# Treasury Transparency

The **NAV report** discloses **total assets**, **basket weights**, and **on-chain valuation sources**. The dashboard **must disclose both buckets’ amounts and weights**. Treasury assets and LP positions are **read and marked by the contracts automatically**. The dashboard **reads on-chain** balances, LP shares, pool reserves, fees, and HOLI supply, and **updates NAV automatically**. Continuous, queryable on-chain state. Not a manual mark.

The protocol holds **only governance-approved assets**. Except **SHYT**, approved names are **blue chips**, marked at the **effective on-chain price of the corresponding /HOLI pool**. The protocol has **no liabilities**. Formal NAV: <Md expr="N_t = S_t - S_t^{\mathrm{treas}}" />, <Md expr="n_t = A_t / N_t" />.

The dashboard should show at least:

* **Total assets** — marked <Md expr="A_t" />. Official NAV is **1×** the external LP legs
* **Basket weights** — each name's share of <Md expr="A_t" />
* **Deployed / undeployed** — each of the two buckets’ **amount and weight**. Must. [asset buckets](/treasury-mgmt/buckets)
* **Valuation sources** — the corresponding /HOLI pool; USDG via HOLI routes
* **Balances** — on-chain Treasury balances
* **LP** — each Treasury-owned pool: reserves, LP share, deployed value
* **Reserves** — undeployed balances by asset, including USDG and unpaired stock
* **Supply** — total HOLI <Md expr="S_t" />, Treasury-held HOLI <Md expr="S_t^{\mathrm{treas}}" /> (including protocol LP), external HOLI <Md expr="N_t" />
* **Fees** — 1% sell-HOLI exit fee as **LP fee**. Fees **automatically accrue in the LP** **or** are **auto-collected to the Treasury by the contract**. Counts as protocol assets. Belongs to **POL**. **Developers take no cut of LP fees.** Not the SHYT tax **20%** to development.
* **NAV** — <Md expr="n_t = A_t / N_t" /> with <Md expr="N_t = S_t - S_t^{\mathrm{treas}}" />, updated automatically from those reads. No book liabilities. SHYT legs at **market**. The 1% sell fee and slippage affect the **fill**, not this print.

If a line is off-chain (RWA custody, snapshot for admission), the dashboard should say so. Missing data is a disclosure, not a blank.

The dashboard **must disclose both buckets’ amounts and weights**. The 70/30 deployed vs undeployed split belongs on the same screen as NAV. See [asset buckets](/treasury-mgmt/buckets).