Chestnut Street Exchange Fund
(A California Limited Partnership)
Schedule of Investments
as of March 31, 2024 (Unaudited)
COMMON STOCKS - 98.8% | | Shares | | | Value | |
Banks - 8.8% Bank of America Corp. | | | 39,255 | | | $ | 1,488,550 | |
| JPMorgan Chase & Co. | | | 52,441 | | | | 10,503,932 | |
| Wells Fargo & Co. | | | 55,125 | | | | 3,195,045 | |
| | | | | | | | 15,187,527 | |
Capital Goods - 6.2% 3M Co. | | | 18,556 | | | | 1,968,235 | |
| Emerson Electric Co. | | | 62,908 | | | | 7,135,025 | |
| General Electric Co. | | | 9,415 | | | | 1,652,615 | |
| | | | | | | | 10,755,875 | |
Consumer Discretionary Distribution & Retail - 5.4% Amazon.com, Inc.(a) | | | 16,666 | | | | 3,006,213 | |
| Home Depot, Inc. | | | 16,394 | | | | 6,288,738 | |
| | | | | | | | 9,294,951 | |
Consumer Durables & Apparel - 0.9% NIKE, Inc. - Class B | | | 17,287 | | | | 1,624,632 | |
Consumer Staples Distribution & Retail - 1.6% Walmart, Inc. | | | 44,853 | | | | 2,698,805 | |
Energy - 5.0% Exxon Mobil Corp. | | | 47,783 | | | | 5,554,296 | |
| Schlumberger NV | | | 57,711 | | | | 3,163,140 | |
| | | | | | | | 8,717,436 | |
Financial Services - 5.1% Moody's Corp. | | | 22,575 | | | | 8,872,652 | |
Food, Beverage & Tobacco - 4.4% Altria Group, Inc. | | | 12,580 | | | | 548,740 | |
| Mondelez International, Inc. - Class A | | | 8,737 | | | | 611,590 | |
| PepsiCo, Inc. | | | 30,497 | | | | 5,337,279 | |
| Philip Morris International, Inc. | | | 12,580 | | | | 1,152,580 | |
| | | | | | | | 7,650,189 | |
Health Care Equipment & Services - 5.4% Abbott Laboratories | | | 79,901 | | | | 9,081,547 | |
| GE HealthCare Technologies, Inc. | | | 3,138 | | | | 285,276 | |
| | | | | | | | 9,366,823 | |
Household & Personal Products - 0.3% Kenvue, Inc. | | | 26,378 | | | | 566,072 | |
Materials - 7.2% Air Products and Chemicals, Inc. | | | 28,579 | | | | 6,923,834 | |
| Cabot Corp. | | | 60,180 | | | | 5,548,596 | |
| | | | | | | | 12,472,430 | |
Media & Entertainment - 10.7% Alphabet, Inc. - Class A(a) | | | 42,416 | | | | 6,401,847 | |
| Comcast Corp. - Class A | | | 97,417 | | | | 4,223,027 | |
| Paramount Global - Class B | | | 41,580 | | | | 489,397 | |
| Walt Disney Co. | | | 60,469 | | | | 7,398,986 | |
| | | | | | | | 18,513,257 | |
Pharmaceuticals, Biotechnology & Life Sciences - 8.2% Johnson & Johnson | | | 43,842 | | | | 6,935,366 | |
| Merck & Co., Inc. | | | 54,860 | | | | 7,238,777 | |
| | | | | | | | 14,174,143 | |
Semiconductors & Semiconductor Equipment - 4.0% Intel Corp. | | | 157,922 | | | | 6,975,415 | |
Software & Services - 14.5% Check Point Software Technologies Ltd.(a) | | | 31,774 | | | | 5,211,254 | |
| Microsoft Corp. | | | 32,788 | | | | 13,794,568 | |
| Oracle Corp. | | | 49,558 | | | | 6,224,981 | |
| | | | | | | | 25,230,803 | |
Technology Hardware & Equipment - 5.9% Apple, Inc. | | | 53,471 | | | | 9,169,207 | |
| Cisco Systems, Inc. | | | 19,716 | | | | 984,026 | |
| | | | | | | | 10,153,233 | |
Transportation - 5.2% Union Pacific Corp. | | | 36,354 | | | | 8,940,539 | |
TOTAL COMMON STOCKS (Cost $18,888,442) | | | | | | | 171,194,782 | |
TOTAL INVESTMENTS - 98.8% (Cost $18,888,442) | | | | | | $ | 171,194,782 | |
| Other Assets in Excess of Liabilities - 1.2% | | | | | | | 2,005,597 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 173,200,379 | |
Percentages are stated as a percent of net assets. | | | | | | | | |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
NV - Naamloze Vennootschap
(a) Non-income producing security.
Chestnut Street Exchange Fund
| | Level 1 | | Level 2 | | Level 3 | | | Total | |
| Assets: | | | | | | | | | | | | | |
| Common Stocks | | | 171,194,782 | | | | | – | | | | 171,194,782 | |
| Total Assets | | | 171,194,782 | | | | | – | | | | 171,194,782 | |
Refer to the Schedule of Investments for industry classifications. | | | | | | | | | | | | | |
