# EDGAR Filing Document

**Accession Number:** 0000891160
**File Stem:** 0001398344-25-016494
**Filing Date:** 2025-8
**Character Count:** 221188
**Document Hash:** 2b9f0e46559a5b431db656281febd6b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-016494.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001398344-25-016494

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07148
- **FILM NUMBER:** 251248538

**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 Value Focused Fund (Series ID: S000001548)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000004202 | Ave Maria Value Focused Fund | AVERX           |

### Ave Maria Value Fund (Series ID: S000001549)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000004203 | Ave Maria Value Fund | AVEMX           |

### Ave Maria Growth Fund (Series ID: S000001550)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000004204 | Ave Maria Growth Fund | AVEGX           |

### Ave Maria Rising Dividend Fund (Series ID: S000001551)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004205 | Ave Maria Rising Dividend Fund | AVEDX           |

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

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

### Ave Maria World Equity Fund (Series ID: S000028831)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000088418 | Ave Maria World Equity Fund | AVEWX           |

### Ave Maria Growth Focused Fund (Series ID: S000068495)

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07148</u>

<u>Schwartz Investment Trust</u> <br> (Exact name of registrant as specified in charter)

<u>801 W. Ann Arbor Trail, Suite 244&nbsp;&nbsp;&nbsp;&nbsp; Plymouth, Michigan</u> <u>48170</u> <br> (Address of principal executive offices) (Zip code)

George P. Schwartz

<u>Schwartz Investment Counsel, Inc. 801 W. Ann Arbor Trail, Plymouth, MI 48170</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(734) 455-7777</u>

Date of fiscal year end: <u>December 31</u> <br>Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) # Ave Maria Value Focused Fund
(AVERX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](id7017e092114e4951622b1a9.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria Value Focused Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9331. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria Value Focused Fund | $61 | 1.21% |

---

## How did the Fund perform during the reporting period?
The Ave Maria Value Focused Fund ("the Fund") had a total return of 4.36% for the 6-months ended June 30, 2025, compared to the total return of 5.61% for the S&P 1500<sup><sup>®</sup></sup> Index. The Fund's best performing stocks during the 6-month period included Wheaton Precious Metals Corporation (+53%), Franco-Nevada Corporation (+38%), and XPEL, Inc. (+30%). The main detractors from performance included YETI Holdings, Inc. (-23%), Chemed Corporation (-18%), and Simply Good Foods Company, Inc. (-12%).

The Fund owns a diversified portfolio of 25 companies, across a broad array of industries, with an emphasis on industrials, energy, royalties, and real estate. Texas Pacific Land Corporation remains the largest holding in the Fund at 17.1% of net assets. The Fund continues to be managed with a long-term focus, using a value-oriented investment approach based upon fundamental security analysis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0b2c274051a5c300bcd6ca02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ave Maria Value Focused Fund** | **S&P 500<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9434 | $10399 | $10364 |
| **Jun-2017** | $10495 | $12260 | $12239 |
| **Jun-2018** | $12462 | $14023 | $14013 |
| **Jun-2019** | $12225 | $15483 | $15318 |
| **Jun-2020** | $11887 | $16645 | $16250 |
| **Jun-2021** | $19693 | $23436 | $23095 |
| **Jun-2022** | $18803 | $20948 | $20550 |
| **Jun-2023** | $20989 | $25053 | $24504 |
| **Jun-2024** | $25791 | $31204 | $30267 |
| **Jun-2025** | $33257 | $35936 | $34649 |

---

### **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Ave Maria Value Focused Fund | 4.36% | 28.95% | 22.85% | 12.77% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P Composite 1500<sup>®</sup> Index | 5.61% | 14.48% | 16.35% | 13.23% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9331 or visit https://avemariafunds.com/AVERX-value-focused.php for updated performance information.***

### **Fund Statistics** 
* Net Assets$93,258,718

* Number of Portfolio Holdings28

* Total Expense Ratio1.21%

* Advisory Fee (net of recoupments)
$360,226

* Portfolio turnover (six months)18%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](iefbddf47cdf4025b460c3ed1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.3% |
| Money Market Funds | 10.7% |

---

### Portfolio Managers
Timothy S. Schwartz, CFA

George P. Schwartz, CFA

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Pacific Land Corporation | 17.1% |
| Landbridge Company, LLC - Class A | 6.2% |
| Masco Corporation | 4.1% |
| Chevron Corporation | 4.0% |
| Franco-Nevada Corporation | 4.0% |
| A.O. Smith Corporation | 3.9% |
| Wheaton Precious Metals Corporation | 3.9% |
| Chemed Corporation | 3.8% |
| ConocoPhillips | 3.6% |
| Schlumberger Ltd. | 3.5% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i3f84838eab57f28354b43cfc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Communications | 2.7% |
| Consumer Staples | 2.7% |
| Financials | 2.8% |
| Industrials | 3.9% |
| Technology | 6.4% |
| Health Care | 6.7% |
| Materials | 9.6% |
| Money Market Funds | 10.7% |
| Consumer Discretionary | 11.3% |
| Energy | 16.2% |
| Real Estate | 26.8% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund. The Fund also changed its name and ticker from Schwartz Value Focused Fund (RCMFX) to the Ave Maria Value Focused Fund (AVERX) and adopted a strategy to invest at least 80% of its net assets in morally responsible companies.

![Image](id7017e092114e4951622b1a9.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AVERX

#### Ave Maria Value Focused Fund (AVERX)

## Semi-Annual Shareholder Report - June 30, 2025

# Ave Maria Value Fund
(AVEMX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](i5abb06b08d419f2f590f9697.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria Value Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9331. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria Value Fund | $46 | 0.91% |

---

## How did the Fund perform during the reporting period?
The Ave Maria Value Fund ("the Fund") had a total return of 5.33% for the 6-months ended June 30, 2025, compared to the total return of 0.20% for the S&P MidCap 400<sup><sup>®</sup></sup> Index. The Fund's best performing stocks during the 6-month period included Wheaton Precious Metals Corporation (+60%), Franco-Nevada Corporation (+40%), and Verisign, Inc. (+40%). The main detractors from performance included Simply Good Foods Company, Inc. (-19%), YETI Holdings, Inc. (-18%), and Chemed Corporation (-13%).

The Fund owns a diversified portfolio of 31 companies, across a broad array of industries, with an emphasis on industrials, energy, royalties, and real estate. Texas Pacific Land Corporation remains the largest holding in the Fund at 13.9% of net assets. The Fund recently established two new positions: Builders FirstSource, Inc. (Building Products & Equipment) and Roper Technologies, Inc. (Software). The Fund continues to be managed with a long-term focus, using a value-oriented investment approach based upon fundamental security analysis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i85534380f1e44d350ad3cdd9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ave Maria Value Fund** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $8711 | $10399 | $10133 |
| **Jun-2017** | $10299 | $12260 | $12014 |
| **Jun-2018** | $11937 | $14023 | $13637 |
| **Jun-2019** | $12502 | $15483 | $13822 |
| **Jun-2020** | $10514 | $16645 | $12897 |
| **Jun-2021** | $16481 | $23436 | $19763 |
| **Jun-2022** | $15228 | $20948 | $16870 |
| **Jun-2023** | $16906 | $25053 | $19840 |
| **Jun-2024** | $19126 | $31204 | $22533 |
| **Jun-2025** | $23252 | $35936 | $24230 |

---

## **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Ave Maria Value Fund | 5.33% | 21.57% | 17.20% | 8.80% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400<sup>®</sup> Index | 0.20% | 7.53% | 13.44% | 9.25% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9331 or visit https://avemariafunds.com/AVEMX-value.php for updated performance information.***

## **Fund Statistics** 
* Net Assets$506,987,401

* Number of Portfolio Holdings32

* Total Expense Ratio0.91%

* Advisory Fee
$1,813,699

* Portfolio turnover (six months)6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i654f9b1df66cb83cd7ccc6ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

## Portfolio Managers
Timothy S. Schwartz, CFA

Ryan M. Kuyawa, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Pacific Land Corporation | 13.9% |
| Haemonetics Corporation | 4.9% |
| Landbridge Company, LLC - Class A | 4.7% |
| TD SYNNEX Corporation | 4.5% |
| Wheaton Precious Metals Corporation | 4.0% |
| Hingham Institution For Savings (The) | 4.0% |
| Brown & Brown, Inc. | 3.6% |
| Mirion Technologies, Inc. | 3.5% |
| CDW Corporation | 3.4% |
| Expand Energy Corporation | 3.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i29c62012806953ab81395c69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Consumer Staples | 1.9% |
| Communications | 2.3% |
| Money Market Funds | 3.3% |
| Materials | 7.2% |
| Consumer Discretionary | 7.3% |
| Financials | 10.4% |
| Technology | 10.8% |
| Industrials | 10.9% |
| Energy | 11.7% |
| Health Care | 13.6% |
| Real Estate | 21.1% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund.

![Image](i5abb06b08d419f2f590f9697.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Ave Maria Value Fund (AVEMX)
TSR-SAR 063025-AVEMX

## Semi-Annual Shareholder Report - June 30, 2025

# Ave Maria Growth Fund
(AVEGX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](ia0bae41135901de803678f4c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9331. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria Growth Fund | $46 | 0.90% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the first 6 months of 2025, the Fund had a total return of 7.55%. The strongest performing sectors in the first half of the year were the Industrials, Real Estate, and Energy sectors, which were up 34.1%, 16.4%, and 13.3%, respectively. The performance of the Industrials sector in the first half of the year was driven by HEICO Corporation (aerospace components), which was up 38.0%, and API Group Corporation (industrial services), which was up 41.9%. SBA Communications Corporation (cellular towers) is the Fund's holding in the Real Estate sector, and it was responsible for the entirety of the sector's 16.4% gain in the first half of the year. The performance of the Energy sector was due primarily to the 18.7% return from Expand Energy Corporation (natural gas production).

&nbsp;&nbsp;&nbsp;&nbsp; The worst performing sectors for the Fund in the first half of the year were the Health Care, Consumer Discretionary, and Materials sectors, which were down 20.0%, up 0.1%, and up 0.2%, respectively. The Health Care sector's poor performance was mostly due to the underperformance of IQVIA Holdings, Inc. (pharmaceutical research). The Consumer Discretionary sector was one of the Fund's poorest performing sectors, but it remained in positive territory due to a 14.0% return from O'Reilly Automotive, Inc. (auto parts) and an increase of 22.2% from Atlanta Braves Holdings, Inc. (sports team). The Fund's only holding in the Materials sector, AptarGroup, Inc. (packaging), was solely responsible for the sector's performance in the first half of the year.

&nbsp;&nbsp;&nbsp;&nbsp; New positions in Chubb Ltd. (P&C insurance) and Zoetis, Inc. (animal health) were initiated during the quarter while the Fund exited existing positions in Brookfield Asset Management Ltd. (asset management) and Alphawave (semiconductors).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's goal is to purchase shares of exceptional companies at attractive prices with the expectation of earning favorable returns over the long run.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i62bed909e0050d24d82bbcc5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ave Maria Growth Fund** | **S&P 500<sup>®</sup> Equal Weight Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10151 | $10273 | $10399 |
| **Jun-2017** | $11932 | $12047 | $12260 |
| **Jun-2018** | $14384 | $13490 | $14023 |
| **Jun-2019** | $16612 | $14593 | $15483 |
| **Jun-2020** | $18047 | $14119 | $16645 |
| **Jun-2021** | $24568 | $21279 | $23436 |
| **Jun-2022** | $19137 | $19283 | $20948 |
| **Jun-2023** | $23721 | $21936 | $25053 |
| **Jun-2024** | $27630 | $24523 | $31204 |
| **Jun-2025** | $32197 | $27646 | $35936 |

---

## **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Ave Maria Growth Fund | 7.55% | 16.53% | 12.27% | 12.40% |
| S&P 500<sup>®</sup> Equal Weight Index | 4.82% | 12.73% | 14.38% | 10.70% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9331 or visit https://avemariafunds.com/AVEGX-growth.php for updated performance information.***

## **Fund Statistics** 
* Net Assets$1,134,515,237

* Number of Portfolio Holdings31

* Total Expense Ratio0.90%

* Advisory Fee
$3,999,913

* Portfolio turnover (six months)8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9c56f93244a4b20173e6e936.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.0% |
| Money Market Funds | 3.0% |

---

## Portfolio Managers
Adam P. Gaglio, CFA

Chadd M. Garcia, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 8.6% |
| API Group Corporation | 8.1% |
| Mastercard, Inc. - Class A | 7.0% |
| HEICO Corporation - Class A | 6.4% |
| O'Reilly Automotive, Inc. | 6.1% |
| Copart, Inc. | 4.9% |
| Roper Technologies, Inc. | 4.8% |
| S&P Global, Inc. | 4.5% |
| Texas Instruments, Inc. | 4.4% |
| AptarGroup, Inc. | 3.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i085fc5b0d294c30e1381ba46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Financials | 0.9% |
| Energy | 2.3% |
| Money Market Funds | 3.0% |
| Real Estate | 3.6% |
| Materials | 3.7% |
| Health Care | 4.1% |
| Industrials | 16.4% |
| Consumer Discretionary | 17.4% |
| Technology | 48.8% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund.

![Image](ia0bae41135901de803678f4c.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Ave Maria Growth Fund (AVEGX)
TSR-SAR 063025-AVEGX

## Semi-Annual Shareholder Report - June 30, 2025

# Ave Maria Rising Dividend Fund
(AVEDX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](i7ce274cd24908f6c0c967c9a.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria Rising Dividend Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9331. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria Rising Dividend Fund | $45 | 0.90% |

---

## How did the Fund perform during the reporting period?
For the first 6 months of 2025, the Fund had a total return of 3.65%. The strongest relative contributors to performance in the first half of the year came from the Consumer Staples, Communications, and Real Estate sectors, which were up by 21.9%, 17.0%, and 16.4%, respectively. The Consumer Staples gains were driven by the lone holding, Coca-Cola Europacific Partners plc (non-alcoholic beverages). The Communications sector's performance was derived from the Fund's sole holding, Booking Holdings, Inc. (internet media and services). In the Real Estate sector, SBA Communications Corporation (infrastructure REIT) was up 16.4% for the first half of the year and was also the only holding in the sector.

The weakest sectors were Energy, Consumer Discretionary, and Health Care, which declined by -6.3%, 0.0%, and 0.1%, respectively. The Energy sector's poor performance was mainly due to the underperformance of Diamondback Energy, Inc. (exploration & production) which was down -14.9%. In the Consumer Discretionary sector, the Fund's holding in Lowe's Companies, Inc. (home products stores) was a significant drag, posting a -9.2% return through the first half of the year. The Health Care sector struggled due to the weak performance of newcomer Zoetis, Inc. (specialty pharmaceuticals), down -8.0%, and Chemed Corporation (health care services), down -7.9%.

The Fund's investment strategy identifies companies with strong balance sheets that operate with competitive advantages and produce consistent, above-average cash flow and dividend growth, facilitating a rising stream of dividends. We strive to buy these companies when they are unpopular and undervalued.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i2684e19d2dc56d0aae10f9c5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ave Maria Rising Dividend Fund** | **S&P 500<sup>®</sup> Dividend Aristocrats Index** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10306 | $11326 | $10399 |
| **Jun-2017** | $11554 | $12318 | $12260 |
| **Jun-2018** | $13022 | $13638 | $14023 |
| **Jun-2019** | $14325 | $15590 | $15483 |
| **Jun-2020** | $13846 | $15543 | $16645 |
| **Jun-2021** | $19269 | $21469 | $23436 |
| **Jun-2022** | $18115 | $20678 | $20948 |
| **Jun-2023** | $20691 | $23394 | $25053 |
| **Jun-2024** | $23715 | $24487 | $31204 |
| **Jun-2025** | $26388 | $26282 | $35936 |

---

## **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Ave Maria Rising Dividend Fund | 3.65% | 11.27% | 13.77% | 10.19% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | 2.42% | 7.33% | 11.08% | 10.15% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9331 or visit https://avemariafunds.com/AVEDX-rising-dividend.php for updated performance information.***

## **Fund Statistics** 
* Net Assets$1,084,018,878

* Number of Portfolio Holdings36

* Total Expense Ratio0.90%

* Advisory Fee
$4,011,705

* Portfolio turnover (six months)5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1720c863a41a9f77f6c4f54c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.8% |
| Money Market Funds | 2.2% |

---

## Portfolio Managers
Brandon S. Scheitler

George P. Schwartz, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Pacific Land Corporation | 5.4% |
| Chubb Ltd. | 4.1% |
| Mastercard, Inc. - Class A | 3.9% |
| Texas Instruments, Inc. | 3.8% |
| Moody's Corporation | 3.7% |
| Brown & Brown, Inc. | 3.6% |
| Fastenal Company | 3.5% |
| Broadridge Financial Solutions, Inc. | 3.4% |
| Genuine Parts Company | 3.4% |
| Accenture plc - Class A | 3.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i98137264a546a33daceffdf5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 2.1% |
| Money Market Funds | 2.2% |
| Consumer Staples | 3.0% |
| Materials | 3.1% |
| Energy | 5.6% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 11.4% |
| Financials | 14.1% |
| Industrials | 16.5% |
| Technology | 28.3% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund.

![Image](i7ce274cd24908f6c0c967c9a.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Ave Maria Rising Dividend Fund (AVEDX)
TSR-SAR 063025-AVEDX

## Semi-Annual Shareholder Report - June 30, 2025

# Ave Maria World Equity Fund
(AVEWX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](i061f9adeafd0629a99e21d5d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria World Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9331. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria World Equity Fund | $54 | 1.04% |

---

## How did the Fund perform during the reporting period?
The Ave Maria World Equity Fund (the "Fund") had a total return of 11.16% for the six months ended June 30, 2025, compared to the total return of 10.05% for the MSCI ACWI Index.

Large global markets performed strongly in the first six months of 2025 and generally outperformed the U.S. stock market in US dollar terms. The S&P Europe 350 Index, which consists of 350 leading blue-chip companies from 16 developed European countries, led the way with a 23.82% total return followed by the MSCI Emerging Market Index, which returned 15.27%.

Top contributors to performance during the first six months of 2025 included StoneCo Ltd. up 101.25%, Nintendo Company Ltd. up 64.28%, Howmet Aerospace, Inc. up 70.43%, and Comfort Systems USA, Inc. up 26.73%.

Bottom contributors to performance included Greggs plc down 22.59%, F&G Annuities & Life, Inc. down 21.89% and eDreams ODIGEO S.A. up 0.95%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i77e0bc6d5ec5fb835d7dd896.jpg)

---

| | | |
|:---|:---|:---|
| | **Ave Maria World Equity Fund** | **MSCI ACWI Index Net** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9668 | $9627 |
| **Jun-2017** | $11260 | $11436 |
| **Jun-2018** | $12024 | $12662 |
| **Jun-2019** | $13192 | $13389 |
| **Jun-2020** | $11790 | $13672 |
| **Jun-2021** | $15713 | $19040 |
| **Jun-2022** | $13628 | $16041 |
| **Jun-2023** | $16499 | $18693 |
| **Jun-2024** | $18252 | $22315 |
| **Jun-2025** | $20810 | $25923 |

---

## **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Ave Maria World Equity Fund | 11.16% | 14.01% | 12.03% | 7.60% |
| MSCI ACWI Index Net | 10.05% | 16.17% | 13.65% | 9.99% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9331 or visit https://avemariafunds.com/AVEWX-world-equity.php for updated performance information.***

## Portfolio Managers
Anthony W. Gennaro Jr., CFA, CPA

Sean C. Gaffney, CFA

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $130912398 |
| Number of Portfolio Holdings | 51 |
| Total Expense Ratio | 1.04% |
| Advisory Fee | $439800 |
| Portfolio turnover (six months) | 7% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i8ebc91a11ecc656c0b302d56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Real Estate | 1.0% |
| Money Market Funds | 1.7% |
| Utilities | 2.8% |
| Consumer Staples | 3.3% |
| Materials | 4.0% |
| Communications | 4.8% |
| Energy | 6.2% |
| Health Care | 6.7% |
| Financials | 9.2% |
| Consumer Discretionary | 11.8% |
| Industrials | 23.7% |
| Technology | 25.0% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4d5982d8bd731151238dba32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.3% |
| Money Market Funds | 1.7% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SAP SE | 5.1% |
| Mastercard, Inc. - Class A | 4.3% |
| Eaton Corporation plc | 4.3% |
| GFL Environmental, Inc. | 4.1% |
| SharkNinja, Inc. | 3.8% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3.6% |
| StoneCo Ltd. - Class A | 3.4% |
| HDFC Bank Ltd. - ADR | 2.9% |
| Hammond Power Solutions, Inc. - Class A | 2.9% |
| Comfort Systems USA, Inc. | 2.7% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](id244052a849b0778c28f31db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Taiwan | 3.6% |
| Switzerland | 3.6% |
| Poland | 3.8% |
| Germany | 5.1% |
| Ireland | 6.5% |
| United Kingdom | 7.0% |
| Brazil | 7.1% |
| Japan | 7.5% |
| Canada | 10.9% |
| United States | 27.2% |
| Other Countries | 17.9% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund.

![Image](i061f9adeafd0629a99e21d5d.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Ave Maria World Equity Fund (AVEWX)
TSR-SAR 063025-AVEWX

## Semi-Annual Shareholder Report - June 30, 2025

# Ave Maria Growth Focused Fund
(AVEAX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](i6293429eb60b937cfa74b9d2.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria Growth Focused Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9331. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria Growth Focused Fund | $57 | 1.10% |

---

## How did the Fund perform during the reporting period?
For the first 6 months of 2025, the Fund had a total return of 10.26%. The strongest contributors to performance were API Group Corporation, SigmaRoc plc, NVIDIA Corporation, and GFL Environmental, Inc. API Group soared an impressive 41.9% during the period and had an average weight of 19.2% of the portfolio. SigmaRoc returned 63.5% due to strong stock price appreciation, and to a lesser extent, currency appreciation. NVIDIA, purchased after Liberation Day, generated strong returns for the portfolio, as did existing holding GFL.

The largest detractor in the portfolio was DigitalBridge Group, Inc., which declined 13.7%. Apollo Global Management, Inc., which declined 13.6%, was the second largest detractor. Chemed Corporation, Permian Basin Royalty Trust, Secure Waste Infrastructure Corporation, PrairieSky Royalty Ltd., and Texas Pacific Land Corporation each detracted from returns to lesser extents.

The Fund will continue to be managed with a focus on companies that can grow their per-share economic earnings over a long period of time. The Fund privileges companies with durable and forecastable earnings, companies with an economic moat, and companies that generate high returns on invested capital.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i463028bf9dcf10bfe085f27e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ave Maria Growth Focused Fund** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **May-2020** | $10000 | $10000 | $10000 |
| **Jun-2020** | $10630 | $10992 | $11393 |
| **Jun-2021** | $14598 | $15476 | $16569 |
| **Jun-2022** | $10628 | $13833 | $13172 |
| **Jun-2023** | $12863 | $16543 | $15704 |
| **Jun-2024** | $13734 | $20606 | $18659 |
| **Jun-2025** | $17700 | $23730 | $19461 |

---

## **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (May 1, 2020)** |
| Ave Maria Growth Focused Fund | 10.26% | 28.88% | 10.74% | 11.69% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 18.21% |
| S&P MidCap 400<sup>®</sup> Growth Index | 0.48% | 4.30% | 11.30% | 13.76% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9331 or visit https://avemariafunds.com/AVEAX-growth-focused.php for updated performance information.***

## **Fund Statistics** 
* Net Assets$67,315,732

* Number of Portfolio Holdings16

* Total Expense Ratio1.10%

* Advisory Fee
$222,791

* Portfolio turnover (six months)11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i30cc55ec7e215dbebae22b9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

## Portfolio Managers
Chadd M. Garcia, CFA

Adam P. Gaglio, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| API Group Corporation | 21.9% |
| eDreams ODIGEO S.A. | 17.9% |
| Brookfield Corporation | 7.8% |
| Brookfield Wealth Solutions Ltd. | 7.8% |
| GFL Environmental, Inc. | 7.7% |
| SigmaRoc plc | 6.7% |
| Landbridge Company, LLC - Class A | 5.4% |
| Secure Waste Infrastructure Corporation | 5.4% |
| Apollo Global Management, Inc. | 4.7% |
| DigitalBridge Group, Inc. | 3.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i95f299444f2e6eeba341cd9e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 0.1% |
| Consumer Discretionary | 2.1% |
| Technology | 3.7% |
| Health Care | 3.8% |
| Utilities | 5.4% |
| Materials | 6.7% |
| Real Estate | 6.9% |
| Financials | 20.3% |
| Communications | 21.8% |
| Industrials | 29.6% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund. The Fund also changed its name from the Ave Maria Focused Fund to the Ave Maria Growth Focused Fund.

![Image](i6293429eb60b937cfa74b9d2.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AVEAX

# Ave Maria Growth Focused Fund (AVEAX)

## Semi-Annual Shareholder Report - June 30, 2025

# Ave Maria Bond Fund
(AVEFX)

## Semi-Annual Shareholder Report - June 30, 2025
![Image](i1a308ae3688d95d3c4f2dfd6.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ave Maria Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://avemariafunds.com/reports.php**. You can also request this information by contacting us at (888) 726-9931. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ave Maria Bond Fund | $20 | 0.40% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the first 6 months of 2025, the Fund had a total return of 3.42%. The Fund's exposure to dividend-paying common stocks contributed to its underperformance versus the benchmark during the first half of the year. Notable performers include Coca-Cola Europacific Partners plc (non-alcoholic beverages), Fastenal Company (industrial wholesale & rental), and Texas Instruments, Inc. (semiconductor devices), which increased by 22%, 18%, and 13%, respectively. Detractors to performance included the common stocks of Western Union Company (financial transaction processor), Diamondback Energy, Inc., (exploration & production), and Watsco, Inc., (industrial wholesale & rental), which decreased by -17%, -15%, and -6%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp; Interest rates on the intermediate portion of the yield curve declined during the first half of the year, while short-term and long-term rates remained relatively stable. Markets continue to grapple with the effects of persistent inflation, newly imposed tariffs, and the long-term implications of sustained deficit spending out of Washington. The Federal Reserve has maintained a holding pattern, adopting a wait-and-see approach as it evaluates incoming economic data before determining its next policy move.

&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond spreads widened in April but ultimately ended the first half of the year close to where they began, near historically low levels. This dynamic calls for caution when considering additional credit exposure, particularly in lower quality issuers where investors are not being adequately compensated for the elevated credit risk.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund will continue to be managed in a conservative manner by keeping bond maturities in the short-to-intermediate range and the credit quality high. Additionally, high-quality, dividend-paying common stocks continue to offer an attractive combination of income and price appreciation potential.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic756432d669134266fbd6bdd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ave Maria Bond Fund** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10434 | $10433 | $10600 |
| **Jun-2017** | $10661 | $10411 | $10567 |
| **Jun-2018** | $10895 | $10351 | $10525 |
| **Jun-2019** | $11521 | $11068 | $11353 |
| **Jun-2020** | $11896 | $11856 | $12345 |
| **Jun-2021** | $13113 | $11879 | $12304 |
| **Jun-2022** | $12446 | $11014 | $11038 |
| **Jun-2023** | $12822 | $11003 | $10934 |
| **Jun-2024** | $13690 | $11465 | $11222 |
| **Jun-2025** | $14603 | $12237 | $11904 |

---

## **Average Annual Total Returns as of 6/30/2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Ave Maria Bond Fund | 3.42% | 6.67% | 4.19% | 3.86% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 4.13% | 6.74% | 0.64% | 2.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (888) 726-9931 or visit https://avemariafunds.com/AVEFX-bond.php for updated performance information.***

## **Fund Statistics** 
* Net Assets$752,442,215

* Number of Portfolio Holdings178

* Total Expense Ratio0.40%

* Advisory Fee
$894,008

* Portfolio turnover (six months)8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1c052ac75080433d7d38e5a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 16.5% |
| Corporate Bonds | 49.0% |
| Money Market Funds | 6.3% |
| U.S. Government & Agencies | 28.2% |

---

## Portfolio Managers
Brandon S. Scheitler

George P. Schwartz, CFA

James T. Peregoy, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Coca-Cola Europacific Partners plc | 1.9% |
| Watsco, Inc. | 1.5% |
| Western Union Company (The) | 1.4% |
| Illinois Tool Works, Inc., 2.650%, due 11/15/26 | 1.4% |
| U.S. Treasury Notes, 4.625%, due 09/30/30 | 1.4% |
| U.S. Treasury Notes, 4.500%, due 11/15/33 | 1.4% |
| U.S. Treasury Notes, 4.375%, due 01/31/32 | 1.4% |
| U.S. Treasury Notes, 4.250%, due 06/30/29 | 1.4% |
| U.S. Treasury Notes, 4.125%, due 07/31/28 | 1.3% |
| U.S. Treasury Notes, 4.125%, due 07/31/31 | 1.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i04952684f18b2544f57b6b6c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Health Care | 1.4% |
| Real Estate | 1.5% |
| Communications | 1.5% |
| Materials | 2.8% |
| Financials | 4.9% |
| Energy | 5.3% |
| Money Market | 6.2% |
| Consumer Staples | 8.7% |
| Consumer Discretionary | 8.9% |
| Industrials | 14.8% |
| Technology | 15.3% |
| U.S. Treasury Obligations | 28.1% |

---

## Material Fund Changes
During the period, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the existing advisory agreement) with the Adviser in connection with a change of control of the Adviser. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same and the same personnel of the Adviser continue to provide investment advisory services to the Fund. Also, Mr. James T. Peregoy, CFA, Portfolio Manager and Head Trader of the Adviser, was added as a co-portfolio manager of the Fund.

![Image](i1a308ae3688d95d3c4f2dfd6.jpg)

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://avemariafunds.com/reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AVEFX

# Ave Maria Bond Fund (AVEFX)

## Semi-Annual Shareholder Report - June 30, 2025
(b) Not applicable

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ![](ave_i.jpg)

**AVE MARIA MUTUAL FUNDS **TABLE OF CONTENTS**** 

---

| | |
|:---|:---|
|  Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Value Focused Fund  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Value Fund  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Growth Fund  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Rising Dividend Fund  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria World Equity Fund  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summary of Common Stocks by Country  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Growth Focused Fund  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Bond Fund  | 20 |
|  Statements of Assets and Liabilities  | 28 |
|  Statements of Operations  | 30 |
|  Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Value Focused Fund  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Value Fund  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Growth Fund  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Rising Dividend Fund  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria World Equity Fund  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Growth Focused Fund  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Bond Fund  | 40 |
|  Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Value Focused Fund  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Value Fund  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Growth Fund  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Rising Dividend Fund  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria World Equity Fund  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Growth Focused Fund  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Bond Fund  | 47 |
|  Notes to Financial Statements  | 48 |
|  Additional Information  | 61 |

---

**AVE MARIA MUTUAL FUNDS **TABLE OF CONTENTS** (Continued)** 

*This report is for the information of the shareholders of the Ave Maria Mutual Funds. To obtain a copy of the prospectus, please visit our website at www.avemariafunds.com or call 1-888-726-9331 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Ave Maria Mutual Funds are distributed by Ultimus Fund Distributors, LLC.* 

*Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance data, current to the most recent month end, is available at the Ave Maria Mutual Funds' website at www.avemariafunds.com or by calling 1-888-726-9331.*

**Ave Maria Value Focused Fund** 

**SCHEDULE OF INVESTMENTS June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 89.1%**  | **Shares** | **Fair Value** |
|  **Communications — 2.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc.  | 245000 | $2535750 |
|  **Consumer Discretionary — 11.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Automotive — 3.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. \*  | 87884 | 3155036 |
| &nbsp;&nbsp;&nbsp; *Home Construction — 4.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corporation  | 60000 | 3861600 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc. \*  | 10000 | 315200 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 3.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Company  | 26750 | 3245042 |
|  **Consumer Staples — 2.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Food — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Company (The) \*  | 80470 | 2542047 |
|  **Energy — 16.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 12.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation  | 26000 | 3722940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips  | 37800 | 3392172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation  | 68000 | 2856680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Basin Royalty Trust  | 148735 | 1853238 |
|  |  | 11825030 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 3.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd.  | 98300 | 3322540 |
|  **Financials — 2.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc.  | 14000 | 2568580 |
|  **Health Care — 6.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 3.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 7250 | 3530243 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 2.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corporation \*  | 36500 | 2723265 |

---

**AVE MARIA VALUE FOCUSED FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 89.1% (Continued)** | **Shares** | **Fair Value** |
|  **Industrials — 3.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 3.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corporation  | 55400 | $3632578 |
|  **Materials — 9.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 9.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corporation  | 22700 | 3720984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation  | 58000 | 1647200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corporation  | 40000 | 3592000 |
|  |  | 8960184 |
|  **Real Estate — 26.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Multi-Asset Class Owners & Developers — 6.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landbridge Company, LLC - Class A  | 85559 | 5782077 |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 20.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe Company (The)  | 67600 | 3224520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 15100 | 15951489 |
|  |  | 19176009 |
|  **Technology — 6.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Technology Services — 6.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW Corporation  | 12000 | 2143080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 3750 | 2107275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation  | 3000 | 1504770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union Company (The)  | 25000 | 210500 |
|  |  | 5965625 |
|  **Total Common Stocks** (Cost $63,441,442)  |  | $83140806 |

---

**AVE MARIA VALUE FOCUSED FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 10.7%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(a)</sup>  | 5003783 | $5003783 |
|  Federated Hermes Treasury Obligations Fund - Institutional Shares, 4.17% <sup>(a)</sup>  | 4671690 | 4671690 |
|  Federated Hermes U.S. Treasury Cash Reserves Fund - Institutional Shares, 4.09% <sup>(a)</sup>  | 302006 | 302006 |
|  **Total Money Market Funds** (Cost $9,977,479)  |  | $9977479 |
|  **Total Investments at Fair Value — 99.8%** (Cost $73,418,921)  |  | $93118285 |
|  **Other Assets in Excess of Liabilities — 0.2%**  |  | 140433 |
|  **Net Assets — 100.0%**  |  | $93258718 |

---

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

**Ave Maria Value Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.2%**  | **Shares** | **Fair Value** |
|  **Communications — 2.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc.  | 40500 | $11696400 |
|  **Consumer Discretionary — 7.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Automotive — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. \*  | 257455 | 9242635 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 2.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc. \*  | 315000 | 9928800 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 3.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. \*  | 65000 | 7584850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corporation  | 26600 | 10044426 |
|  |  | 17629276 |
|  **Consumer Staples — 1.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Food — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Company (The) \*  | 310000 | 9792900 |
|  **Energy — 11.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 9.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corporation  | 145500 | 17014770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation  | 350000 | 14703500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Basin Royalty Trust  | 1246474 | 15531066 |
|  |  | 47249336 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd.  | 350000 | 11830000 |
|  **Financials — 10.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Banking — 4.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings (The)  | 81087 | 20137956 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc.  | 77000 | 14127190 |
| &nbsp;&nbsp;&nbsp; *Insurance — 3.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  | 167150 | 18531921 |
|  **Health Care — 13.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 2.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 27580 | 13429529 |

---

**AVE MARIA VALUE FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.2% (Continued)** | **Shares** | **Fair Value** |
|  **Health Care — 13.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 11.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc.  | 145000 | $12800600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corporation \*  | 336000 | 25068960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. \*  | 825000 | 17762250 |
|  |  | 55631810 |
|  **Industrials — 10.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 40000 | 10350000 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 4.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corporation  | 183600 | 12038652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion plc  | 76000 | 10953120 |
|  |  | 22991772 |
| &nbsp;&nbsp;&nbsp; *Industrial Intermediate Products — 4.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc.  | 78000 | 12670320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc. \*  | 330424 | 9076747 |
|  |  | 21747067 |
|  **Materials — 7.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 7.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corporation  | 100000 | 16392000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corporation  | 225000 | 20205000 |
|  |  | 36597000 |
|  **Real Estate — 21.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Multi-Asset Class Owners & Developers — 4.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landbridge Company, LLC - Class A  | 356895 | 24118964 |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 16.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe Company (The)  | 267800 | 12774060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 66500 | 70249935 |
|  |  | 83023995 |
|  **Technology — 10.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Software — 2.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 18000 | 10203120 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 8.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW Corporation  | 96250 | 17189288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.  | 25000 | 4504250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corporation  | 169500 | 23001150 |
|  |  | 44694688 |
|  **Total Common Stocks** (Cost $335,321,946)  |  | $492954359 |

---

**AVE MARIA VALUE FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 3.3%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(a)</sup> (Cost $16,798,221)  | 16798221 | $16798221 |
|  **Total Investments at Fair Value — 100.5% (**Cost $352,120,167)  |  | $509752580 |
|  **Liabilities in Excess of Other Assets — (0.5%)** |  | (2765179) |
|  **Net Assets — 100.0%** |  | $506987401 |

---

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

**Ave Maria Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.2%**  | **Shares** | **Fair Value** |
|  **Consumer Discretionary — 17.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Automotive — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. \*  | 505000 | $18129500 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. - Series C \*  | 542264 | 25361687 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 8.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Companies, Inc.  | 131000 | 29064970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \*  | 765000 | 68949450 |
|  |  | 98014420 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Discretionary — 4.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. \*  | 1130000 | 55449100 |
|  **Energy — 2.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corporation  | 220000 | 25726800 |
|  **Financials — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Insurance — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd.  | 35000 | 10140200 |
|  **Health Care — 4.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc.  | 100000 | 15595000 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 29000 | 14120970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \*  | 106000 | 16704540 |
|  |  | 30825510 |
|  **Industrials — 16.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 6.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 278590 | 72085163 |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 8.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; API Group Corporation \*  | 1795000 | 91634750 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 50000 | 22081000 |
|  **Materials — 3.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Containers & Packaging — 3.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc.  | 270000 | 42236100 |

---

**AVE MARIA GROWTH FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.2% (Continued)** | **Shares** | **Fair Value** |
|  **Real Estate — 3.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 6000 | $6338340 |
| &nbsp;&nbsp;&nbsp; *REITs — 3.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corporation - Class A  | 149000 | 34991160 |
|  **Technology — 48.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 21.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation  | 620000 | 97953800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc. \*  | 380337 | 24349175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. \*  | 192790 | 28409534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Motion Technology Corporation - ADR  | 220000 | 16537400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. - ADR  | 123000 | 27858270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  | 240000 | 49828800 |
|  |  | 244936979 |
| &nbsp;&nbsp;&nbsp; *Software — 9.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. \*  | 40000 | 14048800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc. \*  | 590000 | 33405800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 96500 | 54700060 |
|  |  | 102154660 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 18.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture plc - Class A - ADR  | 119000 | 35567910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc.  | 97000 | 23573910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 142000 | 79795480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation  | 35000 | 17555650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.  | 96000 | 50619840 |
|  |  | 207112790 |
|  **Total Common Stocks** (Cost $550,770,220)  |  | $1102813159 |

---

**AVE MARIA GROWTH FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 3.0%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(a)</sup> (Cost $33,702,742)  | 33702742 | $33702742 |
|  **Total Investments at Fair Value — 100.2%** (Cost $584,472,962)  |  | $1136515901 |
|  **Liabilities in Excess of Other Assets — (0.2%)**  |  | (2000664) |
|  **Net Assets — 100.0%** |  | $1134515237 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate shown is the 7-day effective yield as of June 30, 2025. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Rising Dividend Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.8%**  | **Shares** | **Fair Value** |
|  **Communications — 2.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc.  | 4000 | $23156960 |
|  **Consumer Discretionary — 11.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc. \*  | 40000 | 3959600 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 11.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Company  | 300000 | 36393000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Companies, Inc.  | 135000 | 29952450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The)  | 260000 | 32107400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Company  | 397500 | 20976075 |
|  |  | 119428925 |
|  **Consumer Staples — 3.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc  | 350000 | 32452000 |
|  **Energy — 5.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 5.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation  | 200000 | 28638000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.  | 230000 | 31602000 |
|  |  | 60240000 |
|  **Financials — 14.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corporation  | 250000 | 15462500 |
| &nbsp;&nbsp;&nbsp; *Banking — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corporation  | 600000 | 25794000 |
| &nbsp;&nbsp;&nbsp; *Insurance — 7.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  | 352000 | 39026240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd.  | 155000 | 44906600 |
|  |  | 83932840 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 2.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc.  | 500000 | 28030000 |

---

**AVE MARIA RISING DIVIDEND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.8% (Continued)** | **Shares** | **Fair Value** |
|  **Health Care — 5.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc.  | 80000 | $12476000 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 4.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 70000 | 34085100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  | 95000 | 17064850 |
|  |  | 51149950 |
|  **Industrials — 16.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 9.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 137120 | 35479800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.  | 130000 | 32609200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation  | 65000 | 30104100 |
|  |  | 98193100 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corporation  | 350000 | 22949500 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 5.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Company  | 900000 | 37800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 45000 | 19872900 |
|  |  | 57672900 |
|  **Materials — 3.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Construction Materials — 3.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Companies, Inc.  | 90000 | 33606000 |
|  **Real Estate — 7.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 5.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 55000 | 58101450 |
| &nbsp;&nbsp;&nbsp; *REITs — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corporation - Class A  | 110000 | 25832400 |
|  **Technology — 28.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 3.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  | 200000 | 41524000 |
| &nbsp;&nbsp;&nbsp; *Software — 5.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. \*  | 70000 | 24585400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 55000 | 31176200 |
|  |  | 55761600 |

---

**AVE MARIA RISING DIVIDEND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.8% (Continued)** | **Shares** | **Fair Value** |
|  **Technology — 28.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Technology Services — 19.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture plc - Class A - ADR  | 121500 | $36315135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc.  | 150000 | 36454500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW Corporation  | 130000 | 23216700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 75000 | 42145500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation  | 80000 | 40127200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.  | 60000 | 31637400 |
|  |  | 209896435 |
|  **Total Common Stocks** (Cost $640,558,975)  |  | $1059620160 |

---

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 2.2%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(a)</sup> (Cost $23,862,471)  | 23862471 | $23862471 |
|  **Total Investments at Fair Value — 100.0%** (Cost $664,421,446)  |  | $1083482631 |
|  **Other Assets in Excess of Liabilities — 0.0% <sup>(b)</sup>** |  | 536247 |
|  **Net Assets — 100.0%** |  | $1084018878 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate shown is the 7-day effective yield as of June 30, 2025. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria World Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 98.5%**  | **Shares** | **Fair Value** |
|  **Communications — 4.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Entertainment Content — 2.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Company Ltd.  | 34700 | $3331704 |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eDreams ODIGEO S.A. \*  | 329450 | 3017893 |
|  **Consumer Discretionary — 11.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 3.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc. \*  | 50700 | 5018793 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alsea S.A.B. de C.V. \*  | 685920 | 1867628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greggs plc  | 47400 | 1249856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corporation - Class A  | 9870 | 90113 |
|  |  | 3207597 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIPS AB  | 27800 | 1303063 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 4.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Partner S.A.  | 446506 | 2553517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B & M European Value Retail S.A.  | 444000 | 1653590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeePer Technical Laboratory Company, Ltd.  | 71900 | 1766916 |
|  |  | 5974023 |
|  **Consumer Staples — 3.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc  | 30300 | 2809416 |
| &nbsp;&nbsp;&nbsp; *Food — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Company (The) \*  | 46400 | 1465776 |
|  **Energy — 6.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 6.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd.  | 79800 | 2508199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips  | 18800 | 1687112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.  | 15100 | 2074740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation  | 16857 | 1817185 |
|  |  | 8087236 |
|  **Financials — 9.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Banking — 2.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. - ADR  | 50050 | 3837334 |

---

**AVE MARIA WORLD EQUITY FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 98.5% (Continued)** | **Shares** | **Fair Value** |
|  **Financials — 9.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 2.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Holdings Ltd. - Class A \*  | 184500 | $2531340 |
| &nbsp;&nbsp;&nbsp; *Insurance — 4.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd.  | 8750 | 2535050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc.  | 96384 | 3082360 |
|  |  | 5617410 |
|  **Health Care — 6.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \*  | 4290 | 676061 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 6.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc.  | 25500 | 2251140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. \*  | 129300 | 2783829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A.  | 126281 | 3085045 |
|  |  | 8120014 |
|  **Industrials — 23.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc.  | 11500 | 2140495 |
| &nbsp;&nbsp;&nbsp; *Commercial Services — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karooooo Ltd.  | 60566 | 2966523 |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 6.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edenred SE  | 70500 | 2190108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franchise Brands plc  | 484063 | 993321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | 106300 | 5363898 |
|  |  | 8547327 |
| &nbsp;&nbsp;&nbsp; *Diversified Industrials — 4.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corporation plc  | 15700 | 5604743 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 3.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hammond Power Solutions, Inc. - Class A  | 40700 | 3748963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc  | 3000 | 506010 |
|  |  | 4254973 |
| &nbsp;&nbsp;&nbsp; *Engineering & Construction — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc.  | 6600 | 3538986 |
| &nbsp;&nbsp;&nbsp; *Machinery — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corporation  | 29700 | 1554993 |
| &nbsp;&nbsp;&nbsp; *Transportation & Logistics — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InPost S.A. \*  | 146300 | 2435062 |

---

**AVE MARIA WORLD EQUITY FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 98.5% (Continued)** | **Shares** | **Fair Value** |
|  **Materials — 4.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Chemicals — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Company Ltd.  | 41700 | $1376797 |
| &nbsp;&nbsp;&nbsp; *Construction Materials — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SigmaRoc plc \*  | 1642239 | 2426812 |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mader Group Ltd.  | 318087 | 1409113 |
|  **Real Estate — 1.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corporation  | 7500 | 1309650 |
|  **Technology — 25.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *IT Services — 3.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd. - Class A \*  | 276200 | 4430248 |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 5.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V.  | 2500 | 2003655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. - ADR  | 21000 | 4756290 |
|  |  | 6759945 |
| &nbsp;&nbsp;&nbsp; *Software — 7.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBIC Business Consultants Company Ltd.  | 30600 | 1810385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP SE  | 22000 | 6728198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapiens International Corporation N.V.  | 56452 | 1651221 |
|  |  | 10189804 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 8.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture plc - Class A - ADR  | 7900 | 2361231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 10000 | 5619400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.  | 6400 | 3374656 |
|  |  | 11355287 |
|  **Utilities — 2.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo - ADR  | 104000 | 2284880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secure Waste Infrastructure Corporation  | 116550 | 1332650 |
|  |  | 3617530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** (Cost $84,184,178)  |  | $128915948 |

---

**AVE MARIA WORLD EQUITY FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 1.7%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(a)</sup> (Cost $2,261,771)  | 2261771 | $2261771 |
|  **Total Investments at Fair Value — 100.2%** (Cost $86,445,949)  |  | $131177719 |
|  **Liabilities in Excess of Other Assets — (0.2%)**  |  | (265321) |
|  **Net Assets — 100.0%**  |  | $130912398 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate shown is the 7-day effective yield as of June 30, 2025. |
| See notes to financial statements. | See notes to financial statements. |

---

**AVE MARIA WORLD EQUITY FUND** 

**Summary of Common Stocks by Country** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **Country** | **Value** | **% of Net Assets** |
|  United States \*\*  | $33369506 | 25.5% |
|  Canada  | 14263360 | 10.9% |
|  Japan  | 9840795 | 7.5% |
|  Brazil  | 9246468 | 7.1% |
|  United Kingdom  | 9132995 | 7.0% |
|  Ireland  | 8471984 | 6.5% |
|  Germany  | 6728198 | 5.1% |
|  Poland  | 4988579 | 3.8% |
|  Switzerland  | 4786190 | 3.6% |
|  Taiwan  | 4756290 | 3.6% |
|  India  | 3837334 | 2.9% |
|  Italy  | 3085045 | 2.4% |
|  Spain  | 3017893 | 2.3% |
|  Singapore  | 2966523 | 2.3% |
|  France  | 2190108 | 1.7% |
|  Netherlands  | 2003655 | 1.5% |
|  Mexico  | 1867628 | 1.4% |
|  Israel  | 1651221 | 1.3% |
|  Australia  | 1409113 | 1.1% |
|  Sweden  | 1303063 | 1.0% |
|  | $128915948 | 98.5% |

---

---

| | |
|:---|:---|
| \*\* | 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.  |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Growth Focused Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 100.3%**  | **Shares** | **Fair Value** |
|  **Communications — 21.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 17.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eDreams ODIGEO S.A. \*  | 1313620 | $12033282 |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 3.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc.  | 256527 | 2655055 |
|  **Consumer Discretionary — 2.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Apparel & Textile Products — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA  | 508 | 1377335 |
|  **Financials — 20.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 20.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.  | 22281 | 3161005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corporation  | 84720 | 5239932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Wealth Solutions Ltd. \*  | 84720 | 5234002 |
|  |  | 13634939 |
|  **Health Care — 3.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 3.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 5284 | 2572938 |
|  **Industrials — 29.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 29.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; API Group Corporation \*  | 288209 | 14713069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | 103422 | 5218674 |
|  |  | 19931743 |
|  **Materials — 6.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Construction Materials — 6.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SigmaRoc plc \*  | 3070477 | 4537385 |
|  **Real Estate — 6.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Multi-Asset Class Owners & Developers — 5.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landbridge Company, LLC - Class A  | 54214 | 3663782 |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 1.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 953 | 1006740 |
|  **Technology — 3.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 3.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation  | 14865 | 2348521 |
| &nbsp;&nbsp;&nbsp; *Software — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirata plc \*  | 352700 | 144025 |

---

**AVE MARIA GROWTH FOCUSED FUND** 

**SCHEDULE OF INVESTMENTS** 

**(Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 100.3% (Continued)** | **Shares** | **Fair Value** |
|  **Utilities — 5.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 5.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secure Waste Infrastructure Corporation  | 314511 | $3596167 |
|  **Total Common Stocks** (Cost $38,980,506)  |  | $67501912 |

---

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 0.1%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(a)</sup> (Cost $56,898)  | 56898 | $56898 |
|  **Total Investments at Fair Value — 100.4%** (Cost $39,037,404)  |  | $67558810 |
|  **Liabilities in Excess of Other Assets — (0.4%)**  |  | (243078) |
|  **Net Assets — 100.0%** |  | $67315732 |

---

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

**Ave Maria Bond Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **U.S. GOVERNMENT & AGENCIES — 28.1%**  | **Par Value** | **Fair Value** |
|  **U.S. Treasury Inflation-Protected Notes — 5.4% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; 0.625%, due 01/15/26  | $6749700 | $6712657 |
| &nbsp;&nbsp;&nbsp; 2.000%, due 01/15/26  | 4848330 | 4856762 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 04/15/26  | 6115550 | 6047714 |
| &nbsp;&nbsp;&nbsp; 0.375%, due 01/15/27  | 5178732 | 5107676 |
| &nbsp;&nbsp;&nbsp; 0.375%, due 07/15/27  | 8523255 | 8407776 |
| &nbsp;&nbsp;&nbsp; 0.500%, due 01/15/28  | 6501950 | 6380792 |
| &nbsp;&nbsp;&nbsp; 0.750%, due 07/15/28  | 3194625 | 3155618 |
|  |  | 40668995 |
|  **U.S. Treasury Notes — 22.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; 0.250%, due 10/31/25  | 10000000 | 9866602 |
| &nbsp;&nbsp;&nbsp; 4.500%, due 11/15/25  | 10000000 | 10005176 |
| &nbsp;&nbsp;&nbsp; 4.250%, due 01/31/26  | 10000000 | 9999316 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 09/30/27  | 10000000 | 10089844 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 02/29/28  | 10000000 | 10074609 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 07/31/28  | 10000000 | 10119141 |
| &nbsp;&nbsp;&nbsp; 1.250%, due 09/30/28  | 10000000 | 9249609 |
| &nbsp;&nbsp;&nbsp; 3.250%, due 06/30/29  | 10000000 | 9816016 |
| &nbsp;&nbsp;&nbsp; 4.250%, due 06/30/29  | 10000000 | 10183984 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 10/31/29  | 10000000 | 10094141 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 02/28/30  | 10000000 | 10095703 |
| &nbsp;&nbsp;&nbsp; 3.750%, due 05/31/30  | 10000000 | 9976563 |
| &nbsp;&nbsp;&nbsp; 4.625%, due 09/30/30  | 10000000 | 10374609 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 07/31/31  | 10000000 | 10113672 |
| &nbsp;&nbsp;&nbsp; 4.375%, due 01/31/32  | 10000000 | 10237109 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 11/15/32  | 10000000 | 10069141 |
| &nbsp;&nbsp;&nbsp; 4.500%, due 11/15/33  | 10000000 | 10273047 |
|  |  | 170638282 |
|  **Total U.S. Government & Agencies** (Cost $211,506,277)  |  | $211307277 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 48.7%**  | **Par Value** | **Fair Value** |
|  **Communications — 1.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 4.800%, due 03/01/26  | $5500000 | $5503365 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 1.850%, due 02/15/31  | 6486000 | 5632239 |
|  |  | 11135604 |
|  **Consumer Discretionary — 7.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Company, 1.875%, due 11/01/30  | 2429000 | 2093298 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Company, 6.875%, due 11/01/33  | 1140000 | 1265893 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 3.375%, due 09/15/25  | 1500000 | 1495702 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 2.500%, due 04/15/26  | 3000000 | 2955134 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 3.100%, due 05/03/27  | 9050000 | 8874489 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 1.300%, due 04/15/28  | 400000 | 370053 |

---

**AVE MARIA BOND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 48.7% (Continued)** | **Par Value** | **Fair Value** |
|  **Consumer Discretionary — 7.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 1.700%, due 10/15/30  | $925000 | $803994 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 3.750%, due 04/01/32  | 4000000 | 3773570 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 3.900%, due 06/01/29  | 2767000 | 2718303 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 4.200%, due 04/01/30  | 400000 | 395920 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 4.700%, due 06/15/32  | 8150000 | 8092804 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 0.875%, due 04/15/26  | 5255000 | 5104867 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 4.700%, due 04/15/27  | 1300000 | 1300286 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 1.875%, due 04/15/31  | 2165000 | 1854088 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 2.250%, due 09/15/26  | 3226000 | 3159508 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 1.150%, due 05/15/28  | 3276000 | 3025993 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 3.875%, due 04/15/30  | 2902000 | 2862607 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 1.600%, due 05/15/31  | 5263000 | 4543626 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Company, 1.750%, due 11/01/30  | 1525000 | 1322094 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Company, 5.250%, due 05/15/33  | 1600000 | 1633596 |
|  |  | 57645825 |
|  **Consumer Staples — 6.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 1.450%, due 06/01/27  | 5452000 | 5202946 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 2.125%, due 09/06/29  | 1550000 | 1438616 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 2.000%, due 03/05/31  | 1250000 | 1111095 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 2.250%, due 01/05/32  | 450000 | 398242 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Company, 3.100%, due 08/15/27  | 5000000 | 4917493 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Company, 3.250%, due 08/15/32  | 2750000 | 2552922 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Company, 4.600%, due 03/01/33  | 2720000 | 2746637 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 3.200%, due 08/21/25  | 645000 | 643765 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 2.300%, due 08/15/26  | 2000000 | 1961708 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 4.250%, due 05/04/28  | 1350000 | 1360676 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 2.450%, due 11/15/29  | 4875000 | 4535406 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corporation, 1.700%, due 06/03/28  | 1850000 | 1729210 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corporation, 1.800%, due 06/11/30  | 5100000 | 4533027 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Company (The), 3.375%, due 12/15/27  | 3750000 | 3681114 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Company (The), 2.125%, due 03/15/32  | 1450000 | 1229525 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 2.750%, due 02/15/26  | 2648000 | 2621166 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 1.050%, due 09/15/27  | 1900000 | 1785323 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 3.950%, due 11/01/28  | 1665000 | 1660505 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 3.200%, due 04/25/29  | 1397000 | 1354929 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 3.100%, due 03/26/30  | 609000 | 580399 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 2.000%, due 11/02/31  | 5530000 | 4875787 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 4.500%, due 02/16/33  | 500000 | 500656 |
|  |  | 51421147 |
|  **Energy — 2.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 8.000%, due 04/01/27  | 2600000 | 2771058 |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 1.995%, due 05/11/27  | 1500000 | 1448432 |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 1.018%, due 08/12/27  | 1150000 | 1081222 |

---

**AVE MARIA BOND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 48.7% (Continued)** | **Par Value** | **Fair Value** |
|  **Energy — 2.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 3.250%, due 10/15/29  | $7685000 | $7453158 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corporation, 2.440%, due 08/16/29  | 546000 | 514268 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corporation, 2.610%, due 10/15/30  | 180000 | 166526 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources, 1.125%, due 01/15/26  | 2578000 | 2532996 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources, 7.200%, due 01/15/28  | 1936000 | 2073065 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources, 1.900%, due 08/15/30  | 530000 | 469634 |
|  |  | 18510359 |
|  **Financials — 2.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings, Inc., 3.350%, due 05/03/26  | 650000 | 644968 |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings, Inc., 1.375%, due 09/15/30  | 5700000 | 4955077 |
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings, Inc., 5.000%, due 03/15/34  | 6600000 | 6724132 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27  | 400000 | 392402 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28  | 4380000 | 4272393 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corporation, 2.250%, due 03/11/30  | 900000 | 810103 |
|  |  | 17799075 |
|  **Health Care — 1.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 3.375%, due 11/01/25  | 1026000 | 1021846 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 3.500%, due 03/15/26  | 1404000 | 1395109 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 3.650%, due 03/07/28  | 500000 | 493504 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 4.850%, due 12/08/28  | 325000 | 331281 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 1.950%, due 06/15/30  | 3795000 | 3384366 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 4.625%, due 09/11/34  | 2921000 | 2876880 |
| &nbsp;&nbsp;&nbsp; Zoetis Inc., 2.000%, due 05/15/30  | 1050000 | 943488 |
|  |  | 10446474 |
|  **Industrials — 11.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; Amphenol Corporation, 4.350%, due 06/01/29  | 5950000 | 5976543 |
| &nbsp;&nbsp;&nbsp; Amphenol Corporation, 2.800%, due 02/15/30  | 2000000 | 1875387 |
| &nbsp;&nbsp;&nbsp; Amphenol Corporation, 2.200%, due 09/15/31  | 6460000 | 5655084 |
| &nbsp;&nbsp;&nbsp; Cintas Corporation, 4.000%, due 05/01/32  | 1874000 | 1811985 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 1.100%, due 03/01/27  | 650000 | 619012 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.950%, due 02/15/28  | 870000 | 888722 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 2.700%, due 08/15/29  | 650000 | 613142 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 1.750%, due 09/01/31  | 600000 | 512164 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.950%, due 09/01/31  | 4165000 | 4277718 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.750%, due 02/01/32  | 5000000 | 5045814 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 5.000%, due 02/15/33  | 3512000 | 3569060 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.500%, due 01/15/34  | 1930000 | 1891028 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc., 3.150%, due 08/15/27  | 5632000 | 5496325 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc., 2.300%, due 03/15/31  | 1270000 | 1122442 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., 2.650%, due 11/15/26  | 10601000 | 10413041 |

---

**AVE MARIA BOND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 48.7% (Continued)** | **Par Value** | **Fair Value** |
|  **Industrials — 11.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.050%, due 06/01/29  | $1500000 | $1534539 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 1.800%, due 01/15/31  | 4809000 | 4157438 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.250%, due 06/01/31  | 1147000 | 1182933 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.400%, due 07/31/33  | 5147000 | 5290102 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.350%, due 06/01/34  | 900000 | 919935 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 3.550%, due 01/15/26  | 3848000 | 3835190 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 5.100%, due 11/15/27  | 3057000 | 3133756 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 4.450%, due 05/15/28  | 1000000 | 1011228 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 1.850%, due 06/15/30  | 1000000 | 889399 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 5.250%, due 01/15/33  | 2560000 | 2650266 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 4.750%, due 02/15/34  | 650000 | 646325 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corporation, 1.100%, due 05/11/26  | 835000 | 813343 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corporation, 2.000%, due 02/04/27  | 500000 | 484749 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corporation, 4.600%, due 01/10/28  | 1050000 | 1063424 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 2.400%, due 11/15/26  | 1869000 | 1826127 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 4.450%, due 04/01/30  | 740000 | 748592 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 5.150%, due 05/22/34  | 3650000 | 3740263 |
|  |  | 83695076 |
|  **Materials — 2.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Carlisle Companies, Inc., 2.200%, due 03/01/32  | 6550000 | 5536483 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 2.700%, due 11/01/26  | 6438000 | 6313718 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 4.800%, due 03/24/30  | 1745000 | 1787559 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 1.300%, due 01/30/31  | 2705000 | 2299303 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 2.125%, due 02/01/32  | 4228000 | 3648863 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc., 3.750%, due 03/15/27  | 1250000 | 1234452 |
|  |  | 20820378 |
|  **Technology — 12.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., 2.100%, due 10/01/31  | 3450000 | 3010485 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., 5.050%, due 04/01/34  | 4230000 | 4336146 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26  | 600000 | 592773 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29  | 6800000 | 6368101 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31  | 5319000 | 4740890 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 2.950%, due 02/28/26  | 2770000 | 2743737 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 2.500%, due 09/20/26  | 3080000 | 3025571 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 2.950%, due 11/21/26  | 2000000 | 1971367 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 3.300%, due 03/26/27  | 2150000 | 2126730 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 3.500%, due 02/26/28  | 450000 | 444384 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 3.350%, due 03/26/30  | 1500000 | 1446759 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 2.000%, due 11/18/31  | 6217000 | 5417402 |

---

**AVE MARIA BOND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 48.7% (Continued)** | **Par Value** | **Fair Value** |
|  **Technology — 12.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.850%, due 03/09/33  | $4100000 | $4179054 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.875%, due 05/09/34  | 2500000 | 2526320 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 3.250%, due 01/15/28  | 4706000 | 4608988 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 4.250%, due 02/01/29  | 5289000 | 5286771 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 4.250%, due 08/08/32  | 2853000 | 2787669 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.950%, due 01/22/27  | 3675000 | 3611740 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.450%, due 03/01/27  | 3000000 | 2919060 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 4.750%, due 08/01/28  | 1115000 | 1130609 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 4.250%, due 05/01/29  | 427000 | 426699 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.500%, due 12/01/29  | 700000 | 650635 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 1.250%, due 08/15/30  | 2600000 | 2238867 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.900%, due 03/01/32  | 2200000 | 2000451 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 5.250%, due 09/15/33  | 2213000 | 2298825 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 1.750%, due 05/04/30  | 380000 | 338655 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.500%, due 05/23/30  | 3000000 | 3031624 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 1.900%, due 09/15/31  | 2000000 | 1743370 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 3.650%, due 08/16/32  | 1293000 | 1224583 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.900%, due 03/14/33  | 1400000 | 1434445 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.850%, due 02/08/34  | 2947000 | 2993211 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., 3.150%, due 12/14/25  | 3905000 | 3882572 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., 1.900%, due 04/15/27  | 3854000 | 3720639 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., 2.750%, due 09/15/27  | 6051000 | 5905230 |
|  |  | 95164362 |
|  **Total Corporate Bonds** (Cost $364,391,313)  |  | $366638300 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 16.4%**  | **Shares** | **Fair Value** |
|  **Consumer Discretionary — 1.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Company  | 77000 | $9340870 |
|  **Consumer Staples — 1.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc  | 150000 | 13908000 |
|  **Energy — 2.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 2.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation  | 50000 | 7159500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.  | 45200 | 6210480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation  | 80000 | 8624000 |
|  |  | 21993980 |

---

**AVE MARIA BOND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 16.4% (Continued)** | **Shares** | **Fair Value** |
|  **Financials — 2.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Banking — 1.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corporation  | 225000 | $9672750 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc.  | 165000 | 9249900 |
|  **Industrials — 3.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation  | 17000 | 7873380 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Company  | 212000 | 8904000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 25000 | 11040500 |
|  |  | 19944500 |
|  **Real Estate — 1.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 7000 | 7394730 |
| &nbsp;&nbsp;&nbsp; *REITs — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corporation - Class A  | 15000 | 3522600 |
|  **Technology — 2.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 1.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  | 47000 | 9758140 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union Company (The)  | 1250000 | 10525000 |
|  **Total Common Stocks** (Cost $82,171,161)  |  | $123183850 |

---

**AVE MARIA BOND FUND SCHEDULE OF INVESTMENTS (Continued)** 

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 6.2%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.13% <sup>(b)</sup>  | 36468801 | $36468801 |
|  Federated Hermes Treasury Obligations Fund - Institutional Shares, 4.17% <sup>(b)</sup>  | 10547449 | 10547449 |
|  **Total Money Market Funds** (Cost $47,016,250)  |  | $47016250 |
|  **Total Investments at Fair Value — 99.4%** (Cost $705,085,001)  |  | $748145677 |
|  **Other Assets in Excess of Liabilities — 0.6%**  |  | 4296538 |
|  **Net Assets — 100.0%**  |  | $752442215 |

---

<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 June 30, 2025. <br>

**This page intentionally left blank.**

**AVE MARIA MUTUAL FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ave Maria <br> Value Focused <br> Fund** | **Ave Maria <br> Value Fund** | **Ave Maria <br> Growth Fund** | **Ave Maria <br> Rising <br> Dividend Fund** |
|  **ASSETS** |  |  |  |  |
|  Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; At cost  | $73418921 | $352120167 | $584472962 | $664421446 |
| &nbsp;&nbsp;&nbsp; At fair value (Note 1)  | $93118285 | $509752580 | $1136515901 | $1083482631 |
|  Cash  |  | 38760 |  |  |
|  Receivable for capital shares sold  | 415822 | 190482 | 169365 | 2443431 |
|  Dividends receivable  | 108421 | 311187 | 322797 | 658367 |
|  Tax reclaims receivable  |  | 15572 | 139352 | 105371 |
|  Other assets  | 26292 | 31244 | 37742 | 38880 |
| &nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 93668820 | 510339825 | 1137185157 | 1086728680 |
|  **LIABILITIES** |  |  |  |  |
|  Distributions payable  |  |  |  | 252210 |
|  Payable for capital shares redeemed  | 205477 | 2361668 | 559931 | 349497 |
|  Payable to Adviser (Note 2)  | 182982 | 926722 | 1988718 | 1989918 |
|  Payable to administrator (Note 2)  | 7121 | 38724 | 82247 | 80421 |
|  Other accrued expenses  | 14522 | 25310 | 39024 | 37756 |
| &nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 410102 | 3352424 | 2669920 | 2709802 |
|  **NET ASSETS**  | $93258718 | $506987401 | $1134515237 | $1084018878 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $72665789 | $336221765 | $582404072 | $656906130 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings  | 20592929 | 170765636 | 552111165 | 427112748 |
|  **NET ASSETS**  | $93258718 | $506987401 | $1134515237 | $1084018878 |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 1694554 | 18074641 | 22254735 | 46187682 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 1)  | $55.03 | $28.05 | $50.98 | $23.47 |

---

See notes to financial statements.<br>

**AVE MARIA MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES June 30, 2025 (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria <br> World <br> Equity Fund** | **Ave Maria <br> Growth <br> Focused Fund** | **Ave Maria <br> Bond Fund** |
|  **ASSETS** |  |  |  |
|  Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp; At cost  | $86445949 | $39037404 | $705085001 |
| &nbsp;&nbsp;&nbsp; At fair value (Note 1)  | $131177719 | $67558810 | $748145677 |
|  Cash  |  | 7625 |  |
|  Receivable for capital shares sold  | 22876 | 27010 | 760194 |
|  Dividends and interest receivable  | 170693 | 21659 | 4986917 |
|  Tax reclaims receivable  | 63851 |  |  |
|  Other assets  | 18938 | 16571 | 41374 |
| &nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 131454077 | 67631675 | 753934162 |
|  **LIABILITIES** |  |  |  |
|  Distributions payable  |  |  | 185950 |
|  Due to custodian  | 1468 |  |  |
|  Payable for capital shares redeemed  | 51031 | 34327 | 754980 |
|  Payable for investment securities purchased  | 240773 | 150431 |  |
|  Payable to Adviser (Note 2)  | 223610 | 114493 | 463590 |
|  Payable to administrator (Note 2)  | 9578 | 4975 | 48681 |
|  Other accrued expenses  | 15219 | 11717 | 38746 |
| &nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 541679 | 315943 | 1491947 |
|  **NET ASSETS**  | $130912398 | $67315732 | $752442215 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $84000439 | $45784738 | $709187064 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings  | 46911959 | 21530994 | 43255151 |
|  **NET ASSETS**  | $130912398 | $67315732 | $752442215 |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 5894106 | 3991333 | 61292707 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 1)  | $22.21 | $16.87 | $12.28 |

---

See notes to financial statements.<br>

**AVE MARIA MUTUAL FUNDS** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ave Maria <br> Value Focused <br> Fund** | **Ave Maria <br> Value Fund** | **Ave Maria <br> Growth Fund** | **Ave Maria <br> Rising <br> Dividend Fund** |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $652489 | $2616882 | $4368886 | $9306963 |
| &nbsp;&nbsp;&nbsp; Tax reclaims received  |  | 21156 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (6004) | (43961) | (73282) | (6750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT INCOME  | 646485 | 2594077 | 4295604 | 9300213 |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 297198 | 1813699 | 3999913 | 4011705 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees (Note 2)  | 38665 | 225085 | 484776 | 485873 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 2)  | 5618 | 36071 | 80863 | 82299 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 24627 | 24627 | 24627 | 24627 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 5159 | 25846 | 48145 | 45583 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 21321 | 24733 | 22743 | 21776 |
| &nbsp;&nbsp;&nbsp; Custodian and bank service fees  | 4381 | 14021 | 31856 | 28505 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 7451 | 15552 | 26856 | 26307 |
| &nbsp;&nbsp;&nbsp; Advisory board fees and expenses (Note 2)  |  | 6658 | 15570 | 15707 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 776 | 5876 | 14579 | 15092 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 6483 | 5343 | 9030 | 8108 |
| &nbsp;&nbsp;&nbsp; Compliance service fees (Note 2)  | 586 | 3315 | 7218 | 7151 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 5950 | 11731 | 22013 | 22655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET EXPENSES  | 418215 | 2212557 | 4788189 | 4795388 |
| &nbsp;&nbsp;&nbsp; Previous investment advisory fee reductions recouped by the Adviser (Note 2)  | 63028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES  | 481243 | 2212557 | 4788189 | 4795388 |
|  **NET INVESTMENT INCOME (LOSS)** | 165242 | 381520 | (492585) | 4504825 |

---

See notes to financial statements.

**AVE MARIA MUTUAL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended June 30, 2025 (Unaudited) (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ave Maria <br> Value Focused <br> Fund** | **Ave Maria <br> Value Fund** | **Ave Maria <br> Growth Fund** | **Ave Maria <br> Rising <br> Dividend Fund** |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | $728323 | $12220156 | $562399 | $8125288 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  |  |  | (1588) | (27535) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 171754 | 11440141 | 79610386 | 26267889 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  |  |  |  | 7122 |
|  **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES**  | 900077 | 23660297 | 80171197 | 34372764 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $1065319 | $24041817 | $79678612 | $38877589 |

---

See notes to financial statements.

**AVE MARIA MUTUAL FUNDS STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria <br> World <br> Equity Fund** | **Ave Maria <br> Growth <br> Focused Fund** | **Ave Maria <br> Bond Fund** |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $1026573 | $131118 | $3000159 |
| &nbsp;&nbsp;&nbsp; Tax reclaims received  | 12241 | 58 |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (127733) | (12906) |  |
| &nbsp;&nbsp;&nbsp; Interest  |  |  | 10577930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT INCOME  | 911081 | 118270 | 13578089 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 439800 | 222791 | 894008 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees (Note 2)  | 56117 | 29410 | 279809 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 2)  | 8911 | 4602 | 54362 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 24627 | 24627 | 24627 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 8310 | 5973 | 29003 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 15558 | 14717 | 34731 |
| &nbsp;&nbsp;&nbsp; Custodian and bank service fees  | 12587 | 7323 | 18766 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 7977 | 6835 | 20147 |
| &nbsp;&nbsp;&nbsp; Advisory board fees and expenses (Note 2)  | 1674 | 830 | 10061 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 1858 | 986 | 9249 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 3917 | 3202 | 5910 |
| &nbsp;&nbsp;&nbsp; Compliance service fees (Note 2)  | 802 | 416 | 4886 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 28836 | 6664 | 38496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES  | 610974 | 328376 | 1424055 |
|  **NET INVESTMENT INCOME (LOSS)**  | 300107 | (210106) | 12154034 |

---

See notes to financial statements.

**AVE MARIA MUTUAL FUNDS STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria <br> World <br> Equity Fund** | **Ave Maria <br> Growth<br> Focused Fund** | **Ave Maria <br> Bond Fund** |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions  | $1885333 | $(6660471) | $145 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (8932) | (1030) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 10888170 | 13173790 | 11638300 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  | 4573 |  |  |
|  **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES**  | 12769144 | 6512289 | 11638445 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $13069251 | $6302183 | $23792479 |

---

See notes to financial statements.

**Ave Maria Value Focused Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $165242 | $216484 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 728323 | 6677803 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 171754 | 4674466 |
|  Net increase in net assets resulting from operations  | 1065319 | 11568753 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  |  | (6894355) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 66349666 | 17460142 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 6565207 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (26718355) | (9426152) |
|  Net increase in net assets from capital share transactions  | 39631311 | 14599197 |
|  **TOTAL INCREASE IN NET ASSETS**  | 40696630 | 19273595 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 52562088 | 33288493 |
| &nbsp;&nbsp;&nbsp; End of period  | $93258718 | $52562088 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY**  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1175869 | 296845 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  |  | 124695 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (478127) | (185952) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 697742 | 235588 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 996812 | 761224 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 1694554 | 996812 |

---

See notes to financial statements.<br>

**Ave Maria Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $381520 | $1949713 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 12220156 | 34977325 |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment companies  |  | 17 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 11440141 | 40822245 |
|  Net increase in net assets resulting from operations  | 24041817 | 77749300 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  |  | (36308430) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 69334794 | 47800494 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 34632053 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (32594007) | (49398813) |
|  Net increase in net assets from capital share transactions  | 36740787 | 33033734 |
|  **TOTAL INCREASE IN NET ASSETS**  | 60782604 | 74474604 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 446204797 | 371730193 |
| &nbsp;&nbsp;&nbsp; End of period  | $506987401 | $446204797 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2491776 | 1766218 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  |  | 1302931 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1171088) | (1900005) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 1320688 | 1169144 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 16753953 | 15584809 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 18074641 | 16753953 |

---

See notes to financial statements. <br>

**Ave Maria Growth Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(492585) | $(881149) |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 562399 | 86896670 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (1588) | (8984) |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment companies  |  | 29 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 79610386 | 57627337 |
|  Net increase in net assets resulting from operations  | 79678612 | 143633903 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  |  | (84582661) |
|  **FROM CAPITAL SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 63682229 | 116989334 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 79894899 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (86508250) | (159273877) |
|  Net increase (decrease) in net assets from capital share transactions  | (22826021) | 37610356 |
|  **TOTAL INCREASE IN NET ASSETS**  | 56852591 | 96661598 |
|  **NET ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 1077662646 | 981001048 |
| &nbsp;&nbsp;&nbsp; End of period  | $1134515237 | $1077662646 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY**  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1343629 | 2417689 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  |  | 1680581 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1824826) | (3303117) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | (481197) | 795153 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 22735932 | 21940779 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 22254735 | 22735932 |

---

See notes to financial statements. <br>

**Ave Maria Rising Dividend Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $4504825 | $10447571 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 8125288 | 55649262 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (27535) | (1611) |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment companies  |  | 41 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 26267889 | 73095806 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  | 7122 | (1143) |
|  Net increase in net assets resulting from operations  | 38877589 | 139189926 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (4556994) | (66105105) |
|  **FROM CAPITAL SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 72072881 | 126984652 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 4049285 | 59848577 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (103571347) | (186344150) |
|  Net increase (decrease) in net assets from capital share transactions  | (27449181) | 489079 |
|  **TOTAL INCREASE IN NET ASSETS**  | 6871414 | 73573900 |
|  **NET ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 1077147464 | 1003573564 |
| &nbsp;&nbsp;&nbsp; End of period  | $1084018878 | $1077147464 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3099489 | 5468274 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 172246 | 2629899 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4446613) | (8155030) |
| &nbsp;&nbsp;&nbsp; Net decrease in shares outstanding  | (1174878) | (56857) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 47362560 | 47419417 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 46187682 | 47362560 |

---

See notes to financial statements. <br>

**Ave Maria World Equity Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $300107 | $472210 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 1885333 | 603813 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (8932) | (15867) |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment companies  |  | 2 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 10888170 | 3759629 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  | 4573 | (1633) |
|  Net increase in net assets resulting from operations  | 13069251 | 4818154 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  |  | (1059672) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 10960922 | 22785960 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 1002883 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (9502264) | (12766029) |
|  Net increase in net assets from capital share transactions  | 1458658 | 11022814 |
|  **TOTAL INCREASE IN NET ASSETS**  | 14527909 | 14781296 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 116384489 | 101603193 |
| &nbsp;&nbsp;&nbsp; End of period  | $130912398 | $116384489 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 544139 | 1133692 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  |  | 50295 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (474016) | (631439) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 70123 | 552548 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 5823983 | 5271435 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 5894106 | 5823983 |

---

See notes to financial statements. <br>

**Ave Maria Growth Focused Fund** 

**StatementS of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(210106) | $(311982) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions  | (6660471) | 375548 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (1030) | (5271) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 13173790 | 5685469 |
|  Net increase in net assets resulting from operations  | 6302183 | 5743764 |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 8760078 | 9579833 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (5236233) | (18194122) |
|  Net increase (decrease) in net assets from capital share transactions  | 3523845 | (8614289) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | 9826028 | (2870525) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 57489704 | 60360229 |
| &nbsp;&nbsp;&nbsp; End of period  | $67315732 | $57489704 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 572242 | 706555 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (338077) | (1350332) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | 234165 | (643777) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 3757168 | 4400945 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 3991333 | 3757168 |

---

See notes to financial statements. <br>

**Ave Maria Bond Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $12154034 | $18442065 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 145 | 6697526 |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment companies  |  | 18 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 11638300 | 8478602 |
|  Net increase in net assets resulting from operations  | 23792479 | 33618211 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (11959704) | (18484015) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 107531099 | 183260049 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 10913403 | 17003046 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (54351406) | (96248781) |
|  Net increase in net assets from capital share transactions  | 64093096 | 104014314 |
|  **TOTAL INCREASE IN NET ASSETS**  | 75925871 | 119148510 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 676516344 | 557367834 |
| &nbsp;&nbsp;&nbsp; End of period  | $752442215 | $676516344 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 8803919 | 15235400 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 890812 | 1413718 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4449261) | (8006398) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 5245470 | 8642720 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 56047237 | 47404517 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 61292707 | 56047237 |

---

See notes to financial statements. <br>

**Ave Maria Value Focused Fund** 

**Financial Highlights** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Year <br> Ended <br> December 31, <br> 2020** |
|  Net asset value at beginning of period | $52.73 | $43.73 | $45.06 | $37.52 | $30.54 | $28.03 |
|  Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.10 | 0.25 | 0.27 | 0.39 | 0.12 | 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gains on investments  | 2.20 | 16.67 | 0.27 <sup>(a)</sup> | 7.54 | 9.39 | 3.11 |
|  Total from investment operations  | 2.30 | 16.92 | 0.54 | 7.93 | 9.51 | 3.26 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  |  | (0.25) | (0.27) | (0.39) | (0.12) | (0.15) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (7.67) | (1.60) |  | (2.41) | (0.60) |
|  Total distributions  |  | (7.92) | (1.87) | (0.39) | (2.53) | (0.75) |
|  Net asset value at end of period  | $55.03 | $52.73 | $43.73 | $45.06 | $37.52 | $30.54 |
|  Total return <sup>(b)</sup>  | 4.36 %<sup>(c)</sup> | 38.71% | 1.18% | 21.15% | 31.14% | 11.62% |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000's)  | $93259 | $52562 | $33288 | $51773 | $23561 | $18097 |
|  Ratio of total expenses to average net assets  | 1.05 %<sup>(d)(e)</sup> | 1.19 %<sup>(d)</sup> | 1.17 %<sup>(d)</sup> | 1.28% | 1.51% | 1.71% |
|  Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.21 %<sup>(e)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
|  Ratio of net investment income to average net assets <sup>(f)</sup>  | 0.42 %<sup>(e)</sup> | 0.57% | 0.50% | 1.39% | 0.28% | 0.49% |
|  Portfolio turnover rate  | 18 %<sup>(c)</sup> | 39% | 24% | 14% | 18% | 45% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | The ratios would have been 1.21%<sup>(e)</sup>, 1.29% and 1.28%, respectively, if the amounts recouped by the Adviser were included for the period ended June 30, 2025 and years ended December 31, 2024 and 2023. |
| <sup>(e)</sup> | Annualized. |
| <sup>(f)</sup> | Ratio was determined after advisory fee reductions and/or recoupments (Note 2). |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Value Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Year <br> Ended <br> December 31, <br> 2020** |
|  Net asset value at beginning of period  | $26.63 | $23.85 | $24.05 | $23.35 | $20.17 | $19.68 |
|  Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.02 | 0.12 | 0.19 | 0.28 | 0.06 | 0.09 |
| &nbsp;&nbsp; Net realized and unrealized gains on investments  | 1.40 | 5.01 | 0.67 | 0.70 | 5.00 | 1.12 |
|  Total from investment operations  | 1.42 | 5.13 | 0.86 | 0.98 | 5.06 | 1.21 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  |  | (0.09) | (0.20) | (0.28) | (0.06) | (0.09) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (2.26) | (0.86) |  | (1.82) | (0.63) |
|  Total distributions  |  | (2.35) | (1.06) | (0.28) | (1.88) | (0.72) |
|  Net asset value at end of period  | $28.05 | $26.63 | $23.85 | $24.05 | $23.35 | $20.17 |
|  Total return <sup>(a)</sup>  | 5.33 %<sup>(b)</sup> | 21.52% | 3.52% | 4.18% | 25.15% | 6.16% |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000's)  | $506987 | $446205 | $371730 | $371072 | $327853 | $251247 |
|  Ratio of total expenses to average net assets  | 0.91 %<sup>(c)</sup> | 0.93% | 0.93% | 0.93% | 0.96% | 1.05% |
|  Ratio of net investment income to average net assets  | 0.16 %<sup>(c)</sup> | 0.48% | 0.77% | 1.27% | 0.27% | 0.52% |
|  Portfolio turnover rate  | 6 %<sup>(b)</sup> | 16% | 31% | 33% | 20% | 68% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(b)</sup> | Not annualized. |
| <sup>(c)</sup> | Annualized. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Growth Fund** 

**Financial Highlights** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Year <br> Ended <br> December 31, <br> 2020** |
|  Net asset value at beginning of period  | $47.40 | $44.71 | $35.20 | $44.82 | $42.72 | $38.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | (0.02) | (0.04) | 0.04 | 0.10 | (0.05) | (0.06) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 3.60 | 6.72 | 10.63 | (9.62) | 7.55 | 7.03 |
|  Total from investment operations  | 3.58 | 6.68 | 10.67 | (9.52) | 7.50 | 6.97 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  |  | (0.00)<sup>(a)</sup> | (0.04) | (0.10) |  |  |
| &nbsp;&nbsp; Net realized gains on investments  |  | (3.99) | (1.12) |  | (5.40) | (2.25) |
|  Total distributions  |  | (3.99) | (1.16) | (0.10) | (5.40) | (2.25) |
|  Net asset value at end of period  | $50.98 | $47.40 | $44.71 | $35.20 | $44.82 | $42.72 |
|  Total return <sup>(b)</sup>  | 7.55 %<sup>(c)</sup> | 14.91% | 30.29% | (21.23%) | 17.55% | 18.37% |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000,000's)  | $1135 | $1078 | $981 | $765 | $1066 | $949 |
|  Ratio of total expenses to average net assets  | 0.90 %<sup>(d)</sup> | 0.91% | 0.91% | 0.91% | 0.90% | 0.91% |
|  Ratio of net investment income (loss) to average net assets  | (0.09 %)<sup>(d)</sup> | (0.08 %) | 0.10% | 0.27% | (0.13%) | (0.16%) |
|  Portfolio turnover rate  | 8 %<sup>(c)</sup> | 17% | 27% | 25% | 25% | 26% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Rising Dividend Fund** 

**Financial Highlights** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Year <br> Ended <br> December 31, <br> 2020** |
|  Net asset value at beginning of period  | $22.74 | $21.16 | $19.23 | $21.92 | $19.34 | $18.68 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.10 | 0.23 | 0.24 | 0.30 | 0.20 | 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 0.73 | 2.81 | 2.28 | (1.46) | 4.69 | 0.95 |
|  Total from investment operations  | 0.83 | 3.04 | 2.52 | (1.16) | 4.89 | 1.16 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.10) | (0.23) | (0.24) | (0.30) | (0.20) | (0.21) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (1.23) | (0.35) | (1.23) | (2.11) | (0.29) |
|  Total distributions  | (0.10) | (1.46) | (0.59) | (1.53) | (2.31) | (0.50) |
|  Net asset value at end of period  | $23.47 | $22.74 | $21.16 | $19.23 | $21.92 | $19.34 |
|  Total return <sup>(a)</sup>  | 3.65 %<sup>(b)</sup> | 14.42% | 13.19% | (5.27%) | 25.35% | 6.45% |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000,000's)  | $1084 | $1077 | $1004 | $891 | $964 | $858 |
|  Ratio of total expenses to average net assets  | 0.90 %<sup>(c)</sup> | 0.90% | 0.91% | 0.91% | 0.90% | 0.92% |
|  Ratio of net investment income to average net assets  | 0.84 %<sup>(c)</sup> | 0.99% | 1.19% | 1.47% | 0.90% | 1.21% |
|  Portfolio turnover rate  | 5 %<sup>(b)</sup> | 8% | 19% | 15% | 21% | 38% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(b)</sup> | Not annualized. |
| <sup>(c)</sup> | Annualized. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria World Equity Fund** 

**Financial Highlights** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Year <br> Ended <br> December 31, <br> 2020** |
|  Net asset value at beginning of period  | $19.98 | $19.27 | $16.01 | $19.17 | $15.89 | $15.99 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.05 | 0.08 | 0.15 | 0.19 | 0.07 | 0.08 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 2.18 | 0.81 | 3.84 | (3.16) | 3.28 | (0.10) |
|  Total from investment operations  | 2.23 | 0.89 | 3.99 | (2.97) | 3.35 | (0.02) |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  |  | (0.08) | (0.15) | (0.19) | (0.07) | (0.08) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (0.10) | (0.58) |  |  |  |
|  Total distributions  |  | (0.18) | (0.73) | (0.19) | (0.07) | (0.08) |
|  Net asset value at end of period  | $22.21 | $19.98 | $19.27 | $16.01 | $19.17 | $15.89 |
|  Total return <sup>(a)</sup>  | 11.16 %<sup>(b)</sup> | 4.64% | 24.96% | (15.50 %) | 21.06% | (0.15 %) |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000's)  | $130912 | $116384 | $101603 | $74855 | $92908 | $69231 |
|  Ratio of total expenses to average net assets  | 1.04 %<sup>(c)</sup> | 1.03% | 1.05% | 1.12% | 1.22% | 1.26% |
|  Ratio of net expenses to average net assets  | 1.04 %<sup>(c)</sup> | 1.03% | 1.05% | 1.18 %<sup>(d)</sup> | 1.25 %<sup>(d)</sup> | 1.25 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets  | 0.51 %<sup>(c)</sup> | 0.42% | 0.88% | 1.12 %<sup>(d)</sup> | 0.40 %<sup>(d)</sup> | 0.51 %<sup>(d)</sup> |
|  Portfolio turnover rate  | 7 %<sup>(b)</sup> | 13% | 29% | 23% | 16% | 43% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(b)</sup> | Not annualized. |
| <sup>(c)</sup> | Annualized. |
| <sup>(d)</sup> | Ratio was determined after advisory fee reductions and/or recoupments (Note 2). |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Growth Focused Fund** 

**Financial Highlights** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year<br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Period <br> Ended <br> December 31, <br> 2020<sup>(a)</sup>** |
|  Net asset value at beginning of period  | $15.30 | $13.72 | $9.89 | $15.21 | $12.43 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss  | (0.05) | (0.09) | (0.09) | (0.08) | (0.10) | (0.03) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 1.62 | 1.67 | 3.92 | (5.24) | 3.57 | 2.50 |
|  Total from investment operations  | 1.57 | 1.58 | 3.83 | (5.32) | 3.47 | 2.47 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains on investments  |  |  |  |  | (0.69) | (0.04) |
|  Net asset value at end of period  | $16.87 | $15.30 | $13.72 | $9.89 | $15.21 | $12.43 |
|  Total return <sup>(b)</sup>  | 10.26 %<sup>(c)</sup> | 11.52% | 38.73% | (34.98%) | 27.96% | 24.71 %<sup>(c)</sup> |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000's)  | $67316 | $57490 | $60360 | $48172 | $63476 | $34316 |
|  Ratio of total expenses to average net assets  | 1.10 %<sup>(d)</sup> | 1.11% | 1.09% | 1.14% | 1.21% | 1.29 %<sup>(d)</sup> |
|  Ratio of net expenses to average net assets  | 1.10 %<sup>(d)</sup> | 1.11% | 1.09% | 1.14% | 1.23 %<sup>(e)</sup> | 1.25 %<sup>(d)(e)</sup> |
|  Ratio of net investment loss to average net assets  | (0.71 %)<sup>(d)</sup> | (0.56%) | (0.72%) | (0.76%) | (0.82 %)<sup>(e)</sup> | (0.54 %)<sup>(d)(e)</sup> |
|  Portfolio turnover rate  | 11 %<sup>(c)</sup> | 22% | 29% | 69% | 27% | 16 %<sup>(c)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations (May 1, 2020) through December 31, 2020. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</sup> | Ratio was determined after advisory fee reductions and/or recoupments (Note 2). |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Bond Fund** 

**Financial Highlights** 

**Per Share Data for a Share Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Year <br> Ended <br> December 31, <br> 2020** |
|  Net asset value at beginning of period  | $12.07 | $11.76 | $11.47 | $12.23 | $11.99 | $11.64 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.20 | 0.35 | 0.29 | 0.26 | 0.20 | 0.22 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 0.21 | 0.31 | 0.29 | (0.61) | 0.33 | 0.42 |
|  Total from investment operations  | 0.41 | 0.66 | 0.58 | (0.35) | 0.53 | 0.64 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.20) | (0.35) | (0.29) | (0.26) | (0.20) | (0.22) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (0.00)<sup>(a)</sup> |  | (0.15) | (0.09) | (0.07) |
|  Total distributions  | (0.20) | (0.35) | (0.29) | (0.41) | (0.29) | (0.29) |
|  Net asset value at end of period  | $12.28 | $12.07 | $11.76 | $11.47 | $12.23 | $11.99 |
|  Total return <sup>(b)</sup>  | 3.42 %<sup>(c)</sup> | 5.71% | 5.16% | (2.85%) | 4.38% | 5.60% |
|  Ratios/Supplementary Data: |  |  |  |  |  |  |
|  Net assets at end of period (000's)  | $752442 | $676516 | $557368 | $512585 | $502768 | $420876 |
|  Ratio of total expenses to average net assets  | 0.40 %<sup>(d)</sup> | 0.41% | 0.41% | 0.41% | 0.43% | 0.47% |
|  Ratio of net investment income to average net assets  | 3.40 %<sup>(d)</sup> | 2.98% | 2.55% | 2.21% | 1.66% | 1.87% |
|  Portfolio turnover rate  | 8 %<sup>(c)</sup> | 20% | 16% | 21% | 25% | 47% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| See notes to financial statements. | See notes to financial statements. |

---

**AVE MARIA MUTUAL FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)**

**1. Organization and Significant Accounting Policies** 

The Ave Maria Value Focused Fund (formerly the Schwartz Value Focused Fund), the Ave Maria Value Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund, the Ave Maria World Equity Fund, the Ave Maria Growth Focused Fund (formerly the Ave Maria Focused Fund) and the Ave Maria Bond Fund (individually, a "Fund" and collectively, the "Funds") are each a diversified series, except for the Ave Maria Value Focused Fund and the Ave Maria Growth Focused Fund, which are each a non-diversified series, of the Schwartz Investment Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and established as an Ohio business trust under a Declaration of Trust dated August 31, 1992.

The investment objective of the Ave Maria Value Focused Fund is to seek long-term capital appreciation from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Value Fund is to seek long-term capital appreciation from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Growth Fund is to seek long-term capital appreciation from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Rising Dividend Fund is to provide increasing dividend income over time, long-term growth of capital, and a reasonable level of current income from investments in dividend-paying common stocks of companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria World Equity Fund is to seek long-term capital appreciation from equity investments in U.S. and non-U.S. companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Growth Focused Fund is to seek long-term capital appreciation from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Bond Fund is to seek preservation of principal with a reasonable level of current income in corporate debt and equity securities that do not violate core values and teachings of the Roman Catholic Church.

See the Funds' Prospectus for information regarding the principal investment strategies of each Fund.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

Shares of each Fund are sold at net asset value ("NAV"). To calculate the NAV, a Fund's assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. The offering price and redemption price per share are equal to the NAV per share for each Fund.

The Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**New Accounting Pronouncement** - In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(a) Valuation of investments** – Securities which are traded on stock exchanges are valued at the closing sales price as of the close of the regular session of trading on the New York Stock Exchange on the day the securities are being valued, or, if not traded on a particular day, at the closing bid price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price or, if an Official Closing Price is not available, at the most recently quoted bid price. Securities traded in the over-the-counter market are valued at the last reported sales price or, if there is no

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

reported sale on the valuation date, at the most recently quoted bid price. Securities which are traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market. Securities traded on foreign exchanges are typically fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service. Fixed income securities are generally valued using prices provided by an independent pricing service. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining these prices. Investments in shares of other open-end investment companies are valued at their NAV as reported by such companies. When using quoted prices and when the market for the securities are considered active, the securities will be classified as Level 1 within the fair value hierarchy (see below). Securities for which market quotations are not readily available are valued at their fair value as determined in good faith by Schwartz Investment Counsel, Inc. (the "Adviser"), as the valuation designee, in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees pursuant to Rule 2a-5 under the 1940 Act, and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Fair value pricing may be used, for example, in situations where (i) a security is so thinly traded that there have been no transactions for that stock over an extended period of time; (ii) the exchange on which the security is principally traded closes early; or (iii) trading of the security is halted during the day and does not resume prior to a Fund's NAV calculation. A security's "fair value" price may differ from the price next available for that security using the Funds' normal pricing procedures.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the assets 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 risks, yield curves, default rates and similar data

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

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

The Funds' foreign equity securities actively traded in foreign markets may be classified as Level 2 despite the availability of closing prices because such securities are typically fair valued by an independent pricing service. The Board of Trustees has authorized the Funds to retain an independent pricing service to determine the fair value of its foreign securities because the value of such securities may be materially affected by events occurring before the Funds' pricing time but after the close of the primary markets or exchanges on which such foreign securities are traded. These intervening events might be country-specific (*e.g.*, natural disaster, economic or political developments, interest rate change); issuer specific (*e.g.*, earnings report or merger announcement); or U.S. market-specific (such as a significant movement in the U.S. market that is deemed to affect the value of foreign securities). The pricing service uses an automated system that incorporates a model based on multiple parameters, including a security's local closing price, relevant general and sector indices, currency fluctuations, trading in depositary receipts and futures, if applicable, and/or research valuations by its staff, in determining what it believes is the fair value of the securities.

U.S. Government & Agencies and Corporate Bonds held by the Funds, if any, are classified as Level 2 since the values for such securities are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs" including bid and ask quotations, prices of similar securities and interest rates, among other factors.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the Funds' investments and the levels assigned to the investments, by security type, as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ave Maria Value Focused Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $83140806 | $— | $— | $83140806 |
|  Money Market Funds  | 9977479 |  |  | 9977479 |
|  Total  | $93118285 | $— | $— | $93118285 |

---

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $492954359 | $— | $— | $492954359 |
|  Money Market Funds  | 16798221 |  |  | 16798221 |
|  Total  | $509752580 | $— | $— | $509752580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $1102813159 | $— | $— | $1102813159 |
|  Money Market Funds  | 33702742 |  |  | 33702742 |
|  Total  | $1136515901 | $— | $— | $1136515901 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Rising Dividend Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $1059620160 | $— | $— | $1059620160 |
|  Money Market Funds  | 23862471 |  |  | 23862471 |
|  Total  | $1083482631 | $— | $— | $1083482631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria World Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $96066916 | $32849032 | $— | $128915948 |
|  Money Market Funds  | 2261771 |  |  | 2261771 |
|  Total  | $98328687 | $32849032 | $— | $131177719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Growth Focused Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $49553910 | $17948002 | $— | $67501912 |
|  Money Market Funds  | 56898 |  |  | 56898 |
|  Total  | $49610808 | $17948002 | $— | $67558810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  U.S. Government & Agencies  | $— | $211307277 | $— | $211307277 |
|  Corporate Bonds  |  | 366638300 |  | 366638300 |
|  Common Stocks  | 123183850 |  |  | 123183850 |
|  Money Market Funds  | 47016250 |  |  | 47016250 |
|  Total  | $170200100 | $577945577 | $— | $748145677 |

---

Refer to each Fund's Schedule of Investments for a listing of the securities by security type and sector or industry type. There were no Level 3 securities or derivative instruments held by or transferred in/out of the Funds as of or during the six months ended June 30, 2025.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**(b) Income taxes** – Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve each Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income and 98.2% of its net realized capital gains plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ave Maria <br> Value <br> Focused<br> Fund** | **Ave Maria <br> Value <br> Fund** | **Ave Maria <br> Growth <br> Fund** | **Ave Maria <br> Rising <br> Dividend <br> Fund** |
|  Federal income tax cost  | $73418921 | $351588620 | $584472962 | $664421446 |
|  Gross unrealized appreciation  | $21983458 | $177690340 | $572729309 | $427012033 |
|  Gross unrealized depreciation  | (2284094) | (19526380) | (20686370) | (7950848) |
|  Net unrealized appreciation  | 19699364 | 158163960 | 552042939 | 419061185 |
|  Net unrealized appreciation on foreign currency translation  |  |  |  | 5979 |
|  Accumulated ordinary income (loss)  | 165242 | 381520 | (494173) | (79704) |
|  Other gains  | 728323 | 12220156 | 562399 | 8125288 |
|  Accumulated earnings  | $20592929 | $170765636 | $552111165 | $427112748 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria<br> World <br> Equity Fund** | **Ave Maria <br> Growth <br> Focused<br> Fund** | **Ave Maria <br> Bond<br> Fund** |
|  Federal income tax cost  | $86445949 | $42101397 | $705085001 |
|  Gross unrealized appreciation  | $49699003 | $28565902 | $52164687 |
|  Gross unrealized depreciation  | (4967233) | (3108489) | (9104011) |
|  Net unrealized appreciation  | 44731770 | 25457413 | 43060676 |
|  Net unrealized appreciation on foreign currency translation  | 3681 |  |  |
|  Accumulated ordinary income (loss)  | 291175 | (211136) | 194330 |
|  Other gains (losses)  | 1885333 | (3715283) | 145 |
|  Accumulated earnings  | $46911959 | $21530994 | $43255151 |

---

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

The difference between the federal income tax cost of investments and the financial statement cost of portfolio investments for the Ave Maria Value Fund and the Ave Maria Focused Fund is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are due to the tax deferral of losses on wash sales and adjustments to basis for grantor trusts. There is no difference between the federal income tax cost and the financial statement cost of portfolio investments for the Ave Maria Value Focused Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund, the Ave Maria World Equity Fund and the Ave Maria Bond Fund as of June 30, 2025.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more-likely-than-not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2025, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;**(c) Investment transactions and investment income** – Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is recognized on the accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. Cost of investments includes amortization of premiums and accretion of discounts. Realized gains and losses on investments sold are determined on a specific identification basis. Withholding taxes on foreign dividends have been recorded in accordance with the Funds' understanding of the applicable country's rules and tax rates.

&nbsp;&nbsp;&nbsp;&nbsp;**(d) Dividends and distributions** – Dividends from net investment income, if any, are declared and paid annually in December for the Ave Maria Value Focused Fund, the Ave Maria Value Fund, the Ave Maria Growth Fund, the Ave Maria World Equity Fund and the Ave Maria Growth Focused Fund. Dividends from net investment income, if any, are declared and paid quarterly for the Ave Maria Rising Dividend Fund and are declared and paid monthly for the Ave Maria Bond Fund. Each Fund expects to distribute any net realized capital gains annually. Dividends

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid to shareholders during the periods ended June 30, 2025 and December 31, 2024 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Total <br> Distributions** |
|  **Ave Maria Value Focused Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $221878 | $6672477 | $6894355 |
|  **Ave Maria Value Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $1330477 | $34977953 | $36308430 |
|  **Ave Maria Growth Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $22458533 | $62124128 | $84582661 |
|  **Ave Maria Rising Dividend Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $4556994 | $— | $4556994 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $10464369 | $55640736 | $66105105 |
|  **Ave Maria World Equity Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $456783 | $602889 | $1059672 |
|  **Ave Maria Growth Focused Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $— | $— | $— |
|  **Ave Maria Bond Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025  | $11959704 | $— | $11959704 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $18484015 | $— | $18484015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(e) Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;**(f) Common expenses** – Common expenses of the Trust are allocated among the series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**(g) Foreign currency translation** – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The fair values of investment
 securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases and sales of investment
 securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern Time on the respective date
 of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Funds do not isolate
 that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market
 prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchase and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

**2. Investment Advisory Agreements and Transactions with Related Parties** 

**Change in Control** 

On May 20, 2025, the founder and principal of the Adviser transferred all of his ownership interest in the Adviser to his family members (the "Transaction"). The Transaction was deemed to be a change in control, and therefore an "assignment" of the Funds' previous investment advisory agreements (the "Previous Investment Advisory Agreements") under the 1940 Act and resulted in their automatic termination. A new investment advisory agreement with the Adviser with substantially the same terms as the Previous Investment Advisory Agreements, except for the start and end date of the agreements (the "Current Investment Advisory Agreements") was approved on behalf of each Fund by the Trust's Board of Trustees at a meeting held on February 12, 2025. The Current Investment Advisory Agreements were submitted and approved by shareholders of each Fund at a Special Shareholders' Meeting on May 8, 2025. Other than the change

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

in the ownership structure of the Adviser, there have been no significant changes to the operations of the Adviser or the personnel of the Adviser who provide investment advisory services to the Funds as a result of the Transaction.

PREVIOUS INVESTMENT ADVISORY AGREEMENTS

Prior to May 20, 2025, each Fund's investments were managed by the Adviser pursuant to the terms of the Previous Investment Advisory Agreements. Under the Previous Investment Advisory Agreements, each Fund paid the Adviser an investment advisory fee, computed and accrued daily and paid quarterly, at the annual rate of 0.75% of its average daily net assets, except the advisory fee paid by the Ave Maria Bond Fund was computed and accrued daily and paid monthly, at the annual rate of 0.25% of its average daily net assets.

CURRENT INVESTMENT ADVISORY AGREEMENTS

Each Fund's investments are managed by the Adviser pursuant to the terms of a Current Investment Advisory Agreements. Under the Current Investment Advisory Agreements, each Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid quarterly, at an annual rate of 0.75% of its average daily net assets, except the advisory fee paid by the Ave Maria Bond Fund is computed and accrued daily and paid monthly, at an annual rate of 0.25% of its average daily net assets.

EXPENSE LIMITATION AGREEMENTS

On May 20, 2025, the Adviser entered into a new Expense Limitation Agreement for each Fund (the "Current ELAs") whereby the Adviser contractually agreed to reduce its advisory fees or reimburse a portion of operating expenses until at least May 1, 2026 so that the ordinary operating expenses of each Fund do not exceed 1.25% per annum of its average daily net assets; except the ordinary operating expenses of the Ave Maria Bond Fund do not exceed 0.60% per annum of average daily net assets. The Current ELAs are substantially the same as the Expense Limitation Agreements that were in effect prior to the Transaction (the "Previous ELAs") except for the start date of the agreements.

Under the terms of the Previous ELAs and the Current ELAs, any fee reductions or expense reimbursements by the Adviser are subject to repayment by a Fund for a period of three years after such fees and expenses were incurred, provided the Funds are able to effect such repayment and remain in compliance with any undertaking by the Adviser to limit expenses of the Funds. During the six months ended June 30, 2025, the Ave Maria Value Focused Fund recouped $63,028 of prior years' investment advisory fee reductions. As of June 30, 2025, the Adviser has recouped all previous advisory fee reductions from the Funds.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

OTHER SERVICE PROVIDERS

Certain other officers of the Trust are officers of the Adviser, or of Ultimus Fund Solutions, LLC ("Ultimus"), the administrative, accounting and transfer agent for the Funds, or of Ultimus Fund Distributors, LLC (the "Distributor"), the Funds' principal underwriter.

The Chief Compliance Officer of the Trust (the "CCO") is an employee of the Adviser. The Trust pays the Adviser a fee for providing CCO services, of which each Fund pays its proportionate share along with the other series of the Trust. In addition, the Trust reimburses the Adviser for out-of-pocket expenses incurred, if any, for providing these services.

Pursuant to a Mutual Fund Services Agreement between the Trust and Ultimus, Ultimus supplies regulatory and compliance services, calculates the daily NAV per share of each Fund, maintains the financial books and records of the Funds, maintains the records of each shareholder's account, and processes purchases and redemptions of each Fund's shares. For the performance of these services, Ultimus receives fees from each Fund computed as a percentage of such Fund's average daily net assets, subject to a minimum monthly fee.

Pursuant to a Distribution Agreement between the Trust and the Distributor, the Distributor serves as each Fund's exclusive agent for the distribution of its shares. The Distributor is an affiliate of Ultimus.

TRUSTEE AND ADVISORY BOARD COMPENSATION

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Trust ("Independent Trustee") receives from the Trust an annual retainer of $70,000 (except that such fee is $85,000 for the Lead Independent Trustee/Chairman of the Governance Committee and $80,500 for the Chairman of the Audit Committee), payable quarterly; a fee of $7,000 for attendance at each meeting of the Board of Trustees; plus reimbursement of travel and other expenses incurred in attending meetings. Trustee Emeritus, if any, receive one-half of both the annual retainer and fee for attendance at each meeting; plus reimbursement of travel and other expenses incurred in attending meetings. Each Fund pays its proportionate share of the Independent Trustees' fees and expenses.

Each member of the Catholic Advisory Board ("CAB"), including Emeritus members, receives an annual retainer of $6,000 (except that such fee is $16,000 for the CAB chairman), payable quarterly; a fee of $4,000 for attendance at each meeting of the CAB; plus reimbursement of travel and other expenses incurred in attending meetings. Each Fund pays its proportionate share of CAB members' fees and expenses.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

PRINCIPAL HOLDER OF FUND SHARES

As of June 30, 2025, National Financial Services, LLC (for the benefit of its customers) owned of record 35% of the outstanding shares of the Ave Maria Value Focused Fund. A shareholder owning of record or beneficially 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**3. Investment Transactions** 

During the six months ended June 30, 2025, cost of purchases and proceeds from sales and maturities of investment securities, excluding short-term investments and U.S. government securities, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ave Maria <br> Value <br> Focused <br> Fund** | **Ave Maria <br> Value Fund** | **Ave Maria <br> Growth Fund** | **Ave Maria <br> Rising <br> Dividend <br> Fund** |
|  Purchases of investment securities  | $50927683 | $80308550 | $81723087 | $57203682 |
|  Proceeds from sales of investment securities  | $12470947 | $29550158 | $97924902 | $56906806 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria <br> World <br> Equity Fund** | **Ave Maria <br> Growth <br> Focused <br> Fund** | **Ave Maria <br> Bond Fund** |
|  Purchases of investment securities  | $11315938 | $10044085 | $41268597 |
|  Proceeds from sales and maturities of investment securities  | $8590043 | $6507105 | $27535000 |

---

During the six months ended June 30, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for the Ave Maria Bond Fund were $30,546,515 and $24,902,784, respectively.

**4. Borrowing Costs** 

From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Funds will incur borrowing costs charged by the custodian. Accordingly, during the six months ended June 30, 2025, none of the Funds incurred any borrowing costs charged by the custodian.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)**

**5. Contingencies and Commitments** 

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**6. Sector Risk** 

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of June 30, 2025, the following Funds had a significant value of their net assets invested in stocks within sectors as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Sector** | **% Net Assets** |
|  Ave Maria Value Focused Fund | Real Estate | 26.8% |
|  Ave Maria Growth Fund | Technology | 48.8% |
|  Ave Maria Rising Dividend Fund | Technology | 28.3% |
|  Ave Maria World Equity Fund | Technology | 25.0% |
|  Ave Maria Growth Focused Fund | Industrials | 29.6% |

---

**7. Subsequent Events** 

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

**AVE MARIA MUTUAL FUNDS** 

**Additional Information** 

**(Unaudited)**

**Changes in and/or Disagreements with Accountants** 

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

On May 8, 2025, a Special Meeting of Shareholders of the Trust (the "Meeting") was held for the purpose of voting on (i) a proposal to approve a new investment advisory agreement between the Trust and the Adviser, on behalf of each Fund; and (ii) a proposal to approve an adjournment of the Meeting to solicit additional proxies if there are insufficient votes to approve the first proposal. There were no shareholders present at the Meeting and the proposals were approved by the shareholders of each Fund. The number of outstanding shares of each Fund and the number of shareholders who voted their proxies is listed below.

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Shares <br> Outstanding** | **Shares <br> Voted** | **% of Total <br> Shares Voted** |
|  Ave Maria Value Focused Fund | 1291650 | 725407 | 56.16% |
|  Ave Maria Value Fund | 17223878 | 9622283 | 55.87% |
|  Ave Maria Growth Fund | 22655528 | 11458559 | 50.58% |
|  Ave Maria Rising Dividend Fund | 46500083 | 24775814 | 53.28% |
|  Ave Maria World Equity Fund | 5809250 | 3681788 | 63.38% |
|  Ave Maria Growth Focused Fund | 3858201 | 2652475 | 68.75% |
|  Ave Maria Bond Fund | 57767743 | 32344363 | 55.99% |

---

***THE VOTING RESULTS FOR THE PROPOSALS ARE LISTED BELOW:***

**PROPOSAL 1. – APPROVAL OF NEW ADVISORY AGREEMENT** 

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Value Focused Fund | Ave Maria Value Focused Fund | Ave Maria Value Focused Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 708194 | 3502 | 6455 | 97.63% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Value Fund | Ave Maria Value Fund | Ave Maria Value Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 9148245 | 49364 | 182424 | 95.07% |

---

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Growth Fund | Ave Maria Growth Fund | Ave Maria Growth Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 10707364 | 112405 | 333471 | 93.44% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Rising Dividend Fund | Ave Maria Rising Dividend Fund | Ave Maria Rising Dividend Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 23253684 | 171223 | 533694 | 93.86% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria World Equity Fund | Ave Maria World Equity Fund | Ave Maria World Equity Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 3517688 | 7022 | 26361 | 95.54% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Growth Focused Fund | Ave Maria Growth Focused Fund | Ave Maria Growth Focused Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 2584863 | 13542 | 46972 | 97.45% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Bond Fund | Ave Maria Bond Fund | Ave Maria Bond Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 30061028 | 113527 | 317954 | 92.94% |

---

**PROPOSAL 2 – APPROVE ANY ADJOURNMENTS OF THE MEETING** 

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Value Focused Fund | Ave Maria Value Focused Fund | Ave Maria Value Focused Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 710308 | 1348 | 6494 | 97.92% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Value Fund | Ave Maria Value Fund | Ave Maria Value Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 9170311 | 50515 | 159206 | 95.30% |

---

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Growth Fund | Ave Maria Growth Fund | Ave Maria Growth Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 10698069 | 119358 | 335811 | 93.36% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Rising Dividend Fund | Ave Maria Rising Dividend Fund | Ave Maria Rising Dividend Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 23260298 | 161113 | 537188 | 93.88% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria World Equity Fund | Ave Maria World Equity Fund | Ave Maria World Equity Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 3516813 | 11469 | 27788 | 95.52% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Growth Focused Fund | Ave Maria Growth Focused Fund | Ave Maria Growth Focused Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 2577381 | 19624 | 48371 | 97.17% |

---

---

| | | | |
|:---|:---|:---|:---|
| Ave Maria Bond Fund | Ave Maria Bond Fund | Ave Maria Bond Fund |  |
| **Number of Shares** | **Number of Shares** | **Number of Shares** |  |
| **For** | **Against** | **Abstain** | **% Voted in Favor** |
| 29934012 | 236066 | 322433 | 92.55% |

---

**Renumeration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

At an in-person meeting held on February 12, 2025 (the "Board Meeting"), the Board of Trustees (the "Board") of the Trust, including the Independent Trustees voting separately, reviewed and approved the continuance of the Previous Investment Advisory Agreements and approved the Current Investment Advisory Agreements (and together with the Previous Investment Advisory Agreements, the "Advisory Agreements") with the Adviser on behalf of each Fund. The Independent Trustees approved the Current

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

Investment Advisory Agreements in anticipation of the automatic termination of the Previous Investment Advisory Agreements that was anticipated to occur on April 25, 2025 in connection with the Transaction.

The Independent Trustees were advised and assisted by independent legal counsel experienced in matters relating to the investment management industry throughout their evaluation. The Independent Trustees met separately with their independent legal counsel to consider the Advisory Agreements, during which time, no representatives of the Adviser were present.

The Board retained ISS Market Intelligence ("ISS"), an independent third-party provider of mutual fund data, to prepare an independent expense and performance summary for each Fund and comparable funds managed by other investment advisers identified by ISS. The ISS materials included information about the advisory fee rates, other operating expenses, expense ratios, and performance comparisons to each Fund's peer group and to a broad-based securities index. Prior to the Board Meeting, the Independent Trustees discussed separately with ISS various aspects of the report, including the methodologies that it used to construct its report, and the Morningstar, Inc. ("Morningstar") categories that it identified to base its peer group comparisons. The Independent Trustees also received and reviewed relevant information provided by the Adviser in response to requests of the Independent Trustees and their independent legal counsel to assist in their evaluation of the terms of the Advisory Agreements, including, among other things, information about the Adviser's profitability with respect to the portfolio management and administrative services the Adviser provides to each Fund, the financial condition of the Adviser, and the Adviser's management fee revenues and separately managed account fee schedules. The Independent Trustees and their independent legal counsel also submitted a supplemental request for information, which the Adviser responded to in advance of the Board Meeting. The Board additionally considered the Funds' portfolio management process and compliance structure, and the ways in which the Funds can realize economies of scale. The Board also received copies of the Advisory Agreements and a memorandum from the independent legal counsel to the Independent Trustees discussing the factors the Board should consider while evaluating the Advisory Agreements.

The Independent Trustees noted that they had met with the portfolio managers of the Funds at the quarterly Board meetings over the course of the 2024 calendar year to discuss the Adviser's views of the factors that affected the financial markets and the performance of the Funds and had reviewed information on each Fund's portfolio composition and performance results. They also considered that, during each of those quarterly meetings, the Adviser had provided its views on the overall condition of the economy and the markets and its strategies for managing the Funds under those market

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

conditions, including its rationale for disposing certain positions and purchasing others. As part of this process, the Trustees considered various factors, none of which by itself was considered dispositive, including:

● The nature, extent and quality of the services provided by the Adviser under the Previous Investment Advisory Agreements and the nature, extent and quality of the services expected to be provided by the Adviser under the Current Investment Advisory Agreements, including any potential fall-out benefits (any advantages to the Adviser beyond the stated advisory fee, such as soft dollar arrangements and increased visibility from the Adviser's relationship with the Funds);

● The fees to be charged for those services and the Adviser's anticipated profitability with respect to each Fund, including any potential fall-out benefits;

● Each Fund's investment performance over different time periods; and

● The extent to which economies of scale may be realized as a Fund grows.

***Nature, Extent and Quality of Services***

The Independent Trustees evaluated the nature and extent of services that the Adviser would provide under the Current Investment Advisory Agreements, which are the same services the Adviser provided under the Previous Investment Advisory Agreements. The Independent Trustees evaluated the quality of services taking into account, among other factors, the Adviser's fundamental investment process, the operational, compliance and regulatory roles that the Adviser had performed and the overall level of attention it devotes to its core management process. The Independent Trustees also considered the Adviser's independent thinking and commitment to its investment process during periods of market volatility, and during periods when value stocks have fallen out-of-favor with the markets. With respect to each of the Funds, except the Ave Maria Value Focused Fund, the Independent Trustees additionally considered the efforts of the Adviser to apply a moral screening process that incorporates criteria set by a Catholic Advisory Board for screening companies and is designed to avoid investments that are contrary to the core values and teachings of the Roman Catholic Church and noted that the Ave Maria Value Focused Fund would also follow this moral screening process beginning on April 28, 2025. The Independent Trustees took into account the consistency of the Adviser's management of the Funds in accordance with their investment objective, strategy and policies. The Independent Trustees also noted that the Adviser had discussed whether it experienced any indirect fall-out benefits (*i.e.*, any advantages to the Adviser beyond the stated advisory fee, such as soft dollar arrangements and increased visibility from the Adviser's relationship with the Funds) for serving as investment adviser to the Funds, and whether these benefits are expected to change, and the Adviser indicated that it did

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

not expect these benefits to change under the Current Investment Advisory Agreements. After taking into account all this information, the Independent Trustees concluded that the nature, extent, and quality of services to be provided by the Adviser to the Funds under the Current Investment Advisory Agreements would be satisfactory.

***Investment Performance***

The Independent Trustees considered the performance of each Fund against its Morningstar category peers as provided by ISS for the one-year period ended November 30, 2024, as well as for longer-term periods.

The Independent Trustees took into account that the Ave Maria Value Focused Fund, Ave Maria Value Fund and Ave Maria Bond Fund each placed in the first (top) quartile of its respective Morningstar peer category for the 1-year period ended November 30, 2024. The Independent Trustees also took into account that Ave Maria Growth Focused Fund placed in the second quartile of its Morningstar peer category for the 1-year period ended November 30, 2024. With respect to the relative underperformance for each of Ave Maria Growth Fund, Ave Maria Rising Dividend Fund and Ave Maria World Equity Fund, the Independent Trustees took into account the Adviser's discussion of the reasons for the Funds' relative underperformance, including the impact of market conditions and the impact of the Funds' moral screening criteria on the Funds' investment results.

The Independent Trustees also considered the longer-term performance of the Funds. The Independent Trustees took into account that as of November 30, 2024; Ave Maria Value Focused Fund and Ave Maria Bond Fund each placed in the first quartile of its respective Morningstar peer category for the 3-, 5- and 10-year periods; Ave Maria Value Fund placed in the first quartile of its Morningstar peer category for the 3- and 5-year periods; Ave Maria Rising Dividend Fund and Ave Maria Growth Focused Fund each placed in the first quartile of its respective Morningstar peer category for the 3-year period; and Ave Maria Growth Fund and Ave Maria World Equity Fund each placed in the second quartile of its respective Morningstar peer category for the 3-year period.

The Independent Trustees concluded that the performance of the Funds was satisfactory considering all of the facts and circumstances.

***The Costs of Services and Profits to be Realized by the Adviser***

The Trustees reviewed information provided by ISS on the advisory fees to be paid by each Fund and compared such fees to the advisory fees paid by similar mutual funds, as compiled by Morningstar. The Trustees also compared each Fund's total expense ratio, of which a Fund's advisory fee is a part, with expense ratios of representative funds within its Morningstar peer group.

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

The Independent Trustees took into account that the net total expense ratio for each of the Ave Maria Value Fund, Ave Maria Growth Fund, Ave Maria Rising Dividend Fund, Ave Maria Bond Fund and Ave Maria Growth Focused Fund was below the median of its respective Morningstar peer group category, the net total expense ratio for Ave Maria Value Focused Fund was equal to the median of its Morningstar peer group category, and the net total expense ratio for Ave Maria World Equity Fund was above the median of its Morningstar peer group category.

The Independent Trustees also reviewed information on fee rates the Adviser charges to accounts that have investment programs similar to those of the Funds and considered the differences in the nature and scope of services the Adviser provides to the Funds, including the higher compliance risks and regulatory costs of managing the Funds, as compared to the Adviser's other types of client accounts. After taking into account all this information, the Trustees found that the costs of the services to be provided to the Funds would be reasonable in light of the quality and scope of services that are proposed to be provided to the Funds.

The Independent Trustees also considered the anticipated profits of the Adviser with respect to each Fund and the methodology by which the Adviser calculates its profitability information, and concluded that the anticipated profits of the Adviser would be reasonable in light of the quality and scope of services that are proposed to be provided to the Funds.

The Independent Trustees also considered that, based on the Adviser's representations provided at the Board Meeting, the Adviser would not take any actions and would not fail to take any actions, that would cause conditions of Section 15(f) of the 1940 Act not to be satisfied, including a three-year period after the effective date of the Current Investment Advisory Agreements during which at least 75% of the members of the Board would remain disinterested within the meaning of the 1940 Act, and a two-year period during which the Adviser would not impose an "unfair burden" on the Funds.

***The Extent to Which Economies of Scale Would be Realized and Whether Advisory Fee Levels Reflect these Economies of Scale***

The Independent Trustees discussed the extent to which shareholders have realized economies of scale with respect to the management of the Funds. The Independent Trustees were mindful of the Adviser's history of waiving the expenses of certain Funds and its willingness to continue to cap the operating expenses of the Funds under current ELAs. They noted that the Adviser had previously reduced the advisory fees of certain Funds throughout the years in order to maintain a lower total annual operating expense ratio for those Funds. The Independent Trustees also noted that the Adviser seeks to achieve additional economies of scale through its asset gathering efforts on behalf of the Funds. The Independent Trustees concluded that the extent to which shareholders would achieve economies of scale as the Funds grow would be acceptable.

**AVE MARIA MUTUAL FUNDS** 

**Additional Information**

**(Unaudited)**

***Conclusion***

The Board, including the Independent Trustees, subsequently voted to approve the continuance of the Previous Investment Advisory Agreements and the Current Investment Advisory Agreements. In reaching their decision regarding the approval of the Advisory Agreements, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling, and each Trustee may have attributed different weights to certain factors. Rather, the Trustees concluded, in light of a weighing and balancing of all factors considered, that it was in the best interests of each Fund and its shareholders to approve the continuance of the Previous Investment Advisory Agreements and to approve the Current Investment Advisory Agreements for an initial one-year period.

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**This page intentionally left blank.**

![](ave_72.jpg)

(b) Included in (a)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant's Nominating and Governance Committee shall review shareholder recommendations to fill vacancies on the registrant's board of trustees if such recommendations are submitted in writing, addressed to the Committee at the registrant's offices and meet any minimum qualifications adopted by the Committee. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](fp0094185-3_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](fp0094185-3_ex99906cert.htm)

[Exhibit 99.CERT](fp0094185-3_ex99cert.htm) [Certifications required by Rule 30a-2(a) under the Act](fp0094185-3_ex99cert.htm)

[Exhibit 99.906CERT](fp0094185-3_ex99906cert.htm) [Certifications required by Rule 30a-2(b) under the Act](fp0094185-3_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | Schwartz Investment Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ George P. Schwartz |
|  |  | George P. Schwartz, President and Principal Executive Officer |
| Date | August 25, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ George P. Schwartz |
|  |  | George P. Schwartz, President and Principal Executive Officer |
| Date | August 25, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Timothy S. Schwartz |
|  |  | Timothy S. Schwartz, Treasurer and Principal Financial Officer |
| Date | <br> August 25, 2025 |  |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, George P. Schwartz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Schwartz Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 25, 2025 | /s/ George P. Schwartz |
|  | George P. Schwartz, President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Timothy S. Schwartz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Schwartz Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 25, 2025 | /s/ Timothy S. Schwartz |
|  | Timothy S. Schwartz, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**<u>CERTIFICATIONS</u>**

George P. Schwartz, Principal Executive Officer, and Timothy S. Schwartz, Principal Financial Officer, of Schwartz Investment Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the
 "Form N-CSR") fully complies with the requirements of section 13(a) or section
 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Schwartz Investment Trust | Schwartz Investment Trust |
| /s/ George P. Schwartz | /s/ Timothy S. Schwartz |
| George P. Schwartz, President and Principal Executive Officer  | Timothy S. Schwartz, Treasurer and Principal Financial Officer  |
| Date: August 25, 2025 | Date: August 25, 2025 |

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***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Schwartz Investment Trust and will be retained by Schwartz Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.