AVE MARIA VALUE FOCUSED FUND

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 90.9%  Shares   Fair Value 
Communications - 1.9%          
Internet Media & Services - 1.9%          
VeriSign, Inc.   8,800   $2,185,568 
           
Consumer Discretionary - 5.5%          
Automotive - 1.9%          
XPEL, Inc. *   47,384    2,097,216 
           
Home Construction - 0.7%          
Masco Corporation   12,500    754,625 
           
Retail - Discretionary - 2.9%          
Builders FirstSource, Inc. *   31,800    2,618,094 
Genuine Parts Company   6,250    660,937 
         3,279,031 
Energy - 14.3%          
Oil & Gas Producers - 11.6%          
Chevron Corporation   20,000    4,138,000 
Expand Energy Corporation   40,300    4,424,134 
Occidental Petroleum Corporation   35,500    2,307,500 
Permian Basin Royalty Trust   100,000    2,152,000 
         13,021,634 
Oil & Gas Services & Equipment - 2.7%          
SLB Ltd.   60,000    3,083,400 
           
Financials - 3.9%          
Institutional Financial Services - 3.9%          
Intercontinental Exchange, Inc.   27,700    4,356,656 
           
Health Care - 3.5%          
Biotech & Pharma - 2.2%          
Zoetis, Inc.   20,500    2,423,305 
           
Health Care Facilities & Services - 0.3%          
Chemed Corporation   1,000    377,740 
           
Medical Equipment & Devices - 1.0%          
Mirion Technologies, Inc. *   60,000    1,115,400 
           
Industrials - 3.7%          
Electrical Equipment - 1.2%          
A.O. Smith Corporation   19,800    1,305,612 
           
Industrial Support Services - 2.5%          
Watsco, Inc.   7,785    2,832,105 
           
Materials - 12.8%          
Containers & Packaging - 1.9%          
AptarGroup, Inc.   17,160    2,162,503 

   

 

AVE MARIA VALUE FOCUSED FUND

SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 90.9% (Continued)  Shares   Fair Value 
Materials - 12.8% (Continued)          
Metals & Mining - 10.9%          
Franco-Nevada Corporation   22,700   $5,608,035 
Pan American Silver Corporation   25,000    1,365,750 
Wheaton Precious Metals Corporation   40,000    5,240,400 
         12,214,185 
Real Estate - 30.5%          
Multi-Asset Class Owners & Developers - 6.8%          
LandBridge Company, LLC - Class A   111,059    7,668,624 
           
Real Estate Owners & Developers - 23.7%          
St. Joe Company (The)   32,600    2,047,280 
Texas Pacific Land Corporation   51,600    24,487,296 
         26,534,576 
Technology - 7.7%          
Semiconductors - 2.0%          
Intel Corporation *   50,000    2,206,500 
           
Software - 0.9%          
Roper Technologies, Inc.   3,000    1,061,580 
           
Technology Services - 4.8%          
Accenture plc - Class A   10,400    2,062,216 
Moody’s Corporation   3,000    1,308,750 
Shift4 Payments, Inc. - Class A *   45,750    2,000,648 
         5,371,614 
Utilities - 7.1%          
Gas & Water Utilities - 7.1%          
WaterBridge Infrastructure, LLC - Class A   298,148    7,987,385 
           
Total Common Stocks (Cost $67,557,400)       $102,039,259 

   

 

AVE MARIA VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS (Continued)

 

MONEY MARKET FUNDS - 13.0%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (a)   5,854,017   $5,854,017 
Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.53% (a)   5,659,795    5,659,795 
Federated Hermes U.S. Treasury Cash Reserves Fund - Institutional Shares, 3.52% (a)   3,094,803    3,094,803 
Total Money Market Funds (Cost $14,608,615)       $14,608,615 
           
Total Investments at Fair Value - 103.9% (Cost $82,166,015)       $116,647,874 
           
Liabilities in Excess of Other Assets - (3.9%)        (4,370,071)
           
Net Assets - 100.0%       $112,277,803 

 

*Non-income producing security.
(a)The rate shown is the 7-day effective yield as of March 31, 2026.
   

 

AVE MARIA VALUE FUND
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)

 

COMMON STOCKS - 94.6%  Shares   Fair Value 
Communications - 3.3%          
Internet Media & Services - 3.3%          
VeriSign, Inc.   70,500   $17,509,380 
           
Consumer Discretionary - 8.6%          
Automotive - 2.3%          
XPEL, Inc. *   279,455    12,368,678 
           
Leisure Products - 1.0%          
YETI Holdings, Inc. *   138,000    5,049,420 
           
Retail - Discretionary - 3.8%          
Builders FirstSource, Inc. *   105,000    8,644,650 
Winmark Corporation   26,600    11,372,830 
         20,017,480 
Wholesale - Discretionary - 1.5%          
Pool Corporation   38,000    7,688,540 
           
Energy - 8.4%          
Oil & Gas Producers - 6.5%          
Expand Energy Corporation   145,500    15,972,990 
Permian Basin Royalty Trust   830,219    17,866,313 
         33,839,303 
Oil & Gas Services & Equipment - 1.9%          
SLB Ltd.   200,000    10,278,000 
           
Financials - 9.0%          
Banking - 4.4%          
Hingham Institution For Savings (The)   81,087    23,177,908 
           
Institutional Financial Services - 2.3%          
Intercontinental Exchange, Inc.   77,000    12,110,560 
           
Insurance - 2.3%          
Brown & Brown, Inc.   180,400    11,763,884 
           
Health Care - 5.4%          
Health Care Facilities & Services - 0.7%          
Chemed Corporation   9,290    3,509,205 
           
Medical Equipment & Devices - 4.7%          
Alcon, Inc.   161,000    12,131,350 
Mirion Technologies, Inc. *   665,000    12,362,350 
         24,493,700 
Industrials - 12.1%          
Aerospace & Defense - 1.6%          
HEICO Corporation - Class A   40,000    8,443,600 

   

 

AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 94.6% (Continued)  Shares   Fair Value 
Industrials - 12.1% (Continued)          
Commercial Support Services - 1.6%          
Distribution Solutions Group, Inc. *   312,532   $8,200,840 
           
Electrical Equipment - 4.0%          
A.O. Smith Corporation   146,600    9,666,804 
Allegion plc   76,000    11,042,040 
         20,708,844 
Industrial Intermediate Products - 2.4%          
Armstrong World Industries, Inc.   78,000    12,854,400 
           
Industrial Support Services - 1.2%          
Watsco, Inc.   17,400    6,329,946 
           
Machinery - 1.3%          
CSW Industrials, Inc.   26,000    6,775,080 
           
Materials - 10.4%          
Metals & Mining - 10.4%          
Franco-Nevada Corporation   100,000    24,705,000 
Wheaton Precious Metals Corporation   225,000    29,477,250 
         54,182,250 
Real Estate - 25.9%          
Multi-Asset Class Owners & Developers - 5.0%          
LandBridge Company, LLC - Class A   379,895    26,231,750 
           
Real Estate Owners & Developers - 20.9%          
St. Joe Company (The)   233,800    14,682,640 
Texas Pacific Land Corporation   199,500    94,674,720 
         109,357,360 
Technology - 7.2%          
Software - 2.6%          
Roper Technologies, Inc.   39,000    13,800,540 
           
Technology Services - 4.6%          
Jack Henry & Associates, Inc.   25,000    3,951,000 
TD SYNNEX Corporation   119,500    20,160,845 
         24,111,845 
Utilities - 4.3%          
Gas & Water Utilities - 4.3%          
WaterBridge Infrastructure, LLC - Class A   833,556    22,330,965 
           
Total Common Stocks (Cost $288,454,922)       $495,133,478 

   

 

AVE MARIA VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

 

MONEY MARKET FUNDS - 6.3%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (a)   26,319,772   $26,319,772 
Federated Hermes Treasury Obligations Fund - Institutional Shares, 3.53% (a)   6,463,945    6,463,945 
Total Money Market Funds (Cost $32,783,717)       $32,783,717 
           
Total Investments at Fair Value - 100.9% (Cost $321,238,639)       $527,917,195 
           
Liabilities in Excess of Other Assets - (0.9%)        (4,522,760)
           
Net Assets - 100.0%       $523,394,435 

 

*Non-income producing security.
(a)The rate shown is the 7-day effective yield as of March 31, 2026.
   

 

AVE MARIA GROWTH FUND
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)

 

COMMON STOCKS - 98.0%  Shares   Fair Value 
Communications - 3.9%          
Internet Media & Services - 3.9%          
VeriSign, Inc.   165,000   $40,979,400 
           
Consumer Discretionary - 12.5%          
Automotive - 2.0%          
XPEL, Inc. *   485,000    21,466,100 
           
Retail - Discretionary - 8.8%          
Lowe’s Companies, Inc.   131,000    30,952,680 
O’Reilly Automotive, Inc. *   665,000    61,386,150 
         92,338,830 
Wholesale - Discretionary - 1.7%          
Copart, Inc. *   540,000    17,928,000 
           
Energy - 2.3%          
Oil & Gas Producers - 2.3%          
Expand Energy Corporation   220,000    24,151,600 
           
Financials - 0.1%          
Asset Management - 0.1%          
TIC Solutions, Inc. *   200,000    1,316,000 
           
Health Care - 3.8%          
Biotech & Pharma - 1.1%          
Zoetis, Inc.   100,000    11,821,000 
           
Health Care Facilities & Services - 1.1%          
IQVIA Holdings, Inc. *   64,000    10,914,560 
           
Medical Equipment & Devices - 1.6%          
Alcon, Inc.   225,000    16,953,750 
           
Industrials - 11.2%          
Aerospace & Defense - 5.6%          
HEICO Corporation - Class A   278,590    58,807,563 
           
Industrial Support Services - 5.6%          
APi Group Corporation *   1,442,500    58,450,100 
           
Materials - 3.2%          
Containers & Packaging - 3.2%          
AptarGroup, Inc.   270,000    34,025,400 
           
Real Estate - 0.8%          
Real Estate Owners & Developers - 0.8%          
Texas Pacific Land Corporation   18,000    8,542,080 

   

 

AVE MARIA GROWTH FUND

SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 98.0% (Continued)  Shares   Fair Value 
Technology - 60.2%          
Semiconductors - 36.0%          
BE Semiconductor Industries N.V.   92,000   $19,709,575 
Entegris, Inc.   200,000    23,448,000 
Intel Corporation *   900,000    39,717,000 
NVIDIA Corporation   550,000    95,920,000 
Rambus, Inc. *   370,337    31,860,092 
Silicon Motion Technology Corporation - ADR   300,000    33,687,000 
Taiwan Semiconductor Manufacturing Company Ltd. - ADR   123,000    41,567,850 
Texas Instruments, Inc.   240,000    46,593,600 
Tower Semiconductor Ltd. *   260,000    45,624,800 
         378,127,917 
Software - 4.7%          
BlackLine, Inc. *   175,000    6,475,000 
Roper Technologies, Inc.   106,500    37,686,090 
Synopsys, Inc. *   13,596    5,390,542 
         49,551,632 
Technology Services - 19.5%          
Accenture plc - Class A   139,000    27,562,310 
Broadridge Financial Solutions, Inc.   165,000    26,809,200 
Mastercard, Inc. - Class A   117,000    58,460,220 
Moody’s Corporation   70,000    30,537,500 
S&P Global, Inc.   111,000    47,212,740 
Shift4 Payments, Inc. - Class A *   324,941    14,209,670 
         204,791,640 
           
Total Common Stocks (Cost $594,531,971)       $1,030,165,572 

 

MONEY MARKET FUNDS - 2.2%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (a) (Cost $22,657,360)   22,657,360   $22,657,360 
           
Total Investments at Fair Value - 100.2% (Cost $617,189,331)       $1,052,822,932 
           
Liabilities in Excess of Other Assets - (0.2%)        (1,657,219)
           
Net Assets - 100.0%       $1,051,165,713 

 

ADR - American Depositary Receipt.

 

*Non-income producing security.
(a)The rate shown is the 7-day effective yield as of March 31, 2026.
   

 

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 95.8%  Shares   Fair Value 
Communications - 1.8%          
Internet Media & Services - 1.8%          
Booking Holdings, Inc.   4,000   $16,841,280 
           
Consumer Discretionary - 16.8%          
Home & Office Products - 1.7%          
SharkNinja, Inc. *   150,000    15,885,000 
           
Leisure Facilities & Services - 2.1%          
Domino’s Pizza, Inc.   55,000    19,733,450 
           
Retail - Discretionary - 10.8%          
Genuine Parts Company   275,000    29,081,250 
Lowe’s Companies, Inc.   135,000    31,897,800 
TJX Companies, Inc. (The)   240,000    38,328,000 
         99,307,050 
Wholesale - Discretionary - 2.2%          
Pool Corporation   100,000    20,233,000 
           
Consumer Staples - 3.2%          
Beverages - 3.2%          
Coca-Cola Europacific Partners plc   330,000    29,921,100 
           
Energy - 8.6%          
Oil & Gas Producers - 8.6%          
Chevron Corporation   190,000    39,311,000 
Diamondback Energy, Inc.   200,000    39,558,000 
         78,869,000 
Financials - 10.9%          
Asset Management - 1.6%          
Brookfield Corporation   375,000    15,176,250 
           
Banking - 3.0%          
Truist Financial Corporation   600,000    27,582,000 
           
Insurance - 4.0%          
Arch Capital Group Ltd. *   130,000    12,478,700 
Brown & Brown, Inc.   375,000    24,453,750 
         36,932,450 
Specialty Finance - 2.3%          
Fidelity National Financial, Inc.   450,000    20,871,000 
           
Health Care - 4.6%          
Biotech & Pharma - 2.6%          
Zoetis, Inc.   200,000    23,642,000 
           
Health Care Facilities & Services - 2.0%          
Quest Diagnostics, Inc.   95,000    18,618,100 

   

 

AVE MARIA RISING DIVIDEND FUND

SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 95.8% (Continued)  Shares   Fair Value 
Industrials - 18.1%          
Aerospace & Defense - 10.3%          
HEICO Corporation - Class A   125,000   $26,386,250 
L3Harris Technologies, Inc.   120,000    41,418,000 
Lockheed Martin Corporation   45,000    27,197,550 
         95,001,800 
Electrical Equipment - 2.5%          
A.O. Smith Corporation   350,000    23,079,000 
           
Industrial Support Services - 3.5%          
Fastenal Company   700,000    32,480,000 
           
Machinery - 1.8%          
ESAB Corporation   170,000    16,432,200 
           
Materials - 4.6%          
Construction Materials - 3.2%          
Carlisle Companies, Inc.   90,000    30,025,800 
           
Containers & Packaging - 1.4%          
AptarGroup, Inc.   100,000    12,602,000 
           
Real Estate - 5.2%          
Real Estate Owners & Developers - 5.2%          
Texas Pacific Land Corporation   100,000    47,456,000 
           
Technology - 22.0%          
Semiconductors - 4.7%          
Rambus, Inc. *   50,000    4,301,500 
Texas Instruments, Inc.   200,000    38,828,000 
         43,129,500 
Software - 2.4%          
Roper Technologies, Inc.   62,000    21,939,320 
           
Technology Services - 14.9%          
Accenture plc - Class A   110,000    21,811,900 
Broadridge Financial Solutions, Inc.   150,000    24,372,000 
Mastercard, Inc. - Class A   55,000    27,481,300 
Moody’s Corporation   80,000    34,900,000 
S&P Global, Inc.   60,000    25,520,400 
Shift4 Payments, Inc. - Class A *   75,000    3,279,750 
         137,365,350 
           
Total Common Stocks (Cost $584,658,615)       $883,122,650 

   

 

AVE MARIA RISING DIVIDEND FUND
SCHEDULE OF INVESTMENTS (Continued)

 

MONEY MARKET FUNDS - 4.3%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (a) (Cost $39,538,050)   39,538,050   $39,538,050 
           
Total Investments at Fair Value - 100.1% (Cost $624,196,665)       $922,660,700 
           
Liabilities in Excess of Other Assets - (0.1%)        (839,411)
           
Net Assets - 100.0%       $921,821,289 

 

*Non-income producing security.
(a)The rate shown is the 7-day effective yield as of March 31, 2026.
   

 

AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)

 

COMMON STOCKS - 99.0%  Shares   Fair Value 
Communications - 2.0%          
Entertainment Content - 1.9%          
Nintendo Company Ltd.   45,000   $2,568,757 
           
Internet Media & Services - 0.1%          
eDreams ODIGEO S.A. *   23,834    85,174 
           
Consumer Discretionary - 10.4%          
Home & Office Products - 4.0%          
SharkNinja, Inc. *   50,700    5,369,130 
           
Leisure Facilities & Services - 2.8%          
Alsea S.A.B. de C.V.   857,120    2,770,033 
Greggs plc   47,400    963,390 
         3,733,423 
Leisure Products - 0.7%          
MIPS AB   37,150    911,620 
           
Retail - Discretionary - 2.9%          
Auto Partner S.A.   455,506    2,208,978 
KeePer Technical Laboratory Company Ltd.   88,300    1,690,571 
         3,899,549 
Energy - 5.6%          
Oil & Gas Producers - 5.6%          
Canadian Natural Resources Ltd.   15,000    731,786 
Diamondback Energy, Inc.   6,500    1,285,635 
Permian Resources Corporation - Class A   120,500    2,569,060 
Vista Energy S.A.B. de C.V. *   38,400    2,898,048 
         7,484,529 
Financials - 9.6%          
Banking - 1.9%          
HDFC Bank Ltd. - ADR   100,100    2,490,488 
           
Institutional Financial Services - 3.9%          
AJ Bell plc   341,700    2,124,720 
Nu Holdings Ltd. - Class A *   217,600    3,126,912 
         5,251,632 
Insurance - 1.8%          
F&G Annuities & Life, Inc.   96,384    2,440,443 
           
Specialty Finance - 2.0%          
dLocal Ltd. *   207,200    2,687,384 
           
Health Care - 4.1%          
Medical Equipment & Devices - 4.1%          
Alcon, Inc.   18,300    1,378,905 
Mirion Technologies, Inc. *   129,300    2,403,687 
Stevanato Group S.p.A.   126,281    1,736,364 
         5,518,956 

   

 

AVE MARIA WORLD EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
Industrials - 30.6%          
Aerospace & Defense - 2.0%          
Howmet Aerospace, Inc.   11,500   $2,650,290 
           
Commercial Services - 2.9%          
Karooooo Ltd.   78,365    3,905,712 
           
Commercial Support Services - 6.4%          
Edenred SE   70,500    1,404,550 
GFL Environmental, Inc.   106,300    4,434,836 
Mader Group Ltd.   492,087    2,672,024 
         8,511,410 
Diversified Industrials - 4.2%          
Eaton Corporation plc   15,700    5,615,419 
           
Electrical Equipment - 5.9%          
Hammond Power Solutions, Inc. - Class A   40,700    5,131,317 
TE Connectivity plc   13,200    2,759,064 
         7,890,381 
Engineering & Construction - 7.1%          
Comfort Systems USA, Inc.   5,300    7,308,647 
Tasmea Ltd.   687,072    2,168,821 
         9,477,468 
Transportation & Logistics - 2.1%          
InPost S.A. *   162,000    2,868,587 
           
Materials - 3.3%          
Chemicals - 1.3%          
Shin-Etsu Chemical Company Ltd.   41,700    1,697,911 
           
Construction Materials - 2.0%          
SigmaRoc plc *   1,730,489    2,699,223 
           
Real Estate - 1.6%          
Real Estate Services - 1.6%          
FirstService Corporation   15,000    2,084,100 
           
Technology - 26.4%          
IT Services - 2.7%          
StoneCo Ltd. - Class A *   256,400    3,620,368 
           
Semiconductors - 8.6%          
ASML Holding N.V.   3,300    4,389,030 
Taiwan Semiconductor Manufacturing Company Ltd. - ADR   21,000    7,096,950 
         11,485,980 
Software - 7.9%          
Alfa Financial Software Holdings plc   525,000    1,011,209 
Avant Group Corporation *   153,500    1,256,248 

   

 

AVE MARIA WORLD EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 99.0% (Continued)  Shares   Fair Value 
Technology - 26.4% (Continued)          
Software - 7.9% (Continued)          
Hinge Health, Inc. - Class A *   59,000   $2,275,040 
OBIC Business Consultants Company Ltd.   30,600    1,222,285 
Phreesia, Inc. *   78,700    659,506 
SAP SE   24,600    4,194,669 
         10,618,957 
Technology Hardware - 1.5%          
NORBIT ASA *   100,000    1,971,316 
           
Technology Services - 5.7%          
Mastercard, Inc. - Class A   10,000    4,996,600 
S&P Global, Inc.   6,400    2,722,176 
         7,718,776 
Utilities - 5.4%          
Gas & Water Utilities - 5.4%          
Cia de Saneamento Basico do Estado de Sao Paulo - ADR   126,128    3,848,156 
Secure Waste Infrastructure Corporation   122,650    1,924,866 
WaterBridge Infrastructure, LLC - Class A   57,000    1,527,030 
         7,300,052 
           
Total Common Stocks (Cost $95,083,373)       $132,557,035 

 

MONEY MARKET FUNDS - 1.0%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (a) (Cost $1,407,143)   1,407,143   $1,407,143 
           
Total Investments at Fair Value - 100.0% (Cost $96,490,516)       $133,964,178 
           
Liabilities in Excess of Other Assets - (0.0%) (b)        (59,799)
           
Net Assets - 100.0%       $133,904,379 

 

ADR - American Depositary Receipt.

 

*Non-income producing security.
(a)The rate shown is the 7-day effective yield as of March 31, 2026.
(b)Percentage rounds to less than 0.1%.
   

 

AVE MARIA WORLD EQUITY FUND

SUMMARY OF COMMON STOCKS BY COUNTRY

March 31, 2026 (Unaudited)

 

Country  Value   % of Net Assets 
United States **  $36,207,244    27.0%
Canada   14,306,905    10.7%
Brazil   10,595,436    7.9%
Japan   8,435,772    6.3%
Ireland   8,374,483    6.3%
Taiwan   7,096,950    5.3%
United Kingdom   6,798,542    5.1%
Mexico   5,668,081    4.2%
Poland   5,077,565    3.8%
Australia   4,840,845    3.6%
Netherlands   4,389,030    3.3%
Germany   4,194,669    3.1%
Singapore   3,905,712    2.9%
Uruguay   2,687,384    2.0%
India   2,490,488    1.9%
Norway   1,971,316    1.5%
Italy   1,736,364    1.3%
France   1,404,550    1.0%
Switzerland   1,378,905    1.0%
Sweden   911,620    0.7%
Spain   85,174    0.1%
   $132,557,035    99.0%

 

**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 of the United States or has 50% of its revenue or operations outside of the United States during its most recent fiscal year, at the time of purchase.
   

 

AVE MARIA GROWTH FOCUSED FUND

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

 

COMMON STOCKS - 100.1%  Shares   Fair Value 
Communications - 5.0%          
Internet Media & Services - 5.0%          
eDreams ODIGEO S.A. *   1,012,944   $3,619,919 
           
Financials - 23.4%          
Asset Management - 23.4%          
Apollo Global Management, Inc.   32,593    3,631,512 
Brookfield Asset Management Ltd. - Class A   74,277    3,301,613 
Brookfield Corporation   89,441    3,619,677 
Brookfield Wealth Solutions Ltd.   87,398    3,618,277 
TIC Solutions, Inc. *   407,476    2,681,192 
         16,852,271 
Health Care - 3.3%          
Health Care Facilities & Services - 3.3%          
Chemed Corporation   6,190    2,338,211 
           
Industrials - 27.8%          
Commercial Support Services - 5.2%          
GFL Environmental, Inc.   88,793    3,704,444 
           
Industrial Support Services - 22.6%          
APi Group Corporation *   402,152    16,295,199 
           
Materials - 6.2%          
Construction Materials - 6.2%          
SigmaRoc plc *   2,406,636    3,753,880 
United States Lime & Minerals, Inc.   5,593    730,501 
         4,484,381 
Real Estate - 13.7%          
Multi-Asset Class Owners & Developers - 7.0%          
LandBridge Company, LLC - Class A   73,222    5,055,979 
           
Real Estate Owners & Developers - 6.7%          
Texas Pacific Land Corporation   10,116    4,800,649 
           
Utilities - 20.7%          
Gas & Water Utilities - 20.7%          
Secure Waste Infrastructure Corporation   320,306    5,026,873 
WaterBridge Infrastructure, LLC - Class A   369,325    9,894,217 
         14,921,090 
           
Total Common Stocks (Cost $51,489,255)       $72,072,143 

   

 

AVE MARIA GROWTH FOCUSED FUND
SCHEDULE OF INVESTMENTS (Continued)

 

MONEY MARKET FUNDS - 0.1%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (a) (Cost $59,948)   59,948   $59,948 
           
Total Investments at Fair Value - 100.2% (Cost $51,549,203)       $72,132,091 
           
Liabilities in Excess of Other Assets - (0.2%)        (113,243)
           
Net Assets - 100.0%       $72,018,848 

 

*Non-income producing security.
(a)The rate shown is the 7-day effective yield as of March 31, 2026.
   

 

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)

 

U.S. GOVERNMENT & AGENCIES - 35.0%  Par Value   Fair Value 
U.S. Treasury Inflation-Protected Notes - 3.8% (a)          
0.125%, due 04/15/26  $6,200,450   $6,204,393 
0.375%, due 01/15/27   5,250,609    5,262,348 
0.375%, due 07/15/27   8,641,555    8,638,807 
0.500%, due 01/15/28   6,592,200    6,540,325 
0.750%, due 07/15/28   3,238,975    3,229,276 
         29,875,149 
U.S. Treasury Notes - 31.2%          
4.125%, due 09/30/27   10,000,000    10,040,625 
4.000%, due 02/29/28   10,000,000    10,032,422 
3.750%, due 05/15/28   10,000,000    9,985,937 
4.125%, due 07/31/28   10,000,000    10,067,969 
1.250%, due 09/30/28   10,000,000    9,390,625 
1.750%, due 01/31/29   10,000,000    9,446,094 
3.250%, due 06/30/29   10,000,000    9,818,359 
4.250%, due 06/30/29   10,000,000    10,121,094 
4.000%, due 10/31/29   10,000,000    10,040,625 
4.000%, due 02/28/30   10,000,000    10,038,281 
3.750%, due 05/31/30   5,000,000    4,969,922 
4.125%, due 08/31/30   10,000,000    10,077,734 
4.625%, due 09/30/30   10,000,000    10,283,984 
4.125%, due 03/31/31   10,000,000    10,071,484 
4.625%, due 05/31/31   10,000,000    10,297,656 
4.125%, due 07/31/31   10,000,000    10,066,016 
4.500%, due 12/31/31   10,000,000    10,241,016 
4.375%, due 01/31/32   10,000,000    10,173,828 
4.125%, due 05/31/32   10,000,000    10,029,688 
4.000%, due 07/31/32   10,000,000    9,953,516 
4.125%, due 11/15/32   10,000,000    10,007,812 
3.500%, due 02/15/33   10,000,000    9,626,172 
3.375%, due 05/15/33   10,000,000    9,530,078 
3.875%, due 08/15/33   10,000,000    9,821,484 
4.500%, due 11/15/33   10,000,000    10,211,719 
         244,344,140 
           
Total U.S. Government & Agencies (Cost $275,160,539)       $274,219,289 

 

CORPORATE BONDS - 45.1%  Par Value   Fair Value 
Communications - 0.7%          
Electronic Arts, Inc., 1.850%, due 02/15/31  $5,486,000   $5,043,893 
           
Consumer Discretionary - 8.0%          
Genuine Parts Company, 1.875%, due 11/01/30   2,429,000    2,092,956 
Genuine Parts Company, 2.750%, due 02/01/32   767,000    665,245 
Genuine Parts Company, 6.875%, due 11/01/33   1,140,000    1,232,022 
Lowe’s Companies, Inc., 2.500%, due 04/15/26   3,000,000    2,997,717 
Lowe’s Companies, Inc., 3.100%, due 05/03/27   9,050,000    8,941,457 
Lowe’s Companies, Inc., 1.300%, due 04/15/28   400,000    376,626 
Lowe’s Companies, Inc., 1.700%, due 10/15/30   925,000    814,905 

   

 

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

 

CORPORATE BONDS - 45.1% (Continued)  Par Value   Fair Value 
Consumer Discretionary - 8.0% (Continued)          
Lowe’s Companies, Inc., 4.250%, due 03/15/31  $200,000   $196,293 
Lowe’s Companies, Inc., 2.625%, due 04/01/31   300,000    272,586 
Lowe’s Companies, Inc., 3.750%, due 04/01/32   4,500,000    4,254,189 
O’Reilly Automotive, Inc, 1.750%, due 03/15/31   500,000    435,756 
O’Reilly Automotive, Inc., 3.900%, due 06/01/29   2,767,000    2,721,981 
O’Reilly Automotive, Inc., 4.200%, due 04/01/30   400,000    395,210 
O’Reilly Automotive, Inc., 4.700%, due 06/15/32   8,150,000    8,099,170 
O’Reilly Automotive, Inc., 5.000%, due 08/19/34   826,000    816,979 
Ross Stores, Inc., 0.875%, due 04/15/26   5,255,000    5,247,340 
Ross Stores, Inc., 4.700%, due 04/15/27   1,300,000    1,300,268 
Ross Stores, Inc., 1.875%, due 04/15/31   4,115,000    3,609,089 
TJX Companies, Inc. (The), 2.250%, due 09/15/26   3,226,000    3,200,758 
TJX Companies, Inc. (The), 1.150%, due 05/15/28   3,276,000    3,077,581 
TJX Companies, Inc. (The), 3.875%, due 04/15/30   2,902,000    2,849,907 
TJX Companies, Inc. (The), 1.600%, due 05/15/31   5,263,000    4,599,568 
Tractor Supply Company, 1.750%, due 11/01/30   1,525,000    1,343,733 
Tractor Supply Company, 5.250%, due 05/15/33   3,105,000    3,154,479 
         62,695,815 
Consumer Staples - 6.4%          
Coca-Cola Company (The), 1.450%, due 06/01/27   5,452,000    5,296,804 
Coca-Cola Company (The), 2.125%, due 09/06/29   1,550,000    1,455,142 
Coca-Cola Company (The), 2.000%, due 03/05/31   1,250,000    1,123,230 
Coca-Cola Company (The), 2.250%, due 01/05/32   450,000    402,375 
Coca-Cola Company (The), 4.650%, due 08/14/34   1,292,000    1,299,598 
Colgate-Palmolive Company, 3.100%, due 08/15/27   5,000,000    4,945,616 
Colgate-Palmolive Company, 3.250%, due 08/15/32   2,750,000    2,580,955 
Colgate-Palmolive Company, 4.600%, due 03/01/33   2,720,000    2,748,329 
Hershey Company (The), 2.300%, due 08/15/26   2,000,000    1,987,294 
Hershey Company (The), 4.250%, due 05/04/28   1,350,000    1,351,303 
Hershey Company (The), 2.450%, due 11/15/29   4,875,000    4,571,932 
Hormel Foods Corporation, 1.700%, due 06/03/28   1,850,000    1,752,946 
Hormel Foods Corporation, 1.800%, due 06/11/30   5,100,000    4,583,474 
J.M. Smucker Company (The), 3.375%, due 12/15/27   3,750,000    3,685,738 
J.M. Smucker Company (The), 2.125%, due 03/15/32   1,450,000    1,240,940 
Kimberly-Clark Corporation, 1.050%, due 09/15/27   1,900,000    1,819,729 
Kimberly-Clark Corporation, 3.950%, due 11/01/28   1,665,000    1,654,568 
Kimberly-Clark Corporation, 3.200%, due 04/25/29   1,397,000    1,356,054 
Kimberly-Clark Corporation, 3.100%, due 03/26/30   609,000    580,433 
Kimberly-Clark Corporation, 2.000%, due 11/02/31   6,109,000    5,418,866 
         49,855,326 
Energy - 2.0%          
Chevron Corporation, 8.000%, due 04/01/27   2,600,000    2,704,423 
Chevron Corporation, 1.995%, due 05/11/27   1,500,000    1,467,262 
Chevron Corporation, 1.018%, due 08/12/27   1,150,000    1,104,473 
Chevron Corporation, 3.250%, due 10/15/29   7,685,000    7,416,494 
Exxon Mobil Corporation, 2.440%, due 08/16/29   546,000    519,717 
Exxon Mobil Corporation, 2.610%, due 10/15/30   180,000    168,167 
Pioneer Natural Resources, 7.200%, due 01/15/28   1,936,000    2,024,404 
Pioneer Natural Resources, 1.900%, due 08/15/30   530,000    476,408 
         15,881,348 

   

 

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

 

CORPORATE BONDS - 45.1% (Continued)  Par Value   Fair Value 
Financials - 0.7%          
PNC Financial Services Group, Inc. (The), 3.150%, due 05/19/27  $400,000   $395,197 
PNC Financial Services Group, Inc. (The), 3.250%, due 01/22/28   4,380,000    4,309,677 
Truist Financial Corporation, 2.250%, due 03/11/30   900,000    817,657 
         5,522,531 
Health Care - 1.4%          
Stryker Corporation, 3.650%, due 03/07/28   500,000    494,394 
Stryker Corporation, 4.850%, due 12/08/28   325,000    329,803 
Stryker Corporation, 1.950%, due 06/15/30   3,795,000    3,425,084 
Stryker Corporation, 4.625%, due 09/11/34   3,471,000    3,392,001 
Zoetis, Inc., 2.000%, due 05/15/30   1,050,000    953,848 
Zoetis, Inc., 5.600%, due 11/16/32   2,515,000    2,633,641 
         11,228,771 
Industrials - 9.2%          
Amphenol Corporation, 4.350%, due 06/01/29   5,950,000    5,961,616 
Amphenol Corporation, 2.800%, due 02/15/30   2,000,000    1,881,507 
Amphenol Corporation, 2.200%, due 09/15/31   6,460,000    5,729,100 
Cintas Corporation, 4.000%, due 05/01/32   1,874,000    1,817,902 
Honeywell International, Inc., 1.100%, due 03/01/27   650,000    632,013 
Honeywell International, Inc., 2.700%, due 08/15/29   650,000    617,156 
Honeywell International, Inc., 1.750%, due 09/01/31   700,000    606,713 
Honeywell International, Inc., 4.750%, due 02/01/32   358,000    358,792 
Honeywell International, Inc., 4.500%, due 01/15/34   1,930,000    1,900,149 
Hubbell, Inc., 3.150%, due 08/15/27   5,632,000    5,540,063 
Hubbell, Inc., 2.300%, due 03/15/31   3,220,000    2,919,443 
Illinois Tool Works, Inc., 2.650%, due 11/15/26   10,601,000    10,518,961 
L3Harris Technologies, Inc., 5.050%, due 06/01/29   1,500,000    1,525,926 
L3Harris Technologies, Inc., 1.800%, due 01/15/31   4,809,000    4,212,289 
L3Harris Technologies, Inc., 5.250%, due 06/01/31   3,880,000    3,970,057 
L3Harris Technologies, Inc., 5.400%, due 07/31/33   5,347,000    5,489,537 
L3Harris Technologies, Inc., 5.350%, due 06/01/34   1,625,000    1,652,646 
Lockheed Martin Corporation, 5.100%, due 11/15/27   3,057,000    3,109,155 
Lockheed Martin Corporation, 4.450%, due 05/15/28   1,000,000    1,005,834 
Lockheed Martin Corporation, 1.850%, due 06/15/30   1,000,000    902,801 
Lockheed Martin Corporation, 5.250%, due 01/15/33   2,560,000    2,666,509 
Lockheed Martin Corporation, 4.750%, due 02/15/34   650,000    651,973 
PACCAR Financial Corporation, 1.100%, due 05/11/26   835,000    832,254 
PACCAR Financial Corporation, 2.000%, due 02/04/27   500,000    491,078 
PACCAR Financial Corporation, 4.600%, due 01/10/28   1,050,000    1,060,762 
United Parcel Service, Inc., 2.400%, due 11/15/26   1,869,000    1,849,978 
United Parcel Service, Inc., 4.450%, due 04/01/30   740,000    745,102 
United Parcel Service, Inc., 5.150%, due 05/22/34   3,650,000    3,751,454 
         72,400,770 
Materials - 3.6%          
Carlisle Companies, Inc., 2.750%, due 03/01/30   3,200,000    2,990,759 
Carlisle Companies, Inc., 2.200%, due 03/01/32   6,550,000    5,636,173 
Ecolab, Inc., 2.700%, due 11/01/26   6,438,000    6,387,410 
Ecolab, Inc., 4.800%, due 03/24/30   1,745,000    1,773,070 
Ecolab, Inc., 1.300%, due 01/30/31   5,105,000    4,410,592 

   

 

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

 

CORPORATE BONDS - 45.1% (Continued)  Par Value   Fair Value 
Materials - 3.6% (Continued)          
Ecolab, Inc., 2.125%, due 02/01/32  $5,378,000   $4,720,663 
RMP International, Inc., 2.950%, due 01/15/32   1,313,000    1,177,985 
RPM International, Inc., 3.750%, due 03/15/27   1,250,000    1,239,079 
         28,335,731 
Technology - 13.1%          
Analog Devices, Inc., 2.100%, due 10/01/31   3,950,000    3,485,211 
Analog Devices, Inc., 5.050%, due 04/01/34   5,390,000    5,499,842 
Broadridge Financial Solutions, Inc., 3.400%, due 06/27/26   600,000    598,524 
Broadridge Financial Solutions, Inc., 2.900%, due 12/01/29   6,800,000    6,349,530 
Broadridge Financial Solutions, Inc., 2.600%, due 05/01/31   7,069,000    6,294,095 
Cisco Systems, Inc., 2.500%, due 09/20/26   3,080,000    3,060,701 
Cisco Systems, Inc., 4.950%, due 02/26/31   1,200,000    1,229,399 
Cisco Systems, Inc., 4.950%, due 02/24/32   2,000,000    2,041,045 
Cisco Systems, Inc., 5.050%, due 02/26/34   2,015,000    2,045,438 
Mastercard, Inc., 2.950%, due 11/21/26   2,000,000    1,985,246 
Mastercard, Inc., 3.300%, due 03/26/27   2,150,000    2,133,675 
Mastercard, Inc., 3.500%, due 02/26/28   450,000    445,684 
Mastercard, Inc., 3.350%, due 03/26/30   1,500,000    1,450,526 
Mastercard, Inc., 2.000%, due 11/18/31   6,217,000    5,495,388 
Mastercard, Inc., 4.350%, due 01/15/32   1,450,000    1,438,027 
Mastercard, Inc., 4.850%, due 03/09/33   4,350,000    4,408,138 
Mastercard, Inc., 4.875%, due 05/09/34   2,500,000    2,515,528 
Moody’s Corporation, 3.250%, due 01/15/28   4,706,000    4,614,969 
Moody’s Corporation, 4.250%, due 02/01/29   5,289,000    5,285,243 
Moody’s Corporation, 2.000%, due 08/19/31   1,817,000    1,598,575 
Moody’s Corporation, 4.250%, due 08/08/32   3,722,000    3,613,216 
S&P Global, Inc., 2.950%, due 01/22/27   3,675,000    3,637,095 
S&P Global, Inc., 2.450%, due 03/01/27   3,000,000    2,952,104 
S&P Global, Inc., 4.750%, due 08/01/28   1,115,000    1,126,773 
S&P Global, Inc., 4.250%, due 05/01/29   427,000    425,896 
S&P Global, Inc., 2.500%, due 12/01/29   700,000    657,191 
S&P Global, Inc., 1.250%, due 08/15/30   2,600,000    2,265,214 
S&P Global, Inc., 2.900%, due 03/01/32   3,284,000    2,994,035 
S&P Global, Inc., 5.250%, due 09/15/33   2,396,000    2,466,807 
Texas Instruments, Inc., 1.750%, due 05/04/30   380,000    343,380 
Texas Instruments, Inc., 4.500%, due 05/23/30   3,000,000    3,013,140 
Texas Instruments, Inc., 1.900%, due 09/15/31   2,000,000    1,760,185 
Texas Instruments, Inc., 3.650%, due 08/16/32   1,293,000    1,229,486 
Texas Instruments, Inc., 4.900%, due 03/14/33   1,598,000    1,626,200 
Texas Instruments, Inc., 4.850%, due 02/08/34   2,947,000    2,974,786 
Visa, Inc., 1.900%, due 04/15/27   3,854,000    3,773,303 
Visa, Inc., 2.750%, due 09/15/27   6,051,000    5,943,735 
         102,777,330 
           
Total Corporate Bonds (Cost $352,200,669)       $353,741,515 

   

 

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

 

COMMON STOCKS - 16.9%  Shares   Fair Value 
Consumer Discretionary - 1.0%          
Retail - Discretionary - 1.0%          
Genuine Parts Company   77,000   $8,142,750 
           
Consumer Staples - 1.7%          
Beverages - 1.7%          
Coca-Cola Europacific Partners plc   150,000    13,600,500 
           
Energy - 3.6%          
Oil & Gas Producers - 3.6%          
Chevron Corporation   40,000    8,276,000 
Diamondback Energy, Inc.   30,200    5,973,258 
Exxon Mobil Corporation   80,000    13,572,800 
         27,822,058 
Financials - 2.3%          
Banking - 1.3%          
Truist Financial Corporation   225,000    10,343,250 
           
Specialty Finance - 1.0%          
Fidelity National Financial, Inc.   165,000    7,652,700 
           
Industrials - 2.5%          
Aerospace & Defense - 1.3%          
Lockheed Martin Corporation   17,000    10,274,630 
           
Industrial Support Services - 1.2%          
Fastenal Company   200,000    9,280,000 
           
Real Estate - 2.2%          
Real Estate Owners & Developers - 1.3%          
Texas Pacific Land Corporation   21,000    9,965,760 
           
REITs - 0.9%          
SBA Communications Corporation - Class A   40,000    6,884,400 
           
Technology - 3.6%          
Semiconductors - 1.2%          
Texas Instruments, Inc.   47,000    9,124,580 
           
Technology Services - 2.4%          
Accenture plc - Class A   40,000    7,931,600 
Western Union Company (The)   1,300,000    11,349,000 
         19,280,600 
           
Total Common Stocks (Cost $87,602,917)       $132,371,228 

   

 

AVE MARIA BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

 

MONEY MARKET FUNDS - 2.7%  Shares   Fair Value 
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 3.50% (b) (Cost $21,220,809)   21,220,809   $21,220,809 
           
Total Investments at Fair Value - 99.7% (Cost $736,184,934)       $781,552,841 
           
Other Assets in Excess of Liabilities - 0.3%        2,079,426 
           
Net Assets - 100.0%       $783,632,267 

 

(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, 2026.