# EDGAR Filing Document

**Accession Number:** 0000891160
**File Stem:** 0001752724-25-203748
**Filing Date:** 2025-8
**Character Count:** 78388
**Document Hash:** 46fc494600ef427ef655e25690a07679
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203748.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203748

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWARTZ INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000891160

**ORGANIZATION NAME:**
- **EIN:** 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:** 251253484

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $753173968.39

**Total Liabilities:** $2782106.50

**Net Assets:** $750391861.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 982.60069716 | **1-Year:** 20271.02839067 | **5-Year:** 83083.69150414 | **10-Year:** 35669.91217033 | **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 | -0.15%               | -0.19%               | 1.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1.56                    | $-3003488.32                               |
| Month 2  | $0.00                    | $-4125503.23                               |
| Month 3  | $0.00                    | $5448447.13                                |

### 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      | $3611739.87   | 0.48%             | 2027-01-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 3.65%, Due 08/16/2032                          | CUSIP: 882508BP8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   1293000 | PA      | $1224582.88   | 0.16%             | 2032-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | MASTERCARD INCORPORATED 3.35%, Due 03/26/2030                          | CUSIP: 57636QAP9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1446759.23   | 0.19%             | 2030-03-26      | Fixed         | 3.35%                 | 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      | $1971367.48   | 0.26%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | UNITED STATES TREAS NTS  4% 02/29/28                                   | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10074609.40  | 1.34%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 1.25%, Due 08/15/2030                                 | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2238866.45   | 0.30%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                               | J.M. Smucker Company (The) 3.375%, Due 12/15/2027                      | CUSIP: 832696AR9<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3681114.00   | 0.49%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | LOCKHEED MARTIN CORPORATION 4.75%, DUE 02/15/2034                      | CUSIP: 539830CA5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    650000 | PA      | $646324.89    | 0.09%             | 2034-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                              | O'Reilly Automotive, Inc 3.90%, Due 06/01/2029                         | CUSIP: 67103HAH0<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   2767000 | PA      | $2718302.49   | 0.36%             | 2029-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 4.500%, Due 05/23/2030                         | CUSIP: 882508CK8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3031624.05   | 0.40%             | 2030-05-23      | Fixed         | 4.50%                 | 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        |   6800000 | PA      | $6368100.92   | 0.85%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | Stryker Corp. 3.65%, due 03/07/2028                                    | CUSIP: 863667AQ4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493503.98    | 0.07%             | 2028-03-07      | Fixed         | 3.65%                 | 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      | $9816015.60   | 1.31%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                      | Genuine Parts Company                                                  | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     77000 | NS      | $9340870.00   | 1.24%             |  |  |  | No            |                  1 | 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      | $5503365.12   | 0.73%             | 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        |   1850000 | PA      | $1729210.58   | 0.23%             | 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        |     47000 | NS      | $9758140.00   | 1.30%             |  |  |  | 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      | $5104867.33   | 0.68%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                 | PACCAR FINL CORP 2.000%, Due 02/04/2027                                | CUSIP: 69371RR65<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484748.83    | 0.06%             | 2027-02-04      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                           | Ecolab, Inc. 2.125%, Due 02/01/2032                                    | CUSIP: 278865BM1<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   4228000 | PA      | $3648862.85   | 0.49%             | 2032-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.25%, Due 6/30/2029                               | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10183984.40  | 1.36%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                     | Pioneer Natural Resources 7.2% Due 01/15/2028                          | CUSIP: 723787AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1936000 | PA      | $2073064.97   | 0.28%             | 2028-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                 | Lowe's Companies, Inc. 3.75%, Due 04/01/2032                           | CUSIP: 548661EH6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3773569.60   | 0.50%             | 2032-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International, Inc. 2.700%, due  08/15/2029                  | CUSIP: 438516BU9<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    650000 | PA      | $613142.29    | 0.08%             | 2029-08-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fastenal Co.                                          | Fastenal Company                                                       | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    212000 | NS      | $8904000.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International, Inc. 4.95% Due 02/15/2028                     | CUSIP: 438516CJ3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    870000 | PA      | $888722.23    | 0.12%             | 2028-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                     | Pioneer Natural Resources 1.900% DUE 08/15/2030                        | CUSIP: 723787AQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $469633.68    | 0.06%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 4.25% Due 05/01/2029                                  | CUSIP: 78409VBG8<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    427000 | PA      | $426699.37    | 0.06%             | 2029-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                                | CHUBB INA HLDGS INC SR 1.375%, DUE 09/15/2030                          | CUSIP: 171239AG1<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $4955077.03   | 0.66%             | 2030-09-15      | Fixed         | 1.38%                 | 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        |   2648000 | PA      | $2621165.78   | 0.35%             | 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      | $3882571.94   | 0.52%             | 2025-12-14      | Fixed         | 3.15%                 | 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      | $813342.74    | 0.11%             | 2026-05-11      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                      | Genuine Parts Company 6.875% Due 11/01/2033                            | CUSIP: 372460AD7<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1265893.40   | 0.17%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International 1.75%, Due 09/01/2031                          | CUSIP: 438516CF1<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    600000 | PA      | $512163.83    | 0.07%             | 2031-09-01      | Fixed         | 1.75%                 | 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      | $10005175.80  | 1.33%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 2.50%, Due 12/01/2029                                 | CUSIP: 78409VAP9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    700000 | PA      | $650635.29    | 0.09%             | 2029-12-01      | Fixed         | 2.50%                 | 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      | $5905230.02   | 0.79%             | 2027-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International, Inc. 5.00% Due 02/15/2023                     | CUSIP: 438516CK0<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   3512000 | PA      | $3569059.78   | 0.48%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | US Treasury Inflation Indexed 0.750%, DUE 07/15/2028                   | CUSIP: 912828Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3194625 | PA      | $3155618.44   | 0.42%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Carlisle Companies Inc.                               | Carlisle Co. Inc 2.20%, Due 03/01/2032                                 | CUSIP: 142339AL4<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |   6550000 | PA      | $5536482.54   | 0.74%             | 2032-03-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                     | PNC Financial Services 3.15%, Due 05/19/27                             | CUSIP: 693475AT2<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392401.83    | 0.05%             | 2027-05-19      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Truist Bank (North Carolina)                          | Truist Financial Corp. 2.25% due 03/11/2030                            | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    900000 | PA      | $810103.24    | 0.11%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                               | The JM Smucker Company 2.125% Due 03/15/2032                           | CUSIP: 832696AU2<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1229525.35   | 0.16%             | 2032-03-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | UNITED STATES TREAS NTS 0.25%, Due 10/31/2025                          | CUSIP: 91282CAT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9866601.60   | 1.31%             | 2025-10-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.125%, Due 07/31/2028                             | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10119140.60  | 1.35%             | 2028-07-31      | Fixed         | 4.12%                 | 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      | $370053.02    | 0.05%             | 2028-04-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | United States Treasury Note/Bond 4.625%, Due 09/30/30                  | CUSIP: 91282CHZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10374609.40  | 1.38%             | 2030-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Watsco Inc                                            | Watsco, Inc.                                                           | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     25000 | NS      | $11040500.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                           | EcoLab Inc 4.8% DUE 03/24/2030                                         | CUSIP: 278865BE9<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   1745000 | PA      | $1787559.35   | 0.24%             | 2030-03-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Hubbell Incorporated                                  | Hubbell, Inc. 3.15%, Due 08/15/2027                                    | CUSIP: 443510AH5<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |   5632000 | PA      | $5496325.12   | 0.73%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                | Diamondback Energy, Inc.                                               | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     45200 | NS      | $6210480.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                              | O'Reilly Automotive, Inc 4.70%, Due 06/15/2032                         | CUSIP: 67103HAL1<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   8150000 | PA      | $8092804.36   | 1.08%             | 2032-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 5.25%, Due 09/15/2033                                 | CUSIP: 78409VBQ6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   2213000 | PA      | $2298825.23   | 0.31%             | 2033-09-15      | Fixed         | 5.25%                 | 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        |   5178732 | PA      | $5107675.96   | 0.68%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | Styker Corporation 4.85% Due 12/08/2028                                | CUSIP: 863667BC4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    325000 | PA      | $331281.67    | 0.04%             | 2028-12-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                         | Chevron Corporation 1.995%, Due 05/11/2027                             | CUSIP: 166764BX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1448432.10   | 0.19%             | 2027-05-11      | Fixed         | 2.00%                 | 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      | $3025570.64   | 0.40%             | 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        |   5100000 | PA      | $4533026.78   | 0.60%             | 2030-06-11      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                           | United Parcel Service, Inc. 5.150%, DUE 05/22/2034                     | CUSIP: 911312CD6<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3740262.53   | 0.50%             | 2034-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International 1.10%, Due 03/01/2027                          | CUSIP: 438516CE4<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    650000 | PA      | $619011.81    | 0.08%             | 2027-03-01      | Fixed         | 1.10%                 | 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      | $8874489.10   | 1.18%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | KIMBERLY-CLARK CORPORATION 2.00%, Due 11/02/2031                       | CUSIP: 494368CD3<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   5530000 | PA      | $4875787.40   | 0.65%             | 2031-11-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard Inc. 3.3% DUE 03/26/2027                                    | CUSIP: 57636QAR5<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2126729.73   | 0.28%             | 2027-03-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                | Truist Financial Corporation                                           | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    225000 | NS      | $9672750.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                                 | COLGATE-PALMOLIVE COMPANY 3.25%, DUE 08/15/2032                        | CUSIP: 194162AP8<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2552922.10   | 0.34%             | 2032-08-15      | Fixed         | 3.25%                 | No            |                  2 | 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        |   6749700 | PA      | $6712657.24   | 0.89%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard Incorporated 2.00%, Due 11/18/2031                          | CUSIP: 57636QAU8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   6217000 | PA      | $5417401.73   | 0.72%             | 2031-11-18      | Fixed         | 2.00%                 | 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        |   8523255 | PA      | $8407776.15   | 1.12%             | 2027-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                            | L3 Harris Technologies, Inc. 5.40%, Due 07/31/2033                     | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   5147000 | PA      | $5290101.94   | 0.70%             | 2033-07-31      | Fixed         | 5.40%                 | 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      | $444383.95    | 0.06%             | 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        |    650000 | PA      | $644968.16    | 0.09%             | 2026-05-03      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Hershey Co. (The)                                     | Hershey Company (The) 2.45%, DUE 11/15/2029                            | CUSIP: 427866BD9<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   4875000 | PA      | $4535405.50   | 0.60%             | 2029-11-15      | Fixed         | 2.45%                 | 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        |   3276000 | PA      | $3025993.40   | 0.40%             | 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      | $2771057.90   | 0.37%             | 2027-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 2.45%, Due 03/01/2027                                 | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2919059.40   | 0.39%             | 2027-03-01      | Fixed         | 2.45%                 | 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      | $10413041.09  | 1.39%             | 2026-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 1.900%, Due 09/15/2031                         | CUSIP: 882508BL7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1743370.22   | 0.23%             | 2031-09-15      | Fixed         | 1.90%                 | 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        |   4848330 | PA      | $4856762.02   | 0.65%             | 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        |   2902000 | PA      | $2862607.12   | 0.38%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                    | Coca-Cola Company /The 2.25%, due  01/05/2032                          | CUSIP: 191216DP2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    450000 | PA      | $398241.57    | 0.05%             | 2032-01-05      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Hershey Co. (The)                                     | Hershey Company (The) 4.25%, DUE 05/04/2028                            | CUSIP: 427866BH0<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1360675.45   | 0.18%             | 2028-05-04      | Fixed         | 4.25%                 | 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        |    600000 | PA      | $592773.17    | 0.08%             | 2026-06-27      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Cintas Corporation No. 2                              | Cintas Corp No 2 4.00%, Due 05/01/2032                                 | CUSIP: 17252MAQ3<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |   1874000 | PA      | $1811984.79   | 0.24%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc.                   | Broadridge Financial Solutions, Inc. 2.60%, Due 05/01/2031             | CUSIP: 11133TAE3<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |   5319000 | PA      | $4740889.96   | 0.63%             | 2031-05-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                              | SBA Communications Corporation                                         | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     15000 | NS      | $3522600.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                                   | STRYKER CORPORATION 3.375%, DUE 11/01/2025                             | CUSIP: 863667AH4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   1026000 | PA      | $1021845.75   | 0.14%             | 2025-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                   | Analog Devices Inc 5.05%, Due 04/01/2034                               | CUSIP: 032654BB0<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |   4230000 | PA      | $4336146.39   | 0.58%             | 2034-04-01      | Fixed         | 5.05%                 | 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        |   6501950 | PA      | $6380792.47   | 0.85%             | 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        |   2770000 | PA      | $2743737.41   | 0.37%             | 2026-02-28      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                       | Ross Stores Inc 1.875%, Due 04/15/2031                                 | CUSIP: 778296AG8<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   2165000 | PA      | $1854087.92   | 0.25%             | 2031-04-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Moodys Corp.                                          | Moody's Corporation 4.25% Due 08/08/2032                               | CUSIP: 615369AZ8<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |   2853000 | PA      | $2787669.44   | 0.37%             | 2032-08-08      | Fixed         | 4.25%                 | 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      | $3835189.85   | 0.51%             | 2026-01-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.125, Due 11/15/2032                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10069140.60  | 1.34%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                         | Chevron Corporation                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $7159500.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 1.25%, Due 09/30/2028                              | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9249609.40   | 1.23%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                       | Chevron Corporation 3.25%, DUE 10/15/2029                              | CUSIP: 166756AS5<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |   7685000 | PA      | $7453157.69   | 0.99%             | 2029-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International, Inc. 4.950%, due 09/01/2031                   | CUSIP: 438516CR5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   4165000 | PA      | $4277718.73   | 0.57%             | 2031-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                 | Colgate-Palmolive Company 4.60%, Due 03/01/2033                        | CUSIP: 194162AS2<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |   2720000 | PA      | $2746636.74   | 0.37%             | 2033-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard Incorporated 4.85%, Due 03/09/2033                          | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4179054.56   | 0.56%             | 2033-03-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | STRYKER CORPORATION 3.50%, DUE 03/15/2026                              | CUSIP: 863667AN1<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   1404000 | PA      | $1395109.10   | 0.19%             | 2026-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                            | L3 Harris Technologies, Inc. 5.25%, Due 06/01/2031                     | CUSIP: 502431AT6<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   1147000 | PA      | $1182933.04   | 0.16%             | 2031-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co                                     | Tractor Supply Co. 5.25%, Due 5/15/2033                                | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1633595.76   | 0.22%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                            | L3 Harris Technologies, Inc. 5.05%, Due 06/01/2029                     | CUSIP: 502431AS8<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1534539.23   | 0.20%             | 2029-06-01      | Fixed         | 5.05%                 | 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      | $4272393.08   | 0.57%             | 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        |    380000 | PA      | $338655.03    | 0.05%             | 2030-05-04      | Fixed         | 1.75%                 | 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      | $1495701.86   | 0.20%             | 2025-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                  | Amphenol Corporation 2.80%, DUE 02/15/2030                             | CUSIP: 032095AJ0<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1875387.02   | 0.25%             | 2030-02-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                   | Analog Devices Inc 2.10%, Due 10/01/2031                               | CUSIP: 032654AV7<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3010484.59   | 0.40%             | 2031-10-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | LOCKHEED MARTIN CORPORATION 5.10%, DUE 11/15/2027                      | CUSIP: 539830BV0<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   3057000 | PA      | $3133755.83   | 0.42%             | 2027-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | Kimberly-Clark Corporation 3.95%, Due 11/01/2028                       | CUSIP: 494368BY8<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1660504.95   | 0.22%             | 2028-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                 | PACCAR FINANCIAL CORP 4.60%, DUE 01/10/2028                            | CUSIP: 69371RS31<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1063424.09   | 0.14%             | 2028-01-10      | Fixed         | 4.60%                 | No            |                  2 | 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        |   3226000 | PA      | $3159507.66   | 0.42%             | 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        |   4706000 | PA      | $4608988.07   | 0.61%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | Lockheed Martin Corporation 4.45%, Due 05/15/2028                      | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011228.60   | 0.13%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                           | UNITED PARCEL SERVICE INCORPORATED 4.45%, DUE 04/01/2030               | CUSIP: 911312BY1<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    740000 | PA      | $748591.80    | 0.10%             | 2030-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | United States Treasury Note 4.5%, Due 11/15/2023                       | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10273046.90  | 1.37%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | Kimberly-Clark Corporation 4.50%, Due 02/16/2033                       | CUSIP: 494368CE1<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500656.21    | 0.07%             | 2033-02-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                  | ELECTRONIC ARTS, INC. 1.85%, DUE 02/15/2031                            | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |   6486000 | PA      | $5632238.48   | 0.75%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | Stryker Corp. 1.95%, Due 06/15/2030                                    | CUSIP: 863667AY7<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   3795000 | PA      | $3384365.78   | 0.45%             | 2030-06-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International 4.500%, Due 01/15/2034                         | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1891028.03   | 0.25%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                            | L3 Harris Technologies, Inc. 1.800%, Due 01/15/2031                    | CUSIP: 502431AN9<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |   4809000 | PA      | $4157438.06   | 0.55%             | 2031-01-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.00, Due 10/31/2029                               | CUSIP: 91282CFT3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10094140.60  | 1.35%             | 2029-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                     | Exxon Mobil Corporation 2.44%, DUE 08/16/2029                          | CUSIP: 30231GBE1<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    546000 | PA      | $514267.74    | 0.07%             | 2029-08-16      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                                | CHUBB INA HOLDINGS, INC. 5.00%, DUE 03/15/2034                         | CUSIP: 171239AK2<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |   6600000 | PA      | $6724131.81   | 0.90%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                           | Zoetis Inc. 2.0%, Due 05/15/2030                                       | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $943488.25    | 0.13%             | 2030-05-15      | Fixed         | 2.00%                 | 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      | $1300286.20   | 0.17%             | 2027-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                                | TJX COMPANIES, INC. 1.600%, Due 05/15/2031                             | CUSIP: 872540AW9<br>LEI: V167QI9I69W364E2DY52 | Long             | DBT              | CORP              | US        |   5263000 | PA      | $4543626.27   | 0.61%             | 2031-05-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | Kimberly-Clark Corporation 3.10%, Due 3/26/2030                        | CUSIP: 494368CB7<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |    609000 | PA      | $580398.74    | 0.08%             | 2030-03-26      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Company                     | Pioneer Natural Resources 1.1255, due 01/15/26                         | CUSIP: 723787AT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2578000 | PA      | $2532996.60   | 0.34%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                          | Honeywell International, Inc. 4.750%, due  02/01/2032                  | CUSIP: 438516CZ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5045813.80   | 0.67%             | 2032-02-01      | Fixed         | 4.75%                 | 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      | $1081222.33   | 0.14%             | 2027-08-12      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 2.90%, Due 03/01/2032                                 | CUSIP: 78409VBK9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2000451.29   | 0.27%             | 2032-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                   | Stryker Corporation 4.625%, Due 09/11/2034                             | CUSIP: 863667BF7<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   2921000 | PA      | $2876879.78   | 0.38%             | 2034-09-11      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                 | Colgate-Palmolive Co. 3.100%, Due 08/15/2027                           | CUSIP: 194162AN3<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4917493.25   | 0.66%             | 2027-08-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                        | S&P Global, Inc. 4.75%, Due 08/01/2028                                 | CUSIP: 78409VBF0<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1130609.25   | 0.15%             | 2028-08-01      | Fixed         | 4.75%                 | 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      | $6313718.08   | 0.84%             | 2026-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                            | L3 Harris Technologies, Inc. 5.35%, Due 06/01/2034                     | CUSIP: 502431AU3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    900000 | PA      | $919934.52    | 0.12%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corporation                            | Kimberly-Clark Corporation 3.20%, Due 4/25/2029                        | CUSIP: 494368BZ5<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   1397000 | PA      | $1354928.62   | 0.18%             | 2029-04-25      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                           | Ecolab, Inc. 1.30%, DUE 01/30/2031                                     | CUSIP: 278865BF6<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   2705000 | PA      | $2299303.02   | 0.31%             | 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      | $643765.32    | 0.09%             | 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      | $1234451.86   | 0.16%             | 2027-03-15      | Fixed         | 3.75%                 | 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        |   5289000 | PA      | $5286770.47   | 0.70%             | 2029-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 3.75%, Due 05/31/2030                              | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9976562.50   | 1.33%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co                                     | Tractor Supply Company 1.75% Due 11/01/2030                            | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1322094.74   | 0.18%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fidelity National Financial, Inc.                     | Fidelity National Financial, Inc.                                      | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    165000 | NS      | $9249900.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                        | Texas Pacific Land Corporation                                         | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $7394730.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Incorporated                                  | Hubbell, Inc. 2.30%, Due 03/15/2031                                    | CUSIP: 443510AK8<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1122441.81   | 0.15%             | 2031-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.25%, Due 01/31/2026                              | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9999316.40   | 1.33%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | UNITED STATES TREASURY NOTE 4.375%, Due 01/31/2032                     | CUSIP: 91282CMK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10237109.40  | 1.36%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 4.900%, Due 03/14/2033                         | CUSIP: 882508CB8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1434444.44   | 0.19%             | 2033-03-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                  | Amphenol Corporation 4.35%, DUE 06/01/2029                             | CUSIP: 032095AH4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   5950000 | PA      | $5976542.77   | 0.80%             | 2029-06-01      | Fixed         | 4.35%                 | 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        |   1869000 | PA      | $1826127.33   | 0.24%             | 2026-11-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                    | Coca-Cola Europacific Partners plc                                     | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |    150000 | NS      | $13908000.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust                        | Federated Government Obligations Tax-Managed Fund Institutional Shares | CUSIP: 60934N856<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |  36468801 | PA      | $36468800.69  | 4.86%             |  |  |  | No            |                  1 | 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      | $2955133.92   | 0.39%             | 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        |     17000 | NS      | $7873380.00   | 1.05%             |  |  |  | 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      | $3720639.15   | 0.50%             | 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: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6115550 | PA      | $6047713.63   | 0.81%             | 2026-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                    | Coca-Cola Company (The) 2.125%, Due 09/06/2029                         | CUSIP: 191216CM0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1438615.61   | 0.19%             | 2029-09-06      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | LOCKHEED MARTIN CORPORATION 1.85%, DUE 06/15/2030                      | CUSIP: 539830BP3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $889399.48    | 0.12%             | 2030-06-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | UNITED STATES TREAS NTS 4.125% Due 07/31/2031                          | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10113671.90  | 1.35%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Money Market Obligations Trust                        | Federated Treasury Obligations Fund Institutional Shares               | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |  10547449 | PA      | $10547448.90  | 1.41%             |  |  |  | No            |                  1 | 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      | $1961708.50   | 0.26%             | 2026-08-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                    | Coca-Cola Company (The) 1.45%, Due 06/01/2027                          | CUSIP: 191216CU2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   5452000 | PA      | $5202945.77   | 0.69%             | 2027-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                               | Mastercard Incorporated 4.875%, Due 05/09/2034                         | CUSIP: 57636QAZ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2526319.65   | 0.34%             | 2034-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                     | Exxon Mobil Corporation 2.61%, Due 10/15/2030                          | CUSIP: 30231GBN1<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    180000 | PA      | $166525.71    | 0.02%             | 2030-10-15      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| The Western Union Company                             | Western Union Company (The)                                            | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |   1250000 | NS      | $10525000.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated                        | Texas Instruments, Inc. 4.850%, Due 02/08/2034                         | CUSIP: 882508CH5<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   2947000 | PA      | $2993211.29   | 0.40%             | 2034-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | UNITED STATES TREAS NTS 4.00% Due 02/28/2030                           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10095703.10  | 1.35%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                              | O'Reilly Automotive, Inc 4.20%, Due 04/01/2030                         | CUSIP: 67103HAJ6<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395919.70    | 0.05%             | 2030-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                           | Lockheed Martin Corporation 5.25%, Due 01/15/2033                      | CUSIP: 539830BW8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2650265.65   | 0.35%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | U.S. Treasury Notes 4.125%, Due 9/30/2027                              | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10089843.80  | 1.34%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                    | Coca-Cola Company (The) 2.00%, Due 03/05/2031                          | CUSIP: 191216DK3<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1111095.41   | 0.15%             | 2031-03-05      | Fixed         | 2.00%                 | 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      | $803994.03    | 0.11%             | 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        |   1900000 | PA      | $1785323.43   | 0.24%             | 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        |   2429000 | PA      | $2093297.53   | 0.28%             | 2030-11-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                     | Exxon Mobil Corporation                                                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     80000 | NS      | $8624000.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                                  | AMPHENOL CORP 2.2%, DUE 09/15/2031                                     | CUSIP: 032095AL5<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   6460000 | PA      | $5655084.58   | 0.75%             | 2031-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** VP, Fund Accounting