# EDGAR Filing Document

**Accession Number:** 0000891160
**File Stem:** 0000910472-25-004126
**Filing Date:** 2025-11
**Character Count:** 69665
**Document Hash:** 0ce9c59ef07e289aec785b27af34e323
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004126.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004126

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251524221

**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 Growth Focused Fund (Series ID: S000068495)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000219050 | Ave Maria Growth Focused Fund | AVEAX           |

## Nport-Ex

**AVE MARIA VALUE FOCUSED FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.4%** | **Shares** | **Fair Value** |
| **Communications - 3.4%** | **Communications - 3.4%** | **Communications - 3.4%** |
| &nbsp;&nbsp;&nbsp;*Telecommunications - 3.4%* | &nbsp;&nbsp;&nbsp;*Telecommunications - 3.4%* | &nbsp;&nbsp;&nbsp;*Telecommunications - 3.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 245000 | $2866500 |
| **Consumer Discretionary - 12.7%** | **Consumer Discretionary - 12.7%** | **Consumer Discretionary - 12.7%** |
| &nbsp;&nbsp;&nbsp;*Automotive - 4.2%* | &nbsp;&nbsp;&nbsp;*Automotive - 4.2%* | &nbsp;&nbsp;&nbsp;*Automotive - 4.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc. \* | 107884 | 3567724 |
| &nbsp;&nbsp;&nbsp;*Home Construction - 4.1%* | &nbsp;&nbsp;&nbsp;*Home Construction - 4.1%* | &nbsp;&nbsp;&nbsp;*Home Construction - 4.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corporation | 50000 | 3519500 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.4%* | &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.4%* | &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 26750 | 3707550 |
| **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** |
| &nbsp;&nbsp;&nbsp;*Food - 1.5%* | &nbsp;&nbsp;&nbsp;*Food - 1.5%* | &nbsp;&nbsp;&nbsp;*Food - 1.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Company (The) \* | 50000 | 1241000 |
| **Energy - 16.4%** | **Energy - 16.4%** | **Energy - 16.4%** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 14.3%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 14.3%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 14.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 26000 | 4037540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 37800 | 3575502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | 38000 | 1795500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Basin Royalty Trust | 148735 | 2714414 |
|  |  | 12122956 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.1%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.1%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 53300 | 1831921 |
| **Financials - 2.8%** | **Financials - 2.8%** | **Financials - 2.8%** |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.8%* | &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.8%* | &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 14000 | 2358720 |
| **Health Care - 3.0%** | **Health Care - 3.0%** | **Health Care - 3.0%** |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.9%* | &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.9%* | &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 3625 | 1623057 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.1%* | &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.1%* | &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corporation \* | 18250 | 889505 |
| **Industrials - 9.2%** | **Industrials - 9.2%** | **Industrials - 9.2%** |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.8%* | &nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.8%* | &nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | 55400 | 4066914 |
| &nbsp;&nbsp;&nbsp;*Industrial Services - 4.4%* | &nbsp;&nbsp;&nbsp;*Industrial Services - 4.4%* | &nbsp;&nbsp;&nbsp;*Industrial Services - 4.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A \* | 148148 | 3736293 |
| **Materials - 13.9%** | **Materials - 13.9%** | **Materials - 13.9%** |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 13.9%* | &nbsp;&nbsp;&nbsp;*Metals & Mining - 13.9%* | &nbsp;&nbsp;&nbsp;*Metals & Mining - 13.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corporation | 22700 | 5060057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | 58000 | 2246340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corporation | 40000 | 4473600 |
|  |  | 11779997 |

---

**AVE MARIA VALUE FOCUSED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.4% (Continued)** | **Shares** | **Fair Value** |
| **Real Estate - 26.9%** | **Real Estate - 26.9%** | **Real Estate - 26.9%** |
| &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 6.3%* | &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 6.3%* | &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 6.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landbridge Company, LLC - Class A | 101059 | $5391498 |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 20.6%* | &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 20.6%* | &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 20.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joe Company (The) | 67600 | 3344848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 15100 | 14097964 |
|  |  | 17442812 |
| **Technology - 5.6%** | **Technology - 5.6%** | **Technology - 5.6%** |
| &nbsp;&nbsp;&nbsp;*Technology Services - 5.6%* | &nbsp;&nbsp;&nbsp;*Technology Services - 5.6%* | &nbsp;&nbsp;&nbsp;*Technology Services - 5.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 6000 | 955680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 3750 | 2133037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 3000 | 1429440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Company (The) | 25000 | 199750 |
|  |  | 4717907 |
| **Total Common Stocks** (Cost $58,168,706) |  | $80863854 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 4.7%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(a)</sup> (Cost $4,014,646) | 4014646 | $4014646 |
| **Total Investments at Fair Value - 100.1%** (Cost $62,183,352) |  | $84878500 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (75653) |
| **Net Assets - 100.0%** |  | $84802847 |

---

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**AVE MARIA VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 93.0%** | **Shares** | **Fair Value** |
| **Communications - 2.3%** | **Communications - 2.3%** | **Communications - 2.3%** |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.3%* | &nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.3%* | &nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 40500 | $11322585 |
| **Consumer Discretionary - 6.8%** | **Consumer Discretionary - 6.8%** | **Consumer Discretionary - 6.8%** |
| &nbsp;&nbsp;&nbsp;*Automotive - 1.8%* | &nbsp;&nbsp;&nbsp;*Automotive - 1.8%* | &nbsp;&nbsp;&nbsp;*Automotive - 1.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc. \* | 279455 | 9241577 |
| &nbsp;&nbsp;&nbsp;*Leisure Products - 0.5%* | &nbsp;&nbsp;&nbsp;*Leisure Products - 0.5%* | &nbsp;&nbsp;&nbsp;*Leisure Products - 0.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. \* | 80000 | 2654400 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.5%* | &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.5%* | &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 75000 | 9093750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | 26600 | 13240682 |
|  |  | 22334432 |
| **Consumer Staples - 1.9%** | **Consumer Staples - 1.9%** | **Consumer Staples - 1.9%** |
| &nbsp;&nbsp;&nbsp;*Food - 1.9%* | &nbsp;&nbsp;&nbsp;*Food - 1.9%* | &nbsp;&nbsp;&nbsp;*Food - 1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Company (The) \* | 378000 | 9381960 |
| **Energy - 8.7%** | **Energy - 8.7%** | **Energy - 8.7%** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 6.9%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 6.9%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 6.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation | 145500 | 15457920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | 84000 | 3969000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Basin Royalty Trust | 832437 | 15191975 |
|  |  | 34618895 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.8%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.8%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 264000 | 9073680 |
| **Financials - 10.2%** | **Financials - 10.2%** | **Financials - 10.2%** |
| &nbsp;&nbsp;&nbsp;*Banking - 4.2%* | &nbsp;&nbsp;&nbsp;*Banking - 4.2%* | &nbsp;&nbsp;&nbsp;*Banking - 4.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hingham Institution For Savings (The) | 81087 | 21389129 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.6%* | &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.6%* | &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 77000 | 12972960 |
| &nbsp;&nbsp;&nbsp;*Insurance - 3.4%* | &nbsp;&nbsp;&nbsp;*Insurance - 3.4%* | &nbsp;&nbsp;&nbsp;*Insurance - 3.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 180400 | 16919716 |
| **Health Care - 8.0%** | **Health Care - 8.0%** | **Health Care - 8.0%** |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.2%* | &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.2%* | &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 13790 | 6174335 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 6.8%* | &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 6.8%* | &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 6.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 155000 | 11549050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corporation \* | 119000 | 5800060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. \* | 725000 | 16863500 |
|  |  | 34212610 |

---

**AVE MARIA VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 93.0% (Continued)** | **Shares** | **Fair Value** |
| **Industrials - 15.4%** | **Industrials - 15.4%** | **Industrials - 15.4%** |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.0%* | &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.0%* | &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 40000 | $10163600 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 5.4%* | &nbsp;&nbsp;&nbsp;*Electrical Equipment - 5.4%* | &nbsp;&nbsp;&nbsp;*Electrical Equipment - 5.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | 183600 | 13478076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion plc | 76000 | 13478600 |
|  |  | 26956676 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 5.2%* | &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 5.2%* | &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 5.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 78000 | 15288780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc. \* | 355424 | 10691154 |
|  |  | 25979934 |
| &nbsp;&nbsp;&nbsp;*Industrial Services - 2.8%* | &nbsp;&nbsp;&nbsp;*Industrial Services - 2.8%* | &nbsp;&nbsp;&nbsp;*Industrial Services - 2.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A \* | 555556 | 14011123 |
| **Materials - 9.4%** | **Materials - 9.4%** | **Materials - 9.4%** |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 9.4%* | &nbsp;&nbsp;&nbsp;*Metals & Mining - 9.4%* | &nbsp;&nbsp;&nbsp;*Metals & Mining - 9.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corporation | 100000 | 22291000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corporation | 225000 | 25164000 |
|  |  | 47455000 |
| **Real Estate - 19.0%** | **Real Estate - 19.0%** | **Real Estate - 19.0%** |
| &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 4.0%* | &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 4.0%* | &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 4.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landbridge Company, LLC - Class A | 379895 | 20267398 |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 15.0%* | &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 15.0%* | &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 15.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joe Company (The) | 267800 | 13250744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 66500 | 62087060 |
|  |  | 75337804 |
| **Technology - 11.3%** | **Technology - 11.3%** | **Technology - 11.3%** |
| &nbsp;&nbsp;&nbsp;*Software - 3.0%* | &nbsp;&nbsp;&nbsp;*Software - 3.0%* | &nbsp;&nbsp;&nbsp;*Software - 3.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 30000 | 14960700 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 8.3%* | &nbsp;&nbsp;&nbsp;*Technology Services - 8.3%* | &nbsp;&nbsp;&nbsp;*Technology Services - 8.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 63250 | 10074460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 25000 | 3723250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 169500 | 27755625 |
|  |  | 41553335 |
| **Total Common Stocks** (Cost $295,115,032) |  | $466981849 |

---

**AVE MARIA VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 7.1%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(a)</sup> | 25014025 | $25014025 |
| Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.98% <sup>(a)</sup> | 10892518 | 10892518 |
| **Total Money Market Funds** (Cost $35,906,543) |  | $35906543 |
| **Total Investments at Fair Value - 100.1%** (Cost $331,021,575) |  | $502888392 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (633964) |
| **Net Assets - 100.0%** |  | $502254428 |

---

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**AVE MARIA GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.9%** | **Shares** | **Fair Value** |
| **Consumer Discretionary - 16.4%** | **Consumer Discretionary - 16.4%** | **Consumer Discretionary - 16.4%** |
| &nbsp;&nbsp;&nbsp;*Automotive - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc. \* | 505000 | $16700350 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. - Series C \* | 542264 | 22552760 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 131000 | 32921610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. \* | 665000 | 71693650 |
|  |  | 104615260 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. \* | 930000 | 41822100 |
| **Energy - 2.1%** | **Energy - 2.1%** | **Energy - 2.1%** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation | 220000 | 23372800 |
| **Financials - 0.9%** | **Financials - 0.9%** | **Financials - 0.9%** |
| &nbsp;&nbsp;&nbsp;*Insurance - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 35000 | 9878750 |
| **Health Care - 3.3%** | **Health Care - 3.3%** | **Health Care - 3.3%** |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 100000 | 14632000 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 25000 | 11193500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. \* | 64000 | 12156160 |
|  |  | 23349660 |
| **Industrials - 16.2%** | **Industrials - 16.2%** | **Industrials - 16.2%** |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 278590 | 70786933 |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 8.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group Corporation \* | 2692500 | 92541225 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 50000 | 20215000 |
| **Materials - 3.2%** | **Materials - 3.2%** | **Materials - 3.2%** |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 270000 | 36088200 |
| **Real Estate - 2.3%** | **Real Estate - 2.3%** | **Real Estate - 2.3%** |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 6000 | 5601840 |

---

**AVE MARIA GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.9% (Continued)** | **Shares** | **Fair Value** |
| **Real Estate - 2.3% (Continued)** | **Real Estate - 2.3% (Continued)** | **Real Estate - 2.3% (Continued)** |
| &nbsp;&nbsp;&nbsp;*REITs - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation - Class A | 104000 | $20108400 |
| **Technology - 52.5%** | **Technology - 52.5%** | **Technology - 52.5%** |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 25.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 200000 | 18492000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 570000 | 106350600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. \* | 230337 | 24001115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. \* | 192790 | 25280553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corporation - ADR | 220000 | 20858200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 123000 | 34352670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 240000 | 44095200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. \* | 260000 | 18798000 |
|  |  | 292228338 |
| &nbsp;&nbsp;&nbsp;*Software - 8.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. \* | 690000 | 36639000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 106500 | 53110485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. \* | 13596 | 6708130 |
|  |  | 96457615 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 18.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 119000 | 29345400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 97000 | 23102490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 142000 | 80771020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 35000 | 16676800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 96000 | 46724160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A \* | 125000 | 9675000 |
|  |  | 206294870 |
| **Total Common Stocks** (Cost $571,668,396) |  | $1097246101 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 3.3%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(a)</sup> (Cost $37,391,824) | 37391824 | $37391824 |
| **Total Investments at Fair Value - 100.2%** (Cost $609,060,220) |  | $1134637925 |
| **Liabilities in Excess of Other Assets - (0.2%)** |  | (1826530) |
| **Net Assets - 100.0%** |  | $1132811395 |

---

ADR - American Depositary Receipt.

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**AVE MARIA RISING DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.5%** | **Shares** | **Fair Value** |
| **Communications - 2.0%** | **Communications - 2.0%** | **Communications - 2.0%** |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 4000 | $21597080 |
| **Consumer Discretionary - 13.2%** | **Consumer Discretionary - 13.2%** | **Consumer Discretionary - 13.2%** |
| &nbsp;&nbsp;&nbsp;*Home & Office Products - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. \* | 40000 | 4126000 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 12.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 300000 | 41580000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 135000 | 33926850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 260000 | 37580400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Company | 397500 | 22605825 |
|  |  | 135693075 |
| **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** |
| &nbsp;&nbsp;&nbsp;*Beverages - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 330000 | 29835300 |
| **Energy - 5.6%** | **Energy - 5.6%** | **Energy - 5.6%** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 200000 | 31058000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 200000 | 28620000 |
|  |  | 59678000 |
| **Financials - 14.0%** | **Financials - 14.0%** | **Financials - 14.0%** |
| &nbsp;&nbsp;&nbsp;*Asset Management - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 250000 | 17145000 |
| &nbsp;&nbsp;&nbsp;*Banking - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 600000 | 27432000 |
| &nbsp;&nbsp;&nbsp;*Insurance - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 352000 | 33014080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 155000 | 43748750 |
|  |  | 76762830 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 450000 | 27220500 |
| **Health Care - 6.3%** | **Health Care - 6.3%** | **Health Care - 6.3%** |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 150000 | 21948000 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 60000 | 26864400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 95000 | 18105100 |
|  |  | 44969500 |
| **Industrials - 16.5%** | **Industrials - 16.5%** | **Industrials - 16.5%** |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 9.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 137120 | 34840821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 130000 | 39703300 |

---

**AVE MARIA RISING DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.5% (Continued)** | **Shares** | **Fair Value** |
| **Industrials - 16.5% (Continued)** | **Industrials - 16.5% (Continued)** | **Industrials - 16.5% (Continued)** |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 9.1% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 45000 | $22464450 |
|  |  | 97008571 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | 350000 | 25693500 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 700000 | 34328000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 45000 | 18193500 |
|  |  | 52521500 |
| **Materials - 4.0%** | **Materials - 4.0%** | **Materials - 4.0%** |
| &nbsp;&nbsp;&nbsp;*Construction Materials - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 90000 | 29606400 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 100000 | 13366000 |
| **Real Estate - 6.5%** | **Real Estate - 6.5%** | **Real Estate - 6.5%** |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 55000 | 51350200 |
| &nbsp;&nbsp;&nbsp;*REITs - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation - Class A | 90000 | 17401500 |
| **Technology - 25.6%** | **Technology - 25.6%** | **Technology - 25.6%** |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 200000 | 36746000 |
| &nbsp;&nbsp;&nbsp;*Software - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 55000 | 27427950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. \* | 23793 | 11739228 |
|  |  | 39167178 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 18.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 110000 | 27126000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 150000 | 35725500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 160000 | 25484800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 70000 | 39816700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 80000 | 38118400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 60000 | 29202600 |
|  |  | 195474000 |
| **Total Common Stocks** (Cost $624,413,740) |  | $1024742134 |

---

**AVE MARIA RISING DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 3.8%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(a)</sup> (Cost $40,758,316) | 40758316 | $40758316 |
| **Total Investments at Fair Value - 100.3%** (Cost $665,172,056) |  | $1065500450 |
| **Liabilities in Excess of Other Assets - (0.3%)** |  | (3440405) |
| **Net Assets - 100.0%** |  | $1062060045 |

---

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**AVE MARIA WORLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0%** | **Shares** | **Fair Value** |
| **Communications - 4.5%** | **Communications - 4.5%** | **Communications - 4.5%** |
| &nbsp;&nbsp;&nbsp;*Entertainment Content - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Ltd. | 34700 | $3002644 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eDreams ODIGEO S.A. \* | 329450 | 3165468 |
| **Consumer Discretionary - 11.4%** | **Consumer Discretionary - 11.4%** | **Consumer Discretionary - 11.4%** |
| &nbsp;&nbsp;&nbsp;*Home & Office Products - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. \* | 50700 | 5229705 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea S.A.B. de C.V. \* | 765920 | 2545763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greggs plc | 47400 | 1025936 |
|  |  | 3571699 |
| &nbsp;&nbsp;&nbsp;*Leisure Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIPS AB | 27800 | 1011065 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Partner S.A. | 446506 | 2271369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&M European Value Retail S.A. | 444000 | 1566331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeePer Technical Laboratory Company, Ltd. | 88300 | 2231539 |
|  |  | 6069239 |
| **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** |
| &nbsp;&nbsp;&nbsp;*Beverages - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 30300 | 2739423 |
| &nbsp;&nbsp;&nbsp;*Food - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Company (The) \* | 46400 | 1151648 |
| **Energy - 5.4%** | **Energy - 5.4%** | **Energy - 5.4%** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 79800 | 2552820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 15100 | 2160810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 15657 | 1765327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Energy S.A.B. de C.V. - ADR \* | 30000 | 1032000 |
|  |  | 7510957 |
| **Financials - 11.1%** | **Financials - 11.1%** | **Financials - 11.1%** |
| &nbsp;&nbsp;&nbsp;*Banking - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 100100 | 3419416 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nu Holdings Ltd. - Class A \* | 217600 | 3483776 |
| &nbsp;&nbsp;&nbsp;*Insurance - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 8750 | 2469687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 96384 | 3013928 |
|  |  | 5483615 |

---

**AVE MARIA WORLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| **Financials - 11.1% (Continued)** | **Financials - 11.1% (Continued)** | **Financials - 11.1% (Continued)** |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DLocal Ltd. | 207200 | $2958816 |
| **Health Care - 5.9%** | **Health Care - 5.9%** | **Health Care - 5.9%** |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 25500 | 1900005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. \* | 129300 | 3007518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group S.p.A. | 126281 | 3251736 |
|  |  | 8159259 |
| **Industrials - 23.5%** | **Industrials - 23.5%** | **Industrials - 23.5%** |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 11500 | 2256645 |
| &nbsp;&nbsp;&nbsp;*Commercial Services - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karooooo Ltd. | 63765 | 3642257 |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred SE | 70500 | 1679238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Brands plc | 44063 | 74670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 106300 | 5036494 |
|  |  | 6790402 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 15700 | 5875725 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hammond Power Solutions, Inc. - Class A | 40700 | 3612251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity plc | 6600 | 1448898 |
|  |  | 5061149 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 6600 | 5446188 |
| &nbsp;&nbsp;&nbsp;*Machinery - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITOCHU Corporation | 29700 | 1690122 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InPost S.A. \* | 154300 | 1900027 |
| **Materials - 4.6%** | **Materials - 4.6%** | **Materials - 4.6%** |
| &nbsp;&nbsp;&nbsp;*Chemicals - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Company Ltd. | 41700 | 1365599 |
| &nbsp;&nbsp;&nbsp;*Construction Materials - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc plc \* | 1642239 | 2671403 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mader Group Ltd. | 429087 | 2350851 |

---

**AVE MARIA WORLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| **Real Estate - 1.0%** | **Real Estate - 1.0%** | **Real Estate - 1.0%** |
| &nbsp;&nbsp;&nbsp;*Real Estate Services - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 7500 | $1428675 |
| **Technology - 25.4%** | **Technology - 25.4%** | **Technology - 25.4%** |
| &nbsp;&nbsp;&nbsp;*IT Services - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - Class A \* | 256400 | 4848524 |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 3300 | 3218693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 21000 | 5865090 |
|  |  | 9083783 |
| &nbsp;&nbsp;&nbsp;*Software - 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBIC Business Consultants Company Ltd. | 30600 | 1882764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia, Inc. \* | 49000 | 1152480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 24600 | 6588254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 26252 | 1128836 |
|  |  | 10752334 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 7400 | 1824840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 10000 | 5688100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 6400 | 3114944 |
|  |  | 10627884 |
| **Utilities - 3.4%** | **Utilities - 3.4%** | **Utilities - 3.4%** |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 122300 | 3044047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure Waste Infrastructure Corporation | 116550 | 1660631 |
|  |  | 4704678 |
| **Total Common Stocks** (Cost $89,002,298) |  | $137452976 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.2%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(a)</sup> (Cost $1,687,520) | 1687520 | $1687520 |
| **Total Investments at Fair Value - 100.2%** (Cost $90,689,818) |  | $139140496 |
| **Liabilities in Excess of Other Assets - (0.2%)** |  | (259474) |
| **Net Assets - 100.0%** |  | $138881022 |

---

ADR - American Depositary Receipt.

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**AVE MARIA WORLD EQUITY FUND**

**SUMMARY OF COMMON STOCKS BY COUNTRY**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net Assets** |
| United States \*\* | $33987293 | 24.5% |
| Canada | 14290871 | 10.3% |
| Brazil | 11376347 | 8.2% |
| Japan | 10172668 | 7.3% |
| Ireland | 9149463 | 6.6% |
| United Kingdom | 8077763 | 5.8% |
| Germany | 6588254 | 4.8% |
| Taiwan | 5865090 | 4.2% |
| Switzerland | 4369692 | 3.2% |
| Poland | 4171396 | 3.0% |
| Singapore | 3642257 | 2.6% |
| Mexico | 3577763 | 2.6% |
| India | 3419416 | 2.5% |
| Italy | 3251736 | 2.3% |
| Netherlands | 3218693 | 2.3% |
| Spain | 3165468 | 2.3% |
| Uruguay | 2958816 | 2.1% |
| Australia | 2350851 | 1.7% |
| France | 1679238 | 1.2% |
| Israel | 1128836 | 0.8% |
| Sweden | 1011065 | 0.7% |
|  | $137452976 | 99.0% |

---

\*\* Includes any company deemed to be a "non-U.S. company" as defined in the Fund's prospectus. According to the Fund's Prospectus, a "non-U.S. company" is one that is headquartered outside of the United States or has 50% of its revenue or operations outside of the United States during its most recent fiscal year, at the time of purchase.

**AVE MARIA GROWTH FOCUSED FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.8%** | **Shares** | **Fair Value** |
| **Communications - 21.8%** | **Communications - 21.8%** | **Communications - 21.8%** |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 17.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eDreams ODIGEO S.A. \* | 1402338 | $13474140 |
| &nbsp;&nbsp;&nbsp;*Telecommunications - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 314087 | 3674818 |
| **Financials - 22.9%** | **Financials - 22.9%** | **Financials - 22.9%** |
| &nbsp;&nbsp;&nbsp;*Asset Management - 22.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuren Corporation \* | 263946 | 3513121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 26964 | 3593492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 62817 | 3576800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 54270 | 3721837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Wealth Solutions Ltd. \* | 53198 | 3643531 |
|  |  | 18048781 |
| **Health Care - 4.6%** | **Health Care - 4.6%** | **Health Care - 4.6%** |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 8078 | 3616844 |
| **Industrials - 34.2%** | **Industrials - 34.2%** | **Industrials - 34.2%** |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 22.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group Corporation \* | 402152 | 13821964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 80041 | 3792343 |
|  |  | 17614307 |
| &nbsp;&nbsp;&nbsp;*Industrial Services - 11.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A \* | 369325 | 9314376 |
| **Materials - 4.9%** | **Materials - 4.9%** | **Materials - 4.9%** |
| &nbsp;&nbsp;&nbsp;*Construction Materials - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc plc \* | 2359433 | 3838051 |
| **Real Estate - 4.7%** | **Real Estate - 4.7%** | **Real Estate - 4.7%** |
| &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landbridge Company, LLC - Class A | 70094 | 3739515 |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.0% <sup>(a)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 1 | 933 |
| **Utilities - 4.7%** | **Utilities - 4.7%** | **Utilities - 4.7%** |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure Waste Infrastructure Corporation | 263502 | 3754437 |
| **Total Common Stocks** (Cost $49,736,450) |  | $77076202 |

---

**AVE MARIA GROWTH FOCUSED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.7%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(b)</sup> (Cost $2,099,568) | 2099568 | $2099568 |
| **Total Investments at Fair Value - 100.5%** (Cost $51,836,018) |  | $79175770 |
| **Liabilities in Excess of Other Assets - (0.5%)** |  | (413141) |
| **Net Assets - 100.0%** |  | $78762629 |

---

\* Non-income producing security.

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES - 27.2%** | **Par Value** | **Fair Value** |
| **U.S. Treasury Inflation-Protected Notes - 5.3% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 01/15/26 | $6797500 | $6779473 |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/15/26 | 4882650 | 4886973 |
| &nbsp;&nbsp;&nbsp;0.125%, due 04/15/26 | 6158850 | 6126369 |
| &nbsp;&nbsp;&nbsp;0.375%, due 01/15/27 | 5215392 | 5174793 |
| &nbsp;&nbsp;&nbsp;0.375%, due 07/15/27 | 8583575 | 8525414 |
| &nbsp;&nbsp;&nbsp;0.500%, due 01/15/28 | 6547950 | 6472127 |
| &nbsp;&nbsp;&nbsp;0.750%, due 07/15/28 | 3217225 | 3202691 |
|  |  | 41167840 |
| **U.S. Treasury Notes - 21.9%** |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 10/31/25 | 10000000 | 9968420 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/25 | 10000000 | 10003711 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/31/26 | 10000000 | 10007617 |
| &nbsp;&nbsp;&nbsp;4.125%, due 09/30/27 | 10000000 | 10098047 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/29/28 | 10000000 | 10089844 |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/31/28 | 10000000 | 10134375 |
| &nbsp;&nbsp;&nbsp;1.250%, due 09/30/28 | 10000000 | 9329297 |
| &nbsp;&nbsp;&nbsp;3.250%, due 06/30/29 | 10000000 | 9852734 |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/30/29 | 10000000 | 10200781 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/31/29 | 10000000 | 10115625 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/28/30 | 10000000 | 10118750 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/31/30 | 10000000 | 10009375 |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/30/30 | 10000000 | 10396875 |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/31/31 | 10000000 | 10154297 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/31/32 | 10000000 | 10278516 |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/15/32 | 10000000 | 10118750 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/33 | 10000000 | 10340234 |
|  |  | 171217248 |
| **Total U.S. Government & Agencies** (Cost $211,773,705) |  | $212385088 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 48.7%** | **Par Value** | **Fair Value** |
| **Communications - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc., 4.800%, due 03/01/26 | $5500000 | $5504461 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc., 1.850%, due 02/15/31 | 5486000 | 5205868 |
|  |  | 10710329 |
| **Consumer Discretionary - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company, 1.875%, due 11/01/30 | 2429000 | 2136209 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company, 6.875%, due 11/01/33 | 1140000 | 1276404 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 2.500%, due 04/15/26 | 3000000 | 2976300 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 3.100%, due 05/03/27 | 9050000 | 8919702 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 1.300%, due 04/15/28 | 400000 | 373946 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 1.700%, due 10/15/30 | 925000 | 814233 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 3.750%, due 04/01/32 | 4000000 | 3826024 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 3.900%, due 06/01/29 | 2767000 | 2737282 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 4.200%, due 04/01/30 | 400000 | 398669 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 4.700%, due 06/15/32 | 8150000 | 8218532 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 5.000%, due 08/19/34 | 826000 | 833549 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 0.875%, due 04/15/26 | 5255000 | 5159585 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 48.7% (Continued)** | **Par Value** | **Fair Value** |
| **Consumer Discretionary - 7.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 4.700%, due 04/15/27 | $1300000 | $1303154 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, due 04/15/31 | 4115000 | 3591656 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 2.250%, due 09/15/26 | 3226000 | 3178427 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 1.150%, due 05/15/28 | 3276000 | 3051926 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 3.875%, due 04/15/30 | 2902000 | 2877607 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 1.600%, due 05/15/31 | 5263000 | 4611795 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Company, 1.750%, due 11/01/30 | 1525000 | 1340981 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Company, 5.250%, due 05/15/33 | 1600000 | 1649748 |
|  |  | 59275729 |
| **Consumer Staples - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 1.450%, due 06/01/27 | 5452000 | 5249806 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 2.125%, due 09/06/29 | 1550000 | 1451094 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 2.000%, due 03/05/31 | 1250000 | 1123845 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 2.250%, due 01/05/32 | 450000 | 402536 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company, 3.100%, due 08/15/27 | 5000000 | 4942213 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company, 3.250%, due 08/15/32 | 2750000 | 2579132 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company, 4.600%, due 03/01/33 | 2720000 | 2773880 |
| &nbsp;&nbsp;&nbsp;Hershey Company (The), 2.300%, due 08/15/26 | 2000000 | 1972495 |
| &nbsp;&nbsp;&nbsp;Hershey Company (The), 4.250%, due 05/04/28 | 1350000 | 1363621 |
| &nbsp;&nbsp;&nbsp;Hershey Company (The), 2.450%, due 11/15/29 | 4875000 | 4572976 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corporation, 1.700%, due 06/03/28 | 1850000 | 1743315 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corporation, 1.800%, due 06/11/30 | 5100000 | 4576701 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Company (The), 3.375%, due 12/15/27 | 3750000 | 3703831 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Company (The), 2.125%, due 03/15/32 | 1450000 | 1246863 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 2.750%, due 02/15/26 | 2648000 | 2634618 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 1.050%, due 09/15/27 | 1900000 | 1802958 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 3.950%, due 11/01/28 | 1665000 | 1665586 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 3.200%, due 04/25/29 | 1397000 | 1362204 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 3.100%, due 03/26/30 | 609000 | 584672 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 2.000%, due 11/02/31 | 6109000 | 5446119 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 4.500%, due 02/16/33 | 500000 | 505628 |
|  |  | 51704093 |
| **Energy - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 8.000%, due 04/01/27 | 2600000 | 2756621 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 1.995%, due 05/11/27 | 1500000 | 1458065 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 1.018%, due 08/12/27 | 1150000 | 1094402 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 3.250%, due 10/15/29 | 7685000 | 7489497 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 2.440%, due 08/16/29 | 546000 | 519469 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 2.610%, due 10/15/30 | 180000 | 168021 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources, 1.125%, due 01/15/26 | 2578000 | 2554387 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources, 7.200%, due 01/15/28 | 1936000 | 2059601 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources, 1.900%, due 08/15/30 | 530000 | 476105 |
|  |  | 18576168 |
| **Financials - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings, Inc., 3.350%, due 05/03/26 | 650000 | 647303 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings, Inc., 1.375%, due 09/15/30 | 6700000 | 5872588 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings, Inc., 5.000%, due 03/15/34 | 6600000 | 6767660 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27 | 400000 | 394829 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 48.7% (Continued)** | **Par Value** | **Fair Value** |
| **Financials - 2.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28 | $4380000 | $4312354 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corporation, 2.250%, due 03/11/30 | 900000 | 820608 |
|  |  | 18815342 |
| **Health Care - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 3.375%, due 11/01/25 | 1026000 | 1024823 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 3.500%, due 03/15/26 | 1404000 | 1400029 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 3.650%, due 03/07/28 | 500000 | 495494 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 4.850%, due 12/08/28 | 325000 | 332915 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 1.950%, due 06/15/30 | 3795000 | 3431839 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 4.625%, due 09/11/34 | 3321000 | 3305172 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., 2.000%, due 05/15/30 | 1050000 | 955045 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., 5.600%, due 11/16/32 | 715000 | 760268 |
|  |  | 11705585 |
| **Industrials - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation, 4.350%, due 06/01/29 | 5950000 | 6006013 |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation, 2.800%, due 02/15/30 | 2000000 | 1892832 |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation, 2.200%, due 09/15/31 | 6460000 | 5734494 |
| &nbsp;&nbsp;&nbsp;Cintas Corporation, 4.000%, due 05/01/32 | 1874000 | 1832351 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 1.100%, due 03/01/27 | 650000 | 624433 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 4.950%, due 02/15/28 | 870000 | 889033 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 2.700%, due 08/15/29 | 650000 | 619311 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 1.750%, due 09/01/31 | 600000 | 519804 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 4.950%, due 09/01/31 | 4165000 | 4307250 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 4.750%, due 02/01/32 | 5000000 | 5091581 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 5.000%, due 02/15/33 | 3512000 | 3613515 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 4.500%, due 01/15/34 | 1930000 | 1912820 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc., 3.150%, due 08/15/27 | 5632000 | 5531921 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc., 2.300%, due 03/15/31 | 1270000 | 1140803 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc., 2.650%, due 11/15/26 | 10601000 | 10457838 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.050%, due 06/01/29 | 1500000 | 1542559 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 1.800%, due 01/15/31 | 4809000 | 4235193 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.250%, due 06/01/31 | 1147000 | 1193144 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.400%, due 07/31/33 | 5147000 | 5365965 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.350%, due 06/01/34 | 1425000 | 1476941 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 3.550%, due 01/15/26 | 3848000 | 3839997 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 5.100%, due 11/15/27 | 3057000 | 3133522 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 4.450%, due 05/15/28 | 1000000 | 1011355 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 1.850%, due 06/15/30 | 1000000 | 902647 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 5.250%, due 01/15/33 | 2560000 | 2692301 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 4.750%, due 02/15/34 | 650000 | 656083 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corporation, 1.100%, due 05/11/26 | 835000 | 821010 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corporation, 2.000%, due 02/04/27 | 500000 | 487284 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corporation, 4.600%, due 01/10/28 | 1050000 | 1065813 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 2.400%, due 11/15/26 | 1869000 | 1837927 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 4.450%, due 04/01/30 | 740000 | 752721 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 5.150%, due 05/22/34 | 3650000 | 3788949 |
|  |  | 84977410 |
| **Materials - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc., 2.750%, due 03/01/30 | 3200000 | 2999239 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 48.7% (Continued)** | **Par Value** | **Fair Value** |
| **Materials - 3.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc., 2.200%, due 03/01/32 | $6550000 | $5662661 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 2.700%, due 11/01/26 | 6438000 | 6353722 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 4.800%, due 03/24/30 | 1745000 | 1790541 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 1.300%, due 01/30/31 | 3080000 | 2654828 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 2.125%, due 02/01/32 | 5378000 | 4708532 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc., 3.750%, due 03/15/27 | 1250000 | 1240766 |
|  |  | 25410289 |
| **Technology - 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc., 2.100%, due 10/01/31 | 3450000 | 3051889 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc., 5.050%, due 04/01/34 | 4230000 | 4386861 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26 | 600000 | 596469 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29 | 6800000 | 6422600 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31 | 6319000 | 5713987 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 2.950%, due 02/28/26 | 2770000 | 2757355 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 2.500%, due 09/20/26 | 3080000 | 3041436 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 2.950%, due 11/21/26 | 2000000 | 1978404 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 3.300%, due 03/26/27 | 2150000 | 2133584 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 3.500%, due 02/26/28 | 450000 | 446541 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 3.350%, due 03/26/30 | 1500000 | 1460116 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 2.000%, due 11/18/31 | 6217000 | 5490335 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.350%, due 01/15/32 | 950000 | 954025 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.850%, due 03/09/33 | 4100000 | 4210974 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.875%, due 05/09/34 | 2500000 | 2559654 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 3.250%, due 01/15/28 | 4706000 | 4628788 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 4.250%, due 02/01/29 | 5289000 | 5311101 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 2.000%, due 08/19/31 | 1017000 | 893815 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 4.250%, due 08/08/32 | 2853000 | 2817754 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.950%, due 01/22/27 | 3675000 | 3624485 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.450%, due 03/01/27 | 3000000 | 2938527 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 4.750%, due 08/01/28 | 1115000 | 1135864 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 4.250%, due 05/01/29 | 427000 | 428993 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.500%, due 12/01/29 | 700000 | 656680 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 1.250%, due 08/15/30 | 2600000 | 2265646 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.900%, due 03/01/32 | 2200000 | 2015024 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 5.250%, due 09/15/33 | 2213000 | 2317117 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 1.750%, due 05/04/30 | 380000 | 343219 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 4.500%, due 05/23/30 | 3000000 | 3051433 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 1.900%, due 09/15/31 | 2000000 | 1765910 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 3.650%, due 08/16/32 | 1293000 | 1242579 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 4.900%, due 03/14/33 | 1400000 | 1442261 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 4.850%, due 02/08/34 | 2947000 | 3023293 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 3.150%, due 12/14/25 | 3905000 | 3897960 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 1.900%, due 04/15/27 | 3854000 | 3746454 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 2.750%, due 09/15/27 | 6051000 | 5939435 |
|  |  | 98690568 |
| **Total Corporate Bonds** (Cost $374,649,075) |  | $379865513 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 15.2%** | **Shares** | **Fair Value** |
| **Consumer Discretionary - 1.4%** | **Consumer Discretionary - 1.4%** | **Consumer Discretionary - 1.4%** |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.4%* | &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.4%* | &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 77000 | $10672200 |
| **Consumer Staples - 1.7%** | **Consumer Staples - 1.7%** | **Consumer Staples - 1.7%** |
| &nbsp;&nbsp;&nbsp;*Beverages - 1.7%* | &nbsp;&nbsp;&nbsp;*Beverages - 1.7%* | &nbsp;&nbsp;&nbsp;*Beverages - 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 150000 | 13561500 |
| **Energy - 2.5%** | **Energy - 2.5%** | **Energy - 2.5%** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.5%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.5%* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 40000 | 6211600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 30200 | 4321620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 80000 | 9020000 |
|  |  | 19553220 |
| **Financials - 2.6%** | **Financials - 2.6%** | **Financials - 2.6%** |
| &nbsp;&nbsp;&nbsp;*Banking - 1.3%* | &nbsp;&nbsp;&nbsp;*Banking - 1.3%* | &nbsp;&nbsp;&nbsp;*Banking - 1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 225000 | 10287000 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 1.3%* | &nbsp;&nbsp;&nbsp;*Specialty Finance - 1.3%* | &nbsp;&nbsp;&nbsp;*Specialty Finance - 1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 165000 | 9980850 |
| **Industrials - 3.7%** | **Industrials - 3.7%** | **Industrials - 3.7%** |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.1%* | &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.1%* | &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 17000 | 8486570 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 2.6%* | &nbsp;&nbsp;&nbsp;*Industrial Support Services - 2.6%* | &nbsp;&nbsp;&nbsp;*Industrial Support Services - 2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 200000 | 9808000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 25000 | 10107500 |
|  |  | 19915500 |
| **Real Estate - 1.2%** | **Real Estate - 1.2%** | **Real Estate - 1.2%** |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.8%* | &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.8%* | &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 7000 | 6535480 |
| &nbsp;&nbsp;&nbsp;*REITs - 0.4%* | &nbsp;&nbsp;&nbsp;*REITs - 0.4%* | &nbsp;&nbsp;&nbsp;*REITs - 0.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation - Class A | 15000 | 2900250 |
| **Technology - 2.1%** | **Technology - 2.1%** | **Technology - 2.1%** |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 1.1%* | &nbsp;&nbsp;&nbsp;*Semiconductors - 1.1%* | &nbsp;&nbsp;&nbsp;*Semiconductors - 1.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 47000 | 8635310 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 1.0%* | &nbsp;&nbsp;&nbsp;*Technology Services - 1.0%* | &nbsp;&nbsp;&nbsp;*Technology Services - 1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Company (The) | 1000000 | 7990000 |
| **Total Common Stocks** (Cost $75,491,488) |  | $118517880 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 8.7%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.00% <sup>(b)</sup> | 39139973 | $39139973 |
| Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.98% <sup>(b)</sup> | 28494323 | 28494323 |
| **Total Money Market Funds** (Cost $67,634,296) |  | $67634296 |
| **Total Investments at Fair Value - 99.8%** (Cost $729,548,564) |  | $778402777 |
| **Other Assets in Excess of Liabilities - 0.2%** |  | 1806021 |
| **Net Assets - 100.0%** |  | $780208798 |

---

<sup>(a)</sup> Interest rate for this investment is the stated rate. Interest payments are determined based on the inflation adjusted principal. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

## 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 GROWTH FOCUSED FUND

- **b. EDGAR series identifier (if any):** S000068495

- **c. LEI of Series:** 549300J1VAEWTC14FI12

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $79201349.15

**Total Liabilities:** $438719.75

**Net Assets:** $78762629.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219050 | 1.54%                | 1.52%                | 3.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $897649.35               | $230513.71                                 |
| Month 2  | $929062.12               | $150435.15                                 |
| Month 3  | $3897409.73              | $-1562602.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Waterbridge Infrastructure LLC    | WaterBridge Infrastructure, LLC                                        | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369325 | NS      | $9314376.50   | 11.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Secure Waste Infrastructure Corp. | Secure Waste Infrastructure Company                                    | CUSIP: 813921103<br>LEI: 549300EZKELHYBQO9X11 | Long             | EC               | CORP              | CA        |    263502 | NS      | $3754437.04   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                    | API Group Corporation                                                  | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    402152 | NS      | $13821964.24  | 17.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp.                  | Brookfield Corporation                                                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     54270 | NS      | $3721836.60   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Edreams Odigeo SA                 | eDreams ODIGEO S.A.                                                    | CUSIP: L2841H108<br>LEI: 959800Y8LQ5MR2YZ4N96 | Long             | EC               | CORP              | LU        |   1402338 | NS      | $13474139.74  | 17.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd   | Brookfield Asset Management Ltd.                                       | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |     62817 | NS      | $3576799.98   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                | Chemed Corporation                                                     | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      8078 | NS      | $3616843.72   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Wealth Solutions Ltd   | Brookfield Wealth Solutions, Ltd. Ltd.                                 | CUSIP: G17434104<br>LEI: 9845004583U3B8E06924 | Long             | EC               | CORP              | CA        |     53198 | NS      | $3643531.02   | 4.63%             |  |  |  | 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        |   2099568 | PA      | $2099568.21   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuren Corporation                | Acuren Corporation                                                     | CUSIP: 00510N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    263946 | NS      | $3513121.26   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc           | DigitalBridge Group, Inc.                                              | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    314087 | NS      | $3674817.90   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sigmaroc Plc                      | Sigmaroc PLC                                                           | CUSIP: G81267109<br>LEI: 213800Q3CJUERBGD1E44 | Long             | EC               | CORP              | US        |   2359433 | NS      | $3838050.78   | 4.87%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.            | GFL Environmental Inc.                                                 | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     80041 | NS      | $3792342.58   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc      | Apollo Global Management, Inc.                                         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     26964 | NS      | $3593492.28   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation    | Texas Pacific Land Corporation                                         | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $933.64       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LandBridge Company LLC            | Landbridge Company, LLC                                                | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70094 | NS      | $3739514.90   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Daniel D. Bauer

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

**Title:** VP, Fund Accounting