# EDGAR Filing Document

**Accession Number:** 0000891160
**File Stem:** 0000910472-26-008395
**Filing Date:** 2026-5
**Character Count:** 61837
**Document Hash:** f0441a53ed42be0f9ba61a76d5ee6ff5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008395.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008395

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 316456713
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07148
- **FILM NUMBER:** 261042642

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

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

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

## Nport-Ex

**AVE MARIA VALUE FOCUSED FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 90.9%** | **Shares** | **Fair Value** |
| **Communications - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 8800 | $2185568 |
| **Consumer Discretionary - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc. \* | 47384 | 2097216 |
| &nbsp;&nbsp;&nbsp;*Home Construction - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corporation | 12500 | 754625 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 31800 | 2618094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 6250 | 660937 |
|  |  | 3279031 |
| **Energy - 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 11.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 20000 | 4138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation | 40300 | 4424134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | 35500 | 2307500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Basin Royalty Trust | 100000 | 2152000 |
|  |  | 13021634 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | 60000 | 3083400 |
| **Financials - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 27700 | 4356656 |
| **Health Care - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 20500 | 2423305 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 1000 | 377740 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. \* | 60000 | 1115400 |
| **Industrials - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | 19800 | 1305612 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 7785 | 2832105 |
| **Materials - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 17160 | 2162503 |

---

**AVE MARIA VALUE FOCUSED FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 90.9% (Continued)** | **Shares** | **Fair Value** |
| **Materials - 12.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 10.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corporation | 22700 | $5608035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | 25000 | 1365750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corporation | 40000 | 5240400 |
|  |  | 12214185 |
| **Real Estate - 30.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 6.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LandBridge Company, LLC - Class A | 111059 | 7668624 |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 23.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joe Company (The) | 32600 | 2047280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 51600 | 24487296 |
|  |  | 26534576 |
| **Technology - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation \* | 50000 | 2206500 |
| &nbsp;&nbsp;&nbsp;*Software - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 3000 | 1061580 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 10400 | 2062216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 3000 | 1308750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A \* | 45750 | 2000648 |
|  |  | 5371614 |
| **Utilities - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 7.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A | 298148 | 7987385 |
| **Total Common Stocks (Cost $67,557,400)** |  | $102039259 |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 13.0%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(a)</sup> | 5854017 | $5854017 |
| Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.53% <sup>(a)</sup> | 5659795 | 5659795 |
| Federated Hermes U.S. Treasury Cash Reserves Fund - Institutional Shares, 3.52% <sup>(a)</sup> | 3094803 | 3094803 |
| **Total Money Market Funds (Cost $14,608,615)** |  | $14608615 |
| **Total Investments at Fair Value - 103.9% (Cost $82,166,015)** |  | $116647874 |
| **Liabilities in Excess of Other Assets - (3.9%)** |  | (4370071) |
| **Net Assets - 100.0%** |  | $112277803 |

---

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

**AVE MARIA VALUE FUND<br> SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 94.6%** | **Shares** | **Fair Value** |
| **Communications - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 70500 | $17509380 |
| **Consumer Discretionary - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc. \* | 279455 | 12368678 |
| &nbsp;&nbsp;&nbsp;*Leisure Products - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. \* | 138000 | 5049420 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 105000 | 8644650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | 26600 | 11372830 |
|  |  | 20017480 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 38000 | 7688540 |
| **Energy - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation | 145500 | 15972990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Basin Royalty Trust | 830219 | 17866313 |
|  |  | 33839303 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | 200000 | 10278000 |
| **Financials - 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hingham Institution For Savings (The) | 81087 | 23177908 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 77000 | 12110560 |
| &nbsp;&nbsp;&nbsp;*Insurance - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 180400 | 11763884 |
| **Health Care - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 9290 | 3509205 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 161000 | 12131350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. \* | 665000 | 12362350 |
|  |  | 24493700 |
| **Industrials - 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 40000 | 8443600 |

---

**AVE MARIA VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 94.6% (Continued)** | **Shares** | **Fair Value** |
| **Industrials - 12.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc. \* | 312532 | $8200840 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | 146600 | 9666804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion plc | 76000 | 11042040 |
|  |  | 20708844 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 78000 | 12854400 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 17400 | 6329946 |
| &nbsp;&nbsp;&nbsp;*Machinery - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 26000 | 6775080 |
| **Materials - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 10.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corporation | 100000 | 24705000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corporation | 225000 | 29477250 |
|  |  | 54182250 |
| **Real Estate - 25.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LandBridge Company, LLC - Class A | 379895 | 26231750 |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 20.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joe Company (The) | 233800 | 14682640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 199500 | 94674720 |
|  |  | 109357360 |
| **Technology - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Software - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 39000 | 13800540 |
| *Technology Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 25000 | 3951000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 119500 | 20160845 |
|  |  | 24111845 |
| **Utilities - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A | 833556 | 22330965 |
| **Total Common Stocks (Cost $288,454,922)** |  | $495133478 |

---

**AVE MARIA VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 6.3%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(a)</sup> | 26319772 | $26319772 |
| Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.53% <sup>(a)</sup> | 6463945 | 6463945 |
| **Total Money Market Funds (Cost $32,783,717)** |  | $32783717 |
| **Total Investments at Fair Value - 100.9% (Cost $321,238,639)** |  | $527917195 |
| **Liabilities in Excess of Other Assets - (0.9%)** |  | (4522760) |
| **Net Assets - 100.0%** |  | $523394435 |

---

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

**AVE MARIA GROWTH FUND<br> SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.0%** | **Shares** | **Fair Value** |
| **Communications - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 165000 | $40979400 |
| **Consumer Discretionary - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc. \* | 485000 | 21466100 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 131000 | 30952680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. \* | 665000 | 61386150 |
|  |  | 92338830 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. \* | 540000 | 17928000 |
| **Energy - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corporation | 220000 | 24151600 |
| **Financials - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management - 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIC Solutions, Inc. \* | 200000 | 1316000 |
| **Health Care - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 100000 | 11821000 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. \* | 64000 | 10914560 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 225000 | 16953750 |
| **Industrials - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 278590 | 58807563 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group Corporation \* | 1442500 | 58450100 |
| **Materials - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 270000 | 34025400 |
| **Real Estate - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 18000 | 8542080 |

---

**AVE MARIA GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.0% (Continued)** | **Shares** | **Fair Value** |
| **Technology - 60.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 36.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries N.V. | 92000 | $19709575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 200000 | 23448000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation \* | 900000 | 39717000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 550000 | 95920000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. \* | 370337 | 31860092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corporation - ADR | 300000 | 33687000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 123000 | 41567850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 240000 | 46593600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. \* | 260000 | 45624800 |
|  |  | 378127917 |
| &nbsp;&nbsp;&nbsp;*Software - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. \* | 175000 | 6475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 106500 | 37686090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. \* | 13596 | 5390542 |
|  |  | 49551632 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 19.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 139000 | 27562310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 165000 | 26809200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 117000 | 58460220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 70000 | 30537500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 111000 | 47212740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A \* | 324941 | 14209670 |
|  |  | 204791640 |
| **Total Common Stocks (Cost $594,531,971)** |  | $1030165572 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.2%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(a)</sup> (Cost $22,657,360) | 22657360 | $22657360 |
| **Total Investments at Fair Value - 100.2% (Cost $617,189,331)** |  | $1052822932 |
| **Liabilities in Excess of Other Assets - (0.2%)** |  | (1657219) |
| **Net Assets - 100.0%** |  | $1051165713 |

---

ADR - American Depositary Receipt.

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

**AVE MARIA RISING DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.8%** | **Shares** | **Fair Value** |
| **Communications - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 4000 | $16841280 |
| **Consumer Discretionary - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Home & Office Products - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. \* | 150000 | 15885000 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 55000 | 19733450 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 10.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 275000 | 29081250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 135000 | 31897800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 240000 | 38328000 |
|  |  | 99307050 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 100000 | 20233000 |
| **Consumer Staples - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 330000 | 29921100 |
| **Energy - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 190000 | 39311000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 200000 | 39558000 |
|  |  | 78869000 |
| **Financials - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 375000 | 15176250 |
| &nbsp;&nbsp;&nbsp;*Banking - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 600000 | 27582000 |
| &nbsp;&nbsp;&nbsp;*Insurance - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. \* | 130000 | 12478700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 375000 | 24453750 |
|  |  | 36932450 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 450000 | 20871000 |
| **Health Care - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 200000 | 23642000 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 95000 | 18618100 |

---

**AVE MARIA RISING DIVIDEND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.8% (Continued)** | **Shares** | **Fair Value** |
| **Industrials - 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 10.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 125000 | $26386250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 120000 | 41418000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 45000 | 27197550 |
|  |  | 95001800 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corporation | 350000 | 23079000 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 700000 | 32480000 |
| &nbsp;&nbsp;&nbsp;*Machinery - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | 170000 | 16432200 |
| **Materials - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 90000 | 30025800 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 100000 | 12602000 |
| **Real Estate - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 100000 | 47456000 |
| **Technology - 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. \* | 50000 | 4301500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 200000 | 38828000 |
|  |  | 43129500 |
| &nbsp;&nbsp;&nbsp;*Software - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 62000 | 21939320 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 14.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 110000 | 21811900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 150000 | 24372000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 55000 | 27481300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | 80000 | 34900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 60000 | 25520400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A \* | 75000 | 3279750 |
|  |  | 137365350 |
| **Total Common Stocks (Cost $584,658,615)** |  | $883122650 |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 4.3%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(a)</sup> (Cost $39,538,050) | 39538050 | $39538050 |
| **Total Investments at Fair Value - 100.1% (Cost $624,196,665)** |  | $922660700 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (839411) |
| **Net Assets - 100.0%** |  | $921821289 |

---

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

**AVE MARIA WORLD EQUITY FUND<br> SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0%** | **Shares** | **Fair Value** |
| **Communications - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment Content - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Ltd. | 45000 | $2568757 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eDreams ODIGEO S.A. \* | 23834 | 85174 |
| **Consumer Discretionary - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Home & Office Products - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. \* | 50700 | 5369130 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea S.A.B. de C.V. | 857120 | 2770033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greggs plc | 47400 | 963390 |
|  |  | 3733423 |
| &nbsp;&nbsp;&nbsp;*Leisure Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIPS AB | 37150 | 911620 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Partner S.A. | 455506 | 2208978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeePer Technical Laboratory Company Ltd. | 88300 | 1690571 |
|  |  | 3899549 |
| **Energy - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 15000 | 731786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 6500 | 1285635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation - Class A | 120500 | 2569060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Energy S.A.B. de C.V. \* | 38400 | 2898048 |
|  |  | 7484529 |
| **Financials - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 100100 | 2490488 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AJ Bell plc | 341700 | 2124720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nu Holdings Ltd. - Class A \* | 217600 | 3126912 |
|  |  | 5251632 |
| &nbsp;&nbsp;&nbsp;*Insurance - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 96384 | 2440443 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dLocal Ltd. \* | 207200 | 2687384 |
| **Health Care - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 18300 | 1378905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. \* | 129300 | 2403687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group S.p.A. | 126281 | 1736364 |
|  |  | 5518956 |

---

**AVE MARIA WORLD EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| **Industrials - 30.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 11500 | $2650290 |
| &nbsp;&nbsp;&nbsp;*Commercial Services - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karooooo Ltd. | 78365 | 3905712 |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edenred SE | 70500 | 1404550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 106300 | 4434836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mader Group Ltd. | 492087 | 2672024 |
|  |  | 8511410 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 15700 | 5615419 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hammond Power Solutions, Inc. - Class A | 40700 | 5131317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity plc | 13200 | 2759064 |
|  |  | 7890381 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction - 7.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 5300 | 7308647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tasmea Ltd. | 687072 | 2168821 |
|  |  | 9477468 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InPost S.A. \* | 162000 | 2868587 |
| **Materials - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Company Ltd. | 41700 | 1697911 |
| &nbsp;&nbsp;&nbsp;*Construction Materials - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc plc \* | 1730489 | 2699223 |
| **Real Estate - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 15000 | 2084100 |
| **Technology - 26.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*IT Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - Class A \* | 256400 | 3620368 |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 3300 | 4389030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 21000 | 7096950 |
|  |  | 11485980 |
| &nbsp;&nbsp;&nbsp;*Software - 7.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alfa Financial Software Holdings plc | 525000 | 1011209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avant Group Corporation \* | 153500 | 1256248 |

---

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.0% (Continued)** | **Shares** | **Fair Value** |
| **Technology - 26.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software - 7.9% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hinge Health, Inc. - Class A \* | 59000 | $2275040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBIC Business Consultants Company Ltd. | 30600 | 1222285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia, Inc. \* | 78700 | 659506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 24600 | 4194669 |
|  |  | 10618957 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NORBIT ASA \* | 100000 | 1971316 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 10000 | 4996600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 6400 | 2722176 |
|  |  | 7718776 |
| **Utilities - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 126128 | 3848156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure Waste Infrastructure Corporation | 122650 | 1924866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A | 57000 | 1527030 |
|  |  | 7300052 |
| **Total Common Stocks (Cost $95,083,373)** |  | $132557035 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.0%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(a)</sup> (Cost $1,407,143) | 1407143 | $1407143 |
| **Total Investments at Fair Value - 100.0% (Cost $96,490,516)** |  | $133964178 |
| **Liabilities in Excess of Other Assets - (0.0%) <sup>(b)</sup>** |  | (59799) |
| **Net Assets - 100.0%** |  | $133904379 |

---

ADR - American Depositary Receipt.

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

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

**AVE MARIA WORLD EQUITY FUND**

**SUMMARY OF COMMON STOCKS BY COUNTRY**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net Assets** |
| United States \*\* | $36207244 | 27.0% |
| Canada | 14306905 | 10.7% |
| Brazil | 10595436 | 7.9% |
| Japan | 8435772 | 6.3% |
| Ireland | 8374483 | 6.3% |
| Taiwan | 7096950 | 5.3% |
| United Kingdom | 6798542 | 5.1% |
| Mexico | 5668081 | 4.2% |
| Poland | 5077565 | 3.8% |
| Australia | 4840845 | 3.6% |
| Netherlands | 4389030 | 3.3% |
| Germany | 4194669 | 3.1% |
| Singapore | 3905712 | 2.9% |
| Uruguay | 2687384 | 2.0% |
| India | 2490488 | 1.9% |
| Norway | 1971316 | 1.5% |
| Italy | 1736364 | 1.3% |
| France | 1404550 | 1.0% |
| Switzerland | 1378905 | 1.0% |
| Sweden | 911620 | 0.7% |
| Spain | 85174 | 0.1% |
|  | $132557035 | 99.0% |

---

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

**AVE MARIA GROWTH FOCUSED FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 100.1%** | **Shares** | **Fair Value** |
| **Communications - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eDreams ODIGEO S.A. \* | 1012944 | $3619919 |
| **Financials - 23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management - 23.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 32593 | 3631512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 74277 | 3301613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 89441 | 3619677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Wealth Solutions Ltd. | 87398 | 3618277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIC Solutions, Inc. \* | 407476 | 2681192 |
|  |  | 16852271 |
| **Health Care - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 6190 | 2338211 |
| **Industrials - 27.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 88793 | 3704444 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 22.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group Corporation \* | 402152 | 16295199 |
| **Materials - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials - 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc plc \* | 2406636 | 3753880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 5593 | 730501 |
|  |  | 4484381 |
| **Real Estate - 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Multi-Asset Class Owners & Developers - 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LandBridge Company, LLC - Class A | 73222 | 5055979 |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 10116 | 4800649 |
| **Utilities - 20.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities - 20.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure Waste Infrastructure Corporation | 320306 | 5026873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A | 369325 | 9894217 |
|  |  | 14921090 |
| **Total Common Stocks (Cost $51,489,255)** |  | $72072143 |

---

**AVE MARIA GROWTH FOCUSED FUND<br> SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.1%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(a)</sup> (Cost $59,948) | 59948 | $59948 |
| **Total Investments at Fair Value - 100.2% (Cost $51,549,203)** |  | $72132091 |
| **Liabilities in Excess of Other Assets - (0.2%)** |  | (113243) |
| **Net Assets - 100.0%** |  | $72018848 |

---

\* Non-income producing security.

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS<br> March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES - 35.0%** | **Par Value** | **Fair Value** |
| **U.S. Treasury Inflation-Protected Notes - 3.8% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 04/15/26 | $6200450 | $6204393 |
| &nbsp;&nbsp;&nbsp;0.375%, due 01/15/27 | 5250609 | 5262348 |
| &nbsp;&nbsp;&nbsp;0.375%, due 07/15/27 | 8641555 | 8638807 |
| &nbsp;&nbsp;&nbsp;0.500%, due 01/15/28 | 6592200 | 6540325 |
| &nbsp;&nbsp;&nbsp;0.750%, due 07/15/28 | 3238975 | 3229276 |
|  |  | 29875149 |
| **U.S. Treasury Notes - 31.2%** |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 09/30/27 | 10000000 | 10040625 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/29/28 | 10000000 | 10032422 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/15/28 | 10000000 | 9985937 |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/31/28 | 10000000 | 10067969 |
| &nbsp;&nbsp;&nbsp;1.250%, due 09/30/28 | 10000000 | 9390625 |
| &nbsp;&nbsp;&nbsp;1.750%, due 01/31/29 | 10000000 | 9446094 |
| &nbsp;&nbsp;&nbsp;3.250%, due 06/30/29 | 10000000 | 9818359 |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/30/29 | 10000000 | 10121094 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/31/29 | 10000000 | 10040625 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/28/30 | 10000000 | 10038281 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/31/30 | 5000000 | 4969922 |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/31/30 | 10000000 | 10077734 |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/30/30 | 10000000 | 10283984 |
| &nbsp;&nbsp;&nbsp;4.125%, due 03/31/31 | 10000000 | 10071484 |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/31/31 | 10000000 | 10297656 |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/31/31 | 10000000 | 10066016 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/31/31 | 10000000 | 10241016 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/31/32 | 10000000 | 10173828 |
| &nbsp;&nbsp;&nbsp;4.125%, due 05/31/32 | 10000000 | 10029688 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/31/32 | 10000000 | 9953516 |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/15/32 | 10000000 | 10007812 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/15/33 | 10000000 | 9626172 |
| &nbsp;&nbsp;&nbsp;3.375%, due 05/15/33 | 10000000 | 9530078 |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/33 | 10000000 | 9821484 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/33 | 10000000 | 10211719 |
|  |  | 244344140 |
| **Total U.S. Government & Agencies (Cost $275,160,539)** |  | $274219289 |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 45.1%** | **Par Value** | **Fair Value** |
| **Communications - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc., 1.850%, due 02/15/31 | $5486000 | $5043893 |
| **Consumer Discretionary - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company, 1.875%, due 11/01/30 | 2429000 | 2092956 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company, 2.750%, due 02/01/32 | 767000 | 665245 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company, 6.875%, due 11/01/33 | 1140000 | 1232022 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 2.500%, due 04/15/26 | 3000000 | 2997717 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 3.100%, due 05/03/27 | 9050000 | 8941457 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 1.300%, due 04/15/28 | 400000 | 376626 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 1.700%, due 10/15/30 | 925000 | 814905 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 45.1% (Continued)** | **Par Value** | **Fair Value** |
| **Consumer Discretionary - 8.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 4.250%, due 03/15/31 | $200000 | $196293 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 2.625%, due 04/01/31 | 300000 | 272586 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 3.750%, due 04/01/32 | 4500000 | 4254189 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc, 1.750%, due 03/15/31 | 500000 | 435756 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 3.900%, due 06/01/29 | 2767000 | 2721981 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 4.200%, due 04/01/30 | 400000 | 395210 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 4.700%, due 06/15/32 | 8150000 | 8099170 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc., 5.000%, due 08/19/34 | 826000 | 816979 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 0.875%, due 04/15/26 | 5255000 | 5247340 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 4.700%, due 04/15/27 | 1300000 | 1300268 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc., 1.875%, due 04/15/31 | 4115000 | 3609089 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 2.250%, due 09/15/26 | 3226000 | 3200758 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 1.150%, due 05/15/28 | 3276000 | 3077581 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 3.875%, due 04/15/30 | 2902000 | 2849907 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The), 1.600%, due 05/15/31 | 5263000 | 4599568 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Company, 1.750%, due 11/01/30 | 1525000 | 1343733 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Company, 5.250%, due 05/15/33 | 3105000 | 3154479 |
|  |  | 62695815 |
| **Consumer Staples - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 1.450%, due 06/01/27 | 5452000 | 5296804 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 2.125%, due 09/06/29 | 1550000 | 1455142 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 2.000%, due 03/05/31 | 1250000 | 1123230 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 2.250%, due 01/05/32 | 450000 | 402375 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Company (The), 4.650%, due 08/14/34 | 1292000 | 1299598 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company, 3.100%, due 08/15/27 | 5000000 | 4945616 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company, 3.250%, due 08/15/32 | 2750000 | 2580955 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Company, 4.600%, due 03/01/33 | 2720000 | 2748329 |
| &nbsp;&nbsp;&nbsp;Hershey Company (The), 2.300%, due 08/15/26 | 2000000 | 1987294 |
| &nbsp;&nbsp;&nbsp;Hershey Company (The), 4.250%, due 05/04/28 | 1350000 | 1351303 |
| &nbsp;&nbsp;&nbsp;Hershey Company (The), 2.450%, due 11/15/29 | 4875000 | 4571932 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corporation, 1.700%, due 06/03/28 | 1850000 | 1752946 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corporation, 1.800%, due 06/11/30 | 5100000 | 4583474 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Company (The), 3.375%, due 12/15/27 | 3750000 | 3685738 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Company (The), 2.125%, due 03/15/32 | 1450000 | 1240940 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 1.050%, due 09/15/27 | 1900000 | 1819729 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 3.950%, due 11/01/28 | 1665000 | 1654568 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 3.200%, due 04/25/29 | 1397000 | 1356054 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 3.100%, due 03/26/30 | 609000 | 580433 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation, 2.000%, due 11/02/31 | 6109000 | 5418866 |
|  |  | 49855326 |
| **Energy - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 8.000%, due 04/01/27 | 2600000 | 2704423 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 1.995%, due 05/11/27 | 1500000 | 1467262 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 1.018%, due 08/12/27 | 1150000 | 1104473 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation, 3.250%, due 10/15/29 | 7685000 | 7416494 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 2.440%, due 08/16/29 | 546000 | 519717 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation, 2.610%, due 10/15/30 | 180000 | 168167 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources, 7.200%, due 01/15/28 | 1936000 | 2024404 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources, 1.900%, due 08/15/30 | 530000 | 476408 |
|  |  | 15881348 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 45.1% (Continued)** | **Par Value** | **Fair Value** |
| **Financials - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27 | $400000 | $395197 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28 | 4380000 | 4309677 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corporation, 2.250%, due 03/11/30 | 900000 | 817657 |
|  |  | 5522531 |
| **Health Care - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 3.650%, due 03/07/28 | 500000 | 494394 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 4.850%, due 12/08/28 | 325000 | 329803 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 1.950%, due 06/15/30 | 3795000 | 3425084 |
| &nbsp;&nbsp;&nbsp;Stryker Corporation, 4.625%, due 09/11/34 | 3471000 | 3392001 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., 2.000%, due 05/15/30 | 1050000 | 953848 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., 5.600%, due 11/16/32 | 2515000 | 2633641 |
|  |  | 11228771 |
| **Industrials - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation, 4.350%, due 06/01/29 | 5950000 | 5961616 |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation, 2.800%, due 02/15/30 | 2000000 | 1881507 |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation, 2.200%, due 09/15/31 | 6460000 | 5729100 |
| &nbsp;&nbsp;&nbsp;Cintas Corporation, 4.000%, due 05/01/32 | 1874000 | 1817902 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 1.100%, due 03/01/27 | 650000 | 632013 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 2.700%, due 08/15/29 | 650000 | 617156 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 1.750%, due 09/01/31 | 700000 | 606713 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 4.750%, due 02/01/32 | 358000 | 358792 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc., 4.500%, due 01/15/34 | 1930000 | 1900149 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc., 3.150%, due 08/15/27 | 5632000 | 5540063 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc., 2.300%, due 03/15/31 | 3220000 | 2919443 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc., 2.650%, due 11/15/26 | 10601000 | 10518961 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.050%, due 06/01/29 | 1500000 | 1525926 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 1.800%, due 01/15/31 | 4809000 | 4212289 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.250%, due 06/01/31 | 3880000 | 3970057 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.400%, due 07/31/33 | 5347000 | 5489537 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 5.350%, due 06/01/34 | 1625000 | 1652646 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 5.100%, due 11/15/27 | 3057000 | 3109155 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 4.450%, due 05/15/28 | 1000000 | 1005834 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 1.850%, due 06/15/30 | 1000000 | 902801 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 5.250%, due 01/15/33 | 2560000 | 2666509 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corporation, 4.750%, due 02/15/34 | 650000 | 651973 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corporation, 1.100%, due 05/11/26 | 835000 | 832254 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corporation, 2.000%, due 02/04/27 | 500000 | 491078 |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corporation, 4.600%, due 01/10/28 | 1050000 | 1060762 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 2.400%, due 11/15/26 | 1869000 | 1849978 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 4.450%, due 04/01/30 | 740000 | 745102 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 5.150%, due 05/22/34 | 3650000 | 3751454 |
|  |  | 72400770 |
| **Materials - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc., 2.750%, due 03/01/30 | 3200000 | 2990759 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc., 2.200%, due 03/01/32 | 6550000 | 5636173 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 2.700%, due 11/01/26 | 6438000 | 6387410 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 4.800%, due 03/24/30 | 1745000 | 1773070 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 1.300%, due 01/30/31 | 5105000 | 4410592 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 45.1% (Continued)** | **Par Value** | **Fair Value** |
| **Materials - 3.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc., 2.125%, due 02/01/32 | $5378000 | $4720663 |
| &nbsp;&nbsp;&nbsp;RMP International, Inc., 2.950%, due 01/15/32 | 1313000 | 1177985 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc., 3.750%, due 03/15/27 | 1250000 | 1239079 |
|  |  | 28335731 |
| **Technology - 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc., 2.100%, due 10/01/31 | 3950000 | 3485211 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc., 5.050%, due 04/01/34 | 5390000 | 5499842 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26 | 600000 | 598524 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29 | 6800000 | 6349530 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31 | 7069000 | 6294095 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 2.500%, due 09/20/26 | 3080000 | 3060701 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 4.950%, due 02/26/31 | 1200000 | 1229399 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 4.950%, due 02/24/32 | 2000000 | 2041045 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 5.050%, due 02/26/34 | 2015000 | 2045438 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 2.950%, due 11/21/26 | 2000000 | 1985246 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 3.300%, due 03/26/27 | 2150000 | 2133675 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 3.500%, due 02/26/28 | 450000 | 445684 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 3.350%, due 03/26/30 | 1500000 | 1450526 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 2.000%, due 11/18/31 | 6217000 | 5495388 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.350%, due 01/15/32 | 1450000 | 1438027 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.850%, due 03/09/33 | 4350000 | 4408138 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.875%, due 05/09/34 | 2500000 | 2515528 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 3.250%, due 01/15/28 | 4706000 | 4614969 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 4.250%, due 02/01/29 | 5289000 | 5285243 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 2.000%, due 08/19/31 | 1817000 | 1598575 |
| &nbsp;&nbsp;&nbsp;Moody's Corporation, 4.250%, due 08/08/32 | 3722000 | 3613216 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.950%, due 01/22/27 | 3675000 | 3637095 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.450%, due 03/01/27 | 3000000 | 2952104 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 4.750%, due 08/01/28 | 1115000 | 1126773 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 4.250%, due 05/01/29 | 427000 | 425896 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.500%, due 12/01/29 | 700000 | 657191 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 1.250%, due 08/15/30 | 2600000 | 2265214 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 2.900%, due 03/01/32 | 3284000 | 2994035 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc., 5.250%, due 09/15/33 | 2396000 | 2466807 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 1.750%, due 05/04/30 | 380000 | 343380 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 4.500%, due 05/23/30 | 3000000 | 3013140 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 1.900%, due 09/15/31 | 2000000 | 1760185 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 3.650%, due 08/16/32 | 1293000 | 1229486 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 4.900%, due 03/14/33 | 1598000 | 1626200 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 4.850%, due 02/08/34 | 2947000 | 2974786 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 1.900%, due 04/15/27 | 3854000 | 3773303 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 2.750%, due 09/15/27 | 6051000 | 5943735 |
|  |  | 102777330 |
| **Total Corporate Bonds (Cost $352,200,669)** |  | $353741515 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 16.9%** | **Shares** | **Fair Value** |
| **Consumer Discretionary - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 77000 | $8142750 |
| **Consumer Staples - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 150000 | 13600500 |
| **Energy - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 40000 | 8276000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 30200 | 5973258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 80000 | 13572800 |
|  |  | 27822058 |
| **Financials - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | 225000 | 10343250 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 165000 | 7652700 |
| **Industrials - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 17000 | 10274630 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 200000 | 9280000 |
| **Real Estate - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Owners & Developers - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corporation | 21000 | 9965760 |
| &nbsp;&nbsp;&nbsp;*REITs - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corporation - Class A | 40000 | 6884400 |
| **Technology - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 47000 | 9124580 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 40000 | 7931600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Company (The) | 1300000 | 11349000 |
|  |  | 19280600 |
| **Total Common Stocks (Cost $87,602,917)** |  | $132371228 |

---

**AVE MARIA BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.7%** | **Shares** | **Fair Value** |
| Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% <sup>(b)</sup> (Cost $21,220,809) | 21220809 | $21220809 |
| **Total Investments at Fair Value - 99.7% (Cost $736,184,934)** |  | $781552841 |
| **Other Assets in Excess of Liabilities - 0.3%** |  | 2079426 |
| **Net Assets - 100.0%** |  | $783632267 |

---

<sup>(a)</sup> Interest rate for this investment is the stated rate. Interest payments are determined based on the inflation adjusted principal.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Schwartz Investment Trust

- **b. Investment Company Act file number:** 811-07148

- **c. CIK number of Registrant:** 0000891160

- **d. LEI of Registrant:** 549300TMUIREL25T6R98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 West Ann Arbor Trail

  - **City:** Plymouth

  - **State:** MI

  - **Foreign country:** US

  - **Zip / Postal Code:** 48170

  - **Telephone number:** 248-644-8500

**Item A.2. Information about the Series.**

- **a. Name of Series:** AVE MARIA GROWTH FOCUSED FUND

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $72163652.30

**Total Liabilities:** $144804.36

**Net Assets:** $72018847.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219050 | 3.87%                | 5.83%                | -6.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1392609.40              | $1414905.46                                |
| Month 2  | $103427.65               | $4161129.61                                |
| Month 3  | $146427.58               | $-5185735.31                               |

### Schedule of Portfolio Investments

| Name                               | Title                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| API Group Corp                     | API Group Corporation                                                  | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    402152 | NS      | $16295199.04  | 22.63%            |  |  |  | No            |                  1 | On Loan: No      |
| TIC Solutions Inc.                 | Acuren Corporation                                                     | CUSIP: 00510N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    407476 | NS      | $2681192.08   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc       | Apollo Global Management, Inc.                                         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     32593 | NS      | $3631512.06   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp.                   | Brookfield Corporation                                                 | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     89441 | NS      | $3619677.27   | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd    | Brookfield Asset Management Ltd.                                       | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |     74277 | NS      | $3301612.65   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                 | Chemed Corporation                                                     | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      6190 | NS      | $2338210.60   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc.             | GFL Environmental, Inc.                                                | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     88793 | NS      | $3704443.96   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LandBridge Company LLC             | Landbridge Company, LLC                                                | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |     73222 | NS      | $5055979.10   | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust     | Federated Government Obligations Tax-Managed Fund Institutional Shares | CUSIP: 60934N856<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |     59948 | PA      | $59947.52     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation     | Texas Pacific Land Corporation                                         | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10116 | NS      | $4800648.96   | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc. | United States Lime & Minerals, Inc.                                    | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      5593 | NS      | $730501.73    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Waterbridge Infrastructure LLC     | WaterBridge Infrastructure, LLC                                        | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369325 | NS      | $9894216.75   | 13.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Edreams Odigeo SA                  | eDreams ODIGEO S.A.                                                    | CUSIP: L2841H108<br>LEI: 959800Y8LQ5MR2YZ4N96 | Long             | EC               | CORP              | ES        |   1012944 | NS      | $3619918.74   | 5.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Secure Waste Infrastructure Corp.  | Secure Waste Infrastructure Company                                    | CUSIP: 813921103<br>LEI: 894500UQR7AONHFERA55 | Long             | EC               | CORP              | CA        |    320306 | NS      | $5026873.13   | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sigmaroc Plc                       | SigmaRoc plc                                                           | CUSIP: G81267109<br>LEI: 213800Q3CJUERBGD1E44 | Long             | EC               | CORP              | GB        |   2406636 | NS      | $3753879.84   | 5.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Wealth Solutions Ltd    | Brookfield Wealth Solutions Ltd. Ltd.                                  | CUSIP: G17434104<br>LEI: 9845004583U3B8E06924 | Long             | EC               | CORP              | CA        |     87398 | NS      | $3618277.20   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Daniel D. Bauer

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

**Title:** VP, Fund Accounting