Annual Portfolio Review
For the Period Ended June 30, 2024
City of San Jacinto
November 19, 2024
For client use only. This material is not intended for a broader audience and should only be distributed within the client’s organization.
Public Trust Advisors 2024 ©
This presentation is not an advertisement of Public Trust Advisors’ advisory services. It is intended to be a one-on-one discussion to review your account performance and holdings for a specific period of time and not an offer of our advisory services. This is not intended for a broader audience and should only be distributed within the client’s organization.
This information is for the sole purposes of the client and is not intended to provide specific advice or recommendations. Please review the contents of this information carefully. Should you have any questions regarding the information presented, calculation methodology, investment portfolio, security detail, or any other facet of this information, please feel free to contact us.
Public Trust Advisors, LLC (Public Trust) statements and reports are intended to detail our investment advisory activity as well as the activity of any client accounts managed by Public Trust. The custodian bank maintains the control of assets and executes and settles all investment transactions. The custodian statement is the official record of security and cash holdings transactions. Public Trust recognizes that clients may use these reports to facilitate record keeping; therefore, it is recommended that the client reconcile this information with their custodian bank statement. Many custodians use a settlement date basis that may result in the need to reconcile due to a timing difference. The underlying market value, amortized cost, and accrued interest may differ between the custodian and this statement or report. This can be attributable to differences in calculation methodologies and pricing sources used. Please contact your relationship manager or call us at (855) 395-3954 with questions regarding your account.
Public Trust does not have the authority to withdraw funds from or deposit funds to the custodian. Our clients retain responsibility for their internal accounting policies, implementing and enforcing internal controls, and generating ledger entries or otherwise recording transactions. The total market value represents prices obtained from various sources; it may be impacted by the frequency at which prices are reported, and such prices are not guaranteed. Prices received from pricing vendors are generally based on current market quotes but when such quotes are not available, the pricing vendors use a variety of techniques to estimate value. These estimates, particularly for fixed-income securities, may be based on certain minimum principal amounts (e.g. $1 million) and may not reflect all the factors that affect the value of the security including liquidity risk. The prices provided are not firm bids or offers. Certain securities may reflect N/A or unavailable where the price for such security is generally not available from a pricing source. The market value of a security, including those priced at par value, may differ from its purchase price and may not closely reflect the value at which the security may be sold or purchased based on various market factors. The securities in this investment portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by Public Trust, the FDIC (except for certain non-negotiable certificates of deposit), or any government agency unless specifically stated otherwise.
Clients may be permitted to establish one or more unmanaged accounts for the purposes of client reporting. Public Trust defines an unmanaged account as one where the investment direction remains the sole responsibility of the client rather than the Investment Manager. These accounts do not receive ongoing supervision and monitoring services. The Investment Manager does not make any investment recommendations and may not charge a fee for reporting on these accounts. The primary purpose for this service is to include unmanaged accounts owned by the client in the performance reports provided by the Investment Manager. The Investment Manager assumes no liability for the underlying performance of any unmanaged accounts or assets, and it is the client’s sole responsibility for the accuracy or correctness of any such performance.
Beginning and ending balances are based on market value plus accrued interest on a trade date basis. Statements and reports made available to the end user either from Public Trust or through the online reporting platform may present information and portfolio analytics using various optional methods including, but not limited to, historical cost, amortized cost, and market value. All information is assumed to be correct, but the accuracy has not been confirmed and therefore is not guaranteed to be correct. Information is obtained from third party sources that may or may not be verified. The data in this report is unaudited and is only applicable for the date denoted on the report. Market values may change day-to-day based on numerous circumstances such as trading volume, news released about the underlying issuer, issuer performance, etc. Underlying market values may be priced via numerous aspects as certain securities are short term in nature and not readily traded. Performance results are shown net of all fees and expenses and reflect the reinvestment of dividends and other earnings.
Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. Past performance is no guarantee of future results. Any financial and/or investment decision may incur losses.
The investment advisor providing these services is Public Trust Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training. Public Trust is required to maintain a written disclosure brochure of our background and business experience. If you would like to receive a copy of our current disclosure brochure, Privacy Policy, or Code of Ethics, please contact us.
Public Trust Advisors
717 17th Street, Suite 1850
Denver, Colorado 80202
Disclosures
Public Trust Advisors 2024 ©
Portfolio Update: Summary Characteristics
Portfolio Overview 07/01/2023 to 06/30/2024
06/30/23 06/30/24
Duration 2.538 2.523
Years to Effective Maturity 2.676 2.684
Years to Final Maturity 2.678 2.684
Coupon Rate 1.669 2.292
Book Yield 2.188 3.062
Market Yield 4.730 4.669
Benchmark Yield 4.979 4.788
Portfolio Summary
Asset Allocation
Portfolio Characteristics
Summary 06/30/23 06/30/24
Historical Cost $11,301,915.88 $11,377,865.92
Book Value 11,324,824.52 11,475,297.03
Accrued Interest 34,595.61 51,726.78
Net Pending Transactions 432.16 14,992.21
Book Value Plus Accrued $11,359,852.29 $11,542,016.01
Net Unrealized Gain/Loss (586,208.15) (318,465.57)
Market Value Plus Accrued $10,773,644.14 $11,223,550.45 Detail may not add to total due to rounding.
Executive Summary
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Maturity Distribution by Security Type
Portfolio Overview
Issuer Value
United States 84.38%
Federal National Mortgage Association 3.51%
Toyota Motor Corporation 2.47%
Eli Lilly and Company 1.62%
U.S. Bancorp 1.19%
State of California 1.08%
PepsiCo, Inc. 1.08%
The Home Depot, Inc. 1.02%
Caterpillar Inc. 0.72%
Colgate-Palmolive Company 0.67%
Top Ten Holdings Maturity Distribution by Type
Security Distribution 0-3 Months 3-6 Months 6-9 Months 9-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5+ Years Portfolio Total CASH $14,992.21 -- -- -- -- -- -- -- -- $14,992.21
CORP 277,751.39 59,124.71 196,243.09 429,362.13 962,481.32 FED INST (GSE) 394,007.51 394,007.51
MMFUND 133,728.78 133,728.78
MUNI 15,119.59 197,298.27 10,214.90 25,683.00 248,315.75 US GOV 147,730.89 2,936,889.56 1,675,525.43 2,536,448.92 2,173,430.09 9,470,024.88 TOTAL $426,472.37 -- -- $206,855.60 $3,542,259.74 $2,302,185.82 $2,546,663.82 $2,199,113.09 -- $11,223,550.45 • Maturity Distribution
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Market Value Basis Security Distribution
Asset Balance by Security Type
Security Distribution Jun 30, 2023
Ending Balance
Jun 30, 2023
Portfolio Allocation
Jun 30, 2024
Ending Balance
Jun 30, 2024
Portfolio Allocation
Change in
Allocation Book Yield
Cash $432.16 0.00% $14,992.21 0.13% 0.13% 0.00%
U.S. Treasury Notes $7,837,724.14 72.75% $9,470,024.88 84.38% 11.63% 3.08% Federal Instrumentality (GSE) 1,152,284.13 10.70% 394,007.51 3.51% (7.18%) 0.47% Money Market Funds $62,265.76 0.58% $133,728.78 1.19% 0.61% 4.93% Corporate Notes 1,538,794.75 14.28% 962,481.32 8.58% (5.71%) 3.38% Municipal Bonds 182,143.20 1.69% 248,315.75 2.21% 0.52% 4.70% Portfolio Total $10,773,644.14 100.00% $11,223,550.45 100.00% 3.06% Portfolio Overview
• Security Distribution – Market Value
Source: Clearwater Please refer to the disclosure slide of this presentation for more information.
Portfolio Overview 07/01/2023 to 06/30/2024
S&P Rating Distribution
S&P Rating Distribution Jun 30, 2024
Ending Balance
Portfolio
Allocation
Short Term Rating Distribution
A-1+ $0.00 0.00%
A-1
A-2
Total Short Term Ratings $0.00 0.00%
Long Term Rating Distribution
AAA $148,720.99 1.33%
AA $10,112,348.14 90.10%
A $962,481.32 8.58%
Below A
Not Rated
Total Long Term Ratings $11,223,550.45 100.00%
Portfolio Total $11,223,550.45 100.00%
• Rating Distribution
Allocation by Standard and Poor’s Rating
Source: Clearwater Please refer to the disclosure slide of this presentation for more information.
Public Trust Advisors 2024 ©
Portfolio Compliance
Public Trust Advisors 2024 ©
Portfolio Compliance: June 30, 2024
Source: PTA Please refer to the disclosure slide of this presentation for more information.
Public Trust Advisors 2024 ©
Portfolio Performance
Source: PTA Public Trust Advisors 2024 ©
Portfolio Performance: Historical Performance
City of San Jacinto Historical Total Return: Account Inception - October 31, 2019 Trailing Month
Periodic
Trailing 3-Months
Periodic
Trailing 6-Months
Periodic
Trailing 12-Months
Periodic
Year to Date
Periodic
Total Return Performance
City of San Jacinto Portfolio 0.34% 1.04% 2.19% 4.49% 3.50% ICE BofAML 1-3 Year Treasury Index 0.33% 1.03% 2.15% 4.54% 3.37% Trailing 3 Years
Annualized
Trailing 5 Years
Annualized
Since Inception *
Annualized
Total Return Performance
City of San Jacinto Portfolio 1.78% 1.41% 1.21%
ICE BofAML 1-3 Year Treasury Index 1.66% 1.33% 1.12%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
Trailing Month
Periodic
Trailing 3-Months
Periodic
Trailing 6-Months
Periodic
Trailing 12-Months
Periodic
Year to Date
Periodic
Trailing 3 Years
Annualized
Trailing 5 Years
Annualized
Since Inception *
Annualized
Portfolio and Benchmark Total Return
City of San Jacinto Portfolio ICE BofAML 1-3 Year Treasury Index Please refer to the disclosure slide of this presentation for more information.
Notes: Account Inception Date: 12/1/2012. Annualized total return performance presented for investment periods longer than one year. Returns are presented gross of fees.
Source: PTA Public Trust Advisors 2024 ©
Portfolio Performance: Current Benchmark Performance
City of San Jacinto Total Return: February 2020 - June 30, 2024 Trailing Month
Periodic
Trailing 3-Months
Periodic
Trailing 6-Months
Periodic
Trailing 12-Months
Periodic
Year to Date
Periodic
Total Return Performance
City of San Jacinto Portfolio 0.66% 0.83% 0.80% 4.18% 0.80% ICE BofAML 1-5 Year Tsy/Agy Index 0.70% 0.82% 0.81% 4.18% 0.81% ICE BofAML 1-5 Year AAA-AA US Corp/Govt Index 0.69% 0.83% 0.85% 4.23% 0.85% Trailing 3 Years
Annualized
Trailing 5 Years
Annualized
Since Inception *
Annualized
Total Return Performance
City of San Jacinto Portfolio -0.27% NA 0.53%
ICE BofAML 1-5 Year Tsy/Agy Index -0.34% NA 0.42%
ICE BofAML 1-5 Year AAA-AA US Corp/Govt Index -0.33% NA 0.44% -1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
Trailing Month
Periodic
Trailing 3-Months
Periodic
Trailing 6-Months
Periodic
Trailing 12-Months
Periodic
Year to Date
Periodic
Trailing 3 Years
Annualized
Trailing 5 Years
Annualized
Since Inception *
Annualized
Portfolio and Benchmark Total Return
City of San Jacinto Portfolio ICE BofAML 1-5 Year Tsy/Agy Index ICE BofAML 1-5 Year AAA-AA US Corp/Govt Index Please refer to the disclosure slide of this presentation for more information.
Notes: Strategy Inception Date: 2/1/2020 Annualized total return performance presented for investment periods longer than one year. Returns are presented gross of fees.
Source: PTA Public Trust Advisors 2024 ©
Portfolio Performance: Total Account Performance
City of San Jacinto Total Return: Account Inception - June 30, 2024 Trailing Month
Periodic
Trailing 3-Months
Periodic
Trailing 6-Months
Periodic
Trailing 12-Months
Periodic
Year to Date
Periodic
Total Return Performance
City of San Jacinto Portfolio 0.66% 0.83% 0.80% 4.18% 0.80% Trailing 3 Years
Annualized
Trailing 5 Years
Annualized
Since Inception *
Annualized
Total Return Performance
City of San Jacinto Portfolio -0.27% 0.88% 1.02%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
Trailing Month
Periodic
Trailing 3-Months
Periodic
Trailing 6-Months
Periodic
Trailing 12-Months
Periodic
Year to Date
Periodic
Trailing 3 Years
Annualized
Trailing 5 Years
Annualized
Since Inception *
Annualized
Portfolio Total Return
City of San Jacinto Portfolio
Please refer to the disclosure slide of this presentation for more information.
Notes: Account Inception Date: 12/1/2012. Annualized total return performance presented for investment periods longer than one year. Returns are presented gross of fees.
Public Trust Advisors 2024 ©
Portfolio Details: Holdings as of June 30, 2024
07/01/2023 to 06/30/2024
Description
Identifier
Coupon
Effective
Maturity
Final Maturity
Duration
Trade Date
Settle Date
Par Value Original Cost
Book Value
Market Value
Market Price
MV + Accrued
Accrued Balance
Net Unrealized
Gain/Loss
% of Market
Value
Callable
Next Call Date
Book Yield
YTM
YTC
S&P
CASH 0.00%
Receivable
CCYUSD
0.00%
06/30/24
06/30/24
0.00 --
-- 14,992.21 $14,992.21$14,992.21
$14,992.21
1.00 $14,992.21
$0.00 $0.00 0.13% N--
0.00%
0.00%
0.00%
AAA
CASH TOTAL
06/30/24
06/30/24
0.00 --
-- 14,992.21 $14,992.21$14,992.21
$14,992.21
1.00 $14,992.21
$0.00 $0.00 0.13% N--
0.00%
0.00%
0.00%
AAA
MMFUND 0.00%
FIRST AMER:GVT OBLG Y
31846V203
4.93%
06/30/24
06/30/24
0.00 --
-- 133,728.78 $133,728.78$133,728.78
$133,728.78
1.00 $133,728.78
$0.00 $0.00 1.19% N--
4.93%
--
--
AAAm
MMFUND TOTAL
06/30/24
06/30/24
0.00 --
-- 133,728.78 $133,728.78$133,728.78
$133,728.78
1.00 $133,728.78
$0.00 $0.00 1.19% N--
4.93%
--
--
AAAm
US GOV 0.00%
UNITED STATES TREASURY
912828ZW3
0.25%
06/30/25
06/30/25
0.98 11/02/20
11/04/20 155,000.00 $154,327.93$154,855.12
$147,729.83
95.31 $147,730.89
$1.05 ($7,125.28) 1.32% N--
0.34%
5.09%
--
AA+
UNITED STATES TREASURY
91282CAB7
0.25%
07/31/25
07/31/25
1.06 10/28/21
10/29/21 175,000.00 170,358.40173,645.05
166,188.48
94.96 166,371.17
182.69 (7,456.57) 1.48% N--
0.97%
5.05%
--
AA+
UNITED STATES TREASURY
91282CFE6
3.13%
08/15/25
08/15/25
1.08 03/09/23
03/13/23 170,000.00 163,777.73167,037.25
166,433.98
97.90 168,433.47
1,999.48 (603.26) 1.50% N--
4.74%
5.05%
--
AA+
UNITED STATES TREASURY
91282CAT8
0.25%
10/31/25
10/31/25
1.31 01/06/21
01/08/21 60,000.00 59,547.6659,873.89
56,388.28
93.98 56,413.55
25.27 (3,485.61) 0.50% N--
0.41%
4.95%
--
AA+
UNITED STATES TREASURY
91282CFW6
4.50%
11/15/25
11/15/25
1.31 --
-- 275,000.00 274,344.53274,621.61
273,334.96
99.39 274,915.46
1,580.50 (1,286.65) 2.45% N--
4.60%
4.96%
--
AA+
UNITED STATES TREASURY
91282CAZ4
0.38%
11/30/25
11/30/25
1.39 02/04/21
02/05/21 205,000.00 204,375.39204,815.11
192,323.63
93.82 192,388.75
65.11 (12,491.48) 1.71% N--
0.44%
4.93%
--
AA+
UNITED STATES TREASURY
91282CBC4
0.38%
12/31/25
12/31/25
1.46 02/24/21
02/26/21 155,000.00 153,395.51154,499.02
144,955.27
93.52 144,956.85
1.58 (9,543.74) 1.29% N--
0.59%
4.89%
--
AA+
UNITED STATES TREASURY
91282CJS1
4.25%
12/31/25
12/31/25
1.41 02/01/24
02/02/24 125,000.00 125,063.47125,053.45
123,803.71
99.04 123,818.15
14.44 (1,249.73) 1.10% N--
4.22%
4.92%
--
AA+
Portfolio Holdings
Supporting Reports
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Description
Identifier
Coupon
Effective
Maturity
Final Maturity
Duration
Trade Date
Settle Date
Par Value Original Cost
Book Value
Market Value
Market Price
MV + Accrued
Accrued Balance
Net Unrealized
Gain/Loss
% of Market
Value
Callable
Next Call Date
Book Yield
YTM
YTC
S&P
UNITED STATES TREASURY
91282CBH3
0.38%
01/31/26
01/31/26
1.55 03/29/21
03/31/21 125,000.00 122,236.33124,083.59
116,499.02
93.20 116,694.77
195.74 (7,584.57) 1.04% N--
0.84%
4.87%
--
AA+
UNITED STATES TREASURY
91282CBQ3
0.50%
02/28/26
02/28/26
1.63 10/28/21
10/29/21 335,000.00 326,520.31331,696.14
311,942.58
93.12 312,502.43
559.85 (19,753.56) 2.78% N--
1.10%
4.83%
--
AA+
UNITED STATES TREASURY
91282CKB6
4.63%
02/28/26
02/28/26
1.57 03/07/24
03/11/24 100,000.00 100,191.41100,163.55
99,640.63
99.64 101,186.48
1,545.86 (522.92) 0.90% N--
4.52%
4.85%
--
AA+
UNITED STATES TREASURY
91282CBT7
0.75%
03/31/26
03/31/26
1.70 05/06/21
05/10/21 300,000.00 299,566.41299,843.23
279,773.44
93.26 280,339.01
565.57 (20,069.79) 2.50% N--
0.78%
4.80%
--
AA+
UNITED STATES TREASURY
91282CKH3
4.50%
03/31/26
03/31/26
1.65 04/29/24
04/30/24 275,000.00 272,561.52272,772.33
273,560.55
99.48 276,671.20
3,110.66 788.22 2.47% N--
4.99%
4.81%
--
AA+
UNITED STATES TREASURY
91282CBW0
0.75%
04/30/26
04/30/26
1.79 08/05/21
08/09/21 235,000.00 235,688.48235,269.61
218,568.36
93.01 218,865.30
296.94 (16,701.25) 1.95% N--
0.69%
4.76%
--
AA+
UNITED STATES TREASURY
91282CCF6
0.75%
05/31/26
05/31/26
1.87 06/03/21
06/07/21 220,000.00 219,028.91219,621.83
204,024.22
92.74 204,163.97
139.75 (15,597.61) 1.82% N--
0.84%
4.74%
--
AA+
UNITED STATES TREASURY
91282CHH7
4.13%
06/15/26
06/15/26
1.86 --
-- 185,000.00 181,694.53182,586.06
182,875.39
98.85 183,209.00
333.61 289.33 1.63% N--
4.83%
4.74%
--
AA+
UNITED STATES TREASURY
91282CCJ8
0.88%
06/30/26
06/30/26
1.94 10/04/21
10/06/21 125,000.00 124,804.69124,916.70
115,957.03
92.77 115,960.00
2.97 (8,959.67) 1.03% N--
0.91%
4.70%
--
AA+
UNITED STATES TREASURY
91282CCP4
0.63%
07/31/26
07/31/26
2.03 09/01/21
09/03/21 335,000.00 332,579.10333,961.71
308,173.83
91.99 309,048.14
874.31 (25,787.88) 2.75% N--
0.78%
4.69%
--
AA+
UNITED STATES TREASURY
91282CCZ2
0.88%
09/30/26
09/30/26
2.18 10/28/21
10/29/21 415,000.00 409,050.59412,239.23
381,945.90
92.04 382,858.67
912.77 (30,293.34) 3.41% N--
1.18%
4.63%
--
AA+
UNITED STATES TREASURY
91282CJC6
4.63%
10/15/26
10/15/26
2.14 11/02/23
11/03/23 175,000.00 174,261.72174,421.66
174,842.77
99.91 176,545.56
1,702.78 421.11 1.57% N--
4.78%
4.66%
--
AA+
UNITED STATES TREASURY
91282CEC1
1.88%
02/28/27
02/28/27
2.54 03/09/22
03/11/22 335,000.00 335,157.03335,086.46
312,518.36
93.29 314,617.80
2,099.44 (22,568.10) 2.80% N--
1.87%
4.57%
--
AA+
Portfolio Holdings
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Description
Identifier
Coupon
Effective
Maturity
Final Maturity
Duration
Trade Date
Settle Date
Par Value Original Cost
Book Value
Market Value
Market Price
MV + Accrued
Accrued Balance
Net Unrealized
Gain/Loss
% of Market
Value
Callable
Next Call Date
Book Yield
YTM
YTC
S&P
UNITED STATES TREASURY
91282CEF4
2.50%
03/31/27
03/31/27
2.60 04/27/22
04/28/22 80,000.00 78,971.8879,409.54
75,828.12
94.79 76,330.86
502.73 (3,581.42) 0.68% N--
2.78%
4.53%
--
AA+
UNITED STATES TREASURY
91282CEN7
2.75%
04/30/27
04/30/27
2.68 08/29/22
08/30/22 100,000.00 97,574.2298,486.60
95,273.44
95.27 95,736.75
463.32 (3,213.17) 0.85% N--
3.31%
4.54%
--
AA+
UNITED STATES TREASURY
91282CET4
2.63%
05/31/27
05/31/27
2.76 06/09/22
06/10/22 200,000.00 196,085.94197,635.21
189,671.88
94.84 190,116.55
444.67 (7,963.33) 1.69% N--
3.05%
4.53%
--
AA+
UNITED STATES TREASURY
91282CEW7
3.25%
06/30/27
06/30/27
2.78 07/07/22
07/08/22 135,000.00 136,181.25135,732.89
130,259.18
96.49 130,271.10
11.92 (5,473.71) 1.16% N--
3.06%
4.51%
--
AA+
UNITED STATES TREASURY
9128282R0
2.25%
08/15/27
08/15/27
2.95 08/29/22
08/30/22 390,000.00 371,429.30377,958.99
364,391.02
93.43 367,693.70
3,302.68 (13,567.97) 3.28% N--
3.30%
4.52%
--
AA+
UNITED STATES TREASURY
91282CAL5
0.38%
09/30/27
09/30/27
3.16 11/28/22
11/29/22 425,000.00 359,158.20379,431.56
372,605.47
87.67 373,006.08
400.61 (6,826.09) 3.32% N--
3.92%
4.49%
--
AA+
UNITED STATES TREASURY
91282CFM8
4.13%
09/30/27
09/30/27
2.98 06/22/23
06/26/23 180,000.00 179,690.63179,766.87
177,960.94
98.87 179,827.33
1,866.39 (1,805.93) 1.60% N--
4.17%
4.50%
--
AA+
UNITED STATES TREASURY
91282CFZ9
3.88%
11/30/27
11/30/27
3.16 01/26/23
01/30/23 535,000.00 541,415.82539,661.74
524,822.46
98.10 526,578.39
1,755.93 (14,839.28) 4.69% N--
3.60%
4.48%
--
AA+
UNITED STATES TREASURY
91282CBB6
0.63%
12/31/27
12/31/27
3.38 03/09/23
03/13/23 370,000.00 312,635.55327,095.12
324,241.40
87.63 324,247.69
6.28 (2,853.71) 2.89% N--
4.23%
4.48%
--
AA+
UNITED STATES TREASURY
91282CBS9
1.25%
03/31/28
03/31/28
3.58 05/01/23
05/03/23 250,000.00 223,007.81228,970.72
222,646.49
89.06 223,432.00
785.52 (6,324.23) 1.99% N--
3.67%
4.44%
--
AA+
UNITED STATES TREASURY
91282CHA2
3.50%
04/30/28
04/30/28
3.52 08/02/23
08/04/23 145,000.00 140,259.18141,101.81
140,253.51
96.73 141,108.54
855.03 (848.30) 1.26% N--
4.27%
4.44%
--
AA+
UNITED STATES TREASURY
91282CCE9
1.25%
05/31/28
05/31/28
3.75 --
-- 325,000.00 282,953.12290,389.15
288,132.81
88.66 288,476.90
344.09 (2,256.34) 2.57% N--
4.23%
4.43%
--
AA+
UNITED STATES TREASURY
91282CHE4
3.63%
05/31/28
05/31/28
3.60 06/22/23
06/26/23 115,000.00 112,906.64113,306.48
111,725.20
97.15 112,078.29
353.09 (1,581.28) 1.00% N--
4.04%
4.42%
--
AA+
Portfolio Holdings
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Description
Identifier
Coupon
Effective
Maturity
Final Maturity
Duration
Trade Date
Settle Date
Par Value Original Cost
Book Value
Market Value
Market Price
MV + Accrued
Accrued Balance
Net Unrealized
Gain/Loss
% of Market
Value
Callable
Next Call Date
Book Yield
YTM
YTC
S&P
UNITED STATES TREASURY
91282CHK0
4.00%
06/30/28
06/30/28
3.59 --
-- 225,000.00 222,708.99223,024.41
221,581.06
98.48 221,605.51
24.46 (1,443.35) 1.97% N--
4.24%
4.42%
--
AA+
UNITED STATES TREASURY
91282CCH2
1.25%
06/30/28
06/30/28
3.80 08/29/23
08/30/23 275,000.00 238,498.05244,293.68
243,289.06
88.47 243,298.40
9.34 (1,004.62) 2.17% N--
4.32%
4.42%
--
AA+
UNITED STATES TREASURY
91282CCV1
1.13%
08/31/28
08/31/28
3.98 --
-- 275,000.00 231,935.55237,570.60
240,936.52
87.61 241,970.58
1,034.05 3,365.92 2.16% N--
4.77%
4.41%
--
AA+
UNITED STATES TREASURY
91282CCY5
1.25%
09/30/28
09/30/28
4.05 12/06/23
12/08/23 200,000.00 174,773.44177,481.29
175,750.00
87.88 176,378.42
628.42 (1,731.29) 1.57% N--
4.17%
4.40%
--
AA+
UNITED STATES TREASURY
912810FF0
5.25%
11/15/28
11/15/28
3.87 12/06/23
12/08/23 250,000.00 262,421.88261,129.28
258,652.35
103.46
260,328.64
1,676.29 (2,476.93) 2.32% N--
4.13%
4.37%
--
AA+
UNITED STATES TREASURY
91282CDP3
1.38%
12/31/28
12/31/28
4.25 02/01/24
02/02/24 175,000.00 156,146.48157,592.86
153,678.71
87.82 153,685.25
6.54 (3,914.15) 1.37% N--
3.80%
4.38%
--
AA+
UNITED STATES TREASURY
91282CDW8
1.75%
01/31/29
01/31/29
4.29 --
-- 290,000.00 258,402.34259,973.82
258,575.78
89.16 260,695.01
2,119.23 (1,398.04) 2.32% N--
4.26%
4.38%
--
AA+
UNITED STATES TREASURY
91282CKD2
4.25%
02/28/29
02/28/29
4.14 --
-- 175,000.00 175,411.13175,387.21
174,213.87
99.55 176,699.77
2,485.90 (1,173.34) 1.57% N--
4.20%
4.36%
--
AA+
UNITED STATES TREASURY
91282CEE7
2.38%
03/31/29
03/31/29
4.39 04/29/24
04/30/24 160,000.00 144,012.50144,508.90
146,368.75
91.48 147,323.94
955.19 1,859.85 1.31% N--
4.67%
4.38%
--
AA+
UNITED STATES TREASURY
91282CKG5
4.13%
03/31/29
03/31/29
4.23 06/06/24
06/07/24 175,000.00 173,571.29173,590.70
173,215.82
98.98 175,030.37
1,814.55 (374.88) 1.56% N--
4.31%
4.36%
--
AA+
UNITED STATES TREASURY
91282CES6
2.75%
05/31/29
05/31/29
4.52 06/06/24
06/07/24 125,000.00 116,333.01116,436.56
116,123.05
92.90 116,414.20
291.15 (313.51) 1.04% N--
4.31%
4.37%
--
AA+
US GOV TOTAL
05/25/27
05/25/27
2.73 --
-- 10,055,000.00 $9,625,015.84$9,720,998.57
$9,431,677.09
94.00 $9,470,024.88
$38,347.79 ($289,321.47) 84.38% N--
3.08%
4.61%
--
AA+
GSE 0.00%
Portfolio Holdings
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Description
Identifier
Coupon
Effective
Maturity
Final Maturity
Duration
Trade Date
Settle Date
Par Value Original Cost
Book Value
Market Value
Market Price
MV + Accrued
Accrued Balance
Net Unrealized
Gain/Loss
% of Market
Value
Callable
Next Call Date
Book Yield
YTM
YTC
S&P
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
3135G05X7
0.38%
08/25/25
08/25/25
1.13 08/25/20
08/27/20 415,000.00 $413,057.80$414,548.37
$393,462.82
94.81 $394,007.51
$544.69 ($21,085.55) 3.51% N--
0.47%
5.04%
--
AA+
GSE TOTAL
08/25/25
08/25/25
1.13 08/25/20
08/27/20 415,000.00 $413,057.80$414,548.37
$393,462.82
94.81 $394,007.51
$544.69 ($21,085.55) 3.51% N--
0.47%
5.04%
--
AA+
MUNI 0.00%
HAWAII ST
419792L87
4.80%
10/01/25
10/01/25
1.19 12/07/23
12/19/23 15,000.00 $15,000.00$15,000.00
$14,939.55
99.60 $15,119.59
$180.04 ($60.45) 0.13% N--
4.81%
5.13%
--
AA+
HAWAII ST
419792L95
4.59%
10/01/26
10/01/26
2.10 12/07/23
12/19/23 15,000.00 15,000.0015,000.00
14,913.45
99.42 15,085.50
172.05 (86.55) 0.13% N--
4.59%
4.86%
--
AA+
CALIFORNIA STATE
13063D3N6
4.85%
03/01/27
03/01/27
2.44 03/09/23
03/15/23 120,000.00 120,000.00120,000.00
119,581.20
99.65 121,519.60
1,938.40 (418.80) 1.08% N--
4.85%
4.98%
--
AACONNECTICUT ST
20772KTJ8
5.05%
05/15/27
05/15/27
2.64 06/01/23
06/22/23 60,000.00 61,152.0060,865.81
60,306.00
100.51
60,693.17
387.17 (559.81) 0.54% N--
4.51%
4.86%
--
AAHAWAII ST
419792M29
5.00%
10/01/27
10/01/27
2.95 12/07/23
12/19/23 10,000.00 10,168.3010,145.67
10,089.90
100.90
10,214.90
125.00 (55.77) 0.09% N--
4.51%
4.70%
--
AA+
HAWAII ST
419792M37
5.00%
10/01/28
10/01/28
3.76 12/07/23
12/19/23 25,000.00 25,510.2525,457.09
25,370.50
101.48
25,683.00
312.50 (86.59) 0.23% N--
4.52%
4.61%
--
AA+
MUNI TOTAL
04/17/27
04/17/27
2.55 --
-- 245,000.00 $246,830.55$246,468.57
$245,200.60
100.08
$248,315.75
$3,115.15 ($1,267.97) 2.21% N--
4.70%
4.90%
--
AACORP 0.00%
TOYOTA MOTOR CREDIT
CORP
89236TJN6
0.63%
09/13/24
09/13/24
0.21 09/08/21
09/13/21 280,000.00 $279,868.40$279,991.11
$277,226.39
99.01 $277,751.39
$525.00 ($2,764.72) 2.47% N--
0.64%
5.42%
--
A+
HOME DEPOT INC
437076CM2
2.70%
04/15/25
04/15/25
0.77 03/24/22
03/28/22 60,000.00 59,895.0059,972.12
58,782.71
97.97 59,124.71
342.00 (1,189.41) 0.53% Y03/15/25
2.76%
5.33%
5.64%
A
COLGATE-PALMOLIVE CO
194162AM5
3.10%
08/15/25
08/15/25
1.08 08/01/22
08/09/22 45,000.00 44,958.6044,984.20
44,026.47
97.84 44,553.47
527.00 (957.73) 0.40% N--
3.13%
5.09%
--
A+
Portfolio Holdings
Source: Clearwater Please refer to the disclosure slide of this presentation for more information. 07/01/2023 to 06/30/2024
Description
Identifier
Coupon
Effective
Maturity
Final Maturity
Duration
Trade Date
Settle Date
Par Value Original Cost
Book Value
Market Value
Market Price
MV + Accrued
Accrued Balance
Net Unrealized
Gain/Loss
% of Market
Value
Callable
Next Call Date
Book Yield
YTM
YTC
S&P
PEPSICO INC
713448FQ6
4.55%
02/13/26
02/13/26
1.48 02/13/23
02/15/23 120,000.00 119,930.40119,961.06
119,190.96
99.33 121,283.96
2,093.00 (770.10) 1.08% Y01/13/26
4.57%
4.98%
5.01%
A+
COLGATE-PALMOLIVE CO
194162AQ6
4.80%
03/02/26
03/02/26
1.57 02/27/23
03/01/23 30,000.00 29,965.2029,980.06
29,929.65
99.77 30,405.65
476.00 (50.41) 0.27% N--
4.84%
4.94%
--
A+
JOHN DEERE CAPITAL CORP
24422EXD6
5.15%
09/08/26
09/08/26
2.02 09/05/23
09/08/23 65,000.00 64,953.8564,965.68
65,093.22
100.14
66,143.97
1,050.74 127.54 0.59% N--
5.18%
5.08%
--
A
HOME DEPOT INC
437076CV2
4.95%
09/30/26
09/30/26
2.03 11/27/23
12/04/23 55,000.00 54,879.5554,899.72
54,923.38
99.86 55,611.57
688.19 23.67 0.50% Y08/30/26
5.04%
5.01%
5.02%
A
ELI LILLY AND CO
532457CJ5
4.50%
02/09/27
02/09/27
2.35 02/07/24
02/09/24 180,000.00 179,904.60179,916.41
178,437.11
99.13 181,632.11
3,195.00 (1,479.29) 1.62% Y01/09/27
4.52%
4.86%
4.87%
A+
PACCAR FINANCIAL CORP
69371RT22
5.00%
05/13/27
05/13/27
2.63 05/06/24
05/13/24 45,000.00 44,965.3544,966.79
45,102.88
100.23
45,402.88
300.00 136.09 0.40% N--
5.03%
4.91%
--
A+
CATERPILLAR FINANCIAL
SERVICES CORP
14913UAL4
5.00%
05/14/27
05/14/27
2.64 05/07/24
05/14/24 80,000.00 79,912.0079,915.59
80,049.37
100.06
80,571.60
522.22 133.78 0.72% N--
5.04%
4.97%
--
A
CORP TOTAL
01/23/26
01/23/26
1.44 --
-- 960,000.00 $959,232.95$959,552.75
$952,762.17
99.25 $962,481.32
$9,719.15 ($6,790.58) 8.58% --
3.38%
5.12%
5.04%
A+
PORTFOLIO TOTAL
03/07/27
03/07/27
2.52 --
-- 11,823,720.98 $11,392,858.13$11,490,289.23
$11,171,823.66
93.38 $11,223,550.45
$51,726.78 ($318,465.57) 100.00% --
3.06%
4.67%
4.86%
AA
Portfolio Holdings
Source: Clearwater Please refer to the disclosure slide of this presentation for more information.