# EDGAR Filing Document

**Accession Number:** 0000891160
**File Stem:** 0001752724-23-023460
**Filing Date:** 2023-2
**Character Count:** 59031
**Document Hash:** 047b20d8175f3a5610db7f492d667698
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-023460.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001752724-23-023460

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWARTZ INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000891160
- **IRS NUMBER:** 316456713
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07148
- **FILM NUMBER:** 23627092

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Ave Maria Bond Fund (Series ID: S000001552)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000004207 | Ave Maria Bond Fund | AVEFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Schwartz Investment Trust

- **b. Investment Company Act file number:** 811-07148

- **c. CIK number of Registrant:** 0000891160

- **d. LEI of Registrant:** 549300TMUIREL25T6R98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 West Ann Arbor Trail

  - **City:** Plymouth

  - **State:** MI

  - **Foreign country:** US

  - **Zip / Postal Code:** 48170

  - **Telephone number:** 248-644-8500

**Item A.2. Information about the Series.**

- **a. Name of Series:** AVE MARIA BOND FUND

- **b. EDGAR series identifier (if any):** S000001552

- **c. LEI of Series:** 549300X80BC7PADZZN77

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $513276724.28

**Total Liabilities:** $691478.48

**Net Assets:** $512585245.80

**Cash Not Reported:** $162500.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 500.38768000 | **1-Year:** 19423.41517700 | **5-Year:** 52667.37408300 | **10-Year:** 6080.15166700 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004207 | 2.86%                | 2.11%                | -0.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $13656725.49                               |
| Month 2  | $4231915.27              | $5245162.41                                |
| Month 3  | $-2327936.90             | $-3338443.49                               |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| S&P Global Inc                                        | S&P Global, Inc. 2.95%, Due 01/22/2027                                 | CUSIP: 78409VAM6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   3675000 | PA      | $3442717.95   | 0.67%             | 2027-01-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                 | PACCAR FINANCIAL CORP 1.800%, DUE 02/06/2025                           | CUSIP: 69371RQ66<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    350000 | PA      | $329558.58    | 0.06%             | 2025-02-06      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| The Coca-Cola Company                                 | Coca-Cola Company (The) 1.00%, Due 03/15/2028                          | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $837365.99    | 0.16%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 1.375%, due 01/31/2025                             | CUSIP: 912828Z52<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9403515.60   | 1.83%             | 2025-01-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                           | United Parcel Service 2.200%, Due 09/01/2024                           | CUSIP: 911312BT2<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |   3410000 | PA      | $3265530.54   | 0.64%             | 2024-09-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard, Inc. 2.950%, Due 11/21/2026                                | CUSIP: 57636QAG9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1887777.90   | 0.37%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments Inc 1.375% DUE 03/12/2025                            | CUSIP: 882508BH6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1083862.45   | 0.21%             | 2025-03-12      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                               | JM Smucker Company 3.375%, Due 12/15/2027                              | CUSIP: 832696AR9<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3474222.41   | 0.68%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc.                   | Broadridge Financial Solutions, Inc. 2.900%, Due 12/01/2029            | CUSIP: 11133TAD5<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $5519943.13   | 1.08%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 3.25%, Due 02/15/2030                              | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9591406.20   | 1.87%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corporation                               | Exxon Mobil Corporation 3.176%, Due 03/15/2024                         | CUSIP: 30231GAC6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |   1634000 | PA      | $1602054.68   | 0.31%             | 2024-03-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                      | Genuine Parts Company                                                  | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     40000 | NS      | $6940400.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                           | United Parcel Service, Inc. 2.800%, Due 11/15/2024                     | CUSIP: 911312AY2<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964175.38    | 0.19%             | 2024-11-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                  | Electronic Arts, Inc. 4.800%, due 3/01/2026                            | CUSIP: 285512AD1<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5487634.57   | 1.07%             | 2026-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Hormel Foods Corp                                     | HORMEL FOODS CORP 1.7%, DUE 06/03/2028                                 | CUSIP: 440452AH3<br>LEI: MSD54751OJP1FS2ND863 | Long             | DBT              | CORP              | US        |    895000 | PA      | $774137.23    | 0.15%             | 2028-06-03      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc.                                                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     37000 | NS      | $6113140.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                       | Ross Stores, Inc. 0.875%, DUE 04/15/2026                               | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   5255000 | PA      | $4617412.06   | 0.90%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                 | PACCAR FINL CORP 2.000%, Due 02/04/2027                                | CUSIP: 69371RQ82<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451894.84    | 0.09%             | 2027-02-04      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 2.250%, DUE 05/01/2023                         | CUSIP: 882508AW4<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2480594.50   | 0.48%             | 2023-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Company                             | Colgate-Palmolive Company 1.95%, Due 02/01/2023                        | CUSIP: 19416QEA4<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |   2663000 | PA      | $2657500.67   | 0.52%             | 2023-02-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania | PNC Bank 3.250%, due 06/01/2025                                        | CUSIP: 69353REQ7<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1528000 | PA      | $1475174.99   | 0.29%             | 2025-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fastenal Co.                                          | Fastenal Company                                                       | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    106000 | NS      | $5015920.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp                                           | MOODY'S CORP 4.875%, DUE 02/15/2024                                    | CUSIP: 615369AC9<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495618.97   | 0.29%             | 2024-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                     | Pioneer Natural Resources 1.900% DUE 08/15/2030                        | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1044944.50   | 0.20%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corporation                               | Exxon Mobil Corporation 2.019%, DUE 08/16/2024                         | CUSIP: 30231GBC5<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2535824.03   | 0.49%             | 2024-08-16      | Fixed         | 2.02%                 | No            |                  2 | On Loan: No      |
| Microsoft Corporation                                 | Microsoft Corporation 2.40%, Due 08/08/2026                            | CUSIP: 594918BR4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5364153.15   | 1.05%             | 2026-08-08      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | MasterCard, Inc. 3.375%, Due 04/01/2024                                | CUSIP: 57636QAB0<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3785469.91   | 0.74%             | 2024-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | KIMBERLY-CLARK CORPORATION 2.75% , DUE 02/15/2026                      | CUSIP: 494368BU6<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1266800.91   | 0.25%             | 2026-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                              | Visa Inc. 3.150%, Due 12/14/2025                                       | CUSIP: 92826CAD4<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3765158.51   | 0.73%             | 2025-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 2.900%, DUE 11/03/2027                         | CUSIP: 882508BC7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    740000 | PA      | $689783.05    | 0.13%             | 2027-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                 | PACCAR FINANCIAL CORP 1.100%, DUE 05/11/2026                           | CUSIP: 69371RR32<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    835000 | PA      | $744912.56    | 0.15%             | 2026-05-11      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                       | Ross Stores, Inc. 3.375% Due 09,15,2024                                | CUSIP: 778296AA1<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2912054.55   | 0.57%             | 2024-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.5%, Due 11/15/2025                               | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10068750.00  | 1.96%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                              | VISA, INC. 2.75%, DUE 09/15/2027                                       | CUSIP: 92826CAH5<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   6051000 | PA      | $5605705.58   | 1.09%             | 2027-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                       | Chevron Corporation 3.900%, DUE 11/15/2024                             | CUSIP: 166756AP1<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    550000 | PA      | $540889.70    | 0.11%             | 2024-11-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Hershey Co (The)                                      | Hershey Company (The) 2.05%, Due 11/15/2024                            | CUSIP: 427866BC1<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3043830.72   | 0.59%             | 2024-11-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | US Treasury Inflation Indexed 0.750%, DUE 07/15/2028                   | CUSIP: 9128284H0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2967675 | PA      | $2830014.29   | 0.55%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc                      | PNC Financial Services 3.15%, Due 05/19/27                             | CUSIP: 693475AX3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    400000 | PA      | $374142.04    | 0.07%             | 2027-05-19      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Truist Bank (North Carolina)                          | TRUIST BANK GLOBAL SUB NT 2.25% 2.25% due 03/11/2030                   | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    900000 | PA      | $729734.27    | 0.14%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | Lowe's Companies, Inc. 7.785% Due 03/01/2027                           | CUSIP: 548661DX2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    400000 | PA      | $332948.44    | 0.06%             | 2028-04-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                   | CISCO SYSTEMS INC 3.625%, DUE 03/04/2024                               | CUSIP: 17275RAN2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3444292.53   | 0.67%             | 2024-03-04      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                                            | Watsco, Inc.                                                           | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     24000 | NS      | $5985600.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Incorporated                                  | Hubbell, Inc. 3.15%, Due 08/15/2027                                    | CUSIP: 443510AH5<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |   4180000 | PA      | $3805720.42   | 0.74%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                   | Chevron Corporation 2.895%, DUE 03/03/2024                             | CUSIP: 166764BT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1824000 | PA      | $1783337.11   | 0.35%             | 2024-03-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Inflation-Protected Security 0.375%, due 01/15/27        | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4810806 | PA      | $4541012.49   | 0.89%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                   | Chevron Corporation 1.995%, Due 05/11/2027                             | CUSIP: 166764BX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5840000 | PA      | $5252870.23   | 1.02%             | 2027-05-11      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | US Treasury Inflation-Protected Notes 0.500%, DUE 04/15/2024           | CUSIP: 9128286N5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11814600 | PA      | $11494082.78  | 2.24%             | 2024-04-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Note 2.875, Due 11/30/2023                               | CUSIP: 9128285P1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9836718.80   | 1.92%             | 2023-11-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                   | CISCO SYSTEMS, INC. 2.50%, DUE 09/20/2026                              | CUSIP: 17275RBL5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   3080000 | PA      | $2871361.14   | 0.56%             | 2026-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hormel Foods Corp                                     | HORMEL FOODS CORP 1.8% DUE 06/11/2030                                  | CUSIP: 440452AF7<br>LEI: MSD54751OJP1FS2ND863 | Long             | DBT              | CORP              | US        |   5863000 | PA      | $4778814.98   | 0.93%             | 2030-06-11      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Company                             | Colgate-Palmolive Company 3.250%, Due 03/15/2024                       | CUSIP: 19416QEG1<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    795000 | PA      | $781987.83    | 0.15%             | 2024-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Hershey Co (The)                                      | Hershey Company (The) 0.90%, DUE 06/01/2025                            | CUSIP: 427866BF4<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   7450000 | PA      | $6804825.90   | 1.33%             | 2025-06-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | LOWE'S COMPANIES, INC. 3.100%, DUE 05/03/2027                          | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   9050000 | PA      | $8440792.92   | 1.65%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard Inc. 3.3% DUE 03/26/2027                                    | CUSIP: 57636QAR5<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   5199000 | PA      | $4959858.27   | 0.97%             | 2027-03-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                          | U.S. Treasury Inflation-Protected Security                             | CUSIP: 912810FR4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4742370 | PA      | $4749224.19   | 0.93%             | 2025-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated                     | McCormick & Company, Inc. 3.50%, Due 09/01/2023                        | CUSIP: 579780AJ6<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2473385.50   | 0.48%             | 2023-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                          | Truist Financial Corporation                                           | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    169000 | NS      | $7272070.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                          | US Treasury Inflation Indexed 0.625%, DUE 01/15/2026                   | CUSIP: 912828N71<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6270200 | PA      | $6023800.70   | 1.18%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| V.F. Corp                                             | VF Corporation 2.80%, Due 04/23/2027                                   | CUSIP: 918204BB3<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1088956.58   | 0.21%             | 2027-04-23      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc.                              | ILLINOIS TOOL WORKS, INC. 3.50%, DUE 03/01/2024                        | CUSIP: 452308AT6<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2412505.03   | 0.47%             | 2024-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Inflationary Note 0.375%, Due 07/15/2027                 | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7917715 | PA      | $7469791.89   | 1.46%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| V.F. Corp                                             | VF Corporation 2.4% DUE 04/23/2025                                     | CUSIP: 918204BA5<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |    650000 | PA      | $609928.22    | 0.12%             | 2025-04-23      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard, Inc. 3.500%, Due 02/26/2028                                | CUSIP: 57636QAJ3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    450000 | PA      | $427931.74    | 0.08%             | 2028-02-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                                | CHUBB INA HOLDINGS INC 3.35%, DUE 05/03/2026                           | CUSIP: 00440EAV9<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    500000 | PA      | $478796.71    | 0.09%             | 2026-05-03      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                                | TJX Companies, Inc. (The) 1.150%, Due 05/15/2028                       | CUSIP: 872540AV1<br>LEI: V167QI9I69W364E2DY52 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1672397.94   | 0.33%             | 2028-05-15      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                       | Chevron Corporation 1.995%, Due 05/11/2027                             | CUSIP: 166756AQ9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2931732.52   | 0.57%             | 2027-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc.                              | ILLINOIS TOOL WORKS INC 2.65%, DUE 11/15/2026                          | CUSIP: 452308AX7<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | DBT              | CORP              | US        |  10601000 | PA      | $9858339.21   | 1.92%             | 2026-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                          | U.S. Treasury Inflation-Protected Notes 2.00%, Due 01/15/2026          | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4503900 | PA      | $4502008.72   | 0.88%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                                | TJX Companies, Inc. 3.875%, Due 04/15/2030                             | CUSIP: 872540AT6<br>LEI: V167QI9I69W364E2DY52 | Long             | DBT              | CORP              | US        |   1312000 | PA      | $1224704.35   | 0.24%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc.                   | Broadridge Financial Solutions, Inc. 3.40%, Due 06/27/2026             | CUSIP: 11133TAC7<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $468990.51    | 0.09%             | 2026-06-27      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | STRYKER CORPORATION 3.375%, DUE 11/01/2025                             | CUSIP: 863667AH4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   1026000 | PA      | $990461.54    | 0.19%             | 2025-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Inflation-Protected Notes 0.50%, Due 01/15/2028          | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6040000 | PA      | $5685857.83   | 1.11%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                   | CISCO SYSTEMS, INC. 2.95%, DUE 02/28/2026                              | CUSIP: 17275RBC5<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954531.91    | 0.19%             | 2026-02-28      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                   | CISCO SYSTEMS, INC. 3.50%, DUE 06/15/2025                              | CUSIP: 17275RAW2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4862745.60   | 0.95%             | 2025-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | LOCKHEED MARTIN CORPORATION 3.55%, DUE 01/15/2026                      | CUSIP: 539830BH1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   3848000 | PA      | $3741623.85   | 0.73%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                   | Chevron Corporation                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $8974500.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                          | US Treasury Inflation Indexed 0.625%, Due 04/15/23                     | CUSIP: 9128284H0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6477894 | PA      | $6411723.35   | 1.25%             | 2023-04-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | STRYKER CORPORATION 3.50%, DUE 03/15/2026                              | CUSIP: 863667AN1<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   2904000 | PA      | $2790363.49   | 0.54%             | 2026-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | Stryker Corp. 3.375%, due 05/15/2024                                   | CUSIP: 863667AF8<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5372961.94   | 1.05%             | 2024-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                                | TJX Companies, Inc. 2.500%, Due 05/15/2023                             | CUSIP: 872540AP4<br>LEI: V167QI9I69W364E2DY52 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1982144.06   | 0.39%             | 2023-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania | PNC Bank 3.250%, Due 01/22/2028                                        | CUSIP: 69353RFJ2<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   4380000 | PA      | $4091857.41   | 0.80%             | 2028-01-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 1.75%, DUE 05/04/2030                          | CUSIP: 882508BJ2<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   4880000 | PA      | $4026545.63   | 0.79%             | 2030-05-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                           | ECOLAB, INC. 3.25%, DUE 12/01/2027                                     | CUSIP: 278865BD1<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   3676000 | PA      | $3426263.29   | 0.67%             | 2027-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corporation                               | Exxon Mobil Corporation 2.709%, Due 03/06/2025                         | CUSIP: 30231GAF9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    998000 | PA      | $954937.84    | 0.19%             | 2025-03-06      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | Lowe's Companies, Inc. 3.375%, Due 09/15/2025                          | CUSIP: 548661DH7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1442028.99   | 0.28%             | 2025-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                   | Chevron Corporation 2.954%, Due 05/16/2026                             | CUSIP: 166764BL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1377455.21   | 0.27%             | 2026-05-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | MASTERCARD 2.00%, DUE 03/03/2025                                       | CUSIP: 57636QAN4<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   5625000 | PA      | $5316837.02   | 1.04%             | 2025-03-03      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | United States Treasury Note/Bond 2.875%, Due 06/15/2025                | CUSIP: 91282CEU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9672656.20   | 1.89%             | 2025-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                             | F&G ANNUITIES & LIFE-WI                                                | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12240 | NS      | $244922.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                                | TJX Companies, Inc. (The) 2.250%, Due 09/15/2026                       | CUSIP: 872540AQ2<br>LEI: V167QI9I69W364E2DY52 | Long             | DBT              | CORP              | US        |   4226000 | PA      | $3870230.22   | 0.76%             | 2026-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Moodys Corp                                           | Moody's Corporation 3.250%, DUE 01/15/2028                             | CUSIP: 615369AM7<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |   5550000 | PA      | $5133262.60   | 1.00%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| 3M Company                                            | 3M Company 2.250%, DUE 03/15/2023                                      | CUSIP: 88579YAX9<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2983374.33   | 0.58%             | 2023-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | KIMBERLY-CLARK CORPORATION 2.6500%, DUE 03/01/2025                     | CUSIP: 494368BQ5<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1065583.08   | 0.21%             | 2025-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                       | Ross Stores, Inc. 4.70%, Due 04/15/2027                                | CUSIP: 778296AC7<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1280780.92   | 0.25%             | 2027-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                     | Pioneer Natural Resources 1.1255, due 01/15/26                         | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   2578000 | PA      | $2300281.80   | 0.45%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Hershey Co (The)                                      | Hershey Company (The) 3.375%, Due 05/15/2023                           | CUSIP: 427866AZ1<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497439.28    | 0.10%             | 2023-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 2.125%, Due 11/30/2024                             | CUSIP: 9128283J7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9577734.40   | 1.87%             | 2024-11-30      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                       | Chevron Corporation 1.018%, Due 08/12/2027                             | CUSIP: 166756AL0<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $988110.43    | 0.19%             | 2027-08-12      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Hershey Co (The)                                      | Hershey Company (The) 2.625%, Due 05/01/2023                           | CUSIP: 427866AT5<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   4536000 | PA      | $4500081.96   | 0.88%             | 2023-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Company                             | Colgate-Palmolive Co. 3.100%, Due 08/15/2027                           | CUSIP: 194162AN3<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4739257.50   | 0.92%             | 2027-08-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Microsoft Corporation                                 | Microsoft Corporation 3.30%, Due 02/06/2027                            | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5132410.10   | 1.00%             | 2027-02-06      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                           | Ecolab, Inc. 2.700%, DUE 11/01/2026                                    | CUSIP: 278865AV2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   6438000 | PA      | $5983033.56   | 1.17%             | 2026-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| First Horizon Corporation                             | First Horizon National Corporation                                     | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     85500 | NS      | $2094750.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                           | Ecolab, Inc. 1.30%, DUE 01/30/2031                                     | CUSIP: 278865BF6<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1107306.36   | 0.22%             | 2031-01-30      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Hershey Co (The)                                      | Hershey Company (The) 3.200% DUE 08/21/2025                            | CUSIP: 427866AU2<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |    645000 | PA      | $621742.58    | 0.12%             | 2025-08-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| RPM International Inc.                                | RPM INTERNATIONAL, INC. 3.75%, DUE 03/15/2027                          | CUSIP: 749685AV5<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1165355.88   | 0.23%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                                | CHUBB INA HOLDINGS INC 3.15%, DUE 3/15/2025                            | CUSIP: 00440EAS6<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |   4309000 | PA      | $4163763.99   | 0.81%             | 2025-03-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Moodys Corp                                           | Moody's Corporation 4.250%, due 02/01/29                               | CUSIP: 615369AP0<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4794258.00   | 0.94%             | 2029-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fidelity National Financial, Inc.                     | Fidelity National Financial, Inc.                                      | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    180000 | NS      | $6771600.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                        | Texas Pacific Land Corporation                                         | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |      4100 | NS      | $9611343.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                   | Cisco Systems, Inc. 2.600%, due 02/28/2023                             | CUSIP: 17275RBE1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2467197.09   | 0.48%             | 2023-02-28      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                           | United Parcel Service, Inc. 2.400%, DUE 11/15/2026                     | CUSIP: 911312AY2<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |   2869000 | PA      | $2665419.89   | 0.52%             | 2026-11-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                           | United Parcel Service, Inc. Class B                                    | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     25000 | NS      | $4346000.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                    | Coca-Cola European Partners plc                                        | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |    150000 | NS      | $8298000.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated                                             | Federated Government Obligations Tax-Managed Fund Institutional Shares | CUSIP: 60934N856<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |  21098416 | PA      | $21098415.60  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                         | U.S. Bancorp 3.375%, Due 02/05/2024                                    | CUSIP: 91159HHV5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982424.56    | 0.19%             | 2024-02-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | Lowe's Companies, Inc. 2.50%, Due 04/15/2026                           | CUSIP: 548661DM6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2799360.81   | 0.55%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | Lockheed Martin Corporation                                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     25000 | NS      | $12162250.00  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                              | Visa Inc. 1.90%, Due 04/15/2027                                        | CUSIP: 92826CAL6<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   3854000 | PA      | $3476516.81   | 0.68%             | 2027-04-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | US Treasury Inflation-Protected Note 0.125%, Due 04/15/2026            | CUSIP: 9128286N5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5681100 | PA      | $5345707.97   | 1.04%             | 2026-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| The Coca-Cola Company                                 | Coca-Cola Company (The) 2.125%, Due 09/06/2029                         | CUSIP: 191216CM0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1328972.28   | 0.26%             | 2029-09-06      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Hershey Co (The)                                      | Hershey Company (The) 2.300%, DUE 08/15/2026                           | CUSIP: 427866AX6<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1840131.34   | 0.36%             | 2026-08-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| The Coca-Cola Company                                 | Coca-Cola Company (The) 1.45%, Due 06/01/2027                          | CUSIP: 191216CU2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   7952000 | PA      | $7031761.32   | 1.37%             | 2027-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 1.50%, due 02/15/2030                              | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $8544531.20   | 1.67%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Medtronic PLC                                         | Medtronic plc                                                          | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |     64000 | NS      | $4974080.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation                            | Kimberly-Clark Corp. 2.400%, due 06/01/2023                            | CUSIP: 494368BJ1<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |    440000 | PA      | $435575.64    | 0.08%             | 2023-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | Lowe's Cos, Inc. 3.125%, Due 09/15/2024                                | CUSIP: 548661DD6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    800000 | PA      | $774464.19    | 0.15%             | 2024-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 2.250%, DUE 09/04/2029                         | CUSIP: 882508BG8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   1112000 | PA      | $963884.85    | 0.19%             | 2029-09-04      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | Lowe's Companies, Inc. 1.70%, Due 10/15/2030                           | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    925000 | PA      | $725543.78    | 0.14%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | Kimberly-Clark Corporation 1.05%, Due 09/15/2027                       | CUSIP: 494368CC5<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   5047000 | PA      | $4310287.04   | 0.84%             | 2027-09-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                      | Genuine Parts Company 1.875%, Due 11/01/2030                           | CUSIP: 372460AA3<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    775000 | PA      | $598614.59    | 0.12%             | 2030-11-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corporation                               | Exxon Mobil Corporation                                                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    100000 | NS      | $11030000.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Ave Maria Bond Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** VP, Fund Accounting