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. |