UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

George P. Schwartz

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting the Fund at 1-888-726-0753 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting the Fund at 1-888-726-0753. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held with the Fund complex or at your financial intermediary.

Schwartz Value Focused Fund

Dear Fellow Shareholders:

The Schwartz Value Focused Fund (the “Fund”) had a total return of 13.29% for the six-month period ended June 30, 2019 compared to 18.37% for the S&P 1500 Index. Value stocks continued to underperform growth stocks, and our overweighted energy-related shares lagged during the period.

The Fund’s best performing stock this year has been Rosetta Stone, Inc., which the Fund initially purchased 9 months ago. Rosetta Stone provides technology-based language learning solutions for schools, businesses, and consumers. Rosetta Stone made a timely acquisition in 2013, when the company purchased Lexia, a literacy software & services business. Lexia serves the K-12 education market and is considered the gold standard in the industry. It currently serves only about 10% of the K-12 market, and as a market leader, is poised to expand rapidly. Lexia has been growing revenue by 20%+ the last few quarters, and we believe there is a long runway of growth in the future.

Texas Pacific Land Trust (TPL) was the Fund’s second-best performing stock this year and remains the Fund’s largest holding. TPL, owner of roughly 900,000 acres of land in Texas, generates revenue primarily from oil & gas mineral rights, a water business, and periodic land sales. TPL is in the midst of a legal battle with its largest shareholder regarding a vacant trustee position. We believe a resolution of this proxy contest would be a positive, regardless of its outcome. In the meantime, TPL’s revenue and earnings are growing rapidly due to increased oil & gas drilling activity in the Permian Basin.

The Fund’s five best performing securities in the first half of 2019 were:

Qurate Retail Inc, a leading TV, video, and e-commerce retailer, was the main detractor from performance in the first half of 2019. The company’s recent operational performance has been lackluster due to the challenging retail environment and a rapidly changing TV & cable market. An ongoing challenge for Qurate is cord cutting and the decline of traditional TV viewing. We recently reduced the size of our position.

Kroger, the largest grocery store chain in the U.S., was also a significant detractor from performance in the first half of 2019. Kroger is investing heavily through a series of initiatives aimed at reinvigorating its core grocery business, while also creating a seamless omni-channel shopping experience (in-store, curb-side pickup, and e-commerce delivery). As a result of these investments, Kroger’s margins and short-term profitability

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have suffered. Longer-term, these efforts should increase Kroger’s market share, revenues, and earnings. The stock trades for less than 10x 2019 estimated earnings.

The Fund’s five worst performing securities the first half of 2019 were:

During the past six months, we liquidated the following four stocks from the portfolio as their share prices reached our estimate of intrinsic value – Avnet, Inc., Axalta Coating Systems Ltd., Graham Holdings Company, and Interactive Brokers Group, Inc. New positions were established in Apache Corporation (oil and gas exploration & production), Pioneer Natural Resources Company (oil and gas exploration & production), and Valvoline (oil refining & marketing). We also substantially increased the Fund’s position in Delta Airlines. In our opinion, Delta is a mis-priced security, with substantial upside potential. For 2019, Delta is on track for 6-7% revenue growth, 20% EPS growth, and 40% free cash flow growth. Delta has a highly respected management team, an aggressive share repurchase program, an investment grade balance sheet, and a 2.4% dividend yield.

The cycle of value stocks underperforming growth stocks is now entering its 11th year. Recent headlines in various financial publications include: ‘Value Investing is Dead” and “Death of Value Investing.” Sometimes such headlines precede a robust about-face. We continue to believe that investors will re-discover the merits of value investing, perhaps soon.

Thank you for being a shareholder in the Schwartz Value Focused Fund.

2

SCHWARTZ VALUE FOCUSED FUND
TEN LARGEST EQUITY HOLDINGS
June 30, 2019 (Unaudited)

ASSET ALLOCATION (Unaudited)

3

SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

4

SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS
(Continued)

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SCHWARTZ VALUE FOCUSED FUND
SCHEDULE OF INVESTMENTS
(Continued)

6

SCHWARTZ VALUE FOCUSED FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2019 (Unaudited)

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SCHWARTZ VALUE FOCUSED FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2019 (Unaudited)

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SCHWARTZ VALUE FOCUSED FUND
STATEMENTS OF CHANGES IN NET ASSETS

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SCHWARTZ VALUE FOCUSED FUND
FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

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SCHWARTZ VALUE FOCUSED FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 2019 (Unaudited)

1. Significant Accounting Policies

Schwartz Value Focused Fund (the “Fund”) is a series of Schwartz Investment Trust (the “Trust”), an open-end, non-diversified management investment company established as an Ohio business trust under a Declaration of Trust dated August 31, 1992. Other series of the Trust are not incorporated in this report. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The investment objective of the Fund is to seek long-term capital appreciation. See the Prospectus for information regarding the principal investment strategies of the Fund.

Shares of the Fund are sold at net asset value (“NAV”). To calculate the NAV, the Fund’s assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. The offering price and redemption price per share are equal to the NAV per share.

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The following is a summary of the Fund’s significant accounting policies used in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

(a) Valuation of investments — Securities which are traded on stock exchanges, other than NASDAQ, are valued at the closing sales price as of the close of the regular session of trading on the New York Stock Exchange on the day the securities are being valued, or, if not traded on a particular day, at the closing bid price. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price or, if an Official Closing Price is not available, at the most recently quoted bid price. Securities traded in the over-the-counter market are valued at the last reported sales price or, if there is no reported sale on the valuation date, at the most recently quoted bid price. Securities which are traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market. Investments representing shares of other open-end investment companies are valued at their NAV as reported by such companies. When using quoted prices and when the market for the securities are considered active, the securities will be classified as Level 1 within the fair value hierarchy (see below). Securities (and other assets) for which market quotations are not readily available are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees, and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Fair value pricing may be used, for example, in situations where (i) a portfolio security is so thinly traded that there have been no transactions for that stock over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Fund’s NAV calculation. A portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Fund’s normal pricing procedures.

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SCHWARTZ VALUE FOCUSED FUND
NOTES TO FINANCIAL STATEMENTS
(Continued)

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

●    Level 1 – quoted prices in active markets for identical securities

●    Level 2 – other significant observable inputs

●    Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the inputs used to value the Fund’s investments, by security type, as of June 30, 2019:

Refer to the Fund’s Schedule of Investments for a listing of the common stocks by sector and industry type. There were no Level 3 securities or derivative instruments held by the Fund as of or during the six months ended June 30, 2019.

(b) Income taxes — The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income and 98.2% of its net realized capital gains plus undistributed amounts from prior years.

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SCHWARTZ VALUE FOCUSED FUND
NOTES TO FINANCIAL STATEMENTS
(Continued)

The following information is computed on a tax basis for each item as of June 30, 2019:

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more-likely-than-not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

(c) Investment transactions and investment income — Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Realized capital gains and losses on investment transactions are determined on the identified cost basis. Withholding taxes on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s rules and tax rates.

(d) Dividends and distributions — Dividends from net investment income and distributions of net realized capital gains, if any, are declared and paid annually in December. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of the distributions paid to shareholders during the periods ended June 30, 2019 and December 31, 2018 was as follows:

(e) Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) Common expenses — Common expenses of the Trust are allocated among the Fund and the other series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.

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SCHWARTZ VALUE FOCUSED FUND
NOTES TO FINANCIAL STATEMENTS
(Continued)

2. Investment Advisory Agreement and Transactions with Related Parties

The Chairman and President of the Trust is also the Chairman and Chief Executive Officer of Schwartz Investment Counsel, Inc. (the “Adviser”). Certain other officers of the Trust are officers of the Adviser, or of Ultimus Fund Solutions, LLC (“Ultimus”), the administrative, accounting and transfer agent for the Fund, or of Ultimus Fund Distributors, LLC (the “Distributor”), the Fund’s principal underwriter.

Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is responsible for the management of the Fund and provides investment advice along with the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Fund. The Adviser receives from the Fund a quarterly fee at the annual rate of 0.95% per annum of the Fund’s average daily net assets.

The Adviser has contractually agreed to reduce its advisory fees or reimburse a portion of the Fund’s expenses until at least May 1, 2020 so that the ordinary operating expenses of the Fund do not exceed 1.25% per annum of average daily net assets. Accordingly, during the six months ended June 30, 2019, the Adviser reduced its investment advisory fees by $42,948.

Any fee reductions or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided repayment to the Adviser does not cause the ordinary operating expenses of the Fund to exceed 1.25% per annum of average daily net assets. As of June 30, 2019, the Adviser may seek recoupment of investment advisory fee reductions totaling $297,759 no later than the dates stated below:

The Chief Compliance Officer of the Trust (the “CCO”) is an employee of the Adviser. The Trust pays the Adviser a fee for providing CCO services, of which the Fund pays its proportionate share along with the other series of the Trust. In addition, the Trust reimburses the Adviser for out-of-pocket expenses incurred, if any, for providing these services.

Pursuant to a Mutual Fund Services Agreement between the Trust and Ultimus, Ultimus supplies regulatory and compliance services, calculates the daily NAV per share, maintains the financial books and records of the Fund, maintains the records of each shareholder’s account, and processes purchases and redemptions of the Fund’s shares. For these services Ultimus receives fees computed as a percentage of the average daily net assets of the Fund, subject to a minimum monthly fee.

Pursuant to a Distribution Agreement between the Trust and the Distributor, the Distributor serves as the Fund’s exclusive agent for the distribution of its shares. The Distributor is an affiliate of Ultimus.

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SCHWARTZ VALUE FOCUSED FUND
NOTES TO FINANCIAL STATEMENTS
(Continued)

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus (“Independent Trustee”) receives from the Trust an annual retainer of $46,000 (except that such fee is $56,000 for the Lead Independent Trustee/Chairman of the Governance Committee and $50,000 for the Chairman of the Audit Committee), payable quarterly; a fee of $6,000 for attendance at each meeting of the Board of Trustees; plus reimbursement of travel and other expenses incurred in attending meetings. Trustee Emeritus receive one-half of both the annual retainer and fee for attendance at each meeting; plus reimbursement of travel and other expenses incurred in attending meetings. The Fund pays its proportionate share of the Independent Trustees’ fees and expenses along with the other series of the Trust.

3. Investment Transactions

During the six months ended June 30, 2019, cost of purchases and proceeds from sales and maturities of investment securities, excluding short-term investments and U.S. government securities, amounted to $3,649,836 and $2,812,257, respectively.

4. Contingencies and Commitments

The Fund indemnifies the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

5. Subsequent Events

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

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SCHWARTZ VALUE FOCUSED FUND
ABOUT YOUR FUND’S EXPENSES
(Unaudited)

We believe it is important for you to understand the impact of costs on your investment. As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The ongoing costs reflected in the table below are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (January 1, 2019) and held until the end of the period (June 30, 2019).

The table below illustrates the Fund’s ongoing costs in two ways:

Actual fund return – This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the third column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period.”

Hypothetical 5% return – This section is intended to help you compare the Fund’s ongoing costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the result does not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The Fund does not charge sales loads or redemption fees.

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

More information about the Fund’s expenses, including historical annual expense ratios, can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s Prospectus.

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SCHWARTZ VALUE FOCUSED FUND
APPROVAL OF ADVISORY AGREEMENT
(Unaudited)

At an in-person meeting held on February 9, 2019 (the “Board Meeting”), the Board of Trustees, including the Independent Trustees voting separately, approved the continuation of the Advisory Agreement with Schwartz Investment Counsel, Inc. (the “Adviser”) (the “Advisory Agreement”) on behalf of the Schwartz Value Focused Fund (the “Fund”).

The Independent Trustees were advised and assisted throughout their evaluation by independent legal counsel experienced in matters relating to the investment management industry. The Independent Trustees received advice from their independent legal counsel, including a legal memorandum, on the standards and obligations in connection with their consideration of the continuation of the Advisory Agreement. The Independent Trustees also received and reviewed relevant information provided by the Adviser in response to requests of the Independent Trustees and their legal counsel to assist in their evaluation of the terms of the Advisory Agreement, including whether the Advisory Agreement continues to be in the best interests of the Fund and its shareholders. The Independent Trustees also retained an independent consultant (Strategic Insight) to prepare an expense and performance analysis for the Fund. The Strategic Insight materials included information regarding advisory fee rates, other operating expenses, expense ratios, and performance comparisons to the Fund’s peer group and to a broad-based securities index. Prior to the Board Meeting, the Independent Trustees discussed separately with Strategic Insight the methodologies that it used to construct its report and the Morningstar, Inc. (“Morningstar”) categories that it identified to base its peer group comparisons for the Fund and other aspects of its report. The Independent Trustees met separately with independent counsel to discuss the continuance of the Advisory Agreement, during which time, no representatives of the Adviser were present.

The Independent Trustees considered that they meet with the portfolio managers of the Fund at regularly scheduled meetings over the course of the year to discuss the investment results, portfolio composition, and developments affecting the performance of the Fund and the investment management industry in general. They also considered that the Adviser provided its views on the overall condition of the economy and the markets, including the factors that might have influenced the markets, investor preferences and market sentiment.

The Trustees reviewed, among other things: (1) industry data comparing the advisory fee and expense ratio of the Fund with those of comparable investment companies and any model portfolios under the management of the Adviser; (2) comparative performance information; (3) the Adviser’s revenues and profitability for providing services to the Fund; and (4) information about the Adviser’s portfolio managers, research analysts, investment process, compliance program and risk management processes.

As part of this process, the Trustees considered various factors, among them:

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SCHWARTZ VALUE FOCUSED FUND
APPROVAL OF ADVISORY AGREEMENT
(Unaudited) (Continued)

In their consideration of the nature, extent and quality of services provided to the Fund, the Trustees discussed the responsibilities of the Adviser under the Advisory Agreement and the investment management process applied to the Fund. The Trustees reviewed the background and experience of the Adviser’s key investment and research personnel, the co-portfolio management structure for the Fund, and the research process and brokerage practices that are applied in the management of the Fund. The Trustees discussed the background and experience of the Adviser’s operational and compliance personnel, the Adviser’s ongoing responsibilities with regards to the compliance program of the Trust and the Trust’s overall compliance record. The Trustees considered the stability of the Adviser, its investment approach and the quality of its risk management program, technology capabilities, shareholder support services and shareholder communications. The Trustees also considered the risks assumed by the Adviser in connection with the services provided to the Fund, including investment, operational, enterprise, regulatory and compliance risks. The Trustees concluded that the nature, extent and quality of the services provided to the Fund was acceptable.

The Trustees reviewed information provided by Strategic Insight on the advisory fees paid by the Fund and compared such fees to the advisory fees paid by similar mutual funds, as compiled by Morningstar. The Trustees compared the Fund’s net advisory fee with the net advisory fees of representative funds within its Morningstar peer group. The Trustees noted that the Morningstar information showed that the net advisory fee ratio of the Fund is lower than the median net advisory fee ratio of its Morningstar peers. The Trustees also compared the Fund’s net total expense ratio with the net total expense ratio of representative funds within its Morningstar peer group. The Trustees noted that the Morningstar information showed that the net total expense ratio of the Fund is lower than the median net total expense ratio of its Morningstar peers. The Independent Trustees took into account that the Adviser’s management fee waivers during the 2018 calendar year with respect to the Fund had the effect of reducing the total annual operating expenses of the Fund. The Trustees concluded that, based upon the investment strategies of the Fund and the quality of services provided by the Adviser, the advisory fees paid by the Fund are acceptable.

The Trustees reviewed the Adviser’s analysis of its profitability in managing the Fund during the 2018 calendar year, including the methodology by which that profitability analysis was calculated. The Trustees considered that the Adviser may receive, in addition to the advisory fee, certain indirect benefits from serving as the Fund’s investment adviser, including various research services as a result of the placement of the Fund’s portfolio brokerage. The Trustees considered the Adviser’s investments in its business and the costs to the Adviser of providing ongoing services to the Fund, including staffing costs and costs to maintain systems and resources that support portfolio trading, research and other portfolio management functions. They also considered that the Adviser bears the shareholder recordkeeping costs to third party intermediaries on behalf of the Fund, in the context of its profitability and the Adviser’s overall business. Based upon their

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SCHWARTZ VALUE FOCUSED FUND
APPROVAL OF ADVISORY AGREEMENT
(Unaudited) (Continued)

review of the Adviser’s profitability analysis, the Board concluded that the Adviser’s profitability is reasonable.

The Trustees considered both the short-term and long-term investment performance of the Fund in light of its primary investment objective of seeking long-term capital appreciation. The Trustees considered the Fund’s historical performance over the twelve-month period ended November 30, 2018 as compared to the returns of the Fund’s benchmark index, the S&P 1500 Index and observed that the Fund placed below the returns of the S&P 1500 Index during the twelve-month period. The Trustees further considered the investment performance of the Fund compared to the Morningstar category average for Mid Cap Blend Funds for selected periods ended November 30, 2018 and observed that the Fund placed in the second quartile of its Morningstar peers for the one- and three-year periods and in the fourth quartile of its Morningstar peers for the five- and ten-year periods ending November 30, 2018. The Trustees considered that the performance of the Fund is the result of a value-oriented investment approach and recognized the performance divergence between value and growth stocks for a number of years. In view of all the factors considered, the Trustees concluded that the Adviser’s commitment to the Fund and its fundamental value investment process supports their view that the Adviser’s continued management should benefit the Fund and its shareholders.

The Trustees also considered the existence of any economies of scale and whether those would be passed along to the Fund’s shareholders. The Trustees observed that the Adviser has a history of entering into expense reimbursement arrangements to maintain a lower total annual operating expense ratio for the Fund. The Trustees discussed the flat advisory fee structure of the Fund and concluded that it is not necessary or appropriate at this time to consider adding fee breakpoints to the advisory fee schedule for the Fund.

No single factor was considered in isolation or to be determinative to the decision of the Trustees to approve the continuance of the Advisory Agreement and each Trustee may have attributed different weights to certain factors. Rather, the Trustees concluded, in light of a weighing and balancing of all factors considered, that it was in the best interests of the Fund and its shareholders to renew the Advisory Agreement for an additional annual period.

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SCHWARTZ VALUE FOCUSED FUND
OTHER INFORMATION
(Unaudited)

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free (888) 726-0753, or on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free (888) 726-0753, or on the SEC’s website at www.sec.gov.

The Trust files a complete listing of portfolio holdings for the Fund with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, Form N-PORT. The filings are available free of charge, upon request, by calling (888) 726-0753. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov.

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Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting the Funds at 1-888-726-9331 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by contacting the Funds at 1-888-726-9331. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held with the Fund complex or at your financial intermediary.

Dear Fellow Shareholders of:

Ave Maria Value Fund (AVEMX)
Ave Maria Growth Fund (AVEGX)
Ave Maria Rising Dividend Fund (AVEDX)
Ave Maria World Equity Fund (AVEWX)
Ave Maria Bond Fund (AVEFX)
Ave Maria Money Market Account

Amid a very strong stock market in the first half of 2019, all four of our equity funds beat their respective category averages in investment performance. Herein, the portfolio managers of each Fund elaborate. Our talented staff of investment professionals continue to pursue diligently the investment objectives of each Fund, all in a morally responsible way.

As of July 1, 2019, some portfolio manager re-assignments were implemented. Adam P. Gaglio, CFA was named co-portfolio manager of the Ave Maria Growth Fund (AVEGX), joining Richard L. Platte, Jr., CFA, who has been a portfolio manager of the Fund since 2013. This followed the recent resignation of Brian D. Milligan, CFA, who had been lead portfolio manager of the Fund since 2016. Also, Joseph W. Skornicka, CFA, Senior Vice President, was named co-portfolio manager of the Ave Maria Rising Dividend Fund (AVEDX). He joins Richard L. Platte, Jr., CFA and George P. Schwartz, CFA, who serve as lead portfolio manager and co-portfolio manager, respectively, of that $900 million Fund.

In addition, earlier in the year, the firm hired Ryan M. Kuyawa, CFA, as Senior Research Associate and Trader, working from our office in Ave Maria, Florida. Mr. Kuyawa has over 10 years of experience as an investment analyst and portfolio manager with Florida-based investment management organizations.

As you know, the no-load Ave Maria Mutual Funds invest in companies that do not violate core values and teachings of the Catholic Church. Thank you for investing in these pro-life, pro-family mutual funds!

Sincerely,

George P. Schwartz, CFA
Chairman & CEO

June 30, 2019

AVE MARIA MUTUAL FUNDS
TABLE OF CONTENTS

AVE MARIA MUTUAL FUNDS
TABLE OF CONTENTS
(Continued)

This report is for the information of the shareholders of the Ave Maria Mutual Funds. To obtain a copy of the prospectus, please visit our website at www.avemariafunds.com or call 1-888-726-9331 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Ave Maria Mutual Funds are distributed by Ultimus Fund Distributors, LLC.

Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance data, current to the most recent month end, is available at the Ave Maria Mutual Funds website at www.avemariafunds.com or by calling 1-888-726-9331.

Ave Maria Value Fund

Portfolio Manager Commentary

(Unaudited)

Dear Fellow Shareholders:

The Ave Maria Value Fund (the “Fund”) recorded strong performance with a total return of 18.85% for the six-month period ended June 30, 2019. The Fund has outperformed the S&P MidCap 400 Index for the year-to-date, 1-year, and 3-year periods, as outlined below.

^*     Not annualized

The Fund’s performance (total return) for the 3-year period ending June 30, 2019 placed it in the 16th percentile of 362 funds in Morningstar’s mid-cap blend category. The Fund’s outperformance is noteworthy, given our value orientation and it’s been in a period of value stocks generally underperforming growth stocks by a wide margin. For the 3-year period ending June 30, 2019, the S&P 500 Value component stocks had an annualized return of 10.64%, which significantly trailed the Growth component stocks return of 17.25%.

The Fund’s best performing security during the first six months has been HEICO Corporation, which is also the Fund’s largest holding. HEICO is an aerospace supplier that designs, manufactures, and sells aircraft components and electronics. It is a superbly managed company – since 1990 when current management took over, HEICO has delivered the following compounded annual growth rates: sales +16%, operating income +19%, and share price +23%. Since our initial purchase in September 2015, the stock price has appreciated more than 360%.

Texas Pacific Land Trust (TPL) was another strong performer, up 47% this year, and is the Fund’s second largest holding. TPL, owner of roughly 900,000 acres of land in Texas, generates revenue primarily from oil & gas mineral rights, a water business, land use fees, and periodic land sales. TPL is in the midst of a legal battle with its largest shareholder regarding a vacant trustee position. In the meantime, TPL’s revenue and earnings are growing rapidly due to increased oil & gas drilling activity in the Permian Basin.

Rosetta Stone, Inc., which the Fund initially purchased 9 months ago, was up 43% in the first half of 2019. The company provides technology-based language learning solutions for schools, businesses, and consumers. Rosetta Stone made a timely acquisition in 2013, when the company purchased Lexia, a literacy

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software & services business. Lexia serves the K-12 education market and is considered the gold standard in the industry. It currently serves only about 10% of the K-12 market, and as a market leader, is poised to expand rapidly. Lexia has been growing revenue by 20%+ the last few quarters, and we believe there is a long runway for growth in the future.

The Fund’s five best performing securities in the first half of this year were:

Qurate Retail Inc, a leading TV, video, and e-commerce retailer, was the main detractor from performance in the first half of 2019. The company’s recent operational performance has been lackluster due to the challenging retail environment and a rapidly changing TV & cable market. An ongoing challenge for Qurate is cord cutting and the decline of traditional TV viewing. We recently reduced the size of our position.

The Fund’s five worst performing securities in the first half of this year were:

During the past six months, we liquidated 4 stocks from the portfolio due to their share prices having reached our estimate of intrinsic value: AutoNation Inc., Coca-Cola European Partners, Fifth Third Bancorp, and Pioneer Natural Resources. New positions were established in 4 companies that meet our criteria of owning shares of high-quality businesses, in strong financial condition, that are selling at discount to our estimate of intrinsic value: A.O. Smith Corporation (diversified industrials), First Horizon National Corporation (regional banking), Lamar Advertising Company (billboard advertising), and Watsco, Inc. (HVAC distribution). We also markedly increased the Fund’s position in Delta Airlines, and it is now the Fund’s 3rd largest holding. In our opinion, Delta is a mis-

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priced security, with substantial upside potential. For 2019, Delta is on track for 6-7% revenue growth, 20%+ EPS growth, and 40%+ free cash flow growth, yet trades for less than 9x earnings. Delta has a highly respected management team, an aggressive share repurchase program, an investment grade balance sheet, and a 2.7% dividend yield.

We believe our value-oriented approach of using fundamental analysis to identify stocks trading below intrinsic value is a superb way to achieve superior long-term results. As such, we’re constantly on the lookout for high-quality companies that meet our stringent, value-oriented investment criteria.

Thank you for being a shareholder in the Ave Maria Value Fund.

As of June 30, 2019, the Ave Maria Value Fund ranked in the 35th percentile out of 437 funds, the 83rd percentile out of 312 funds, and the 91st percentile out of 228 funds in the Morningstar mid-cap blend category for the 1, 5, and 10-year periods, respectively, based on total return. Past performance is no guarantee of future results.

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Ten Largest Equity Holdings

June 30, 2019 (Unaudited)

Asset Allocation (Unaudited)

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Schedule of Investments

June 30, 2019 (Unaudited)

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Ave Maria Growth Fund

Portfolio Manager Commentary

(Unaudited)

Dear Fellow Shareholders:

For the six months ended June 30, 2019, the Ave Maria Growth Fund (the “Fund”) had a total return of 24.83%, compared with the benchmark S&P 500 Index total return of 18.54%. For the three-year, five-year, and ten-year periods through June 30, 2019, the Fund had a total return of 17.84%, 12.89%, and 15.29%, compared with the benchmark total return of 14.19%, 10.71%, and 14.70%, respectively.

In the six months ended June 30, 2019, top contributors to return include HEICO (aerospace components), Copart (vehicle auctions), Mastercard (payment services), and SBA Communications (cellular towers).

One of the Fund’s largest holdings, HEICO, was up by more than 70% during the period. HEICO designs and manufactures replacement components for jet engines and aircraft. Jet engine manufacturers make little money on the sale of an engine but earn extraordinary profits on the replacement parts that aircraft owners are required to purchase from them. HEICO is not an engine manufacturer, but with the approval of the FAA, often undercuts engine manufacturers’ replacement part prices to gain market share. Regulatory barriers and scale advantages make it difficult for other companies to copy HEICO’s business model. The company appears to have years of profitable growth ahead of it as it offers aircraft owners the opportunity for substantial cost savings.

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Top detractors from return include Brown Forman (spirits), Cognizant Technology Solutions (consulting and outsourcing), AutoNation (automotive dealerships), and Kontoor Brands (jeans and apparel). The Fund exited all of these in the first half of 2019, with Cognizant Technology Solutions and Kontoor Brands both removed from the portfolio in the second quarter. Kontoor Brands was split out of V.F. Corp. and spun off to shareholders in the second quarter. Given Kontoor’s declining revenue and unattractive long-term prospects, the Fund’s ownership of the company was not consistent with the strategy of the Fund.

Cognizant provides information technology consulting and outsourcing services to companies around the world, and like the rest of the information technology services industry, is struggling to transition to a digital world dominated by software as a service (SaaS) and cloud computing. Disappointing financial results and the retirement of the founder-CEO indicated that the transition to a digital world is likely to take much longer and entail greater risk than initially anticipated.

Our goal remains to purchase shares of exceptional companies at attractive prices to produce favorable returns over the long run. Our team of investment professionals continually searches for companies that fit our quality and price requirements. Your participation in the Ave Maria Growth Fund is appreciated.

With best regards,

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Ten Largest Equity Holdings

June 30, 2019 (Unaudited)

Asset Allocation (Unaudited)

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Schedule of Investments

June 30, 2019 (Unaudited)

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Ave Maria Rising Dividend Fund

Portfolio Manager Commentary

(Unaudited)

Dear Fellow Shareholders:

For the first six months of 2019, The Ave Maria Rising Dividend Fund (the “Fund”) had a total return of 17.52% vs. 18.54% for the S&P 500. Those would be exceptional returns for an entire year, let alone six months. That they occurred in the context of trade wars, threat of real war in the Middle East, discord in Washington and fears of a slowing economy, made them all that more remarkable.

Most of the stocks in the portfolio contributed positively to performance with the greatest contributions coming from Hexcel Corp. (structural materials); Mondelēz International (snack foods); Moody’s Corp (credit rating services); and Visa Inc. (payment processing). Those acting as a drag on performance included A.O. Smith Corp. (water heaters); MSC Industrial Direct Company (industrial parts distributor); Kontoor Brands, Inc. (apparel); and 3M Companies (diversified manufacturing).

With the economy humming and reduced tax rates, many of our portfolio companies are enjoying exceptional profits. Some of those profits are being redeployed in the business or used to make acquisitions. Beyond that, cash is being returned to shareholders in the form of share repurchases and dividends. Companies in the Fund tend to increase their dividends regularly, historically many for 25 years or more.

In talking to many of the Funds’ shareholders over the years, it’s apparent that some forget that this Fund is a capital appreciation vehicle. The prospectus investment objective is long-term growth of capital, while seeking to increase dividend income over time. So, as portfolio managers, we don’t just look at the past dividend history, but focus on the likelihood of future dividend increases. We are mindful of the need for a growing stream of profits and cash flow for directors to prudently increase dividend payments to shareholders.

As investors, we look beyond simply dividends to evaluate how effectively corporate directors are deploying shareholder profits. In recent years, corporations repurchasing their own shares has become an effective way to enhance shareholder value, if repurchases are made at prices below intrinsic value. We regard timely share repurchases as a useful insight into how corporate managers view the capital allocation process. Amid strong profitability, a prudent and mindful capital allocation process is crucial to enhancement of shareholder value. We believe the corporate managers running the portfolio companies where your money has been invested, are among the best.

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Thank you for your investment in the Ave Maria Rising Dividend Fund.

With best regards,

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Ten Largest Equity Holdings

June 30, 2019 (Unaudited)

Asset Allocation (Unaudited)