# EDGAR Filing Document

**Accession Number:** 0000714395
**File Stem:** 0000714395-25-000055
**Filing Date:** 2025-11
**Character Count:** 20385
**Document Hash:** b6716d35c3b1ead99cf7bf6e5e0b1115
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000714395-25-000055.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0000714395-25-000055

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GERMAN AMERICAN BANCORP, INC.
- **CENTRAL INDEX KEY:** 0000714395
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 351547518
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18884
- **FILM NUMBER:** 251454782

**BUSINESS ADDRESS:**
- **STREET 1:** 711 MAIN ST
- **STREET 2:** P O BOX 810
- **CITY:** JASPER
- **STATE:** IN
- **ZIP:** 47546
- **BUSINESS PHONE:** 8124821314

**MAIL ADDRESS:**
- **STREET 1:** 711 MAIN STREET
- **CITY:** JASPER
- **STATE:** IN
- **ZIP:** 47546

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GERMAN AMERICAN BANCORP
- **DATE OF NAME CHANGE:** 19950510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAB BANCORP
- **DATE OF NAME CHANGE:** 19950510

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** GERMAN AMERICAN BANCORP INC.<br>**Address:** 711 MAIN STREET<br>JASPER, IN 47546

**Form 13F File Number:** 028-18884

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:** BRADLEY M. RUST<br>**Title:** PRESIDENT  CFO<br>**Phone:** 812-482-1314

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

BRADLEY M. RUST  JASPER, IN  11-05-2025<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:** 175

**Form 13F Information Table Value Total:** $1131955057

      (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 |
| CRH PLC | ORD | G25508105 |  | 735226 | 6132 | SH |  | SOLE |  | 6132 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 230375 | 485 | SH |  | SOLE |  | 485 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 464156 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 307682 | 6269 | SH |  | SOLE |  | 0 | 0 | 6269 |
| ABBOTT LABS | COM | 002824100 |  | 11829446 | 88319 | SH |  | SOLE |  | 88304 | 0 | 15 |
| ABBOTT LABS | COM | 002824100 |  | 22769 | 170 | SH |  | OTR |  | 170 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 6663721 | 28780 | SH |  | SOLE |  | 28776 | 0 | 4 |
| ABBVIE INC | COM | 00287Y109 |  | 11345 | 49 | SH |  | OTR |  | 49 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 563341 | 1597 | SH |  | SOLE |  | 1597 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 254360 | 1185 | SH |  | SOLE |  | 1185 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 44257084 | 182053 | SH |  | SOLE |  | 181951 | 0 | 102 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 87272 | 359 | SH |  | OTR |  | 359 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 290267 | 4394 | SH |  | SOLE |  | 4394 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 33171976 | 151077 | SH |  | SOLE |  | 148667 | 0 | 2410 |
| AMAZON COM INC | COM | 023135106 |  | 62797 | 286 | SH |  | OTR |  | 286 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 249862 | 2221 | SH |  | SOLE |  | 2221 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 292632 | 881 | SH |  | SOLE |  | 881 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 500058 | 1772 | SH |  | SOLE |  | 1772 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 47688634 | 187286 | SH |  | SOLE |  | 187257 | 0 | 29 |
| APPLE INC | COM | 037833100 |  | 86574 | 340 | SH |  | OTR |  | 340 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 204740 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 621339 | 2117 | SH |  | SOLE |  | 1817 | 0 | 300 |
| BANK AMERICA CORP | COM | 060505104 |  | 13188622 | 255643 | SH |  | SOLE |  | 255521 | 0 | 122 |
| BANK AMERICA CORP | COM | 060505104 |  | 28116 | 545 | SH |  | OTR |  | 545 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 10603792 | 21092 | SH |  | SOLE |  | 21088 | 0 | 4 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 26645 | 53 | SH |  | OTR |  | 53 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 13180160 | 11305 | SH |  | SOLE |  | 11303 | 0 | 2 |
| BLACKROCK INC | COM | 09290D101 |  | 26815 | 23 | SH |  | OTR |  | 23 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 5258697 | 24365 | SH |  | SOLE |  | 24361 | 0 | 4 |
| BOEING CO | COM | 097023105 |  | 11007 | 51 | SH |  | OTR |  | 51 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 18234125 | 55270 | SH |  | SOLE |  | 54151 | 0 | 1119 |
| BROADCOM INC | COM | 11135F101 |  | 32991 | 100 | SH |  | OTR |  | 100 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 9505305 | 19921 | SH |  | SOLE |  | 19918 | 0 | 3 |
| CATERPILLAR INC | COM | 149123101 |  | 15745 | 33 | SH |  | OTR |  | 33 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 447701 | 2883 | SH |  | SOLE |  | 2883 | 0 | 0 |
| CHURCH AND DWIGHT INC | COM | 171340102 |  | 361561 | 4126 | SH |  | SOLE |  | 4126 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 7705597 | 112622 | SH |  | SOLE |  | 112603 | 0 | 19 |
| CISCO SYS INC | COM | 17275R102 |  | 14778 | 216 | SH |  | OTR |  | 216 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 8654428 | 130495 | SH |  | SOLE |  | 130474 | 0 | 21 |
| COCA COLA CO | COM | 191216100 |  | 16248 | 245 | SH |  | OTR |  | 245 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 5262987 | 55640 | SH |  | SOLE |  | 55630 | 0 | 10 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 10877 | 115 | SH |  | OTR |  | 115 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 13051383 | 14100 | SH |  | SOLE |  | 14098 | 0 | 2 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 24992 | 27 | SH |  | OTR |  | 27 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 3713409 | 18730 | SH |  | SOLE |  | 18727 | 0 | 3 |
| DANAHER CORPORATION | COM | 235851102 |  | 6939 | 35 | SH |  | OTR |  | 35 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 741218 | 1621 | SH |  | SOLE |  | 1621 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 4580343 | 40003 | SH |  | SOLE |  | 39996 | 0 | 7 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 9274 | 81 | SH |  | OTR |  | 81 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9344945 | 82882 | SH |  | SOLE |  | 82868 | 0 | 14 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 18152 | 161 | SH |  | OTR |  | 161 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 28961744 | 39437 | SH |  | SOLE |  | 39430 | 0 | 7 |
| META PLATFORMS INC | CL A | 30303M102 |  | 60953 | 83 | SH |  | OTR |  | 83 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 6389036 | 27094 | SH |  | SOLE |  | 27089 | 0 | 5 |
| FEDEX CORP | COM | 31428X106 |  | 13441 | 57 | SH |  | OTR |  | 57 | 0 | 0 |
| FIRST TRUST LRGCP GWT ALPHAD | COM | 33735K108 |  | 321320 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| GE AEROSPACE | COM | 369604301 |  | 357073 | 1187 | SH |  | SOLE |  | 1187 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 8042064 | 131902 | SH |  | SOLE |  | 131877 | 0 | 25 |
| GENERAL MTRS CO | COM | 37045V100 |  | 17864 | 293 | SH |  | OTR |  | 293 | 0 | 0 |
| GERMAN AMERN BANCORP INC | COM | 373865104 |  | 23479729 | 597905 | SH |  | SOLE |  | 22839 | 0 | 575066 |
| GOLDMAN SACHS GROUP INC | COM | 38414G104 |  | 965972 | 1213 | SH |  | SOLE |  | 1213 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1277969 | 3154 | SH |  | SOLE |  | 3140 | 0 | 14 |
| HONEYWELL INTL INC | COM | 438516106 |  | 6784836 | 32232 | SH |  | SOLE |  | 32227 | 0 | 5 |
| HONEYWELL INTL INC | COM | 438516106 |  | 13261 | 63 | SH |  | OTR |  | 63 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 225818 | 866 | SH |  | SOLE |  | 866 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2242381 | 3735 | SH |  | SOLE |  | 3735 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 841857 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 38159470 | 57014 | SH |  | SOLE |  | 57014 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 399095 | 3981 | SH |  | SOLE |  | 3981 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1082998 | 11599 | SH |  | SOLE |  | 11599 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 92881679 | 962006 | SH |  | SOLE |  | 961841 | 0 | 165 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 207003 | 2144 | SH |  | OTR |  | 2144 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 1173289 | 5763 | SH |  | SOLE |  | 5763 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 578486 | 1235 | SH |  | SOLE |  | 1235 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 52809463 | 218257 | SH |  | SOLE |  | 218219 | 0 | 38 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 118318 | 489 | SH |  | OTR |  | 489 | 0 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 578910 | 5792 | SH |  | SOLE |  | 5792 | 0 | 0 |
| ISHARES TR | SHRT NATG MUN ETF | 464288158 |  | 3912739 | 36643 | SH |  | SOLE |  | 36193 | 0 | 450 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 105051609 | 1615930 | SH |  | SOLE |  | 1615639 | 0 | 291 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 246127 | 3786 | SH |  | OTR |  | 3786 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 14786455 | 138853 | SH |  | SOLE |  | 137810 | 0 | 1043 |
| ISHARES TR | GOV/CRED BD ETF | 464288596 |  | 414784 | 3937 | SH |  | SOLE |  | 3937 | 0 | 0 |
| ISHARES TR | INTRM GOV CR ETF | 464288612 |  | 90551341 | 842832 | SH |  | SOLE |  | 842832 | 0 | 0 |
| ISHARES TR | INTRM GOV CR ETF | 464288612 |  | 123982 | 1154 | SH |  | OTR |  | 1154 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 218711 | 2505 | SH |  | SOLE |  | 2505 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 18763038 | 59484 | SH |  | SOLE |  | 59475 | 0 | 9 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 31227 | 99 | SH |  | OTR |  | 99 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 9103751 | 49098 | SH |  | SOLE |  | 49090 | 0 | 8 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 17800 | 96 | SH |  | OTR |  | 96 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 572851 | 4545 | SH |  | SOLE |  | 4545 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 11422110 | 14970 | SH |  | SOLE |  | 14904 | 0 | 66 |
| ELI LILLY  CO | COM | 532457108 |  | 21364 | 28 | SH |  | SOLE |  | 28 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 7113331 | 35995 | SH |  | SOLE |  | 35989 | 0 | 6 |
| M  T BK CORP | COM | 55261F104 |  | 15611 | 79 | SH |  | OTR |  | 79 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 16189470 | 28462 | SH |  | SOLE |  | 28457 | 0 | 5 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 29009 | 51 | SH |  | OTR |  | 51 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 615073 | 2024 | SH |  | SOLE |  | 2024 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 56575678 | 109230 | SH |  | SOLE |  | 107888 | 0 | 1342 |
| MICROSOFT CORP | COM | 594918104 |  | 106179 | 205 | SH |  | OTR |  | 205 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 16928266 | 101173 | SH |  | SOLE |  | 101155 | 0 | 18 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 34802 | 208 | SH |  | OTR |  | 208 | 0 | 0 |
| MORGAN STANLEY | COM  NEW | 617446448 |  | 12884979 | 81058 | SH |  | SOLE |  | 81044 | 0 | 14 |
| MORGAN STANLEY | COM  NEW | 617446448 |  | 25592 | 161 | SH |  | OTR |  | 161 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 503216 | 6666 | SH |  | SOLE |  | 6666 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 4772251 | 68439 | SH |  | SOLE |  | 68426 | 0 | 13 |
| NIKE INC | CL B | 654106103 |  | 10180 | 146 | SH |  | OTR |  | 146 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 228495 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 51740313 | 277309 | SH |  | SOLE |  | 277263 | 0 | 46 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 99447 | 533 | SH |  | OTR |  | 533 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 226401 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 24853460 | 88371 | SH |  | SOLE |  | 88357 | 0 | 14 |
| ORACLE CORP | COM | 68389X105 |  | 47248 | 168 | SH |  | OTR |  | 168 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 301395 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 333685 | 2376 | SH |  | SOLE |  | 2376 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 3460260 | 135803 | SH |  | SOLE |  | 135776 | 0 | 27 |
| PFIZER INC | COM | 717081103 |  | 7873 | 309 | SH |  | OTR |  | 309 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 587001 | 3619 | SH |  | SOLE |  | 3619 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 3902821 | 28693 | SH |  | SOLE |  | 28688 | 0 | 5 |
| PHILLIPS 66 | COM | 718546104 |  | 8025 | 59 | SH |  | OTR |  | 59 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 10723387 | 69791 | SH |  | SOLE |  | 69780 | 0 | 11 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 19667 | 128 | SH |  | OTR |  | 128 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 285972 | 1719 | SH |  | SOLE |  | 1285 | 0 | 434 |
| RTX CORPORATION | COM | 75513E101 |  | 11637466 | 69548 | SH |  | SOLE |  | 69535 | 0 | 13 |
| RTX CORPORATION | COM | 75513E101 |  | 24764 | 148 | SH |  | OTR |  | 148 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 29418229 | 44159 | SH |  | SOLE |  | 44159 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 151222 | 227 | SH |  | OTR |  | 227 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 603232 | 1697 | SH |  | SOLE |  | 179 | 0 | 1518 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 314141 | 6711 | SH |  | SOLE |  | 6711 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 1345873 | 31453 | SH |  | SOLE |  | 31453 | 0 | 0 |
| SPDR SER TR | PORTFOLIO INTRMD | 78464A375 |  | 418643 | 12353 | SH |  | SOLE |  | 12353 | 0 | 0 |
| SPDR SER TR | PORTFOLI S | 78464A805 |  | 848841 | 10525 | SH |  | SOLE |  | 10525 | 0 | 0 |
| SPDR SER TR | S 400 MDCP VAL | 78464A839 |  | 214113 | 2567 | SH |  | SOLE |  | 2567 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 740644 | 1242 | SH |  | SOLE |  | 1242 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 372102 | 4152 | SH |  | SOLE |  | 4152 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 585627 | 4208 | SH |  | SOLE |  | 4208 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 838559 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 6183910 | 25805 | SH |  | SOLE |  | 25801 | 0 | 4 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 11263 | 47 | SH |  | OTR |  | 47 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 1126152 | 20905 | SH |  | SOLE |  | 20905 | 0 | 0 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 |  | 276842 | 1795 | SH |  | SOLE |  | 1795 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 2116204 | 7508 | SH |  | SOLE |  | 7508 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 |  | 2094438 | 17694 | SH |  | SOLE |  | 17694 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 13978367 | 160284 | SH |  | SOLE |  | 160256 | 0 | 28 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 28256 | 324 | SH |  | OTR |  | 324 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 271707 | 735 | SH |  | SOLE |  | 735 | 0 | 0 |
| SYNOPSIS INC | COM | 871607107 |  | 5267925 | 10677 | SH |  | SOLE |  | 10675 | 0 | 2 |
| SYNOPSIS INC | COM | 871607107 |  | 11841 | 24 | SH |  | OTR |  | 24 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 4729348 | 32720 | SH |  | SOLE |  | 32714 | 0 | 6 |
| TJX COS INC NEW | COM | 872540109 |  | 9395 | 65 | SH |  | OTR |  | 65 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 375788 | 845 | SH |  | SOLE |  | 791 | 0 | 54 |
| TEXAS INSTRS INC | COM | 882508104 |  | 526018 | 2863 | SH |  | SOLE |  | 2863 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 5051968 | 10416 | SH |  | SOLE |  | 10414 | 0 | 2 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 9700 | 20 | SH |  | OTR |  | 20 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 319670 | 2060 | SH |  | SOLE |  | 2060 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 285147 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8381121 | 24272 | SH |  | SOLE |  | 24268 | 0 | 4 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 16574 | 48 | SH |  | OTR |  | 48 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 591940 | 8058 | SH |  | SOLE |  | 8058 | 0 | 0 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 258353 | 642 | SH |  | SOLE |  | 642 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | 500 VAL INDX FD | 921932703 |  | 279258 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 443710 | 5623 | SH |  | SOLE |  | 5623 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 3357569 | 23821 | SH |  | SOLE |  | 23821 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT TERM CORP | 92206C870 |  | 3394847 | 40362 | SH |  | SOLE |  | 40362 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 216116 | 2364 | SH |  | SOLE |  | 2364 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 1142942 | 3891 | SH |  | SOLE |  | 3891 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 881523 | 1838 | SH |  | SOLE |  | 1838 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 555553 | 2979 | SH |  | SOLE |  | 2979 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 596540 | 2346 | SH |  | SOLE |  | 2346 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 365488 | 8316 | SH |  | SOLE |  | 300 | 0 | 8016 |
| VISA INC | COM CL A | 92826C839 |  | 2128845 | 6236 | SH |  | SOLE |  | 6236 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 7186682 | 69733 | SH |  | SOLE |  | 69636 | 0 | 97 |
| WALMART INC | COM | 931142103 |  | 16180 | 157 | SH |  | OTR |  | 157 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 238938 | 1082 | SH |  | SOLE |  | 1082 | 0 | 0 |
| ZOESTIS INC | CL A | 98978V103 |  | 3185532 | 21771 | SH |  | SOLE |  | 21767 | 0 | 4 |
| ZOESTIS INC | CL A | 98978V103 |  | 6438 | 44 | SH |  | OTR |  | 44 | 0 | 0 |

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