Schwartz Investment Trust NPORT-P Ave Maria Value Fund (Sep 2024 report)

AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS 

September 30, 2024 (Unaudited)

COMMON STOCKS - 99.1%	Shares		Fair Value
Communications - 1.4%
Internet Media & Services - 1.4%
VeriSign, Inc. *	30,200	$	5,736,792
Consumer Discretionary - 6.2%
Automotive - 0.6%
XPEL, Inc. *	57,000		2,472,090
Leisure Products - 3.2%
YETI Holdings, Inc. *	326,500		13,396,295
Retail - Discretionary - 2.4%
Winmark Corporation	26,600		10,185,938
Consumer Staples - 1.5%
Food - 1.5%
Simply Good Foods Company (The) *	181,500		6,310,755
Energy - 12.3%
Oil & Gas Producers - 9.3%
Chesapeake Energy Corporation	145,500		11,967,375
Occidental Petroleum Corporation	241,000		12,421,140
Permian Basin Royalty Trust	1,246,474		14,820,576
			39,209,091
Oil & Gas Services & Equipment - 3.0%
Schlumberger Ltd.	294,000		12,333,300
Financials - 11.7%
Banking - 4.7%
Hingham Institution For Savings (The)	81,087		19,729,278
Institutional Financial Services - 2.9%
Intercontinental Exchange, Inc.	77,000		12,369,280
Insurance - 4.1%
Brown & Brown, Inc.	167,150		17,316,740
Health Care - 11.8%
Health Care Facilities & Services - 2.6%
Chemed Corporation	18,300		10,997,751
Medical Equipment & Devices - 9.2%
Alcon, Inc.	110,000		11,007,700
Haemonetics Corporation *	151,000		12,137,380
Mirion Technologies, Inc. *	1,390,000		15,387,300
			38,532,380

AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.1% (Continued)	Shares		Fair Value
Industrials - 14.9%
Aerospace & Defense - 1.9%
HEICO Corporation - Class A	40,000	$	8,150,400
Electrical Equipment - 7.1%
A.O. Smith Corporation	113,000		10,150,790
Allegion plc	76,000		11,076,240
Otis Worldwide Corporation	85,000		8,834,900
			30,061,930
Industrial Intermediate Products - 4.2%
Armstrong World Industries, Inc.	90,000		11,828,700
Distribution Solutions Group, Inc. *	152,000		5,853,520
			17,682,220
Industrial Support Services - 1.7%
U-Haul Holding Company	97,200		6,998,400
Materials - 8.2%
Chemicals - 2.0%
Valvoline, Inc. *	200,000		8,370,000
Metals & Mining - 6.2%
Franco-Nevada Corporation	100,000		12,425,000
Wheaton Precious Metals Corporation	225,000		13,743,000
			26,168,000
Real Estate - 21.9%
Multi-Asset Class Owners & Developers - 2.8%
Landbridge Company, LLC - Class A *	305,295		11,943,140
Real Estate Owners & Developers - 19.1%
St. Joe Company (The)	215,800		12,583,298
Texas Pacific Land Corporation	76,500		67,682,610
			80,265,908
Technology - 9.2%
Technology Services - 9.2%
CDW Corporation	66,250		14,992,375
Jack Henry & Associates, Inc.	65,350		11,536,889
TD SYNNEX Corporation	102,500		12,308,200
			38,837,464
Total Common Stocks (Cost $273,742,640)		$	417,067,152

AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.1%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.86% (a) (Cost $4,536,534)	4,536,534	$	4,536,534
Total Investments at Fair Value - 100.2% (Cost $278,279,174)		$	421,603,686
Liabilities in Excess of Other Assets - (0.2%)			(780,278	)
Net Assets - 100.0%		$	420,823,408

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of September 30, 2024.

AVE MARIA GROWTH FUND

SCHEDULE OF INVESTMENTS 

September 30, 2024 (Unaudited)

COMMON STOCKS - 97.4%	Shares		Fair Value
Consumer Discretionary - 18.0%
Automotive - 1.8%
XPEL, Inc. *	455,000	$	19,733,350
Leisure Facilities & Services - 2.0%
Atlanta Braves Holdings, Inc. - Series C *	542,264		21,582,107
Retail - Discretionary - 8.7%
Lowe's Companies, Inc.	131,000		35,481,350
O'Reilly Automotive, Inc. *	51,000		58,731,600
			94,212,950
Wholesale - Discretionary - 5.5%
Copart, Inc. *	1,130,000		59,212,000
Consumer Staples - 1.5%
Food - 1.5%
McCormick & Company, Inc.	200,000		16,460,000
Energy - 1.7%
Oil & Gas Producers - 1.7%
Chesapeake Energy Corporation	220,000		18,095,000
Financials - 1.5%
Asset Management - 1.5%
Brookfield Asset Management Ltd. - Class A	354,353		16,757,353
Health Care - 6.1%
Health Care Facilities & Services - 6.1%
Chemed Corporation	29,000		17,428,130
IQVIA Holdings, Inc. *	207,000		49,052,790
			66,480,920
Industrials - 11.3%
Aerospace & Defense - 5.2%
HEICO Corporation - Class A	278,590		56,765,499
Commercial Support Services - 5.5%
API Group Corporation *	1,795,000		59,270,900
Industrial Support Services - 0.6%
Watsco, Inc.	12,000		5,902,560
Materials - 5.9%
Chemicals - 1.9%
Valvoline, Inc. *	500,000		20,925,000
Containers & Packaging - 4.0%
AptarGroup, Inc.	270,000		43,251,300

AVE MARIA GROWTH FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Fair Value
Real Estate - 4.5%
Real Estate Owners & Developers - 1.2%
Texas Pacific Land Corporation	15,000	$	13,271,100
REITs - 3.3%
SBA Communications Corporation - Class A	149,000		35,864,300
Technology - 46.9%
Semiconductors - 18.3%
Alphawave IP Group plc *	2,800,000		3,906,826
NVIDIA Corporation	620,000		75,292,800
Silicon Laboratories, Inc. *	230,000		26,581,100
Silicon Motion Technology Corporation - ADR	190,000		11,540,600
SiTime Corporation *	40,000		6,860,400
Taiwan Semiconductor Manufacturing Company Ltd. - ADR	140,000		24,313,800
Texas Instruments, Inc.	240,000		49,576,800
			198,072,326
Software - 8.1%
ANSYS, Inc. *	80,000		25,490,400
BlackLine, Inc. *	410,000		22,607,400
Roper Technologies, Inc.	71,500		39,785,460
			87,883,260
Technology Hardware - 2.1%
Ciena Corporation *	370,000		22,788,300
Technology Services - 18.4%
Accenture plc - Class A	119,000		42,064,120
Broadridge Financial Solutions, Inc.	97,000		20,857,910
Mastercard, Inc. - Class A	142,000		70,119,600
Moody's Corporation	35,000		16,610,650
S&P Global, Inc.	96,000		49,595,520
			199,247,800
Total Common Stocks (Cost $563,278,828)		$	1,055,776,025

MONEY MARKET FUNDS - 2.8%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.86% (a) (Cost $29,823,767)	29,823,767	$	29,823,767
Total Investments at Fair Value - 100.2% (Cost $593,102,595)		$	1,085,599,792
Liabilities in Excess of Other Assets - (0.2%)			(1,833,572	)
Net Assets - 100.0%		$	1,083,766,220

ADR - American Depositary Receipt.

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of September 30, 2024.

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS 

September 30, 2024 (Unaudited)

COMMON STOCKS - 95.5%	Shares		Fair Value
Communications - 1.5%
Internet Media & Services - 1.5%
Booking Holdings, Inc.	4,000	$	16,848,480
Consumer Discretionary - 11.1%
Home & Office Products - 0.4%
SharkNinja, Inc.	40,000		4,348,400
Retail - Discretionary - 10.7%
Genuine Parts Company	200,000		27,936,000
Lowe's Companies, Inc.	135,000		36,564,750
TJX Companies, Inc. (The)	260,000		30,560,400
Tractor Supply Company	79,500		23,128,935
			118,190,085
Consumer Staples - 2.7%
Beverages - 2.7%
Coca-Cola Europacific Partners plc	375,000		29,531,250
Energy - 6.2%
Oil & Gas Producers - 6.2%
Chevron Corporation	200,000		29,454,000
Diamondback Energy, Inc.	230,000		39,652,000
			69,106,000
Financials - 14.1%
Asset Management - 1.2%
Brookfield Corporation	250,000		13,287,500
Banking - 2.3%
Truist Financial Corporation	600,000		25,662,000
Insurance - 7.8%
Brown & Brown, Inc.	352,000		36,467,200
Chubb Ltd.	175,000		50,468,250
			86,935,450
Specialty Finance - 2.8%
Fidelity National Financial, Inc.	500,000		31,030,000
Health Care - 5.1%
Health Care Facilities & Services - 5.1%
Chemed Corporation	70,000		42,067,900
Quest Diagnostics, Inc.	95,000		14,748,750
			56,816,650
Industrials - 15.9%
Aerospace & Defense - 8.4%
HEICO Corporation - Class A	137,120		27,939,571
L3Harris Technologies, Inc.	115,500		27,473,985
Lockheed Martin Corporation	65,000		37,996,400
			93,409,956

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 95.5% (Continued)	Shares		Fair Value
Industrials - 15.9% (Continued)
Commercial Support Services - 1.9%
Rentokil Initial plc	4,222,000	$	20,645,617
Electrical Equipment - 1.4%
A.O. Smith Corporation	180,000		16,169,400
Industrial Support Services - 4.2%
Fastenal Company	475,000		33,924,500
Watsco, Inc.	25,000		12,297,000
			46,221,500
Materials - 3.7%
Construction Materials - 3.7%
Carlisle Companies, Inc.	90,000		40,477,500
Real Estate - 7.5%
Real Estate Owners & Developers - 5.1%
Texas Pacific Land Corporation	64,000		56,623,360
REITs - 2.4%
SBA Communications Corporation - Class A	110,000		26,477,000
Technology - 27.7%
Semiconductors - 3.7%
Texas Instruments, Inc.	200,000		41,314,000
Software - 4.1%
ANSYS, Inc. *	70,000		22,304,100
Roper Technologies, Inc.	41,000		22,814,040
			45,118,140
Technology Services - 19.9%
Accenture plc - Class A	121,500		42,947,820
Broadridge Financial Solutions, Inc.	150,000		32,254,500
Jack Henry & Associates, Inc.	200,000		35,308,000
Mastercard, Inc. - Class A	85,000		41,973,000
Moody's Corporation	80,000		37,967,200
S&P Global, Inc.	60,000		30,997,200
			221,447,720
Total Common Stocks (Cost $627,879,498)		$	1,059,660,008

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 4.7%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.86% (a) (Cost $52,080,202)	52,080,202	$	52,080,202
Total Investments at Fair Value - 100.2% (Cost $679,959,700)		$	1,111,740,210
Liabilities in Excess of Other Assets - (0.2%)			(1,686,606	)
Net Assets - 100.0%		$	1,110,053,604

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of September 30, 2024.

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2024 (Unaudited)

COMMON STOCKS - 98.7%	Shares		Fair Value
Communications - 4.0%
Entertainment Content - 1.9%
Nintendo Company Ltd.		41,300	$	2,207,543
Internet Media & Services - 2.1%
eDreams ODIGEO S.A. *		329,450		2,498,112
Consumer Discretionary - 13.9%
Home & Office Products - 4.7%
SharkNinja, Inc.		50,700		5,511,597
Leisure Facilities & Services - 4.0%
Alsea S.A.B. de C.V.		685,920		1,888,301
Bowlero Corporation - Class A		94,400		1,108,256
Greggs plc		41,200		1,720,821
				4,717,378
Leisure Products - 1.3%
MIPS AB		27,800		1,481,283
Retail - Discretionary - 3.9%
Auto Partner S.A.		386,509		2,312,049
B & M European Value Retail S.A.		411,900		2,294,096
				4,606,145
Consumer Staples - 3.9%
Beverages - 2.8%
Coca-Cola Europacific Partners plc		42,500		3,346,875
Food - 1.1%
Simply Good Foods Company (The) *		36,000		1,251,720
Energy - 7.6%
Oil & Gas Producers - 7.6%
Canadian Natural Resources Ltd.		79,800		2,650,145
ConocoPhillips		16,800		1,768,704
Diamondback Energy, Inc.		14,500		2,499,800
Exxon Mobil Corporation		16,857		1,975,978
				8,894,627
Financials - 12.8%
Asset Management - 1.8%
Partners Group Holding AG		1,410		2,125,950
Banking - 2.6%
HDFC Bank Ltd. - ADR		48,150		3,012,264
Institutional Financial Services - 1.5%
Nu Holdings Ltd. - Class A *		128,300		1,751,295

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
Financials - 12.8% (Continued)
Insurance - 5.8%
Chubb Ltd.	8,750	$	2,523,413
F&G Annuities & Life, Inc.	96,384		4,310,292
			6,833,705
Specialty Finance - 1.1%
International Money Express, Inc. *	68,500		1,266,565
Health Care - 7.8%
Health Care Facilities & Services - 1.3%
IQVIA Holdings, Inc. *	6,290		1,490,541
Medical Equipment & Devices - 6.5%
Alcon, Inc.	25,500		2,551,785
InMode Ltd. *	69,900		1,184,805
Mirion Technologies, Inc. *	129,300		1,431,351
Stevanato Group S.p.A.	126,281		2,525,620
			7,693,561
Industrials - 22.1%
Commercial Services - 2.7%
Karooooo Ltd.	51,685		2,048,276
Teleperformance SE	10,285		1,064,286
Teleperformance SE - ADR	551		28,531
			3,141,093
Commercial Support Services - 6.7%
Edenred SE	70,500		2,670,979
Franchise Brands plc	484,063		964,308
GFL Environmental, Inc.	106,300		4,239,244
			7,874,531
Diversified Industrials - 4.4%
Eaton Corporation plc	15,700		5,203,608
Electrical Equipment - 5.3%
Hammond Power Solutions, Inc. - Class A	34,000		3,553,593
TE Connectivity plc *	17,550		2,649,875
			6,203,468
Engineering & Construction - 1.1%
Comfort Systems USA, Inc.	3,400		1,327,190
Machinery - 1.9%
ITOCHU Corporation	29,700		1,600,684
Nidec Corporation	28,400		597,908
			2,198,592
Materials - 1.3%
Construction Materials - 1.3%
SigmaRoc plc *	1,642,239		1,557,469
Real Estate - 1.2%
Real Estate Services - 1.2%
FirstService Corporation	7,500		1,368,450

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
Technology - 24.1%
IT Services - 2.7%
StoneCo Ltd. - Class A *	276,200	$	3,110,012
Semiconductors - 4.1%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR	21,000		3,647,070
Texas Instruments, Inc.	5,700		1,177,449
			4,824,519
Software - 7.3%
SAP SE	25,600		5,857,195
Sapiens International Corporation N.V.	74,052		2,759,918
			8,617,113
Technology Services - 10.0%
Accenture plc - Class A	9,900		3,499,452
Mastercard, Inc. - Class A	10,000		4,938,000
S&P Global, Inc.	6,400		3,306,368
			11,743,820
Total Common Stocks (Cost $79,268,888)		$	115,859,026

MONEY MARKET FUNDS - 1.5%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.86% (a) (Cost $1,732,295)	1,732,295	$	1,732,295
Total Investments at Fair Value - 100.2% (Cost $81,001,183)		$	117,591,321
Liabilities in Excess of Other Assets - (0.2%)			(155,988	)
Net Assets - 100.0%		$	117,435,333

ADR - American Depositary Receipt. 

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of September 30, 2024.

AVE MARIA WORLD EQUITY FUND

SUMMARY OF COMMON STOCKS BY COUNTRY

September 30, 2024 (Unaudited)

Country	Value		% of Net Assets
United States **	$	44,716,746		38.1	%
Canada		11,811,432		10.1	%
United Kingdom		9,883,569		8.4	%
Switzerland		7,201,148		6.1	%
Germany		5,857,195		5.0	%
Brazil		4,861,307		4.1	%
Japan		4,406,135		3.8	%
Israel		3,944,723		3.4	%
France		3,763,796		3.2	%
Taiwan		3,647,070		3.1	%
India		3,012,264		2.6	%
Italy		2,525,620		2.1	%
Spain		2,498,112		2.1	%
Poland		2,312,049		2.0	%
Singapore		2,048,276		1.7	%
Mexico		1,888,301		1.6	%
Sweden		1,481,283		1.3	%
	$	115,859,026		98.7	%

** 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 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

September 30, 2024 (Unaudited)

COMMON STOCKS - 100.1%	Shares		Fair Value
Communications - 30.1%
Internet Media & Services - 18.5%
eDreams ODIGEO S.A. *		1,313,620	$	9,960,753
Telecommunications - 11.6%
DigitalBridge Group, Inc.		441,341		6,236,148
Consumer Discretionary - 1.7%
Apparel & Textile Products - 1.7%
Hermes International SCA		372		916,253
Energy - 3.2%
Oil & Gas Producers - 3.2%
Permian Basin Royalty Trust		70,693		840,540
PrairieSky Royalty Ltd.		43,324		880,698
				1,721,238
Financials - 22.7%
Asset Management - 22.7%
Apollo Global Management, Inc.		24,781		3,095,395
Brookfield Corporation		86,220		4,582,593
Brookfield Wealth Solutions Ltd.		86,220		4,583,455
				12,261,443
Industrials - 25.3%
Commercial Support Services - 25.3%
API Group Corporation *		288,209		9,516,661
GFL Environmental, Inc.		103,422		4,124,470
				13,641,131
Materials - 6.0%
Construction Materials - 6.0%
SigmaRoc plc *		3,424,177		3,247,426
Real Estate - 5.2%
Multi-Asset Class Owners & Developers - 3.9%
Landbridge Company, LLC - Class A *		54,214		2,120,851
Real Estate Owners & Developers - 1.3%
Texas Pacific Land Corporation		795		703,368
Technology - 0.6%
Software - 0.6%
Cirata plc *		742,700		336,725

AVE MARIA FOCUSED FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 100.1%	Shares		Fair Value
Utilities - 5.3%
Gas & Water Utilities - 5.3%
Secure Energy Services, Inc.		314,511	$	2,844,370
Total Investments at Fair Value - 100.1% (Cost $44,227,771)			$	53,989,706
Liabilities in Excess of Other Assets - (0.1%)				(75,773	)
Net Assets - 100.0%			$	53,913,933

* Non-income producing security.

AVE MARIA BOND FUND 

SCHEDULE OF INVESTMENTS 

September 30, 2024 (Unaudited)

U.S. GOVERNMENT & AGENCIES - 22.6%	Par Value		Fair Value
U.S. Treasury Inflation-Protected Notes - 6.6% (a)
2.375%, due 01/15/25	$	5,005,830	$	4,972,532
0.625%, due 01/15/26		6,618,550		6,491,288
2.000%, due 01/15/26		4,754,100		4,744,442
0.125%, due 04/15/26		5,996,700		5,828,752
0.375%, due 01/15/27		5,078,073		4,933,096
0.375%, due 07/15/27		8,357,635		8,123,375
0.500%, due 01/15/28		6,375,600		6,170,251
0.750%, due 07/15/28		3,132,550		3,061,244
				44,324,980
U.S. Treasury Notes - 16.0%
2.125%, due 11/30/24		10,000,000		9,956,640
1.375%, due 01/31/25		10,000,000		9,896,289
2.875%, due 06/15/25		10,000,000		9,909,453
4.500%, due 11/15/25		10,000,000		10,063,672
1.250%, due 09/30/28		10,000,000		9,133,203
3.250%, due 06/30/29		10,000,000		9,849,219
4.250%, due 06/30/29		10,000,000		10,286,328
1.500%, due 02/15/30		10,000,000		8,973,047
3.750%, due 05/31/30		10,000,000		10,058,594
1.625%, due 05/15/31		10,000,000		8,807,422
4.500%, due 11/15/33		10,000,000		10,548,828
				107,482,695
Total U.S. Government & Agencies (Cost $154,282,468)			$	151,807,675
CORPORATE BONDS - 55.4%	Par Value		Fair Value
Communications - 0.9%
Electronic Arts, Inc., 4.800%, due 03/01/26	$	5,500,000	$	5,532,743
Electronic Arts, Inc., 1.850%, due 02/15/31		545,000		467,562
				6,000,305
Consumer Discretionary - 8.3%
Genuine Parts Company, 1.875%, due 11/01/30		2,429,000		2,083,397
Genuine Parts Company, 6.875%, due 11/01/33		900,000		1,031,863
Lowe's Companies, Inc., 3.375%, due 09/15/25		1,500,000		1,485,466
Lowe's Companies, Inc., 2.500%, due 04/15/26		3,000,000		2,930,070
Lowe's Companies, Inc., 3.100%, due 05/03/27		9,050,000		8,821,885
Lowe's Companies, Inc., 1.300%, due 04/15/28		400,000		362,954
Lowe's Companies, Inc., 1.700%, due 10/15/30		925,000		794,996
Lowe's Companies, Inc., 3.750%, due 04/01/32		4,000,000		3,813,501
O'Reilly Automotive, Inc., 3.900%, due 06/01/29		2,767,000		2,719,564
O'Reilly Automotive, Inc., 4.200%, due 04/01/30		400,000		396,539
O'Reilly Automotive, Inc., 4.700%, due 06/15/32		7,850,000		7,905,354
Ross Stores, Inc., 0.875%, due 04/15/26		5,255,000		4,985,438
Ross Stores, Inc., 4.700%, due 04/15/27		1,300,000		1,311,962
Ross Stores, Inc., 1.875%, due 04/15/31		615,000		523,572
TJX Companies, Inc. (The), 2.250%, due 09/15/26		3,226,000		3,121,917
TJX Companies, Inc. (The), 1.150%, due 05/15/28		5,276,000		4,780,927
TJX Companies, Inc. (The), 3.875%, due 04/15/30		2,902,000		2,864,838
TJX Companies, Inc. (The), 1.600%, due 05/15/31		5,263,000		4,459,594

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 55.4% (Continued)	Par Value		Fair Value
Consumer Discretionary - 8.3% (Continued)
Tractor Supply Company, 5.250%, due 05/15/33	$	1,400,000	$	1,455,700
				55,849,537
Consumer Staples - 9.8%
Coca-Cola Company (The), 1.450%, due 06/01/27		5,452,000		5,144,072
Coca-Cola Company (The), 1.000%, due 03/15/28		1,000,000		912,682
Coca-Cola Company (The), 2.125%, due 09/06/29		1,550,000		1,427,830
Coca-Cola Company (The), 2.000%, due 03/05/31		1,250,000		1,104,682
Coca-Cola Company (The), 2.250%, due 01/05/32		450,000		399,817
Colgate-Palmolive Company, 3.100%, due 08/15/27		5,000,000		4,923,787
Colgate-Palmolive Company, 3.250%, due 08/15/32		2,750,000		2,588,116
Colgate-Palmolive Company, 4.600%, due 03/01/33		2,720,000		2,811,697
Hershey Company (The), 2.050%, due 11/15/24		3,200,000		3,188,157
Hershey Company (The), 0.900%, due 06/01/25		7,450,000		7,272,979
Hershey Company (The), 3.200%, due 08/21/25		645,000		638,772
Hershey Company (The), 2.300%, due 08/15/26		2,000,000		1,940,413
Hershey Company (The), 4.250%, due 05/04/28		1,350,000		1,367,421
Hershey Company (The), 2.450%, due 11/15/29		4,875,000		4,519,943
Hormel Foods Corporation, 1.700%, due 06/03/28		2,745,000		2,527,551
Hormel Foods Corporation, 1.800%, due 06/11/30		6,363,000		5,597,059
J.M. Smucker Company (The), 3.375%, due 12/15/27		3,750,000		3,664,186
J.M. Smucker Company (The), 2.125%, due 03/15/32		1,450,000		1,224,031
Kimberly-Clark Corporation, 2.650%, due 03/01/25		1,115,000		1,104,830
Kimberly-Clark Corporation, 2.750%, due 02/15/26		2,648,000		2,601,085
Kimberly-Clark Corporation, 1.050%, due 09/15/27		1,900,000		1,748,017
Kimberly-Clark Corporation, 3.950%, due 11/01/28		1,665,000		1,664,062
Kimberly-Clark Corporation, 3.200%, due 04/25/29		1,397,000		1,354,993
Kimberly-Clark Corporation, 3.100%, due 03/26/30		609,000		579,817
Kimberly-Clark Corporation, 2.000%, due 11/02/31		5,530,000		4,835,113
Kimberly-Clark Corporation, 4.500%, due 02/16/33		500,000		508,688
				65,649,800
Energy - 3.1%
Chevron Corporation, 3.900%, due 11/15/24		550,000		549,119
Chevron Corporation, 8.000%, due 04/01/27		2,600,000		2,854,018
Chevron Corporation, 1.995%, due 05/11/27		1,500,000		1,432,489
Chevron Corporation, 1.018%, due 08/12/27		1,150,000		1,063,061
Chevron Corporation, 3.250%, due 10/15/29		7,685,000		7,434,312
Exxon Mobil Corporation, 2.709%, due 03/06/25		998,000		989,318
Exxon Mobil Corporation, 2.440%, due 08/16/29		546,000		510,741
Exxon Mobil Corporation, 2.610%, due 10/15/30		180,000		165,754
Pioneer Natural Resources, 1.125%, due 01/15/26		2,578,000		2,478,840
Pioneer Natural Resources, 7.200%, due 01/15/28		1,936,000		2,109,100
Pioneer Natural Resources, 1.900%, due 08/15/30		1,530,000		1,340,528
				20,927,280
Financials - 3.5%
Chubb INA Holdings, Inc., 3.150%, due 03/15/25		4,309,000		4,277,951
Chubb INA Holdings, Inc., 3.350%, due 05/03/26		650,000		642,307
Chubb INA Holdings, Inc., 1.375%, due 09/15/30		5,700,000		4,884,354
Chubb INA Holdings, Inc., 5.000%, due 03/15/34		6,600,000		6,846,787
PNC Financial Services Group, Inc. (The), 3.250%, due 06/01/25		1,528,000		1,514,609
PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27		400,000		389,916

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 55.4% (Continued)	Par Value		Fair Value
Financials - 3.5% (Continued)
PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28	$	4,380,000	$	4,236,426
Truist Financial Corporation, 2.250%, due 03/11/30		900,000		793,392
				23,585,742
Health Care - 1.0%
Stryker Corporation, 3.375%, due 11/01/25		1,026,000		1,016,233
Stryker Corporation, 3.500%, due 03/15/26		1,404,000		1,389,266
Stryker Corporation, 3.650%, due 03/07/28		500,000		492,654
Stryker Corporation, 4.850%, due 12/08/28		325,000		333,210
Stryker Corporation, 1.950%, due 06/15/30		3,595,000		3,167,969
				6,399,332
Industrials - 10.3%
Amphenol Corporation, 4.350%, due 06/01/29		5,950,000		5,990,696
Amphenol Corporation, 2.200%, due 09/15/31		3,000,000		2,590,378
Cintas Corporation, 4.000%, due 05/01/32		1,874,000		1,835,849
Honeywell International, Inc., 1.100%, due 03/01/27		650,000		608,684
Honeywell International, Inc., 4.950%, due 02/15/28		870,000		900,080
Honeywell International, Inc., 2.700%, due 08/15/29		650,000		613,583
Honeywell International, Inc., 1.750%, due 09/01/31		600,000		514,561
Honeywell International, Inc., 4.950%, due 09/01/31		4,165,000		4,352,905
Honeywell International, Inc., 4.750%, due 02/01/32		5,000,000		5,141,857
Honeywell International, Inc., 5.000%, due 02/15/33		3,212,000		3,353,947
Honeywell International, Inc., 4.500%, due 01/15/34		655,000		660,210
Hubbell, Inc., 3.150%, due 08/15/27		5,632,000		5,460,657
Hubbell, Inc., 2.300%, due 03/15/31		970,000		850,933
Illinois Tool Works, Inc., 2.650%, due 11/15/26		10,601,000		10,351,858
L3 Harris Technologies, Inc., 5.050%, due 06/01/29		1,500,000		1,544,519
L3 Harris Technologies, Inc., 5.250%, due 06/01/31		800,000		832,115
L3 Harris Technologies, Inc., 5.400%, due 07/31/33		1,900,000		1,982,054
L3 Harris Technologies, Inc., 5.350%, due 06/01/34		800,000		831,409
Lockheed Martin Corporation, 3.550%, due 01/15/26		3,848,000		3,820,925
Lockheed Martin Corporation, 5.100%, due 11/15/27		3,057,000		3,163,383
Lockheed Martin Corporation, 4.450%, due 05/15/28		1,000,000		1,015,712
Lockheed Martin Corporation, 1.850%, due 06/15/30		1,000,000		884,827
Lockheed Martin Corporation, 5.250%, due 01/15/33		2,560,000		2,724,096
Lockheed Martin Corporation, 4.750%, due 02/15/34		650,000		666,053
PACCAR Financial Corporation, 1.800%, due 02/06/25		350,000		346,273
PACCAR Financial Corporation, 1.100%, due 05/11/26		835,000		797,364
PACCAR Financial Corporation, 2.000%, due 02/04/27		500,000		477,786
PACCAR Financial Corporation, 4.600%, due 01/10/28		1,050,000		1,066,987
United Parcel Service, Inc., 2.800%, due 11/15/24		1,000,000		997,146
United Parcel Service, Inc., 2.400%, due 11/15/26		1,869,000		1,810,257
United Parcel Service, Inc., 4.450%, due 04/01/30		740,000		754,247
United Parcel Service, Inc., 5.150%, due 05/22/34		2,450,000		2,574,768
				69,516,119
Materials - 3.2%
Carlisle Companies, Inc., 2.200%, due 03/01/32		4,650,000		3,931,882
Ecolab, Inc., 2.700%, due 11/01/26		6,438,000		6,272,187
Ecolab, Inc., 3.250%, due 12/01/27		3,676,000		3,596,248
Ecolab, Inc., 4.800%, due 03/24/30		1,745,000		1,799,724
Ecolab, Inc., 1.300%, due 01/30/31		2,705,000		2,271,681
Ecolab, Inc., 2.125%, due 02/01/32		2,576,000		2,236,306

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

CORPORATE BONDS - 55.4% (Continued)	Par Value		Fair Value
Materials - 3.2% (Continued)
RPM International, Inc., 3.750%, due 03/15/27	$	1,250,000	$	1,230,651
				21,338,679
Technology - 15.3%
Analog Devices, Inc., 2.100%, due 10/01/31		800,000		696,005
Analog Devices, Inc., 5.050%, due 04/01/34		4,230,000		4,424,317
Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26		600,000		590,660
Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29		6,800,000		6,301,491
Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31		3,650,000		3,216,229
Cisco Systems, Inc., 3.500%, due 06/15/25		5,000,000		4,972,471
Cisco Systems, Inc., 2.950%, due 02/28/26		2,770,000		2,733,246
Cisco Systems, Inc., 2.500%, due 09/20/26		3,080,000		3,005,530
Mastercard, Inc., 2.000%, due 03/03/25		5,625,000		5,565,625
Mastercard, Inc., 2.950%, due 11/21/26		2,000,000		1,961,343
Mastercard, Inc., 3.300%, due 03/26/27		2,150,000		2,119,287
Mastercard, Inc., 3.500%, due 02/26/28		450,000		444,242
Mastercard, Inc., 3.350%, due 03/26/30		1,500,000		1,448,110
Mastercard, Inc., 2.000%, due 11/18/31		3,717,000		3,208,832
Mastercard, Inc., 4.850%, due 03/09/33		4,100,000		4,257,644
Mastercard, Inc., 4.875%, due 05/09/34		2,500,000		2,583,665
Moody's Corporation, 3.250%, due 01/15/28		6,206,000		6,063,721
Moody's Corporation, 4.250%, due 02/01/29		5,289,000		5,313,695
Moody's Corporation, 4.250%, due 08/08/32		2,853,000		2,807,974
S&P Global, Inc., 2.950%, due 01/22/27		3,675,000		3,586,354
S&P Global, Inc., 2.450%, due 03/01/27		3,000,000		2,892,807
S&P Global, Inc., 4.750%, due 08/01/28		1,115,000		1,140,075
S&P Global, Inc., 4.250%, due 05/01/29		427,000		429,105
S&P Global, Inc., 2.500%, due 12/01/29		700,000		645,946
S&P Global, Inc., 1.250%, due 08/15/30		2,600,000		2,216,459
S&P Global, Inc., 2.900%, due 03/01/32		2,200,000		1,999,024
S&P Global, Inc., 5.250%, due 09/15/33		900,000		953,172
Texas Instruments, Inc., 1.375%, due 03/12/25		1,160,000		1,143,588
Texas Instruments, Inc., 2.250%, due 09/04/29		1,112,000		1,024,796
Texas Instruments, Inc., 1.750%, due 05/04/30		4,880,000		4,306,086
Texas Instruments, Inc., 1.900%, due 09/15/31		2,000,000		1,740,527
Texas Instruments, Inc., 3.650%, due 08/16/32		1,293,000		1,245,773
Texas Instruments, Inc., 4.900%, due 03/14/33		1,400,000		1,462,588
Texas Instruments, Inc., 4.850%, due 02/08/34		2,947,000		3,061,054
Visa, Inc., 3.150%, due 12/14/25		3,905,000		3,863,434
Visa, Inc., 1.900%, due 04/15/27		3,854,000		3,681,288
Visa, Inc., 2.750%, due 09/15/27		6,051,000		5,880,583
				102,986,746
Total Corporate Bonds (Cost $371,271,056)			$	372,253,540

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 16.6%	Shares		Fair Value
Consumer Discretionary - 0.8%
Retail - Discretionary - 0.8%
Genuine Parts Company		40,000	$	5,587,200
Consumer Staples - 1.8%
Beverages - 1.8%
Coca-Cola Europacific Partners plc		150,000		11,812,500
Energy - 3.6%
Oil & Gas Producers - 3.6%
Chevron Corporation		50,000		7,363,500
Diamondback Energy, Inc.		45,200		7,792,480
Exxon Mobil Corporation		80,000		9,377,600
				24,533,580
Financials - 3.0%
Banking - 1.5%
Truist Financial Corporation		225,000		9,623,250
Specialty Finance - 1.5%
Fidelity National Financial, Inc.		165,000		10,239,900
Industrials - 4.4%
Aerospace & Defense - 1.5%
Lockheed Martin Corporation		17,000		9,937,520
Industrial Support Services - 2.9%
Fastenal Company		106,000		7,570,520
Watsco, Inc.		24,000		11,805,120
				19,375,640
Real Estate - 1.9%
Real Estate Owners & Developers - 1.3%
Texas Pacific Land Corporation		10,000		8,847,400
REITs - 0.6%
SBA Communications Corporation - Class A		15,000		3,610,500
Technology - 1.1%
Semiconductors - 1.1%
Texas Instruments, Inc.		37,000		7,643,090
Total Common Stocks (Cost $61,652,432)			$	111,210,580

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 4.8%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.86% (b) (Cost $32,493,670)		32,493,670	$	32,493,670
Total Investments at Fair Value - 99.4% (Cost $619,699,626)			$	667,765,465
Other Assets in Excess of Liabilities - 0.6%				4,089,193
Net Assets - 100.0%			$	671,854,658

(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 September 30, 2024.

SCHWARTZ VALUE FOCUSED FUND

SCHEDULE OF INVESTMENTS 

September 30, 2024 (Unaudited)

COMMON STOCKS - 91.0%	Shares		Fair Value
Consumer Discretionary - 9.2%
Home Construction - 4.2%
Masco Corporation	20,000	$	1,678,800
Leisure Facilities & Services - 3.4%
Madison Square Garden Sports Corporation *	6,400		1,332,864
Leisure Products - 1.6%
YETI Holdings, Inc. *	15,300		627,759
Energy - 15.5%
Oil & Gas Producers - 11.8%
Chesapeake Energy Corporation	12,300		1,011,675
Devon Energy Corporation	20,000		782,400
Exxon Mobil Corporation	5,000		586,100
Occidental Petroleum Corporation	36,000		1,855,440
Permian Basin Royalty Trust	38,735		460,559
			4,696,174
Oil & Gas Services & Equipment - 3.7%
Schlumberger Ltd.	34,800		1,459,860
Financials - 6.7%
Institutional Financial Services - 3.2%
Intercontinental Exchange, Inc.	8,000		1,285,120
Insurance - 3.5%
Berkshire Hathaway, Inc. - Class A *	2		1,382,360
Industrials - 2.4%
Electrical Equipment - 2.4%
A.O. Smith Corporation	10,600		952,198
Materials - 3.1%
Metals & Mining - 3.1%
Franco-Nevada Corporation	2,200		273,350
Pan American Silver Corporation	45,500		949,585
			1,222,935

SCHWARTZ VALUE FOCUSED FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 91.0% (Continued)	Shares		Fair Value
Real Estate - 45.9%
Multi-Asset Class Owners & Developers - 4.8%
Landbridge Company, LLC - Class A *	48,659	$	1,903,540
Real Estate Owners & Developers - 41.1%
St. Joe Company (The)	52,600		3,067,106
Texas Pacific Land Corporation	15,000		13,271,100
			16,338,206
Technology - 8.2%
Technology Services - 8.2%
Mastercard, Inc. - Class A	3,750		1,851,750
Moody's Corporation	3,000		1,423,770
			3,275,520
Total Common Stocks (Cost $17,389,935)		$	36,155,336

MONEY MARKET FUNDS - 9.2%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 4.86% (a)	1,826,707	$	1,826,707
Federated Hermes Treasury Obligations Fund - Institutional Shares, 4.80% (a)	1,815,014		1,815,014
Total Money Market Funds (Cost $3,641,721)		$	3,641,721
Total Investments at Fair Value - 100.2% (Cost $21,031,656)		$	39,797,057
Liabilities in Excess of Other Assets - (0.2%)			(85,483	)
Net Assets - 100.0%		$	39,711,574

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of September 30, 2024.