AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited) 

COMMON STOCKS - 98.2%	Shares		Fair Value
Consumer Discretionary - 5.1%
Leisure Products - 2.6%
YETI Holdings, Inc. *		265,000	$	10,215,750
Retail - Discretionary - 2.5%
Winmark Corporation		26,600		9,621,220
Energy - 18.8%
Oil & Gas Producers - 14.6%
Chesapeake Energy Corporation		75,000		6,662,250
ConocoPhillips		110,000		14,000,800
Occidental Petroleum Corporation		185,000		12,023,150
Permian Basin Royalty Trust		867,976		10,502,510
Pioneer Natural Resources Company		50,700		13,308,750
				56,497,460
Oil & Gas Services & Equipment - 4.2%
Schlumberger Ltd.		294,000		16,114,140
Financials - 13.6%
Banking - 3.7%
Hingham Institution For Savings (The)		81,087		14,146,438
Institutional Financial Services - 5.2%
CME Group, Inc.		30,000		6,458,700
Intercontinental Exchange, Inc.		100,000		13,743,000
				20,201,700
Insurance - 4.7%
Brown & Brown, Inc.		167,150		14,632,311
Markel Group, Inc. *		2,450		3,727,626
				18,359,937
Health Care - 12.8%
Health Care Facilities & Services - 3.0%
Chemed Corporation		18,300		11,747,319
Medical Equipment & Devices - 9.8%
Alcon, Inc.		110,000		9,161,900
Haemonetics Corporation *		151,000		12,887,850
Mirion Technologies, Inc. *		1,390,000		15,804,300
				37,854,050
Industrials - 14.8%
Aerospace & Defense - 1.6%
HEICO Corporation - Class A		40,000		6,157,600
Electrical Equipment - 7.4%
A.O. Smith Corporation		113,000		10,108,980
Allegion plc		76,000		10,237,960
Otis Worldwide Corporation		85,000		8,437,950
				28,784,890

AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares	Fair Value
Industrials - 14.8% (Continued)
Industrial Intermediate Products - 4.1%
Armstrong World Industries, Inc.	90,000	$	11,179,800
Distribution Solutions Group, Inc. *	126,000		4,470,480
			15,650,280
Industrial Support Services - 1.7%
U-Haul Holding Company	97,200		6,481,296
Materials - 8.1%
Chemicals - 2.3%
Valvoline, Inc. *	200,000		8,914,000
Metals & Mining - 5.8%
Franco-Nevada Corporation	100,000		11,916,000
Wheaton Precious Metals Corporation	225,000		10,604,250
			22,520,250
Real Estate - 14.7%
Real Estate Owners & Developers - 14.7%
St. Joe Company (The)	215,800		12,509,926
Texas Pacific Land Corporation	76,500		44,256,015
			56,765,941
Technology - 10.3%
Technology Services - 10.3%
CDW Corporation	66,250		16,945,425
Jack Henry & Associates, Inc.	65,350		11,353,255
TD SYNNEX Corporation	102,500		11,592,750
			39,891,430
Total Common Stocks (Cost $258,735,613)		$	379,923,701

MONEY MARKET FUNDS - 1.9%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $7,461,264)		7,461,264	$	7,461,264
Total Investments at Fair Value - 100.1% (Cost $266,196,877)			$	387,384,965
Liabilities in Excess of Other Assets - (0.1%)				(644,955	)
Net Assets - 100.0%			$	386,740,010

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of March 31, 2024.

AVE MARIA GROWTH FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

COMMON STOCKS - 98.7%	Shares		Fair Value
Consumer Discretionary - 19.9%
Automotive - 1.8%
XPEL, Inc. *		350,000	$	18,907,000
Leisure Facilities & Services - 1.3%
Atlanta Braves Holdings, Inc. - Series C *		350,786		13,701,701
Retail - Discretionary - 8.5%
Lowe's Companies, Inc.		131,000		33,369,630
O'Reilly Automotive, Inc. *		51,000		57,572,880
				90,942,510
Wholesale - Discretionary - 8.3%
Copart, Inc. *		1,540,000		89,196,800
Consumer Staples - 1.5%
Food - 1.5%
McCormick & Company, Inc.		200,000		15,362,000
Energy - 1.8%
Oil & Gas Producers - 1.8%
Chesapeake Energy Corporation		220,000		19,542,600
Financials - 2.2%
Asset Management - 2.2%
Brookfield Asset Management Ltd. - Class A		554,353		23,293,913
Health Care - 5.8%
Health Care Facilities & Services - 5.8%
Chemed Corporation		29,000		18,615,970
IQVIA Holdings, Inc. *		172,000		43,497,080
				62,113,050
Industrials - 11.4%
Aerospace & Defense - 4.3%
HEICO Corporation - Class A		299,377		46,086,095
Commercial Support Services - 6.6%
API Group Corporation *		1,795,000		70,489,650
Industrial Support Services - 0.5%
Watsco, Inc.		12,000		5,183,640
Materials - 7.3%
Chemicals - 2.9%
Valvoline, Inc. *		700,000		31,199,000
Containers & Packaging - 4.4%
AptarGroup, Inc.		325,000		46,764,250

AVE MARIA GROWTH FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.7% (Continued)	Shares		Fair Value
Real Estate - 3.8%
Real Estate Owners & Developers - 0.8%
Texas Pacific Land Corporation		15,000	$	8,677,650
REITs - 3.0%
SBA Communications Corporation - Class A		149,000		32,288,300
Technology - 45.0%
Semiconductors - 16.1%
Alphawave IP Group plc *		1,600,000		3,533,881
BE Semiconductor Industries N.V.		10,000		1,531,642
Intel Corporation		440,000		19,434,800
NVIDIA Corporation		62,000		56,020,720
Silicon Laboratories, Inc. *		195,000		28,025,400
Silicon Motion Technology Corporation - ADR		150,000		11,541,000
SiTime Corporation *		110,045		10,259,496
Texas Instruments, Inc.		240,000		41,810,400
				172,157,339
Software - 10.7%
ANSYS, Inc. *		80,000		27,772,800
BlackLine, Inc. *		410,000		26,477,800
Roper Technologies, Inc.		71,500		40,100,060
Verra Mobility Corporation *		785,000		19,601,450
				113,952,110
Technology Services - 18.2%
Accenture plc - Class A		108,000		37,433,880
Broadridge Financial Solutions, Inc.		169,000		34,621,340
Mastercard, Inc. - Class A		142,000		68,382,940
Moody's Corporation		35,000		13,756,050
S&P Global, Inc.		96,000		40,843,200
				195,037,410
Total Common Stocks (Cost $564,268,302)			$	1,054,895,018

MONEY MARKET FUNDS - 1.2%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $12,308,412)		12,308,412	$	12,308,412
Total Investments at Fair Value - 99.9% (Cost $576,576,714)			$	1,067,203,430
Other Assets in Excess of Liabilities - 0.1%				1,541,646
Net Assets - 100.0%			$	1,068,745,076

ADR - American Depositary Receipt.

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of March 31, 2024.

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

COMMON STOCKS - 98.8%	Shares		Fair Value
Communications - 1.4%
Internet Media & Services - 1.4%
Booking Holdings, Inc.		4,000	$	14,511,520
Consumer Discretionary - 12.1%
Leisure Products - 0.5%
Thor Industries, Inc.		50,000		5,867,000
Retail - Discretionary - 11.6%
Genuine Parts Company		200,000		30,986,000
Lowe's Companies, Inc.		155,000		39,483,150
TJX Companies, Inc. (The)		300,000		30,426,000
Tractor Supply Company		79,500		20,806,740
				121,701,890
Consumer Staples - 2.5%
Beverages - 2.5%
Coca-Cola Europacific Partners plc		375,000		26,231,250
Energy - 7.3%
Oil & Gas Producers - 7.3%
Chevron Corporation		200,000		31,548,000
Diamondback Energy, Inc.		230,000		45,579,100
				77,127,100
Financials - 15.5%
Asset Management - 2.2%
Brookfield Corporation		550,000		23,028,500
Banking - 2.7%
Truist Financial Corporation		737,000		28,728,260
Insurance - 7.2%
Brown & Brown, Inc.		352,000		30,814,080
Chubb Ltd.		175,000		45,347,750
				76,161,830
Specialty Finance - 3.4%
Fidelity National Financial, Inc.		670,000		35,577,000
Health Care - 5.5%
Health Care Facilities & Services - 5.5%
Chemed Corporation		70,000		44,935,100
Quest Diagnostics, Inc.		95,000		12,645,450
				57,580,550
Industrials - 13.7%
Aerospace & Defense - 6.1%
HEICO Corporation - Class A		137,120		21,108,253
L3Harris Technologies, Inc.		51,000		10,868,100
Lockheed Martin Corporation		70,000		31,840,900
				63,817,253

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.8% (Continued)	Shares		Fair Value
Industrials - 13.7% (Continued)
Commercial Support Services - 2.4%
Rentokil Initial plc		4,222,000	$	25,100,968
Electrical Equipment - 1.5%
A.O. Smith Corporation		180,000		16,102,800
Industrial Support Services - 3.7%
Fastenal Company		400,000		30,856,000
Watsco, Inc.		20,000		8,639,400
				39,495,400
Materials - 3.6%
Construction Materials - 3.6%
Carlisle Companies, Inc.		95,500		37,421,675
Real Estate - 6.0%
Real Estate Owners & Developers - 3.9%
Texas Pacific Land Corporation		72,000		41,652,720
REITs - 2.1%
SBA Communications Corporation - Class A		100,000		21,670,000
Technology - 31.2%
Semiconductors - 3.6%
Texas Instruments, Inc.		215,000		37,455,150
Software - 7.1%
ANSYS, Inc. *		70,000		24,301,200
Roper Technologies, Inc.		41,000		22,994,440
SS&C Technologies Holdings, Inc.		425,000		27,357,250
				74,652,890
Technology Services - 20.5%
Accenture plc - Class A		110,000		38,127,100
Broadridge Financial Solutions, Inc.		200,000		40,972,000
Jack Henry & Associates, Inc.		200,000		34,746,000
Mastercard, Inc. - Class A		85,000		40,933,450
Moody's Corporation		90,000		35,372,700
S&P Global, Inc.		60,000		25,527,000
				215,678,250
Total Common Stocks (Cost $667,498,564)			$	1,039,562,006

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.3%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $14,123,726)		14,123,726	$	14,123,726
Total Investments at Fair Value - 100.1% (Cost $681,622,290)			$	1,053,685,732
Liabilities in Excess of Other Assets - (0.1%)				(932,927	)
Net Assets - 100.0%			$	1,052,752,805

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of March 31, 2024.

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

COMMON STOCKS - 98.6%	Shares		Fair Value
Communications - 4.2%
Entertainment Content - 2.2%
Nintendo Company Ltd.		45,300	$	2,471,631
Internet Media & Services - 2.0%
eDreams ODIGEO S.A. *		312,550		2,273,928
Consumer Discretionary - 11.0%
Home & Office Products - 2.8%
SharkNinja, Inc.		50,700		3,158,103
Leisure Facilities & Services - 3.8%
Alsea S.A.B. de C.V. *		623,920		3,076,777
Bowlero Corporation - Class A		89,700		1,228,890
				4,305,667
Leisure Products - 0.8%
MIPS AB		27,800		910,587
Retail - Discretionary - 1.6%
Lowe's Companies, Inc.		7,000		1,783,110
Specialty Retail - 2.0%
Auto Partner S.A.		330,409		2,216,064
Consumer Staples - 4.7%
Beverages - 2.7%
Coca-Cola Europacific Partners plc		43,500		3,042,825
Retail - Consumer Staples - 2.0%
B & M European Value Retail S.A.		324,800		2,239,031
Energy - 8.7%
Oil & Gas Producers - 8.7%
Canadian Natural Resources Ltd.		39,900		3,044,009
Diamondback Energy, Inc.		14,200		2,814,014
Hess Corporation		14,100		2,152,224
Pioneer Natural Resources Company		6,610		1,735,125
				9,745,372
Financials - 12.2%
Asset Management - 2.2%
Partners Group Holding AG		1,720		2,457,023
Banking - 2.3%
HDFC Bank Ltd. - ADR		47,150		2,638,985
Insurance - 5.5%
Chubb Ltd.		8,750		2,267,388
F&G Annuities & Life, Inc.		96,384		3,908,371
				6,175,759

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.6% (Continued)	Shares		Fair Value
Financials - 12.2% (Continued)
Specialty Finance - 2.2%
International Money Express, Inc. *		107,500	$	2,454,225
Health Care - 9.1%
Health Care Facilities & Services - 1.5%
IQVIA Holdings, Inc. *		6,690		1,691,834
Medical Equipment & Devices - 7.6%
Alcon, Inc.		25,500		2,123,895
InMode Ltd. *		69,900		1,510,539
Mirion Technologies, Inc. *		109,300		1,242,741
Stevanato Group S.p.A.		112,481		3,610,640
				8,487,815
Industrials - 22.9%
Commercial Services - 2.1%
Karooooo Ltd.		51,685		1,295,226
Teleperformance S.A.		10,285		998,937
Teleperformance S.A. - ADR		551		26,680
				2,320,843
Commercial Support Services - 6.1%
Edenred SE		61,600		3,288,807
Franchise Brands plc		141,000		317,652
GFL Environmental, Inc.		94,700		3,267,150
				6,873,609
Diversified Industrials - 4.4%
Eaton Corporation plc		15,700		4,909,076
Electrical Equipment - 5.5%
Hammond Power Solutions, Inc. - Class A		34,000		3,639,934
TE Connectivity Ltd.		17,550		2,548,962
				6,188,896
Machinery - 1.6%
ITOCHU Corporation		28,000		1,202,797
Nidec Corporation		14,200		588,829
				1,791,626
Transportation & Logistics - 3.2%
Canadian National Railway Company		8,000		1,053,680
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Series B		161,400		2,592,330
				3,646,010
Materials - 0.3%
Construction Materials - 0.3%
SigmaRoc plc *		350,000		300,380
Real Estate - 1.1%
Real Estate Services - 1.1%
FirstService Corporation		7,500		1,243,500

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.6% (Continued)	Shares		Fair Value
Technology - 24.4%
IT Services - 4.0%
StoneCo Ltd. - Class A *		267,700	$	4,446,497
Semiconductors - 3.9%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		21,000		2,857,050
Texas Instruments, Inc.		8,500		1,480,785
				4,337,835
Software - 6.5%
SAP SE		26,000		5,062,219
Sapiens International Corporation N.V.		71,452		2,297,896
				7,360,115
Technology Services - 10.0%
Accenture plc - Class A		10,500		3,639,405
Mastercard, Inc. - Class A		10,000		4,815,700
S&P Global, Inc.		6,400		2,722,880
				11,177,985
Total Common Stocks (Cost $73,832,321)			$	110,648,331

MONEY MARKET FUNDS - 1.8%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $2,020,964)		2,020,964	$	2,020,964
Total Investments at Fair Value - 100.4% (Cost $75,853,285)			$	112,669,295
Liabilities in Excess of Other Assets - (0.4%)				(496,185	)
Net Assets - 100.0%			$	112,173,110

ADR - American Depositary Receipt.

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of March 31, 2024.

AVE MARIA WORLD EQUITY FUND

SUMMARY OF COMMON STOCKS BY COUNTRY

March 31, 2024 (Unaudited)

Country	Value		% of Net Assets
United States **	$	42,285,445		37.7	%
Canada		12,248,273		10.9	%
Switzerland		6,848,306		6.1	%
United Kingdom		5,899,888		5.3	%
Mexico		5,669,107		5.1	%
Germany		5,062,219		4.5	%
Brazil		4,446,497		4.0	%
France		4,314,424		3.8	%
Japan		4,263,257		3.8	%
Israel		3,808,435		3.4	%
Italy		3,610,640		3.2	%
Taiwan		2,857,050		2.5	%
India		2,638,985		2.3	%
Spain		2,273,928		2.0	%
Poland		2,216,064		2.0	%
Singapore		1,295,226		1.2	%
Sweden		910,587		0.8	%
Total	$	110,648,331		98.6	%

** 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, 2024 (Unaudited)

COMMON STOCKS - 99.8%	Shares		Fair Value
Communications - 30.4%
Internet Media & Services - 16.1%
eDreams ODIGEO S.A. *		1,313,620	$	9,557,118
Telecommunications - 14.3%
DigitalBridge Group, Inc.		441,341		8,504,641
Consumer Discretionary - 6.4%
Leisure Facilities & Services - 6.4%
Alsea S.A.B. de C.V. *		366,100		1,805,373
First Watch Restaurant Group, Inc. *		80,724		1,987,425
				3,792,798
Energy - 4.8%
Oil & Gas Producers - 1.5%
Permian Basin Royalty Trust		70,693		855,385
Renewable Energy - 3.3%
Green Plains, Inc. *		85,587		1,978,772
Financials - 18.3%
Asset Management - 18.3%
Apollo Global Management, Inc.		32,628		3,669,019
Brookfield Corporation		86,220		3,610,031
Brookfield Reinsurance Ltd.		86,220		3,602,272
				10,881,322
Industrials - 25.1%
Commercial Support Services - 25.1%
API Group Corporation *		288,209		11,317,967
GFL Environmental, Inc.		103,422		3,568,059
				14,886,026
Materials - 8.5%
Construction Materials - 4.7%
SigmaRoc plc *		3,279,177		2,814,282
Metals & Mining - 3.8%
Ferroglobe plc		447,481		2,228,456
Real Estate - 2.1%
Real Estate Owners & Developers - 2.1%
Texas Pacific Land Corporation		2,139		1,237,433
Technology - 1.2%
Software - 1.2%
Cirata plc *		851,800		720,288
Utilities - 3.0%
Gas & Water Utilities - 3.0%
Secure Energy Services, Inc.		218,810		1,801,311
Total Common Stocks (Cost $50,296,301)			$	59,257,832

AVE MARIA FOCUSED FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 0.3%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $173,603)		173,603	$	173,603
Total Investments at Fair Value - 100.1% (Cost $50,469,904)			$	59,431,435
Liabilities in Excess of Other Assets - (0.1%)				(62,680	)
Net Assets - 100.0%			$	59,368,755

*	Non-income producing security.
(a)	The rate shown is the 7-day effective yield as of March 31, 2024.

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

U.S. GOVERNMENT & AGENCIES - 22.4%	Par Value		Fair Value
U.S. Treasury Inflation-Protected Notes - 9.4% (a)
0.500%, due 04/15/24	$	12,226,500	$	12,233,486
2.375%, due 01/15/25		4,907,730		4,902,899
0.625%, due 01/15/26		6,488,800		6,303,785
2.000%, due 01/15/26		4,660,920		4,640,683
0.125%, due 04/15/26		5,879,200		5,632,296
0.375%, due 01/15/27		4,978,545		4,750,812
0.375%, due 07/15/27		8,193,835		7,801,085
0.500%, due 01/15/28		6,250,650		5,918,481
0.750%, due 07/15/28		3,071,150		2,936,247
				55,119,774
U.S. Treasury Notes - 13.0%
2.125%, due 11/30/24		10,000,000		9,797,852
1.375%, due 01/31/25		10,000,000		9,696,875
2.875%, due 06/15/25		10,000,000		9,758,984
4.500%, due 11/15/25		10,000,000		9,956,641
3.250%, due 06/30/29		10,000,000		9,542,578
1.500%, due 02/15/30		10,000,000		8,603,125
1.625%, due 05/15/31		10,000,000		8,434,375
4.500%, due 11/15/33		10,000,000		10,231,250
				76,021,680
Total U.S. Government & Agencies (Cost $136,254,689)			$	131,141,454

CORPORATE BONDS - 53.9%	Par Value		Fair Value
Communications - 0.9%
Electronic Arts, Inc., 4.800%, due 03/01/26	$	5,500,000	$	5,468,543
Consumer Discretionary - 7.8%
Genuine Parts Company, 1.875%, due 11/01/30		775,000		629,404
Lowe's Companies, Inc., 3.125%, due 09/15/24		800,000		791,049
Lowe's Companies, Inc., 3.375%, due 09/15/25		1,500,000		1,461,661
Lowe's Companies, Inc., 2.500%, due 04/15/26		3,000,000		2,852,217
Lowe's Companies, Inc., 3.100%, due 05/03/27		9,050,000		8,585,593
Lowe's Companies, Inc., 1.300%, due 04/15/28		400,000		348,823
Lowe's Companies, Inc., 1.700%, due 10/15/30		925,000		756,270
Lowe's Companies, Inc., 3.750%, due 04/01/32		4,000,000		3,677,496
O'Reilly Automotive, Inc., 3.900%, due 06/01/29		767,000		734,254
O'Reilly Automotive, Inc., 4.200%, due 04/01/30		300,000		286,884
O'Reilly Automotive, Inc., 4.700%, due 06/15/32		2,800,000		2,737,124
Ross Stores, Inc., 3.375%, due 09/15/24		3,000,000		2,965,562
Ross Stores, Inc., 0.875%, due 04/15/26		5,255,000		4,831,571
Ross Stores, Inc., 4.700%, due 04/15/27		1,300,000		1,285,896
TJX Companies, Inc. (The), 2.250%, due 09/15/26		3,226,000		3,041,421
TJX Companies, Inc. (The), 1.150%, due 05/15/28		5,276,000		4,583,811
TJX Companies, Inc. (The), 3.875%, due 04/15/30		2,402,000		2,288,625
TJX Companies, Inc. (The), 1.600%, due 05/15/31		4,699,000		3,813,293
				45,670,954
Consumer Staples - 10.6%
Coca-Cola Company (The), 1.450%, due 06/01/27		5,452,000		4,963,369
Coca-Cola Company (The), 1.000%, due 03/15/28		1,000,000		877,332

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)                

CORPORATE BONDS - 53.9% (Continued)	Par Value		Fair Value
Consumer Staples - 10.6% (Continued)
Coca-Cola Company (The), 2.125%, due 09/06/29	$	1,550,000	$	1,375,301
Coca-Cola Company (The), 2.000%, due 03/05/31		1,000,000		846,472
Colgate-Palmolive Company, 3.100%, due 08/15/27		5,000,000		4,786,444
Colgate-Palmolive Company, 3.250%, due 08/15/32		2,750,000		2,485,140
Colgate-Palmolive Company, 4.600%, due 03/01/33		2,720,000		2,729,487
Hershey Company (The), 2.050%, due 11/15/24		3,200,000		3,134,492
Hershey Company (The), 0.900%, due 06/01/25		7,450,000		7,095,282
Hershey Company (The), 3.200%, due 08/21/25		645,000		630,255
Hershey Company (The), 2.300%, due 08/15/26		2,000,000		1,886,109
Hershey Company (The), 4.250%, due 05/04/28		1,350,000		1,338,336
Hershey Company (The), 2.450%, due 11/15/29		4,875,000		4,361,125
Hormel Foods Corporation, 1.700%, due 06/03/28		2,645,000		2,344,785
Hormel Foods Corporation, 1.800%, due 06/11/30		6,363,000		5,328,796
J.M. Smucker Company (The), 3.375%, due 12/15/27		3,750,000		3,547,504
J.M. Smucker Company (The), 2.125%, due 03/15/32		1,450,000		1,174,530
Kimberly-Clark Corporation, 2.650%, due 03/01/25		1,115,000		1,088,765
Kimberly-Clark Corporation, 2.750%, due 02/15/26		2,648,000		2,550,098
Kimberly-Clark Corporation, 1.050%, due 09/15/27		1,900,000		1,681,399
Kimberly-Clark Corporation, 3.950%, due 11/01/28		1,300,000		1,270,739
Kimberly-Clark Corporation, 3.200%, due 04/25/29		1,397,000		1,304,167
Kimberly-Clark Corporation, 3.100%, due 03/26/30		609,000		558,425
Kimberly-Clark Corporation, 2.000%, due 11/02/31		5,530,000		4,583,757
				61,942,109
Energy - 3.8%
Chevron Corporation, 3.900%, due 11/15/24		550,000		545,020
Chevron Corporation, 8.000%, due 04/01/27		2,600,000		2,830,526
Chevron Corporation, 1.995%, due 05/11/27		1,500,000		1,387,182
Chevron Corporation, 1.018%, due 08/12/27		1,150,000		1,021,656
Chevron Corporation, 3.250%, due 10/15/29		7,685,000		7,197,353
Exxon Mobil Corporation, 2.019%, due 08/16/24		2,650,000		2,617,838
Exxon Mobil Corporation, 2.709%, due 03/06/25		998,000		975,649
Exxon Mobil Corporation, 2.610%, due 10/15/30		180,000		159,555
Pioneer Natural Resources, 1.125%, due 01/15/26		2,578,000		2,399,771
Pioneer Natural Resources, 7.200%, due 01/15/28		1,936,000		2,061,765
Pioneer Natural Resources, 1.900%, due 08/15/30		1,530,000		1,285,512
				22,481,827
Financials - 3.1%
Chubb INA Holdings, Inc., 3.150%, due 03/15/25		4,309,000		4,219,633
Chubb INA Holdings, Inc., 3.350%, due 05/03/26		650,000		628,062
Chubb INA Holdings, Inc., 1.375%, due 09/15/30		5,700,000		4,639,319
Chubb INA Holdings, Inc., 5.000%, due 03/15/34		1,700,000		1,705,409
PNC Financial Services Group, Inc. (The), 3.250%, due 06/01/25		1,528,000		1,489,675
PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27		400,000		378,902
PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28		4,380,000		4,096,467
Truist Financial Corporation, 2.250%, due 03/11/30		900,000		749,316
				17,906,783
Health Care - 1.9%
Stryker Corporation, 3.375%, due 05/15/24		5,500,000		5,484,175
Stryker Corporation, 3.375%, due 11/01/25		1,026,000		996,383
Stryker Corporation, 3.500%, due 03/15/26		1,404,000		1,361,642

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)               

CORPORATE BONDS - 53.9% (Continued)	Par Value		Fair Value
Health Care - 1.9% (Continued)
Stryker Corporation, 3.650%, due 03/07/28	$	500,000	$	478,677
Stryker Corporation, 1.950%, due 06/15/30		3,200,000		2,701,246
				11,022,123
Industrials - 7.9%
Amphenol Corporation, 4.350%, due 06/01/29		5,950,000		5,796,056
Amphenol Corporation, 2.200%, due 09/15/31		2,000,000		1,656,882
Honeywell International, Inc., 1.100%, due 03/01/27		650,000		587,706
Honeywell International, Inc., 2.700%, due 08/15/29		650,000		589,502
Honeywell International, Inc., 1.750%, due 09/01/31		600,000		486,957
Honeywell International, Inc., 5.000%, due 02/15/33		1,700,000		1,717,275
Hubbell, Inc., 3.150%, due 08/15/27		5,632,000		5,310,958
Hubbell, Inc., 2.300%, due 03/15/31		470,000		392,353
Illinois Tool Works, Inc., 2.650%, due 11/15/26		10,601,000		10,056,206
Lockheed Martin Corporation, 3.550%, due 01/15/26		3,848,000		3,757,041
Lockheed Martin Corporation, 5.100%, due 11/15/27		3,057,000		3,093,598
Lockheed Martin Corporation, 4.450%, due 05/15/28		1,000,000		990,844
Lockheed Martin Corporation, 1.850%, due 06/15/30		1,000,000		843,022
Lockheed Martin Corporation, 5.250%, due 01/15/33		1,000,000		1,028,046
Lockheed Martin Corporation, 4.750%, due 02/15/34		650,000		641,729
PACCAR Financial Corporation, 1.800%, due 02/06/25		350,000		339,890
PACCAR Financial Corporation, 1.100%, due 05/11/26		835,000		772,320
PACCAR Financial Corporation, 2.000%, due 02/04/27		500,000		462,318
PACCAR Financial Corporation, 4.600%, due 01/10/28		1,050,000		1,045,973
United Parcel Service, Inc., 2.200%, due 09/01/24		3,410,000		3,362,166
United Parcel Service, Inc., 2.800%, due 11/15/24		1,000,000		984,028
United Parcel Service, Inc., 2.400%, due 11/15/26		1,869,000		1,759,133
United Parcel Service, Inc., 4.450%, due 04/01/30		740,000		733,694
				46,407,697
Materials - 3.2%
Carlisle Companies, Inc., 2.200%, due 03/01/32		4,500,000		3,614,435
Ecolab, Inc., 2.700%, due 11/01/26		6,438,000		6,115,046
Ecolab, Inc., 3.250%, due 12/01/27		3,676,000		3,489,461
Ecolab, Inc., 4.800%, due 03/24/30		1,745,000		1,754,763
Ecolab, Inc., 1.300%, due 01/30/31		1,450,000		1,158,972
Ecolab, Inc., 2.125%, due 02/01/32		1,775,000		1,475,264
RPM International, Inc., 3.750%, due 03/15/27		1,250,000		1,196,922
				18,804,863
Technology - 14.7%
Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26		600,000		576,188
Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29		6,800,000		6,024,175
Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31		3,200,000		2,695,269
Cisco Systems, Inc., 3.500%, due 06/15/25		5,000,000		4,916,276
Cisco Systems, Inc., 2.950%, due 02/28/26		2,770,000		2,673,977
Cisco Systems, Inc., 2.500%, due 09/20/26		3,080,000		2,918,422
Mastercard, Inc., 3.375%, due 04/01/24		3,855,000		3,855,000
Mastercard, Inc., 2.000%, due 03/03/25		5,625,000		5,463,167
Mastercard, Inc., 2.950%, due 11/21/26		2,000,000		1,910,110
Mastercard, Inc., 3.300%, due 03/26/27		2,150,000		2,069,826
Mastercard, Inc., 3.500%, due 02/26/28		450,000		434,371
Mastercard, Inc., 2.000%, due 11/18/31		2,417,000		1,996,160

AVE MARIA BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
CORPORATE BONDS - 53.9% (Continued)	Par Value		Fair Value
Technology - 14.7% (Continued)
Mastercard, Inc., 4.850%, due 03/09/33	$	1,000,000	$	1,008,371
Moody's Corporation, 3.250%, due 01/15/28		6,206,000		5,899,805
Moody's Corporation, 4.250%, due 02/01/29		5,289,000		5,155,277
Moody's Corporation, 4.250%, due 08/08/32		2,328,000		2,216,103
S&P Global, Inc., 2.950%, due 01/22/27		3,675,000		3,492,355
S&P Global, Inc., 2.450%, due 03/01/27		3,000,000		2,808,656
S&P Global, Inc., 4.750%, due 08/01/28		1,115,000		1,114,064
S&P Global, Inc., 4.250%, due 05/01/29		427,000		416,148
S&P Global, Inc., 2.500%, due 12/01/29		700,000		620,097
S&P Global, Inc., 1.250%, due 08/15/30		2,600,000		2,101,637
S&P Global, Inc., 2.900%, due 03/01/32		2,200,000		1,916,956
Texas Instruments, Inc., 1.375%, due 03/12/25		1,160,000		1,119,573
Texas Instruments, Inc., 2.250%, due 09/04/29		1,112,000		985,477
Texas Instruments, Inc., 1.750%, due 05/04/30		4,880,000		4,124,100
Texas Instruments, Inc., 1.900%, due 09/15/31		2,000,000		1,666,468
Texas Instruments, Inc., 3.650%, due 08/16/32		1,293,000		1,200,960
Texas Instruments, Inc., 4.900%, due 03/14/33		1,400,000		1,414,645
Visa, Inc., 3.150%, due 12/14/25		3,905,000		3,797,979
Visa, Inc., 1.900%, due 04/15/27		3,854,000		3,565,988
Visa, Inc., 2.750%, due 09/15/27		6,051,000		5,690,612
				85,848,212
Total Corporate Bonds (Cost $326,028,064)			$	315,553,111

COMMON STOCKS - 19.4%	Shares		Fair Value
Consumer Discretionary - 1.0%
Retail - Discretionary - 1.0%
Genuine Parts Company		40,000	$	6,197,200
Consumer Staples - 1.8%
Beverages - 1.8%
Coca-Cola Europacific Partners plc		150,000		10,492,500
Energy - 4.6%
Oil & Gas Producers - 4.6%
Chevron Corporation		50,000		7,887,000
Diamondback Energy, Inc.		37,000		7,332,290
Exxon Mobil Corporation		100,000		11,624,000
				26,843,290
Financials - 3.8%
Banking - 2.2%
Truist Financial Corporation		325,000		12,668,500
Specialty Finance - 1.6%
Fidelity National Financial, Inc.		180,000		9,558,000
Health Care - 0.5%
Medical Equipment & Devices - 0.5%
Medtronic plc		34,000		2,963,100

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued) 

COMMON STOCKS - 19.4% (Continued)	Shares		Fair Value
Industrials - 5.4%
Aerospace & Defense - 1.6%
Lockheed Martin Corporation		20,000	$	9,097,400
Industrial Support Services - 3.2%
Fastenal Company		106,000		8,176,840
Watsco, Inc.		24,000		10,367,280
				18,544,120
Transportation & Logistics - 0.6%
United Parcel Service, Inc. - Class B		25,000		3,715,750
Real Estate - 1.2%
Real Estate Owners & Developers - 1.2%
Texas Pacific Land Corporation		12,000		6,942,120
Technology - 1.1%
Semiconductors - 1.1%
Texas Instruments, Inc.		37,000		6,445,770
Total Common Stocks (Cost $69,943,946)			$	113,467,750

MONEY MARKET FUNDS - 5.6%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (b)		18,401,569	$	18,401,569
Federated Hermes Treasury Obligations Fund - Institutional Shares, 5.17% (b)		14,083,111		14,083,111
Total Money Market Funds (Cost $32,484,680)			$	32,484,680
Total Investments at Fair Value - 101.3% (Cost $564,711,379)			$	592,646,995
Liabilities in Excess of Other Assets - (1.3%)				(7,700,910	)
Net Assets - 100.0%			$	584,946,085

(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, 2024.

SCHWARTZ VALUE FOCUSED FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

COMMON STOCKS - 98.2%	Shares		Fair Value
Consumer Discretionary - 11.4%
Home Construction - 6.0%
Masco Corporation		24,800	$	1,956,224
Leisure Facilities & Services - 3.6%
Madison Square Garden Sports Corporation *		6,400		1,180,928
Leisure Products - 1.8%
YETI Holdings, Inc. *		15,300		589,815
Energy - 19.9%
Oil & Gas Producers - 14.9%
ConocoPhillips		9,000		1,145,520
Devon Energy Corporation		20,000		1,003,600
Occidental Petroleum Corporation		6,000		389,940
Pioneer Natural Resources Company		9,000		2,362,500
				4,901,560
Oil & Gas Services & Equipment - 5.0%
Schlumberger Ltd.		29,800		1,633,338
Financials - 11.3%
Institutional Financial Services - 7.4%
CME Group, Inc.		5,100		1,097,979
Intercontinental Exchange, Inc.		9,800		1,346,814
				2,444,793
Insurance - 3.9%
Berkshire Hathaway, Inc. - Class A *		2		1,268,880
Industrials - 2.9%
Electrical Equipment - 2.9%
A.O. Smith Corporation		10,600		948,276
Materials - 2.9%
Metals & Mining - 2.9%
Franco-Nevada Corporation		2,200		262,152
Pan American Silver Corporation		45,500		686,140
				948,292
Real Estate - 38.4%
Real Estate Owners & Developers - 38.4%
St. Joe Company (The)		52,600		3,049,222

SCHWARTZ VALUE FOCUSED FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.2% (Continued)	Shares		Fair Value
Real Estate - 38.4% (Continued)
Real Estate Owners & Developers - 38.4% (Continued)
Texas Pacific Land Corporation		16,500	$	9,545,415
				12,594,637
Technology - 11.4%
Technology Services - 11.4%
Mastercard, Inc. - Class A		4,500		2,167,065
Moody's Corporation		4,000		1,572,120
				3,739,185
Total Common Stocks (Cost $15,380,409)			$	32,205,928

MONEY MARKET FUNDS - 1.9%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.18% (a) (Cost $633,051)		633,051	$	633,051
Total Investments at Fair Value - 100.1% (Cost $16,013,460)			$	32,838,979
Liabilities in Excess of Other Assets - (0.1%)				(32,433	)
Net Assets - 100.0%			$	32,806,546

* Non-income producing security.

^(a) The rate shown is the 7-day effective yield as of March 31, 2024.