Chestnut Street Exchange Fund (CHNTX) NPORT-P Chestnut Street Exchange Fund (Sep 2024 report)

csef

Chestnut Street Exchange Fund
(A California Limited Partnership)
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 98.7%	Shares		Value
Banks - 7.4%
Bank of America Corp.		39,255	$	1,557,639
JPMorgan Chase & Co.		40,141		8,464,131
Wells Fargo & Co.		55,125		3,114,011
				13,135,781
Capital Goods - 6.7%
3M Co.		18,556		2,536,605
Emerson Electric Co.		62,908		6,880,248
GE Vernova, Inc. (a)		2,353		599,968
General Electric Co.		9,415		1,775,481
				11,792,302
Consumer Discretionary Distribution & Retail - 5.5%
Amazon.com, Inc. (a)		16,666		3,105,376
Home Depot, Inc.		16,394		6,642,849
				9,748,225
Consumer Durables & Apparel - 0.9%
NIKE, Inc. - Class B		17,287		1,528,171
Consumer Staples Distribution & Retail - 2.1%
Walmart, Inc.		44,853		3,621,880
Energy - 4.5%
Exxon Mobil Corp.		47,783		5,601,123
Schlumberger NV		57,711		2,420,977
				8,022,100
Financial Services - 4.8%
Moody's Corp.		17,698		8,399,294
Food, Beverage & Tobacco - 4.5%
Altria Group, Inc.		12,580		642,083
Mondelez International, Inc. - Class A		8,737		643,655
PepsiCo, Inc.		30,497		5,186,015
Philip Morris International, Inc.		12,580		1,527,212
				7,998,965
Health Care Equipment & Services - 5.2%
Abbott Laboratories		74,789		8,526,694
GE HealthCare Technologies, Inc.		3,138		294,501
Solventum Corp. (a)		4,639		323,431
				9,144,626
Household & Personal Products - 0.3%
Kenvue, Inc.		26,378		610,123
Materials - 8.6%
Air Products and Chemicals, Inc.		28,579		8,509,111
Cabot Corp.		60,180		6,726,319
				15,235,430
Media & Entertainment - 9.8%
Alphabet, Inc. - Class A		42,416		7,034,693
Comcast Corp. - Class A		97,417		4,069,108
Paramount Global - Class B		41,580		441,580
Walt Disney Co.		60,469		5,816,513
				17,361,894
Pharmaceuticals, Biotechnology & Life Sciences - 7.6%
Johnson & Johnson		43,842		7,105,034
Merck & Co., Inc.		54,860		6,229,902
				13,334,936
Semiconductors & Semiconductor Equipment - 2.1%
Intel Corp.		157,922		3,704,850
Software & Services - 16.3%
Check Point Software Technologies Ltd. (a)		31,774		6,126,345
Microsoft Corp.		32,788		14,108,677
Oracle Corp.		49,558		8,444,683
				28,679,705
Technology Hardware & Equipment - 7.7%
Apple, Inc.		53,471		12,458,743
Cisco Systems, Inc.		19,716		1,049,285
				13,508,028
Transportation - 4.7%
Union Pacific Corp.		33,983		8,376,130
TOTAL COMMON STOCKS (Cost $18,766,525)				174,202,440
SHORT-TERM INVESTMENTS - 1.5%
Money Market Funds - 1.5%	Shares
First American Government Obligations Fund - Class X, 4.82% (b)		2,572,599		2,572,599
TOTAL SHORT-TERM INVESTMENTS (Cost $2,572,599)				2,572,599
TOTAL INVESTMENTS - 100.2% (Cost $21,339,124)				176,775,039
Liabilities in Excess of Other Assets - (0.2)%				(427,693	)
TOTAL NET ASSETS - 100.0%			$	176,347,346
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. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

NV - Naamloze Vennootschap

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)

Chestnut Street Exchange Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	174,202,440	$	–	$	–	$	174,202,440
Money Market Funds		2,572,599		–		–		2,572,599
Total Investments	$	176,775,039	$	–	$	–	$	176,775,039
Refer to the Schedule of Investments for further disaggregation of investment categories.