Hilltop Securities Asset Management LLC

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

Hilltop Securities Asset Management, LLC                                                              8
Form ADV Part 2A
March 26, 2026

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.

                                           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                                                                     Included
    ➢   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
Other Services Available:
IRS Refund Request – Update calculation, prepare refund request package, and assist Borrower as        $750.00
necessary in responding to subsequent IRS Information Services.

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 cannot exceed the lesser of (i) $51,000 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 a
maximum annual rate of 12 basis points (0.12%) based on the total of all participants’
balances in TexSTAR at the end of the day. The allocation of such fees shall be determined

Hilltop Securities Asset Management, LLC                                                                          9
Form ADV Part 2A
March 26, 2026

pursuant to a separate agreement among the Administrators. Fees may be waived at the
discretion of 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
a maximum 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. Fees may be waived at the discretion
of the Administrators.

The Administrators’ fee from the Prime Fund shall be accrued daily and paid monthly at a
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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.