# EDGAR Filing Document

**Accession Number:** 0000891160
**File Stem:** 0001398344-26-004226
**Filing Date:** 2026-3
**Character Count:** 223594
**Document Hash:** 872e1087c32ed5a09e7eab8f40e0819b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004226.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001398344-26-004226

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07148
- **FILM NUMBER:** 26712287

**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>December 31, 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)

## Annual Shareholder Report - December 31, 2025
![Image](i73d7ab89b8957a2b315be974.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria Value Focused Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $114 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the year ended December 31, 2025, the Fund had a total return of 6.29%. The Fund's main contributors to performance included Wheaton Precious Metals Corporation (+98%), Franco-Nevada Corporation (+74%), and XPEL, Inc. (+67%). Wheaton and Franco-Nevada continue to benefit from rising gold and silver prices. XPEL, Inc. is a rapidly growing small-cap manufacturer of automotive coatings and sealants.

The largest detractors of performance for the year ended December 31, 2025 were LandBridge Company, LLC (-25%), Texas Pacific Land Corporation (-24%), and Occidental Petroleum Corporation (-13%). Texas Pacific Land and LandBridge, both significant holdings in the Fund, are royalty-based companies that were negatively impacted by weak oil and natural gas prices in 2025. Likewise, in addition to declining oil prices, Occidental's stock price fell due to concerns about the company's relatively high debt load. Looking out a few years, we believe all 3 companies have significant rebound potential.

At year end, the Fund held the common stock of 27 companies, across a broad array of industries, with an emphasis on companies engaged in land and natural resource management, industrials, and financial services.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6fb083cb14f0cc30e4eb7b2e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Ave Maria Value Focused Fund | S&P Composite 1500<sup>®</sup> Index | S&P 500<sup>®</sup> Index |
| Dec-2015 | $10000 | $10000 | $10000 |
| Dec-2016 | $11813 | $11303 | $11196 |
| Dec-2017 | $13433 | $13691 | $13640 |
| Dec-2018 | $12339 | $13012 | $13042 |
| Dec-2019 | $14643 | $17033 | $17149 |
| Dec-2020 | $16344 | $20085 | $20304 |
| Dec-2021 | $21434 | $25799 | $26132 |
| Dec-2022 | $25966 | $21212 | $21399 |
| Dec-2023 | $26272 | $26613 | $27025 |
| Dec-2024 | $36441 | $32988 | $33786 |
| Dec-2025 | $38732 | $38601 | $39827 |

---

### Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Ave Maria Value Focused Fund | 6.29% | 18.84% | 14.50% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P Composite 1500<sup>®</sup> Index | 17.02% | 13.96% | 14.46% |

---

*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$83,769,970

* Number of Portfolio Holdings29

* Total Expense Ratio1.11%

* Advisory Fee (net of recoupments) $674,809

* Portfolio turnover (fiscal year)57%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5819e12a65280b1db2f70adc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 94.2% |
| Money Market Funds | 5.8% |

---

### Portfolio Managers
Timothy S. Schwartz, CFA

George P. Schwartz, CFA

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Texas Pacific Land Corporation | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;WaterBridge Infrastructure, LLC - Class A | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;LandBridge Company, LLC - Class A | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Franco-Nevada Corporation | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Wheaton Precious Metals Corporation | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;XPEL, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Pan American Silver Corporation | &nbsp;&nbsp;3.1% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)
![Group By Sector Chart](id82f72dda687259f01660845.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Industrials | 3.3% |
| Health Care | 3.4% |
| Financials | 3.5% |
| Communications | 5.2% |
| Money Market Funds | 5.8% |
| Technology | 6.0% |
| Utilities | 6.5% |
| Consumer Discretionary | 9.8% |
| Energy | 13.0% |
| Materials | 16.3% |
| Real Estate | 27.2% |

---

## Material Fund Changes
During the year, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the previous 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 companies meeting the Fund's religious criteria based upon the authority of the Roman Catholic Church.

![Image](i73d7ab89b8957a2b315be974.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-AR 123125-AVERX

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

## Annual Shareholder Report - December 31, 2025

# Ave Maria Value Fund
(AVEMX)

## Annual Shareholder Report - December 31, 2025
![Image](i206d7f0547a3122356253882.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $92 | 0.91% |

---

## How did the Fund perform during the reporting period?
For the year ended December 31, 2025, the Fund had a total return of 2.82%. The Fund's main contributors to performance included Wheaton Precious Metals Corporation (+111%), Franco-Nevada Corporation (+78%), and XPEL, Inc. (+61%). Wheaton and Franco-Nevada continue to benefit from rising gold and silver prices. XPEL, Inc. is a rapidly growing small-cap manufacturer of automotive coatings and sealants.

The largest detractors of performance for the year ended December 31, 2025 were LandBridge Company, LLC (-23%), Texas Pacific Land Corporation (-22%), and Brown & Brown, Inc. (-22%). Texas Pacific Land and LandBridge, both significant holdings in the Fund, are royalty-based companies that were negatively impacted by declining oil and natural gas prices in 2025. Brown & Brown's share price decline was due to a weak insurance brokerage market. Looking out a few years, we believe all 3 companies have significant rebound potential.

At year end, the Fund held the common stock of 32 companies, across a broad array of industries, with an emphasis on companies engaged in land and natural resource management, industrials, and financial services.

## 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](ifa4d29735d9add6acbab7405.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Ave Maria Value Fund | S&P MidCap 400<sup>®</sup> Index | S&P 500<sup>®</sup> Index |
| Dec-2015 | $10000 | $10000 | $10000 |
| Dec-2016 | $11644 | $12074 | $11196 |
| Dec-2017 | $13709 | $14035 | $13640 |
| Dec-2018 | $12509 | $12480 | $13042 |
| Dec-2019 | $15076 | $15749 | $17149 |
| Dec-2020 | $16005 | $17900 | $20304 |
| Dec-2021 | $20030 | $22332 | $26132 |
| Dec-2022 | $20868 | $19416 | $21399 |
| Dec-2023 | $21603 | $22607 | $27025 |
| Dec-2024 | $26251 | $25756 | $33786 |
| Dec-2025 | $26991 | $27688 | $39827 |

---

## Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Ave Maria Value Fund | 2.82% | 11.02% | 10.44% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

*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$477,936,281

* Number of Portfolio Holdings34

* Total Expense Ratio0.91%

* Advisory Fee $3,681,330

* Portfolio turnover (fiscal year)24%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](ie712dc338926a20ecc36312e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 93.4% |
| Money Market Funds | 6.6% |

---

## 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 | 12.0% |
| Wheaton Precious Metals Corporation | 5.5% |
| TD SYNNEX Corporation | 5.3% |
| Hingham Institution For Savings (The) | 4.8% |
| Franco-Nevada Corporation | 4.4% |
| LandBridge Company, LLC - Class A | 3.9% |
| Expand Energy Corporation | 3.4% |
| St. Joe Company (The) | 3.3% |
| Mirion Technologies, Inc. | 3.3% |
| Alcon, Inc. | 3.2% |

---

## What did the Fund invest in?

## Sector Weighting (% of net assets)
![Group By Sector Chart](i69ddee84e7a565c2df89273f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.1% |
| Communications | 2.1% |
| Utilities | 2.7% |
| Money Market Funds | 6.6% |
| Consumer Discretionary | 8.1% |
| Health Care | 8.6% |
| Energy | 9.0% |
| Technology | 9.1% |
| Materials | 9.9% |
| Financials | 10.4% |
| Industrials | 14.4% |
| Real Estate | 19.2% |

---

## Material Fund Changes
During the year, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the previous 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](i206d7f0547a3122356253882.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-AR 123125-AVEMX

## Annual Shareholder Report - December 31, 2025

# Ave Maria Growth Fund
(AVEGX)

## Annual Shareholder Report - December 31, 2025
![Image](i44ec3441fd8b2559cfcd4406.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $94 | 0.90% |

---

## How did the Fund perform during the reporting period?
For the year ended December 31, 2025, the Fund had a total return of 8.26%, driven primarily by significant contributions from the Industrial and Technology sectors. The Industrial sector's performance was led by APi Group Corporation, which returned 60% during the year, with additional support from HEICO Corporation's 36% gain. Several of the Fund's Technology holdings had fantastic performance during the year, with Tower Semiconductor Ltd. up 81%, Silicon Motion Technology Corporation up 77%, Rambus Inc. up 58%, and Taiwan Semiconductor Manufacturing Company Ltd. up 56%.

The largest detractors of performance for the year were the Health Care and Materials sectors. The Health Care sector was down -16%, driven by weak performance from Zoetis, Inc. and Chemed Corporation. The Materials sector has a single holding, AptarGroup, Inc., which was down -21% during the year.

The Fund's goal is to purchase shares of exceptional companies at attractive prices with the expectations 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](i0383ef6c250767f3c4684073.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Ave Maria Growth Fund | S&P 500<sup>®</sup> Index | S&P 500<sup>®</sup> Equal Weight Index |
| Dec-2015 | $10000 | $10000 | $10000 |
| Dec-2016 | $11207 | $11196 | $11480 |
| Dec-2017 | $14274 | $13640 | $13650 |
| Dec-2018 | $14016 | $13042 | $12608 |
| Dec-2019 | $19216 | $17149 | $16294 |
| Dec-2020 | $22745 | $20304 | $18385 |
| Dec-2021 | $26737 | $26132 | $23832 |
| Dec-2022 | $21060 | $21399 | $21104 |
| Dec-2023 | $27439 | $27025 | $24032 |
| Dec-2024 | $31531 | $33786 | $27158 |
| Dec-2025 | $34134 | $39827 | $30261 |

---

## Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Ave Maria Growth Fund | 8.26% | 8.46% | 13.06% |
| S&P 500<sup>®</sup> Equal Weight Index | 11.43% | 10.48% | 11.71% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

*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$1,103,598,634

* Number of Portfolio Holdings34

* Total Expense Ratio0.90%

* Advisory Fee $8,248,064

* Portfolio turnover (fiscal year)17%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](ied59aaecb8884de25ff18033.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.4% |
| Money Market Funds | 2.6% |

---

## Portfolio Managers
Adam P. Gaglio, CFA

Chadd M. Garcia, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 9.3% |
| APi Group Corporation | 8.5% |
| Mastercard, Inc. - Class A | 7.3% |
| HEICO Corporation - Class A | 6.4% |
| O'Reilly Automotive, Inc. | 5.5% |
| S&P Global, Inc. | 4.5% |
| Roper Technologies, Inc. | 4.3% |
| Texas Instruments, Inc. | 3.8% |
| BlackLine, Inc. | 3.5% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3.4% |

---

## What did the Fund invest in?

## Sector Weighting (% of net assets)
![Group By Sector Chart](ie9301886a8534df88782a386.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.2% |
| Financials | 0.4% |
| Energy | 2.2% |
| Real Estate | 2.3% |
| Money Market Funds | 2.6% |
| Materials | 3.0% |
| Health Care | 4.1% |
| Consumer Discretionary | 14.5% |
| Industrials | 16.5% |
| Technology | 54.6% |

---

## Material Fund Changes
During the year, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the previous 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](i44ec3441fd8b2559cfcd4406.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-AR 123125-AVEGX

## Annual Shareholder Report - December 31, 2025

# Ave Maria Rising Dividend Fund
(AVEDX)

## Annual Shareholder Report - December 31, 2025
![Image](ic0a030e012f9292572d07ae3.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria Rising Dividend Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $90 | 0.90% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the year ended December 31, 2025, the Fund returned -0.39%. The Fund's relative underperformance versus the S&P 500<sup>®</sup> Index (the "S&P 500") was primarily driven by the benchmark's strength in Technology, Communication Services, and Health Care, where the Fund was generally underweight and lagged on security selection.

&nbsp;&nbsp;&nbsp;&nbsp; In Technology, the Fund's underweight exposure and stock selection were both detractors. Three holdings, Accenture plc, CDW Corporation, and Texas Instruments, Inc., each declined more than 20% during the year, weighing on results. Communication Services was the strongest-performing sector in the S&P 500 in 2025, and the underweight positioning, coupled with weaker relative performance in the sector, contributed meaningfully to the return gap. In Health Care, results were also pressured by both allocation and selection, as Chemed and Zoetis, Inc. were among the primary detractors during the year.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's largest sector contributors for the year were Consumer Discretionary, Industrials, and Consumer Staples. In Consumer Discretionary, the Fund's overweight positioning and strong security selection added to relative performance, led by TJX Companies, Inc., which gained 29% for the year. Industrials also contributed meaningfully, supported by an overweight allocation and strong stock-level results from HEICO Corporation and L3Harris Technologies, Inc., which rose 36% and 42%, respectively. Consumer Staples performance was driven by the Fund's sole holding in the sector, Coca-Cola Europacific Partners plc, which increased 21% during the year.

&nbsp;&nbsp;&nbsp;&nbsp; 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](ifa65bd7013fcd079acce84e8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Ave Maria Rising Dividend Fund | S&P 500<sup>®</sup> Index | S&P 500<sup>®</sup> Dividend Aristocrats Index |
| Dec-2015 | $10000 | $10000 | $10000 |
| Dec-2016 | $11533 | $11196 | $11183 |
| Dec-2017 | $13473 | $13640 | $13613 |
| Dec-2018 | $12826 | $13042 | $13242 |
| Dec-2019 | $16363 | $17149 | $16946 |
| Dec-2020 | $17419 | $20304 | $18416 |
| Dec-2021 | $21836 | $26132 | $23202 |
| Dec-2022 | $20685 | $21399 | $21762 |
| Dec-2023 | $23413 | $27025 | $23599 |
| Dec-2024 | $26789 | $33786 | $25270 |
| Dec-2025 | $26684 | $39827 | $27109 |

---

## Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Ave Maria Rising Dividend Fund | -0.39% | 8.90% | 10.31% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | 7.28% | 8.04% | 10.49% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

*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$972,482,728

* Number of Portfolio Holdings39

* Total Expense Ratio0.90%

* Advisory Fee $7,948,808

* Portfolio turnover (fiscal year)13%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](i46dc69c2ff6550a1f995f17e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 97.7% |
| Money Market Funds | 2.3% |

---

## Portfolio Managers
Brandon S. Scheitler

George P. Schwartz, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Pacific Land Corporation | 4.9% |
| Moody's Corporation | 4.2% |
| Mastercard, Inc. - Class A | 4.1% |
| TJX Companies, Inc. (The) | 4.1% |
| L3Harris Technologies, Inc. | 3.9% |
| Genuine Parts Company | 3.8% |
| Texas Instruments, Inc. | 3.6% |
| HEICO Corporation - Class A | 3.6% |
| Broadridge Financial Solutions, Inc. | 3.4% |
| Lowe's Companies, Inc. | 3.3% |

---

## What did the Fund invest in?

## Sector Weighting (% of net assets)
![Group By Sector Chart](i7deabe6ed149b57f2bbcdf4d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.1% |
| Communications | 2.2% |
| Money Market Funds | 2.3% |
| Consumer Staples | 3.1% |
| Materials | 4.2% |
| Health Care | 5.7% |
| Real Estate | 5.8% |
| Energy | 6.2% |
| Financials | 11.5% |
| Consumer Discretionary | 15.2% |
| Industrials | 18.0% |
| Technology | 25.9% |

---

## Material Fund Changes
During the year, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the previous 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](ic0a030e012f9292572d07ae3.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-AR 123125-AVEDX

## Annual Shareholder Report - December 31, 2025

# Ave Maria World Equity Fund
(AVEWX)

## Annual Shareholder Report - December 31, 2025
![Image](i7fcc23503db6fa61528538b6.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria World Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $106 | 1.01% |

---

## How did the Fund perform during the reporting period?
The Ave Maria World Equity Fund (the "Fund") had a total return of 10.58% for the year ended December 31, 2025, compared to the total return of 22.34% for the MSCI ACWI Index.

Large global markets performed strongly in 2025 and outperformed the U.S. stock market in U.S. dollar terms. The S&P Europe 350 Index, which is comprised of the 350 largest companies domiciled and listed in Europe, led the way with a 36.63% total return. Other markets with strong returns included the MSCI Emerging Markets Index and the S&P China 500 Index, with returns of 34.36% and 32.23%, respectively.

Top contributors to performance during the year included Comfort Systems USA, Inc, which went up 120.9% and StoneCo Ltd. up 85.6%. Bottom contributors to performance included eDreams ODIGEO S.A. down 48.0% and SAP SE up 0.9%.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8b38f3bc67e6a75057208a6e.jpg)

---

| | | |
|:---|:---|:---|
| | Ave Maria World Equity Fund | MSCI ACWI Index |
| Dec-2015 | $10000 | $10000 |
| Dec-2016 | $10871 | $10787 |
| Dec-2017 | $12815 | $13372 |
| Dec-2018 | $11678 | $12113 |
| Dec-2019 | $14909 | $15335 |
| Dec-2020 | $14886 | $17827 |
| Dec-2021 | $18021 | $21133 |
| Dec-2022 | $15228 | $17251 |
| Dec-2023 | $19029 | $21081 |
| Dec-2024 | $19912 | $24769 |
| Dec-2025 | $22018 | $30301 |

---

## Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Ave Maria World Equity Fund | 10.58% | 8.14% | 8.21% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

*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 | $133616287 |
| Number of Portfolio Holdings | 50 |
| Total Expense Ratio | 1.01% |
| Advisory Fee | $949771 |
| Portfolio turnover (fiscal year) | 19% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)
![Group By Sector Chart](i95e6d321d39e2fbc307277f7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.1% |
| Consumer Staples | 0.8% |
| Real Estate | 0.9% |
| Money Market Funds | 1.0% |
| Communications | 1.9% |
| Utilities | 4.2% |
| Energy | 4.8% |
| Materials | 5.0% |
| Health Care | 5.7% |
| Financials | 10.5% |
| Consumer Discretionary | 11.1% |
| Industrials | 25.9% |
| Technology | 28.1% |

---

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](i25eb4a261a01f74b3c3c4be4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.0% |
| Money Market Funds | 1.0% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4.8% |
| Comfort Systems USA, Inc. | 4.6% |
| SAP SE | 4.5% |
| Mastercard, Inc. - Class A | 4.3% |
| SharkNinja, Inc. | 4.2% |
| Eaton Corporation plc | 3.7% |
| Hammond Power Solutions, Inc. - Class A | 3.5% |
| GFL Environmental, Inc. | 3.4% |
| StoneCo Ltd. - Class A | 2.8% |
| HDFC Bank Ltd. - ADR | 2.7% |

---

## Country Weighting (% of net assets)
![Group By Country Chart](i9522adf05ec7428c2758c155.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Mexico | 3.0% |
| Poland | 3.0% |
| United Kingdom | 4.4% |
| Germany | 4.5% |
| Taiwan | 4.8% |
| Ireland | 7.3% |
| Brazil | 7.8% |
| Japan | 8.1% |
| Canada | 11.0% |
| United States | 28.0% |
| Other Countries | 18.0% |

---

## Material Fund Changes
During the year, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the previous 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](i7fcc23503db6fa61528538b6.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-AR 123125-AVEWX

## Annual Shareholder Report - December 31, 2025

# Ave Maria Growth Focused Fund
(AVEAX)

## Annual Shareholder Report - December 31, 2025
![Image](i0a36aabdae765836e7d2c4a3.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria Growth Focused Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $110 | 1.07% |

---

## How did the Fund perform during the reporting period?
For the year ended December 31, 2025, the Fund had a total return of 4.71%, driven primarily by the following holdings: APi Group Corporation, the largest holding for most of the year, soared an impressive 60%. Brookfield Corporation and Brookfield Wealth Solutions Ltd., which together represented ~15% of the Fund, returned 21%. NVIDIA Corporation, a smaller holding, returned 87%.

The largest detractor in the portfolio was eDreams ODIGEO S.A., which declined 48%. Several of the Fund's holdings, including LandBridge Company, LLC, Texas Pacific Land Corporation, Permian Basin Royalty Trust, and PrairieSky Royalty Ltd. collectively were significant detractors.

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](i2ea889cbf16cf0ad385619e5.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 |
| Dec-2020 | $12471 | $13428 | $14756 |
| Dec-2021 | $15958 | $17282 | $17545 |
| Dec-2022 | $10376 | $14152 | $14218 |
| Dec-2023 | $14395 | $17873 | $16705 |
| Dec-2024 | $16053 | $22344 | $19367 |
| Dec-2025 | $16808 | $26340 | $20812 |

---

## Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (May 1, 2020) |
| Ave Maria Growth Focused Fund | 4.71% | 6.15% | 9.59% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 18.63% |
| S&P MidCap 400<sup>®</sup> Growth Index | 7.46% | 7.12% | 13.80% |

---

*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$71,235,396

* Number of Portfolio Holdings16

* Total Expense Ratio1.07%

* Advisory Fee $500,890

* Portfolio turnover (fiscal year)47%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](i860f8504d17e94ae9c1b58fe.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

## Portfolio Managers
Chadd M. Garcia, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| APi Group Corporation | 21.6% |
| WaterBridge Infrastructure, LLC - Class A | 10.4% |
| eDreams ODIGEO S.A. | 6.5% |
| Apollo Global Management, Inc. | 6.4% |
| SigmaRoc plc | 6.2% |
| Secure Waste Infrastructure Corporation | 5.6% |
| Brookfield Wealth Solutions Ltd. | 5.6% |
| Brookfield Corporation | 5.6% |
| Brookfield Asset Management Ltd. - Class A | 5.4% |
| GFL Environmental, Inc. | 5.4% |

---

## What did the Fund invest in?

## Sector Weighting (% of net assets)
![Group By Sector Chart](id081ed88659db7789ed13023.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.1% |
| Health Care | 2.2% |
| Materials | 6.2% |
| Real Estate | 8.5% |
| Communications | 11.9% |
| Utilities | 16.0% |
| Industrials | 27.0% |
| Financials | 28.2% |

---

## Material Fund Changes
During the year, the Fund changed its name from the Ave Maria Focused Fund to the Ave Maria Growth Focused Fund. Also, 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. Effective January 1, 2026, Adam P. Gaglio, CFA, is no longer serving as a portfolio manager of the Fund.

![Image](i0a36aabdae765836e7d2c4a3.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-AR 123125-AVEAX

# Ave Maria Growth Focused Fund (AVEAX)

## Annual Shareholder Report - December 31, 2025

# Ave Maria Bond Fund
(AVEFX)

## Annual Shareholder Report - December 31, 2025
![Image](if538be6c67ab7641a54aa450.jpg)

## Fund Overview
This annual shareholder report contains important information about Ave Maria Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?
(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 | $40 | 0.39% |

---

## How did the Fund perform during the reporting period?
For the year ended December 31, 2025, the Fund returned 5.55%, modestly underperforming its benchmark. Relative results were primarily impacted by the Fund's emphasis on high-quality, short-maturity fixed income, which lagged lower-quality, longer-duration bonds during the year. In addition, the Fund's dividend-paying equity holdings detracted from overall performance.

Notable performers for the year included the common stocks of Coca-Cola Europacific Partners plc, Truist Financial Corporation, and an Electronic Arts, Inc. bond, which increased by 21%, 19%, and 18%, respectively. Performance detractors include the common stocks of Watsco, Inc., Texas Pacific Land Corporation, and F&G Annuities & Life, Inc., which declined by -27%, -22%, and -6%, respectively.

Corporate credit spreads briefly widened in April following tariff-related headlines. From that point through year-end, spreads retraced and generally tightened, fluctuating near historically low levels as the year concluded. Given this backdrop, investors should be prudent when adding incremental credit exposure, particularly in lower-quality segments of the market, where current spread levels offer limited compensation for the additional default and downgrade risk.

The Bond 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](ida6c21eba73aab631e5a49ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Ave Maria Bond Fund | Bloomberg Intermediate U.S. Government/Credit Bond Index | Bloomberg U.S. Aggregate Bond Index |
| Dec-2015 | $10000 | $10000 | $10000 |
| Dec-2016 | $10454 | $10208 | $10265 |
| Dec-2017 | $10889 | $10426 | $10628 |
| Dec-2018 | $10934 | $10518 | $10629 |
| Dec-2019 | $11841 | $11233 | $11556 |
| Dec-2020 | $12504 | $11956 | $12423 |
| Dec-2021 | $13052 | $11784 | $12232 |
| Dec-2022 | $12681 | $10813 | $10641 |
| Dec-2023 | $13335 | $11380 | $11229 |
| Dec-2024 | $14096 | $11722 | $11369 |
| Dec-2025 | $14878 | $12538 | $12199 |

---

## Average Annual Total Returns as of 12/31/2025

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Ave Maria Bond Fund | 5.55% | 3.54% | 4.05% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.97% | 0.96% | 2.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

*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$793,904,986

* Number of Portfolio Holdings187

* Total Expense Ratio0.39%

* Advisory Fee $1,874,795

* Portfolio turnover (fiscal year)13%

## Asset Weighting (% of total investments)
![Group By Asset Type Chart](i97c2a73f00cc19418f68a1fa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 14.8% |
| Corporate Bonds | 46.9% |
| Money Market Funds | 5.0% |
| U.S. Government & Agencies | 33.3% |

---

## Portfolio Managers
Brandon S. Scheitler

James T. Peregoy, CFA

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Coca-Cola Europacific Partners plc | 1.7% |
| Truist Financial Corporation | 1.4% |
| Illinois Tool Works, Inc., 2.650%, due 11/15/26 | 1.3% |
| U.S. Treasury Notes, 4.625%, due 09/30/30 | 1.3% |
| U.S. Treasury Notes, 4.500%, due 12/31/31 | 1.3% |
| U.S. Treasury Notes, 4.500%, due 11/15/33 | 1.3% |
| U.S. Treasury Notes, 4.375%, due 01/31/32 | 1.3% |
| U.S. Treasury Notes, 4.250%, due 06/30/29 | 1.3% |
| U.S. Treasury Notes, 4.125%, due 03/31/31 | 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](i3a53cdea2634718fb6267ed5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.7% |
| Real Estate | 1.1% |
| Communications | 1.4% |
| Health Care | 1.4% |
| Materials | 3.2% |
| Financials | 3.3% |
| Energy | 4.9% |
| Money Market | 4.9% |
| Consumer Staples | 8.3% |
| Consumer Discretionary | 9.0% |
| Industrials | 14.1% |
| Technology | 14.6% |
| U.S. Treasury Obligations | 33.1% |

---

## Material Fund Changes
During the year, shareholders of the Fund approved a new advisory agreement (with substantially similar terms as the previous advisory agreement) with the Adviser in connection with a change of control of the Adviser. Also, Mr. James T. Peregoy, CFA, Portfolio Manager and Head Trader of the Adviser was added as a co-portfolio manager of the Fund. Other than the change in the ownership structure of the Adviser, the operations of the Adviser stayed the same. Effective January 1, 2026, George P. Schwartz, CFA, is no longer serving as a co-portfolio manager of the Fund.

![Image](if538be6c67ab7641a54aa450.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-AR 123125-AVEFX

# Ave Maria Bond Fund (AVEFX)

## Annual Shareholder Report - December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

The registrant's board of trustees has determined that the registrant has an audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is William A. Morrow. Mr. Morrow is "independent" for purposes of this Item.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for professional services
 rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally
 provided by the accountant in connection with statutory and regulatory filings or engagements were $201,180 and $191,600 with respect
 to the registrant's fiscal years ended December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. No fees were billed in either of the last
 two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the
 audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services
 rendered by the principal accountant for tax compliance, tax advice, and tax planning were $26,300 and $26,300 with respect to the registrant's
 fiscal years ended December 31, 2025 and 2024, respectively. The services comprising these fees are tax consulting and the preparation
 of the registrant's federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. No fees were billed in either of the last
 two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through
 (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the fiscal years ended December 31, 2025 and 2024, aggregate non- audit fees of $26,300 and $26,300,
 respectively, were billed by the registrant's principal accountant for services rendered to the registrant. During the fiscal years
 ended December 31, 2025 and 2024, $17,350 and $16,500, respectively, were billed by the registrant's principal accountant for services
 rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and
 is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
 the adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee determined that the provision of non-audit services that were rendered
 to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
 with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment
 adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
 Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

**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) ![](fp0096801-1_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 |
|  Report of Independent Registered Public Accounting Firm  | 62 |
|  Additional Information  | 64 |
|  Federal Tax Information  | 65 |

---

**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 December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 94.2%**  | **Shares** | **Fair Value** |
|  **Communications — 5.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 5.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc.  | 284301 | $4361177 |
|  **Consumer Discretionary — 9.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Automotive — 3.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. \*  | 62884 | 3138540 |
| &nbsp;&nbsp;&nbsp; *Home Construction — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corporation  | 25000 | 1586500 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 4.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. \*  | 14000 | 1440460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Company  | 16750 | 2059580 |
|  |  | 3500040 |
|  **Energy — 13.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 10.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation  | 26000 | 3962660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips  | 7800 | 730158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation  | 35500 | 1459760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Basin Royalty Trust  | 133478 | 2266456 |
|  |  | 8419034 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 2.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd.  | 63300 | 2429454 |
|  **Financials — 3.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 3.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc.  | 18000 | 2915280 |
|  **Health Care — 3.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc.  | 7000 | 880740 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 1750 | 748755 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corporation \*  | 15000 | 1202250 |
|  **Industrials — 3.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corporation  | 17400 | 1163712 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 94.2% (Continued)** | **Shares** | **Fair Value** |
|  **Industrials — 3.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 4785 | $1612306 |
|  **Materials — 16.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Containers & Packaging — 2.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc.  | 13660 | 1665974 |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 14.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corporation  | 22700 | 4705256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation  | 50000 | 2590500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corporation  | 40000 | 4700800 |
|  |  | 11996556 |
|  **Real Estate — 27.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Multi-Asset Class Owners & Developers — 6.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LandBridge Company, LLC - Class A  | 111059 | 5440780 |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 20.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe Company (The)  | 42600 | 2529162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 51600 | 14820552 |
|  |  | 17349714 |
|  **Technology — 6.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Technology Services — 6.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 3750 | 2140800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation  | 3000 | 1532550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. - Class A \*  | 21750 | 1369598 |
|  |  | 5042948 |
|  **Utilities — 6.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 6.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Infrastructure, LLC - Class A \*  | 273148 | 5465692 |
|  **Total Common Stocks** (Cost $55,785,201)  |  | $78919452 |

---

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

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 5.8%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(a)</sup>  | 4236440 | $4236440 |
|  Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.63% <sup>(a)</sup>  | 620055 | 620055 |
|  **Total Money Market Funds** (Cost $4,856,495)  |  | $4856495 |
|  **Total Investments at Fair Value — 100.0%** (Cost $60,641,696)  |  | $83775947 |
|  **Liabilities in Excess of Other Assets — (0.0%) <sup>(b)</sup>** |  | (5977) |
|  **Net Assets — 100.0%**  |  | $83769970 |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| <sup>(a)</sup> | The rate shown is the 7-day effective yield as of December 31, 2025.  |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Value Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 93.5%**  | **Shares** | **Fair Value** |
|  **Communications — 2.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc.  | 40500 | $9839475 |
|  **Consumer Discretionary — 8.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Automotive — 2.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. \*  | 279455 | 13947599 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 1.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc. \*  | 138000 | 6095460 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 3.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. \*  | 75000 | 7716750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corporation  | 26600 | 10771404 |
|  |  | 18488154 |
|  **Energy — 9.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 6.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corporation  | 145500 | 16057380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corporation  | 70000 | 2878400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Basin Royalty Trust  | 830219 | 14097119 |
|  |  | 33032899 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd.  | 264000 | 10132320 |
|  **Financials — 10.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Banking — 4.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings (The)  | 81087 | 23025465 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 2.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc.  | 77000 | 12470920 |
| &nbsp;&nbsp;&nbsp; *Insurance — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  | 180400 | 14377880 |
|  **Health Care — 8.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 13790 | 5900189 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 7.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc.  | 195000 | 15367950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corporation \*  | 50000 | 4007500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. \*  | 665000 | 15574300 |
|  |  | 34949750 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 93.5% (Continued)** | **Shares** | **Fair Value** |
|  **Industrials — 14.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 40000 | $10097200 |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc. \*  | 312532 | 8560251 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 4.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corporation  | 146600 | 9804608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion plc  | 76000 | 12100720 |
|  |  | 21905328 |
| &nbsp;&nbsp;&nbsp; *Industrial Intermediate Products — 3.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc.  | 78000 | 14905800 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 17400 | 5862930 |
| &nbsp;&nbsp;&nbsp; *Machinery — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.  | 26000 | 7631780 |
|  **Materials — 9.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 9.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corporation  | 100000 | 20728000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corporation  | 225000 | 26442000 |
|  |  | 47170000 |
|  **Real Estate — 19.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Multi-Asset Class Owners & Developers — 3.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LandBridge Company, LLC - Class A  | 379895 | 18611056 |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 15.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe Company (The)  | 267800 | 15899286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 199500 | 57300390 |
|  |  | 73199676 |
|  **Technology — 9.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Software — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 30000 | 13353900 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 6.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.  | 25000 | 4562000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corporation  | 169500 | 25463985 |
|  |  | 30025985 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 93.5% (Continued)** | **Shares** | **Fair Value** |
|  **Utilities — 2.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Infrastructure, LLC - Class A \*  | 655556 | $13117676 |
|  **Total Common Stocks** (Cost $280,512,527)  |  | $446701693 |

---

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 6.6%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(a)</sup>  | 24201462 | $24201462 |
|  Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.63% <sup>(a)</sup>  | 7323115 | 7323115 |
|  **Total Money Market Funds** (Cost $31,524,577)  |  | $31524577 |
|  **Total Investments at Fair Value — 100.1%** (Cost $312,037,104)  |  | $478226270 |
|  **Liabilities in Excess of Other Assets — (0.1%)**  |  | (289989) |
|  **Net Assets — 100.0%**  |  | $477936281 |

---

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2025. <br> See notes to financial statements.

**Ave Maria Growth Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.6%**  | **Shares** | **Fair Value** |
|  **Consumer Discretionary — 14.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Automotive — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. \*  | 505000 | $25204550 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. - Series C \*  | 542264 | 21392315 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 8.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Companies, Inc.  | 131000 | 31591960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \*  | 665000 | 60654650 |
|  |  | 92246610 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Discretionary — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. \*  | 540000 | 21141000 |
|  **Energy — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corporation  | 220000 | 24279200 |
|  **Financials — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIC Solutions, Inc. \*  | 450000 | 4549500 |
|  **Health Care — 4.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc.  | 100000 | 12582000 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \*  | 64000 | 14426240 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc.  | 225000 | 17732250 |
|  **Industrials — 16.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 6.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 278590 | 70324473 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 10.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APi Group Corporation \*  | 2442500 | 93450050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 55000 | 18532250 |
|  |  | 111982300 |
|  **Materials — 3.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Containers & Packaging — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc.  | 270000 | 32929200 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.6% (Continued)** | **Shares** | **Fair Value** |
|  **Real Estate — 2.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 18000 | $5169960 |
| &nbsp;&nbsp;&nbsp; *REITs — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corporation - Class A  | 104000 | 20116720 |
|  **Technology — 54.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 26.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc.  | 200000 | 16850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corporation  | 550000 | 102575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc. \*  | 180337 | 16571167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. \*  | 192790 | 25197653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Motion Technology Corporation - ADR  | 220000 | 20394000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. - ADR  | 123000 | 37378470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  | 240000 | 41637600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd. \*  | 260000 | 30529200 |
|  |  | 291133090 |
| &nbsp;&nbsp;&nbsp; *Software — 8.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc. \*  | 690000 | 38150100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 106500 | 47406345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. \*  | 13596 | 6386313 |
|  |  | 91942758 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 19.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture plc - Class A  | 119000 | 31927700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc.  | 97000 | 21647490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 142000 | 81064960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation  | 35000 | 17879750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.  | 96000 | 50168640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. - Class A \*  | 264941 | 16683335 |
|  |  | 219371875 |
|  **Total Common Stocks** (Cost $577,059,433)  |  | $1076524041 |

---

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

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 2.6%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(a)</sup> (Cost $28,851,829)  | 28851829 | $28851829 |
|  **Total Investments at Fair Value — 100.2%** (Cost $605,911,262)  |  | $1105375870 |
|  **Liabilities in Excess of Other Assets — (0.2%)**  |  | (1777236) |
|  **Net Assets — 100.0%**  |  | $1103598634 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. |
| See notes to financial statements. | See notes to financial statements. |

---

**Ave Maria Rising Dividend Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.8%**  | **Shares** | **Fair Value** |
|  **Communications — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc.  | 4000 | $21421320 |
|  **Consumer Discretionary — 15.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc. \*  | 125000 | 13987500 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 13.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Company  | 300000 | 36888000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Companies, Inc.  | 135000 | 32556600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The)  | 260000 | 39938600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Company  | 397500 | 19878975 |
|  |  | 129262175 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Discretionary — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corporation  | 20000 | 4575000 |
|  **Consumer Staples — 3.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 3.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc  | 330000 | 29931000 |
|  **Energy — 6.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 6.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation  | 200000 | 30482000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.  | 200000 | 30066000 |
|  |  | 60548000 |
|  **Financials — 11.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corporation  | 375000 | 17208750 |
| &nbsp;&nbsp;&nbsp; *Banking — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corporation  | 600000 | 29526000 |
| &nbsp;&nbsp;&nbsp; *Insurance — 4.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. \*  | 100000 | 9592000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc.  | 375000 | 29887500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc.  | 27000 | 832950 |
|  |  | 40312450 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 2.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc.  | 450000 | 24565500 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.8% (Continued)** | **Shares** | **Fair Value** |
|  **Health Care — 5.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 2.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc.  | 160000 | $20131200 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 3.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 45000 | 19253700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  | 95000 | 16485350 |
|  |  | 35739050 |
|  **Industrials — 18.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 9.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 137120 | 34613202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.  | 130000 | 38164100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation  | 45000 | 21765150 |
|  |  | 94542452 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corporation  | 350000 | 23408000 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 5.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Company  | 700000 | 28091000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 60000 | 20217000 |
|  |  | 48308000 |
| &nbsp;&nbsp;&nbsp; *Machinery — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESAB Corporation  | 80000 | 8937600 |
|  **Materials — 4.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Construction Materials — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Companies, Inc.  | 90000 | 28787400 |
| &nbsp;&nbsp;&nbsp; *Containers & Packaging — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc.  | 100000 | 12196000 |
|  **Real Estate — 5.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 4.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 165000 | 47391300 |
| &nbsp;&nbsp;&nbsp; *REITs — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corporation - Class A  | 45000 | 8704350 |
|  **Technology — 25.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 3.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  | 200000 | 34698000 |
| &nbsp;&nbsp;&nbsp; *Software — 2.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 55000 | 24482150 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 97.8% (Continued)** | **Shares** | **Fair Value** |
|  **Technology — 25.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Technology Services — 19.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture plc - Class A  | 110000 | $29513000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc.  | 150000 | 33475500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW Corporation  | 130000 | 17706000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 70000 | 39961600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corporation  | 80000 | 40868000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.  | 60000 | 31355400 |
|  |  | 192879500 |
|  **Total Common Stocks** (Cost $613,302,525)  |  | $951542697 |

---

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 2.3%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(a)</sup> (Cost $22,287,254)  | 22287254 | $22287254 |
|  **Total Investments at Fair Value — 100.1%** (Cost $635,589,779)  |  | $973829951 |
|  **Liabilities in Excess of Other Assets — (0.1%)**  |  | (1347223) |
|  **Net Assets — 100.0%**  |  | $972482728 |

---

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2025. <br> See notes to financial statements.

**Ave Maria World Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 98.9%**  | **Shares** | **Fair Value** |
|  **Communications — 1.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Entertainment Content — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Company Ltd.  | 34700 | $2342950 |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eDreams ODIGEO S.A. \*  | 33834 | 158160 |
|  **Consumer Discretionary — 11.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 4.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc. \*  | 50700 | 5673330 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alsea S.A.B. de C.V.  | 857120 | 2571936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greggs plc  | 47400 | 1068528 |
|  |  | 3640464 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIPS AB  | 37150 | 1417878 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 3.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Partner S.A.  | 455506 | 2103135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeePer Technical Laboratory Company Ltd.  | 88300 | 1984576 |
|  |  | 4087711 |
|  **Consumer Staples — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 0.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc  | 11600 | 1052120 |
|  **Energy — 4.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 4.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd.  | 79800 | 2703675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.  | 15100 | 2269983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Energy S.A.B. de C.V. \*  | 30000 | 1459800 |
|  |  | 6433458 |
|  **Financials — 10.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Banking — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. - ADR  | 100100 | 3657654 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 3.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AJ Bell plc \*  | 140000 | 832666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Holdings Ltd. - Class A \*  | 217600 | 3642624 |
|  |  | 4475290 |
| &nbsp;&nbsp;&nbsp; *Insurance — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc.  | 96384 | 2973446 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 98.9% (Continued)** | **Shares** | **Fair Value** |
|  **Financials — 10.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dLocal Ltd.  | 207200 | $2929808 |
|  **Health Care — 5.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 5.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc.  | 25500 | 2009655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. \*  | 129300 | 3028206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A.  | 126281 | 2540774 |
|  |  | 7578635 |
|  **Industrials — 25.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc.  | 11500 | 2357730 |
| &nbsp;&nbsp;&nbsp; *Commercial Services — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karooooo Ltd.  | 78365 | 3565607 |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 4.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edenred SE  | 70500 | 1558322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | 106300 | 4565585 |
|  |  | 6123907 |
| &nbsp;&nbsp;&nbsp; *Diversified Industrials — 3.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corporation plc  | 15700 | 5000607 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 5.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hammond Power Solutions, Inc. - Class A  | 40700 | 4730344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc  | 12000 | 2730120 |
|  |  | 7460464 |
| &nbsp;&nbsp;&nbsp; *Engineering & Construction — 4.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc.  | 6600 | 6159714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tasmea Ltd.  | 40000 | 112406 |
|  |  | 6272120 |
| &nbsp;&nbsp;&nbsp; *Machinery — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corporation  | 148500 | 1876722 |
| &nbsp;&nbsp;&nbsp; *Transportation & Logistics — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InPost S.A. \*  | 154300 | 1895969 |
|  **Materials — 5.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Chemicals — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Company Ltd.  | 41700 | 1295358 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 98.9% (Continued)** | **Shares** | **Fair Value** |
|  **Materials — 5.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Construction Materials — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SigmaRoc plc \*  | 1730489 | $2961219 |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mader Group Ltd.  | 492087 | 2502304 |
|  **Real Estate — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corporation  | 7500 | 1166475 |
|  **Technology — 28.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *IT Services — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd. - Class A \*  | 256400 | 3792156 |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 7.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V.  | 3300 | 3555478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. - ADR  | 21000 | 6381690 |
|  |  | 9937168 |
| &nbsp;&nbsp;&nbsp; *Software — 9.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Group Corporation \*  | 153500 | 1715801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hinge Health, Inc. \*  | 46000 | 2136700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBIC Business Consultants Company Ltd.  | 30600 | 1651831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc. \*  | 78700 | 1331604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP SE  | 24600 | 5976457 |
|  |  | 12812393 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 8.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture plc - Class A  | 7400 | 1985420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. - Class A  | 10000 | 5708800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.  | 6400 | 3344576 |
|  |  | 11038796 |
|  **Utilities — 4.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 4.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo - ADR  | 124746 | 2975192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secure Waste Infrastructure Corporation  | 122650 | 1543661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Infrastructure, LLC - Class A \*  | 57000 | 1140570 |
|  |  | 5659423 |
|  **Total Common Stocks** (Cost $89,316,185)  |  | $132139322 |

---

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

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 1.0%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(a)</sup> (Cost $1,313,191)  | 1313191 | $1313191 |
|  **Total Investments at Fair Value — 99.9%** (Cost $90,629,376)  |  | $133452513 |
|  **Other Assets in Excess of Liabilities — 0.1%**  |  | 163774 |
|  **Net Assets — 100.0%**  |  | $133616287 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. |
| See notes to financial statements. | See notes to financial statements. |

---

**AVE MARIA WORLD EQUITY FUND** 

**Summary of Common Stocks by Country** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **Country** | **Value** | **% of Net Assets** |
|  United States \*\*  | $36124659 | 27.0% |
|  Canada  | 14709740 | 11.0% |
|  Japan  | 10867238 | 8.1% |
|  Brazil  | 10409972 | 7.8% |
|  Ireland  | 9716147 | 7.3% |
|  Taiwan  | 6381690 | 4.8% |
|  Germany  | 5976457 | 4.5% |
|  United Kingdom  | 5914533 | 4.4% |
|  Mexico  | 4031736 | 3.0% |
|  Poland  | 3999104 | 3.0% |
|  India  | 3657654 | 2.7% |
|  Singapore  | 3565607 | 2.7% |
|  Netherlands  | 3555478 | 2.7% |
|  Uruguay  | 2929808 | 2.2% |
|  Australia  | 2614710 | 1.9% |
|  Italy  | 2540774 | 1.9% |
|  Switzerland  | 2009655 | 1.5% |
|  France  | 1558322 | 1.2% |
|  Sweden  | 1417878 | 1.1% |
|  Spain  | 158160 | 0.1% |
|  | $132139322 | 98.9% |

---

---

| | |
|:---|:---|
| \*\* | 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** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 100.0%**  | **Shares** | **Fair Value** |
|  **Communications — 11.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 6.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eDreams ODIGEO S.A. \*  | 997792 | $4664263 |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 5.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc.  | 248504 | 3812051 |
|  **Financials — 28.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 28.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.  | 31445 | 4551978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. - Class A  | 73254 | 3837777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corporation  | 87398 | 4010694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Wealth Solutions Ltd. \*  | 87398 | 4015938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIC Solutions, Inc. \*  | 362777 | 3667676 |
|  |  | 20084063 |
|  **Health Care — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corporation  | 3654 | 1563400 |
|  **Industrials — 27.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 5.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | 88793 | 3813659 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 21.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APi Group Corporation \*  | 402152 | 15386336 |
|  **Materials — 6.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Construction Materials — 6.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SigmaRoc plc \*  | 2598697 | 4446900 |
|  **Real Estate — 8.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Multi-Asset Class Owners & Developers — 5.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LandBridge Company, LLC - Class A  | 73222 | 3587146 |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 3.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 8544 | 2454007 |
|  **Utilities — 16.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 16.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secure Waste Infrastructure Corporation  | 320306 | 4031341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Infrastructure, LLC - Class A \*  | 369325 | 7390193 |
|  |  | 11421534 |
|  **Total Common Stocks** (Cost $51,040,771)  |  | $71233359 |

---

**AVE MARIA GROWTH FOCUSED FUND** 

**SCHEDULE OF INVESTMENTS** 

**(Continued)** 

---

| | | |
|:---|:---|:---|
|  **MONEY MARKET FUNDS — 0.1%**  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(a)</sup> (Cost $92,819)  | 92819 | $92819 |
|  **Total Investments at Fair Value — 100.1%** (Cost $51,133,590)  |  | $71326178 |
|  **Liabilities in Excess of Other Assets — (0.1%)**  |  | (90782) |
|  **Net Assets — 100.0%**  |  | $71235396 |

---

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2025. <br> See notes to financial statements.

**Ave Maria Bond Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  **U.S. GOVERNMENT & AGENCIES — 33.1%**  | **Par Value** | **Fair Value** |
|  **U.S. Treasury Inflation-Protected Notes — 5.2% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; 0.625%, due 01/15/26  | $6851050 | $6834993 |
| &nbsp;&nbsp;&nbsp; 2.000%, due 01/15/26  | 4921140 | 4912105 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 04/15/26  | 6207400 | 6153570 |
| &nbsp;&nbsp;&nbsp; 0.375%, due 01/15/27  | 5256498 | 5192473 |
| &nbsp;&nbsp;&nbsp; 0.375%, due 07/15/27  | 8651240 | 8552902 |
| &nbsp;&nbsp;&nbsp; 0.500%, due 01/15/28  | 6599600 | 6486013 |
| &nbsp;&nbsp;&nbsp; 0.750%, due 07/15/28  | 3242600 | 3205691 |
|  |  | 41337747 |
|  **U.S. Treasury Notes — 27.9%**  |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, due 01/31/26  | 10000000 | 10003980 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 09/30/27  | 10000000 | 10108203 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 02/29/28  | 10000000 | 10106250 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 07/31/28  | 10000000 | 10151953 |
| &nbsp;&nbsp;&nbsp; 1.250%, due 09/30/28  | 10000000 | 9409766 |
| &nbsp;&nbsp;&nbsp; 3.250%, due 06/30/29  | 10000000 | 9891016 |
| &nbsp;&nbsp;&nbsp; 4.250%, due 06/30/29  | 10000000 | 10216406 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 10/31/29  | 10000000 | 10137109 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 02/28/30  | 10000000 | 10134766 |
| &nbsp;&nbsp;&nbsp; 3.750%, due 05/31/30  | 10000000 | 10032813 |
| &nbsp;&nbsp;&nbsp; 4.625%, due 09/30/30  | 10000000 | 10400781 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 03/31/31  | 10000000 | 10180469 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 07/31/31  | 10000000 | 10174219 |
| &nbsp;&nbsp;&nbsp; 4.500%, due 12/31/31  | 10000000 | 10361719 |
| &nbsp;&nbsp;&nbsp; 4.375%, due 01/31/32  | 10000000 | 10291406 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 05/31/32  | 10000000 | 10145313 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 07/31/32  | 10000000 | 10066797 |
| &nbsp;&nbsp;&nbsp; 4.125%, due 11/15/32  | 10000000 | 10129687 |
| &nbsp;&nbsp;&nbsp; 3.500%, due 02/15/33  | 10000000 | 9733984 |
| &nbsp;&nbsp;&nbsp; 3.375%, due 05/15/33  | 10000000 | 9629688 |
| &nbsp;&nbsp;&nbsp; 3.875%, due 08/15/33  | 10000000 | 9933984 |
| &nbsp;&nbsp;&nbsp; 4.500%, due 11/15/33  | 10000000 | 10343359 |
|  |  | 221583668 |
|  **Total U.S. Government & Agencies** (Cost $262,155,710)  |  | $262921415 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 46.6%**  | **Par Value** | **Fair Value** |
|  **Communications — 1.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 4.800%, due 03/01/26  | $5500000 | $5500262 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 1.850%, due 02/15/31  | 5486000 | 5279625 |
|  |  | 10779887 |

---

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

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 46.6% (Continued)** | **Par Value** | **Fair Value** |
|  **Consumer Discretionary — 7.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Company, 1.875%, due 11/01/30  | $2429000 | $2136147 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Company, 2.750%, due 02/01/32  | 767000 | 679119 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Company, 6.875%, due 11/01/33  | 1140000 | 1268976 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 2.500%, due 04/15/26  | 3000000 | 2987860 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 3.100%, due 05/03/27  | 9050000 | 8950620 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 1.300%, due 04/15/28  | 400000 | 377290 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 1.700%, due 10/15/30  | 925000 | 822263 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 4.250%, due 03/15/31  | 200000 | 199369 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 2.625%, due 04/01/31  | 300000 | 275598 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 3.750%, due 04/01/32  | 4000000 | 3838413 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc, 1.750%, due 03/15/31  | 500000 | 438523 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 3.900%, due 06/01/29  | 2767000 | 2744736 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 4.200%, due 04/01/30  | 400000 | 399194 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 4.700%, due 06/15/32  | 8150000 | 8233586 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., 5.000%, due 08/19/34  | 826000 | 833745 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 0.875%, due 04/15/26  | 5255000 | 5208601 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 4.700%, due 04/15/27  | 1300000 | 1307211 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc., 1.875%, due 04/15/31  | 4115000 | 3627517 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 2.250%, due 09/15/26  | 3226000 | 3193423 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 1.150%, due 05/15/28  | 3276000 | 3079901 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 3.875%, due 04/15/30  | 2902000 | 2892769 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. (The), 1.600%, due 05/15/31  | 5263000 | 4626891 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Company, 1.750%, due 11/01/30  | 1525000 | 1351921 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Company, 5.250%, due 05/15/33  | 2600000 | 2692436 |
|  |  | 62166109 |
|  **Consumer Staples — 6.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 1.450%, due 06/01/27  | 5452000 | 5291262 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 2.125%, due 09/06/29  | 1550000 | 1460888 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 2.000%, due 03/05/31  | 1250000 | 1133805 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 2.250%, due 01/05/32  | 450000 | 407215 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Company (The), 4.650%, due 08/14/34  | 1292000 | 1321187 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Company, 3.100%, due 08/15/27  | 5000000 | 4957998 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Company, 3.250%, due 08/15/32  | 2750000 | 2595824 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Company, 4.600%, due 03/01/33  | 2720000 | 2782948 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 2.300%, due 08/15/26  | 2000000 | 1981289 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 4.250%, due 05/04/28  | 1350000 | 1363065 |
| &nbsp;&nbsp;&nbsp; Hershey Company (The), 2.450%, due 11/15/29  | 4875000 | 4600641 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corporation, 1.700%, due 06/03/28  | 1850000 | 1757600 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corporation, 1.800%, due 06/11/30  | 5100000 | 4608120 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Company (The), 3.375%, due 12/15/27  | 3750000 | 3714001 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Company (The), 2.125%, due 03/15/32  | 1450000 | 1257019 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 2.750%, due 02/15/26  | 2648000 | 2643688 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 1.050%, due 09/15/27  | 1900000 | 1816963 |

---

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

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 46.6% (Continued)** | **Par Value** | **Fair Value** |
|  **Consumer Staples — 6.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 3.950%, due 11/01/28  | $1665000 | $1669346 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 3.200%, due 04/25/29  | 1397000 | 1364087 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 3.100%, due 03/26/30  | 609000 | 586741 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation, 2.000%, due 11/02/31  | 6109000 | 5511711 |
|  |  | 52825398 |
|  **Energy — 2.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 8.000%, due 04/01/27  | 2600000 | 2727027 |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 1.995%, due 05/11/27  | 1500000 | 1467215 |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 1.018%, due 08/12/27  | 1150000 | 1102419 |
| &nbsp;&nbsp;&nbsp; Chevron Corporation, 3.250%, due 10/15/29  | 7685000 | 7507287 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corporation, 2.440%, due 08/16/29  | 546000 | 521670 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corporation, 2.610%, due 10/15/30  | 180000 | 168930 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources, 1.125%, due 01/15/26  | 2578000 | 2575245 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources, 7.200%, due 01/15/28  | 1936000 | 2054786 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources, 1.900%, due 08/15/30  | 530000 | 480448 |
|  |  | 18605027 |
|  **Financials — 0.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27  | 400000 | 396293 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28  | 4380000 | 4333504 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corporation, 2.250%, due 03/11/30  | 900000 | 825008 |
|  |  | 5554805 |
|  **Health Care — 1.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 3.500%, due 03/15/26  | 1404000 | 1402670 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 3.650%, due 03/07/28  | 500000 | 497295 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 4.850%, due 12/08/28  | 325000 | 332823 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 1.950%, due 06/15/30  | 3795000 | 3448542 |
| &nbsp;&nbsp;&nbsp; Stryker Corporation, 4.625%, due 09/11/34  | 3321000 | 3306671 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc., 2.000%, due 05/15/30  | 1050000 | 961474 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc., 5.600%, due 11/16/32  | 815000 | 867126 |
|  |  | 10816601 |
|  **Industrials — 10.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; Amphenol Corporation, 4.350%, due 06/01/29  | 5950000 | 6011375 |
| &nbsp;&nbsp;&nbsp; Amphenol Corporation, 2.800%, due 02/15/30  | 2000000 | 1901029 |
| &nbsp;&nbsp;&nbsp; Amphenol Corporation, 2.200%, due 09/15/31  | 6460000 | 5775796 |
| &nbsp;&nbsp;&nbsp; Cintas Corporation, 4.000%, due 05/01/32  | 1874000 | 1836366 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 1.100%, due 03/01/27  | 650000 | 630122 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.950%, due 02/15/28  | 870000 | 888527 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 2.700%, due 08/15/29  | 650000 | 620754 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 1.750%, due 09/01/31  | 700000 | 612627 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.950%, due 09/01/31  | 4165000 | 4309920 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.750%, due 02/01/32  | 5000000 | 5108327 |

---

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

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 46.6% (Continued)** | **Par Value** | **Fair Value** |
|  **Industrials — 10.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 5.000%, due 02/15/33  | $3512000 | $3624231 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc., 4.500%, due 01/15/34  | 1930000 | 1916903 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc., 3.150%, due 08/15/27  | 5632000 | 5562054 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc., 2.300%, due 03/15/31  | 1670000 | 1522555 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., 2.650%, due 11/15/26  | 10601000 | 10504250 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.050%, due 06/01/29  | 1500000 | 1541490 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 1.800%, due 01/15/31  | 4809000 | 4248253 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.250%, due 06/01/31  | 1147000 | 1194244 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.400%, due 07/31/33  | 5147000 | 5369018 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.350%, due 06/01/34  | 1425000 | 1477620 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 3.550%, due 01/15/26  | 3848000 | 3847584 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 5.100%, due 11/15/27  | 3057000 | 3130956 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 4.450%, due 05/15/28  | 1000000 | 1012292 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 1.850%, due 06/15/30  | 1000000 | 907307 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 5.250%, due 01/15/33  | 2560000 | 2694149 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corporation, 4.750%, due 02/15/34  | 650000 | 660297 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corporation, 1.100%, due 05/11/26  | 835000 | 826656 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corporation, 2.000%, due 02/04/27  | 500000 | 490711 |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corporation, 4.600%, due 01/10/28  | 1050000 | 1069084 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 2.400%, due 11/15/26  | 1869000 | 1847479 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 4.450%, due 04/01/30  | 740000 | 753798 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 5.150%, due 05/22/34  | 3650000 | 3797020 |
|  |  | 85692794 |
|  **Materials — 3.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; Carlisle Companies, Inc., 2.750%, due 03/01/30  | 3200000 | 3018996 |
| &nbsp;&nbsp;&nbsp; Carlisle Companies, Inc., 2.200%, due 03/01/32  | 6550000 | 5719350 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 2.700%, due 11/01/26  | 6438000 | 6380001 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 4.800%, due 03/24/30  | 1745000 | 1790762 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 1.300%, due 01/30/31  | 3080000 | 2679511 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 2.125%, due 02/01/32  | 5378000 | 4747885 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc., 3.750%, due 03/15/27  | 1250000 | 1244333 |
|  |  | 25580838 |
|  **Technology — 12.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., 2.100%, due 10/01/31  | 3450000 | 3068150 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., 5.050%, due 04/01/34  | 4230000 | 4378631 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26  | 600000 | 597770 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29  | 6800000 | 6450449 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31  | 7069000 | 6430218 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 2.950%, due 02/28/26  | 2770000 | 2765329 |

---

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

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS — 46.6% (Continued)** | **Par Value** | **Fair Value** |
|  **Technology — 12.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 2.500%, due 09/20/26  | $3080000 | $3051614 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 4.950%, due 02/26/31  | 500000 | 519113 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., 5.050%, due 02/26/34  | 1015000 | 1046492 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 2.950%, due 11/21/26  | 2000000 | 1986880 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 3.300%, due 03/26/27  | 2150000 | 2139221 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 3.500%, due 02/26/28  | 450000 | 448692 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 3.350%, due 03/26/30  | 1500000 | 1466222 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 2.000%, due 11/18/31  | 6217000 | 5545178 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.350%, due 01/15/32  | 950000 | 956232 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.850%, due 03/09/33  | 4100000 | 4221592 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., 4.875%, due 05/09/34  | 2500000 | 2567125 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 3.250%, due 01/15/28  | 4706000 | 4643978 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 4.250%, due 02/01/29  | 5289000 | 5324411 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 2.000%, due 08/19/31  | 1017000 | 904665 |
| &nbsp;&nbsp;&nbsp; Moody's Corporation, 4.250%, due 08/08/32  | 2853000 | 2819041 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.950%, due 01/22/27  | 3675000 | 3641134 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.450%, due 03/01/27  | 3000000 | 2952557 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 4.750%, due 08/01/28  | 1115000 | 1136091 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 4.250%, due 05/01/29  | 427000 | 429538 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.500%, due 12/01/29  | 700000 | 660272 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 1.250%, due 08/15/30  | 2600000 | 2287552 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 2.900%, due 03/01/32  | 2834000 | 2616673 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., 5.250%, due 09/15/33  | 2396000 | 2520898 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 1.750%, due 05/04/30  | 380000 | 346187 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.500%, due 05/23/30  | 3000000 | 3050534 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 1.900%, due 09/15/31  | 2000000 | 1777140 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 3.650%, due 08/16/32  | 1293000 | 1243974 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.900%, due 03/14/33  | 1400000 | 1446798 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 4.850%, due 02/08/34  | 2947000 | 3027510 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., 1.900%, due 04/15/27  | 3854000 | 3775122 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., 2.750%, due 09/15/27  | 6051000 | 5978787 |
|  |  | 98221770 |
|  **Total Corporate Bonds** (Cost $364,556,858)  |  | $370243229 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 14.7%**  | **Shares** | **Fair Value** |
|  **Consumer Discretionary — 1.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Company  | 77000 | $9467920 |

---

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

---

| | | |
|:---|:---|:---|
|  **COMMON STOCKS — 14.7% (Continued)** | **Shares** | **Fair Value** |
|  **Consumer Staples — 1.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc  | 150000 | $13605000 |
|  **Energy — 2.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 2.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corporation  | 40000 | 6096400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.  | 30200 | 4539966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corporation  | 80000 | 9627200 |
|  |  | 20263566 |
|  **Financials — 2.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Banking — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corporation  | 225000 | 11072250 |
| &nbsp;&nbsp;&nbsp; *Insurance — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc.  | 9900 | 305415 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc.  | 165000 | 9007350 |
|  **Industrials — 3.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corporation  | 17000 | 8222390 |
| &nbsp;&nbsp;&nbsp; *Industrial Support Services — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Company  | 200000 | 8026000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 30000 | 10108500 |
|  |  | 18134500 |
|  **Real Estate — 1.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Owners & Developers — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corporation  | 21000 | 6031620 |
| &nbsp;&nbsp;&nbsp; *REITs — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corporation - Class A  | 15000 | 2901450 |
|  **Technology — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc.  | 47000 | 8154030 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union Company (The)  | 1000000 | 9310000 |
|  **Total Common Stocks** (Cost $77,571,170)  |  | $116475491 |

---

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

---

| | | |
|:---|:---|:---|
|  <u>**MONEY MARKET FUNDS — 4.9%**</u>  | **Shares** | **Fair Value** |
|  Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.59% <sup>(b)</sup> (Cost $39,089,657)  | 39089657 | $39089657 |
|  **Total Investments at Fair Value — 99.3%** (Cost $743,373,395)  |  | $788729792 |
|  **Other Assets in Excess of Liabilities — 0.7%**  |  | 5175194 |
|  **Net Assets — 100.0%**  |  | $793904986 |

---

<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 December 31, 2025. <br>

**This page intentionally left blank.**

**AVE MARIA MUTUAL FUNDS** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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  | $60641696 | $312037104 | $605911262 | $635589779 |
| &nbsp;&nbsp;&nbsp; At fair value (Note 1)  | $83775947 | $478226270 | $1105375870 | $973829951 |
|  Receivable for capital shares sold  | 138995 | 526486 | 762155 | 390391 |
|  Dividends receivable  | 69361 | 209441 | 285735 | 543245 |
|  Tax reclaims receivable  |  | 15572 | 139352 | 105218 |
|  Other assets  | 18344 | 22055 | 57673 | 55053 |
| &nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 84002647 | 478999824 | 1106620785 | 974923858 |
|  **LIABILITIES** |  |  |  |  |
|  Payable for capital shares redeemed  | 50439 | 58072 | 750523 | 395704 |
|  Payable to Adviser (Note 2)  | 159400 | 936393 | 2131041 | 1915553 |
|  Payable to administrator (Note 2)  | 6666 | 38523 | 85685 | 78157 |
|  Other accrued expenses  | 16172 | 30555 | 54902 | 51716 |
| &nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 232677 | 1063543 | 3022151 | 2441130 |
|  **CONTINGENCIES AND COMMITMENTS (NOTE 5)**  |  |  |  |  |
|  **NET ASSETS**  | $83769970 | $477936281 | $1103598634 | $972482728 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $62192933 | $320732244 | $604132445 | $634233937 |
| &nbsp;&nbsp;&nbsp; Distributable earnings  | 21577037 | 157204037 | 499466189 | 338248791 |
|  **NET ASSETS**  | $83769970 | $477936281 | $1103598634 | $972482728 |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 1500821 | 17516104 | 22720818 | 45284408 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 1)  | $55.82 | $27.29 | $48.57 | $21.48 |

---

See notes to financial statements.<br>

**AVE MARIA MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 (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  | $90629376 | $51133590 | $743373395 |
| &nbsp;&nbsp;&nbsp; At fair value (Note 1)  | $133452513 | $71326178 | $788729792 |
|  Receivable for capital shares sold  | 64792 | 39109 | 572468 |
|  Receivable for investment securities sold  | 411162 |  |  |
|  Dividends and interest receivable  | 100084 | 22884 | 5584640 |
|  Tax reclaims receivable  | 61903 |  |  |
|  Other assets  | 14677 | 20252 | 46596 |
| &nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 134105131 | 71408423 | 794933496 |
|  **LIABILITIES** |  |  |  |
|  Payable for capital shares redeemed  | 17920 | 5284 | 405910 |
|  Payable for investment securities purchased  | 176245 |  |  |
|  Payable to Adviser (Note 2)  | 260881 | 144725 | 517980 |
|  Payable to administrator (Note 2)  | 10619 | 5695 | 51300 |
|  Other accrued expenses  | 23179 | 17323 | 53320 |
| &nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 488844 | 173027 | 1028510 |
|  **CONTINGENCIES AND COMMITMENTS (NOTE 5)**  |  |  |  |
|  **NET ASSETS**  | $133616287 | $71235396 | $793904986 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $90789446 | $53717592 | $748548589 |
| &nbsp;&nbsp;&nbsp; Distributable earnings  | 42826841 | 17517804 | 45356397 |
|  **NET ASSETS**  | $133616287 | $71235396 | $793904986 |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 6200258 | 4448004 | 64486099 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 1)  | $21.55 | $16.02 | $12.31 |

---

See notes to financial statements.<br>

**AVE MARIA MUTUAL FUNDS** 

**Statements of Operations** 

**For the Year Ended December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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  | $1241598 | $5691730 | $9202692 | $19735595 |
| &nbsp;&nbsp;&nbsp; Tax reclaims received  |  | 21157 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (12666) | (66499) | (121338) | (13500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT INCOME  | 1228932 | 5646388 | 9081354 | 19722095 |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 611781 | 3681330 | 8248064 | 7948808 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees (Note 2)  | 79412 | 457422 | 995322 | 967609 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 2)  | 12636 | 71996 | 160474 | 157533 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 8182 | 47098 | 82043 | 76112 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 13887 | 34596 | 66268 | 61181 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 44686 | 46795 | 45782 | 45603 |
| &nbsp;&nbsp;&nbsp; Custodian and bank service fees  | 8895 | 27900 | 63141 | 58359 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 38005 | 38005 | 38005 | 38005 |
| &nbsp;&nbsp;&nbsp; Compliance service fees (Note 2)  | 3127 | 17954 | 40854 | 37066 |
| &nbsp;&nbsp;&nbsp; Advisory board fees and expenses (Note 2)  | 359 | 13810 | 30506 | 30447 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 1980 | 12406 | 29770 | 30073 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 8361 | 7222 | 10908 | 9986 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 11620 | 20947 | 39676 | 40402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET EXPENSES  | 842931 | 4477481 | 9850813 | 9501184 |
| &nbsp;&nbsp;&nbsp; Previous investment advisory fee reductions recouped by the Adviser (Note 2)  | 63028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES  | 905959 | 4477481 | 9850813 | 9501184 |
|  **NET INVESTMENT INCOME (LOSS)**  | 322973 | 1168907 | (769459) | 10220911 |

---

See notes to financial statements.

**AVE MARIA MUTUAL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025 (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 (losses) from investment transactions  | $(1540575) | $(9091571) | $60719565 | $41756029 |
| &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  | 3606641 | 19996894 | 27032055 | (54553124) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  |  |  |  | 6969 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES**  | 2066066 | 10905323 | 87750032 | (12817661) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $2389039 | $12074230 | $86980573 | $(2596750) |

---

See notes to financial statements.

**AVE MARIA MUTUAL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025 (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  | $1720291 | $312215 | $6584750 |
| &nbsp;&nbsp;&nbsp; Tax reclaims received  | 14674 | 58 |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (176735) | (25265) |  |
| &nbsp;&nbsp;&nbsp; Interest  |  |  | 22338835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT INCOME  | 1558230 | 287008 | 28923585 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 949771 | 500890 | 1874795 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees (Note 2)  | 121049 | 65719 | 582887 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 2)  | 19316 | 10552 | 108606 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 15658 | 11827 | 48942 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 16348 | 13340 | 49631 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 32786 | 31520 | 68253 |
| &nbsp;&nbsp;&nbsp; Custodian and bank service fees  | 25294 | 14735 | 38297 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 38005 | 38005 | 38005 |
| &nbsp;&nbsp;&nbsp; Compliance service fees (Note 2)  | 4846 | 2602 | 28540 |
| &nbsp;&nbsp;&nbsp; Advisory board fees and expenses (Note 2)  | 3359 | 1881 | 20637 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 3884 | 2123 | 19503 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 5885 | 5035 | 7968 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 41524 | 14241 | 63683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES  | 1277725 | 712470 | 2949747 |
|  **NET INVESTMENT INCOME (LOSS)**  | 280505 | (425462) | 25973838 |

---

See notes to financial statements.

**AVE MARIA MUTUAL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025 (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  | $3000244 | $(2536101) | $22753 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (21561) | (2756) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 8979537 | 4844972 | 13934021 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  | 4596 |  |  |
|  **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES**  | 11962816 | 2306115 | 13956774 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $12243321 | $1880653 | $39930612 |

---

See notes to financial statements.

**Ave Maria Value Focused Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $322973 | $216484 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions  | (1540575) | 6677803 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 3606641 | 4674466 |
|  Net increase in net assets resulting from operations  | 2389039 | 11568753 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (339612) | (6894355) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 96851741 | 17460142 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 313757 | 6565207 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (68007043) | (9426152) |
|  Net increase in net assets from capital share transactions  | 29158455 | 14599197 |
|  **TOTAL INCREASE IN NET ASSETS**  | 31207882 | 19273595 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 52562088 | 33288493 |
| &nbsp;&nbsp;&nbsp; End of year  | $83769970 | $52562088 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY**  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1729005 | 296845 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 5556 | 124695 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1230552) | (185952) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 504009 | 235588 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 996812 | 761224 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 1500821 | 996812 |

---

See notes to financial statements.<br>

**Ave Maria Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $1168907 | $1949713 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions  | (9091571) | 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  | 19996894 | 40822245 |
|  Net increase in net assets resulting from operations  | 12074230 | 77749300 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (1602775) | (36308430) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 97970702 | 47800494 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 1511488 | 34632053 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (78222161) | (49398813) |
|  Net increase in net assets from capital share transactions  | 21260029 | 33033734 |
|  **TOTAL INCREASE IN NET ASSETS**  | 31731484 | 74474604 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 446204797 | 371730193 |
| &nbsp;&nbsp;&nbsp; End of year  | $477936281 | $446204797 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3523520 | 1766218 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 54779 | 1302931 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2816148) | (1900005) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 762151 | 1169144 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 16753953 | 15584809 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 17516104 | 16753953 |

---

See notes to financial statements. <br>

**Ave Maria Growth Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(769459) | $(881149) |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 60719565 | 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  | 27032055 | 57627337 |
|  Net increase in net assets resulting from operations  | 86980573 | 143633903 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (59946937) | (84582661) |
|  **FROM CAPITAL SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 118152308 | 116989334 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 56770656 | 79894899 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (176020612) | (159273877) |
|  Net increase (decrease) in net assets from capital share transactions  | (1097648) | 37610356 |
|  **TOTAL INCREASE IN NET ASSETS**  | 25935988 | 96661598 |
|  **NET ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 1077662646 | 981001048 |
| &nbsp;&nbsp;&nbsp; End of year  | $1103598634 | $1077662646 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY**  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2411916 | 2417689 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 1156220 | 1680581 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3583250) | (3303117) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | (15114) | 795153 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 22735932 | 21940779 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 22720818 | 22735932 |

---

See notes to financial statements. <br>

**Ave Maria Rising Dividend Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $10220911 | $10447571 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 41756029 | 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  | (54553124) | 73095806 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  | 6969 | (1143) |
|  Net increase (decrease) in net assets resulting from operations  | (2596750) | 139189926 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (51946612) | (66105105) |
|  **FROM CAPITAL SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 118821543 | 126984652 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 47148883 | 59848577 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (216091800) | (186344150) |
|  Net increase (decrease) in net assets from capital share transactions  | (50121374) | 489079 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (104664736) | 73573900 |
|  **NET ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 1077147464 | 1003573564 |
| &nbsp;&nbsp;&nbsp; End of year  | $972482728 | $1077147464 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 5127135 | 5468274 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 2153292 | 2629899 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (9358579) | (8155030) |
| &nbsp;&nbsp;&nbsp; Net decrease in shares outstanding  | (2078152) | (56857) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 47362560 | 47419417 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 45284408 | 47362560 |

---

See notes to financial statements. <br>

**Ave Maria World Equity Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $280505 | $472210 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 3000244 | 603813 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (21561) | (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  | 8979537 | 3759629 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on foreign currency translation  | 4596 | (1633) |
|  Net increase in net assets resulting from operations  | 12243321 | 4818154 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  |  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings  | (3259188) | (1059672) |
| &nbsp;&nbsp;&nbsp; From return of capital  | (58046) |  |
|  Total distributions  | (3317234) | (1059672) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 25000258 | 22785960 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 3211583 | 1002883 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (19906130) | (12766029) |
|  Net increase in net assets from capital share transactions  | 8305711 | 11022814 |
|  **TOTAL INCREASE IN NET ASSETS**  | 17231798 | 14781296 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 116384489 | 101603193 |
| &nbsp;&nbsp;&nbsp; End of year  | $133616287 | $116384489 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1169799 | 1133692 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 147931 | 50295 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (941455) | (631439) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 376275 | 552548 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 5823983 | 5271435 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 6200258 | 5823983 |

---

See notes to financial statements. <br>

**Ave Maria Growth Focused Fund** 

**StatementS of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(425462) | $(311982) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions  | (2536101) | 375548 |
| &nbsp;&nbsp;&nbsp; Net realized losses from foreign currency transactions (Note 1)  | (2756) | (5271) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 4844972 | 5685469 |
|  Net increase in net assets resulting from operations  | 1880653 | 5743764 |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 29831652 | 9579833 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (17966613) | (18194122) |
|  Net increase (decrease) in net assets from capital share transactions  | 11865039 | (8614289) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | 13745692 | (2870525) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 57489704 | 60360229 |
| &nbsp;&nbsp;&nbsp; End of year  | $71235396 | $57489704 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1795603 | 706555 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1104767) | (1350332) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | 690836 | (643777) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 3757168 | 4400945 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 4448004 | 3757168 |

---

See notes to financial statements. <br>

**Ave Maria Bond Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **Year <br> Ended <br> December 31, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $25973838 | $18442065 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investment transactions  | 22753 | 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  | 13934021 | 8478602 |
|  Net increase in net assets resulting from operations  | 39930612 | 33618211 |
|  **FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (26006769) | (18484015) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 193306432 | 183260049 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  | 23800043 | 17003046 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (113641676) | (96248781) |
|  Net increase in net assets from capital share transactions  | 103464799 | 104014314 |
|  **TOTAL INCREASE IN NET ASSETS**  | 117388642 | 119148510 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 676516344 | 557367834 |
| &nbsp;&nbsp;&nbsp; End of year  | $793904986 | $676516344 |
|  **SUMMARY OF CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 15758453 | 15235400 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 1936355 | 1413718 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (9255946) | (8006398) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 8438862 | 8642720 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year  | 56047237 | 47404517 |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year  | 64486099 | 56047237 |

---

See notes to financial statements. <br>

**Ave Maria Value Focused Fund** 

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $52.73 | $43.73 | $45.06 | $37.52 | $30.54 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.22 | 0.25 | 0.27 | 0.39 | 0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains on investments  | 3.10 | 16.67 | 0.27 <sup>(a)</sup> | 7.54 | 9.39 |
|  Total from investment operations  | 3.32 | 16.92 | 0.54 | 7.93 | 9.51 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.23) | (0.25) | (0.27) | (0.39) | (0.12) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (7.67) | (1.60) |  | (2.41) |
|  Total distributions  | (0.23) | (7.92) | (1.87) | (0.39) | (2.53) |
|  Net asset value at end of year  | $55.82 | $52.73 | $43.73 | $45.06 | $37.52 |
|  Total return <sup>(b)</sup>  | 6.29% | 38.71% | 1.18% | 21.15% | 31.14% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000's)  | $83770 | $52562 | $33288 | $51773 | $23561 |
|  Ratio of total expenses to average net assets  | 1.03 %<sup>(c)</sup> | 1.19 %<sup>(c)</sup> | 1.17 %<sup>(c)</sup> | 1.28% | 1.51% |
|  Ratio of net expenses to average net assets <sup>(d)</sup>  | 1.11% | 1.25% | 1.25% | 1.25% | 1.25% |
|  Ratio of net investment income to average net assets <sup>(d)</sup>  | 0.40% | 0.57% | 0.50% | 1.39% | 0.28% |
|  Portfolio turnover rate  | 57% | 39% | 24% | 14% | 18% |

---

---

| | |
|:---|:---|
| <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> | The ratios would have been 1.11%, 1.29% and 1.28%, respectively, if the amounts recouped by the Adviser were included for the years ended December 31, 2025, 2024 and 2023. |
| <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 Value Fund** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $26.63 | $23.85 | $24.05 | $23.35 | $20.17 |
|  Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.07 | 0.12 | 0.19 | 0.28 | 0.06 |
| &nbsp;&nbsp; Net realized and unrealized gains on investments  | 0.68 | 5.01 | 0.67 | 0.70 | 5.00 |
|  Total from investment operations  | 0.75 | 5.13 | 0.86 | 0.98 | 5.06 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.09) | (0.09) | (0.20) | (0.28) | (0.06) |
| &nbsp;&nbsp; Net realized gains on investments  |  | (2.26) | (0.86) |  | (1.82) |
|  Total distributions  | (0.09) | (2.35) | (1.06) | (0.28) | (1.88) |
|  Net asset value at end of year  | $27.29 | $26.63 | $23.85 | $24.05 | $23.35 |
|  Total return <sup>(a)</sup>  | 2.82% | 21.52% | 3.52% | 4.18% | 25.15% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000's)  | $477936 | $446205 | $371730 | $371072 | $327853 |
|  Ratio of total expenses to average net assets  | 0.91% | 0.93% | 0.93% | 0.93% | 0.96% |
|  Ratio of net investment income to average net assets  | 0.24% | 0.48% | 0.77% | 1.27% | 0.27% |
|  Portfolio turnover rate  | 24% | 16% | 31% | 33% | 20% |

---

---

| | |
|:---|:---|
| <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. |
| 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 Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $47.40 | $44.71 | $35.20 | $44.82 | $42.72 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | (0.03) | (0.04) | 0.04 | 0.10 | (0.05) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 3.97 | 6.72 | 10.63 | (9.62) | 7.55 |
|  Total from investment operations  | 3.94 | 6.68 | 10.67 | (9.52) | 7.50 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  |  | (0.00)<sup>(a)</sup> | (0.04) | (0.10) |  |
| &nbsp;&nbsp; Net realized gains on investments  | (2.77) | (3.99) | (1.12) |  | (5.40) |
|  Total distributions  | (2.77) | (3.99) | (1.16) | (0.10) | (5.40) |
|  Net asset value at end of year  | $48.57 | $47.40 | $44.71 | $35.20 | $44.82 |
|  Total return <sup>(b)</sup>  | 8.26% | 14.91% | 30.29% | (21.23%) | 17.55% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000,000's)  | $1104 | $1078 | $981 | $765 | $1066 |
|  Ratio of total expenses to average net assets  | 0.90% | 0.91% | 0.91% | 0.91% | 0.90% |
|  Ratio of net investment income (loss) to average net assets  | (0.07%) | (0.08 %) | 0.10% | 0.27% | (0.13%) |
|  Portfolio turnover rate  | 17% | 17% | 27% | 25% | 25% |

---

---

| | |
|:---|:---|
| <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. |
| 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 Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $22.74 | $21.16 | $19.23 | $21.92 | $19.34 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.23 | 0.23 | 0.24 | 0.30 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | (0.30) | 2.81 | 2.28 | (1.46) | 4.69 |
|  Total from investment operations  | (0.07) | 3.04 | 2.52 | (1.16) | 4.89 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.23) | (0.23) | (0.24) | (0.30) | (0.20) |
| &nbsp;&nbsp; Net realized gains on investments  | (0.96) | (1.23) | (0.35) | (1.23) | (2.11) |
|  Total distributions  | (1.19) | (1.46) | (0.59) | (1.53) | (2.31) |
|  Net asset value at end of year  | $21.48 | $22.74 | $21.16 | $19.23 | $21.92 |
|  Total return <sup>(a)</sup>  | (0.39%) | 14.42% | 13.19% | (5.27%) | 25.35% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000,000's)  | $972 | $1077 | $1004 | $891 | $964 |
|  Ratio of total expenses to average net assets  | 0.90% | 0.90% | 0.91% | 0.91% | 0.90% |
|  Ratio of net investment income to average net assets  | 0.96% | 0.99% | 1.19% | 1.47% | 0.90% |
|  Portfolio turnover rate  | 13% | 8% | 19% | 15% | 21% |

---

---

| | |
|:---|:---|
| <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. |
| 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 Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $19.98 | $19.27 | $16.01 | $19.17 | $15.89 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.03 | 0.08 | 0.15 | 0.19 | 0.07 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 2.09 | 0.81 | 3.84 | (3.16) | 3.28 |
|  Total from investment operations  | 2.12 | 0.89 | 3.99 | (2.97) | 3.35 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.04) | (0.08) | (0.15) | (0.19) | (0.07) |
| &nbsp;&nbsp; Net realized gains on investments  | (0.50) | (0.10) | (0.58) |  |  |
| &nbsp;&nbsp; Return of capital  | (0.01) |  |  |  |  |
|  Total distributions  | (0.55) | (0.18) | (0.73) | (0.19) | (0.07) |
|  Net asset value at end of year  | $21.55 | $19.98 | $19.27 | $16.01 | $19.17 |
|  Total return <sup>(a)</sup>  | 10.58% | 4.64% | 24.96% | (15.50 %) | 21.06% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000's)  | $133616 | $116384 | $101603 | $74855 | $92908 |
|  Ratio of total expenses to average net assets  | 1.01% | 1.03% | 1.05% | 1.12% | 1.22% |
|  Ratio of net expenses to average net assets  | 1.01% | 1.03% | 1.05% | 1.18 %<sup>(b)</sup> | 1.25 %<sup>(b)</sup> |
|  Ratio of net investment income to average net assets  | 0.22% | 0.42% | 0.88% | 1.12 %<sup>(b)</sup> | 0.40 %<sup>(b)</sup> |
|  Portfolio turnover rate  | 19% | 13% | 29% | 23% | 16% |

---

---

| | |
|:---|:---|
| <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> | 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 Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $15.30 | $13.72 | $9.89 | $15.21 | $12.43 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss  | (0.10) | (0.09) | (0.09) | (0.08) | (0.10) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and foreign currencies  | 0.82 | 1.67 | 3.92 | (5.24) | 3.57 |
|  Total from investment operations  | 0.72 | 1.58 | 3.83 | (5.32) | 3.47 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net realized gains on investments  |  |  |  |  | (0.69) |
|  Net asset value at end of year  | $16.02 | $15.30 | $13.72 | $9.89 | $15.21 |
|  Total return <sup>(a)</sup>  | 4.71% | 11.52% | 38.73% | (34.98%) | 27.96% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000's)  | $71235 | $57490 | $60360 | $48172 | $63476 |
|  Ratio of total expenses to average net assets  | 1.07% | 1.11% | 1.09% | 1.14% | 1.21% |
|  Ratio of net expenses to average net assets  | 1.07% | 1.11% | 1.09% | 1.14% | 1.23 %<sup>(b)</sup> |
|  Ratio of net investment loss to average net assets  | (0.64%) | (0.56%) | (0.72%) | (0.76%) | (0.82 %)<sup>(b)</sup> |
|  Portfolio turnover rate  | 47% | 22% | 29% | 69% | 27% |

---

---

| | |
|:---|:---|
| <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> | 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 Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> December 31, <br> 2025** | **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** |
|  Net asset value at beginning of year  | $12.07 | $11.76 | $11.47 | $12.23 | $11.99 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | 0.42 | 0.35 | 0.29 | 0.26 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 0.24 | 0.31 | 0.29 | (0.61) | 0.33 |
|  Total from investment operations  | 0.66 | 0.66 | 0.58 | (0.35) | 0.53 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income  | (0.42) | (0.35) | (0.29) | (0.26) | (0.20) |
| &nbsp;&nbsp; Net realized gains on investments  | (0.00)<sup>(a)</sup> | (0.00)<sup>(a)</sup> |  | (0.15) | (0.09) |
|  Total distributions  | (0.42) | (0.35) | (0.29) | (0.41) | (0.29) |
|  Net asset value at end of year  | $12.31 | $12.07 | $11.76 | $11.47 | $12.23 |
|  Total return <sup>(b)</sup>  | 5.55% | 5.71% | 5.16% | (2.85%) | 4.38% |
|  Ratios/Supplementary Data: |  |  |  |  |  |
|  Net assets at end of year (000's)  | $793905 | $676516 | $557368 | $512585 | $502768 |
|  Ratio of total expenses to average net assets  | 0.39% | 0.41% | 0.41% | 0.41% | 0.43% |
|  Ratio of net investment income to average net assets  | 3.46% | 2.98% | 2.55% | 2.21% | 1.66% |
|  Portfolio turnover rate  | 13% | 20% | 16% | 21% | 25% |

---

---

| | |
|:---|:---|
| <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. |
| See notes to financial statements. | See notes to financial statements. |

---

**AVE MARIA MUTUAL FUNDS** 

**Notes to Financial Statements** 

**December 31, 2025**

**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 December 31, 2025 (Continued)**

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 Financial Accounting Standards Board ("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").

**Segment Reporting** - The President and Chief Executive Officer of the Funds acts as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by Schwartz Investment Counsel, Inc. (the "Adviser"). The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Funds' Schedules of Investments, Statements of Changes in Net Assets and Financial Highlights.

**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. Management concludes there is no impact 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 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

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

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 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

● 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

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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  | $78919452 | $— | $— | $78919452 |
|  Money Market Funds  | 4856495 |  |  | 4856495 |
|  Total  | $83775947 | $— | $— | $83775947 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $446701693 | $— | $— | $446701693 |
|  Money Market Funds  | 31524577 |  |  | 31524577 |
|  Total  | $478226270 | $— | $— | $478226270 |

---

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $1076524041 | $— | $— | $1076524041 |
|  Money Market Funds  | 28851829 |  |  | 28851829 |
|  Total  | $1105375870 | $— | $— | $1105375870 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Rising Dividend Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $951542697 | $— | $— | $951542697 |
|  Money Market Funds  | 22287254 |  |  | 22287254 |
|  Total  | $973829951 | $— | $— | $973829951 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria World Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $100464532 | $31674790 | $— | $132139322 |
|  Money Market Funds  | 1313191 |  |  | 1313191 |
|  Total  | $101777723 | $31674790 | $— | $133452513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Growth Focused Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Common Stocks  | $62122196 | $9111163 | $— | $71233359 |
|  Money Market Funds  | 92819 |  |  | 92819 |
|  Total  | $62215015 | $9111163 | $— | $71326178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ave Maria Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  U.S. Government & Agencies  | $— | $262921415 | $— | $262921415 |
|  Corporate Bonds  |  | 370243229 |  | 370243229 |
|  Common Stocks  | 116475491 |  |  | 116475491 |
|  Money Market Funds  | 39089657 |  |  | 39089657 |
|  Total  | $155565148 | $633164644 | $— | $788729792 |

---

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 year ended December 31, 2025.

&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.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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  | $60657548 | $312040659 | $605911262 | $635589779 |
|  Gross unrealized appreciation  | $25071096 | $173699982 | $530502524 | $360619379 |
|  Gross unrealized depreciation  | (1952697) | (7514371) | (31037916) | (22379207) |
|  Net unrealized appreciation  | 23118399 | 166185611 | 499464608 | 338240172 |
|  Net unrealized appreciation on foreign currency translation  |  |  |  | 5826 |
|  Undistributed ordinary income  | 1075 |  | 1581 | 2793 |
|  Accumulated capital and other losses  | (1542437) | (8981574) |  |  |
|  Distributable earnings  | $21577037 | $157204037 | $499466189 | $338248791 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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  | $90629376 | $51955434 | $743373395 |
|  Gross unrealized appreciation  | $48904897 | $21993618 | $50479805 |
|  Gross unrealized depreciation  | (6081760) | (2622874) | (5123408) |
|  Net unrealized appreciation  | 42823137 | 19370744 | 45356397 |
|  Net unrealized appreciation on foreign currency translation  | 3704 |  |  |
|  Accumulated capital and other losses  |  | (1852940) |  |
|  Distributable earnings  | $42826841 | $17517804 | $45356397 |

---

The difference between the federal income tax cost of investments and the financial statement cost of portfolio investments for the Ave Maria Value Focused Fund, the Ave Maria Value Fund and the Ave Maria Growth 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, adjustments to basis for grantor trusts and/or passive foreign investment companies. There is no difference between the

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

federal income tax cost and the financial statement cost of portfolio investments for 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 December 31, 2025.

As of December 31, 2025 the following Funds had capital loss carryforwards ("CLCFs") for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria<br> Value Focused <br> Fund** | **Ave Maria <br> Value<br> Fund** | **Ave Maria <br> Growth <br> Focused<br> Fund** |
|  No expiration - short-term  | $1542437 | $8981574 | $— |
|  No expiration - long-term  |  |  | 1852940 |
|  | $1542437 | $8981574 | $1852940 |

---

These CLCF's, which do not expire, may be utilized by the Funds in future years to offset their net realized capital gains, if any, prior to distributing such gains to shareholders.

For the year ended December 31, 2025, the following reclassifications were made as a result of permanent differences between the financial statements and income tax reporting requirements due to reclassifications of the character of distributions and net investment loss:

---

| | | |
|:---|:---|:---|
|  | **Increase <br> Distributable <br> Earnings** | **Decrease <br> Paid-in <br> Capital** |
|  Ave Maria Value Focused Fund  | $— | $— |
|  Ave Maria Value Fund  | 8763 | (8763) |
|  Ave Maria Growth Fund  |  |  |
|  Ave Maria Rising Dividend Fund  |  |  |
|  Ave Maria World Equity Fund  |  |  |
|  Ave Maria Growth Focused Fund  | 408340 | (408340) |
|  Ave Maria Bond Fund  | 10178 | (10178) |

---

These reclassifications have no effect on each Fund's net assets or NAV per share.

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 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.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended December 31, 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 and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid to shareholders during the years ended December 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Total <br> Distributions** |
|  **Ave Maria Value Focused Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $339612 | $— | $339612 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $221878 | $6672477 | $6894355 |
|  **Ave Maria Value Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $1602775 | $— | $1602775 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $1330477 | $34977953 | $36308430 |
|  **Ave Maria Growth Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $3304808 | $56642129 | $59946937 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $22458533 | $62124128 | $84582661 |
|  **Ave Maria Rising Dividend Fund:** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $10190058 | $41756554 | $51946612 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $10464369 | $55640736 | $66105105 |

---

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Return of <br> Capital** | **Total <br> Distributions** |
|  **Ave Maria World Equity Fund:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $258944 | $3000244 | $58046 | $3317234 |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $456783 | $602889 | $— | $1059672 |
|  **Ave Maria Growth Focused Fund:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; December 31, 2024  | $— | $— | $— | $— |
|  **Ave Maria Bond Fund:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025  | $25981074 | $25695 | $— | $26006769 |
| &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.

&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

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

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.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds' interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds' interpretation of country-specific taxation of dividend income and related amounts reclaimable.

**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 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

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

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 year ended December 31, 2025, the Ave Maria Value Focused Fund recouped $63,028 of prior years' investment advisory fee reductions. As of December 31, 2025, the Adviser has recouped all previous advisory fee reductions from the Funds.

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.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

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.

Effective January 1, 2026, each Independent Trustee will receive from the Trust an annual retainer of $77,000 (except that such fee will be $97,000 for the Lead Independent Trustee/Chairman of the Governance Committee and $92,000 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. Each Fund will pay its proportionate share of the Independent Trustees' fees and expenses along with the other series of the Trust.

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 December 31, 2025 (Continued)**

**3. Investment Transactions** 

During the year ended December 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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  | $74416099 | $125099613 | $179608518 | $135689042 |
|  Proceeds from sales of investment securities  | $41346658 | $107835751 | $229678285 | $196873108 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Ave Maria <br> World <br> Equity Fund** | **Ave Maria <br> Growth <br> Focused <br> Fund** | **Ave Maria <br> Bond Fund** |
|  Purchases of investment securities  | $31084676 | $42698133 | $63452460 |
|  Proceeds from sales and maturities of investment securities  | $24341684 | $31225258 | $55525936 |

---

During the year ended December 31, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for the Ave Maria Bond Fund were $101,052,188 and $34,902,784, 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 year ended December 31, 2025, none of the Funds incurred any borrowing costs charged by the custodian.

**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.

**AVE MARIA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)**

**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 may 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. 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 December 31, 2025, the following Funds had a significant value of their net assets invested in stocks within sectors as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sector** | **% Net Assets** |
|  Ave Maria Value Focused Fund | Real Estate | 27.2% |
|  Ave Maria Growth Fund | Technology | 54.6% |
|  Ave Maria Rising Dividend Fund | Technology | 25.9% |
|  Ave Maria World Equity Fund | Technology | 28.1% |
|  Ave Maria Growth Focused Fund | Financials<br> Industrials | 28.2%<br> 27.0% |
|  Ave Maria Growth Focused Fund |  |  |

---

**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 Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Schwartz Investment Trust:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of Schwartz Investment Trust, comprising the Ave Maria Value Focused fund (formerly the Schwartz Value Focused Fund), Ave Maria Value Fund, Ave Maria Growth Fund, Ave Maria Rising Dividend Fund, Ave Maria World Equity Fund, Ave Maria Growth Focused Fund (formerly the Ave Maria Focused Fund) and Ave Maria Bond Fund (the "Funds"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

**AVE MARIA MUTUAL FUNDS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](fp0096801-1_63.jpg)

Chicago, Illinois

February 23, 2026

We have served as the auditor of one or more Schwartz Investment Trust investment companies since 1993.

**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** 

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**AVE MARIA MUTUAL FUNDS Federal Tax Information** 

**(Unaudited)** 

**Capital Gain Distribution** – For the year ended December 31, 2025, the following Funds designated long-term capital gain distributions:

---

| | |
|:---|:---|
|  Ave Maria Growth Fund  | $56641366 |
|  Ave Maria Rising Dividend Fund  | 41756017 |
|  Ave Maria World Equity Fund  | 3000244 |
|  Ave Maria Bond Fund  | 22753 |

---

**Qualified Dividend Income** – The Funds have designated the following of their ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate:

---

| | |
|:---|:---|
|  Ave Maria Value Focused Fund  | 100.00% |
|  Ave Maria Value Fund  | 100.00% |
|  Ave Maria Growth Fund  | 100.00% |
|  Ave Maria Rising Dividend Fund  | 100.00% |
|  Ave Maria World Equity Fund  | 100.00% |
|  Ave Maria Bond Fund  | 16.35% |

---

**Dividends Received Deduction** – For corporate shareholders, the following percentages of ordinary dividends paid during the year ended December 31, 2025 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
|  Ave Maria Value Focused Fund  | 100.00% |
|  Ave Maria Value Fund  | 100.00% |
|  Ave Maria Growth Fund  | 100.00% |
|  Ave Maria Rising Dividend Fund  | 100.00% |
|  Ave Maria World Equity Fund  | 83.09% |
|  Ave Maria Bond Fund  | 15.17% |

---

**Foreign Source Income and Expense** – The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date. These shareholders will receive more detailed information with their 2025 Form 1099-DIV. The per share amounts designated were:

---

| | | |
|:---|:---|:---|
|  | **Foreign <br> Source <br> Income** | **Foreign Tax <br> Expense** |
|  Ave Maria World Equity Fund  | $0.2292 | $0.0185 |

---

**This page intentionally left blank.**

![](fp0096801-1_68.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.**

Not applicable

**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.**

Not applicable

**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: Attached hereto

(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

(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

---

| | |
|:---|:---|
| [Exhibit 99.CODE ETH](fp0096801-2_ex99code.htm) | [Code of Ethics](fp0096801-2_ex99code.htm) |
| [Exhibit 99.CERT](fp0096801-2_ex99cert.htm) | [Certifications required by Rule 30a-2(a) under the Act](fp0096801-2_ex99cert.htm) |
| [Exhibit 99.906CERT](fp0096801-2_ex99906cert.htm) | [Certifications required by Rule 30a-2(b) under the Act](fp0096801-2_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)\* |  | /s/ George P. Schwartz |
|  |  | George P. Schwartz, President and Principal Executive Officer |
| Date | March 3, 2026 |  |
| 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)\* |  | /s/ George P. Schwartz |
|  |  | George P. Schwartz, President and Principal Executive Officer |
| Date | March 3, 2026 |  |
| By (Signature and Title)\* |  | /s/ Timothy S. Schwartz |
|  |  | Timothy S. Schwartz, Treasurer and Principal Financial Officer |
| Date | March 3, 2026 |  |

---

 

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

## Ex-99.Code

**SCHWARTZ INVESTMENT TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Schwartz Investment Trust (the "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser/administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Company's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with Counsel for the Company if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Disclosure and Compliance

● each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting and Accountability

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

● notify Counsel for the Company promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

Counsel for the Company is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Committee of Independent Trustees (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

● Counsel for the Company will take all appropriate action to investigate any potential violations reported to him;

● if, after such investigation, Counsel believes that no violation has occurred, Counsel is not required to take any further action;

● any matter that Counsel believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and Counsel for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Internal Use

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

Date: July 24, 2003

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

George P. Schwartz

Timothy S. Schwartz

## 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: March 3, 2026 | /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: March 3, 2026 | /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 December 31, 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.

---

| | |
|:---|:---|
| 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: March 3, 2026 | Date: March 3, 2026 |

---

***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.