AVE MARIA VALUE FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
COMMON STOCKS - 98.2% | Shares | Fair Value | ||||||
Consumer Discretionary - 5.1% | ||||||||
Leisure Products - 2.6% | ||||||||
YETI Holdings, Inc. * | 265,000 | $ | 10,215,750 | |||||
Retail - Discretionary - 2.5% | ||||||||
Winmark Corporation | 26,600 | 9,621,220 | ||||||
Energy - 18.8% | ||||||||
Oil & Gas Producers - 14.6% | ||||||||
Chesapeake Energy Corporation | 75,000 | 6,662,250 | ||||||
ConocoPhillips | 110,000 | 14,000,800 | ||||||
Occidental Petroleum Corporation | 185,000 | 12,023,150 | ||||||
Permian Basin Royalty Trust | 867,976 | 10,502,510 | ||||||
Pioneer Natural Resources Company | 50,700 | 13,308,750 | ||||||
56,497,460 | ||||||||
Oil & Gas Services & Equipment - 4.2% | ||||||||
Schlumberger Ltd. | 294,000 | 16,114,140 | ||||||
Financials - 13.6% | ||||||||
Banking - 3.7% | ||||||||
Hingham Institution For Savings (The) | 81,087 | 14,146,438 | ||||||
Institutional Financial Services - 5.2% | ||||||||
CME Group, Inc. | 30,000 | 6,458,700 | ||||||
Intercontinental Exchange, Inc. | 100,000 | 13,743,000 | ||||||
20,201,700 | ||||||||
Insurance - 4.7% | ||||||||
Brown & Brown, Inc. | 167,150 | 14,632,311 | ||||||
Markel Group, Inc. * | 2,450 | 3,727,626 | ||||||
18,359,937 | ||||||||
Health Care - 12.8% | ||||||||
Health Care Facilities & Services - 3.0% | ||||||||
Chemed Corporation | 18,300 | 11,747,319 | ||||||
Medical Equipment & Devices - 9.8% | ||||||||
Alcon, Inc. | 110,000 | 9,161,900 | ||||||
Haemonetics Corporation * | 151,000 | 12,887,850 | ||||||
Mirion Technologies, Inc. * | 1,390,000 | 15,804,300 | ||||||
37,854,050 | ||||||||
Industrials - 14.8% | ||||||||
Aerospace & Defense - 1.6% | ||||||||
HEICO Corporation - Class A | 40,000 | 6,157,600 | ||||||
Electrical Equipment - 7.4% | ||||||||
A.O. Smith Corporation | 113,000 | 10,108,980 | ||||||
Allegion plc | 76,000 | 10,237,960 | ||||||
Otis Worldwide Corporation | 85,000 | 8,437,950 | ||||||
28,784,890 |
AVE MARIA VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.2% (Continued) | Shares | Fair Value | ||||||
Industrials - 14.8% (Continued) | ||||||||
Industrial Intermediate Products - 4.1% | ||||||||
Armstrong World Industries, Inc. | 90,000 | $ | 11,179,800 | |||||
Distribution Solutions Group, Inc. * | 126,000 | 4,470,480 | ||||||
15,650,280 | ||||||||
Industrial Support Services - 1.7% | ||||||||
U-Haul Holding Company | 97,200 | 6,481,296 | ||||||
Materials - 8.1% | ||||||||
Chemicals - 2.3% | ||||||||
Valvoline, Inc. * | 200,000 | 8,914,000 | ||||||
Metals & Mining - 5.8% | ||||||||
Franco-Nevada Corporation | 100,000 | 11,916,000 | ||||||
Wheaton Precious Metals Corporation | 225,000 | 10,604,250 | ||||||
22,520,250 | ||||||||
Real Estate - 14.7% | ||||||||
Real Estate Owners & Developers - 14.7% | ||||||||
St. Joe Company (The) | 215,800 | 12,509,926 | ||||||
Texas Pacific Land Corporation | 76,500 | 44,256,015 | ||||||
56,765,941 | ||||||||
Technology - 10.3% | ||||||||
Technology Services - 10.3% | ||||||||
CDW Corporation | 66,250 | 16,945,425 | ||||||
Jack Henry & Associates, Inc. | 65,350 | 11,353,255 | ||||||
TD SYNNEX Corporation | 102,500 | 11,592,750 | ||||||
39,891,430 | ||||||||
Total Common Stocks (Cost $258,735,613) | $ | 379,923,701 |
MONEY MARKET FUNDS - 1.9% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $7,461,264) | 7,461,264 | $ | 7,461,264 | |||||
Total Investments at Fair Value - 100.1% (Cost $266,196,877) | $ | 387,384,965 | ||||||
Liabilities in Excess of Other Assets - (0.1%) | (644,955 | ) | ||||||
Net Assets - 100.0% | $ | 386,740,010 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day effective yield as of March 31, 2024. |
AVE MARIA GROWTH FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
COMMON STOCKS - 98.7% | Shares | Fair Value | ||||||
Consumer Discretionary - 19.9% | ||||||||
Automotive - 1.8% | ||||||||
XPEL, Inc. * | 350,000 | $ | 18,907,000 | |||||
Leisure Facilities & Services - 1.3% | ||||||||
Atlanta Braves Holdings, Inc. - Series C * | 350,786 | 13,701,701 | ||||||
Retail - Discretionary - 8.5% | ||||||||
Lowe's Companies, Inc. | 131,000 | 33,369,630 | ||||||
O'Reilly Automotive, Inc. * | 51,000 | 57,572,880 | ||||||
90,942,510 | ||||||||
Wholesale - Discretionary - 8.3% | ||||||||
Copart, Inc. * | 1,540,000 | 89,196,800 | ||||||
Consumer Staples - 1.5% | ||||||||
Food - 1.5% | ||||||||
McCormick & Company, Inc. | 200,000 | 15,362,000 | ||||||
Energy - 1.8% | ||||||||
Oil & Gas Producers - 1.8% | ||||||||
Chesapeake Energy Corporation | 220,000 | 19,542,600 | ||||||
Financials - 2.2% | ||||||||
Asset Management - 2.2% | ||||||||
Brookfield Asset Management Ltd. - Class A | 554,353 | 23,293,913 | ||||||
Health Care - 5.8% | ||||||||
Health Care Facilities & Services - 5.8% | ||||||||
Chemed Corporation | 29,000 | 18,615,970 | ||||||
IQVIA Holdings, Inc. * | 172,000 | 43,497,080 | ||||||
62,113,050 | ||||||||
Industrials - 11.4% | ||||||||
Aerospace & Defense - 4.3% | ||||||||
HEICO Corporation - Class A | 299,377 | 46,086,095 | ||||||
Commercial Support Services - 6.6% | ||||||||
API Group Corporation * | 1,795,000 | 70,489,650 | ||||||
Industrial Support Services - 0.5% | ||||||||
Watsco, Inc. | 12,000 | 5,183,640 | ||||||
Materials - 7.3% | ||||||||
Chemicals - 2.9% | ||||||||
Valvoline, Inc. * | 700,000 | 31,199,000 | ||||||
Containers & Packaging - 4.4% | ||||||||
AptarGroup, Inc. | 325,000 | 46,764,250 |
AVE MARIA GROWTH FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued) | Shares | Fair Value | ||||||
Real Estate - 3.8% | ||||||||
Real Estate Owners & Developers - 0.8% | ||||||||
Texas Pacific Land Corporation | 15,000 | $ | 8,677,650 | |||||
REITs - 3.0% | ||||||||
SBA Communications Corporation - Class A | 149,000 | 32,288,300 | ||||||
Technology - 45.0% | ||||||||
Semiconductors - 16.1% | ||||||||
Alphawave IP Group plc * | 1,600,000 | 3,533,881 | ||||||
BE Semiconductor Industries N.V. | 10,000 | 1,531,642 | ||||||
Intel Corporation | 440,000 | 19,434,800 | ||||||
NVIDIA Corporation | 62,000 | 56,020,720 | ||||||
Silicon Laboratories, Inc. * | 195,000 | 28,025,400 | ||||||
Silicon Motion Technology Corporation - ADR | 150,000 | 11,541,000 | ||||||
SiTime Corporation * | 110,045 | 10,259,496 | ||||||
Texas Instruments, Inc. | 240,000 | 41,810,400 | ||||||
172,157,339 | ||||||||
Software - 10.7% | ||||||||
ANSYS, Inc. * | 80,000 | 27,772,800 | ||||||
BlackLine, Inc. * | 410,000 | 26,477,800 | ||||||
Roper Technologies, Inc. | 71,500 | 40,100,060 | ||||||
Verra Mobility Corporation * | 785,000 | 19,601,450 | ||||||
113,952,110 | ||||||||
Technology Services - 18.2% | ||||||||
Accenture plc - Class A | 108,000 | 37,433,880 | ||||||
Broadridge Financial Solutions, Inc. | 169,000 | 34,621,340 | ||||||
Mastercard, Inc. - Class A | 142,000 | 68,382,940 | ||||||
Moody's Corporation | 35,000 | 13,756,050 | ||||||
S&P Global, Inc. | 96,000 | 40,843,200 | ||||||
195,037,410 | ||||||||
Total Common Stocks (Cost $564,268,302) | $ | 1,054,895,018 |
MONEY MARKET FUNDS - 1.2% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $12,308,412) | 12,308,412 | $ | 12,308,412 | |||||
Total Investments at Fair Value - 99.9% (Cost $576,576,714) | $ | 1,067,203,430 | ||||||
Other Assets in Excess of Liabilities - 0.1% | 1,541,646 | |||||||
Net Assets - 100.0% | $ | 1,068,745,076 |
ADR - American Depositary Receipt.
* | Non-income producing security. |
(a) | The rate shown is the 7-day effective yield as of March 31, 2024. |
AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
COMMON STOCKS - 98.8% | Shares | Fair Value | ||||||
Communications - 1.4% | ||||||||
Internet Media & Services - 1.4% | ||||||||
Booking Holdings, Inc. | 4,000 | $ | 14,511,520 | |||||
Consumer Discretionary - 12.1% | ||||||||
Leisure Products - 0.5% | ||||||||
Thor Industries, Inc. | 50,000 | 5,867,000 | ||||||
Retail - Discretionary - 11.6% | ||||||||
Genuine Parts Company | 200,000 | 30,986,000 | ||||||
Lowe's Companies, Inc. | 155,000 | 39,483,150 | ||||||
TJX Companies, Inc. (The) | 300,000 | 30,426,000 | ||||||
Tractor Supply Company | 79,500 | 20,806,740 | ||||||
121,701,890 | ||||||||
Consumer Staples - 2.5% | ||||||||
Beverages - 2.5% | ||||||||
Coca-Cola Europacific Partners plc | 375,000 | 26,231,250 | ||||||
Energy - 7.3% | ||||||||
Oil & Gas Producers - 7.3% | ||||||||
Chevron Corporation | 200,000 | 31,548,000 | ||||||
Diamondback Energy, Inc. | 230,000 | 45,579,100 | ||||||
77,127,100 | ||||||||
Financials - 15.5% | ||||||||
Asset Management - 2.2% | ||||||||
Brookfield Corporation | 550,000 | 23,028,500 | ||||||
Banking - 2.7% | ||||||||
Truist Financial Corporation | 737,000 | 28,728,260 | ||||||
Insurance - 7.2% | ||||||||
Brown & Brown, Inc. | 352,000 | 30,814,080 | ||||||
Chubb Ltd. | 175,000 | 45,347,750 | ||||||
76,161,830 | ||||||||
Specialty Finance - 3.4% | ||||||||
Fidelity National Financial, Inc. | 670,000 | 35,577,000 | ||||||
Health Care - 5.5% | ||||||||
Health Care Facilities & Services - 5.5% | ||||||||
Chemed Corporation | 70,000 | 44,935,100 | ||||||
Quest Diagnostics, Inc. | 95,000 | 12,645,450 | ||||||
57,580,550 | ||||||||
Industrials - 13.7% | ||||||||
Aerospace & Defense - 6.1% | ||||||||
HEICO Corporation - Class A | 137,120 | 21,108,253 | ||||||
L3Harris Technologies, Inc. | 51,000 | 10,868,100 | ||||||
Lockheed Martin Corporation | 70,000 | 31,840,900 | ||||||
63,817,253 |
AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.8% (Continued) | Shares | Fair Value | ||||||
Industrials - 13.7% (Continued) | ||||||||
Commercial Support Services - 2.4% | ||||||||
Rentokil Initial plc | 4,222,000 | $ | 25,100,968 | |||||
Electrical Equipment - 1.5% | ||||||||
A.O. Smith Corporation | 180,000 | 16,102,800 | ||||||
Industrial Support Services - 3.7% | ||||||||
Fastenal Company | 400,000 | 30,856,000 | ||||||
Watsco, Inc. | 20,000 | 8,639,400 | ||||||
39,495,400 | ||||||||
Materials - 3.6% | ||||||||
Construction Materials - 3.6% | ||||||||
Carlisle Companies, Inc. | 95,500 | 37,421,675 | ||||||
Real Estate - 6.0% | ||||||||
Real Estate Owners & Developers - 3.9% | ||||||||
Texas Pacific Land Corporation | 72,000 | 41,652,720 | ||||||
REITs - 2.1% | ||||||||
SBA Communications Corporation - Class A | 100,000 | 21,670,000 | ||||||
Technology - 31.2% | ||||||||
Semiconductors - 3.6% | ||||||||
Texas Instruments, Inc. | 215,000 | 37,455,150 | ||||||
Software - 7.1% | ||||||||
ANSYS, Inc. * | 70,000 | 24,301,200 | ||||||
Roper Technologies, Inc. | 41,000 | 22,994,440 | ||||||
SS&C Technologies Holdings, Inc. | 425,000 | 27,357,250 | ||||||
74,652,890 | ||||||||
Technology Services - 20.5% | ||||||||
Accenture plc - Class A | 110,000 | 38,127,100 | ||||||
Broadridge Financial Solutions, Inc. | 200,000 | 40,972,000 | ||||||
Jack Henry & Associates, Inc. | 200,000 | 34,746,000 | ||||||
Mastercard, Inc. - Class A | 85,000 | 40,933,450 | ||||||
Moody's Corporation | 90,000 | 35,372,700 | ||||||
S&P Global, Inc. | 60,000 | 25,527,000 | ||||||
215,678,250 | ||||||||
Total Common Stocks (Cost $667,498,564) | $ | 1,039,562,006 |
AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 1.3% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $14,123,726) | 14,123,726 | $ | 14,123,726 | |||||
Total Investments at Fair Value - 100.1% (Cost $681,622,290) | $ | 1,053,685,732 | ||||||
Liabilities in Excess of Other Assets - (0.1%) | (932,927 | ) | ||||||
Net Assets - 100.0% | $ | 1,052,752,805 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day effective yield as of March 31, 2024. |
AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
COMMON STOCKS - 98.6% | Shares | Fair Value | ||||||
Communications - 4.2% | ||||||||
Entertainment Content - 2.2% | ||||||||
Nintendo Company Ltd. | 45,300 | $ | 2,471,631 | |||||
Internet Media & Services - 2.0% | ||||||||
eDreams ODIGEO S.A. * | 312,550 | 2,273,928 | ||||||
Consumer Discretionary - 11.0% | ||||||||
Home & Office Products - 2.8% | ||||||||
SharkNinja, Inc. | 50,700 | 3,158,103 | ||||||
Leisure Facilities & Services - 3.8% | ||||||||
Alsea S.A.B. de C.V. * | 623,920 | 3,076,777 | ||||||
Bowlero Corporation - Class A | 89,700 | 1,228,890 | ||||||
4,305,667 | ||||||||
Leisure Products - 0.8% | ||||||||
MIPS AB | 27,800 | 910,587 | ||||||
Retail - Discretionary - 1.6% | ||||||||
Lowe's Companies, Inc. | 7,000 | 1,783,110 | ||||||
Specialty Retail - 2.0% | ||||||||
Auto Partner S.A. | 330,409 | 2,216,064 | ||||||
Consumer Staples - 4.7% | ||||||||
Beverages - 2.7% | ||||||||
Coca-Cola Europacific Partners plc | 43,500 | 3,042,825 | ||||||
Retail - Consumer Staples - 2.0% | ||||||||
B & M European Value Retail S.A. | 324,800 | 2,239,031 | ||||||
Energy - 8.7% | ||||||||
Oil & Gas Producers - 8.7% | ||||||||
Canadian Natural Resources Ltd. | 39,900 | 3,044,009 | ||||||
Diamondback Energy, Inc. | 14,200 | 2,814,014 | ||||||
Hess Corporation | 14,100 | 2,152,224 | ||||||
Pioneer Natural Resources Company | 6,610 | 1,735,125 | ||||||
9,745,372 | ||||||||
Financials - 12.2% | ||||||||
Asset Management - 2.2% | ||||||||
Partners Group Holding AG | 1,720 | 2,457,023 | ||||||
Banking - 2.3% | ||||||||
HDFC Bank Ltd. - ADR | 47,150 | 2,638,985 | ||||||
Insurance - 5.5% | ||||||||
Chubb Ltd. | 8,750 | 2,267,388 | ||||||
F&G Annuities & Life, Inc. | 96,384 | 3,908,371 | ||||||
6,175,759 |
AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
Financials - 12.2% (Continued) | ||||||||
Specialty Finance - 2.2% | ||||||||
International Money Express, Inc. * | 107,500 | $ | 2,454,225 | |||||
Health Care - 9.1% | ||||||||
Health Care Facilities & Services - 1.5% | ||||||||
IQVIA Holdings, Inc. * | 6,690 | 1,691,834 | ||||||
Medical Equipment & Devices - 7.6% | ||||||||
Alcon, Inc. | 25,500 | 2,123,895 | ||||||
InMode Ltd. * | 69,900 | 1,510,539 | ||||||
Mirion Technologies, Inc. * | 109,300 | 1,242,741 | ||||||
Stevanato Group S.p.A. | 112,481 | 3,610,640 | ||||||
8,487,815 | ||||||||
Industrials - 22.9% | ||||||||
Commercial Services - 2.1% | ||||||||
Karooooo Ltd. | 51,685 | 1,295,226 | ||||||
Teleperformance S.A. | 10,285 | 998,937 | ||||||
Teleperformance S.A. - ADR | 551 | 26,680 | ||||||
2,320,843 | ||||||||
Commercial Support Services - 6.1% | ||||||||
Edenred SE | 61,600 | 3,288,807 | ||||||
Franchise Brands plc | 141,000 | 317,652 | ||||||
GFL Environmental, Inc. | 94,700 | 3,267,150 | ||||||
6,873,609 | ||||||||
Diversified Industrials - 4.4% | ||||||||
Eaton Corporation plc | 15,700 | 4,909,076 | ||||||
Electrical Equipment - 5.5% | ||||||||
Hammond Power Solutions, Inc. - Class A | 34,000 | 3,639,934 | ||||||
TE Connectivity Ltd. | 17,550 | 2,548,962 | ||||||
6,188,896 | ||||||||
Machinery - 1.6% | ||||||||
ITOCHU Corporation | 28,000 | 1,202,797 | ||||||
Nidec Corporation | 14,200 | 588,829 | ||||||
1,791,626 | ||||||||
Transportation & Logistics - 3.2% | ||||||||
Canadian National Railway Company | 8,000 | 1,053,680 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Series B | 161,400 | 2,592,330 | ||||||
3,646,010 | ||||||||
Materials - 0.3% | ||||||||
Construction Materials - 0.3% | ||||||||
SigmaRoc plc * | 350,000 | 300,380 | ||||||
Real Estate - 1.1% | ||||||||
Real Estate Services - 1.1% | ||||||||
FirstService Corporation | 7,500 | 1,243,500 |
AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.6% (Continued) | Shares | Fair Value | ||||||
Technology - 24.4% | ||||||||
IT Services - 4.0% | ||||||||
StoneCo Ltd. - Class A * | 267,700 | $ | 4,446,497 | |||||
Semiconductors - 3.9% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 21,000 | 2,857,050 | ||||||
Texas Instruments, Inc. | 8,500 | 1,480,785 | ||||||
4,337,835 | ||||||||
Software - 6.5% | ||||||||
SAP SE | 26,000 | 5,062,219 | ||||||
Sapiens International Corporation N.V. | 71,452 | 2,297,896 | ||||||
7,360,115 | ||||||||
Technology Services - 10.0% | ||||||||
Accenture plc - Class A | 10,500 | 3,639,405 | ||||||
Mastercard, Inc. - Class A | 10,000 | 4,815,700 | ||||||
S&P Global, Inc. | 6,400 | 2,722,880 | ||||||
11,177,985 | ||||||||
Total Common Stocks (Cost $73,832,321) | $ | 110,648,331 |
MONEY MARKET FUNDS - 1.8% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $2,020,964) | 2,020,964 | $ | 2,020,964 | |||||
Total Investments at Fair Value - 100.4% (Cost $75,853,285) | $ | 112,669,295 | ||||||
Liabilities in Excess of Other Assets - (0.4%) | (496,185 | ) | ||||||
Net Assets - 100.0% | $ | 112,173,110 |
ADR - American Depositary Receipt.
* | Non-income producing security. |
(a) | The rate shown is the 7-day effective yield as of March 31, 2024. |
AVE MARIA WORLD EQUITY FUND
SUMMARY OF COMMON STOCKS BY COUNTRY
March 31, 2024 (Unaudited)
Country | Value | % of Net Assets | ||||||
United States ** | $ | 42,285,445 | 37.7 | % | ||||
Canada | 12,248,273 | 10.9 | % | |||||
Switzerland | 6,848,306 | 6.1 | % | |||||
United Kingdom | 5,899,888 | 5.3 | % | |||||
Mexico | 5,669,107 | 5.1 | % | |||||
Germany | 5,062,219 | 4.5 | % | |||||
Brazil | 4,446,497 | 4.0 | % | |||||
France | 4,314,424 | 3.8 | % | |||||
Japan | 4,263,257 | 3.8 | % | |||||
Israel | 3,808,435 | 3.4 | % | |||||
Italy | 3,610,640 | 3.2 | % | |||||
Taiwan | 2,857,050 | 2.5 | % | |||||
India | 2,638,985 | 2.3 | % | |||||
Spain | 2,273,928 | 2.0 | % | |||||
Poland | 2,216,064 | 2.0 | % | |||||
Singapore | 1,295,226 | 1.2 | % | |||||
Sweden | 910,587 | 0.8 | % | |||||
Total | $ | 110,648,331 | 98.6 | % |
** | 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 the United States or has at least 50% of its revenues or operations outside of the United States during its most recent fiscal year, at the time of purchase. |
AVE MARIA FOCUSED FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
COMMON STOCKS - 99.8% | Shares | Fair Value | ||||||
Communications - 30.4% | ||||||||
Internet Media & Services - 16.1% | ||||||||
eDreams ODIGEO S.A. * | 1,313,620 | $ | 9,557,118 | |||||
Telecommunications - 14.3% | ||||||||
DigitalBridge Group, Inc. | 441,341 | 8,504,641 | ||||||
Consumer Discretionary - 6.4% | ||||||||
Leisure Facilities & Services - 6.4% | ||||||||
Alsea S.A.B. de C.V. * | 366,100 | 1,805,373 | ||||||
First Watch Restaurant Group, Inc. * | 80,724 | 1,987,425 | ||||||
3,792,798 | ||||||||
Energy - 4.8% | ||||||||
Oil & Gas Producers - 1.5% | ||||||||
Permian Basin Royalty Trust | 70,693 | 855,385 | ||||||
Renewable Energy - 3.3% | ||||||||
Green Plains, Inc. * | 85,587 | 1,978,772 | ||||||
Financials - 18.3% | ||||||||
Asset Management - 18.3% | ||||||||
Apollo Global Management, Inc. | 32,628 | 3,669,019 | ||||||
Brookfield Corporation | 86,220 | 3,610,031 | ||||||
Brookfield Reinsurance Ltd. | 86,220 | 3,602,272 | ||||||
10,881,322 | ||||||||
Industrials - 25.1% | ||||||||
Commercial Support Services - 25.1% | ||||||||
API Group Corporation * | 288,209 | 11,317,967 | ||||||
GFL Environmental, Inc. | 103,422 | 3,568,059 | ||||||
14,886,026 | ||||||||
Materials - 8.5% | ||||||||
Construction Materials - 4.7% | ||||||||
SigmaRoc plc * | 3,279,177 | 2,814,282 | ||||||
Metals & Mining - 3.8% | ||||||||
Ferroglobe plc | 447,481 | 2,228,456 | ||||||
Real Estate - 2.1% | ||||||||
Real Estate Owners & Developers - 2.1% | ||||||||
Texas Pacific Land Corporation | 2,139 | 1,237,433 | ||||||
Technology - 1.2% | ||||||||
Software - 1.2% | ||||||||
Cirata plc * | 851,800 | 720,288 | ||||||
Utilities - 3.0% | ||||||||
Gas & Water Utilities - 3.0% | ||||||||
Secure Energy Services, Inc. | 218,810 | 1,801,311 | ||||||
Total Common Stocks (Cost $50,296,301) | $ | 59,257,832 |
AVE MARIA FOCUSED FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 0.3% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $173,603) | 173,603 | $ | 173,603 | |||||
Total Investments at Fair Value - 100.1% (Cost $50,469,904) | $ | 59,431,435 | ||||||
Liabilities in Excess of Other Assets - (0.1%) | (62,680 | ) | ||||||
Net Assets - 100.0% | $ | 59,368,755 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day effective yield as of March 31, 2024. |
AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
U.S. GOVERNMENT & AGENCIES - 22.4% | Par Value | Fair Value | ||||||
U.S. Treasury Inflation-Protected Notes - 9.4% (a) | ||||||||
0.500%, due 04/15/24 | $ | 12,226,500 | $ | 12,233,486 | ||||
2.375%, due 01/15/25 | 4,907,730 | 4,902,899 | ||||||
0.625%, due 01/15/26 | 6,488,800 | 6,303,785 | ||||||
2.000%, due 01/15/26 | 4,660,920 | 4,640,683 | ||||||
0.125%, due 04/15/26 | 5,879,200 | 5,632,296 | ||||||
0.375%, due 01/15/27 | 4,978,545 | 4,750,812 | ||||||
0.375%, due 07/15/27 | 8,193,835 | 7,801,085 | ||||||
0.500%, due 01/15/28 | 6,250,650 | 5,918,481 | ||||||
0.750%, due 07/15/28 | 3,071,150 | 2,936,247 | ||||||
55,119,774 | ||||||||
U.S. Treasury Notes - 13.0% | ||||||||
2.125%, due 11/30/24 | 10,000,000 | 9,797,852 | ||||||
1.375%, due 01/31/25 | 10,000,000 | 9,696,875 | ||||||
2.875%, due 06/15/25 | 10,000,000 | 9,758,984 | ||||||
4.500%, due 11/15/25 | 10,000,000 | 9,956,641 | ||||||
3.250%, due 06/30/29 | 10,000,000 | 9,542,578 | ||||||
1.500%, due 02/15/30 | 10,000,000 | 8,603,125 | ||||||
1.625%, due 05/15/31 | 10,000,000 | 8,434,375 | ||||||
4.500%, due 11/15/33 | 10,000,000 | 10,231,250 | ||||||
76,021,680 | ||||||||
Total U.S. Government & Agencies (Cost $136,254,689) | $ | 131,141,454 |
CORPORATE BONDS - 53.9% | Par Value | Fair Value | ||||||
Communications - 0.9% | ||||||||
Electronic Arts, Inc., 4.800%, due 03/01/26 | $ | 5,500,000 | $ | 5,468,543 | ||||
Consumer Discretionary - 7.8% | ||||||||
Genuine Parts Company, 1.875%, due 11/01/30 | 775,000 | 629,404 | ||||||
Lowe's Companies, Inc., 3.125%, due 09/15/24 | 800,000 | 791,049 | ||||||
Lowe's Companies, Inc., 3.375%, due 09/15/25 | 1,500,000 | 1,461,661 | ||||||
Lowe's Companies, Inc., 2.500%, due 04/15/26 | 3,000,000 | 2,852,217 | ||||||
Lowe's Companies, Inc., 3.100%, due 05/03/27 | 9,050,000 | 8,585,593 | ||||||
Lowe's Companies, Inc., 1.300%, due 04/15/28 | 400,000 | 348,823 | ||||||
Lowe's Companies, Inc., 1.700%, due 10/15/30 | 925,000 | 756,270 | ||||||
Lowe's Companies, Inc., 3.750%, due 04/01/32 | 4,000,000 | 3,677,496 | ||||||
O'Reilly Automotive, Inc., 3.900%, due 06/01/29 | 767,000 | 734,254 | ||||||
O'Reilly Automotive, Inc., 4.200%, due 04/01/30 | 300,000 | 286,884 | ||||||
O'Reilly Automotive, Inc., 4.700%, due 06/15/32 | 2,800,000 | 2,737,124 | ||||||
Ross Stores, Inc., 3.375%, due 09/15/24 | 3,000,000 | 2,965,562 | ||||||
Ross Stores, Inc., 0.875%, due 04/15/26 | 5,255,000 | 4,831,571 | ||||||
Ross Stores, Inc., 4.700%, due 04/15/27 | 1,300,000 | 1,285,896 | ||||||
TJX Companies, Inc. (The), 2.250%, due 09/15/26 | 3,226,000 | 3,041,421 | ||||||
TJX Companies, Inc. (The), 1.150%, due 05/15/28 | 5,276,000 | 4,583,811 | ||||||
TJX Companies, Inc. (The), 3.875%, due 04/15/30 | 2,402,000 | 2,288,625 | ||||||
TJX Companies, Inc. (The), 1.600%, due 05/15/31 | 4,699,000 | 3,813,293 | ||||||
45,670,954 | ||||||||
Consumer Staples - 10.6% | ||||||||
Coca-Cola Company (The), 1.450%, due 06/01/27 | 5,452,000 | 4,963,369 | ||||||
Coca-Cola Company (The), 1.000%, due 03/15/28 | 1,000,000 | 877,332 |
AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS - 53.9% (Continued) | Par Value | Fair Value | ||||||
Consumer Staples - 10.6% (Continued) | ||||||||
Coca-Cola Company (The), 2.125%, due 09/06/29 | $ | 1,550,000 | $ | 1,375,301 | ||||
Coca-Cola Company (The), 2.000%, due 03/05/31 | 1,000,000 | 846,472 | ||||||
Colgate-Palmolive Company, 3.100%, due 08/15/27 | 5,000,000 | 4,786,444 | ||||||
Colgate-Palmolive Company, 3.250%, due 08/15/32 | 2,750,000 | 2,485,140 | ||||||
Colgate-Palmolive Company, 4.600%, due 03/01/33 | 2,720,000 | 2,729,487 | ||||||
Hershey Company (The), 2.050%, due 11/15/24 | 3,200,000 | 3,134,492 | ||||||
Hershey Company (The), 0.900%, due 06/01/25 | 7,450,000 | 7,095,282 | ||||||
Hershey Company (The), 3.200%, due 08/21/25 | 645,000 | 630,255 | ||||||
Hershey Company (The), 2.300%, due 08/15/26 | 2,000,000 | 1,886,109 | ||||||
Hershey Company (The), 4.250%, due 05/04/28 | 1,350,000 | 1,338,336 | ||||||
Hershey Company (The), 2.450%, due 11/15/29 | 4,875,000 | 4,361,125 | ||||||
Hormel Foods Corporation, 1.700%, due 06/03/28 | 2,645,000 | 2,344,785 | ||||||
Hormel Foods Corporation, 1.800%, due 06/11/30 | 6,363,000 | 5,328,796 | ||||||
J.M. Smucker Company (The), 3.375%, due 12/15/27 | 3,750,000 | 3,547,504 | ||||||
J.M. Smucker Company (The), 2.125%, due 03/15/32 | 1,450,000 | 1,174,530 | ||||||
Kimberly-Clark Corporation, 2.650%, due 03/01/25 | 1,115,000 | 1,088,765 | ||||||
Kimberly-Clark Corporation, 2.750%, due 02/15/26 | 2,648,000 | 2,550,098 | ||||||
Kimberly-Clark Corporation, 1.050%, due 09/15/27 | 1,900,000 | 1,681,399 | ||||||
Kimberly-Clark Corporation, 3.950%, due 11/01/28 | 1,300,000 | 1,270,739 | ||||||
Kimberly-Clark Corporation, 3.200%, due 04/25/29 | 1,397,000 | 1,304,167 | ||||||
Kimberly-Clark Corporation, 3.100%, due 03/26/30 | 609,000 | 558,425 | ||||||
Kimberly-Clark Corporation, 2.000%, due 11/02/31 | 5,530,000 | 4,583,757 | ||||||
61,942,109 | ||||||||
Energy - 3.8% | ||||||||
Chevron Corporation, 3.900%, due 11/15/24 | 550,000 | 545,020 | ||||||
Chevron Corporation, 8.000%, due 04/01/27 | 2,600,000 | 2,830,526 | ||||||
Chevron Corporation, 1.995%, due 05/11/27 | 1,500,000 | 1,387,182 | ||||||
Chevron Corporation, 1.018%, due 08/12/27 | 1,150,000 | 1,021,656 | ||||||
Chevron Corporation, 3.250%, due 10/15/29 | 7,685,000 | 7,197,353 | ||||||
Exxon Mobil Corporation, 2.019%, due 08/16/24 | 2,650,000 | 2,617,838 | ||||||
Exxon Mobil Corporation, 2.709%, due 03/06/25 | 998,000 | 975,649 | ||||||
Exxon Mobil Corporation, 2.610%, due 10/15/30 | 180,000 | 159,555 | ||||||
Pioneer Natural Resources, 1.125%, due 01/15/26 | 2,578,000 | 2,399,771 | ||||||
Pioneer Natural Resources, 7.200%, due 01/15/28 | 1,936,000 | 2,061,765 | ||||||
Pioneer Natural Resources, 1.900%, due 08/15/30 | 1,530,000 | 1,285,512 | ||||||
22,481,827 | ||||||||
Financials - 3.1% | ||||||||
Chubb INA Holdings, Inc., 3.150%, due 03/15/25 | 4,309,000 | 4,219,633 | ||||||
Chubb INA Holdings, Inc., 3.350%, due 05/03/26 | 650,000 | 628,062 | ||||||
Chubb INA Holdings, Inc., 1.375%, due 09/15/30 | 5,700,000 | 4,639,319 | ||||||
Chubb INA Holdings, Inc., 5.000%, due 03/15/34 | 1,700,000 | 1,705,409 | ||||||
PNC Financial Services Group, Inc. (The), 3.250%, due 06/01/25 | 1,528,000 | 1,489,675 | ||||||
PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27 | 400,000 | 378,902 | ||||||
PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28 | 4,380,000 | 4,096,467 | ||||||
Truist Financial Corporation, 2.250%, due 03/11/30 | 900,000 | 749,316 | ||||||
17,906,783 | ||||||||
Health Care - 1.9% | ||||||||
Stryker Corporation, 3.375%, due 05/15/24 | 5,500,000 | 5,484,175 | ||||||
Stryker Corporation, 3.375%, due 11/01/25 | 1,026,000 | 996,383 | ||||||
Stryker Corporation, 3.500%, due 03/15/26 | 1,404,000 | 1,361,642 |
AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS - 53.9% (Continued) | Par Value | Fair Value | ||||||
Health Care - 1.9% (Continued) | ||||||||
Stryker Corporation, 3.650%, due 03/07/28 | $ | 500,000 | $ | 478,677 | ||||
Stryker Corporation, 1.950%, due 06/15/30 | 3,200,000 | 2,701,246 | ||||||
11,022,123 | ||||||||
Industrials - 7.9% | ||||||||
Amphenol Corporation, 4.350%, due 06/01/29 | 5,950,000 | 5,796,056 | ||||||
Amphenol Corporation, 2.200%, due 09/15/31 | 2,000,000 | 1,656,882 | ||||||
Honeywell International, Inc., 1.100%, due 03/01/27 | 650,000 | 587,706 | ||||||
Honeywell International, Inc., 2.700%, due 08/15/29 | 650,000 | 589,502 | ||||||
Honeywell International, Inc., 1.750%, due 09/01/31 | 600,000 | 486,957 | ||||||
Honeywell International, Inc., 5.000%, due 02/15/33 | 1,700,000 | 1,717,275 | ||||||
Hubbell, Inc., 3.150%, due 08/15/27 | 5,632,000 | 5,310,958 | ||||||
Hubbell, Inc., 2.300%, due 03/15/31 | 470,000 | 392,353 | ||||||
Illinois Tool Works, Inc., 2.650%, due 11/15/26 | 10,601,000 | 10,056,206 | ||||||
Lockheed Martin Corporation, 3.550%, due 01/15/26 | 3,848,000 | 3,757,041 | ||||||
Lockheed Martin Corporation, 5.100%, due 11/15/27 | 3,057,000 | 3,093,598 | ||||||
Lockheed Martin Corporation, 4.450%, due 05/15/28 | 1,000,000 | 990,844 | ||||||
Lockheed Martin Corporation, 1.850%, due 06/15/30 | 1,000,000 | 843,022 | ||||||
Lockheed Martin Corporation, 5.250%, due 01/15/33 | 1,000,000 | 1,028,046 | ||||||
Lockheed Martin Corporation, 4.750%, due 02/15/34 | 650,000 | 641,729 | ||||||
PACCAR Financial Corporation, 1.800%, due 02/06/25 | 350,000 | 339,890 | ||||||
PACCAR Financial Corporation, 1.100%, due 05/11/26 | 835,000 | 772,320 | ||||||
PACCAR Financial Corporation, 2.000%, due 02/04/27 | 500,000 | 462,318 | ||||||
PACCAR Financial Corporation, 4.600%, due 01/10/28 | 1,050,000 | 1,045,973 | ||||||
United Parcel Service, Inc., 2.200%, due 09/01/24 | 3,410,000 | 3,362,166 | ||||||
United Parcel Service, Inc., 2.800%, due 11/15/24 | 1,000,000 | 984,028 | ||||||
United Parcel Service, Inc., 2.400%, due 11/15/26 | 1,869,000 | 1,759,133 | ||||||
United Parcel Service, Inc., 4.450%, due 04/01/30 | 740,000 | 733,694 | ||||||
46,407,697 | ||||||||
Materials - 3.2% | ||||||||
Carlisle Companies, Inc., 2.200%, due 03/01/32 | 4,500,000 | 3,614,435 | ||||||
Ecolab, Inc., 2.700%, due 11/01/26 | 6,438,000 | 6,115,046 | ||||||
Ecolab, Inc., 3.250%, due 12/01/27 | 3,676,000 | 3,489,461 | ||||||
Ecolab, Inc., 4.800%, due 03/24/30 | 1,745,000 | 1,754,763 | ||||||
Ecolab, Inc., 1.300%, due 01/30/31 | 1,450,000 | 1,158,972 | ||||||
Ecolab, Inc., 2.125%, due 02/01/32 | 1,775,000 | 1,475,264 | ||||||
RPM International, Inc., 3.750%, due 03/15/27 | 1,250,000 | 1,196,922 | ||||||
18,804,863 | ||||||||
Technology - 14.7% | ||||||||
Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26 | 600,000 | 576,188 | ||||||
Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29 | 6,800,000 | 6,024,175 | ||||||
Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31 | 3,200,000 | 2,695,269 | ||||||
Cisco Systems, Inc., 3.500%, due 06/15/25 | 5,000,000 | 4,916,276 | ||||||
Cisco Systems, Inc., 2.950%, due 02/28/26 | 2,770,000 | 2,673,977 | ||||||
Cisco Systems, Inc., 2.500%, due 09/20/26 | 3,080,000 | 2,918,422 | ||||||
Mastercard, Inc., 3.375%, due 04/01/24 | 3,855,000 | 3,855,000 | ||||||
Mastercard, Inc., 2.000%, due 03/03/25 | 5,625,000 | 5,463,167 | ||||||
Mastercard, Inc., 2.950%, due 11/21/26 | 2,000,000 | 1,910,110 | ||||||
Mastercard, Inc., 3.300%, due 03/26/27 | 2,150,000 | 2,069,826 | ||||||
Mastercard, Inc., 3.500%, due 02/26/28 | 450,000 | 434,371 | ||||||
Mastercard, Inc., 2.000%, due 11/18/31 | 2,417,000 | 1,996,160 |
AVE MARIA BOND FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued)
| ||||||||
CORPORATE BONDS - 53.9% (Continued) | Par Value | Fair Value | ||||||
Technology - 14.7% (Continued) | ||||||||
Mastercard, Inc., 4.850%, due 03/09/33 | $ | 1,000,000 | $ | 1,008,371 | ||||
Moody's Corporation, 3.250%, due 01/15/28 | 6,206,000 | 5,899,805 | ||||||
Moody's Corporation, 4.250%, due 02/01/29 | 5,289,000 | 5,155,277 | ||||||
Moody's Corporation, 4.250%, due 08/08/32 | 2,328,000 | 2,216,103 | ||||||
S&P Global, Inc., 2.950%, due 01/22/27 | 3,675,000 | 3,492,355 | ||||||
S&P Global, Inc., 2.450%, due 03/01/27 | 3,000,000 | 2,808,656 | ||||||
S&P Global, Inc., 4.750%, due 08/01/28 | 1,115,000 | 1,114,064 | ||||||
S&P Global, Inc., 4.250%, due 05/01/29 | 427,000 | 416,148 | ||||||
S&P Global, Inc., 2.500%, due 12/01/29 | 700,000 | 620,097 | ||||||
S&P Global, Inc., 1.250%, due 08/15/30 | 2,600,000 | 2,101,637 | ||||||
S&P Global, Inc., 2.900%, due 03/01/32 | 2,200,000 | 1,916,956 | ||||||
Texas Instruments, Inc., 1.375%, due 03/12/25 | 1,160,000 | 1,119,573 | ||||||
Texas Instruments, Inc., 2.250%, due 09/04/29 | 1,112,000 | 985,477 | ||||||
Texas Instruments, Inc., 1.750%, due 05/04/30 | 4,880,000 | 4,124,100 | ||||||
Texas Instruments, Inc., 1.900%, due 09/15/31 | 2,000,000 | 1,666,468 | ||||||
Texas Instruments, Inc., 3.650%, due 08/16/32 | 1,293,000 | 1,200,960 | ||||||
Texas Instruments, Inc., 4.900%, due 03/14/33 | 1,400,000 | 1,414,645 | ||||||
Visa, Inc., 3.150%, due 12/14/25 | 3,905,000 | 3,797,979 | ||||||
Visa, Inc., 1.900%, due 04/15/27 | 3,854,000 | 3,565,988 | ||||||
Visa, Inc., 2.750%, due 09/15/27 | 6,051,000 | 5,690,612 | ||||||
85,848,212 | ||||||||
Total Corporate Bonds (Cost $326,028,064) | $ | 315,553,111 |
COMMON STOCKS - 19.4% | Shares | Fair Value | ||||||
Consumer Discretionary - 1.0% | ||||||||
Retail - Discretionary - 1.0% | ||||||||
Genuine Parts Company | 40,000 | $ | 6,197,200 | |||||
Consumer Staples - 1.8% | ||||||||
Beverages - 1.8% | ||||||||
Coca-Cola Europacific Partners plc | 150,000 | 10,492,500 | ||||||
Energy - 4.6% | ||||||||
Oil & Gas Producers - 4.6% | ||||||||
Chevron Corporation | 50,000 | 7,887,000 | ||||||
Diamondback Energy, Inc. | 37,000 | 7,332,290 | ||||||
Exxon Mobil Corporation | 100,000 | 11,624,000 | ||||||
26,843,290 | ||||||||
Financials - 3.8% | ||||||||
Banking - 2.2% | ||||||||
Truist Financial Corporation | 325,000 | 12,668,500 | ||||||
Specialty Finance - 1.6% | ||||||||
Fidelity National Financial, Inc. | 180,000 | 9,558,000 | ||||||
Health Care - 0.5% | ||||||||
Medical Equipment & Devices - 0.5% | ||||||||
Medtronic plc | 34,000 | 2,963,100 |
AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 19.4% (Continued) | Shares | Fair Value | ||||||
Industrials - 5.4% | ||||||||
Aerospace & Defense - 1.6% | ||||||||
Lockheed Martin Corporation | 20,000 | $ | 9,097,400 | |||||
Industrial Support Services - 3.2% | ||||||||
Fastenal Company | 106,000 | 8,176,840 | ||||||
Watsco, Inc. | 24,000 | 10,367,280 | ||||||
18,544,120 | ||||||||
Transportation & Logistics - 0.6% | ||||||||
United Parcel Service, Inc. - Class B | 25,000 | 3,715,750 | ||||||
Real Estate - 1.2% | ||||||||
Real Estate Owners & Developers - 1.2% | ||||||||
Texas Pacific Land Corporation | 12,000 | 6,942,120 | ||||||
Technology - 1.1% | ||||||||
Semiconductors - 1.1% | ||||||||
Texas Instruments, Inc. | 37,000 | 6,445,770 | ||||||
Total Common Stocks (Cost $69,943,946) | $ | 113,467,750 |
MONEY MARKET FUNDS - 5.6% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (b) | 18,401,569 | $ | 18,401,569 | |||||
Federated Hermes Treasury Obligations Fund - Institutional Shares, 5.17% (b) | 14,083,111 | 14,083,111 | ||||||
Total Money Market Funds (Cost $32,484,680) | $ | 32,484,680 | ||||||
Total Investments at Fair Value - 101.3% (Cost $564,711,379) | $ | 592,646,995 | ||||||
Liabilities in Excess of Other Assets - (1.3%) | (7,700,910 | ) | ||||||
Net Assets - 100.0% | $ | 584,946,085 |
(a) | Interest rate for this investment is the stated rate. Interest payments are determined based on the inflation adjusted principal. |
(b) | The rate shown is the 7-day effective yield as of March 31, 2024. |
SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
COMMON STOCKS - 98.2% | Shares | Fair Value | ||||||
Consumer Discretionary - 11.4% | ||||||||
Home Construction - 6.0% | ||||||||
Masco Corporation | 24,800 | $ | 1,956,224 | |||||
Leisure Facilities & Services - 3.6% | ||||||||
Madison Square Garden Sports Corporation * | 6,400 | 1,180,928 | ||||||
Leisure Products - 1.8% | ||||||||
YETI Holdings, Inc. * | 15,300 | 589,815 | ||||||
Energy - 19.9% | ||||||||
Oil & Gas Producers - 14.9% | ||||||||
ConocoPhillips | 9,000 | 1,145,520 | ||||||
Devon Energy Corporation | 20,000 | 1,003,600 | ||||||
Occidental Petroleum Corporation | 6,000 | 389,940 | ||||||
Pioneer Natural Resources Company | 9,000 | 2,362,500 | ||||||
4,901,560 | ||||||||
Oil & Gas Services & Equipment - 5.0% | ||||||||
Schlumberger Ltd. | 29,800 | 1,633,338 | ||||||
Financials - 11.3% | ||||||||
Institutional Financial Services - 7.4% | ||||||||
CME Group, Inc. | 5,100 | 1,097,979 | ||||||
Intercontinental Exchange, Inc. | 9,800 | 1,346,814 | ||||||
2,444,793 | ||||||||
Insurance - 3.9% | ||||||||
Berkshire Hathaway, Inc. - Class A * | 2 | 1,268,880 | ||||||
Industrials - 2.9% | ||||||||
Electrical Equipment - 2.9% | ||||||||
A.O. Smith Corporation | 10,600 | 948,276 | ||||||
Materials - 2.9% | ||||||||
Metals & Mining - 2.9% | ||||||||
Franco-Nevada Corporation | 2,200 | 262,152 | ||||||
Pan American Silver Corporation | 45,500 | 686,140 | ||||||
948,292 | ||||||||
Real Estate - 38.4% | ||||||||
Real Estate Owners & Developers - 38.4% | ||||||||
St. Joe Company (The) | 52,600 | 3,049,222 |
SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.2% (Continued) | Shares | Fair Value | ||||||
Real Estate - 38.4% (Continued) | ||||||||
Real Estate Owners & Developers - 38.4% (Continued) | ||||||||
Texas Pacific Land Corporation | 16,500 | $ | 9,545,415 | |||||
12,594,637 | ||||||||
Technology - 11.4% | ||||||||
Technology Services - 11.4% | ||||||||
Mastercard, Inc. - Class A | 4,500 | 2,167,065 | ||||||
Moody's Corporation | 4,000 | 1,572,120 | ||||||
3,739,185 | ||||||||
Total Common Stocks (Cost $15,380,409) | $ | 32,205,928 |
MONEY MARKET FUNDS - 1.9% | Shares | Fair Value | ||||||
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $633,051) | 633,051 | $ | 633,051 | |||||
Total Investments at Fair Value - 100.1% (Cost $16,013,460) | $ | 32,838,979 | ||||||
Liabilities in Excess of Other Assets - (0.1%) | (32,433 | ) | ||||||
Net Assets - 100.0% | $ | 32,806,546 |
* | Non-income producing security. |
(a) | The rate shown is the 7-day effective yield as of March 31, 2024. |