Form NPORT-P SCHWARTZ INVESTMENT TRUS For: Mar 31

May 24, 2022 7:30 AM EDT

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    NPORT-P
    false
    
      
      
        
          0000891160
          XXXXXXXX
        
      
      
      
      
        S000001551
        C000004205
      
      
      
    
  
  
    
      Schwartz Investment Trust
      811-07148
      0000891160
      549300TMUIREL25T6R98
      801 West Ann Arbor Trail
      Suite 244
      Plymouth
      
      48170
      248-644-8500
      AVE MARIA RISING DIVIDEND FUND
      S000001551
      549300W3NE6KWWF7R314
      2022-12-31
      2022-03-31
      N
    
    
      957759298.62
      6309989.91
      951449308.71
      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
      27600.00
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        The TJX Companies Inc.
        V167QI9I69W364E2DY52
        TJX Companies, Inc. (The) 
        872540109
        
          
        
        300000.00000000
        NS
        USD
        18174000.00000000
        1.910138546912
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        Accenture plc Class A
        G1151C101
        
          
        
        93000.00000000
        NS
        USD
        31362390.00000000
        3.296275451870
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Tractor Supply Co
        549300OJ9VZHZRO6I137
        Tractor Supply Company 
        892356106
        
          
        
        79500.00000000
        NS
        USD
        18552915.00000000
        1.949963579789
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Roper Technologies Inc
        54930003T4SXCIWVXY35
        Roper Technologies, Inc. 
        776696106
        
          
        
        25000.00000000
        NS
        USD
        11805750.00000000
        1.240817549807
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Rentokil Initial PLC
        549300VN4WV7Z6T14K68
        Retokil Initial PLC 
        G7494G105
        
          
        
        2371000.00000000
        NS
        
        16369955.29000000
        1.720528370785
        Long
        EC
        CORP
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Thor Industries Inc.
        254900XZO1228PDSG060
        Thor Industries, Inc. 
        885160101
        
          
        
        100000.00000000
        NS
        USD
        7870000.00000000
        0.827159148464
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa, Inc. Class A
        92826C839
        
          
        
        190000.00000000
        NS
        USD
        42136300.00000000
        4.428643713781
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ansys Inc
        549300VJV8H15Z5FJ571
        ANSYS, Inc. 
        03662Q105
        
          
        
        28000.00000000
        NS
        USD
        8894200.00000000
        0.934805450860
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Equinix, Inc.
        549300EVUN2BTLJ3GT74
        Equinix, Inc. REIT
        29444U700
        
          
        
        37400.00000000
        NS
        USD
        27736588.00000000
        2.915193457611
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        Truist Financial Corporation 
        89832Q109
        
          
        
        575000.00000000
        NS
        USD
        32602500.00000000
        3.426614502900
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic plc 
        G5960L103
        
          
        
        330000.00000000
        NS
        USD
        36613500.00000000
        3.848181891018
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookfield Asset Management, Inc.
        C6J3FGIWG6MBDGTE8F80
        Brookfield Asset Management, Inc. Class A
        112585104
        
          
        
        400000.00000000
        NS
        USD
        22628000.00000000
        2.378266481761
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Brown & Brown Inc
        549300PC8KTJ71XKFY89
        Brown & Brown, Inc. 
        115236101
        
          
        
        180000.00000000
        NS
        USD
        13008600.00000000
        1.367240469977
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Lockheed Martin Corporation
        DPRBOZP0K5RM2YE8UU08
        Lockheed Martin Corporation 
        539830109
        
          
        
        62500.00000000
        NS
        USD
        27587500.00000000
        2.899523889234
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ss&C Tech Hldgs
        529900POY8H7NPPNKK71
        SS&C Technologies Holdings, Inc. 
        78467J100
        
          
        
        425000.00000000
        NS
        USD
        31883500.00000000
        3.351045579425
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        Lowe's Companies, Inc. 
        548661107
        
          
        
        140000.00000000
        NS
        USD
        28306600.00000000
        2.975103322990
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Company
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Company 
        723787107
        
          
        
        190000.00000000
        NS
        USD
        47505700.00000000
        4.992982764831
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Henry Jack & Associates Inc.
        529900X1QS8C54W0JB21
        Jack Henry & Associates, Inc. 
        426281101
        
          
        
        114500.00000000
        NS
        USD
        22562225.00000000
        2.371353344151
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Genuine Parts Co
        549300D46DQVEU651W04
        Genuine Parts Company 
        372460105
        
          
        
        150000.00000000
        NS
        USD
        18903000.00000000
        1.986758498529
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        Microsoft Corporation 
        594918104
        
          
        
        110000.00000000
        NS
        USD
        33914100.00000000
        3.564467354123
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 
        882508104
        
          
        
        215000.00000000
        NS
        USD
        39448200.00000000
        4.146116838687
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Financial, Inc.
        549300CAZYIH39SYQ287
        Fidelity National Financial, Inc. 
        31620R303
        
          
        
        670000.00000000
        NS
        USD
        32722800.00000000
        3.439258371459
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Europacific Partners PLC
        549300LTH67W4GWMRF57
        Coca-Cola European Partners plc 
        G25839104
        
          
        
        300000.00000000
        NS
        USD
        14583000.00000000
        1.532714340795
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Polaris Incorporation
        549300QJSN8UVWN1EI78
        Polaris Industries, Inc. 
        731068102
        
          
        
        140000.00000000
        NS
        USD
        14744800.00000000
        1.549719976147
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Limited
        E0JAN6VLUDI1HITHT809
        Chubb Ltd. 
        H1467J104
        
          
        
        190000.00000000
        NS
        USD
        40641000.00000000
        4.271483475572
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Service, Inc. Class B
        911312106
        
          
        
        100000.00000000
        NS
        USD
        21446000.00000000
        2.254034955270
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemed Corporation
        54930020031IDJT2IM79
        Chemed Corporation 
        16359R103
        
          
        
        70000.00000000
        NS
        USD
        35458500.00000000
        3.726788140513
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Incorporated
        8MCWUBXQ0WE04KMXBX50
        Quest Diagnostics, Inc. 
        74834L100
        
          
        
        95000.00000000
        NS
        USD
        13001700.00000000
        1.366515260558
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        RH 
        74967X103
        
          
        
        50000.00000000
        NS
        USD
        16304500.00000000
        1.713648835596
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE 
        D66992104
        
          
        
        180000.00000000
        NS
        
        20064372.05000000
        2.108821969423
        Long
        EC
        CORP
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Texas Pacific Land Corporation
        529900WTH0D1S7BB4S10
        Texas Pacific Land Corporation 
        88262P102
        
          
        
        30000.00000000
        NS
        USD
        40563300.00000000
        4.263316986902
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Heico Corp
        529900O1DTDLCJ7L0I14
        HEICO Corporation Class A
        422806208
        
          
        
        137120.00000000
        NS
        USD
        17390929.60000000
        1.827835644084
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions Inc.
        549300KZDJZQ2YIHRC28
        Broadridge Financial Solutions, Inc. 
        11133T103
        
          
        
        205000.00000000
        NS
        USD
        31920550.00000000
        3.354939638694
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        First Horizon Corporation
        TF3RXI1ZB1TQ30H9JV10
        First Horizon National Corporation 
        320517105
        
          
        
        1100000.00000000
        NS
        USD
        25839000.00000000
        2.715751618447
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        Booking Holdings, Inc. 
        09857L108
        
          
        
        4000.00000000
        NS
        USD
        9393800.00000000
        0.987314816880
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Moodys Corp
        549300GCEDD8YCF5WU84
        Moody's Corporation 
        615369105
        
          
        
        75000.00000000
        NS
        USD
        25305750.00000000
        2.659705542727
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated
        25490005VWJDWX717014
        Federated Government Obligations Tax-Managed Fund Institutional Shares
        60934N856
        
          
        
        24425242.12000000
        PA
        USD
        24425242.12000000
        2.567161686534
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation 
        166764100
        
          
        
        200000.00000000
        NS
        USD
        32566000.00000000
        3.422778250178
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-26
      Ave Maria Rising Dividend 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.

 



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