Staff Report — Simi Valley City Council, June 23, 2025

CITY OF SIMI VALLEY

MEMORANDUM
J
une 23, 2025
TO: City Council
F
ROM: Department of Administrative Services
SUBJECT: APPROVAL OF THE MONTHLY INVESTMENT REPORT FOR THE MONTH ENDED MAY 31, 2025
T
he City has contracted with an investment advisory firm, Insight Investment LLC (“Insight”). As part of the City’s agreement with Insight, they p repare the Monthly Investment Report. Data provided by Insight is attached. Information contained in that report is summarized below:
• P
ercentage of the portfolio represented by each investment category o Cash and Cash Equivalents: 56%
o U.S. Treasury: 15%
o U.S. Agencies: 16%
o Corporate Bonds: 13%
• A
listing of individual securities held at the end of the reporting period by authorized investment category. Includes the type of investment, name of the issuer, security or certificate number. Coupon, discount, or earnings rate; (shown under “Coupon” for each investment listed).
• W
eighted Average Maturity of Advisor Managed Investments: 2.30 years • W
eighted Average Yield on Advisor Managed portfolio: 4.18% T
he fair market value of a portfolio invested in debt securities changes from month to month and typically moves in the opposite direction of the change in interest rates demanded by the marketplace for the period in question. For example, per the U.S. Department of The Treasury’s website, annualized Treasury Yield Curve Rates for three-year treasury increased from 3.58% on April 30, 2025 to 3.87% on May 30, 2025.

A Fixed Income Market Review through May 31, 2025, is included to provide the current economic conditions.
• T
he fair market value of all investments as of May 31, 2025, held by the City (excluding investments held by bond trustee): $323,312,305.

The portfolio is in compliance with the City’s Statement of Investment Policy . The City has sufficient liquidity to meet expenditure requirements for at least the next six months.

C arolyn Johnson, Deputy City Treasurer
Administrative Services Director
P
repared by: Eric Sanchez, Staff Accountant
AGENDA ITEM NO.

Consent (3)
INDEX Page
A
ttachment A - May 2025 MIR ......................................................... 3 2 City Managed Assets Market Value % Yield
CAMP 5,916,010 3% 4.42%
LAIF 173,522,202 97% 4.27%
Total Managed by City 179,438,212 100%
as % of Total Portfolio Assets 55%
Weighted Average Yield 4.27%
Days
Effective Average Duration 1
Weighted Average Maturity 1
Insight Managed Assets Market Value % Yield
Treasury Securities 48,978,246 34% 3.71%
Instrumentality Securities 52,236,954 36% 4.21%
Corporate 42,658,893 30% 4.67%
Total Managed by Insight 143,874,093 100%
as % of Total Portfolio Assets 45%
Weighted Average Yield 4.18%
Years
Effective Average Duration 2.02
Weighted Average Maturity 2.30
Total Portfolio Assets Market Value % Yield
CAMP 5,916,010 2% 4.42%
LAIF 173,522,202 54% 4.27%
Treasury Securities 48,978,246 15% 3.71%
Instrumentality Securities 52,236,954 16% 4.21%
Corporate 42,658,893 13% 4.67%
Total Portfolio Assets 323,312,305 100%
Weighted Average Yield 4.21%
Years
Effective Average Duration 0.90
Weighted Average Maturity 1.03
Portfolio Change Market Value
Beginning Balance 306,838,037
Ending Balance 323,312,305
For Insight Managed Assets, market values exclude accrued interest and purchase yields are presented.

The City provides the City Managed Assets information.

City of Simi Valley
Monthly Consolidated Portfolio Report
May 31, 2025
CAMP, 3%
LAIF, 97%
Treasury
Securities,
34%
Instrumentality
Securities, 36%
Corporate,
30%
CAMP, 2%
LAIF
54%
Treasury
Securities
15%
Instrumentality
Securities
16%
Corporate
13%
3 ATTACHMENT A

FIXED INCOME MARKET REVIEW
As of May 31, 2025

SIMI VALLEY
Chart 1: Headline CPI reached a new cycle low
Source: Bureau of Labor Statistics, Macrobond, Insight May 31, 2025 Chart 2: Continuing jobless claims reached a new cycle high Source: Bloomberg, May 31, 2025
Economic Indicators and Monetary Policy
Global trade remained a key theme. The US and China agreed to pause retaliatory tariffs above 10% for 90 days. The White House announced a framework for a trade deal with the UK, including the potential for lower tariffs on US beef and a quota of 100,000 US vehicle imports at a 10% tariff (instead of the 25% applied to other countries).

The US Court of International Trade later ruled against President Trump’s use of emergency powers to impose his

Liberation Day

tariffs. The administration appealed, leaving a final
ruling to come from the Supreme Court with the administration also assessing alternative legal options. Tariffs implemented on a national security basis (eg on autos, steel, and aluminum) were unaffected.

Headline CPI fell from 2.4% to 2.3% (its slowest level since February 2021), while PCE fell from

2.3% to 2.1%. Core CPI remained at 2.8% while core PCE fell from 2.7% to 2.5%.

Monthly payrolls rose by 177,000 jobs in April, similar to (downwardly revised) job growth in March. Details were solid across most categories, including in sectors like construction and leisure, which had been struggling. The unemployment rate remained at 4.2%. Wage growth was 3.8%, the lowest since July 2024. Elsewhere, continuing unemployment claims reached a new cycle high of 1.9 million.

The second estimate of Q1 GDP was little changed at -0.24%, down from -0.26% (versus +2.4% in Q4). As with the initial estimate, it reflected a drag from net exports from consumers and businesses front-running expected tariffs. It did notably show slightly less of a drag from government spending, a slightly lower positive contribution from consumption and a slightly higher contribution from business investment versus the initial estimate.

Politics-wise the House of Representatives approved the administration’s reconciliation spending bill known as the “Big Beautiful Bill Act”, which aims to make the President’s key 2017- era tax cuts permanent while reducing spending. However, negotiations in the Senate remained ongoing.

Interest Rate Summary
US Treasury yields rose by 25bp to 30bp across the curve. At the end of May, the 3-month US Treasury bill yielded 4.33%, the 6-month US Treasury bill yielded 4.31%, the 2-year US Treasury note yielded 3.9%, the 5-year US Treasury note yielded 3.96% and the 10-year US Treasury note yielded 4.4%.
3 4

ACTIVITY AND PERFORMANCE SUMMARY
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Amortized Cost Basis Activity Summary
143,349,488.63Opening balance
1 32,126.71Income received
132,126.71Total receipts

0.00Total disbursements
(119,606.71)Interportfolio transfers
(119,606.71)Total Interportfolio transfers

0.00Realized gain (loss)

0.00Change in accruals from security movement
(15,130.80)Total amortization expense
1 29,923.60Total OID/MKT accretion income
0 .00Return of capital
Closing balance 1 43,476,801.43
Ending fair value 1 43,874,093.02
397,291.59Unrealized gain (loss)
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.71 2.15 0.36
Overnight Repo 4.78 2.17 0.36
Merrill Lynch 3m US Treas Bill 4.55 2.08 0.35
Merrill Lynch 6m US Treas Bill 4.51 2.14 0.35
ML 1 Year US Treasury Note 4.29 2.03 0.34
ML 2 Year US Treasury Note 4.10 2.00 0.33
ML 5 Year US Treasury Note 4.04 2.05 0.34
* rates reflected are cumulative
Summary of Amortized Cost Basis Return for the Period
Total portfolio
Interest earned 391,593.91
Accretion (amortization) 114,792.80
Realized gain (loss) on sales 0.00
Total income on portfolio 506,386.71
Average daily amortized cost 143,423,423.59
Period return (%)
Weighted average final maturity in days 841
YTD return (%)
Detail of Amortized Cost Basis Return
Interest
earned
Realized
gain (loss)
Accretion
(amortization)
Total
income

0.00Cash and Cash Equivalents 29.49 0.00 29.49

0.00Corporate Bonds 150,049.21 20,360.24 170,409.45

0.00Government Agencies 147,134.42 36,445.69 183,580.11

0.00Government Bonds 94,380.79 57,986.87 152,367.66
Total 391,593.91 114,792.80 0.00 506,386.71

0.35 1.72
4 5

ACTIVITY AND PERFORMANCE SUMMARY
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Fair Value Basis Activity Summary
144,421,964.66Opening balance
1 32,126.71Income received
132,126.71Total receipts

0.00Total disbursements
(119,606.71)Interportfolio transfers
(119,606.71)Total Interportfolio transfers

0.00Unrealized gain (loss) on security movements

0.00Change in accruals from security movement

0.00Return of capital
Change in fair value for the period (560,391.64)
Ending fair value 143,874,093.02
Comparative Rates of Return (%)
* Twelve
month trailing
* Six
month trailing
* One month
Fed Funds 4.71 2.15 0.36
Overnight Repo 4.78 2.17 0.36
ICE Bofa 3 Months US T-BILL 4.76 2.15 0.36
ICE Bofa 6m US Treas Bill 4.89 2.12 0.30
ICE Bofa 1 Yr US Treasury Note 4.79 2.01 0.06
ICE BofA US Treasury 1-3 5.65 2.41 (0.21)
ICE BofA US Treasury 1-5 6.03 2.56 (0.36)
* rates reflected are cumulative
Detail of Fair Value Basis Return
Interest
earned
Change in
fair value
Total
income
Cash and Cash Equivalents 29.49 0.00 29.49
Corporate Bonds 150,049.21 (167,314.26) (17,265.05)
Government Agencies 147,134.42 (201,505.39) (54,370.97) Government Bonds 94,380.79 (191,571.99) (97,191.20)
Total 391,593.91 (560,391.64) (168,797.73)
Summary of Fair Value Basis Return for the Period
Total portfolio
Interest earned 391,593.91
Total income on portfolio (168,797.73)
Average daily total value * 144,904,338.61
Period return (%) (0.12)
Weighted average final maturity in days 841
Change in fair value (560,391.64)
YTD return (%) 2.49
* Total value equals market value and accrued interest
5 6

RECAP OF SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Weighted
average
final
maturity (days)
Weighted
average
effective
duration (years)
Percent
of
portfolio
Amortized
cost
Historical
cost
Fair value Unrealized
gain (loss)
Corporate Bonds 41,789,594.99 42,324,372.86 42,658,893.14 334,520.28 1,001 29.71 2.31 Government Agencies 51,343,334.00 52,104,326.92 52,236,953.88 132,626.96 770 36.50 1.80 Government Bonds 47,514,475.02 49,048,101.65 48,978,246.00 (69,855.65) 777 33.78 1.99 Total 140,647,404.01 143,476,801.43 143,874,093.02 397,291.59 841 100.00 2.02 Corporate Bonds
Government Agencies
Government Bonds
Portfolio diversification (%)
Corporate Bonds 29.71
Government Agencies 36.50
Government Bonds 33.78
Portfolio diversification (%)
6 7

MATURITY DISTRIBUTION OF SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Maturity Historic cost Percent
Under 90 days 8,322,405.27 5.92
90 to 179 days 6,526,379.08 4.64
180 days to 1 year 12,684,629.69 9.02
1 to 2 years 36,743,322.59 26.12
2 to 3 years 34,474,541.08 24.51
3 to 4 years 28,063,220.16 19.95
4 to 5 years 13,832,906.14 9.84
Over 5 years 0.00 0.00
140,647,404.01 100.00
Maturity distribution

0.00 10.00

20.00 30.00

40.00 Historical cost (mm)
Un
der 90 d
ays
90 to 179 d
ays 180 days
to 1 yea
r
1 to
2 years
2 to 3
years
3 to 4
years
4 to
5 years
Over 5 years
7 8

SECURITIES HELD
As of May 31, 2025

0.71998,768.561,000,000.00WALMART INC 4% 15APR2026 (CALLABLE 15MAR26) 06051GFX2 3.500 04/19/2026 1,533,712.00 1,578,532.11 6,497.01 6,533.33 1.091,585,029.121,600,000.00BANK OF AMERICA CORP 3.5% 19APR2026 037833BZ2 2.450 08/04/2026 949,070.00 984,652.22 (3,628.36) 7,962.50 05/04/2026

0.67981,023.861,000,000.00APPLE INC 2.45% 04AUG2026 (CALLABLE 04MAY26) 02665WDZ1 1.300 09/09/2026 966,482.00 1,055,461.66 (42.14) 3,257.22 0.691,055,419.521,100,000.00AMERICAN HONDA FINANCE 1.3% 09SEP2026 89236TJV8 1.900 01/13/2027 914,170.00 968,087.44 (6,357.30) 7,283.33 0.65961,730.141,000,000.00TOYOTA MOTOR CREDIT CORP 1.9% 13JAN2027 17275RBQ4 4.800 02/26/2027 1,001,110.00 1,000,632.92 9,274.24 12,666.67 01/26/2027

0.711,009,907.161,000,000.00CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27)
30231GBJ0 3.294 03/19/2027 962,940.00 982,144.07 5,957.59 6,588.00 01/19/2027

0.68988,101.661,000,000.00EXXON MOBIL CORPORATION 3.294% 19MAR2027 (CALLABLE 19JAN27)
437076CA8 2.500 04/15/2027 932,050.00 966,594.14 3,679.58 3,194.44 02/15/2027

0.66970,273.721,000,000.00HOME DEPOT INC 2.5% 15APR2027 (CALLABLE 15FEB27)
437076CN0 2.875 04/15/2027 945,140.00 975,891.60 1,178.46 3,673.61 03/15/2027

0.67977,070.061,000,000.00HOME DEPOT INC 2.875% 15APR2027 (CALLABLE 15MAR27)
191216CE8 2.900 05/25/2027 958,640.00 979,964.50 (935.60) 483.33 0.68979,028.901,000,000.00COCA-COLA CO/THE 2.9% 25MAY2027 22160KAN5 1.375 06/20/2027 887,870.00 942,297.50 5,640.46 6,149.31 04/20/2027

0.63947,937.961,000,000.00COSTCO WHOLESALE CORP 1.375% 20JUN2027 (CALLABLE 20APR27)
037833DB3 2.900 09/12/2027 1,877,540.00 1,940,891.30 10,362.08 12,727.78 06/12/2027

1.331,951,253.382,000,000.00APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 8 9

SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical costCusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Corporate Bonds
14913R2G1 1 .100 09/14/2027 1,119,352.00 1,208,397.57 3,771.52 3,058.61 0.801,212,169.091,300,000.00CATERPILLAR FINL SERVICE 1.1% 14SEP2027 24422EWK1 4.150 09/15/2027 1,471,035.00 1,485,868.64 11,151.82 13,141.67 1.051,497,020.461,500,000.00JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 89236TKL8 5.450 11/10/2027 1,032,730.00 1,020,826.03 5,947.38 3,179.17 0.731,026,773.411,000,000.00TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 02665WED9 4.700 01/12/2028 1,522,350.00 1,512,502.20 (6,073.38) 27,220.83 1.081,506,428.821,500,000.00AMERICAN HONDA FINANCE 4.7% 12JAN2028 46625HRY8 3.782 02/01/2028 962,400.00 974,079.20 12,617.04 12,606.67 02/01/2027

0.68986,696.241,000,000.00JPMORGAN CHASE & CO 3.782% 01FEB2028 (CALLABLE 01FEB27)
194162AR4 4.600 03/01/2028 1,693,200.00 1,696,258.30 30,153.73 19,550.00 02/01/2028

1.201,726,412.031,700,000.00COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28)
713448FR4 4.450 05/15/2028 2,215,620.00 2,209,215.44 14,990.30 4,351.11 04/15/2028

1.582,224,205.742,200,000.00PEPSICO INC 4.45% 15MAY2028 (CALLABLE 15APR28) 931142EE9 3.700 06/26/2028 1,053,866.00 1,066,186.74 23,885.67 17,523.61 03/26/2028

0.751,090,072.411,100,000.00WALMART INC 3.7% 26JUN2028 (CALLABLE 26MAR28) 91159HJF8 4.548 07/22/2028 988,420.00 991,868.14 7,261.00 16,297.00 07/22/2027

0.70999,129.141,000,000.00US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 46647PDG8 4.851 07/25/2028 997,360.00 998,150.37 6,909.31 16,978.50 07/25/2027

0.711,005,059.681,000,000.00JPMORGAN CHASE & CO 4.851% 25JUL2028 (CALLABLE 25JUL27)
437076CH3 1.500 09/15/2028 872,610.00 906,701.39 12,251.49 3,166.67 07/15/2028

0.62918,952.881,000,000.00HOME DEPOT INC 1.5% 15SEP2028 (CALLABLE 15JUL28) 17325FBB3 5.803 09/29/2028 2,015,636.99 1,996,194.85 33,172.45 19,488.41 08/29/2028

1.432,029,367.301,950,000.00CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 9 10

SECURITIES HELD
As of May 31, 2025

1.472,074,323.502,000,000.00MORGAN STANLEY 6.296% 18OCT2028 (CALLABLE 18OCT27)
06051GLC1 6.204 11/10/2028 1,032,920.00 1,022,063.67 13,284.90 3,619.00 11/10/2027

0.731,035,348.571,000,000.00BANK OF AMERICA CORP 6.204% 10NOV2028 (CALLABLE 10NOV27)
71713UAW2 6.600 12/01/2028 1,069,210.00 1,051,519.37 18,301.53 33,000.00 0.761,069,820.901,000,000.00PHARMACIA LLC 6.6% 01DEC2028 693475BK0 5.354 12/02/2028 1,506,060.00 1,503,921.18 23,294.19 39,931.92 12/02/2027

1.071,527,215.371,500,000.00PNC FINANCIAL SERVICES 5.354% 02DEC2028 (CALLABLE 02DEC27)
17275RBR2 4.850 02/26/2029 2,098,719.00 2,099,002.18 42,731.94 26,877.08 01/26/2029

1.492,141,734.122,100,000.00CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29)
24422EUU1 3.450 03/07/2029 1,881,880.00 1,910,453.16 28,338.34 16,100.00 1.341,938,791.502,000,000.00JOHN DEERE CAPITAL CORP 3.45% 07MAR2029 693475BR5 5.582 06/12/2029 1,022,450.00 1,018,800.15 10,152.13 26,204.39 06/12/2028

0.731,028,952.281,000,000.00PNC FINANCIAL SERVICES 5.582% 12JUN2029 (CALLABLE 12JUN28)
17325FBK3 4.838 08/06/2029 1,016,080.00 1,013,462.33 (1,192.54) 15,454.72 07/06/2029

0.721,012,269.791,000,000.00CITIBANK NA 4.838% 06AUG2029 (CALLABLE 06JUL29) 89236TMK8 4.550 08/09/2029 1,223,112.00 1,219,940.54 (17,334.67) 16,986.67 0.871,202,605.871,200,000.00TOYOTA MOTOR CREDIT CORP 4.55% 09AUG2029 Total Corporate Bonds 41,789,594.99 42,324,372.86 42,658,893.14 334,520.28 29.71425,407.1042,750,000.00 Government Agencies
3130ASG86 3 .375 06/13/2025 760,365.00 750,130.44 (352.94) 11,812.50 0.54749,777.50750,000.00FEDERAL HOME LOAN BANK 3.375% 13JUN2025 3135G04Z3 0.500 06/17/2025 1,892,746.00 1,995,948.18 764.64 4,555.56 1.351,996,712.822,000,000.00FANNIE MAE 0.5% 17JUN2025 10 11

SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical costCusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Government Agencies
3137EAEU9 0 .375 07/21/2025 1,414,485.00 1,491,207.13 924.83 2,031.25 1.011,492,131.961,500,000.00FREDDIE MAC 0.375% 21JUL2025 USD 3136G4K85 0.500 08/18/2025 1,409,919.75 1,486,249.98 1,348.50 2,145.83 1.001,487,598.481,500,000.00FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 3135G05X7 0.375 08/25/2025 918,750.00 994,030.90 (3,232.97) 1,000.00 0.65990,797.931,000,000.00FANNIE MAE 0.375% 25AUG2025 3130ATHT7 4.375 09/12/2025 2,010,640.00 2,001,024.82 (1,819.54) 19,201.39 1.431,999,205.282,000,000.00FEDERAL HOME LOAN BANK 4.375% 12SEP2025 3134A2HG6 0.000 12/11/2025 1,791,774.00 1,953,293.50 2,271.04 0.00 1.271,955,564.542,000,000.00FREDDIE MAC 0% 11DEC2025 3130B0AL3 4.650 02/23/2026 999,070.00 999,658.87 3,184.90 12,658.33 0.711,002,843.771,000,000.00FEDERAL HOME LOAN BANK 4.65% 23FEB2026 3130ASJ59 3.375 06/12/2026 3,055,800.00 3,014,638.65 (38,078.73) 47,531.25 2.172,976,559.923,000,000.00FEDERAL HOME LOAN BANK 3.375% 12JUN2026 3133EPNG6 4.375 06/23/2026 1,498,620.00 1,499,511.06 4,453.35 28,802.08 1.071,503,964.411,500,000.00FEDERAL FARM CREDIT BANK 4.375% 23JUN2026 3133EPQC2 4.625 07/17/2026 2,003,140.00 2,001,206.78 10,261.32 34,430.56 1.422,011,468.102,000,000.00FEDERAL FARM CREDIT BANK 4.625% 17JUL2026 3130AWTQ3 4.625 09/11/2026 1,494,300.00 1,497,582.61 12,596.20 15,416.67 1.061,510,178.811,500,000.00FEDERAL HOME LOAN BANK 4.625% 11SEP2026 3135GA4N8 0.770 11/25/2026 2,615,040.00 2,852,995.29 7,018.77 385.00 11/25/2025

1.862,860,014.063,000,000.00FANNIE MAE 0.77% 25NOV2026 (CALLABLE 25NOV25) 3133EN4X5 3.875 12/23/2026 2,975,850.00 2,990,485.34 329.53 51,020.83 2.122,990,814.873,000,000.00FEDERAL FARM CREDIT BANK 3.875% 23DEC2026 11 12

SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical costCusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Government Agencies
3130AVBC5 4 .500 03/12/2027 1,647,501.90 1,648,508.11 17,091.12 16,293.75 1.171,665,599.231,650,000.00FEDERAL HOME LOAN BANK 4.5% 12MAR2027 3133EKY34 1.750 10/15/2027 1,815,024.00 1,899,965.54 (2,639.30) 4,472.22 1.291,897,326.242,000,000.00FEDERAL FARM CREDIT BANK 1.75% 15OCT2027 3130ATUS4 4.250 12/10/2027 2,030,700.00 2,015,598.55 1,372.87 40,375.00 1.442,016,971.422,000,000.00FEDERAL HOME LOAN BANK 4.25% 10DEC2027 3133EN5N6 4.000 01/06/2028 3,014,435.13 3,007,629.18 (3,062.10) 48,333.33 2.143,004,567.083,000,000.00FEDERAL FARM CREDIT BANK 4% 06JAN2028 3130AWMN7 4.375 06/09/2028 2,967,641.00 2,961,028.16 27,099.85 61,663.19 2.112,988,128.012,950,000.00FEDERAL HOME LOAN BANK 4.375% 09JUN2028 3130AWN63 4.000 06/30/2028 1,980,536.00 1,987,745.30 17,971.52 33,333.33 1.412,005,716.822,000,000.00FEDERAL HOME LOAN BANK 4% 30JUN2028 3133ERB67 4.250 02/14/2029 2,096,600.10 2,097,029.82 14,740.30 26,527.08 1.492,111,770.122,100,000.00FEDERAL FARM CREDIT BANK 4.25% 14FEB2029 3133ER5D9 4.490 03/05/2029 2,012,520.00 2,012,100.76 (1,102.94) 21,452.22 03/05/2027

1.432,010,997.822,000,000.00FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 (CALLABLE 05MAR27)
3133EP5J0 4.125 03/12/2029 1,977,664.00 1,983,052.02 19,798.30 18,104.17 1.412,002,850.322,000,000.00FEDERAL FARM CREDIT BANK 4.125% 12MAR2029 3133EP5U5 4.125 03/20/2029 2,978,400.00 2,983,523.39 20,643.19 24,406.25 2.123,004,166.583,000,000.00FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 3130ATUT2 4.500 12/14/2029 2,014,266.12 2,013,358.65 21,929.63 41,750.00 1.432,035,288.282,000,000.00FEDERAL HOME LOAN BANK 4.5% 14DEC2029 12 13

SECURITIES HELD
As of May 31, 2025

1.401,965,939.511,960,000.00FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) Total Government Agencies 51,343,334.00 52,104,326.92 52,236,953.88 132,626.96 36.50 608,562.3552,410,000.00 Government Bonds
912828XZ8 2
.750 06/30/2025 962,112.73 998,459.87 238.05 11,470.99 0.68998,697.921,000,000.00USA TREASURY 2.75% 30JUN2025 912828Y79 2.875 07/31/2025 964,026.79 997,146.47 412.12 9,530.39 0.69997,558.591,000,000.00USA TREASURY 2.875% 31JUL2025 9128284Z0 2.750 08/31/2025 865,022.55 895,977.59 619.29 6,187.50 0.62896,596.88900,000.00USA TREASURY 2.75% 31AUG2025 91282CAM3 0.250 09/30/2025 1,827,584.83 1,982,189.12 (8,611.00) 833.33 1.301,973,578.122,000,000.00USA TREASURY 0.25% 30SEP2025 91282CAT8 0.250 10/31/2025 1,823,131.70 1,977,672.57 (10,875.69) 421.20 1.301,966,796.882,000,000.00USA TREASURY 0.25% 31OCT2025 91282CAZ4 0.375 11/30/2025 1,826,959.83 1,974,503.74 (13,081.86) 3,750.00 1.301,961,421.882,000,000.00USA TREASURY 0.375% 30NOV2025 91282CBH3 0.375 01/31/2026 1,818,756.70 1,965,947.39 (16,709.11) 2,486.19 1.291,949,238.282,000,000.00USA TREASURY 0.375% 31JAN2026 91282CBT7 0.750 03/31/2026 1,859,928.58 1,968,246.30 (23,746.30) 2,500.00 1.321,944,500.002,000,000.00USA TREASURY 0.75% 31MAR2026 91282CBW0 0.750 04/30/2026 1,857,428.58 1,965,267.06 (26,142.06) 1,263.59 1.321,939,125.002,000,000.00USA TREASURY 0.75% 30APR2026 91282CCF6 0.750 05/31/2026 1,854,694.20 1,962,170.74 (28,248.86) 7,500.00 1.321,933,921.882,000,000.00USA TREASURY 0.75% 31MAY2026 13 14

SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical costCusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Government Bonds
91282CCP4 0 .625 07/31/2026 1,840,241.07 1,953,481.00 (31,918.50) 4,143.65 1.311,921,562.502,000,000.00USA TREASURY 0.625% 31JUL2026 91282CCZ2 0.875 09/30/2026 1,854,381.70 1,953,467.12 (34,795.24) 2,916.67 1.321,918,671.882,000,000.00USA TREASURY 0.875% 30SEP2026 912828YQ7 1.625 10/31/2026 2,912,557.26 3,003,195.08 (3,945.08) 4,243.55 2.072,999,250.003,100,000.00USA TREASURY 1.625% 31OCT2026 91282CEC1 1.875 02/28/2027 1,381,528.46 1,443,844.84 3,948.13 7,031.25 0.981,447,792.971,500,000.00USA TREASURY 1.875% 28FEB2027 91282CFB2 2.750 07/31/2027 1,421,196.43 1,458,416.53 6,251.44 13,674.03 1.011,464,667.971,500,000.00USA TREASURY 2.75% 31JUL2027 91282CFH9 3.125 08/31/2027 970,042.41 985,641.32 (1,891.32) 7,812.50 0.69983,750.001,000,000.00USA TREASURY 3.125% 31AUG2027 91282CFU0 4.125 10/31/2027 1,545,464.18 1,546,014.80 12,401.22 5,386.04 1.101,558,416.021,550,000.00USA TREASURY 4.125% 31OCT2027 91282CFZ9 3.875 11/30/2027 1,486,645.65 1,492,478.40 7,404.42 29,062.50 1.061,499,882.821,500,000.00USA TREASURY 3.875% 30NOV2027 91282CGP0 4.000 02/29/2028 1,496,489.40 1,497,941.21 6,980.67 15,000.00 1.061,504,921.881,500,000.00USA TREASURY 4% 29FEB2028 91282CGT2 3.625 03/31/2028 1,067,257.81 1,077,009.38 16,115.62 6,645.83 0.761,093,125.001,100,000.00USA TREASURY 3.625% 31MAR2028 91282CBZ3 1.250 04/30/2028 1,239,989.07 1,278,190.39 21,731.48 1,474.19 0.881,299,921.871,400,000.00USA TREASURY 1.25% 30APR2028 91282CHX2 4.375 08/31/2028 2,009,928.58 2,009,186.26 20,501.24 21,875.00 1.432,029,687.502,000,000.00USA TREASURY 4.375% 31AUG2028 14 15

SECURITIES HELD
As of May 31, 2025

SIMI VALLEY
Amortized cost Fair value Unrealized
gain
(loss)
Coupon Maturity/
Call date
Historical costCusip Total
accrued
interest
%
Port
cost
Par value or
shares
Description
Government Bonds
91282CJA0 4 .625 09/30/2028 2,059,459.83 2,041,790.00 4,225.62 15,416.67 1.462,046,015.622,000,000.00USA TREASURY 4.625% 30SEP2028 91282CJR3 3.750 12/31/2028 990,198.66 990,662.00 4,455.19 15,642.27 0.70995,117.191,000,000.00USA TREASURY 3.75% 31DEC2028 91282CES6 2.750 05/31/2029 1,849,928.58 1,877,852.73 36,444.15 27,500.00 1.321,914,296.882,000,000.00USA TREASURY 2.75% 31MAY2029 91282CEV9 3.250 06/30/2029 1,961,803.58 1,968,023.10 (18,726.22) 27,113.26 1.391,949,296.882,000,000.00USA TREASURY 3.25% 30JUN2029 91282CFC0 2.625 07/31/2029 2,011,406.25 2,023,776.32 (27,709.92) 18,273.48 1.431,996,066.402,100,000.00USA TREASURY 2.625% 31JUL2029 91282CFL0 3.875 09/30/2029 1,583,817.86 1,585,470.04 10,342.46 10,333.33 1.131,595,812.501,600,000.00USA TREASURY 3.875% 30SEP2029 91282CFT3 4.000 10/31/2029 986,643.98 987,467.08 14,837.61 3,369.57 0.701,002,304.691,000,000.00USA TREASURY 4% 31OCT2029 91282CFY2 3.875 11/30/2029 1,185,847.77 1,186,613.20 9,636.80 23,250.00 0.841,196,250.001,200,000.00USA TREASURY 3.875% 30NOV2029 Total Government Bonds 47,514,475.02 49,048,101.65 48,978,246.00 (69,855.65) 33.78 306,106.9849,950,000.00 Grand total 140,647,404.01 143,476,801.43 397,291.59145,110,000.00 100.001,340,076.43143,874,093.02 15 16
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond
912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 A A+ Aa1 1,000,000.00 962,112.73 0.68 998,697.92 0.69 0.08 912828Y79 USA TREASURY 2.875% 2.875 07/31/2025 A A+ Aa1 1,000,000.00 964,026.79 0.69 997,558.59 0.69 0.17 9128284Z0 USA TREASURY 2.75% 2.750 08/31/2025 A A+ Aa1 900,000.00 865,022.55 0.62 896,596.88 0.62 0.26 91282CAM3 USA TREASURY 0.25% 0.250 09/30/2025 A A+ Aa1 2,000,000.00 1,827,584.83 1.30 1,973,578.12 1.37 0.33 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 A A+ Aa1 2,000,000.00 1,823,131.70 1.30 1,966,796.88 1.37 0.41 91282CAZ4 USA TREASURY 0.375% 0.375 11/30/2025 A A+ Aa1 2,000,000.00 1,826,959.83 1.30 1,961,421.88 1.36 0.50 91282CBH3 USA TREASURY 0.375% 0.375 01/31/2026 A A+ Aa1 2,000,000.00 1,818,756.70 1.29 1,949,238.28 1.35 0.66 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 A A+ Aa1 2,000,000.00 1,859,928.58 1.32 1,944,500.00 1.35 0.82 91282CBW0 USA TREASURY 0.75% 0.750 04/30/2026 A A+ Aa1 2,000,000.00 1,857,428.58 1.32 1,939,125.00 1.35 0.90 91282CCF6 USA TREASURY 0.75% 0.750 05/31/2026 A A+ Aa1 2,000,000.00 1,854,694.20 1.32 1,933,921.88 1.34 0.98 91282CCP4 USA TREASURY 0.625% 0.625 07/31/2026 A A+ Aa1 2,000,000.00 1,840,241.07 1.31 1,921,562.50 1.34 1.14 91282CCZ2 USA TREASURY 0.875% 0.875 09/30/2026 A A+ Aa1 2,000,000.00 1,854,381.70 1.32 1,918,671.88 1.33 1.30 912828YQ7 USA TREASURY 1.625% 1.625 10/31/2026 A A+ Aa1 3,100,000.00 2,912,557.26 2.07 2,999,250.00 2.08 1.38 91282CEC1 USA TREASURY 1.875% 1.875 02/28/2027 A A+ Aa1 1,500,000.00 1,381,528.46 0.98 1,447,792.97 1.01 1.68 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 A A+ Aa1 1,500,000.00 1,421,196.43 1.01 1,464,667.97 1.02 2.05 91282CFH9 USA TREASURY 3.125% 3.125 08/31/2027 A A+ Aa1 1,000,000.00 970,042.41 0.69 983,750.00 0.68 2.13 91282CFU0 USA TREASURY 4.125% 4.125 10/31/2027 A A+ Aa1 1,550,000.00 1,545,464.18 1.10 1,558,416.02 1.08 2.27 91282CFZ9 USA TREASURY 3.875% 3.875 11/30/2027 A A+ Aa1 1,500,000.00 1,486,645.65 1.06 1,499,882.82 1.04 2.36 91282CGP0 USA TREASURY 4% 4 .000 02/29/2028 AA+ Aa1 1,500,000.00 1,496,489.40 1.06 1,504,921.88 1.05 2.55 91282CGT2 USA TREASURY 3.625% 3.625 03/31/2028 A A+ Aa1 1,100,000.00 1,067,257.81 0.76 1,093,125.00 0.76 2.65 91282CBZ3 USA TREASURY 1.25% 1.250 04/30/2028 A A+ Aa1 1,400,000.00 1,239,989.07 0.88 1,299,921.87 0.90 2.81 91282CHX2 USA TREASURY 4.375% 4.375 08/31/2028 A A+ Aa1 2,000,000.00 2,009,928.58 1.43 2,029,687.50 1.41 2.98 91282CJA0 USA TREASURY 4.625% 4.625 09/30/2028 A A+ Aa1 2,000,000.00 2,059,459.83 1.46 2,046,015.62 1.42 3.05 91282CJR3 USA TREASURY 3.75% 3.750 12/31/2028 A A+ Aa1 1,000,000.00 990,198.66 0.70 995,117.19 0.69 3.27 91282CES6 USA TREASURY 2.75% 2.750 05/31/2029 A A+ Aa1 2,000,000.00 1,849,928.58 1.32 1,914,296.88 1.33 3.73 16 17
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
United States Treasury Note/Bond
91282CEV9 USA TREASURY 3.25% 3.250 06/30/2029 A A+ Aa1 2,000,000.00 1,961,803.58 1.39 1,949,296.88 1.35 3.72 91282CFC0 USA TREASURY 2.625% 2.625 07/31/2029 A A+ Aa1 2,100,000.00 2,011,406.25 1.43 1,996,066.40 1.39 3.85 91282CFL0 USA TREASURY 3.875% 3.875 09/30/2029 A A+ Aa1 1,600,000.00 1,583,817.86 1.13 1,595,812.50 1.11 3.93 91282CFT3 USA TREASURY 4% 4 .000 10/31/2029 AA+ Aa1 1,000,000.00 986,643.98 0.70 1,002,304.69 0.70 4.00 91282CFY2 USA TREASURY 3.875% 3.875 11/30/2029 A A+ Aa1 1,200,000.00 1,185,847.77 0.84 1,196,250.00 0.83 4.09 Issuer total 49,950,000.00 47,514,475.02 33.78 48,978,246.00 34.04 1.99 Federal Farm Credit Banks Funding Corp
3133EPNG6 FEDERAL FARM CREDIT 4.375 06/23/2026 A
A+ Aa1 1,500,000.00 1,498,620.00 1.07 1,503,964.41 1.05 1.01 3133EPQC2 FEDERAL FARM CREDIT 4.625 07/17/2026 A A+ Aa1 2,000,000.00 2,003,140.00 1.42 2,011,468.10 1.40 1.07 3133EN4X5 FEDERAL FARM CREDIT 3.875 12/23/2026 A A+ Aa1 3,000,000.00 2,975,850.00 2.12 2,990,814.87 2.08 1.48 3133EKY34 FEDERAL FARM CREDIT 1.750 10/15/2027 A A+ Aa1 2,000,000.00 1,815,024.00 1.29 1,897,326.24 1.32 2.29 3133EN5N6 FEDERAL FARM CREDIT 4.000 01/06/2028 A A+ Aa1 3,000,000.00 3,014,435.13 2.14 3,004,567.08 2.09 2.41 3133ERB67 FEDERAL FARM CREDIT 4.250 02/14/2029 A A+ Aa1 2,100,000.00 2,096,600.10 1.49 2,111,770.12 1.47 3.37 3133ER5D9 FEDERAL FARM CREDIT 4.490 03/05/2029 03/05/2027 AA+ Aa1 2,000,000.00 2,012,520.00 1.43 2,010,997.82 1.40 2.17 3133EP5J0 FEDERAL FARM CREDIT 4.125 03/12/2029 A A+ Aa1 2,000,000.00 1,977,664.00 1.41 2,002,850.32 1.39 3.45 3133EP5U5 FEDERAL FARM CREDIT 4.125 03/20/2029 A A+ Aa1 3,000,000.00 2,978,400.00 2.12 3,004,166.58 2.09 3.46 Issuer total 20,600,000.00 20,372,253.23 14.48 20,537,925.54 14.27 2.36 Federal Home Loan Banks
3130ASG86 FEDERAL HOME LOAN 3.375 06/13/2025 A
A+ Aa1 750,000.00 760,365.00 0.54 749,777.50 0.52 0.04
3130ATHT7 FEDERAL HOME LOAN 4.375 09/12/2025 A A+ Aa1 2,000,000.00 2,010,640.00 1.43 1,999,205.28 1.39 0.28 3130B0AL3 FEDERAL HOME LOAN 4.650 02/23/2026 A A+ Aa1 1,000,000.00 999,070.00 0.71 1,002,843.77 0.70 0.71 3130ASJ59 FEDERAL HOME LOAN 3.375 06/12/2026 A A+ Aa1 3,000,000.00 3,055,800.00 2.17 2,976,559.92 2.07 0.99 3130AWTQ3 FEDERAL HOME LOAN 4.625 09/11/2026 A A+ Aa1 1,500,000.00 1,494,300.00 1.06 1,510,178.81 1.05 1.22 3130AVBC5 FEDERAL HOME LOAN 4.500 03/12/2027 A A+ Aa1 1,650,000.00 1,647,501.90 1.17 1,665,599.23 1.16 1.68 17 18
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Federal Home Loan Banks
3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 A A+ Aa1 2,000,000.00 2,030,700.00 1.44 2,016,971.42 1.40 2.33 3130AWMN FEDERAL HOME LOAN 4.375 06/09/2028 A A+ Aa1 2,950,000.00 2,967,641.00 2.11 2,988,128.01 2.08 2.75 3130AWN63 FEDERAL HOME LOAN 4.000 06/30/2028 A A+ Aa1 2,000,000.00 1,980,536.00 1.41 2,005,716.82 1.39 2.82 3130ATUT2 FEDERAL HOME LOAN 4.500 12/14/2029 A A+ Aa1 2,000,000.00 2,014,266.12 1.43 2,035,288.28 1.41 4.00 Issuer total 18,850,000.00 18,960,820.02 13.48 18,950,269.04 13.17 1.87 Federal National Mortgage Association
3135G04Z3 FANNIE MAE 0.5% 0 .500 06/17/2025 AA+ Aa1 2,000,000.00 1,892,746.00 1.35 1,996,712.82 1.39 0.05 3136G4K85 FANNIE MAE 0.5% 0 .500 08/18/2025 AA+ Aa1 1,500,000.00 1,409,919.75 1.00 1,487,598.48 1.03 0.22 3135G05X7 FANNIE MAE 0.375% 0.375 08/25/2025 A A+ Aa1 1,000,000.00 918,750.00 0.65 990,797.93 0.69 0.24 3135GA4N8 FANNIE MAE 0.77% 0 .770 11/25/2026 11/25/2025 AA+ Aa1 3,000,000.00 2,615,040.00 1.86 2,860,014.06 1.99 1.45 Issuer total 7,500,000.00 6,836,455.75 4.86 7,335,123.29 5.10 0.65 Federal Home Loan Mortgage Corp
3137EAEU9 FREDDIE MAC 0.375% 0.375 07/21/2025 A A+ Aa1 1,500,000.00 1,414,485.00 1.01 1,492,131.96 1.04 0.14 3134A2HG6 FREDDIE MAC 0% 0 .000 12/11/2025 AA+ Aa1 2,000,000.00 1,791,774.00 1.27 1,955,564.54 1.36 0.52 3134HAW33 FREDDIE MAC 4.75% 4.750 12/18/2029 06/18/2026 AA+ Aa1 1,960,000.00 1,967,546.00 1.40 1,965,939.51 1.37 1.76 I
ssuer total 5,460,000.00 5,173,805.00 3.68 5,413,636.01 3.76 0.89 John Deere Capital Corp
24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A
A1 1,500,000.00 1,471,035.00 1.05 1,497,020.46 1.04 2.14 24422EUU1 JOHN DEERE CAPITAL 3.450 03/07/2029 A A1 2,000,000.00 1,881,880.00 1.34 1,938,791.50 1.35 3.45 Issuer total 3,500,000.00 3,352,915.00 2.38 3,435,811.96 2.39 2.88 Toyota Motor Credit Corp
89236TJV8 TOYOTA MOTOR CREDIT 1.900 01/13/2027 A
+ A1 1,000,000.00 914,170.00 0.65 961,730.14 0.67 1.56
89236TKL8 TOYOTA MOTOR CREDIT 5.450 11/10/2027 A + A1 1,000,000.00 1,032,730.00 0.73 1,026,773.41 0.71 2.26 18 19
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Toyota Motor Credit Corp
89236TMK8 TOYOTA MOTOR CREDIT 4.550 08/09/2029 A + A1 1,200,000.00 1,223,112.00 0.87 1,202,605.87 0.84 3.73 Issuer total 3,200,000.00 3,170,012.00 2.25 3,191,109.42 2.22 2.63 Cisco Systems Inc
17275RBQ4 CISCO SYSTEMS INC 4.8% 4.800 02/26/2027 01/26/2027 AA- A1 1,000,000.00 1,001,110.00 0.71 1,009,907.16 0.70 1.58 17275RBR2 CISCO SYSTEMS INC 4.850 02/26/2029 01/26/2029 AA- A1 2,100,000.00 2,098,719.00 1.49 2,141,734.12 1.49 3.31 I
ssuer total 3,100,000.00 3,099,829.00 2.20 3,151,641.28 2.19 2.75 Citibank NA
17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,950,000.00 2,015,636.99 1.43 2,029,367.30 1.41 2.94 17325FBK3 CITIBANK NA 4.838% 4.838 08/06/2029 07/06/2029 A+ Aa3 1,000,000.00 1,016,080.00 0.72 1,012,269.79 0.70 3.66 I
ssuer total 2,950,000.00 3,031,716.99 2.16 3,041,637.09 2.11 3.18 Apple Inc
037833BZ2 APPLE INC 2.45% 2
.450 08/04/2026 05/04/2026 AA+ Aaa 1,000,000.00 949,070.00 0.67 981,023.86 0.68 1.11 037833DB3 APPLE INC 2.9% 2 .900 09/12/2027 06/12/2027 AA+ Aaa 2,000,000.00 1,877,540.00 1.33 1,951,253.38 1.36 2.11 Issuer total 3,000,000.00 2,826,610.00 2.01 2,932,277.24 2.04 1.77 Home Depot Inc/The
437076CN0 HOME DEPOT INC 2.875% 2.875 04/15/2027 03/15/2027 A A2 1,000,000.00 945,140.00 0.67 977,070.06 0.68 1.77 437076CA8 HOME DEPOT INC 2.5% 2.500 04/15/2027 02/15/2027 A A2 1,000,000.00 932,050.00 0.66 970,273.72 0.67 1.77 437076CH3 HOME DEPOT INC 1.5% 1.500 09/15/2028 07/15/2028 A A2 1,000,000.00 872,610.00 0.62 918,952.88 0.64 3.13 I
ssuer total 3,000,000.00 2,749,800.00 1.96 2,866,296.66 1.99 2.20 Bank of America Corp
06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A
- A1 1,600,000.00 1,533,712.00 1.09 1,585,029.12 1.10 0.86 19 20
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Bank of America Corp
06051GLC1 BANK OF AMERICA CORP 6.204 11/10/2028 11/10/2027 A- A1 1,000,000.00 1,032,920.00 0.73 1,035,348.57 0.72 2.25 I
ssuer total 2,600,000.00 2,566,632.00 1.82 2,620,377.69 1.82 1.42 American Honda Finance Corp
02665WDZ1 AMERICAN HONDA 1
.300 09/09/2026 A- A3 1,100,000.00 966,482.00 0.69 1,055,419.52 0.73 1.24 02665WED9 AMERICAN HONDA 4 .700 01/12/2028 A- A3 1,500,000.00 1,522,350.00 1.08 1,506,428.82 1.05 2.39 Issuer total 2,600,000.00 2,488,832.00 1.77 2,561,848.34 1.78 1.94 PNC Financial Services Group Inc/The
693475BK0 PNC FINANCIAL 5
.354 12/02/2028 12/02/2027 A- A3 1,500,000.00 1,506,060.00 1.07 1,527,215.37 1.06 2.26 693475BR5 PNC FINANCIAL 5 .582 06/12/2029 06/12/2028 A- A3 1,000,000.00 1,022,450.00 0.73 1,028,952.28 0.72 2.70 Issuer total 2,500,000.00 2,528,510.00 1.80 2,556,167.65 1.78 2.44 PepsiCo Inc
713448FR4 PEPSICO INC 4.45% 4
.450 05/15/2028 04/15/2028 A+ A1 2,200,000.00 2,215,620.00 1.58 2,224,205.74 1.55 2.70 Issuer total 2,200,000.00 2,215,620.00 1.58 2,224,205.74 1.55 2.70 Walmart Inc
931142FA6 WALMART INC 4% 4
.000 04/15/2026 03/15/2026 AA Aa2 1,000,000.00 997,000.00 0.71 998,768.56 0.69 0.81 931142EE9 WALMART INC 3.7% 3.700 06/26/2028 03/26/2028 AA Aa2 1,100,000.00 1,053,866.00 0.75 1,090,072.41 0.76 2.73 I
ssuer total 2,100,000.00 2,050,866.00 1.46 2,088,840.97 1.45 1.80 Morgan Stanley
61747YEV3 MORGAN STANLEY 6
.296 10/18/2028 10/18/2027 A- A1 2,000,000.00 2,068,860.00 1.47 2,074,323.50 1.44 2.18 Issuer total 2,000,000.00 2,068,860.00 1.47 2,074,323.50 1.44 2.18 JPMorgan Chase & Co
46625HRY8 JPMORGAN CHASE & CO 3.782 02/01/2028 02/01/2027 A A1 1,000,000.00 962,400.00 0.68 986,696.24 0.69 1.58 2 0
21 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
JPMorgan Chase & Co
46647PDG8 JPMORGAN CHASE & CO 4.851 07/25/2028 07/25/2027 A A1 1,000,000.00 997,360.00 0.71 1,005,059.68 0.70 1.98 I
ssuer total 2,000,000.00 1,959,760.00 1.39 1,991,755.92 1.38 1.78 Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 A+ Aa3 1,700,000.00 1,693,200.00 1.20 1,726,412.03 1.20 2.49 I
ssuer total 1,700,000.00 1,693,200.00 1.20 1,726,412.03 1.20 2.49 Caterpillar Financial Services Corp
14913R2G1 CATERPILLAR FINL 1
.100 09/14/2027 A A2 1,300,000.00 1,119,352.00 0.80 1,212,169.09 0.84 2.21 Issuer total 1,300,000.00 1,119,352.00 0.80 1,212,169.09 0.84 2.21 Pharmacia LLC
71713UAW2 PHARMACIA LLC 6.6% 6.600 12/01/2028 A A2 1,000,000.00 1,069,210.00 0.76 1,069,820.90 0.74 3.13 Issuer total 1,000,000.00 1,069,210.00 0.76 1,069,820.90 0.74 3.13 US Bancorp
91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 1,000,000.00 988,420.00 0.70 999,129.14 0.69 1.98 I
ssuer total 1,000,000.00 988,420.00 0.70 999,129.14 0.69 1.98 Exxon Mobil Corp
30231GBJ0 EXXON MOBIL 3 .294 03/19/2027 01/19/2027 AA- Aa2 1,000,000.00 962,940.00 0.68 988,101.66 0.69 1.65 Issuer total 1,000,000.00 962,940.00 0.68 988,101.66 0.69 1.65 Coca-Cola Co/The
191216CE8 COCA-COLA CO/THE 2.9% 2.900 05/25/2027 A
+ A1 1,000,000.00 958,640.00 0.68 979,028.90 0.68 1.90
Issuer total 1,000,000.00 958,640.00 0.68 979,028.90 0.68 1.90 21 22
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of May 31, 2025

SIMI VALLEY
Cusip S&P
rating
Moody
rating
Historical
cost
% Portfolio
hist cost
Market
value
% Portfolio
mkt value
Effective
dur (yrs)
Description Coupon Maturity
date
Call date Par value or
shares
Costco Wholesale Corp
22160KAN5 COSTCO WHOLESALE 1.375 06/20/2027 04/20/2027 AA Aa3 1,000,000.00 887,870.00 0.63 947,937.96 0.66 1.96 I
ssuer total 1,000,000.00 887,870.00 0.63 947,937.96 0.66 1.96 Grand total 145,110,000.00 140,647,404.01 100.00 143,874,093.02 100.00 2.02 22 23

SECURITIES PURCHASED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Par value or
shares
Unit cost Accrued
interest
Trade date
Settle date
Coupon Maturity/
Call date
Principal
cost
Cusip Description / Broker
Government Agencies
3133ER5D9 4.49005/09/2025 03/05/2029 2,000,000.00 100.63 (2,012,520.00) (16,712.78) 03/05/202705/12/2025
FEDERAL FARM CREDIT BANK 4.49%

STONEX FINANCIAL INC
2,000,000.00 (2,012,520.00) (16,712.78)Total Government Agencies Grand totalGrand total 2 ,000,000.00 (2,012,520.00) (16,712.78) 23 24

SECURITIES SOLD AND MATURED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Historical cost Amortized cost
at sale or
maturity
Fair value at
sale or
maturity
Realized
gain
(loss)
PriceCouponTrade date
Settle date
Maturity/
Call date
Par value or
shares
Cusip Accrued
interest
sold
Description / Broker
Corporate Bonds
166764BW9 1.55405/12/2025 (2,000,000.00) 1,905,680.00 2,000,000.00 0.00 2,000,000.00 0.00 0.00 05/12/2025
CHEVRON CORP NEW 1.554% DUE
05-11-2025
(2,000,000.00) 0.001,905,680.00 2,000,000.00 2,000,000.00 0.00Total (Corporate Bonds) Grand totalGrand total (2,000,000.00) 0.001,905,680.00 2,000,000.00 2,000,000.00 0.00 24 25

DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Description Interest earnedAccretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Cash
Cash and Cash Equivalents 29 .490.00 0.00 29.490.00
Total Cash 29.490.00 0.00 29.490.00
Corporate Bonds
AMERICAN HONDA FINANCE 1.3% 09SEP2026 1, 231.392,911.01 245.30 0.000.0002665WDZ1 AMERICAN HONDA FINANCE 4.7% 12JAN2028 6,070.83(398.16) (7,323.68) 0.000.0002665WED9 APPLE INC 2.45% 04AUG2026 (CALLABLE 04MAY26) 2,109.721,085.92 (1,283.16) 0.000.00037833BZ2 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 4,994.452,157.25 (9,237.70) 0.000.00037833DB3 BANK OF AMERICA CORP 3.5% 19APR2026 4,822.222,018.92 (1,839.17) 0.000.0006051GFX2 BANK OF AMERICA CORP 6.204% 10NOV2028 (CALLABLE 10NOV27) 5,342.33(752.17) (5,593.28) 31,020.000.0006051GLC1 CATERPILLAR FINL SERVICE 1.1% 14SEP2027 1,231.393,335.04 (2,915.52) 0.000.0014913R2G1 CHEVRON CORP NEW 1.554% DUE 05-11-2025 949.67958.01 1,973.78 15,540.000.00166764BW9 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) 4,133.34(30.75) (5,707.69) 0.000.0017275RBQ4 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 8,770.4122.24 (11,792.15) 0.000.0017275RBR2 CITIBANK NA 4.838% 06AUG2029 (CALLABLE 06JUL29) 4,166.05(273.62) (6,688.28) 0.000.0017325FBK3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 9,744.21(1,185.49) (12,393.36) 0.000.0017325FBB3 COCA-COLA CO/THE 2.9% 25MAY2027 2,497.22840.65 (3,245.16) 14,500.000.00191216CE8 COLGATE-PALMOLIVE CO 4.6% 01MAR2028 (CALLABLE 01FEB28) 6,733.89113.27 (13,405.35) 0.000.00194162AR4 COSTCO WHOLESALE CORP 1.375% 20JUN2027 (CALLABLE 20APR27) 1,184.032,339.29 (3,159.70) 0.000.0022160KAN5 EXXON MOBIL CORPORATION 3.294% 19MAR2027 (CALLABLE 19JAN27) 2,836.50825.39 (1,806.03) 0.000.0030231GBJ0 HOME DEPOT INC 1.5% 15SEP2028 (CALLABLE 15JUL28) 1,291.672,361.99 (2,999.05) 0.000.00437076CH3 25 26

DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Description Interest earnedAccretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Corporate Bonds
HOME DEPOT INC 2.5% 15APR2027 (CALLABLE 15FEB27) 2, 152.771,484.71 (2,005.25) 0.000.00437076CA8 HOME DEPOT INC 2.875% 15APR2027 (CALLABLE 15MAR27) 2,475.691,071.48 (2,502.39) 0.000.00437076CN0 JOHN DEERE CAPITAL CORP 3.45% 07MAR2029 5,941.671,979.66 (7,302.00) 0.000.0024422EUU1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 5,360.42513.86 (7,570.46) 0.000.0024422EWK1 JPMORGAN CHASE & CO 3.782% 01FEB2028 (CALLABLE 01FEB27) 3,256.73809.19 (1,980.01) 0.000.0046625HRY8 JPMORGAN CHASE & CO 4.851% 25JUL2028 (CALLABLE 25JUL27) 4,177.2548.89 (5,720.36) 0.000.0046647PDG8 MORGAN STANLEY 6.296% 18OCT2028 (CALLABLE 18OCT27) 10,843.11(1,600.16) (8,338.34) 0.000.0061747YEV3 PEPSICO INC 4.45% 15MAY2028 (CALLABLE 15APR28) 8,430.28(257.97) (9,461.85) 48,950.000.00713448FR4 PHARMACIA LLC 6.6% 01DEC2028 5,683.33(1,225.68) (6,383.36) 0.000.0071713UAW2 PNC FINANCIAL SERVICES 5.354% 02DEC2028 (CALLABLE 02DEC27) 6,915.59(130.41) (5,761.22) 0.000.00693475BK0 PNC FINANCIAL SERVICES 5.582% 12JUN2029 (CALLABLE 12JUN28) 4,806.72(516.49) (2,091.83) 0.000.00693475BR5 TOYOTA MOTOR CREDIT CORP 1.9% 13JAN2027 1,636.111,642.15 (1,575.91) 0.000.0089236TJV8 TOYOTA MOTOR CREDIT CORP 4.55% 09AUG2029 4,701.67(396.43) (4,639.62) 0.000.0089236TMK8 TOYOTA MOTOR CREDIT CORP 5.45% 10NOV2027 4,693.06(709.98) (3,733.70) 27,250.000.0089236TKL8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 3,916.33215.51 (3,660.50) 0.000.0091159HJF8 WALMART INC 3.7% 26JUN2028 (CALLABLE 26MAR28) 3,504.72917.17 (6,713.79) 0.000.00931142EE9 WALMART INC 4% 15APR2026 (CALLABLE 15MAR26) 3,444.44185.95 (703.47) 0.000.00931142FA6 Total Corporate Bonds 150,049.2120,360.24 (167,314.26) 137,260.000.00 Government Agencies
FANNIE MAE 0.375% 25AUG2025 32 2.922,106.74 3,087.67 0.000.003135G05X7 26 27

DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Description Interest earnedAccretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Agencies
FANNIE MAE 0.5% 17JUN2025 86 1.127,150.26 6,484.82 0.000.003135G04Z3 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 645.835,288.47 4,761.91 0.000.003136G4K85 FANNIE MAE 0.77% 25NOV2026 (CALLABLE 25NOV25) 1,989.178,243.26 (3,071.31) 11,550.000.003135GA4N8 FEDERAL FARM CREDIT BANK 1.75% 15OCT2027 3,013.893,509.98 (7,653.10) 0.000.003133EKY34 FEDERAL FARM CREDIT BANK 3.875% 23DEC2026 10,010.41507.00 (7,231.98) 0.000.003133EN4X5 FEDERAL FARM CREDIT BANK 4% 06JAN2028 10,333.33(244.53) (21,599.34) 0.000.003133EN5N6 FEDERAL FARM CREDIT BANK 4.125% 12MAR2029 7,104.17373.31 (18,172.48) 0.000.003133EP5J0 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 10,656.25360.81 (27,375.54) 0.000.003133EP5U5 FEDERAL FARM CREDIT BANK 4.25% 14FEB2029 7,685.4166.80 (19,051.79) 0.000.003133ERB67 FEDERAL FARM CREDIT BANK 4.375% 23JUN2026 5,651.0438.29 (1,439.36) 0.000.003133EPNG6 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 (CALLABLE 05MAR27) 4,739.44(419.24) (1,522.18) 0.000.003133ER5D9 FEDERAL FARM CREDIT BANK 4.625% 17JUL2026 7,965.28(88.95) (9,900.52) 0.000.003133EPQC2 FEDERAL HOME LOAN BANK 3.375% 12JUN2026 8,718.75(1,180.53) (6,573.48) 0.000.003130ASJ59 FEDERAL HOME LOAN BANK 3.375% 13JUN2025 2,179.69(301.02) 704.19 0.000.003130ASG86 FEDERAL HOME LOAN BANK 4% 30JUN2028 6,666.66331.21 (17,802.70) 0.000.003130AWN63 FEDERAL HOME LOAN BANK 4.25% 10DEC2027 7,319.44(514.24) (13,131.18) 0.000.003130ATUS4 FEDERAL HOME LOAN BANK 4.375% 09JUN2028 11,113.71(303.80) (23,841.02) 0.000.003130AWMN7 FEDERAL HOME LOAN BANK 4.375% 12SEP2025 7,534.72(301.41) (109.68) 0.000.003130ATHT7 FEDERAL HOME LOAN BANK 4.5% 12MAR2027 6,393.7569.71 (12,686.04) 0.000.003130AVBC5 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 7,750.00(245.26) (21,198.74) 0.000.003130ATUT2 27 28

DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Description Interest earnedAccretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Agencies
FEDERAL HOME LOAN BANK 4.625% 11SEP2026 5, 973.96157.31 (6,450.09) 0.000.003130AWTQ3 FEDERAL HOME LOAN BANK 4.65% 23FEB2026 4,004.1638.91 (2,351.73) 0.000.003130B0AL3 FREDDIE MAC 0% 11DEC2025 0.007,171.91 6,382.96 0.000.003134A2HG6 FREDDIE MAC 0.375% 21JUL2025 USD 484.375,172.28 5,332.81 0.000.003137EAEU9 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 8,016.95(541.58) (7,097.49) 0.000.003134HAW33 Total Government Agencies 147,134.4236,445.69 (201,505.39) 11,550.000.00 Government Bonds
USA TREASURY 0.25% 30SEP2025 42 3.494,525.72 6,097.66 0.000.0091282CAM3 USA TREASURY 0.25% 31OCT2025 421.204,523.86 5,250.00 0.000.0091282CAT8 USA TREASURY 0.375% 30NOV2025 638.744,319.03 4,093.76 0.000.0091282CAZ4 USA TREASURY 0.375% 31JAN2026 642.274,308.70 2,910.16 0.000.0091282CBH3 USA TREASURY 0.625% 31JUL2026 1,070.453,385.19 (1,562.50) 0.000.0091282CCP4 USA TREASURY 0.75% 30APR2026 1,263.593,223.71 515.62 0.000.0091282CBW0 USA TREASURY 0.75% 31MAR2026 1,270.493,238.04 1,156.26 0.000.0091282CBT7 USA TREASURY 0.75% 31MAY2026 1,277.473,212.89 (296.88) 0.000.0091282CCF6 USA TREASURY 0.875% 30SEP2026 1,482.242,962.05 (3,046.88) 0.000.0091282CCZ2 USA TREASURY 1.25% 30APR2028 1,474.193,545.63 (7,437.50) 0.000.0091282CBZ3 USA TREASURY 1.625% 31OCT2026 4,243.555,793.35 (7,265.63) 0.000.00912828YQ7 USA TREASURY 1.875% 28FEB2027 2,369.232,728.54 (5,742.19) 0.000.0091282CEC1 USA TREASURY 2.625% 31JUL2029 4,720.651,552.52 (17,636.73) 0.000.0091282CFC0 28 29

DETAIL OF RETURN AND INTEREST RECEIVED
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Description Interest earnedAccretion
(amortization)
Realized gain
(loss)
Change in fair
value
Interest receivedCusip
Government Bonds
USA TREASURY 2.75% 30JUN2025 2, 354.971,591.47 1,197.92 0.000.00912828XZ8 USA TREASURY 2.75% 31AUG2025 2,084.921,355.37 1,321.88 0.000.009128284Z0 USA TREASURY 2.75% 31JUL2027 3,532.451,629.70 (7,792.96) 0.000.0091282CFB2 USA TREASURY 2.75% 31MAY2029 4,684.072,591.76 (16,796.88) 0.000.0091282CES6 USA TREASURY 2.875% 31JUL2025 2,462.021,450.16 1,279.29 0.000.00912828Y79 USA TREASURY 3.125% 31AUG2027 2,632.47541.51 (5,781.25) 0.000.0091282CFH9 USA TREASURY 3.25% 30JUN2029 5,566.30664.85 (18,359.36) 0.000.0091282CEV9 USA TREASURY 3.625% 31MAR2028 3,377.39688.60 (8,292.97) 0.000.0091282CGT2 USA TREASURY 3.75% 31DEC2028 3,211.33220.98 (8,476.56) 0.000.0091282CJR3 USA TREASURY 3.875% 30NOV2027 4,950.21255.39 (10,371.09) 0.000.0091282CFZ9 USA TREASURY 3.875% 30NOV2029 3,960.16252.43 (12,375.00) 0.000.0091282CFY2 USA TREASURY 3.875% 30SEP2029 5,251.36284.55 (16,062.51) 0.000.0091282CFL0 USA TREASURY 4% 29FEB2028 5,054.3563.56 (11,250.00) 0.000.0091282CGP0 USA TREASURY 4% 31OCT2029 3,369.57240.72 (10,039.06) 0.000.0091282CFT3 USA TREASURY 4.125% 31OCT2027 5,386.04139.91 (11,261.71) 0.000.0091282CFU0 USA TREASURY 4.375% 31AUG2028 7,370.92(239.70) (17,265.62) 0.000.0091282CHX2 USA TREASURY 4.625% 30SEP2028 7,834.70(1,063.62) (18,281.26) 0.000.0091282CJA0 Total Government Bonds 94,380.7957,986.87 (191,571.99) 0.000.00 Grand total 391,593.91114,792.80 (560,391.64) 148,839.490.00 29 30

TRANSACTION REPORT
For the period May 1, 2025 - May 31, 2025

SIMI VALLEY
Maturity Par value or
shares
Interest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade date Settle date
Realized
gain(loss)
(16,712.78)05/09/2025
05/12/2025
Bought3133ER5D9 Government Agencies FEDERAL FARM CREDIT BANK 03/05/2029 2,000,000.00 (2,012,520.00) (2,029,232.78)0.00 31,020.0005/10/2025
05/10/2025
Income06051GLC1 Corporate Bonds BANK OF AMERICA CORP 11/10/2028 1,000,000.00 0.00 31,020.000.00 27,250.0005/10/2025
05/12/2025
Income89236TKL8 Corporate Bonds TOYOTA MOTOR CREDIT CORP 11/10/2027 1,000,000.00 0.00 27,250.000.00 15,540.0005/11/2025
05/11/2025
Income166764BW9 Corporate Bonds CHEVRON CORP NEW 1.554% 05/11/2025 2,000,000.00 0.00 15,540.000.00

0.0005/12/2025
05/12/2025
Capital Change166764BW9 Corporate Bonds CHEVRON CORP NEW 1.554% 05/11/2025 (2,000,000.00) 2,000,000.00 2,000,000.000.00 48,950.0005/15/2025
05/15/2025
Income713448FR4 Corporate Bonds PEPSICO INC 4.45% 15MAY2028 05/15/2028 2,200,000.00 0.00 48,950.000.00 14,500.0005/25/2025
05/25/2025
Income191216CE8 Corporate Bonds COCA-COLA CO/THE 2.9% 05/25/2027 1,000,000.00 0.00 14,500.000.00 11,550.0005/25/2025
05/25/2025
Income3135GA4N8 Government Agencies FANNIE MAE 0.77% 25NOV2026 11/25/2026 3,000,000.00 0.00 11,550.000.00

29.49Income Cash and Cash Equivalents Cash 29.490.00 0.000.0005/31/2025 30 31

ADDITIONAL INFORMATION
As of May 31, 2025

SIMI VALLEY
The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only.

Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.

Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.

The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy.

Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.

Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities. Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio. . This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio. Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.

Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security.

Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.

Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period.

Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.

Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.

The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months. 31 32

ADDITIONAL INFORMATION
As of May 31, 2025

SIMI VALLEY
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. © 2025 Insight Investment. All rights reserved.
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Simi Valley City CouncilJune 23, 2025

Simi Valley City Council
June 23, 2025