TexPool 4.30% AAAm 9/29/2022 9,255,017 9,255,017 100.00 9,255,017 N/A 1 4.30% American Nat'I Bank&Trust 0.35% 9/19/2023 8,765,820 8,765,820 100.00 8,765,820 N/A 1 0.35% American Nat'I Bank&Trust 4.49% 11/21/2022 12,734,718 12,734,718 100.00 12,734,718 N/A 1 4.49% Sub Total/Average 3.25% 30,755,555 30,755,555 100.00 30,755,555 1 3.25% Fund 605-Kalahari Debt Service Reserve TexPool 4.30% AAAm 8/30/2019 _ 4,730,293 4,730,293 100.00 4,730,293 N/A 1 4.30% Sub Total/Average 4.30% 4,730,293 4,730,293 100.00 4,730,293 1_ 4.30% Total/Average 3.99% $ 648,226,682 $ 647,664,635 100.01 $ 648,322,604 132 4.23% 8 City of Round Rock Valley View Consulting,L.L.C. Book Value Comparison June 30, 2025 Coupon Settlement Maturity Date Beginning Book Total Buys/ Total Sells/ Ending Book Change in Book Issuer Rate Date Value Increases Decreases Value Value Fund 000-Pooled Investments JPMorgan Chase N/A 9/30/2015 N/A $ 15,701,191 $ 18,573,914 $ 5,909,971 $ 28,365,134 $ 12,663,944 InterBank N/A 5/13/2025 N/A — 19,879,215 — 19,879,215 19,879,215 InterBank N/A 5/14/2025 N/A — 241,468 550 240,917 240,917 NexBank N/A 11/29/2016 N/A 28,269,970 6,241,598 — 34,511,568 6,241,598 NexBank N/A 1/13/2023 N/A 13,852,038 132,265 5,901,520 8,082,783 (5,769,255) Veritex Community Bank N/A 9/1/2020 N/A 215,024 2,330 — 217,354 2,330 TexasDAILY Select N/A 12/3/2021 N/A 5,707,341 63,258 — 5,770,599 63,258 TexasDAILY N/A 9/30/2015 N/A 2,572,279 27,773 — 2,600,052 27,773 TexasDAILY N/A 6/1/2021 N/A 2,754 30 — 2,783 30 TexPool N/A 9/30/2015 N/A 53,879,945 35,830,462 43,173,434 46,536,972 (7,342,973) TexSTAR N/A 9/30/2015 N/A 227,756 2,452 — 230,208 2,452 Veritex Community Bank 5.12% 3/8/2024 4/8/2025 5,262,093 — 5,262,093 — (5,262,093) Treasury 2.63% 2/24/2023 4/15/2025 4,996,076 — 5,000,000 — (4,996,076) American Nat'l Bank&Trust 4.50% 3/30/2023 4/28/2025 10,938,556 — 10,938,556 — (10,938,556) American Nat'l Bank&Trust 4.50% 3/30/2023 5/15/2025 10,921,085 62,013 10,983,098 — (10,921,085) Texas Bank 4.66% 12/12/2024 6/12/2025 5,437,021 42,506 5,479,527 — (5,437,021) Texas Bank 4.56% 6/15/2023 6/12/2025 3,264,370 26,727 3,291,096 — (3,264,370) FHLB 4.75% 7/7/2023 6/13/2025 4,995,746 — 5,000,000 — (4,995,746) American Nat'l Bank&Trust 4.56% 6/22/2023 6/19/2025 8,675,625 66,364 8,741,988 (8,675,625) FHLB 4.75% 6/22/2023 6/20/2025 8,000,000 — 8,000,000 — (8,000,000) FHLB 4.81% 3/7/2024 7/7/2025 5,000,000 — — 5,000,000 — American Nat'l Bank&Trust 5.10% 9/14/2023 7/14/2025 3,237,756 41,799 — 3,279,555 41,799 FHLB 3.60% 8/28/2023 7/18/2025 497,724 — — 499,624 1,900 FHLMC 0.38% 8/28/2023 7/21/2025 4,931,708 — — 4,987,195 55,487 FFCB 4.88% 8/16/2023 7/28/2025 4,997,573 — — 4,999,429 1,856 American Nat'l Bank&Trust 4.25% 4/28/2025 7/28/2025 — 11,058,491 — 11,058,491 11,058,491 American Nat'l Bank&Trust 5.10% 9/19/2023 8/19/2025 5,396,260 69,665 — 5,465,925 69,665 FAMCA 5.18% 9/27/2023 8/27/2025 10,000,000 — — 10,000,000 — American Nat'l Bank&Trust 5.00% 11/29/2023 8/28/2025 5,345,703 67,093 — 5,412,796 67,093 American Nat'l Bank&Trust 5.25% 11/9/2023 9/9/2025 4,288,968 57,006 — 4,345,974 57,006 Wallis Bank 5.30% 11/15/2023 9/15/2025 6,409,781 82,835 — 6,492,617 82,835 American Nat'l Bank&Trust 5.00% 12/7/2023 10/2/2025 5,340,524 66,998 — 5,407,521 66,998 American Nat'l Bank&Trust 4.90% 12/14/2023 10/9/2025 5,328,484 65,486 — 5,393,969 65,486 American Nat'l Bank&Trust 5.00% 11/24/2023 10/16/2025 5,350,042 67,105 — 5,417,146 67,105 Treasury 5.00% 4/25/2024 10/31/2025 4,998,416 — — 4,999,089 674 TVA 0.00% 1/30/2024 11/1/2025 9,742,567 — — 9,851,527 108,960 TVA 0.00% 1/19/2024 11/1/2025 4,871,299 — — 4,925,773 54,473 FNMA 0.50% 1/4/2024 11/7/2025 9,772,906 — — 9,866,415 93,509 FHLB 4.75% 2/5/2024 12/12/2025 15,030,336 — — 15,019,553 (10,784) Independent Financial Bank 3.40% 12/31/2024 12/31/2025 10,976,879 93,048 — 11,069,927 93,048 FHLB 4.50% 2/14/2024 1/2/2026 13,000,000 — — 13,000,000 — FHLB 4.70% 2/26/2024 2/13/2026 15,000,000 — — 15,000,000 — FFCB 4.63% 3/6/2024 3/5/2026 20,008,967 — — 20,006,560 (2,407) Cornerstone Capital Bank 4.50% 9/5/2024 3/5/2026 12,311,521 138,821 — 12,450,342 138,821 Cornerstone Capital Bank 4.40% 9/26/2024 3/26/2026 12,273,689 135,435 — 12,409,124 135,435 FAMCA 4.65% 4/22/2024 4/8/2026 9,965,396 — — 9,973,838 8,442 FFCB 4.88% 4/25/2024 4/15/2026 9,990,608 — — 9,992,857 2,249 FAMCA 4.95% 5/6/2024 5/6/2026 10,000,000 — — 10,000,000 — FFCB 4.75% 5/9/2024 5/8/2026 1,997,689 — — 1,998,211 522 FFCB 4.88% 5/16/2024 5/15/2026 3,003,506 — — 3,002,728 (778) FHLB 4.88% 6/6/2024 6/12/2026 5,004,294 — — 5,003,402 (892) 9 City of Round Rock Valley View Consulting, L.L.C.