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Form NPORT-P SCHWARTZ INVESTMENT TRUS For: Mar 31

FREE Breaking News Alerts from StreetInsider.com!

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StreetInsider.com Top Tickers, 4/25/2024

1. META
2. CMG
3. LRCX
4. IBM
5. SPY
6. BA
7. HCP
8. SNAP
9. TMUS
10. MSFT


May 24, 2022 7:38 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0000891160
          XXXXXXXX
        
      
      
      
      
        S000001552
        C000004207
      
      
      
    
  
  
    
      Schwartz Investment Trust
      811-07148
      0000891160
      549300TMUIREL25T6R98
      801 West Ann Arbor Trail
      Suite 244
      Plymouth
      
      48170
      248-644-8500
      AVE MARIA BOND FUND
      S000001552
      549300X80BC7PADZZN77
      2022-12-31
      2022-03-31
      N
    
    
      511155759.49
      1991422.37
      509164337.12
      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
      0.00
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        Paccar Financial Corp
        PH3S12DWZBHHQKVYZ297
        PACCAR FINANCIAL CORP 1.800%, DUE 02/06/2025
        69371RQ66
        
          
        
        350000.00000000
        PA
        USD
        339712.14000000
        0.066719547154
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-06
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Coca-Cola Company
        UWJKFUJFZ02DKWI3RY53
        Coca-Cola Company (The) 1.00%, Due 03/15/2028
        191216DD9
        
          
        
        1000000.00000000
        PA
        USD
        895290.18000000
        0.175835209721
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-03-15
          Fixed
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Servivce 2.200%, due 09/01/2024
        911312BT2
        
          
        
        3410000.00000000
        PA
        USD
        3399296.35000000
        0.667622632258
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-09-01
          Fixed
          2.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        Mastercard, Inc. 2.950%, Due 11/21/2026
        57636QAG9
        
          
        
        2000000.00000000
        PA
        USD
        2016087.24000000
        0.395960025677
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-11-21
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments Inc 1.375% DUE 03/12/2025
        882508BH6
        
          
        
        1160000.00000000
        PA
        USD
        1117730.92000000
        0.219522625312
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-12
          Fixed
          1.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions Inc.
        549300KZDJZQ2YIHRC28
        Broadridge Financial Solutions, Inc. 2.900%, Due 12/01/2029
        11133TAD5
        
          
        
        6500000.00000000
        PA
        USD
        6148177.88000000
        1.207503635226
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-12-01
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exxon Mobil Corporation
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corporation 3.176%, Due 03/15/2024
        30231GAC6
        
          
        
        1634000.00000000
        PA
        USD
        1657906.17000000
        0.325613176165
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-15
          Fixed
          3.17600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Genuine Parts Co
        549300D46DQVEU651W04
        Genuine Parts Company 
        372460105
        
          
        
        49300.00000000
        NS
        USD
        6212786.00000000
        1.220192685752
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Service, Inc. 2.800%, Due 11/15/2024
        911312AY2
        
          
        
        1000000.00000000
        PA
        USD
        1005520.39000000
        0.197484449851
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Electronic Arts Inc.
        549300O7A67PUEYKDL45
        Electronic Arts, Inc. 4.800%, due 3/01/2026
        285512AD1
        
          
        
        5500000.00000000
        PA
        USD
        5810014.87000000
        1.141088337581
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-01
          Fixed
          4.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hormel Foods Corp
        MSD54751OJP1FS2ND863
        HORMEL FOODS CORP 1.7%, DUE 06/03/2028
        440452AH3
        
          
        
        895000.00000000
        PA
        USD
        824621.28000000
        0.161955820524
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-03
          Fixed
          1.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 
        882508104
        
          
        
        37000.00000000
        NS
        USD
        6788760.00000000
        1.333314119837
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ross Stores Inc
        549300ENZFLPGRDFZQ60
        Ross Stores, Inc. 0.875%, DUE 04/15/2026
        778296AF0
        
          
        
        5255000.00000000
        PA
        USD
        4805727.24000000
        0.943846002094
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          0.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 1.625%, Due 08/31/2022
        9128282S8
        
          
        
        10000000.00000000
        PA
        USD
        10028906.20000000
        1.969679623817
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2022-08-31
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Paccar Financial Corp
        PH3S12DWZBHHQKVYZ297
        PACCAR FINL CORP 2.000%, Due 02/04/2027
        69371RQ82
        
          
        
        500000.00000000
        PA
        USD
        480902.31000000
        0.094449330980
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-02-04
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 2.250%, DUE 05/01/2023
        882508AW4
        
          
        
        2500000.00000000
        PA
        USD
        2501871.33000000
        0.491368139440
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-05-01
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Colgate-Palmolive Company
        YMEGZFW4SBUSS5BQXF88
        Colgate-Palmolive Company 1.95%, Due 02/01/2023
        19416QEA4
        
          
        
        2663000.00000000
        PA
        USD
        2666560.16000000
        0.523713065821
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-02-01
          Fixed
          1.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PNC Bank National Association Pittsburgh Pennsylvania
        AD6GFRVSDT01YPT1CS68
        PNC Bank 3.250%, due 06/01/2025
        69353REQ7
        
          
        
        1528000.00000000
        PA
        USD
        1543066.68000000
        0.303058672319
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fastenal Co.
        529900PP0C7H2HHPSJ32
        Fastenal Company 
        311900104
        
          
        
        106000.00000000
        NS
        USD
        6296400.00000000
        1.236614495746
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Moodys Corp
        549300GCEDD8YCF5WU84
        MOODY'S CORP 4.875%, DUE 02/15/2024
        615369AC9
        
          
        
        1500000.00000000
        PA
        USD
        1547351.19000000
        0.303900151128
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Company
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources 1.900% DUE 08/15/2030
        723787AQ0
        
          
        
        1330000.00000000
        PA
        USD
        1179157.88000000
        0.231586895238
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-08-15
          Fixed
          1.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exxon Mobil Corporation
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corporation 2.019%, DUE 08/16/2024
        30231GBC5
        
          
        
        2650000.00000000
        PA
        USD
        2622826.66000000
        0.515123795754
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-16
          Fixed
          2.01900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        Microsoft Corporation 2.40%, Due 08/08/2026
        594918BR4
        
          
        
        5750000.00000000
        PA
        USD
        5696290.98000000
        1.118752937847
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-08
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Service, Inc. 2.350%, DUE 05/16/2022
        911312BC9
        
          
        
        2990000.00000000
        PA
        USD
        2992419.06000000
        0.587711833261
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-05-16
          Fixed
          2.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        MasterCard, Inc. 3.375%, Due 04/01/2024
        57636QAB0
        
          
        
        3855000.00000000
        PA
        USD
        3928916.70000000
        0.771640198177
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-04-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corporation
        MP3J6QPYPGN75NVW2S34
        KIMBERLY-CLARK CORPORATION 2.75% , DUE 02/15/2026
        494368BU6
        
          
        
        1343000.00000000
        PA
        USD
        1342725.33000000
        0.263711582314
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-15
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc. 3.150%, Due 12/14/2025
        92826CAD4
        
          
        
        3905000.00000000
        PA
        USD
        3957615.11000000
        0.777276572900
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-12-14
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 2.900%, DUE 11/03/2027
        882508BC7
        
          
        
        740000.00000000
        PA
        USD
        742877.20000000
        0.145901263274
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-11-03
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Paccar Financial Corp
        PH3S12DWZBHHQKVYZ297
        PACCAR FINANCIAL CORP 1.100%, DUE 05/11/2026
        69371RR32
        
          
        
        835000.00000000
        PA
        USD
        774090.60000000
        0.152031582647
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-11
          Fixed
          1.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ross Stores Inc
        549300ENZFLPGRDFZQ60
        Ross Stores, Inc. 3.375% Due 09,15,2024
        778296AA1
        
          
        
        3000000.00000000
        PA
        USD
        3020684.31000000
        0.593263135255
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-09-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        VISA, INC. 2.75%, DUE 09/15/2027
        92826CAH5
        
          
        
        6051000.00000000
        PA
        USD
        6036210.93000000
        1.185513298936
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-15
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        Hershey Company (The) 2.05%, Due 11/15/2024
        427866BC1
        
          
        
        3200000.00000000
        PA
        USD
        3161006.72000000
        0.620822490805
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-15
          Fixed
          2.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Inflation Indexed 0.750%, DUE 07/15/2028
        9128284H0
        
          
        
        2799350.00000000
        PA
        USD
        3068295.37000000
        0.602613959052
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2028-07-15
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Moodys Corp
        549300GCEDD8YCF5WU84
        Moody's Corporation 2.625%, Due 01/15/2023
        615369AK1
        
          
        
        5122000.00000000
        PA
        USD
        5148721.01000000
        1.011210062182
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-01-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        CISCO SYSTEMS INC 3.625%, DUE 03/04/2024
        17275RAN2
        
          
        
        3500000.00000000
        PA
        USD
        3584696.61000000
        0.704035288542
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-04
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Watsco Inc
        549300F1Y3LN5BX5WN75
        Watsco, Inc. 
        942622200
        
          
        
        24000.00000000
        NS
        USD
        7311360.00000000
        1.435952887304
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hubbell Incorporated
        54930088VDQ6840Y6597
        Hubbell, Inc. 3.15%, Due 08/15/2027
        443510AH5
        
          
        
        4180000.00000000
        PA
        USD
        4145479.80000000
        0.814173243838
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-15
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation 2.895%, DUE 03/03/2024
        166764BT6
        
          
        
        1824000.00000000
        PA
        USD
        1846035.38000000
        0.362561798896
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-03
          Fixed
          2.89500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Inflation-Protected Security 0.375%, due 01/15/27
        912828V49
        
          
        
        4537962.00000000
        PA
        USD
        4818571.15000000
        0.946368549151
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2027-01-15
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation 1.995%, Due 05/11/2027
        166764BX7
        
          
        
        5840000.00000000
        PA
        USD
        5613371.62000000
        1.102467555318
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-11
          Fixed
          1.99500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Inflation-Protected Notes 0.500%, DUE 04/15/2024
        9128286N5
        
          
        
        11144400.00000000
        PA
        USD
        11720992.09000000
        2.302005705328
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2024-04-15
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Note 2.875, Due 11/30/2023
        9128285P1
        
          
        
        10000000.00000000
        PA
        USD
        10110156.20000000
        1.985637143635
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2023-11-30
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        CISCO SYSTEMS, INC. 2.50%, DUE 09/20/2026
        17275RBL5
        
          
        
        3080000.00000000
        PA
        USD
        3055695.23000000
        0.600139288482
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-09-20
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hormel Foods Corp
        MSD54751OJP1FS2ND863
        HORMEL FOODS CORP 1.8% DUE 06/11/2030
        440452AF7
        
          
        
        1763000.00000000
        PA
        USD
        1580190.69000000
        0.310349836938
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-06-11
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Colgate-Palmolive Company
        YMEGZFW4SBUSS5BQXF88
        Colgate-Palmolive Company 3.250%, Due 03/15/2024
        19416QEG1
        
          
        
        795000.00000000
        PA
        USD
        808441.20000000
        0.158778048865
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        Hershey Company (The) 0.90%, DUE 06/01/2025
        427866BF4
        
          
        
        7450000.00000000
        PA
        USD
        7021972.47000000
        1.379117105828
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          0.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        LOWE'S COMPANIES, INC. 3.100%, DUE 05/03/2027
        548661DP9
        
          
        
        5000000.00000000
        PA
        USD
        4969118.10000000
        0.975936006851
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-03
          Fixed
          3.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        Mastercard Inc. 3.3% DUE 03/26/2027
        57636QAR5
        
          
        
        5199000.00000000
        PA
        USD
        5306295.66000000
        1.042157761875
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-26
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Bonds
        254900HROIFWPRGM1V77
        U.S. Treasury Inflation-Protected Security 
        912810FR4
        
          
        
        4473390.00000000
        PA
        USD
        4973064.17000000
        0.976711015961
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2025-01-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McCormick & Company, Incorporated
        549300JQQA6MQ4OJP259
        McCormick & Company, Inc. 3.50%, Due 09/01/2023
        579780AJ6
        
          
        
        2500000.00000000
        PA
        USD
        2517809.20000000
        0.494498340995
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-09-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        Truist Financial Corporation 
        89832Q109
        
          
        
        119000.00000000
        NS
        USD
        6747300.00000000
        1.325171365725
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Inflation Indexed 0.625%, DUE 01/15/2026
        912828N71
        
          
        
        5914550.00000000
        PA
        USD
        6316901.10000000
        1.240640916787
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          0.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        V.F. Corp
        CWAJJ9DJ5Z7P057HV541
        VF Corporation 2.80%, Due 04/23/2027
        918204BB3
        
          
        
        1200000.00000000
        PA
        USD
        1180450.88000000
        0.231840840754
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-23
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc.
        76NA4I14SZCFAYMNSV04
        ILLINOIS TOOL WORKS, INC. 3.50%, DUE 03/01/2024
        452308AT6
        
          
        
        2450000.00000000
        PA
        USD
        2491809.05000000
        0.489391905194
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Inflationary Note 0.375%, Due 07/15/2027
        9128282L3
        
          
        
        7468630.00000000
        PA
        USD
        7968191.87000000
        1.564954826779
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2027-07-15
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        V.F. Corp
        CWAJJ9DJ5Z7P057HV541
        VF Corporation 2.4% DUE 04/23/2025
        918204BA5
        
          
        
        650000.00000000
        PA
        USD
        636323.65000000
        0.124974120064
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-23
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        Mastercard, Inc. 3.500%, Due 02/26/2028
        57636QAJ3
        
          
        
        450000.00000000
        PA
        USD
        463591.09000000
        0.091049403149
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-26
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chubb INA Holdings Inc
        CZCBJZWDMLTHWJDXU843
        CHUBB INA HOLDINGS INC 3.35%, DUE 05/03/2026
        00440EAV9
        
          
        
        500000.00000000
        PA
        USD
        507427.96000000
        0.099658975110
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-03
          Fixed
          3.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The TJX Companies Inc.
        V167QI9I69W364E2DY52
        TJX Companies, Inc. (The) 1.150%, Due 05/15/2028
        872540AV1
        
          
        
        2000000.00000000
        PA
        USD
        1777817.64000000
        0.349163818121
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-05-15
          Fixed
          1.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc.
        76NA4I14SZCFAYMNSV04
        ILLINOIS TOOL WORKS INC 2.65%, DUE 11/15/2026
        452308AX7
        
          
        
        10601000.00000000
        PA
        USD
        10561857.82000000
        2.074351451977
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-11-15
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Bonds
        254900HROIFWPRGM1V77
        U.S. Treasury Inflation-Protected Notes 2.00%, Due 01/15/2026
        912810FS2
        
          
        
        4248420.00000000
        PA
        USD
        4768519.56000000
        0.936538404667
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The TJX Companies Inc.
        V167QI9I69W364E2DY52
        TJX Companies, Inc. 3.875%, Due 04/15/2030
        872540AT6
        
          
        
        1312000.00000000
        PA
        USD
        1366196.69000000
        0.268321363143
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc. 2.15% Due  09/15/2022
        92826CAG7
        
          
        
        4000000.00000000
        PA
        USD
        4012282.80000000
        0.788013320550
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-09-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stryker Corporation
        5493002F0SC4JTBU5137
        STRYKER CORPORATION 3.375%, DUE 11/01/2025
        863667AH4
        
          
        
        1026000.00000000
        PA
        USD
        1035874.15000000
        0.203445935718
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-11-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Inflation-Protected Notes 0.50%, Due 01/15/2028
        9128283R9
        
          
        
        5697450.00000000
        PA
        USD
        6108734.67000000
        1.199756979161
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        CISCO SYSTEMS, INC. 2.95%, DUE 02/28/2026
        17275RBC5
        
          
        
        1000000.00000000
        PA
        USD
        1008881.79000000
        0.198144629631
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-28
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        CISCO SYSTEMS, INC. 3.50%, DUE 06/15/2025
        17275RAW2
        
          
        
        5000000.00000000
        PA
        USD
        5118057.65000000
        1.005187770798
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lockheed Martin Corporation
        DPRBOZP0K5RM2YE8UU08
        LOCKHEED MARTIN CORPORATION 3.55%, DUE 01/15/2026
        539830BH1
        
          
        
        3110000.00000000
        PA
        USD
        3186936.11000000
        0.625915029325
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation 
        166764100
        
          
        
        58000.00000000
        NS
        USD
        9444140.00000000
        1.854831399508
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Inflation Indexed 0.625%, Due 04/15/23
        9128284H0
        
          
        
        6110478.00000000
        PA
        USD
        6371128.08000000
        1.251291108885
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2023-04-15
          Fixed
          0.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stryker Corporation
        5493002F0SC4JTBU5137
        STRYKER CORPORATION 3.50%, DUE 03/15/2026
        863667AN1
        
          
        
        2468000.00000000
        PA
        USD
        2498960.69000000
        0.490796489034
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stryker Corporation
        5493002F0SC4JTBU5137
        Stryker Corp. 3.375%, due 05/15/2024
        863667AF8
        
          
        
        5500000.00000000
        PA
        USD
        5567148.07000000
        1.093389238824
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-05-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The TJX Companies Inc.
        V167QI9I69W364E2DY52
        TJX Companies, Inc. 2.500%, Due 05/15/2023
        872540AP4
        
          
        
        2000000.00000000
        PA
        USD
        2001637.32000000
        0.393122057864
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-05-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PNC Bank National Association Pittsburgh Pennsylvania
        AD6GFRVSDT01YPT1CS68
        PNC Bank 3.250%, Due 01/22/2028
        69353RFJ2
        
          
        
        4380000.00000000
        PA
        USD
        4377349.01000000
        0.859712413237
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-22
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 1.75%, DUE 05/04/2030
        882508BJ2
        
          
        
        4880000.00000000
        PA
        USD
        4441139.31000000
        0.872240843716
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-04
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ecolab Inc.
        82DYEISM090VG8LTLS26
        ECOLAB, INC. 3.25%, DUE 12/01/2027
        278865BD1
        
          
        
        3676000.00000000
        PA
        USD
        3740333.27000000
        0.734602366527
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exxon Mobil Corporation
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corporation 2.709%, Due 03/06/2025
        30231GAF9
        
          
        
        998000.00000000
        PA
        USD
        998496.78000000
        0.196105011134
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-06
          Fixed
          2.70900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        Lowe's Companies, Inc. 3.375%, Due 09/15/2025
        548661DH7
        
          
        
        1500000.00000000
        PA
        USD
        1516672.14000000
        0.297874778225
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-09-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation 2.954%, Due 05/16/2026
        166764BL3
        
          
        
        1450000.00000000
        PA
        USD
        1457463.47000000
        0.286246180996
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-16
          Fixed
          2.95400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MasterCard Incorporated
        AR5L2ODV9HN37376R084
        MASTERCARD 2.00%, DUE 03/03/2025
        57636QAN4
        
          
        
        5625000.00000000
        PA
        USD
        5542216.59000000
        1.088492690071
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-03
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The TJX Companies Inc.
        V167QI9I69W364E2DY52
        TJX Companies, Inc. (The) 2.250%, Due 09/15/2026
        872540AQ2
        
          
        
        3426000.00000000
        PA
        USD
        3332535.57000000
        0.654510798782
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-09-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Moodys Corp
        549300GCEDD8YCF5WU84
        Moody's Corporation 3.250%, DUE 01/15/2028
        615369AM7
        
          
        
        5550000.00000000
        PA
        USD
        5550628.26000000
        1.090144744110
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        3M Company
        LUZQVYP4VS22CLWDAR65
        3M Company 2.250%, DUE 03/15/2023
        88579YAX9
        
          
        
        3000000.00000000
        PA
        USD
        3006751.35000000
        0.590526698512
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-03-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 0.375%, Due 04/15/2024
        91282CBV2
        
          
        
        10000000.00000000
        PA
        USD
        9612109.40000000
        1.887820630637
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2024-04-15
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corporation
        MP3J6QPYPGN75NVW2S34
        KIMBERLY-CLARK CORPORATION 2.6500%, DUE 03/01/2025
        494368BQ5
        
          
        
        1115000.00000000
        PA
        USD
        1109389.62000000
        0.217884391957
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-01
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        V.F. Corp
        CWAJJ9DJ5Z7P057HV541
        VF Corporation 
        918204108
        
          
        
        70000.00000000
        NS
        USD
        3980200.00000000
        0.781712250805
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Company
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources 1.1255, due 01/15/26
        723787AT4
        
          
        
        928000.00000000
        PA
        USD
        861649.43000000
        0.169228158215
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          1.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        Hershey Company (The) 3.375%, Due 05/15/2023
        427866AZ1
        
          
        
        500000.00000000
        PA
        USD
        504705.45000000
        0.099124273482
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-05-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 2.125%, Due 11/30/2024
        9128283J7
        
          
        
        10000000.00000000
        PA
        USD
        9910937.50000000
        1.946510542364
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2024-11-30
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        Hershey Company (The) 2.625%, Due 05/01/2023
        427866AT5
        
          
        
        4536000.00000000
        PA
        USD
        4550723.36000000
        0.893763177865
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-05-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        Microsoft Corporation 3.30%, Due 02/06/2027
        594918BY9
        
          
        
        5320000.00000000
        PA
        USD
        5480831.69000000
        1.076436680738
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-02-06
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ecolab Inc.
        82DYEISM090VG8LTLS26
        Ecolab, Inc. 2.700%, DUE 11/01/2026
        278865AV2
        
          
        
        6438000.00000000
        PA
        USD
        6372460.97000000
        1.251552888806
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-11-01
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        Lowe's Companies, Inc. 3.12%, Due 04/15/2022
        548661CW5
        
          
        
        3000000.00000000
        PA
        USD
        3001184.19000000
        0.589433306931
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-04-15
          Fixed
          3.12000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 1.875%, Due 07/31/2022
        9128282P4
        
          
        
        2500000.00000000
        PA
        USD
        2509082.03000000
        0.492784322679
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2022-07-31
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Horizon Corporation
        TF3RXI1ZB1TQ30H9JV10
        First Horizon National Corporation 
        320517105
        
          
        
        185500.00000000
        NS
        USD
        4357395.00000000
        0.855793440806
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        Hershey Company (The) 3.200% DUE 08/21/2025
        427866AU2
        
          
        
        645000.00000000
        PA
        USD
        648663.20000000
        0.127397610694
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-08-21
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        3M Company
        LUZQVYP4VS22CLWDAR65
        3M Company 2.000%, Due 06/26/2022
        88579YAF8
        
          
        
        1073000.00000000
        PA
        USD
        1074179.97000000
        0.210969208109
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-06-26
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chubb INA Holdings Inc
        CZCBJZWDMLTHWJDXU843
        CHUBB INA HOLDINGS INC 3.15%, DUE 3/15/2025
        00440EAS6
        
          
        
        4309000.00000000
        PA
        USD
        4359491.48000000
        0.856205189990
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-15
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Moodys Corp
        549300GCEDD8YCF5WU84
        Moody's Corporation 4.250%, due 02/01/29
        615369AP0
        
          
        
        5000000.00000000
        PA
        USD
        5231950.50000000
        1.027556354318
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity National Financial, Inc.
        549300CAZYIH39SYQ287
        Fidelity National Financial, Inc. 
        31620R303
        
          
        
        90000.00000000
        NS
        USD
        4395600.00000000
        0.863296912125
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Pacific Land Corporation
        529900WTH0D1S7BB4S10
        Texas Pacific Land Corporation 
        88262P102
        
          
        
        5400.00000000
        NS
        USD
        7301394.00000000
        1.433995562473
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Note 2.75%, Due 08/31/2025
        9128284Z0
        
          
        
        4000000.00000000
        PA
        USD
        4033125.00000000
        0.792106733714
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2025-08-31
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        Cisco Systems, Inc. 2.600%, due 02/28/2023
        17275RBE1
        
          
        
        2475000.00000000
        PA
        USD
        2493207.56000000
        0.489666572899
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-02-28
          Fixed
          2.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Service, Inc. 2.400%, DUE 11/15/2026
        911312AY2
        
          
        
        2869000.00000000
        PA
        USD
        2804453.75000000
        0.550795400530
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-11-15
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        United Parcel Service, Inc. Class B
        911312106
        
          
        
        25000.00000000
        NS
        USD
        5361500.00000000
        1.052999907716
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Europacific Partners PLC
        549300LTH67W4GWMRF57
        Coca-Cola European Partners plc 
        G25839104
        
          
        
        100000.00000000
        NS
        USD
        4861000.00000000
        0.954701585640
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated
        25490005VWJDWX717014
        Federated Government Obligations Tax-Managed Fund Institutional Shares
        60934N856
        
          
        
        24373656.75000000
        PA
        USD
        24373656.75000000
        4.786992130647
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        U.S. Bancorp
        N1GZ7BBF3NP8GI976H15
        U.S. Bancorp 3.375%, Due 02/05/2024
        91159HHV5
        
          
        
        1000000.00000000
        PA
        USD
        1014405.31000000
        0.199229450306
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-05
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        Lowe's Companies, Inc. 2.50%, Due 04/15/2026
        548661DM6
        
          
        
        3000000.00000000
        PA
        USD
        2928705.18000000
        0.575198411688
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lockheed Martin Corporation
        DPRBOZP0K5RM2YE8UU08
        Lockheed Martin Corporation 
        539830109
        
          
        
        25000.00000000
        NS
        USD
        11035000.00000000
        2.167276691532
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc. 1.90%, Due 04/15/2027
        92826CAL6
        
          
        
        3854000.00000000
        PA
        USD
        3711395.29000000
        0.728918940197
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-15
          Fixed
          1.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        US Treasury Inflation-Protected Note 0.125%, Due 04/15/2026
        9128286N5
        
          
        
        5358850.00000000
        PA
        USD
        5611825.39000000
        1.102163875369
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          0.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federated
        25490005VWJDWX717014
        Federated Treasury Obligations Fund Institutional Shares
        60934N500
        
          
        
        4203939.59000000
        PA
        USD
        4203939.59000000
        0.825654760853
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        Hershey Company (The) 2.300%, DUE 08/15/2026
        427866AX6
        
          
        
        2000000.00000000
        PA
        USD
        1957493.30000000
        0.384452161569
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-15
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Coca-Cola Company
        UWJKFUJFZ02DKWI3RY53
        Coca-Cola Company (The) 1.45%, Due 06/01/2027
        191216CU2
        
          
        
        7952000.00000000
        PA
        USD
        7470975.41000000
        1.467301392760
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-01
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Colgate-Palmolive Company
        YMEGZFW4SBUSS5BQXF88
        Colgate-Palmolive Co. 2.250%, Due 11/15/2022
        19416QEL0
        
          
        
        500000.00000000
        PA
        USD
        501918.07000000
        0.098576831370
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-11-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic plc 
        G5960L103
        
          
        
        89000.00000000
        NS
        USD
        9874550.00000000
        1.939364028489
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        U.S. Treasury Notes 0.50%, Due 03/31/2025
        912828ZF0
        
          
        
        10000000.00000000
        PA
        USD
        9430468.80000000
        1.852146372493
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2025-03-31
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corporation
        MP3J6QPYPGN75NVW2S34
        Kimberly-Clark Corp. 2.400%, due 06/01/2023
        494368BJ1
        
          
        
        440000.00000000
        PA
        USD
        440680.56000000
        0.086549769469
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-01
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medtronic PLC
        D56MRZY2INAN94ZONZ37
        Medtronic, Inc. 3.50%, Due 03/15/2025
        585055BS4
        
          
        
        5598000.00000000
        PA
        USD
        5714163.31000000
        1.122263067818
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lowes Companies, Inc.
        WAFCR4OKGSC504WU3E95
        Lowe's Cos, Inc. 3.125%, Due 09/15/2024
        548661DD6
        
          
        
        800000.00000000
        PA
        USD
        804035.24000000
        0.157912717247
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-09-15
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Incorporated
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc. 2.250%, DUE 09/04/2029
        882508BG8
        
          
        
        1112000.00000000
        PA
        USD
        1057371.21000000
        0.207667963546
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-09-04
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corporation
        MP3J6QPYPGN75NVW2S34
        Kimberly-Clark Corporation 1.05%, Due 09/15/2027
        494368CC5
        
          
        
        4097000.00000000
        PA
        USD
        3720616.76000000
        0.730730039154
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-15
          Fixed
          1.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exxon Mobil Corporation
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corporation 
        30231G102
        
          
        
        50000.00000000
        NS
        USD
        4129500.00000000
        0.811034807221
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-26
      Ave Maria Bond 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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