# EDGAR Filing Document

**Accession Number:** 0001504941
**File Stem:** 0001504941-25-000006
**Filing Date:** 2025-8
**Character Count:** 17564
**Document Hash:** 64f716df3d85ad7c7b19a519e3560b69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001504941-25-000006.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001504941-25-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portland Global Advisors LLC
- **CENTRAL INDEX KEY:** 0001504941

**ORGANIZATION NAME:**
- **EIN:** 043356781
- **STATE OF INCORPORATION:** ME
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14055
- **FILM NUMBER:** 251212565

**BUSINESS ADDRESS:**
- **STREET 1:** 217 COMMERCIAL STREET
- **STREET 2:** SUITE 400
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207-773-2773

**MAIL ADDRESS:**
- **STREET 1:** 217 COMMERCIAL STREET
- **STREET 2:** SUITE 400
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Portland Global Advisors LLC<br>**Address:** 217 COMMERCIAL STREET<br>SUITE 400<br>PORTLAND, ME 04101

**Form 13F File Number:** 028-14055

**CRD Number (if applicable):** 000109127

**SEC File Number (if applicable):** 028-14055

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Leslie K. Klenk<br>**Title:** Chief Compliance Officer<br>**Phone:** (207) 773-2773

**Signature, Place, and Date of Signing:**

Leslie K. Klenk  Portland, ME  08-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 140

**Form 13F Information Table Value Total:** $849358165

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 624120 | 4100 | SH |  | SOLE |  | 0 | 0 | 4100 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 313911 | 2308 | SH |  | SOLE |  | 0 | 0 | 2308 |
| ALPHABET INC CAP STOCK CL A | COM | 02079K305 |  | 902474 | 5121 | SH |  | SOLE |  | 0 | 0 | 5121 |
| ALPHABET INC CAP STOCK CL C | COM | 02079K107 |  | 581071 | 3276 | SH |  | SOLE |  | 0 | 0 | 3276 |
| AMAZON.COM INC | COM | 023135106 |  | 2440494 | 11124 | SH |  | SOLE |  | 0 | 0 | 11124 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 214036 | 671 | SH |  | SOLE |  | 0 | 0 | 671 |
| AMGEN INC | COM | 031162100 |  | 6639106 | 23778 | SH |  | SOLE |  | 0 | 0 | 23778 |
| ANALOG DEVICES INC | COM | 032654105 |  | 651699 | 2738 | SH |  | SOLE |  | 0 | 0 | 2738 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 255366 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| APPLE INC | COM | 037833100 |  | 7091333 | 34563 | SH |  | SOLE |  | 0 | 0 | 34563 |
| APPLIED MATERIALS INC | COM | 038222105 |  | 302981 | 1655 | SH |  | SOLE |  | 0 | 0 | 1655 |
| ATN INTL INC | COM | 00215F107 |  | 386539 | 23787 | SH |  | SOLE |  | 0 | 0 | 23787 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 7892222 | 86623 | SH |  | SOLE |  | 0 | 0 | 86623 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 458013 | 2659 | SH |  | SOLE |  | 0 | 0 | 2659 |
| BERKSHIRE HATHAWAY INC CL A | COM | 084670108 |  | 1457600 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BERKSHIRE HATHAWAY INC CL B NE | COM | 084670702 |  | 2193737 | 4516 | SH |  | SOLE |  | 0 | 0 | 4516 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 231404 | 4999 | SH |  | SOLE |  | 0 | 0 | 4999 |
| CARLISLE COS INC | COM | 142339100 |  | 401405 | 1075 | SH |  | SOLE |  | 0 | 0 | 1075 |
| CHECK POINT SOFTWARE TECH LTD | COM | M22465104 |  | 8506177 | 38446 | SH |  | SOLE |  | 0 | 0 | 38446 |
| CHUBB LIMITED | COM | H1467J104 |  | 2873153 | 9917 | SH |  | SOLE |  | 0 | 0 | 9917 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 6555759 | 68211 | SH |  | SOLE |  | 0 | 0 | 68211 |
| CINTAS CORP | COM | 172908105 |  | 623145 | 2796 | SH |  | SOLE |  | 0 | 0 | 2796 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 360338 | 364 | SH |  | SOLE |  | 0 | 0 | 364 |
| CROWDSTRIKE HOLDINGS INC CL A | COM | 22788C105 |  | 12136857 | 23830 | SH |  | SOLE |  | 0 | 0 | 23830 |
| DOVER CORP | COM | 260003108 |  | 283090 | 1545 | SH |  | SOLE |  | 0 | 0 | 1545 |
| EATON CORP PLC | COM | G29183103 |  | 4699773 | 13165 | SH |  | SOLE |  | 0 | 0 | 13165 |
| ELI LILLY  CO | COM | 532457108 |  | 584647 | 750 | SH |  | SOLE |  | 0 | 0 | 750 |
| EMERSON ELECTRIC CO | COM | 291011104 |  | 612251 | 4592 | SH |  | SOLE |  | 0 | 0 | 4592 |
| ENANTA PHARMACEUTICALS INC | COM | 29251M106 |  | 250879 | 33185 | SH |  | SOLE |  | 0 | 0 | 33185 |
| EXXON MOBILE CORP | COM | 30231G102 |  | 1116377 | 10356 | SH |  | SOLE |  | 0 | 0 | 10356 |
| FEDEX CORP | COM | 31428X106 |  | 6593158 | 29005 | SH |  | SOLE |  | 0 | 0 | 29005 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 669350 | 16274 | SH |  | SOLE |  | 0 | 0 | 16274 |
| FOMENTO ECONOMICO MEXICANO SAB | COM | 344419106 |  | 3955874 | 38414 | SH |  | SOLE |  | 0 | 0 | 38414 |
| GE VERNOVA INC | COM | 36828A101 |  | 378342 | 715 | SH |  | SOLE |  | 0 | 0 | 715 |
| GENERAL ELECTRIC CO NEW | COM | 369604301 |  | 626230 | 2433 | SH |  | SOLE |  | 0 | 0 | 2433 |
| GENERAL MILLS INC | COM | 370334104 |  | 373602 | 7211 | SH |  | SOLE |  | 0 | 0 | 7211 |
| HERSHEY CO | COM | 427866108 |  | 4908529 | 29578 | SH |  | SOLE |  | 0 | 0 | 29578 |
| HOME DEPOT INC | COM | 437076102 |  | 603856 | 1647 | SH |  | SOLE |  | 0 | 0 | 1647 |
| HONEYWELL INTL INC | COM | 438516106 |  | 684201 | 2938 | SH |  | SOLE |  | 0 | 0 | 2938 |
| HUBBELL INC | COM | 443510607 |  | 10514107 | 25744 | SH |  | SOLE |  | 0 | 0 | 25744 |
| IDEXX LABORATORIES INC | COM | 45168D104 |  | 1027091 | 1915 | SH |  | SOLE |  | 0 | 0 | 1915 |
| INTEL CORP | COM | 458140100 |  | 439533 | 19622 | SH |  | SOLE |  | 0 | 0 | 19622 |
| INTL BUSINESS MACHINES | COM | 459200101 |  | 10999003 | 37313 | SH |  | SOLE |  | 0 | 0 | 37313 |
| ISHARES GENOMICS IMMUNOLOGY AN | COM | 46435U192 |  | 2098645 | 102323 | SH |  | SOLE |  | 0 | 0 | 102323 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1027549 | 6727 | SH |  | SOLE |  | 0 | 0 | 6727 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1507822 | 5201 | SH |  | SOLE |  | 0 | 0 | 5201 |
| KELLANOVA | COM | 487836108 |  | 397014 | 4992 | SH |  | SOLE |  | 0 | 0 | 4992 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 691996 | 3165 | SH |  | SOLE |  | 0 | 0 | 3165 |
| MASTERCARD INCORPORATED CL A | COM | 57636Q104 |  | 309629 | 551 | SH |  | SOLE |  | 0 | 0 | 551 |
| MATSON INC | COM | 57686G105 |  | 330821 | 2971 | SH |  | SOLE |  | 0 | 0 | 2971 |
| MCCORMICK  CO INC NON VTG | COM | 579780206 |  | 4050153 | 53418 | SH |  | SOLE |  | 0 | 0 | 53418 |
| MCDONALDS CORP | COM | 580135101 |  | 1298696 | 4445 | SH |  | SOLE |  | 0 | 0 | 4445 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 7984640 | 3055 | SH |  | SOLE |  | 0 | 0 | 3055 |
| MERCK  CO INC | COM | 58933Y105 |  | 1022826 | 12921 | SH |  | SOLE |  | 0 | 0 | 12921 |
| MICROSOFT CORP | COM | 594918104 |  | 17776903 | 35739 | SH |  | SOLE |  | 0 | 0 | 35739 |
| NETFLIX INC | COM | 64110L106 |  | 2134573 | 1594 | SH |  | SOLE |  | 0 | 0 | 1594 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 207149 | 2984 | SH |  | SOLE |  | 0 | 0 | 2984 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 6244900 | 24397 | SH |  | SOLE |  | 0 | 0 | 24397 |
| ORACLE CORP | COM | 68389X105 |  | 644303 | 2947 | SH |  | SOLE |  | 0 | 0 | 2947 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 9930770 | 48528 | SH |  | SOLE |  | 0 | 0 | 48528 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 419810 | 2305 | SH |  | SOLE |  | 0 | 0 | 2305 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1109504 | 6964 | SH |  | SOLE |  | 0 | 0 | 6964 |
| QUALCOMM INC | COM | 747525103 |  | 212237 | 1333 | SH |  | SOLE |  | 0 | 0 | 1333 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 9951533 | 29959 | SH |  | SOLE |  | 0 | 0 | 29959 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 290222 | 512 | SH |  | SOLE |  | 0 | 0 | 512 |
| S GLOBAL INC | COM | 78409V104 |  | 259427 | 492 | SH |  | SOLE |  | 0 | 0 | 492 |
| SHELL PLC SPON ADS | COM | 780259305 |  | 821685 | 11670 | SH |  | SOLE |  | 0 | 0 | 11670 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1085018 | 3160 | SH |  | SOLE |  | 0 | 0 | 3160 |
| SONY GROUP CORP SP ADR | COM | 835699307 |  | 285549 | 10970 | SH |  | SOLE |  | 0 | 0 | 10970 |
| SPDR GOLD SHARES | COM | 78463V107 |  | 360309 | 1182 | SH |  | SOLE |  | 0 | 0 | 1182 |
| TAIWAN SEMICONDUCTOR MFG LTD S | COM | 874039100 |  | 543576 | 2400 | SH |  | SOLE |  | 0 | 0 | 2400 |
| TEXAS INSTRUMENTS INC | COM | 882508104 |  | 7893297 | 38018 | SH |  | SOLE |  | 0 | 0 | 38018 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 205974 | 508 | SH |  | SOLE |  | 0 | 0 | 508 |
| TJX COS INC | COM | 872540109 |  | 253648 | 2054 | SH |  | SOLE |  | 0 | 0 | 2054 |
| UNILEVER PLC SP ADR NEW | COM | 904767704 |  | 6464629 | 105683 | SH |  | SOLE |  | 0 | 0 | 105683 |
| UNION PACIFIC CORP | COM | 907818108 |  | 204311 | 888 | SH |  | SOLE |  | 0 | 0 | 888 |
| UNUM GROUP | COM | 91529Y106 |  | 387486 | 4798 | SH |  | SOLE |  | 0 | 0 | 4798 |
| US BANCORP DEL | COM | 902973304 |  | 947987 | 20950 | SH |  | SOLE |  | 0 | 0 | 20950 |
| VISA INC CL A | COM | 92826C839 |  | 275519 | 776 | SH |  | SOLE |  | 0 | 0 | 776 |
| WAL-MART INC | COM | 931142103 |  | 204262 | 2089 | SH |  | SOLE |  | 0 | 0 | 2089 |
| WATERS CORP | COM | 941848103 |  | 229319 | 657 | SH |  | SOLE |  | 0 | 0 | 657 |
| XYLEM INC | COM | 98419M100 |  | 5973715 | 46179 | SH |  | SOLE |  | 0 | 0 | 46179 |
| GOLDMAN SACHS JUST U.S. LARGE | COM | 381430396 |  | 429076 | 4880 | SH |  | SOLE |  | 0 | 0 | 4880 |
| ISHARES CORE MSCI EAFE ETF | COM | 46432F842 |  | 26553444 | 318081 | SH |  | SOLE |  | 0 | 0 | 318081 |
| ISHARES CORE MSCI EMERGING MAR | COM | 46434G103 |  | 14825670 | 246971 | SH |  | SOLE |  | 0 | 0 | 246971 |
| ISHARES CORE S 500 ETF | COM | 464287200 |  | 39519544 | 63649 | SH |  | SOLE |  | 0 | 0 | 63649 |
| ISHARES CORE S MID-CAP ETF | COM | 464287507 |  | 43873134 | 707403 | SH |  | SOLE |  | 0 | 0 | 707403 |
| ISHARES CORE S SMALL CAP ETF | COM | 464287804 |  | 1516289 | 13874 | SH |  | SOLE |  | 0 | 0 | 13874 |
| ISHARES ESG AWARE MSCI EAFE ET | COM | 46435G516 |  | 1501573 | 16830 | SH |  | SOLE |  | 0 | 0 | 16830 |
| ISHARES ESG AWARE MSCI EM ETF | COM | 46434G863 |  | 519982 | 13275 | SH |  | SOLE |  | 0 | 0 | 13275 |
| ISHARES ESG AWARE MSCI USA SMA | COM | 46435U663 |  | 704676 | 17050 | SH |  | SOLE |  | 0 | 0 | 17050 |
| ISHARES ESG SCREENED S MID-C | COM | 46436E551 |  | 594902 | 14335 | SH |  | SOLE |  | 0 | 0 | 14335 |
| ISHARES MICRO-CAP ETF | COM | 464288869 |  | 225958 | 1770 | SH |  | SOLE |  | 0 | 0 | 1770 |
| ISHARES MSCI ACWI ETF | COM | 464288257 |  | 350564 | 2726 | SH |  | SOLE |  | 0 | 0 | 2726 |
| ISHARES MSCI EAFE ETF | COM | 464287465 |  | 21500786 | 240528 | SH |  | SOLE |  | 0 | 0 | 240528 |
| ISHARES MSCI EMERGING MARKETS | COM | 464287234 |  | 8685467 | 180047 | SH |  | SOLE |  | 0 | 0 | 180047 |
| ISHARES MSCI EMERGING MARKETS | COM | 46434G764 |  | 366212 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| ISHARES MSCI JAPAN ETF | COM | 46434G822 |  | 10351933 | 138081 | SH |  | SOLE |  | 0 | 0 | 138081 |
| ISHARES MSCI USA ESG SELECT ET | COM | 464288802 |  | 1226940 | 9680 | SH |  | SOLE |  | 0 | 0 | 9680 |
| ISHARES RUSSELL 1000 ETF | COM | 464287622 |  | 718870 | 2117 | SH |  | SOLE |  | 0 | 0 | 2117 |
| ISHARES RUSSELL 1000 GROWTH ET | COM | 464287614 |  | 1365025 | 3215 | SH |  | SOLE |  | 0 | 0 | 3215 |
| ISHARES RUSSELL 1000 VALUE ETF | COM | 464287598 |  | 351751 | 1811 | SH |  | SOLE |  | 0 | 0 | 1811 |
| ISHARES RUSSELL 2000 ETF | COM | 464287655 |  | 13587766 | 62968 | SH |  | SOLE |  | 0 | 0 | 62968 |
| ISHARES RUSSELL 3000 ETF | COM | 464287689 |  | 1851525 | 5275 | SH |  | SOLE |  | 0 | 0 | 5275 |
| ISHARES RUSSELL MID-CAP GROWTH | COM | 464287481 |  | 280966 | 2026 | SH |  | SOLE |  | 0 | 0 | 2026 |
| ISHARES S 100 ETF | COM | 464287101 |  | 653439 | 2147 | SH |  | SOLE |  | 0 | 0 | 2147 |
| ISHARES S 500 GROWTH ETF | COM | 464287309 |  | 373789 | 3395 | SH |  | SOLE |  | 0 | 0 | 3395 |
| ISHARES S 500 VALUE ETF | COM | 464287408 |  | 232354 | 1189 | SH |  | SOLE |  | 0 | 0 | 1189 |
| ISHARES S MID-CAP 400 VALUE | COM | 464287705 |  | 285717 | 2312 | SH |  | SOLE |  | 0 | 0 | 2312 |
| ISHARES SELECT DIVIDEND ETF | COM | 464287168 |  | 630847 | 4750 | SH |  | SOLE |  | 0 | 0 | 4750 |
| SPDR DOW JONES INDUSTRIAL AVER | COM | 78467X109 |  | 220325 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 78379784 | 126859 | SH |  | SOLE |  | 0 | 0 | 126859 |
| SPDR S EMERGING MARKETS SMAL | COM | 78463X756 |  | 202218 | 3260 | SH |  | SOLE |  | 0 | 0 | 3260 |
| SPDR S MIDCAP 400 ETF TRUST | COM | 78467Y107 |  | 38625311 | 68185 | SH |  | SOLE |  | 0 | 0 | 68185 |
| TCW TRANSFORM 500 ETF | COM | 29287L106 |  | 327330 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| VANGUARD FTSE ALL-WORLD EX-US | COM | 922042775 |  | 4321574 | 64290 | SH |  | SOLE |  | 0 | 0 | 64290 |
| VANGUARD FTSE ALL-WORLD EX-US | COM | 922042718 |  | 15846025 | 117911 | SH |  | SOLE |  | 0 | 0 | 117911 |
| VANGUARD FTSE DEVELOPED MARKET | COM | 921943858 |  | 17187375 | 301480 | SH |  | SOLE |  | 0 | 0 | 301480 |
| VANGUARD FTSE EMERGING MARKETS | COM | 922042858 |  | 21907569 | 442935 | SH |  | SOLE |  | 0 | 0 | 442935 |
| VANGUARD GROWTH ETF | COM | 922908736 |  | 317840 | 725 | SH |  | SOLE |  | 0 | 0 | 725 |
| VANGUARD MID-CAP ETF | COM | 922908629 |  | 1382080 | 4939 | SH |  | SOLE |  | 0 | 0 | 4939 |
| VANGUARD RUSSELL 2000 VALUE ET | COM | 92206C649 |  | 292089 | 2100 | SH |  | SOLE |  | 0 | 0 | 2100 |
| VANGUARD S 500 ETF | COM | 922908363 |  | 2377490 | 4185 | SH |  | SOLE |  | 0 | 0 | 4185 |
| VANGUARD TOTAL STOCK MARKET ET | COM | 922908769 |  | 17159280 | 56458 | SH |  | SOLE |  | 0 | 0 | 56458 |
| VANGUARD VALUE ETF | COM | 922908744 |  | 477021 | 2699 | SH |  | SOLE |  | 0 | 0 | 2699 |
| WISDOMTREE EMERGING MARKETS SM | COM | 97717W281 |  | 7625606 | 138045 | SH |  | SOLE |  | 0 | 0 | 138045 |
| WISDOMTREE INDIA EARNINGS FUND | COM | 97717W422 |  | 406106 | 8555 | SH |  | SOLE |  | 0 | 0 | 8555 |
| ISHARES 0-3 MONTH TREASURY BON | COM | 46436E718 |  | 3389729 | 33665 | SH |  | SOLE |  | 0 | 0 | 33665 |
| ISHARES 0-5 YEAR TIPS BOND ETF | COM | 46429B747 |  | 17987587 | 174789 | SH |  | SOLE |  | 0 | 0 | 174789 |
| ISHARES 7-10 YEAR TREASURY BON | COM | 464287440 |  | 17483628 | 182558 | SH |  | SOLE |  | 0 | 0 | 182558 |
| ISHARES GNMA BOND ETF | COM | 46429B333 |  | 15837470 | 360352 | SH |  | SOLE |  | 0 | 0 | 360352 |
| ISHARES IBONDS DEC 2025 TERM T | COM | 46436E866 |  | 2467657 | 105636 | SH |  | SOLE |  | 0 | 0 | 105636 |
| ISHARES IBONDS DEC 2026 TERM T | COM | 46436E858 |  | 2523561 | 110055 | SH |  | SOLE |  | 0 | 0 | 110055 |
| ISHARES IBONDS DEC 2027 TERM T | COM | 46436E841 |  | 2567211 | 114149 | SH |  | SOLE |  | 0 | 0 | 114149 |
| SPDR BLOOMBERG 3-12 MONTH T-BI | COM | 78468R523 |  | 3943593 | 39662 | SH |  | SOLE |  | 0 | 0 | 39662 |
| SPDR PORTFOLIO INTERMEDIATE TE | COM | 78464A672 |  | 36672918 | 1274693 | SH |  | SOLE |  | 0 | 0 | 1274693 |
| SPDR PORTFOLIO SHORT TERM TREA | COM | 78468R101 |  | 40448055 | 1380951 | SH |  | SOLE |  | 0 | 0 | 1380951 |
| VANGUARD INTERMEDIATE-TERM TRE | COM | 92206C706 |  | 37193566 | 621862 | SH |  | SOLE |  | 0 | 0 | 621862 |
| VANGUARD SHORT-TERM INFLATION- | COM | 922020805 |  | 17804252 | 354172 | SH |  | SOLE |  | 0 | 0 | 354172 |
| VANGUARD SHORT-TERM TREASURY E | COM | 92206C102 |  | 41455477 | 705265 | SH |  | SOLE |  | 0 | 0 | 705265 |

---