Form NPORT-P SCHWARTZ INVESTMENT TRUS For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000891160
          XXXXXXXX
        
      
      
      
      
        S000001548
        C000004202
      
      
      
    
  
  
    
      Schwartz Investment Trust
      811-07148
      0000891160
      549300TMUIREL25T6R98
      801 West Ann Arbor Trail
      Suite 244
      Plymouth
      
      48170
      248-644-8500
      SCHWARTZ VALUE FOCUSED FUND
      S000001548
      549300S5P0KT72V4JU39
      2022-12-31
      2022-03-31
      N
    
    
      25626038.51
      44536.54
      25581501.97
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      3766.68
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        CME Group Inc.
        LCZ7XYGSLJUHFXXNXD88
        
        12572Q105
        
          
        
        4650.00000000
        NS
        USD
        1106049.00000000
        4.323628070381
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Garmin Ltd
        2549001E0HIPIJQ0W046
        
        H2906T109
        
          
        
        2500.00000000
        NS
        USD
        296525.00000000
        1.159138350624
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Valvoline Inc
        549300CMHPBEY6VPOT75
        
        92047W101
        
          
        
        25000.00000000
        NS
        USD
        789000.00000000
        3.084259872329
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Purple Innovation, Inc.
        N/A
        
        74640Y106
        
          
        
        151150.00000000
        NS
        USD
        884227.50000000
        3.456511275361
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated
        25490005VWJDWX717014
        
        60934N856
        
          
        
        976568.12000000
        PA
        USD
        976568.12000000
        3.817477649065
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Markel Corporation
        549300SCNO12JLWIK605
        
        570535104
        
          
        
        500.00000000
        NS
        USD
        737620.00000000
        2.883411618539
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Devon Energy Corporation
        54930042348RKR3ZPN35
        
        25179M103
        
          
        
        25000.00000000
        NS
        USD
        1478250.00000000
        5.778589551675
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc.
        5493000C01ZX7D35SD85
        
        084670108
        
          
        
        2.00000000
        NS
        USD
        1057842.00000000
        4.135183310348
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Franco Nevada Corp
        N/A
        
        351858105
        
          
        
        7690.00000000
        NS
        USD
        1226708.80000000
        4.795296231779
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERCO
        5493003WIDMLDHYC6Y24
        
        023586100
        
          
        
        1000.00000000
        NS
        USD
        596940.00000000
        2.333483001506
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pan American Silver Corp.
        549300MKTF5851TYIB83
        
        697900108
        
          
        
        20000.00000000
        NS
        USD
        546000.00000000
        2.134354740547
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Schlumberger Limited
        213800ZUA17OK3QLGM62
        
        806857108
        
          
        
        19800.00000000
        NS
        USD
        817938.00000000
        3.197380673578
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Pacific Land Corporation
        529900WTH0D1S7BB4S10
        
        88262P102
        
          
        
        5500.00000000
        NS
        USD
        7436605.00000000
        29.07024383760
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Company
        FY8JBF7CCL2VE4F1B628
        
        723787107
        
          
        
        7240.00000000
        NS
        USD
        1810217.20000000
        7.076274106668
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentex Corp
        549300S3UD8XV1MN0287
        
        371901109
        
          
        
        15000.00000000
        NS
        USD
        437550.00000000
        1.710415598400
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        
        166764100
        
          
        
        9169.00000000
        NS
        USD
        1492988.27000000
        5.836202548821
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        
        57636Q104
        
          
        
        1500.00000000
        NS
        USD
        536070.00000000
        2.095537629606
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Avid Bioservices Inc
        549300GRUS3ZMGP8MX22
        
        05368M106
        
          
        
        5000.00000000
        NS
        USD
        101850.00000000
        0.398139249679
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Madison Square Garden Sports Corp
        529900BQELIZ5ZQYB788
        
        55825T103
        
          
        
        3000.00000000
        NS
        USD
        538080.00000000
        2.103394869585
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Moody's Corp
        549300GCEDD8YCF5WU84
        
        615369105
        
          
        
        1500.00000000
        NS
        USD
        506115.00000000
        1.978441299473
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrick Gold Corporation
        0O4KBQCJZX82UKGCBV73
        
        067901108
        
          
        
        35300.00000000
        NS
        USD
        865909.00000000
        3.384902892001
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vontier Corporation
        549300VVSQLG4P5K4639
        
        928881101
        
          
        
        16300.00000000
        NS
        USD
        413857.00000000
        1.617797893514
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Intercontinental Exchange Inc
        5493000F4ZO33MV32P92
        
        45866F104
        
          
        
        7200.00000000
        NS
        USD
        951264.00000000
        3.718561955883
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-21
      Schwartz Value Focused Fund
      Daniel Bauer
      Daniel Bauer
      AVP, Fund Accounting
    
  
  XXXX

 

AVE MARIA VALUE FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
COMMON STOCKS - 91.7%		Shares				Market Value
Communications - 2.4%
Internet Media & Services - 0.9%
eDreams ODIEGO S.A. - ADR *			32,729			$	2,931,465
Publishing & Broadcasting - 1.5%
Liberty Media Corporation - Liberty Formula One - Series C *			75,000				5,238,000
Consumer Discretionary - 7.8%
Automotive - 1.9%
Gentex Corporation			220,000				6,417,400
Home & Office Products - 1.2%
Purple Innovation, Inc. *			703,000				4,112,550
Leisure Facilities & Services - 3.8%
Bowlero Corporation *			464,574				4,947,713
Madison Square Garden Sports Corporation *			45,000				8,071,200
							13,018,913
Leisure Products - 0.9%
YETI Holdings, Inc. *			53,500				3,208,930
Consumer Staples - 1.1%
Beverages - 1.1%
Remy Cointreau S.A. - ADR			175,550				3,602,286
Energy - 16.5%
Oil & Gas Producers - 12.5%
Chevron Corporation			124,000				20,190,920
Pioneer Natural Resources Company			90,000				22,502,700
							42,693,620
Oil & Gas Services & Equipment - 4.0%
Core Laboratories N.V.			94,000				2,973,220
Schlumberger Ltd.			263,900				10,901,709
							13,874,929
Financials - 14.8%
Asset Management - 0.8%
KKR & Company, Inc.			50,000				2,923,500
Banking - 1.9%
Hingham Institution for Savings (The)			18,837				6,464,858
Institutional Financial Services - 6.0%
CME Group, Inc.			41,800				9,942,548
Intercontinental Exchange, Inc.			80,500				10,635,660
							20,578,208
Insurance - 3.6%
Brown & Brown, Inc.			71,700				5,181,759
Markel Corporation *			4,850				7,154,914
							12,336,673

AVE MARIA VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)		Shares				Market Value
Financials - 14.8% (Continued)
Specialty Finance - 2.5%
Fidelity National Financial, Inc.			175,000			$	8,547,000
Health Care - 11.3%
Biotech & Pharma - 2.0%
Mirion Technologies, Inc. *			825,000				6,657,750
Health Care Facilities & Services - 2.7%
Chemed Corporation			18,300				9,269,865
Medical Equipment & Devices - 6.6%
Alcon, Inc.			135,000				10,709,550
Haemonetics Corporation *			189,000				11,948,580
							22,658,130
Industrials - 11.3%
Aerospace & Defense - 1.5%
HEICO Corporation - Class A			40,000				5,073,200
Electrical Equipment - 7.1%
A.O. Smith Corporation			80,000				5,111,200
Otis Worldwide Corporation			85,000				6,540,750
Vontier Corporation			500,000				12,695,000
							24,346,950
Industrial Support Services - 2.7%
AMERCO			10,800				6,446,952
Watsco, Inc.			10,000				3,046,400
							9,493,352
Materials - 10.2%
Chemicals - 3.0%
Valvoline, Inc.			330,000				10,414,800
Metals & Mining - 7.2%
Barrick Gold Corporation			300,000				7,359,000
Franco-Nevada Corporation			79,000				12,602,080
Newmont Corporation			60,000				4,767,000
							24,728,080
Real Estate - 10.7%
Real Estate Owners & Developers - 10.0%
Texas Pacific Land Corporation			25,500				34,478,805
REITs - 0.7%
Lamar Advertising Company - Class A			20,000				2,323,600
Technology - 5.6%
Software - 1.6%
Change Healthcare, Inc. *			245,000				5,341,000
Technology Services - 4.0%
CDW Corporation			29,750				5,321,977

AVE MARIA VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 91.7% (Continued)		Shares				Market Value
Technology - 5.6% (Continued)
Technology Services - 4.0% (Continued)
Jack Henry & Associates, Inc.			43,050			$	8,483,003
							13,804,980
Total Common Stocks (Cost $219,568,969)						$	314,538,844

 

MONEY MARKET FUNDS - 8.4%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (a)			16,709,212			$	16,709,212
Federated Hermes Treasury Obligations Fund - Institutional Shares, 0.13% (a)			12,113,625				12,113,625
Total Money Market Funds (Cost $28,822,837)						$	28,822,837
Total Investments at Market Value - 100.1% (Cost $248,391,806)						$	343,361,681
Liabilities in Excess of Other Assets - (0.1%)							(435,850	)
Net Assets - 100.0%						$	342,925,831

 

ADR -

American Depositary Receipt.

*	Non-income producing security.

(a)	The rate shown is the 7-day effective yield as of March 31, 2022.

 

AVE MARIA GROWTH FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
COMMON STOCKS - 99.9%		Shares				Market Value
Communications - 0.3%
Internet Media & Services - 0.3%
Angi, Inc. - Class A *			453,087			$	2,569,003
Consumer Discretionary - 14.5%
Home & Office Products - 1.9%
Purple Innovation, Inc. *			3,031,000				17,731,350
Retail - Discretionary - 6.5%
Lowe's Companies, Inc.			122,000				24,667,180
O'Reilly Automotive, Inc. *			51,000				34,932,960
							59,600,140
Wholesale - Discretionary - 6.1%
Copart, Inc. *			450,000				56,461,500
Energy - 1.4%
Oil & Gas Producers - 1.4%
Chesapeake Energy Corporation			150,000				13,050,000
Financials - 8.7%
Asset Management - 4.4%
Brookfield Asset Management Reinsurance Partners Ltd. - Class A *			4,913				281,024
Brookfield Asset Management, Inc. - Class A			712,500				40,306,125
							40,587,149
Diversified Financial Services - 4.3%
S&P Global, Inc.			96,000				39,377,280
Health Care - 2.1%
Health Care Facilities & Services - 1.1%
Chemed Corporation			20,000				10,131,000
Medical Equipment & Devices - 1.0%
Medtronic plc			83,000				9,208,850
Industrials - 12.2%
Aerospace & Defense - 4.7%
HEICO Corporation - Class A			341,876				43,360,133
Electrical Equipment - 7.5%
API Group Corporation *			1,795,000				37,748,850
Roper Technologies, Inc.			68,000				32,111,640
							69,860,490
Materials - 7.5%
Containers & Packaging - 7.5%
AptarGroup, Inc.			325,000				38,187,500
Ardagh Metal Packaging S.A. *			3,872,376				31,482,417
							69,669,917

AVE MARIA GROWTH FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.9% (Continued)		Shares				Market Value
Real Estate - 7.2%
Real Estate Owners & Developers - 0.7%
Texas Pacific Land Corporation			5,000			$	6,760,550
REITs - 6.5%
Equinix, Inc.			40,500				30,035,610
SBA Communications Corporation			86,000				29,592,600
							59,628,210
Technology - 46.0%
Semiconductors - 7.9%
Advanced Micro Devices, Inc. *			166,500				18,205,110
Texas Instruments, Inc.			300,000				55,044,000
							73,249,110
Software - 17.8%
Adobe, Inc. *			64,000				29,159,680
ANSYS, Inc. *			54,000				17,153,100
Autodesk, Inc. *			20,000				4,287,000
Change Healthcare, Inc. *			1,603,389				34,953,880
Microsoft Corporation			180,000				55,495,800
Software AG - ADR			2,658,504				23,501,176
							164,550,636
Technology Services - 20.3%
Accenture plc - Class A			81,000				27,315,630
Broadridge Financial Solutions, Inc.			170,000				26,470,700
Mastercard, Inc. - Class A			142,000				50,747,960
Moody's Corporation			95,000				32,053,950
Visa, Inc. - Class A			229,000				50,785,330
							187,373,570
Total Common Stocks (Cost $610,161,000)						$	923,168,888

 

MONEY MARKET FUNDS - 0.6%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (a) (Cost $5,308,719)			5,308,719			$	5,308,719
Total Investments at Market Value - 100.5% (Cost $615,469,719)						$	928,477,607
Liabilities in Excess of Other Assets - (0.5%)							(4,190,322	)
Net Assets - 100.0%						$	924,287,285

 

ADR -

American Depositary Receipt.

*	Non-income producing security.

(a)	The rate shown is the 7-day effective yield as of March 31, 2022.

AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
COMMON STOCKS - 97.7%		Shares				Market Value
Communications - 1.0%
Internet Media & Services - 1.0%
Booking Holdings, Inc. *			4,000			$	9,393,800
Consumer Discretionary - 12.9%
Leisure Products - 2.4%
Polaris Industries, Inc.			140,000				14,744,800
Thor Industries, Inc.			100,000				7,870,000
							22,614,800
Retail - Discretionary - 10.5%
Genuine Parts Company			150,000				18,903,000
Lowe's Companies, Inc.			140,000				28,306,600
RH *			50,000				16,304,500
TJX Companies, Inc. (The)			300,000				18,174,000
Tractor Supply Company			79,500				18,552,915
							100,241,015
Consumer Staples - 1.5%
Beverages - 1.5%
Coca-Cola European Partners plc			300,000				14,583,000
Energy - 8.4%
Oil & Gas Producers - 8.4%
Chevron Corporation			200,000				32,566,000
Pioneer Natural Resources Company			190,000				47,505,700
							80,071,700
Financials - 17.6%
Asset Management - 2.4%
Brookfield Asset Management, Inc. - Class A			400,000				22,628,000
Banking - 6.2%
First Horizon Corporation			1,100,000				25,839,000
Truist Financial Corporation			575,000				32,602,500
							58,441,500
Insurance - 5.6%
Brown & Brown, Inc.			180,000				13,008,600
Chubb Ltd.			190,000				40,641,000
							53,649,600
Specialty Finance - 3.4%
Fidelity National Financial, Inc.			670,000				32,722,800
Health Care - 8.9%
Health Care Facilities & Services - 5.1%
Chemed Corporation			70,000				35,458,500
Quest Diagnostics, Inc.			95,000				13,001,700
							48,460,200
Medical Equipment & Devices - 3.8%
Medtronic plc			330,000				36,613,500

AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.7% (Continued)		Shares				Market Value
Industrials - 10.0%
Aerospace & Defense - 4.7%
HEICO Corporation - Class A			137,120			$	17,390,930
Lockheed Martin Corporation			62,500				27,587,500
							44,978,430
Commercial Support Services - 1.7%
Rentokil Initial plc			2,371,000				16,369,955
Electrical Equipment - 1.3%
Roper Technologies, Inc.			25,000				11,805,750
Transportation & Logistics - 2.3%
United Parcel Service, Inc. - Class B			100,000				21,446,000
Real Estate - 7.2%
Real Estate Owners & Developers - 4.3%
Texas Pacific Land Corporation			30,000				40,563,300
REITs - 2.9%
Equinix, Inc.			37,400				27,736,588
Technology - 30.2%
Semiconductors - 4.1%
Texas Instruments, Inc.			215,000				39,448,200
Software - 10.0%
ANSYS, Inc. *			28,000				8,894,200
Microsoft Corporation			110,000				33,914,100
SAP SE			180,000				20,064,372
SS&C Technologies Holdings, Inc.			425,000				31,883,500
							94,756,172
Technology Services - 16.1%
Accenture plc - Class A			93,000				31,362,390
Broadridge Financial Solutions, Inc.			205,000				31,920,550
Jack Henry & Associates, Inc.			114,500				22,562,225
Moody's Corporation			75,000				25,305,750
Visa, Inc. - Class A			190,000				42,136,300
							153,287,215
Total Common Stocks (Cost $620,224,682)						$	929,811,525

AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 2.6%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (a) (Cost $24,425,242)			24,425,242			$	24,425,242
Total Investments at Market Value - 100.3% (Cost $644,649,924)						$	954,236,767
Liabilities in Excess of Other Assets - (0.3%)							(2,787,458	)
Net Assets - 100.0%						$	951,449,309

  

*	Non-income producing security.

(a)	The rate shown is the 7-day effective yield as of March 31, 2022.

AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
COMMON STOCKS - 98.5%		Shares				Market Value
Communications - 4.0%
Entertainment Content - 1.7%
Electronic Arts, Inc.			12,000			$	1,518,120
Internet Media & Services - 2.3%
eDreams ODIGEO S.A. *			232,500				2,063,812
Consumer Discretionary - 3.9%
Automotive - 1.0%
Ferrari N.V.			4,000				872,360
Retail - Discretionary - 2.9%
Lowe's Companies, Inc.			12,950				2,618,361
Consumer Staples - 5.1%
Beverages - 3.2%
Coca-Cola European Partners plc			59,000				2,867,990
Food - 1.9%
Mondelez International, Inc. - Class A			27,500				1,726,450
Energy - 7.7%
Oil & Gas Producers - 7.7%
Chevron Corporation			10,350				1,685,290
Pioneer Natural Resources Company			17,605				4,401,778
Rubis SCA			27,750				820,367
							6,907,435
Financials - 17.5%
Banking - 3.0%
First Horizon Corporation			55,000				1,291,950
Truist Financial Corporation			24,500				1,389,150
							2,681,100
Diversified Financial Services - 3.1%
S&P Global, Inc.			6,800				2,789,224
Insurance - 9.2%
AXA S.A. - ADR			92,600				2,701,142
Chubb Ltd.			15,500				3,315,450
Willis Towers Watson plc			9,300				2,196,846
							8,213,438
Specialty Finance - 2.2%
Fidelity National Financial, Inc.			39,500				1,929,180
Health Care - 12.6%
Health Care Facilities & Services - 4.1%
IQVIA Holdings, Inc. *			15,790				3,650,806
Medical Equipment & Devices - 8.5%
Alcon, Inc.			25,500				2,022,915
Koninklijke Philips N.V.			50,099				1,529,522

AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.5% (Continued)		Shares				Market Value
Health Care - 12.6% (Continued)
Medical Equipment & Devices - 8.5% (Continued)
Medtronic plc			22,919			$	2,542,863
Stevanto Group S.p.A. *			73,881				1,486,486
							7,581,786
Industrials - 19.1%
Aerospace & Defense - 1.8%
Lockheed Martin Corporation			3,750				1,655,250
Commercial Services - 2.8%
Karooooo Ltd. *			24,828				736,150
Teleperformance S.A. - ADR			9,381				1,788,019
							2,524,169
Commercial Support Services - 3.9%
Edenred			38,500				1,914,629
GFL Environmental, Inc.			47,000				1,529,380
							3,444,009
Diversified Industrials - 2.0%
Eaton Corporation plc			11,500				1,745,240
Electrical Equipment - 2.9%
Otis Worldwide Corporation			12,000				923,400
TE Connectivity Ltd.			12,950				1,696,191
							2,619,591
Machinery - 2.7%
ITOCHU Corporation			28,000				949,975
Nidec Corporation			18,285				1,448,549
							2,398,524
Transportation & Logistics - 3.0%
Canadian National Railway Company			10,000				1,341,400
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Series B *			83,100				1,336,092
							2,677,492
Real Estate - 2.1%
Real Estate Services - 1.2%
FirstService Corporation			7,500				1,086,600
REITs - 0.9%
Equinix, Inc.			1,075				797,241
Technology - 26.5%
IT Services - 0.3%
StoneCo Ltd. - Class A *			23,500				274,950
Semiconductors - 4.2%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR			21,000				2,189,460
Texas Instruments, Inc.			8,500				1,559,580
							3,749,040
Software - 10.6%
Adobe, Inc. *			3,680				1,676,682

AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.5% (Continued)		Shares				Market Value
Technology - 26.5% (Continued)
Software - 10.6% (Continued)
Microsoft Corporation			15,800			$	4,871,298
SAP SE			20,000				2,229,375
Sapiens International Corporation N.V.			28,052				712,240
							9,489,595
Technology Hardware - 1.6%
Murata Manufacturing Company Ltd.			20,640				1,363,703
Technology Services - 9.8%
Accenture plc - Class A			10,500				3,540,915
Mastercard, Inc. - Class A			10,000				3,573,800
Visa, Inc. - Class A			7,500				1,663,275
							8,777,990
Total Common Stocks (Cost $63,817,804)						$	88,023,456

 

MONEY MARKET FUNDS - 1.6%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (a) (Cost $1,432,648)			1,432,648			$	1,432,648
Total Investments at Market Value - 100.1% (Cost $65,250,452)						$	89,456,104
Liabilities in Excess of Other Assets - (0.1%)							(78,611	)
Net Assets - 100.0%						$	89,377,493

 

ADR -

American Depositary Receipt.

*	Non-income producing security.

(a)	The rate shown is the 7-day effective yield as of March 31, 2022.

AVE MARIA WORLD EQUITY FUND
SUMMARY OF COMMON STOCKS BY COUNTRY
March 31, 2022 (Unaudited)
Country			Market Value				% of Net Assets
United States **		$	49,246,044				55.1	%
France			7,224,157				8.1	%
Switzerland			5,338,365				6.0	%
United Kingdom			5,064,836				5.7	%
Canada			3,957,380				4.4	%
Japan			3,762,227				4.2	%
Italy			2,358,846				2.6	%
Germany			2,229,375				2.5	%
Taiwan			2,189,460				2.5	%
Spain			2,063,812				2.3	%
Netherlands			1,529,522				1.7	%
Mexico			1,336,092				1.5	%
Singapore			736,150				0.8	%
Israel			712,240				0.8	%
Brazil			274,950				0.3	%
Total		$	88,023,456				98.5	%

  

**

Includes any company deemed to be a “non-U.S. company” as defined in the Fund’s Prospectus. According to the Fund’s Prospectus, a “non-U.S. company” is one that is headquartered outside 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, 2022 (Unaudited)
COMMON STOCKS - 99.4%		Shares				Market Value
Communications - 15.5%
Internet Media & Services - 15.5%
eDreams ODIGEO S.A. *			1,008,720			$	8,954,014
Consumer Discretionary - 1.6%
Automotive - 1.6%
Ferrari N.V.			4,284				934,298
Energy - 9.1%
Renewable Energy - 9.1%
Archaea Energy, Inc. *			103,225				2,263,724
Green Plains, Inc. *			96,617				2,996,093
							5,259,817
Financials - 8.1%
Asset Management - 8.1%
Brookfield Asset Management Reinsurance Partners Ltd. - Class A *			48,153				2,754,352
Brookfield Asset Management, Inc. - Class A			33,897				1,917,553
							4,671,905
Health Care - 3.4%
Health Care Facilities & Services - 3.4%
Chemed Corporation			3,846				1,948,191
Industrials - 26.7%
Aerospace & Defense - 3.7%
AMMO, Inc. *			454,600				2,182,080
Commercial Support Services - 11.7%
GFL Environmental, Inc.			207,896				6,764,936
Electrical Equipment - 11.3%
API Group Corporation *			310,909				6,538,416
Materials - 2.8%
Chemicals - 2.8%
Valvoline, Inc.			51,867				1,636,923
Real Estate - 8.0%
Real Estate Owners & Developers - 4.5%
Texas Pacific Land Corporation			1,920				2,596,051
REITs - 3.5%
Equinix, Inc.			2,776				2,058,737
Technology - 24.2%
Software - 13.6%
Adobe, Inc. *			5,581				2,542,815
Autodesk, Inc. *			8,496				1,821,118
Microsoft Corporation			7,196				2,218,599
Tyler Technologies, Inc. *			2,946				1,310,646
							7,893,178

AVE MARIA FOCUSED FUND SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.4% (Continued)			Shares				Market Value
Technology - 24.2% (Continued)
Technology Hardware - 5.3%
NextDC Ltd. *			353,704			$	3,057,976
Technology Services - 5.3%
Mastercard, Inc. - Class A			3,593				1,284,066
Moody's Corporation			2,831				955,208
Visa, Inc. - Class A			3,895				863,794
							3,103,068
Total Common Stocks (Cost $49,215,869)						$	57,599,590

 

MONEY MARKET FUNDS - 1.1%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (a) (Cost $615,097)			615,097			$	615,097
Total Investments at Market Value - 100.5% (Cost $49,830,966)						$	58,214,687
Liabilities in Excess of Other Assets - (0.5%)							(255,033	)
Net Assets - 100.0%						$	57,959,654

 

*

Non-income producing security.

(a)

The rate shown is the 7-day effective yield as of March 31, 2022.

AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
U.S. GOVERNMENT & AGENCIES - 23.0%		Par Value				Market Value
U.S. Treasury Inflation-Protected Notes - 12.1% (a)
0.625%, due 04/15/23		$	6,110,478			$	6,371,128
0.500%, due 04/15/24			11,144,400				11,720,992
2.375%, due 01/15/25			4,473,390				4,973,064
0.625%, due 01/15/26			5,914,550				6,316,901
2.000%, due 01/15/26			4,248,420				4,768,520
0.125%, due 04/15/26			5,358,850				5,611,825
0.375%, due 01/15/27			4,537,962				4,818,571
0.375%, due 07/15/27			7,468,630				7,968,192
0.500%, due 01/15/28			5,697,450				6,108,735
0.750%, due 07/15/28			2,799,350				3,068,295
							61,726,223
U.S. Treasury Notes - 10.9%
1.875%, due 07/31/22			2,500,000				2,509,082
1.625%, due 08/31/22			10,000,000				10,028,906
2.875%, due 11/30/23			10,000,000				10,110,156
0.375%, due 04/15/24			10,000,000				9,612,110
2.125%, due 11/30/24			10,000,000				9,910,938
0.500%, due 03/31/25			10,000,000				9,430,469
2.750%, due 08/31/25			4,000,000				4,033,125
							55,634,786
Total U.S. Government & Agencies (Cost $119,560,010)						$	117,361,009

 

CORPORATE BONDS - 51.7%		Par Value				Market Value
Communications - 1.2%
Electronic Arts, Inc., 4.800%, due 03/01/26		$	5,500,000			$	5,810,015
Consumer Discretionary - 6.2%
Lowe's Companies, Inc., 3.120%, due 04/15/22			3,000,000				3,001,184
Lowe's Companies, Inc., 3.125%, due 09/15/24			800,000				804,036
Lowe's Companies, Inc., 3.375%, due 09/15/25			1,500,000				1,516,672
Lowe's Companies, Inc., 2.500%, due 04/15/26			3,000,000				2,928,705
Lowe's Companies, Inc., 3.100%, due 05/03/27			5,000,000				4,969,118
Ross Stores, Inc., 3.375%, due 09/15/24			3,000,000				3,020,685
Ross Stores, Inc., 0.875%, due 04/15/26			5,255,000				4,805,727
TJX Companies, Inc. (The), 2.500%, due 05/15/23			2,000,000				2,001,637
TJX Companies, Inc. (The), 2.250%, due 09/15/26			3,426,000				3,332,535
TJX Companies, Inc. (The), 1.150%, due 05/15/28			2,000,000				1,777,818
TJX Companies, Inc. (The), 3.875%, due 04/15/30			1,312,000				1,366,197
VF Corporation, 2.400%, due 04/23/25			650,000				636,323
VF Corporation, 2.800%, due 04/23/27			1,200,000				1,180,451
							31,341,088
Consumer Staples - 8.2%
Coca-Cola Company (The), 1.450%, due 06/01/27			7,952,000				7,470,976
Coca-Cola Company (The), 1.000%, due 03/15/28			1,000,000				895,290
Colgate-Palmolive Company, 2.250%, due 11/15/22			500,000				501,918
Colgate-Palmolive Company, 1.950%, due 02/01/23			2,663,000				2,666,560
Colgate-Palmolive Company, 3.250%, due 03/15/24			795,000				808,441
Hershey Company (The), 2.625%, due 05/01/23			4,536,000				4,550,723
Hershey Company (The), 3.375%, due 05/15/23			500,000				504,706

AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS - 51.7% (Continued)			Par Value				Market Value
Consumer Staples - 8.2% (Continued)
Hershey Company (The), 2.050%, due 11/15/24		$	3,200,000			$	3,161,007
Hershey Company (The), 0.900%, due 06/01/25			7,450,000				7,021,973
Hershey Company (The), 3.200%, due 08/21/25			645,000				648,663
Hershey Company (The), 2.300%, due 08/15/26			2,000,000				1,957,493
Hormel Foods Corporation, 1.700%, due 06/03/28			895,000				824,621
Hormel Foods Corporation, 1.800%, due 06/11/30			1,763,000				1,580,191
Kimberly-Clark Corporation, 2.400%, due 06/01/23			440,000				440,680
Kimberly-Clark Corporation, 2.650%, due 03/01/25			1,115,000				1,109,390
Kimberly-Clark Corporation, 2.750%, due 02/15/26			1,343,000				1,342,725
Kimberly-Clark Corporation, 1.050%, due 09/15/27			4,097,000				3,720,617
McCormick & Company, Inc., 3.500%, due 09/01/23			2,500,000				2,517,809
							41,723,783
Energy - 3.2%
Chevron Corporation, 2.895%, due 03/03/24			1,824,000				1,846,035
Chevron Corporation, 2.954%, due 05/16/26			1,450,000				1,457,463
Chevron Corporation, 1.995%, due 05/11/27			5,840,000				5,613,372
Exxon Mobil Corporation, 3.176%, due 03/15/24			1,634,000				1,657,906
Exxon Mobil Corporation, 2.019%, due 08/16/24			2,650,000				2,622,827
Exxon Mobil Corporation, 2.709%, due 03/06/25			998,000				998,497
Pioneer Natural Resources, 1.125%, due 01/15/26			928,000				861,649
Pioneer Natural Resources, 1.900%, due 08/15/30			1,330,000				1,179,158
							16,236,907
Financials - 2.3%
Chubb INA Holdings, Inc., 3.150%, due 03/15/25			4,309,000				4,359,492
Chubb INA Holdings, Inc., 3.350%, due 05/03/26			500,000				507,428
PNC Financial Services Group, Inc. (The), 3.250%, due 06/01/25			1,528,000				1,543,067
PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28			4,380,000				4,377,349
U.S. Bancorp, 3.375%, due 02/05/24			1,000,000				1,014,405
							11,801,741
Health Care - 2.9%
Medtronic, Inc., 3.500%, due 03/15/25			5,598,000				5,714,163
Stryker Corporation, 3.375%, due 05/15/24			5,500,000				5,567,148
Stryker Corporation, 3.375%, due 11/01/25			1,026,000				1,035,874
Stryker Corporation, 3.500%, due 03/15/26			2,468,000				2,498,961
							14,816,146
Industrials - 7.1%
3M Company, 2.000%, due 06/26/22			1,073,000				1,074,180
3M Company, 2.250%, due 03/15/23			3,000,000				3,006,751
Hubbell, Inc., 3.150%, due 08/15/27			4,180,000				4,145,480
Illinois Tool Works, Inc., 3.500%, due 03/01/24			2,450,000				2,491,809
Illinois Tool Works, Inc., 2.650%, due 11/15/26			10,601,000				10,561,858
Lockheed Martin Corporation, 3.550%, due 01/15/26			3,110,000				3,186,936
PACCAR Financial Corporation, 1.800%, due 02/06/25			350,000				339,712
PACCAR Financial Corporation, 1.100%, due 05/11/26			835,000				774,091
PACCAR Financial Corporation, 2.000%, due 02/04/27			500,000				480,902
United Parcel Service, Inc., 2.350%, due 05/16/22			2,990,000				2,992,419
United Parcel Service, Inc., 2.200%, due 09/01/24			3,410,000				3,399,296
United Parcel Service, Inc., 2.800%, due 11/15/24			1,000,000				1,005,521
United Parcel Service, Inc., 2.400%, due 11/15/26			2,869,000				2,804,454
							36,263,409

AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS - 51.7% (Continued)			Par Value				Market Value
Materials - 2.0%
Ecolab, Inc., 2.700%, due 11/01/26		$	6,438,000			$	6,372,461
Ecolab, Inc., 3.250%, due 12/01/27			3,676,000				3,740,333
							10,112,794
Technology - 18.6%
Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29			6,500,000				6,148,178
Cisco Systems, Inc., 2.600%, due 02/28/23			2,475,000				2,493,207
Cisco Systems, Inc., 3.625%, due 03/04/24			3,500,000				3,584,697
Cisco Systems, Inc., 3.500%, due 06/15/25			5,000,000				5,118,058
Cisco Systems, Inc., 2.950%, due 02/28/26			1,000,000				1,008,882
Cisco Systems, Inc., 2.500%, due 09/20/26			3,080,000				3,055,695
Mastercard, Inc., 3.375%, due 04/01/24			3,855,000				3,928,917
Mastercard, Inc., 2.000%, due 03/03/25			5,625,000				5,542,216
Mastercard, Inc., 2.950%, due 11/21/26			2,000,000				2,016,087
Mastercard, Inc., 3.300%, due 03/26/27			5,199,000				5,306,296
Mastercard, Inc., 3.500%, due 02/26/28			450,000				463,591
Microsoft Corporation, 2.400%, due 08/08/26			5,750,000				5,696,291
Microsoft Corporation, 3.300%, due 02/06/27			5,320,000				5,480,832
Moody's Corporation, 2.625%, due 01/15/23			5,122,000				5,148,721
Moody's Corporation, 4.875%, due 02/15/24			1,500,000				1,547,351
Moody's Corporation, 3.250%, due 01/15/28			5,550,000				5,550,628
Moody's Corporation, 4.250%, due 02/01/29			5,000,000				5,231,951
Texas Instruments, Inc., 2.250%, due 05/01/23			2,500,000				2,501,872
Texas Instruments, Inc., 1.375%, due 03/12/25			1,160,000				1,117,731
Texas Instruments, Inc., 2.900%, due 11/03/27			740,000				742,877
Texas Instruments, Inc., 2.250%, due 09/04/29			1,112,000				1,057,371
Texas Instruments, Inc., 1.750%, due 05/04/30			4,880,000				4,441,139
Visa, Inc., 2.150%, due 09/15/22			4,000,000				4,012,283
Visa, Inc., 3.150%, due 12/14/25			3,905,000				3,957,615
Visa, Inc., 1.900%, due 04/15/27			3,854,000				3,711,395
Visa, Inc., 2.750%, due 09/15/27			6,051,000				6,036,211
							94,900,092
Total Corporate Bonds (Cost $272,037,389)						$	263,005,975

 

COMMON STOCKS - 19.3%		Shares				Market Value
Consumer Discretionary - 2.0%
Apparel & Textile Products - 0.8%
VF Corporation			70,000			$	3,980,200
Retail - Discretionary - 1.2%
Genuine Parts Company			49,300				6,212,786
Consumer Staples - 1.0%
Beverages - 1.0%
Coca-Cola European Partners plc			100,000				4,861,000
Energy - 2.7%
Oil & Gas Producers - 2.7%
Chevron Corporation			58,000				9,444,140

AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 19.3% (Continued)		Shares				Market Value
Energy - 2.7% (Continued)
Oil & Gas Producers - 2.7% (Continued)
Exxon Mobil Corporation			50,000			$	4,129,500
							13,573,640
Financials - 3.1%
Banking - 2.2%
First Horizon Corporation			185,500				4,357,395
Truist Financial Corporation			119,000				6,747,300
							11,104,695
Specialty Finance - 0.9%
Fidelity National Financial, Inc.			90,000				4,395,600
Health Care - 1.9%
Medical Equipment & Devices - 1.9%
Medtronic plc			89,000				9,874,550
Industrials - 5.9%
Aerospace & Defense - 2.2%
Lockheed Martin Corporation			25,000				11,035,000
Industrial Support Services - 2.7%
Fastenal Company			106,000				6,296,400
Watsco, Inc.			24,000				7,311,360
							13,607,760
Transportation & Logistics - 1.0%
United Parcel Service, Inc. - Class B			25,000				5,361,500
Real Estate - 1.4%
Real Estate Owners & Developers - 1.4%
Texas Pacific Land Corporation			5,400				7,301,394
Technology - 1.3%
Semiconductors - 1.3%
Texas Instruments, Inc.			37,000				6,788,760
Total Common Stocks (Cost $66,771,796)						$	98,096,885

AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 5.6%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (b)			24,373,657			$	24,373,657
Federated Hermes Treasury Obligations Fund - Institutional Shares, 0.13% (b)			4,203,939				4,203,939
Total Money Market Funds (Cost $28,577,596)						$	28,577,596
Total Investments at Market Value - 99.6% (Cost $486,946,791)						$	507,041,465
Other Assets in Excess of Liabilities - 0.4%							2,122,872
Net Assets - 100.0%						$	509,164,337

 

(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, 2022.

SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
COMMON STOCKS - 96.3%		Shares				Market Value
Consumer Discretionary - 7.3%
Automotive - 1.7%
Gentex Corporation			15,000			$	437,550
Home & Office Products - 3.5%
Purple Innovation, Inc. *			151,150				884,228
Leisure Facilities & Services - 2.1%
Madison Square Garden Sports Corporation *			3,000				538,080
Energy - 21.9%
Oil & Gas Producers - 18.7%
Chevron Corporation			9,169				1,492,988
Devon Energy Corporation			25,000				1,478,250
Pioneer Natural Resources Company			7,240				1,810,217
							4,781,455
Oil & Gas Services & Equipment - 3.2%
Schlumberger Ltd.			19,800				817,938
Financials - 15.1%
Institutional Financial Services - 8.1%
CME Group, Inc.			4,650				1,106,049
Intercontinental Exchange, Inc.			7,200				951,264
							2,057,313
Insurance - 7.0%
Berkshire Hathaway, Inc. - Class A *			2				1,057,842
Markel Corporation *			500				737,620
							1,795,462
Health Care - 0.4%
Biotech & Pharma - 0.4%
Avid Bioservices, Inc. *			5,000				101,850
Industrials - 3.9%
Electrical Equipment - 1.6%
Vontier Corporation			16,300				413,857
Industrial Support Services - 2.3%
AMERCO			1,000				596,940

SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 96.3% (Continued)		Shares				Market Value
Materials - 13.4%
Chemicals - 3.1%
Valvoline, Inc.			25,000			$	789,000
Metals & Mining - 10.3%
Barrick Gold Corporation			35,300				865,909
Franco-Nevada Corporation			7,690				1,226,709
Pan American Silver Corporation			20,000				546,000
							2,638,618
Real Estate - 29.1%
Real Estate Owners & Developers - 29.1%
Texas Pacific Land Corporation			5,500				7,436,605
Technology - 5.2%
Technology Hardware - 1.1%
Garmin Ltd.			2,500				296,525
Technology Services - 4.1%
Mastercard, Inc. - Class A			1,500				536,070
Moody's Corporation			1,500				506,115
							1,042,185
Total Common Stocks (Cost $12,350,602)						$	24,627,606

 

MONEY MARKET FUNDS - 3.8%			Shares				Market Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 0.06% (a) (Cost $976,568)			976,568			$	976,568
Total Investments at Market Value - 100.1% (Cost $13,327,170)						$	25,604,174
Liabilities in Excess of Other Assets - (0.1%)							(22,672	)
Net Assets - 100.0%						$	25,581,502

 

*

Non-income producing security.

(a)

The rate shown is the 7-day effective yield as of March 31, 2022.