Form NPORT-P SCHWARTZ INVESTMENT TRUS For: Mar 31

May 24, 2022 7:38 AM EDT

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    NPORT-P
    false
    
      
      
        
          0000891160
          XXXXXXXX
        
      
      
      
      
        S000001550
        C000004204
      
      
      
    
  
  
    
      Schwartz Investment Trust
      811-07148
      0000891160
      549300TMUIREL25T6R98
      801 West Ann Arbor Trail
      Suite 244
      Plymouth
      
      48170
      248-644-8500
      AVE MARIA GROWTH FUND
      S000001550
      549300JZSQX05BGWFV18
      2022-12-31
      2022-03-31
      N
    
    
      931478974.19
      7191689.19
      924287285.00
      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
      29015.21
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        Aptargroup Inc.
        VNPEQDQFAA7IY1T2PX43
        AptarGroup, Inc. 
        038336103
        
          
        
        325000.00000000
        NS
        USD
        38187500.00000000
        4.131561757879
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OReilly Automotive, Inc.
        549300K2RLMQL149Q332
        O'Reilly Automotive, Inc. 
        67103H107
        
          
        
        51000.00000000
        NS
        USD
        34932960.00000000
        3.779448291339
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookfield Asset Management, Inc.
        C6J3FGIWG6MBDGTE8F80
        Brookfield Asset Management, Inc. Class A
        112585104
        
          
        
        712500.00000000
        NS
        USD
        40306125.00000000
        4.360778910855
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Pacific Land Corporation
        529900WTH0D1S7BB4S10
        Texas Pacific Land Corporation 
        88262P102
        
          
        
        5000.00000000
        NS
        USD
        6760550.00000000
        0.731433842022
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Energy Corporation
        X2MT1W32SPAZ9WSKLE78
        CHESAPEAKE ENERGY CORP COM 
        165167735
        
          
        
        150000.00000000
        NS
        USD
        13050000.00000000
        1.411898682561
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions Inc.
        549300KZDJZQ2YIHRC28
        Broadridge Financial Solutions, Inc. 
        11133T103
        
          
        
        170000.00000000
        NS
        USD
        26470700.00000000
        2.863903943025
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ansys Inc
        549300VJV8H15Z5FJ571
        ANSYS, Inc. 
        03662Q105
        
          
        
        54000.00000000
        NS
        USD
        17153100.00000000
        1.855819102823
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        Accenture plc Class A
        G1151C101
        
          
        
        81000.00000000
        NS
        USD
        27315630.00000000
        2.955318161712
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Moodys Corp
        549300GCEDD8YCF5WU84
        Moody's Corporation 
        615369105
        
          
        
        95000.00000000
        NS
        USD
        32053950.00000000
        3.467963967501
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic plc 
        G5960L103
        
          
        
        83000.00000000
        NS
        USD
        9208850.00000000
        0.996319017847
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Equinix, Inc.
        549300EVUN2BTLJ3GT74
        Equinix, Inc. REIT
        29444U700
        
          
        
        40500.00000000
        NS
        USD
        30035610.00000000
        3.249596796087
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        Microsoft Corporation 
        594918104
        
          
        
        180000.00000000
        NS
        USD
        55495800.00000000
        6.004172176835
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        Lowe's Companies, Inc. 
        548661107
        
          
        
        122000.00000000
        NS
        USD
        24667180.00000000
        2.668778463180
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardagh Metal Packaging S A
        5493009WKQTU4FN9G032
        Ardagh Metal Packaging S.A. Class A
        L02235106
        
          
        
        3872376.00000000
        NS
        USD
        31482416.88000000
        3.406128959136
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookfield Asset Management Reinsurance Partners Ltd
        N/A
        Brookfield Asset Management Reinsurance Partners Ltd.
        G16169107
        
          
        
        4913.00000000
        NS
        USD
        281023.60000000
        0.030404356368
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        Mastercard, Inc. Class A
        57636Q104
        
          
        
        142000.00000000
        NS
        USD
        50747960.00000000
        5.490496388252
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        S&P Global Inc
        Y6X4K52KMJMZE7I7MY94
        S&P Global, Inc. 
        78409V104
        
          
        
        96000.00000000
        NS
        USD
        39377280.00000000
        4.260285804970
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Copart Inc
        549300KVYX3JWMYEHU61
        Copart, Inc. 
        217204106
        
          
        
        450000.00000000
        NS
        USD
        56461500.00000000
        6.108652679345
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Software AG
        529900M1LIO0SLOBAS50
        Software AG ADR
        83403H101
        
          
        
        2658504.00000000
        NS
        USD
        23501175.36000000
        2.542626707236
        Long
        EC
        CORP
        DE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Micro Devices, Inc.
        R2I72C950HOYXII45366
        Advanced Micro Devices, Inc. 
        007903107
        
          
        
        166500.00000000
        NS
        USD
        18205110.00000000
        1.969637611102
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa, Inc. Class A
        92826C839
        
          
        
        229000.00000000
        NS
        USD
        50785330.00000000
        5.494539503483
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Autodesk Inc
        FRKKVKAIQEF3FCSTPG55
        Autodesk, Inc. 
        052769106
        
          
        
        20000.00000000
        NS
        USD
        4287000.00000000
        0.463816831581
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 
        882508104
        
          
        
        300000.00000000
        NS
        USD
        55044000.00000000
        5.955291270722
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemed Corporation
        54930020031IDJT2IM79
        Chemed Corporation 
        16359R103
        
          
        
        20000.00000000
        NS
        USD
        10131000.00000000
        1.096087781841
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        API Group Corp
        213800NZT1VX6PZ7BT53
        API Group Corporation 
        00187Y100
        
          
        
        1795000.00000000
        NS
        USD
        37748850.00000000
        4.084103569595
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Roper Technologies Inc
        54930003T4SXCIWVXY35
        Roper Technologies, Inc. 
        776696106
        
          
        
        68000.00000000
        NS
        USD
        32111640.00000000
        3.474205533401
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Purple Innovation, Inc.
        N/A
        Purple Innovation Incorporated 
        74640Y106
        
          
        
        3031000.00000000
        NS
        USD
        17731350.00000000
        1.918380820309
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA Communications Corporation
        5299001HX8ZN8Y8QIT49
        SBA Communications Corporation 
        78410G104
        
          
        
        86000.00000000
        NS
        USD
        29592600.00000000
        3.201666892994
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Change Healthcare Inc
        549300GS1BPJEDOZHM07
        Change Healthcare, Inc. 
        15912K100
        
          
        
        1603389.00000000
        NS
        USD
        34953880.20000000
        3.781711678528
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Adobe Inc
        FU4LY2G4933NH2E1CP29
        Adobe, Inc. 
        00724F101
        
          
        
        64000.00000000
        NS
        USD
        29159680.00000000
        3.154828641832
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Heico Corp
        529900O1DTDLCJ7L0I14
        HEICO Corporation Class A
        422806208
        
          
        
        341876.00000000
        NS
        USD
        43360133.08000000
        4.691196534203
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated
        25490005VWJDWX717014
        Federated Government Obligations Tax-Managed Fund Institutional Shares
        60934N856
        
          
        
        5308719.14000000
        PA
        USD
        5308719.14000000
        0.574358127192
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Angi Homeservices Inc
        5493003ENY577E6SZL06
        Angie's List, Inc. 
        00183L102
        
          
        
        453087.00000000
        NS
        USD
        2569003.29000000
        0.277944242195
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-26
      Ave Maria Growth 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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