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.

Ave Maria Bond Fund

(AVEFX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Ave Maria Bond Fund for the period of January 1, 2024 to

June 30, 2024. You can find additional information about the Fund at https://avemariafunds.com/reports-forms/reports.html. You can also request this information by contacting us at (888) 726-9931.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ave Maria Bond Fund	$21	0.42%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of 2.48%. The Fund's exposure to dividend-paying common stocks contributed to its outperformance versus the benchmark during the first half of the year. Notable performers included Texas Pacific Land Corporation (royalty income – oil & gas), Diamondback Energy, Inc. (crude oil & natural gas E&P), and Exxon Mobil Corporation (integrated oils), which increased by 41%, 32%, and 17%, respectively. Detractors to performance included the common stock of United Parcel Service, Inc. (courier services), which declined by -11%. The Fund’s longer-duration bond holdings saw low single-digit declines as interest rates increased.

Interest rates on longer-dated bonds have risen, as the Federal Reserve maintains higher short-term rates in response to persistently high inflation. While investors are anticipating two rate cuts by the Fed by the end of the year, a stronger-than-expected economy and significant fiscal deficits by the Federal Government will pose challenges to lower rates this year.

Corporate bond spreads have continued to narrow, warranting caution in adding credit exposure at this time. This is particularly important for low-credit quality bonds, where investors are not being adequately compensated for the additional credit risk.

The Bond Fund will continue to be managed in a conservative manner by keeping bond maturities in the short-to-intermediate range and the credit quality high. Additionally, high-quality, dividend-paying common stocks continue to offer an attractive combination of income and price appreciation potential.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

	Ave Maria Bond Fund	Bloomberg U.S. Intermediate Government/Credit Bond Index	Bloomberg U.S. Aggregate Bond Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$10,115	$10,168	$10,186
Jun-2016	$10,554	$10,608	$10,797
Jun-2017	$10,784	$10,586	$10,763
Jun-2018	$11,020	$10,525	$10,720
Jun-2019	$11,653	$11,254	$11,564
Jun-2020	$12,033	$12,055	$12,575
Jun-2021	$13,264	$12,078	$12,533
Jun-2022	$12,589	$11,199	$11,243
Jun-2023	$12,969	$11,188	$11,137
Jun-2024	$13,847	$11,657	$11,430

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	5 Years	10 Years
Ave Maria Bond Fund	2.48%	6.77%	3.51%	3.31%
Bloomberg U.S. Intermediate Government/Credit Bond Index	0.49%	4.19%	0.71%	1.55%
Bloomberg U.S. Aggregate Bond Index	- 0.71%	2.63%	- 0.23%	1.35%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets$609,512,923
Number of Portfolio Holdings174
Total Expense Ratio0.42%
Advisory Fee $721,496
Portfolio turnover (six months)7%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	18.8%
Corporate Bonds	57.5%
Money Market Funds	4.0%
U.S. Government & Agencies	19.7%

Portfolio Managers

Brandon S. Scheitler

George P. Scwartz, CFA

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Truist Financial Corporation	2.1%
Exxon Mobil Corporation	1.9%
Watsco, Inc.	1.8%
Coca-Cola Europacific Partners plc	1.8%
U.S. Treasury Notes, 4.500%, due 11/15/33	1.7%
Illinois Tool Works, Inc., 2.650%, due 11/15/26	1.7%
U.S. Treasury Notes, 4.500%, due 11/15/25	1.6%
U.S. Treasury Notes, 2.125%, due 11/30/24	1.6%
U.S. Treasury Notes, 2.875%, due 06/15/25	1.6%
U.S. Treasury Notes, 1.375%, due 01/31/25	1.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.5%
Communications	1.0%
Health Care	1.0%
Real Estate	1.7%
Materials	3.2%
Money Market	3.9%
Financials	7.2%
Energy	8.5%
Consumer Discretionary	10.0%
Consumer Staples	12.2%
Industrials	14.4%
Technology	16.8%
U.S. Treasury Obligations	19.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://avemariafunds.com/reports-forms/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-AVEFX

Ave Maria Bond Fund (AVEFX)

Semi-Annual Shareholder Report - June 30, 2024

Ave Maria Focused Fund

(AVEAX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Ave Maria Focused Fund for the period of January 1, 2024 to

June 30, 2024. You can find additional information about the Fund at https://avemariafunds.com/reports-forms/reports.html. You can also request this information by contacting us at (888) 726-9331.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ave Maria Focused Fund	$57	1.15%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of -4.59%. The Fund underperformed the S&P Midcap 400 Growth Index (the “Benchmark”) for the first half of the year ending June 30, 2024. The Information Technology sector performed well for the Benchmark. The Fund was underweight that sector which contributed to its underperformance in the period. Top contributors to the Fund’s performance were APi Group, Apollo Global, and GFL. APi Group announced an acquisition that expands the company’s service offering into elevator repairs and maintenance. This new business line should provide APi with cross-selling opportunities. Top detractors were eDreams, DigitalBridge, and Orion S.A. eDreams delivered strong operating performance in the period, increasing its free cash flow by 125% year-over-year; however, trimming by some larger shareholders put selling pressure on the stock given the company’s low trading liquidity.

The Fund initiated new positions in LandBridge Company, Secure Energy Services, and Sigmaroc. The Fund exited positions in Alsea, Green Plains, and Orion S.A.

The Fund will continue to be managed with a focus on companies that can grow their per-share economic earnings over a long period of time. The Fund privileges companies with durable and forecastable earnings, companies with an economic moat, and companies that generate high returns on invested capital.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Ave Maria Focused Fund	S&P 500^® Index	S&P MidCap 400^® Growth Index
05/01/20	$10,000	$10,000	$10,000
06/30/20	$10,630	$10,992	$11,393
06/30/21	$14,598	$15,476	$16,569
06/30/22	$10,628	$13,833	$13,172
06/30/23	$12,863	$16,543	$15,704
06/30/24	$13,734	$20,606	$18,659

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	Since Inception (5/1/2020)
Ave Maria Focused Fund	- 4.59%	6.77%	7.92%
S&P 500^® Index	15.29%	24.56%	18.96%
S&P MidCap 400^® Growth Index	11.71%	18.81%	16.16%

Fund Statistics

Net Assets$53,788,100
Number of Portfolio Holdings18
Total Expense Ratio1.15%
Advisory Fee $212,610
Portfolio turnover (six months)16%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Money Market Funds	2.0%

Portfolio Managers

Chadd M. Garcia, CFA

Adam P. Gaglio, CFA

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
API Group Corporation	20.2%
eDreams ODIGEO S.A.	17.0%
DigitalBridge Group, Inc.	11.3%
GFL Environmental, Inc.	7.5%
Brookfield Reinsurance Ltd.	6.7%
Brookfield Corporation	6.6%
Apollo Global Management, Inc.	6.0%
SigmaRoc plc	5.3%
Secure Energy Services, Inc.	5.2%
First Watch Restaurant Group, Inc.	3.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.0%
Health Care	0.3%
Technology	1.2%
Money Market Funds	2.0%
Real Estate	2.5%
Consumer Discretionary	3.3%
Energy	4.0%
Utilities	5.2%
Materials	8.2%
Financials	19.3%
Industrials	27.7%
Communications	28.3%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://avemariafunds.com/reports-forms/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-AVEAX

Ave Maria Focused Fund (AVEAX)

Semi-Annual Shareholder Report - June 30, 2024

Ave Maria Growth Fund

(AVEGX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Ave Maria Growth Fund for the period of January 1, 2024 to

June 30, 2024. You can find additional information about the Fund at https://avemariafunds.com/reports-forms/reports.html. You can also request this information by contacting us at (888) 726-9331.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ave Maria Growth Fund	$45	0.91%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of 6.06%. The strongest relative contributors to performance in the first half of the year were the Industrial, Material, and Energy sectors, which were up by 11.5%, 14.6%, and 18.8% respectively. The performance of the Industrial sector was driven by HEICO Corp., which was up 25% in the first half of the year, and Copart, Inc., which was up 11%. AptarGroup, Inc., is the Fund’s only holding in the Materials sector, and it was up 15% in the first half of the year. The performance of the Energy sector was primarily due to the 41% share price increase of Texas Pacific Land Corp.

The largest relative detractors of performance in the first half of the year were the Information Technology, Communication Services, and Health Care sectors, up 13.0%, down 0.4%, and down 8.4% respectively. The Fund’s return from the Information Technology sector was positive but lagged behind the benchmark. The sector was negatively impacted by Intel Corp., down 24%, BlackLine, Inc., down 22%, and Accenture PLC, down 13%. The Communication Services sector consists of only Atlanta Braves Holdings Inc., which was down fractionally. Finally, the performance of the Health Care sector was due primarily to the performance of IQVIA Holdings Inc., which was down 9%.

A new position in Ciena Corp. (optical interconnect solutions for communication networks) was initiated during the quarter, while the Fund exited existing positions in BE Semiconductor Industries N.V., Intel Corp., and Verra Mobility Corp.

The Fund’s goal is to purchase shares of exceptional companies at attractive prices with the expectations of earning favorable returns over the long run.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Ave Maria Growth Fund	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$11,035	$10,742
Jun-2016	$11,202	$11,171
Jun-2017	$13,167	$13,170
Jun-2018	$15,872	$15,064
Jun-2019	$18,332	$16,633
Jun-2020	$19,915	$17,881
Jun-2021	$27,111	$25,175
Jun-2022	$21,118	$22,503
Jun-2023	$26,177	$26,912
Jun-2024	$30,490	$33,521

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	5 Years	10 Years
Ave Maria Growth Fund	6.06%	16.48%	10.71%	11.79%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$1,026,345,410
Number of Portfolio Holdings34
Total Expense Ratio0.91%
Advisory Fee $3,780,124
Portfolio turnover (six months)9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	99.3%
Money Market Funds	0.7%

Portfolio Managers

Adam P. Gaglio, CFA

Chadd M. Garcia, CFA

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Copart, Inc.	8.1%
NVIDIA Corporation	7.5%
API Group Corporation	6.6%
Mastercard, Inc. - Class A	6.1%
O'Reilly Automotive, Inc.	5.2%
HEICO Corporation - Class A	5.2%
Texas Instruments, Inc.	4.5%
AptarGroup, Inc.	4.5%
IQVIA Holdings, Inc.	4.3%
S&P Global, Inc.	4.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	0.7%
Consumer Staples	1.4%
Energy	1.8%
Financials	2.1%
Real Estate	3.9%
Health Care	5.8%
Materials	7.4%
Industrials	12.3%
Consumer Discretionary	19.8%
Technology	45.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://avemariafunds.com/reports-forms/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Ave Maria Growth Fund (AVEGX)

TSR-SAR 063024-AVEGX

Semi-Annual Shareholder Report - June 30, 2024

Ave Maria Rising Dividend Fund

(AVEDX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Ave Maria Rising Dividend Fund for the period of January 1, 2024 to

June 30, 2024. You can find additional information about the Fund at https://avemariafunds.com/reports-forms/reports.html. You can also request this information by contacting us at (888) 726-9331.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ave Maria Rising Dividend Fund	$45	0.91%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of 6.58%. The strongest relative contributors to performance in the first half of the year came from the Energy, Consumer Staples, and Industrials sectors, which were up by 28.8%, 10.4%, and 8.0%, respectively. The Energy sector's gains were primarily driven by Texas Pacific Land Corporation (royalty income – oil & gas), which surged 41%, and Diamondback Energy, Inc., (crude oil & natural gas E&P) which increased 33%. The Consumer Staples sector's performance was buoyed by its sole holding, Coca-Cola Europacific Partners (carbonated soft drinks). In the Industrials sector, there were mixed results, but standout performances came from Carlisle Companies, Inc., (building materials) and Heico Corporation, (aircraft parts) which rose 30% and 25%, respectively.

The weakest sectors were Real Estate, Health Care, and Information Technology, which declined by -21.9%, -5.3%, and -1.0%, respectively. The Real Estate sector's poor performance was due to the underperformance of its sole holding, SBA Communications Corporation (infrastructure REIT). In the Health Care sector, the fund's holding in Chemed Corporation (home health care services) was a significant drag. The Information Technology sector struggled due to the weak performance of Accenture PLC (IT services), down -13%, and Ansys, Inc., (engineering software), down -11%.

The Fund’s investment strategy identifies companies with strong balance sheets that operate with competitive advantages and produce consistent, above-average cash flow and dividend growth, facilitating a rising stream of dividends. We strive to buy these companies when they are unpopular and undervalued.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Ave Maria Rising Dividend Fund	S&P 500^® Index	S&P 500^® Value Index	S&P 500^® Dividend Aristocrats Index
Jun-2014	$10,000	$10,000	$10,000	$10,000
Jun-2015	$10,136	$10,742	$10,457	$10,919
Jun-2016	$10,447	$11,171	$10,810	$12,367
Jun-2017	$11,711	$13,170	$12,524	$13,451
Jun-2018	$13,199	$15,064	$13,474	$14,891
Jun-2019	$14,520	$16,633	$14,642	$17,024
Jun-2020	$14,034	$17,881	$13,983	$16,972
Jun-2021	$19,531	$25,175	$19,512	$23,442
Jun-2022	$18,361	$22,503	$18,564	$22,579
Jun-2023	$20,972	$26,912	$22,274	$25,545
Jun-2024	$24,038	$33,521	$25,681	$26,738

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	5 Years	10 Years
Ave Maria Rising Dividend Fund	6.58%	14.62%	10.61%	9.17%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%
S&P 500^® Value Index	5.79%	15.29%	11.89%	9.89%
S&P 500^® Dividend Aristocrats Index	2.18%	4.67%	9.45%	10.34%

Fund Statistics

Net Assets$1,037,322,910
Number of Portfolio Holdings38
Total Expense Ratio0.91%
Advisory Fee $3,784,836
Portfolio turnover (six months)6%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.9%
Money Market Funds	1.1%

Portfolio Managers

Brandon S. Scheitler

George P. Schwarz, CFA

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Texas Pacific Land Corporation	4.7%
Diamondback Energy, Inc.	4.4%
Chubb Ltd.	4.3%
Texas Instruments, Inc.	4.0%
Carlisle Companies, Inc.	3.7%
Chemed Corporation	3.7%
Moody's Corporation	3.7%
Mastercard, Inc. - Class A	3.6%
Accenture plc - Class A	3.6%
Lowe's Companies, Inc.	3.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	1.1%
Communications	1.5%
Consumer Staples	2.6%
Materials	3.7%
Health Care	4.9%
Real Estate	6.8%
Energy	7.5%
Consumer Discretionary	11.5%
Financials	14.8%
Industrials	15.8%
Technology	30.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://avemariafunds.com/reports-forms/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Ave Maria Rising Dividend Fund (AVEDX)

TSR-SAR 063024-AVEDX

Semi-Annual Shareholder Report - June 30, 2024

Ave Maria Value Fund

(AVEMX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Ave Maria Value Fund for the period of January 1, 2024 to

June 30, 2024. You can find additional information about the Fund at https://avemariafunds.com/reports-forms/reports.html. You can also request this information by contacting us at (888) 726-9331.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ave Maria Value Fund	$47	0.94%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of 5.28%. The Fund’s positive performance was driven primarily due to share price increases in Texas Pacific Land Corporation (+41%), Brown & Brown, Inc. (+26%), and Armstrong World Industries, Inc. (+15%). Texas Pacific Land Corporation, the Fund’s largest holding, benefitted from rising oil & natural gas royalties and water royalties. Further, the company enacted a few shareholder friendly practices, including a $10/share special dividend, which helped alleviate concerns among investors. The primary detractors from performance in the first 6 months of 2024 included: YETI Holdings, Inc. (-26%), Permian Basin Royalty Trust (-17%), and Winmark Corporation (-15%). Despite the decline in their share prices, we are encouraged by the positive operational performance of these companies and believe their shares offer substantial recovery potential.

The Fund is well positioned in a broad group of high-quality companies with attractive valuations.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Ave Maria Value Fund	S&P 500^® Index	S&P MidCap 400^® Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$9,704	$10,742	$10,640
Jun-2016	$8,454	$11,171	$10,781
Jun-2017	$9,994	$13,170	$12,783
Jun-2018	$11,583	$15,064	$14,509
Jun-2019	$12,132	$16,633	$14,707
Jun-2020	$10,202	$17,881	$13,722
Jun-2021	$15,994	$25,175	$21,027
Jun-2022	$14,777	$22,503	$17,949
Jun-2023	$16,406	$26,912	$21,110
Jun-2024	$18,560	$33,521	$23,975

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	5 Years	10 Years
Ave Maria Value Fund	5.28%	13.13%	8.88%	6.38%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%
S&P MidCap 400^® Index	6.17%	13.57%	10.27%	9.14%

Fund Statistics

Net Assets$384,439,163
Number of Portfolio Holdings35
Total Expense Ratio0.94%
Advisory Fee $1,395,014
Portfolio turnover (six months)6%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	99.3%
Money Market Funds	0.7%

Portfolio Managers

Timothy S. Schwartz, CFA

Ryan M. Kuyawa, CFA

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Texas Pacific Land Corporation	14.6%
Brown & Brown, Inc.	3.9%
Mirion Technologies, Inc.	3.9%
CDW Corporation	3.9%
Hingham Institution For Savings (The)	3.8%
Schlumberger Ltd.	3.6%
Intercontinental Exchange, Inc.	3.6%
ConocoPhillips	3.3%
Haemonetics Corporation	3.2%
Franco-Nevada Corporation	3.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	0.7%
Communications	0.7%
Consumer Discretionary	5.9%
Materials	8.4%
Technology	9.7%
Health Care	12.3%
Financials	13.8%
Industrials	13.9%
Energy	17.0%
Real Estate	17.7%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://avemariafunds.com/reports-forms/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Ave Maria Value Fund (AVEMX)

TSR-SAR 063024-AVEMX

Semi-Annual Shareholder Report - June 30, 2024

Ave Maria World Equity Fund

(AVEWX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Ave Maria World Equity Fund for the period of January 1, 2024 to

June 30, 2024. You can find additional information about the Fund at https://avemariafunds.com/reports-forms/reports.html. You can also request this information by contacting us at (888) 726-9331.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ave Maria World Equity Fund	$53	1.06%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of 2.02%.

Top contributors to performance included SharkNinja, Inc. and Taiwan Semiconductor Manufacturing Company Limited.

SharkNinja, Inc. is a global product design and technology company focused on creating solutions that increase efficiency, convenience and enjoyment of consumers’ daily tasks and improve everyday lives. The company has built two billion-dollar brands, Shark and Ninja, and has a proven track record of establishing leadership positions by disrupting numerous household product categories, including cleaning, cooking, food preparation, home entertainment and beauty. Taiwan Semiconductor Manufacturing Company Limited is the global leader in semiconductor foundry services, with a dominant market share position in advanced semiconductors. The company has significant pricing power and stands to benefit from secular “megatrends” (5G, high performance computing, AI, rising silicon content per device, etc.) due to its technological leadership.

Bottom contributors to performance included StoneCo Ltd. and Stevanato Group S.p.A.

StoneCo Ltd. provides solutions that enable merchants and integrated partners to conduct electronic commerce seamlessly across in-store, online, and mobile channels in Brazil. Stevanato Group S.p.A is a leading provider of drug containment products and serves many of the leading pharmaceutical and biotechnology companies. The company is a long-term beneficiary from the transition from small molecule drugs to biologics.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Ave Maria World Equity Fund	MSCI ACWI Net
Jun-2014	$10,000	$10,000
Jun-2015	$9,725	$10,071
Jun-2016	$9,402	$9,696
Jun-2017	$10,951	$11,517
Jun-2018	$11,694	$12,752
Jun-2019	$12,830	$13,485
Jun-2020	$11,466	$13,769
Jun-2021	$15,282	$19,176
Jun-2022	$13,254	$16,156
Jun-2023	$16,046	$18,826
Jun-2024	$17,751	$22,474

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	5 Years	10 Years
Ave Maria World Equity Fund	2.02%	10.63%	6.71%	5.91%
MSCI ACWI Net	11.30%	19.37%	10.76%	8.43%

Portfolio Managers

Anthony W. Gennaro Jr., CFA, CPA

Sean C. Gaffney, CFA

Fund Statistics

Net Assets	$109,754,206
Number of Portfolio Holdings	49
Total Expense Ratio	1.06%
Advisory Fee	$400,970
Portfolio turnover (six months)	4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	1.0%
Real Estate	1.0%
Materials	1.0%
Communications	4.3%
Consumer Staples	6.0%
Health Care	7.8%
Energy	8.8%
Consumer Discretionary	11.3%
Financials	12.0%
Industrials	22.7%
Technology	24.3%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	99.0%
Money Market Funds	1.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
SAP SE	4.8%
Eaton Corporation plc	4.5%
Mastercard, Inc. - Class A	4.0%
GFL Environmental, Inc.	3.8%
SharkNinja, Inc.	3.5%
F&G Annuities & Life, Inc.	3.3%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR	3.3%
StoneCo Ltd. - Class A	3.0%
Coca-Cola Europacific Partners plc	2.9%
HDFC Bank Ltd. - ADR	2.8%

Country Weighting (% of net assets)

Value	Value
Sweden	1.0%
Singapore	1.4%
Poland	2.0%
Italy	2.1%
Spain	2.1%
India	2.8%
Brazil	3.0%
Taiwan	3.3%
Israel	3.5%
France	3.7%
Mexico	3.9%
Japan	4.1%
Germany	4.8%
Switzerland	5.7%
United Kingdom	7.8%
Canada	10.0%
United States	38.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://avemariafunds.com/reports-forms/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Ave Maria World Equity Fund (AVEWX)

TSR-SAR 063024-AVEWX

Semi-Annual Shareholder Report - June 30, 2024

Schwartz Value Focused Fund

(RCMFX)

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about Schwartz Value Focused Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.schwartzvaluefocusedfund.com/reports.html. You can also request this information by contacting us at (888) 726-0753.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Schwartz Value Focused Fund	$62	1.25%

How did the Fund perform during the reporting period?

For the first 6 months of 2024, the Fund had a total return of 12.26%. The Fund’s positive performance was driven primarily due to share price increases in Texas Pacific Land Corporation (+41%), Pan American Silver Corporation (+23%), and Berkshire Hathaway, Inc. (+13%). Texas Pacific Land Corporation, the Fund’s largest holding, benefitted from rising oil & natural gas royalties and water royalties. Further, the company enacted a few shareholder friendly practices, including a $10/share special dividend, which helped alleviate concerns among investors. Pan American Silver’s share price rose due to higher profits from increasing gold and silver prices. The primary detractors from performance in the first 6 months of 2024 included: YETI Holdings, Inc. (-26%), The St. Joe Company (-9%), and Schlumberger Ltd. (-8%). Despite the decline in their share prices, we are encouraged by the positive operational performance of these companies and believe their shares offer substantial recovery potential.

The Fund’s recent performance has been encouraging, as a few top holdings have experienced strong price appreciation. The Fund remains well positioned in a broad group of high-quality companies, with attractive valuations.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Schwartz Value Focused Fund	S&P 500^® Index	S&P Composite 1500^® Index
Jun-2014	$10,000	$10,000	$10,000
Jun-2015	$8,672	$10,742	$10,731
Jun-2016	$8,182	$11,171	$11,122
Jun-2017	$9,102	$13,170	$13,134
Jun-2018	$10,807	$15,064	$15,038
Jun-2019	$10,602	$16,633	$16,439
Jun-2020	$10,308	$17,881	$17,438
Jun-2021	$17,078	$25,175	$24,784
Jun-2022	$16,307	$22,503	$22,053
Jun-2023	$18,202	$26,912	$26,296
Jun-2024	$22,366	$33,521	$32,481

Average Annual Total Returns as of 6/30/2024

	6 Months	1 Year	5 Years	10 Years
Schwartz Value Focused Fund	12.26%	22.88%	16.10%	8.38%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%
S&P Composite 1500^® Index	14.35%	23.52%	14.59%	12.50%

Fund Statistics

Net Assets$34,841,202
Number of Portfolio Holdings20
Total Expense Ratio1.25%
Advisory Fee (net of waivers & recoupments) $110,813
Portfolio turnover (six months)5%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	94.9%
Money Market Funds	5.1%

Portfolio Managers

Timothy S. Schwartz, CFA

George P. Schwartz, CFA

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Texas Pacific Land Corporation	31.6%
St. Joe Company (The)	8.3%
Occidental Petroleum Corporation	5.6%
Moody's Corporation	4.8%
Mastercard, Inc. - Class A	4.8%
Masco Corporation	4.7%
Exxon Mobil Corporation	4.3%
Schlumberger Ltd.	4.0%
Intercontinental Exchange, Inc.	3.9%
Berkshire Hathaway, Inc. - Class A	3.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Industrials	2.5%
Materials	3.3%
Money Market Funds	5.1%
Technology	9.6%
Consumer Discretionary	9.9%
Financials	10.2%
Energy	19.6%
Real Estate	39.9%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.schwartzvaluefocusedfund.com/reports.html), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063024-RCMFX

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHWARTZ VALUE FOCUSED FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2024 (Unaudited)

SCHWARTZ VALUE FOCUSED FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2024 (Unaudited)

SCHWARTZ VALUE FOCUSED FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited)

Schwartz Value Focused Fund (the “Fund”) is a non-diversified series of Schwartz Investment Trust (the “Trust”), an open-end 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. Fixed income securities, if any, are generally valued using prices provided by an independent pricing service. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining these prices. 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 by Schwartz Investment Counsel, Inc. (the “Adviser”), as the valuation designee, in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees pursuant to Rule 2a-5 under the 1940 Act, 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.

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:

U.S. Government & Agencies securities held by the Fund, if any, are classified as Level 2 since the values for such securities are based on prices provided by an independent pricing service that utilizes various “other significant observable inputs” including bid and ask quotations, prices of similar securities and interest rates, among other factors.

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 Fund’s investments and the levels assigned to the investments, by security type, as of June 30, 2024:

Refer to the Fund’s Schedule of Investments for a listing of the securities by security type, sector and industry type. There were no Level 3 securities or derivative instruments held by or transferred in/out of the Fund as of or during the six months ended June 30, 2024.

(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.

The following information is computed on a tax basis for each item as of June 30, 2024:

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.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended June 30, 2024, the Fund did not incur any interest or penalties.

(c) Investment transactions and investment income — Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. 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 distributions paid to shareholders during the periods ended June 30, 2024 and December 31, 2023 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.

(g) Regulatory update — Tailored Shareholder Reporting for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Fund has implemented the rule and form requirements, as applicable, and is currently adhering to the requirements.

The Chairman and President of the Trust is also the Chairman and Chief Executive Officer of 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 0.75% 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, 2025, 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, 2024, the Adviser reduced its investment advisory fees by $16,460.

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. During the six months ended June 30, 2024, the Fund recouped $6,766 of prior years’ investment advisory fee reductions. As of June 30, 2024, the Adviser may seek recoupment of investment advisory fee reductions totaling $90,299 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.

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 $67,000 (except that such fee is $78,000 for the Lead Independent Trustee/Chairman of the Governance Committee and $73,500 for the Chairman of the Audit Committee), payable quarterly; a fee of $6,500 for attendance at each meeting of the Board of Trustees; plus reimbursement of travel and other expenses incurred in attending meetings. Trustee Emeritus, if any, receives 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 paid its proportionate share of the Independent Trustees’ fees and expenses along with the other series of the Trust.

During the six months ended June 30, 2024, cost of purchases and proceeds from sales and maturities of investment securities, excluding short-term investments and U.S. government securities, amounted to $1,523,838 and $5,337,515, respectively.

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.

If the Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio will be adversely affected. As of June 30, 2024, the Fund had 39.9% of the value of its net assets invested in common stocks within the real estate sector. The Fund had 31.6% of the value of its net assets invested in Texas Pacific Land Corporation (“TPL”) within the real estate sector. The financial statements for TPL can be found at www.sec.gov.

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.

At an in-person meeting held on February 10, 2024 (the “Board Meeting”), the Board of Trustees of the Schwartz Investment Trust (the “Trust”), including the Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940 (the “Independent Trustees”) voting separately, reviewed and 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, a series of the Trust (the “Fund”), for an additional one-year period. The Independent Trustees were advised and assisted by independent legal counsel experienced in matters relating to the investment management industry throughout their evaluation. The Independent Trustees met separately with their independent counsel to discuss the continuance of the Advisory Agreement, during which time, no representatives of the Adviser were present.

The Board retained ISS Market Intelligence (“ISS”), an independent third-party provider of mutual fund data, to prepare an independent expense and performance summary for the Fund and comparable funds managed by other investment advisers identified by ISS. The ISS 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 ISS various aspects of the report, including the methodologies that it used to construct its report, and the Morningstar, Inc. (“Morningstar”) category that it identified to base its peer group comparisons. The Independent Trustees also received and reviewed relevant information provided by the Adviser in response to requests of the Independent Trustees and their independent legal counsel to assist in their evaluation of the terms of the Advisory Agreement, including, among other things, information about the Adviser’s profitability with respect to the portfolio management and administrative services the Adviser provides the Fund, the financial condition of the Adviser, and the Adviser’s management fee revenues and separately managed account fee schedules. The Independent Trustees and their independent legal counsel also submitted a supplemental request for information, which the Adviser responded to in advance of the Board Meeting. The Board additionally considered the Fund’s portfolio management process and compliance structure, and the ways in which the Fund can realize economies of scale. The Board also received copies of the Advisory Agreement and a memorandum from the independent legal counsel to the Independent Trustees discussing the factors the Board should consider while evaluating the continuation of the Advisory Agreement.

The Independent Trustees noted that they had met with the portfolio managers of the Fund at the quarterly Board meetings over the course of the 2023 calendar year to discuss the Adviser’s views of the factors that affected the financial markets and the performance of the Fund and had reviewed information on the Fund’s portfolio composition and performance results. They also considered that during those quarterly meetings, the Adviser had provided its views on the overall condition of the economy and the markets and its strategies for managing the Fund under those market conditions, including its rationale for disposing certain positions and purchasing others. As part

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

of this process, the Trustees considered various factors, none of which by itself was considered dispositive, including:

In evaluating the nature, extent and quality of services provided by the Adviser, the Independent Trustees took into account, among other factors, the Adviser’s fundamental investment process, the operational, compliance and regulatory roles performed by the Adviser and the overall level of attention it devotes to its core management process. The Independent Trustees also considered the Adviser’s independent thinking and commitment to its investment process during periods of market volatility, and during periods when value stocks have fallen out-of-favor with the markets. The Independent Trustees also noted that the Adviser had discussed whether it experienced any indirect benefits (i.e., fall-out benefits) for serving as investment adviser to the Fund, and after taking into account all this information, concluded that the nature, extent, and quality of services provided by the Adviser to the Fund is satisfactory.

The Independent Trustees considered the performance of the Fund against its Morningstar category peers for the one-year period ended November 30, 2023, as well as for longer-term periods. The Independent Trustees considered the conditions of the markets in 2023 when the “Magnificent Seven” provided outsized returns, thus creating a difficult environment for funds with a value-oriented investment approach, including the Fund. The Independent Trustees noted that the Fund placed below its Morningstar peer category for the one-year period ended November 30, 2023, but ranked first overall in its Morningstar peer category for the three- and five-year periods ended November 30, 2023. The Independent Trustees also had received a report from the Fund’s lead portfolio manager on the performance of the Fund over selected periods ended December 31, 2023 with its benchmark index, and noted that although the Fund underperformed its benchmark index for the one-year period, the Fund outperformed the benchmark index for the three-, five- and ten-year periods ended December 31, 2023. The Independent Trustees concluded that the performance of the Fund was acceptable considering all of the facts and circumstances.

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

The Trustees reviewed information provided by ISS 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 also compared the Fund’s total expense ratio, of which the Fund’s advisory fee is a part, with expense ratios of representative funds within its Morningstar peer group. The Trustees noted that the Morningstar information showed that the net total expense ratio for the Fund was equal to the median net total expense ratio of its Morningstar peer expense group. The Independent Trustees also reviewed information on fee rates the Adviser charges to accounts that have investment programs similar to those of the Fund and considered the differences in the nature and scope of services the Adviser provides to the Fund as compared to the Adviser’s other client accounts, as well as material differences in the regulatory costs of the Fund and the other types of clients. After taking into account all this information, the Trustees found that the cost of the services provided to the Fund are reasonable in light of the quality and scope of services that the Adviser provides to the Fund.

The Independent Trustees also considered the Adviser’s costs of providing ongoing services to the Fund, the profits of the Adviser with respect to the Fund and the methodologies by which the Adviser calculated its profitability information, and concluded that the profits of the Adviser are reasonable in light of the quality and scope of services that are provided to the Fund.

The Extent to Which Economies of Scale Would be Realized and Whether Advisory Fee Levels Reflect these Economies of Scale

The Independent Trustees discussed the extent to which shareholders have realized economies of scale with respect to the management of the Fund. The Independent Trustees noted that the Adviser had reduced the advisory fee rate in 2022. They also noted that the Adviser has a history of waiving the expenses of the Fund in order to maintain a lower total annual operating expense ratio and that the Adviser seeks to achieve additional economies of scale through its asset gathering efforts on behalf of the Fund. The Independent Trustees concluded that the extent to which shareholders are achieving economies of scale as the Fund grows is acceptable.

The Board, including the Independent Trustees, subsequently concluded that the existing Advisory Agreement is fair and reasonable and voted to approve the continuance of the Advisory Agreement. In reaching its decision regarding the continuation of the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling, and the Trustees 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.

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 and on the Fund’s website www.schwartzvaluefocusedfund.com.

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 as an exhibit on 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.

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 MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (Unaudited) (Continued)

AVE MARIA MUTUAL FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2024 (Unaudited) (Continued)

The Ave Maria Value Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund, the Ave Maria World Equity Fund, the Ave Maria Focused Fund and the Ave Maria Bond Fund (individually, a “Fund” and collectively, the “Funds”) are each a diversified series, except for the Ave Maria Focused Fund, which is a non-diversified series, of the Schwartz Investment Trust (the “Trust”), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and established as an Ohio business trust under a Declaration of Trust dated August 31, 1992.

The investment objective of the Ave Maria Value Fund is to seek long-term capital appreciation from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Growth Fund is to seek long-term capital appreciation, using the growth style, from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Rising Dividend Fund is to provide increasing dividend income over time, long-term growth of capital, and a reasonable level of current income from investments in dividend-paying common stocks of companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria World Equity Fund is to seek long-term capital appreciation from equity investments in U.S. and non-U.S. companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Focused Fund is to seek long-term capital appreciation from equity investments in companies that do not violate core values and teachings of the Roman Catholic Church.

The investment objective of the Ave Maria Bond Fund is to seek preservation of principal with a reasonable level of current income in corporate debt and equity securities that do not violate core values and teachings of the Roman Catholic Church.

See the Funds’ Prospectus for information regarding the principal investment strategies of each Fund.

Shares of each Fund are sold at net asset value (“NAV”). To calculate the NAV, a 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 for each Fund.

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

The Funds follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds. 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 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. Securities traded on foreign exchanges are typically fair valued by an independent pricing service and translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing service. Fixed income securities are generally valued using prices provided by an independent pricing service. The independent pricing service uses information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining these prices. Investments in 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 for which market quotations are not readily available are valued at their fair value as determined in good faith by Schwartz Investment Counsel, Inc. (the “Adviser”), as the valuation designee, in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees pursuant to Rule 2a-5 under the 1940 Act, 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 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 security is principally traded closes early; or (iii) trading of the security is halted during the day and does not resume prior to a Fund’s NAV calculation. A security’s “fair value” price may differ from the price next available for that security using the Funds’ normal pricing procedures.

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.

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

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

The Funds’ foreign equity securities actively traded in foreign markets may be classified as Level 2 despite the availability of closing prices because such securities are typically fair valued by an independent pricing service. The Board of Trustees has authorized the Funds to retain an independent pricing service to determine the fair value of its foreign securities because the value of such securities may be materially affected by events occurring before the Funds’ pricing time but after the close of the primary markets or exchanges on which such foreign securities are traded. These intervening events might be country-specific (e.g., natural disaster, economic or political developments, interest rate change); issuer specific (e.g., earnings report or merger announcement); or U.S. market-specific (such as a significant movement in the U.S. market that is deemed to affect the value of foreign securities). The pricing service uses an automated system that incorporates a model based on multiple parameters, including a security’s local closing price, relevant general and sector indices, currency fluctuations, trading in depositary receipts and futures, if applicable, and/or research valuations by its staff, in determining what it believes is the fair value of the securities.

U.S. Government & Agencies and Corporate Bonds held by the Funds, if any, are classified as Level 2 since the values for such securities are based on prices provided by an independent pricing service that utilizes various “other significant observable inputs” including bid and ask quotations, prices of similar securities and interest rates, among other factors.

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

The following is a summary of the Funds’ investments and the levels assigned to the investments, by security type, as of June 30, 2024:

Refer to each Fund’s Schedule of Investments for a listing of the securities by security type and sector or industry type. There were no Level 3 securities or derivative instruments held by or transferred in/out of the Funds as of or during the six months ended June 30, 2024.

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

(b) Income taxes – Each 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 each 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 each 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.

The following information is computed on a tax basis for each item as of June 30, 2024:

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

The difference between the federal income tax cost of investments and the financial statement cost of portfolio investments for the Ave Maria Value Fund, the Ave Maria World Equity Fund and the Ave Maria Focused Fund is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales and adjustments to basis for grantor trusts. There is no difference between the federal income tax cost and the financial statement cost of portfolio investments for the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund and the Ave Maria Bond Fund as of June 30, 2024.

As of December 31, 2023, the following capital loss carryforwards (“CLCFs”) are available for federal income tax purposes, which may be carried forward indefinitely. These CLCFs are available to offset net realized gains in the current and future years, thereby reducing future taxable gains distributions.

The Funds recognize 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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2024, the Funds did not incur any interest or penalties.

(c) Investment transactions and investment income – Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

fair value of the securities received. Interest income is recognized on the accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. Cost of investments includes amortization of premiums and accretion of discounts. Realized gains and losses on investments sold are determined on a specific identification basis. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s rules and tax rates.

(d) Dividends and distributions – Dividends from net investment income, if any, are declared and paid annually in December for the Ave Maria Value Fund, the Ave Maria Growth Fund, the Ave Maria World Equity Fund and the Ave Maria Focused Fund. Dividends from net investment income, if any, are declared and paid quarterly for the Ave Maria Rising Dividend Fund and are declared and paid monthly for the Ave Maria Bond Fund. Each Fund expects to distribute any net realized capital gains annually. Dividends and distributions to shareholders are recorded on the ex-dividend date. The tax character of distributions paid to shareholders during the periods ended June 30, 2024 and December 31, 2023 was as follows:

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

(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 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.

(g) Foreign currency translation – Securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

Reported net realized foreign exchange gains or losses arise from 1) purchase and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

The Funds may be subject to foreign taxes related to foreign income received, capital gains on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

(h) Regulatory update – Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.

The Chairman and President of the Trust is also the Chairman and Chief Executive Officer of 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 Funds, or of Ultimus Fund Distributors, LLC (the “Distributor”), the Funds’ principal underwriter.

Pursuant to Investment Advisory Agreements between the Trust and the Adviser, the Adviser is responsible for the management of each Fund and provides investment advice along with the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Funds. The Adviser receives fees based on a percentage of the average daily net assets of each Fund, which are accrued daily and paid quarterly, at the annual rates as stated below:

The Adviser has contractually agreed to reduce its advisory fees or reimburse a portion of operating expenses until at least May 1, 2025 so that the ordinary operating expenses of each of the Ave Maria Value Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund, the Ave Maria World Equity Fund and the Ave Maria Focused Fund do not exceed 1.25% per annum of average daily net assets; and so that the ordinary operating expenses of the Ave Maria Bond Fund do not exceed 0.60% per annum of average daily net assets. The Adviser did not reduce its investment advisory fees for any of the Funds during the six months ended June 30, 2024.

Any investment advisory fee reductions or expense reimbursements by the Adviser are subject to repayment by the Funds for a period of three years after such fees and expenses were incurred, provided the Funds are able to effect such repayment and remain in compliance with any undertaking by the Adviser to limit expenses of the Funds. As of June 30, 2024, no advisory fee reductions are available for recoupment.

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

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 each 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 of each Fund, maintains the financial books and records of the Funds, maintains the records of each shareholder’s account, and processes purchases and redemptions of each Fund’s shares. For the performance of these services, Ultimus receives fees from each Fund computed as a percentage of such Fund’s average daily net assets, subject to a minimum monthly fee.

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

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 $67,000 (except that such fee was $78,000 for the Lead Independent Trustee/Chairman of the Governance Committee and $73,500 for the Chairman of the Audit Committee), payable quarterly; a fee of $6,500 for attendance at each meeting of the Board of Trustees; plus reimbursement of travel and other expenses incurred in attending meetings. Trustee Emeritus, if any, receives 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. Each Fund pays its proportionate share of the Independent Trustees’ fees and expenses along with the other series of the Trust.

Each member of the Catholic Advisory Board (“CAB”), including Emeritus members, receives an annual retainer of $4,000 (except that such fee is $14,000 for the CAB chairman), payable quarterly; a fee of $3,000 for attendance at each meeting of the CAB; plus reimbursement of travel and other expenses incurred in attending meetings. Each Fund pays its proportionate share of CAB members’ fees and expenses.

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

During the six months ended June 30, 2024, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities for the Ave Maria Bond Fund were $11,100,416 and $12,028,503, respectively.

From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Funds will incur borrowing costs charged by the custodian. Accordingly, during the six months ended June 30, 2024, the Ave Maria Focused Fund incurred $943 of borrowing costs charged by the custodian.

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

AVE MARIA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (Unaudited) (Continued)

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio will be adversely affected. As of June 30, 2024, the Ave Maria Growth Fund and the Ave Maria Rising Dividend Fund had 45.0% and 30.0%, respectively, of the value of their net assets invested in common stocks within the technology sector and the Ave Maria Focused Fund had 28.3% of the value of its net assets invested in common stocks within the communications sector.

The Funds are 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 Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are 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.

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free (888) 726-9331, or on the SEC’s website at www.sec.gov. Information regarding how the Funds 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) 726-9331, or on the SEC’s website at www.sec.gov and on the Funds’ website www.avemariafunds.com.

The Trust files a complete listing of portfolio holdings for each of the Funds with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The filings are available free of charge, upon request, by calling (888) 726-9331. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov.

At an in-person meeting held on February 10, 2024 (the “Board Meeting”), the Board of Trustees of the Schwartz Investment Trust (the “Trust”), including the Trustees who are not “interested persons” of the Trust, as defined by the Investment Company Act of 1940 (the “Independent Trustees”) voting separately, reviewed and approved the continuation of the Advisory Agreements with Schwartz Investment Counsel, Inc. (the “Adviser”) (the “Advisory Agreements”) on behalf of each of the Ave Maria Value Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund, the Ave Maria World Equity Fund, the Ave Maria Focused Fund, and the Ave Maria Bond Fund, each a series of the Trust (each, a “Fund,” and collectively, the “Ave Maria Mutual Funds” or “Funds”), for an additional one-year period. The Independent Trustees were advised and assisted by independent legal counsel experienced in matters relating to the investment management industry throughout their evaluation. The Independent Trustees met separately with their independent counsel to discuss the continuance of the Advisory Agreements, during which time, no representatives of the Adviser were present.

The Board retained ISS Market Intelligence (“ISS”), an independent third-party provider of mutual fund data, to prepare an independent expense and performance summary for each Fund and comparable funds managed by other investment advisers identified by ISS. The ISS materials included information about the advisory fee rates, other operating expenses, expense ratios, and performance comparisons to each Fund’s peer group and to a broad-based securities index. Prior to the Board Meeting, the Independent Trustees discussed separately with ISS various aspects of the report, including the methodologies that it used to construct its report, and the Morningstar, Inc. (“Morningstar”) categories that it identified to base its peer group comparisons. The Independent Trustees also received and reviewed relevant information provided by the Adviser in response to requests of the Independent Trustees and their independent legal counsel to assist in their evaluation of the terms of the Advisory Agreements, including, among other things, information about the Adviser’s profitability with respect to the portfolio management and administrative services the Adviser provides each Fund, the financial condition of the Adviser, and the Adviser’s management fee revenues and separately managed account fee schedules. The Independent Trustees and their independent legal counsel also submitted a supplemental request for information, which the Adviser responded to in advance of the Board Meeting. The Board additionally considered the Funds’ portfolio management process and compliance structure, and the ways in which the Funds can realize economies of scale. The Board also received copies of the Advisory Agreements and a memorandum from the independent legal counsel to the Independent Trustees discussing the factors the Board should consider while evaluating the continuation of the Advisory Agreements.

The Independent Trustees noted that they had met with the portfolio managers of the Funds at the quarterly Board meetings over the course of the 2023 calendar year to discuss the Adviser’s views of the factors that affected the financial markets and the

performance of the Funds and had reviewed information on each Fund’s portfolio composition and performance results. They also considered that during each of those quarterly meetings, the Adviser had provided its views on the overall condition of the economy and the markets and its strategies for managing the Funds under those market conditions, including its rationale for disposing certain positions and purchasing others. As part of this process, the Trustees considered various factors, none of which by itself was considered dispositive, including:

In evaluating the nature, extent and quality of services provided by the Adviser, the Independent Trustees took into account, among other factors, the Adviser’s fundamental investment process, the operational, compliance and regulatory roles performed by the Adviser and the overall level of attention it devotes to its core management process. The Independent Trustees also considered the Adviser’s independent thinking and commitment to its investment process during periods of market volatility, and during periods when value stocks have fallen out-of-favor with the markets. The Independent Trustees additionally considered the efforts of the Adviser to apply a moral screening process that is designed to avoid investments that are contrary to the core values and teachings of the Roman Catholic Church and to engage a Catholic Advisory Board to set the criteria for screening companies. The Independent Trustees also noted that the Adviser had discussed whether it experienced any indirect benefits (i.e., fall-out benefits) for serving as investment adviser to the Funds, and after taking into account all this information, concluded that the nature, extent, and quality of services provided by the Adviser to the Funds is satisfactory.

The Independent Trustees considered the performance of each Fund against its Morningstar category peers for the one-year period ended November 30, 2023, as well as for longer-term periods. The Independent Trustees considered the conditions of the markets in 2023 when the “Magnificent Seven” provided outsized returns, thus creating

a difficult environment for those Funds with a value-oriented or dividend-oriented investment approach, including the Ave Maria Value Fund and the Ave Maria Rising Dividend Fund, as well as for Funds with limited exposures to the Magnificent Seven, such as the Ave Maria Growth Fund. The Independent Trustees noted that for the one-year period ended November 30, 2023, the Ave Maria Value Fund, Ave Maria Rising Dividend Fund and the Ave Maria Growth Fund each placed in the fourth (bottom) quartile of its respective Morningstar peer category and the Ave Maria Value Fund and Ave Maria Rising Dividend Fund each placed in the first (top) quartile of its respective Morningstar category for the three-year period ended November 30, 2023, and the Ave Maria Growth Fund placed in the second quartile of its Morningstar category for the three-year period ended November 30, 2023; the Ave Maria World Equity Fund and the Ave Maria Focused Fund each placed in the top quartile of its respective Morningstar peer category for the one- and three-year periods ended November 30, 2023; and the Ave Maria Bond Fund placed in the second quartile of its Morningstar peer category for the one-year period ended November 30, 2023, and in the first quartile for the three-year period ended November 30, 2023. The Independent Trustees also compared the performance of each Ave Maria Mutual Fund over selected periods ended December 31, 2023 with its benchmark index, and noted that for the one-year period, Ave Maria Growth Fund, Ave Maria World Equity Fund, and Ave Maria Focused Fund each outperformed its respective primary benchmark index, while Ave Maria Value Fund, Ave Maria Rising Dividend Fund, and Ave Maria Bond Fund, each underperformed its primary benchmark index. The Independent Trustees took into consideration the Adviser’s discussion of the reasons for the underperformance of certain Funds in 2023 relative to their primary benchmark indices, including the impact of market conditions, and the constitution of certain Funds’ primary benchmark indices. The Independent Trustees concluded that the performance of the Funds was satisfactory considering all of the facts and circumstances.

The Trustees reviewed information provided by ISS on the advisory fees paid by each Fund and compared such fees to the advisory fees paid by similar mutual funds, as compiled by Morningstar. The Trustees also compared each Fund’s total expense ratio, of which a Fund’s advisory fee is a part, with expense ratios of representative funds within its Morningstar peer group. The Trustees noted that the Morningstar information showed that the net total expense ratio for each of the Ave Maria Mutual Funds was lower than the median net total expense ratios of its respective Morningstar peer expense group, and that the net total expense ratios for each of the Ave Maria Value Fund, Ave Maria Rising Dividend Fund, and Ave Maria Bond Fund placed in the first (best) quartile of its respective Morningstar peer group, and that the net total expense ratios for each of the Ave Maria Growth Fund, Ave Maria World Equity Fund, and Ave Maria Focused Fund placed in the second quartile of its respective Morningstar peer group. The Independent Trustees also reviewed information on fee rates the Adviser charges

to accounts that have investment programs similar to those of the Funds and considered the differences in the nature and scope of services the Adviser provides to the Funds, including the higher compliance risks and regulatory costs of managing the Ave Maria Mutual Funds, as compared to the Adviser’s other types of clients. After taking into account all this information, the Trustees found that the cost of the services provided to the Funds are reasonable in light of the quality and scope of services that the Adviser provides to the Funds.

The Independent Trustees also considered the Adviser’s costs of providing ongoing services to the Funds, the profits of the Adviser with respect to each Fund and the methodologies by which the Adviser calculated its profitability information, and concluded that the profits of the Adviser are reasonable in light of the quality and scope of services that are provided to the Funds.

The Extent to Which Economies of Scale Would be Realized and Whether Advisory Fee Levels Reflect these Economies of Scale

The Independent Trustees discussed the extent to which shareholders have realized economies of scale with respect to the management of the Funds. The Independent Trustees were mindful of the Adviser’s history of waiving the expenses of certain Funds and reducing the advisory fees of certain other Funds in order to maintain a lower total annual operating expense ratio for those Funds. They also noted that the Adviser seeks to achieve additional economies of scale through its asset gathering efforts on behalf of the Funds. The Independent Trustees concluded that the extent to which shareholders are achieving economies of scale as the Funds grow is acceptable.

The Board, including the Independent Trustees, subsequently concluded that the existing Advisory Agreements are fair and reasonable and voted to approve the continuance of the Advisory Agreements. In reaching their decision regarding the continuation of the Advisory Agreements, the Board, including the Independent Trustees, did not identify any single factor or particular information as all-important or controlling, 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 each Fund and its shareholders to renew the Advisory Agreements for an additional annual period.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

The registrant’s Nominating and Governance Committee shall review shareholder recommendations to fill vacancies on the registrant’s board of trustees if such recommendations are submitted in writing, addressed to the Committee at the registrant’s offices and meet any minimum qualifications adopted by the Committee. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

801 W. Ann Arbor Trail, Suite 244 Plymouth, Michigan	48170
(Address of principal executive offices)	(Zip code)

COMMON STOCKS — 95.0%	Shares		Fair Value
Consumer Discretionary — 9.9%
Home Construction — 4.7%
Masco Corporation		24,800	$	1,653,416

Leisure Facilities & Services — 3.5%
Madison Square Garden Sports Corporation *		6,400		1,204,032

Leisure Products — 1.7%
YETI Holdings, Inc. *		15,300		583,695

Energy — 19.6%
Oil & Gas Producers — 15.6%
ConocoPhillips		9,000		1,029,420
Devon Energy Corporation		20,000		948,000
Exxon Mobil Corporation		12,910		1,486,199
Occidental Petroleum Corporation		31,000		1,953,930
				5,417,549
Oil & Gas Services & Equipment — 4.0%
Schlumberger Ltd.		29,800		1,405,964

Financials — 10.2%
Institutional Financial Services — 6.7%
CME Group, Inc.		5,100		1,002,660
Intercontinental Exchange, Inc.		9,800		1,341,522
				2,344,182
Insurance — 3.5%
Berkshire Hathaway, Inc. - Class A *		2		1,224,482

Industrials — 2.5%
Electrical Equipment — 2.5%
A.O. Smith Corporation		10,600		866,868

Materials — 3.3%
Metals & Mining — 3.3%
Franco-Nevada Corporation		2,200		260,744
Pan American Silver Corporation		45,500		904,540
				1,165,284
Real Estate — 39.9%
Real Estate Owners & Developers — 39.9%
St. Joe Company (The)		52,600		2,877,220
Texas Pacific Land Corporation		15,000		11,014,050
				13,891,270

COMMON STOCKS — 95.0% (Continued)	Shares		Fair Value
Technology — 9.6%
Technology Services — 9.6%
Mastercard, Inc. - Class A		3,750	$	1,654,350
Moody’s Corporation		4,000		1,683,720
				3,338,070

Total Common Stocks (Cost $16,480,372)			$	33,094,812

MONEY MARKET FUNDS — 5.1%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.16% ^(a)		1,739,833	$	1,739,833
Federated Hermes Treasury Obligations Fund - Institutional Shares, 5.17% ^(a)		28,217		28,217
Total Money Market Funds (Cost $1,768,050)			$	1,768,050

Total Investments at Fair Value — 100.1% (Cost $18,248,422)			$	34,862,862

Liabilities in Excess of Other Assets — (0.1%)				(21,660	)

Net Assets — 100.0%			$	34,841,202

*	Non-income producing security.
^(a)	The rate shown is the 7-day effective yield as of June 30, 2024.
See notes to financial statements.

Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2024

ASSETS
Investments, at fair value (cost of $18,248,422) (Note 1)	$	34,862,862
Receivable for capital shares sold		13,261
Dividends receivable		14,143
Other assets		12,439
TOTAL ASSETS		34,902,705

LIABILITIES
Payable for capital shares redeemed		4,022
Payable to Adviser (Note 2)		45,914
Payable to administrator (Note 2)		3,022
Other accrued expenses		8,545
TOTAL LIABILITIES		61,503

NET ASSETS	$	34,841,202

NET ASSETS CONSIST OF:
Paid-in capital	$	16,254,103
Accumulated earnings		18,587,099
NET ASSETS	$	34,841,202

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		709,685

Net asset value, offering price and redemption price per share (Note 1)	$	49.09

INVESTMENT INCOME
Dividends	$	226,436
Foreign withholding taxes on dividends		(1,603	)
TOTAL INVESTMENT INCOME		224,833

EXPENSES
Investment advisory fees (Note 2)		120,507
Legal fees		20,650
Administration, accounting and transfer agent fees (Note 2)		18,000
Registration and filing fees		15,314
Audit and tax services fees		8,801
Shareholder reporting expenses		5,866
Trustees’ fees and expenses (Note 2)		5,149
Custodian and bank service fees		3,461
Postage and supplies		2,905
Insurance expense		1,285
Compliance service fees (Note 2)		250
Other expenses		8,351
TOTAL EXPENSES		210,539
Less fee reductions by the Adviser (Note 2)		(16,460	)
Previous investment advisory fee reductions recouped by the Adviser (Note 2)		6,766
NET EXPENSES		200,845

NET INVESTMENT INCOME		23,988

REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from investment transactions		1,948,671
Net change in unrealized appreciation (depreciation) on investments		1,761,296
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		3,709,967

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,733,955

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
FROM OPERATIONS
Net investment income	$	23,988		$	201,220
Net realized gains from investment transactions		1,948,671			1,394,285
Net change in unrealized appreciation (depreciation) on investments		1,761,296			(2,658,521	)
Net increase (decrease) in net assets resulting from operations		3,733,955			(1,063,016	)

FROM DISTRIBUTIONS TO SHAREHOLDERS (Note 1)		—			(1,374,652	)

FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		2,328,013			13,333,788
Reinvestment of distributions to shareholders		—			1,288,235
Payments for shares redeemed		(4,509,259	)		(30,668,436	)
Net decrease in net assets from capital share transactions		(2,181,246	)		(16,046,413	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,552,709			(18,484,081	)

NET ASSETS
Beginning of period		33,288,493			51,772,574
End of period	$	34,841,202		$	33,288,493

SUMMARY OF CAPITAL SHARE ACTIVITY
Shares sold		50,808			297,002
Shares issued in reinvestment of distributions to shareholders		—			29,238
Shares redeemed		(102,347	)		(714,086	)
Net decrease in shares outstanding		(51,539	)		(387,846	)
Shares outstanding, beginning of period		761,224			1,149,070
Shares outstanding, end of period		709,685			761,224

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended Dec. 31, 2023			Year Ended Dec. 31, 2022			Year Ended Dec. 31, 2021			Year Ended Dec. 31, 2020			Year Ended Dec. 31, 2019
Net asset value at beginning of period	$	43.73		$	45.06		$	37.52		$	30.54		$	28.03		$	23.62

Income (loss) from investment operations:
Net investment income (loss)		0.03			0.27			0.39			0.12			0.15			(0.03	)
Net realized and unrealized gains on investments		5.33			0.27	^(a)		7.54			9.39			3.11			4.44
Total from investment operations		5.36			0.54			7.93			9.51			3.26			4.41

Less distributions from:
Net investment income		—			(0.27	)		(0.39	)		(0.12	)		(0.15	)		—
Net realized gains on investments		—			(1.60	)		—			(2.41	)		(0.60	)		—
Total distributions		—			(1.87	)		(0.39	)		(2.53	)		(0.75	)		—

Net asset value at end of period	$	49.09		$	43.73		$	45.06		$	37.52		$	30.54		$	28.03

Total return ^(b)		12.26	%^(c)		1.18	%		21.15	%		31.14	%		11.62	%		18.67	%

Ratios/Supplementary Data:
Net assets at end of period (000’s)	$	34,841		$	33,288		$	51,773		$	23,561		$	18,097		$	22,461

Ratio of total expenses to average net assets		1.27	%^(d)(e)		1.17	%^(e)		1.28	%		1.51	%		1.71	%		1.61	%

Ratio of net expenses to average net assets ^(f)		1.25	%^(d)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%

Ratio of net investment income (loss) to average net assets ^(f)		0.15	%^(d)		0.50	%		1.39	%		0.28	%		0.49	%		(0.13	%)

Portfolio turnover rate		5	%^(c)		24	%		14	%		18	%		45	%		28	%

^(a)	Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized losses on the Statement of Operations for the same period.
^(b)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratios would have been 1.31%(d) and 1.28%, respectively, if the amounts recouped by the Adviser were included for the periods ended June 30, 2024 and December 31, 2023.
^(f)	Ratio was determined after advisory fee reductions and/or recoupments (Note 2).
See notes to financial statements.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	33,094,812	$	—	$	—	$	33,094,812
Money Market Funds		1,768,050		—		—		1,768,050
Total	$	34,862,862	$	—	$	—	$	34,862,862

Federal income tax cost	$	34,862,862
Gross unrealized appreciation	$	16,629,093
Gross unrealized depreciation		(14,653	)
Net unrealized appreciation		16,614,440
Accumulated ordinary income		23,988
Other gains		1,948,671
Accumulate earnings	$	18,587,099

Period Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions*
June 30, 2024	$	—	$	—	$	—
December 31, 2023	$	201,353	$	1,173,299	$	1,374,652

December 31, 2024	$	27,271
December 31, 2025		36,210
December 31, 2026		10,358
June 30, 2027		16,460
Total	$	90,299


Schedule of Investments
Ave Maria Value Fund	1
Ave Maria Growth Fund	4
Ave Maria Rising Dividend Fund	7
Ave Maria World Equity Fund	10
Summary of Common Stocks by Country	14
Ave Maria Focused Fund	15
Ave Maria Bond Fund	17
Statements of Assets and Liabilities	23
Statements of Operations	25
Statements of Changes in Net Assets
Ave Maria Value Fund	27
Ave Maria Growth Fund	28
Ave Maria Rising Dividend Fund	29
Ave Maria World Equity Fund	30
Ave Maria Focused Fund	31
Ave Maria Bond Fund	32
Financial Highlights
Ave Maria Value Fund	33
Ave Maria Growth Fund	34
Ave Maria Rising Dividend Fund	35
Ave Maria World Equity Fund	36
Ave Maria Focused Fund	37
Ave Maria Bond Fund	38
Notes to Financial Statements	39
Other Information	51
Approval of Advisory Agreements	52

COMMON STOCKS — 99.4%	Shares		Fair Value
Communications — 0.7%
Internet Media & Services — 0.7%
VeriSign, Inc. *		15,500	$	2,755,900

Consumer Discretionary — 5.9%
Automotive — 0.5%
XPEL, Inc. *		57,000		2,026,920

Leisure Products — 3.0%
YETI Holdings, Inc. *		301,500		11,502,225

Retail - Discretionary — 2.4%
Winmark Corporation		26,600		9,379,958

Energy — 17.0%
Oil & Gas Producers — 13.4%
Chesapeake Energy Corporation		75,000		6,164,250
ConocoPhillips		110,000		12,581,800
Exxon Mobil Corporation		82,496		9,496,939
Occidental Petroleum Corporation		185,000		11,660,550
Permian Basin Royalty Trust		1,022,976		11,518,710
				51,422,249
Oil & Gas Services & Equipment — 3.6%
Schlumberger Ltd.		294,000		13,870,920

Financials — 13.8%
Banking — 3.8%
Hingham Institution For Savings (The)		81,087		14,504,843

Institutional Financial Services — 5.1%
CME Group, Inc.		30,000		5,898,000
Intercontinental Exchange, Inc.		100,000		13,689,000
				19,587,000
Insurance — 4.9%
Brown & Brown, Inc.		167,150		14,944,881
Markel Group, Inc. *		2,450		3,860,367
				18,805,248
Health Care — 12.3%
Health Care Facilities & Services — 2.6%
Chemed Corporation		18,300		9,929,214

COMMON STOCKS — 99.4% (Continued)	Shares		Fair Value
Health Care — 12.3% (Continued)
Medical Equipment & Devices — 9.7%
Alcon, Inc.		110,000	$	9,798,800
Haemonetics Corporation *		151,000		12,492,230
Mirion Technologies, Inc. *		1,390,000		14,928,600
				37,219,630
Industrials — 13.9%
Aerospace & Defense — 1.9%
HEICO Corporation - Class A		40,000		7,100,800

Electrical Equipment — 6.9%
A.O. Smith Corporation		113,000		9,241,140
Allegion plc		76,000		8,979,400
Otis Worldwide Corporation		85,000		8,182,100
				26,402,640
Industrial Intermediate Products — 3.6%
Armstrong World Industries, Inc.		90,000		10,191,600
Distribution Solutions Group, Inc. *		126,000		3,780,000
				13,971,600
Industrial Support Services — 1.5%
U-Haul Holding Company		97,200		5,833,944

Materials — 8.4%
Chemicals — 2.2%
Valvoline, Inc. *		200,000		8,640,000

Metals & Mining — 6.2%
Franco-Nevada Corporation		100,000		11,852,000
Wheaton Precious Metals Corporation		225,000		11,794,500
				23,646,500
Real Estate — 17.7%
Real Estate Owners & Developers — 17.7%
St. Joe Company (The)		215,800		11,804,260
Texas Pacific Land Corporation		76,500		56,171,655
				67,975,915
Technology — 9.7%
Technology Services — 9.7%
CDW Corporation		66,250		14,829,400
Jack Henry & Associates, Inc.		65,350		10,849,407
TD SYNNEX Corporation		102,500		11,828,500
				37,507,307

Total Common Stocks (Cost $265,119,638)			$	382,082,813

MONEY MARKET FUNDS — 0.7%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.16% ^(a) (Cost $2,800,651)		2,800,651	$	2,800,651

Total Investments at Fair Value — 100.1% (Cost $267,920,289)			$	384,883,464

Liabilities in Excess of Other Assets — (0.1%)				(444,301	)

Net Assets — 100.0%			$	384,439,163

COMMON STOCKS — 99.5%	Shares		Fair Value
Consumer Discretionary — 19.8%
Automotive — 1.6%
XPEL, Inc. *		455,000	$	16,179,800

Leisure Facilities & Services — 2.1%
Atlanta Braves Holdings, Inc. - Series C *		542,264		21,386,892

Retail - Discretionary — 8.0%
Lowe’s Companies, Inc.		131,000		28,880,260
O’Reilly Automotive, Inc. *		51,000		53,859,060
				82,739,320
Wholesale - Discretionary — 8.1%
Copart, Inc. *		1,540,000		83,406,400

Consumer Staples — 1.4%
Food — 1.4%
McCormick & Company, Inc.		200,000		14,188,000

Energy — 1.8%
Oil & Gas Producers — 1.8%
Chesapeake Energy Corporation		220,000		18,081,800

Financials — 2.1%
Asset Management — 2.1%
Brookfield Asset Management Ltd. - Class A		554,353		21,093,132

Health Care — 5.8%
Health Care Facilities & Services — 5.8%
Chemed Corporation		29,000		15,734,820
IQVIA Holdings, Inc. *		207,000		43,768,080
				59,502,900
Industrials — 12.3%
Aerospace & Defense — 5.2%
HEICO Corporation - Class A		299,377		53,145,405

Commercial Support Services — 6.6%
API Group Corporation *		1,795,000		67,545,850

Industrial Support Services — 0.5%
Watsco, Inc.		12,000		5,558,880

Materials — 7.4%
Chemicals — 2.9%
Valvoline, Inc. *		700,000		30,240,000

COMMON STOCKS — 99.5% (Continued)	Shares		Fair Value
Materials — 7.4% (Continued)
Containers & Packaging — 4.5%
AptarGroup, Inc.		325,000	$	45,763,250

Real Estate — 3.9%
Real Estate Owners & Developers — 1.1%
Texas Pacific Land Corporation		15,000		11,014,050

REITs — 2.8%
SBA Communications Corporation - Class A		149,000		29,248,700

Technology — 45.0%
Semiconductors — 16.7%
Alphawave IP Group plc *		2,800,000		5,083,625
NVIDIA Corporation		620,000		76,594,800
Silicon Laboratories, Inc. *		195,000		21,572,850
Silicon Motion Technology Corporation - ADR		150,000		12,148,500
SiTime Corporation *		80,045		9,955,997
Texas Instruments, Inc.		240,000		46,687,200
				172,042,972
Software — 8.4%
ANSYS, Inc. *		80,000		25,720,000
BlackLine, Inc. *		410,000		19,864,500
Roper Technologies, Inc.		71,500		40,301,690
				85,886,190
Technology Hardware — 1.4%
Ciena Corporation *		300,000		14,454,000

Technology Services — 18.5%
Accenture plc - Class A		119,000		36,105,790
Broadridge Financial Solutions, Inc.		169,000		33,293,000
Mastercard, Inc. - Class A		142,000		62,644,720
Moody’s Corporation		35,000		14,732,550
S&P Global, Inc.		96,000		42,816,000
				189,592,060

Total Common Stocks (Cost $568,990,211)			$	1,021,069,601

ADR - American Depositary Receipt.
*	Non-income producing security.
^(a)	The rate shown is the 7-day effective yield as of June 30, 2024.
See notes to financial statements.

COMMON STOCKS — 99.1%	Shares		Fair Value
Communications — 1.5%
Internet Media & Services — 1.5%
Booking Holdings, Inc.		4,000	$	15,846,000

Consumer Discretionary — 11.5%
Home & Office Products — 0.3%
SharkNinja, Inc.		40,000		3,006,000

Retail - Discretionary — 11.2%
Genuine Parts Company		200,000		27,664,000
Lowe’s Companies, Inc.		155,000		34,171,300
TJX Companies, Inc. (The)		300,000		33,030,000
Tractor Supply Company		79,500		21,465,000
				116,330,300
Consumer Staples — 2.6%
Beverages — 2.6%
Coca-Cola Europacific Partners plc		375,000		27,326,250

Energy — 7.5%
Oil & Gas Producers — 7.5%
Chevron Corporation		200,000		31,284,000
Diamondback Energy, Inc.		230,000		46,043,700
				77,327,700
Financials — 14.8%
Asset Management — 2.0%
Brookfield Corporation		500,000		20,770,000

Banking — 2.8%
Truist Financial Corporation		737,000		28,632,450

Insurance — 7.3%
Brown & Brown, Inc.		352,000		31,472,320
Chubb Ltd.		175,000		44,639,000
				76,111,320
Specialty Finance — 2.7%
Fidelity National Financial, Inc.		575,000		28,416,500

Health Care — 4.9%
Health Care Facilities & Services — 4.9%
Chemed Corporation		70,000		37,980,600
Quest Diagnostics, Inc.		95,000		13,003,600
				50,984,200

COMMON STOCKS — 99.1% (Continued)	Shares		Fair Value
Industrials — 15.8%
Aerospace & Defense — 8.0%
HEICO Corporation - Class A		137,120	$	24,341,543
L3Harris Technologies, Inc.		115,500		25,938,990
Lockheed Martin Corporation		70,000		32,697,000
				82,977,533
Commercial Support Services — 2.4%
Rentokil Initial plc		4,222,000		24,519,905

Electrical Equipment — 1.4%
A.O. Smith Corporation		180,000		14,720,400

Industrial Support Services — 4.0%
Fastenal Company		475,000		29,849,000
Watsco, Inc.		25,000		11,581,000
				41,430,000
Materials — 3.7%
Construction Materials — 3.7%
Carlisle Companies, Inc.		95,500		38,697,555

Real Estate — 6.8%
Real Estate Owners & Developers — 4.7%
Texas Pacific Land Corporation		66,000		48,461,820

REITs — 2.1%
SBA Communications Corporation - Class A		110,000		21,593,000

Technology — 30.0%
Semiconductors — 4.0%
Texas Instruments, Inc.		215,000		41,823,950

Software — 6.2%
ANSYS, Inc. *		70,000		22,505,000
Roper Technologies, Inc.		41,000		23,110,060
SS&C Technologies Holdings, Inc.		300,000		18,801,000
				64,416,060

MONEY MARKET FUNDS — 1.1%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.16% ^(a)		11,294,321	$	11,294,321
Federated Hermes Treasury Obligations Fund - Institutional Shares, 5.17% ^(a)		34,000		34,000
Total Money Market Funds (Cost $11,328,321)			$	11,328,321

Total Investments at Fair Value — 100.2% (Cost $685,676,344)			$	1,039,434,879

Liabilities in Excess of Other Assets — (0.2%)				(2,111,969	)

Net Assets — 100.0%			$	1,037,322,910

COMMON STOCKS — 99.2%	Shares		Fair Value
Communications — 4.3%
Entertainment Content — 2.2%
Nintendo Company Ltd.		45,300	$	2,419,453

Internet Media & Services — 2.1%
eDreams ODIGEO S.A. *		329,450		2,293,974

Consumer Discretionary — 11.3%
Home & Office Products — 3.5%
SharkNinja, Inc.		50,700		3,810,105

Leisure Facilities & Services — 3.4%
Alsea S.A.B. de C.V.		685,920		2,384,440
Bowlero Corporation - Class A		94,400		1,367,856
				3,752,296
Leisure Products — 1.0%
MIPS AB		27,800		1,091,107

Retail - Discretionary — 1.4%
Lowe’s Companies, Inc.		7,000		1,543,220

Specialty Retail — 2.0%
Auto Partner S.A.		363,509		2,167,453

Consumer Staples — 6.0%
Beverages — 2.9%
Coca-Cola Europacific Partners plc		43,500		3,169,845

Retail - Consumer Staples — 3.1%
B & M European Value Retail S.A.		411,900		2,269,170
Greggs plc		31,400		1,100,292
				3,369,462
Energy — 8.8%
Oil & Gas Producers — 8.8%
Canadian Natural Resources Ltd.		79,800		2,842,147
ConocoPhillips		16,800		1,921,584
Diamondback Energy, Inc.		14,500		2,902,755
Exxon Mobil Corporation		16,857		1,940,578
				9,607,064
Financials — 12.0%
Asset Management — 1.6%
Partners Group Holding AG		1,410		1,805,826

COMMON STOCKS — 99.2% (Continued)	Shares		Fair Value
Industrials — 22.7% (Continued)
Transportation & Logistics — 1.7%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Series B		122,477	$	1,924,768

Materials — 1.0%
Construction Materials — 1.0%
SigmaRoc plc *		1,342,239		1,126,634

Real Estate — 1.0%
Real Estate Services — 1.0%
FirstService Corporation		7,500		1,142,775

Technology — 24.3%
IT Services — 3.0%
StoneCo Ltd. - Class A *		276,200		3,311,638

Semiconductors — 4.8%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		21,000		3,650,010
Texas Instruments, Inc.		8,500		1,653,505
				5,303,515
Software — 7.1%
SAP SE		26,000		5,224,166
Sapiens International Corporation N.V.		74,052		2,512,585
				7,736,751
Technology Services — 9.4%
Accenture plc - Class A		9,900		3,003,759
Mastercard, Inc. - Class A		10,000		4,411,600
S&P Global, Inc.		6,400		2,854,400
				10,269,759

Total Common Stocks (Cost $77,941,785)			$	108,844,531

MONEY MARKET FUNDS — 1.0%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.16% ^(a)		1,085,412	$	1,085,412
Federated Hermes Treasury Obligations Fund - Institutional Shares, 5.17% ^(a)		525		525
Total Money Market Funds (Cost $1,085,937)			$	1,085,937

Total Investments at Fair Value — 100.2% (Cost $79,027,722)			$	109,930,468

Liabilities in Excess of Other Assets — (0.2%)				(176,262	)

Net Assets — 100.0%			$	109,754,206

Country	Value		% of Net Assets
United States **	$	41,733,954		38.0	%
Canada		10,893,706		10.0	%
United Kingdom		8,550,150		7.8	%
Switzerland		6,309,316		5.7	%
Germany		5,224,166		4.8	%
Japan		4,518,758		4.1	%
Mexico		4,309,208		3.9	%
France		4,106,688		3.7	%
Israel		3,787,561		3.5	%
Taiwan		3,650,010		3.3	%
Brazil		3,311,638		3.0	%
India		3,097,489		2.8	%
Italy		2,315,993		2.1	%
Spain		2,293,974		2.1	%
Poland		2,167,453		2.0	%
Singapore		1,483,360		1.4	%
Sweden		1,091,107		1.0	%
Total	$	108,844,531		99.2	%

**	Includes any company deemed to be a “non-U.S. company” as defined in the Fund’s Prospectus. According to the Fund’s Prospectus, a “non-U.S. company” is one that is headquartered outside the United States or has 50% of its revenues or operations outside of the United States during its most recent fiscal year, at the time of purchase.
See notes to financial statements.

COMMON STOCKS — 100.0%	Shares		Fair Value
Communications — 28.3%
Internet Media & Services — 17.0%
eDreams ODIGEO S.A. *		1,313,620	$	9,146,791

Telecommunications — 11.3%
DigitalBridge Group, Inc.		441,341		6,046,372

Consumer Discretionary — 3.3%
Leisure Facilities & Services — 3.3%
First Watch Restaurant Group, Inc. *		100,506		1,764,885

Energy — 4.0%
Oil & Gas Producers — 4.0%
Landbridge Company, LLC - Class A *		58,823		1,361,753
Permian Basin Royalty Trust		70,693		796,003
				2,157,756
Financials — 19.3%
Asset Management — 19.3%
Apollo Global Management, Inc.		27,378		3,232,520
Brookfield Corporation		86,220		3,581,579
Brookfield Reinsurance Ltd. *		86,220		3,585,890
				10,399,989
Health Care — 0.3%
Health Care Facilities & Services — 0.3%
Chemed Corporation		252		136,730

Industrials — 27.7%
Commercial Support Services — 27.7%
API Group Corporation *		288,209		10,845,305
GFL Environmental, Inc.		103,422		4,026,218
				14,871,523
Materials — 8.2%
Construction Materials — 5.3%
SigmaRoc plc *		3,424,177		2,874,150

Metals & Mining — 2.9%
Ferroglobe plc		291,031		1,559,926

Real Estate — 2.5%
Real Estate Owners & Developers — 2.5%
Texas Pacific Land Corporation		1,857		1,363,539

COMMON STOCKS — 100.0% (Continued)	Shares		Fair Value
Technology — 1.2%
Software — 1.2%
Cirata plc *		851,800	$	660,280

Utilities — 5.2%
Gas & Water Utilities — 5.2%
Secure Energy Services, Inc.		314,511		2,783,731

Total Common Stocks (Cost $47,781,469)			$	53,765,672

MONEY MARKET FUNDS — 2.0%	Shares		Fair Value
Federated Hermes Government Obligations Tax-Managed Fund - Institutional Shares, 5.16% ^(a)		1,079,467	$	1,079,467
Federated Hermes Treasury Obligations Fund - Institutional Shares, 5.17% ^(a)		5,863		5,863
Total Money Market Funds (Cost $1,085,330)			$	1,085,330

Total Investments at Fair Value — 102.0% (Cost $48,866,799)			$	54,851,002

Liabilities in Excess of Other Assets — (2.0%)				(1,062,902	)

Net Assets — 100.0%			$	53,788,100

U.S. GOVERNMENT & AGENCIES — 19.6%	Par Value		Fair Value
U.S. Treasury Inflation-Protected Notes — 7.1% ^(a)
2.375%, due 01/15/25	$	4,989,600	$	4,944,577
0.625%, due 01/15/26		6,597,050		6,382,071
2.000%, due 01/15/26		4,738,680		4,680,158
0.125%, due 04/15/26		5,977,250		5,709,863
0.375%, due 01/15/27		5,061,615		4,811,542
0.375%, due 07/15/27		8,330,530		7,903,915
0.500%, due 01/15/28		6,354,900		5,986,984
0.750%, due 07/15/28		3,122,375		2,967,782
				43,386,892
U.S. Treasury Notes — 12.5%
2.125%, due 11/30/24		10,000,000		9,871,582
1.375%, due 01/31/25		10,000,000		9,775,977
2.875%, due 06/15/25		10,000,000		9,788,672
4.500%, due 11/15/25		10,000,000		9,939,062
3.250%, due 06/30/29		10,000,000		9,505,859
1.500%, due 02/15/30		10,000,000		8,590,234
1.625%, due 05/15/31		10,000,000		8,401,953
4.500%, due 11/15/33		10,000,000		10,114,063
				75,987,402
Total U.S. Government & Agencies (Cost $124,655,227)			$	119,374,294

CORPORATE BONDS - 57.2%	Par Value		Fair Value
Communications - 1.0%
Electronic Arts, Inc., 4.800%, due 03/01/26	$	5,500,000	$	5,463,297
Electronic Arts, Inc., 1.850%, due 02/15/31		400,000		327,335
				5,790,632
Consumer Discretionary — 9.1%
Genuine Parts Company, 1.875%, due 11/01/30		2,429,000		1,967,412
Genuine Parts Company, 6.875%, due 11/01/33		900,000		990,134
Lowe’s Companies, Inc., 3.125%, due 09/15/24		800,000		795,632
Lowe’s Companies, Inc., 3.375%, due 09/15/25		1,500,000		1,463,552
Lowe’s Companies, Inc., 2.500%, due 04/15/26		3,000,000		2,857,225
Lowe’s Companies, Inc., 3.100%, due 05/03/27		9,050,000		8,569,524
Lowe’s Companies, Inc., 1.300%, due 04/15/28		400,000		349,137
Lowe’s Companies, Inc., 1.700%, due 10/15/30		925,000		755,852
Lowe’s Companies, Inc., 3.750%, due 04/01/32		4,000,000		3,637,928
O’Reilly Automotive, Inc., 3.900%, due 06/01/29		2,767,000		2,622,757
O’Reilly Automotive, Inc., 4.200%, due 04/01/30		400,000		381,003
O’Reilly Automotive, Inc., 4.700%, due 06/15/32		7,850,000		7,589,758