SCHWARTZ VALUE FUND
|
SCHEDULE OF INVESTMENTS
|
September 30, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 90.8%
|
|
|
Shares
|
|
|
|
Market
Value
|
|
Consumer Discretionary - 16.0%
|
|
|
|
|
|
|
|
|
Diversified Consumer Services - 6.9%
|
|
|
|
|
|
|
|
|
Apollo Group, Inc. - Class A *
|
|
|
40,000
|
|
|
$
|
832,400
|
|
Outerwall, Inc. *
|
|
|
20,000
|
|
|
|
999,800
|
|
Weight Watchers International, Inc.
|
|
|
10,000
|
|
|
|
373,700
|
|
|
|
|
|
|
|
|
2,205,900
|
|
Hotels, Restaurants & Leisure - 4.7%
|
|
Biglari Holdings, Inc. *
|
|
|
3,673
|
|
|
|
1,515,737
|
|
|
|
|
|
|
|
|
|
|
Multiline Retail - 0.8%
|
|
Kohl's Corporation
|
|
|
5,000
|
|
|
|
258,750
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail - 3.6%
|
|
Rent-A-Center, Inc.
|
|
|
11,000
|
|
|
|
419,100
|
|
Ross Stores, Inc.
|
|
|
10,000
|
|
|
|
728,000
|
|
|
|
|
|
|
|
|
1,147,100
|
|
Consumer Staples - 2.1%
|
|
Food & Staples Retailing - 2.1%
|
|
Sysco Corporation
|
|
|
10,000
|
|
|
|
318,300
|
|
Wal-Mart Stores, Inc.
|
|
|
5,000
|
|
|
|
369,800
|
|
|
|
|
|
|
|
|
688,100
|
|
Energy - 17.9%
|
|
Energy Equipment & Services - 8.4%
|
|
Baker Hughes Incorporated
|
|
|
20,000
|
|
|
|
982,000
|
|
Ensco plc - Class A
|
|
|
10,000
|
|
|
|
537,500
|
|
National Oilwell Varco, Inc.
|
|
|
15,000
|
|
|
|
1,171,650
|
|
|
|
|
|
|
|
|
2,691,150
|
|
Oil, Gas & Consumable Fuels - 9.5%
|
|
Apache Corporation
|
|
|
10,000
|
|
|
|
851,400
|
|
Cimarex Energy Company
|
|
|
10,000
|
|
|
|
964,000
|
|
Devon Energy Corporation
|
|
|
15,000
|
|
|
|
866,400
|
|
Southwestern Energy Company *
|
|
|
10,000
|
|
|
|
363,800
|
|
|
|
|
|
|
|
|
3,045,600
|
|
Financials - 17.0%
|
|
Capital Markets - 2.8%
|
|
Bank of New York Mellon Corporation (The)
|
|
|
30,000
|
|
|
|
905,700
|
|
SCHWARTZ VALUE FUND
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
COMMON STOCKS - 90.8% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Financials - 17.0% (Continued)
|
|
Diversified Financial Services - 1.8%
|
|
Western Union Company (The)
|
|
|
30,000
|
|
|
$
|
559,800
|
|
|
|
|
|
|
|
|
|
|
Insurance - 12.4%
|
|
Berkshire Hathaway, Inc. - Class A *
|
|
|
7
|
|
|
|
1,192,870
|
|
Progressive Corporation (The)
|
|
|
20,000
|
|
|
|
544,600
|
|
Unico American Corporation
|
|
|
180,000
|
|
|
|
2,248,200
|
|
|
|
|
|
|
|
|
3,985,670
|
|
Health Care - 3.9%
|
|
Health Care Equipment & Supplies - 3.9%
|
|
Covidien plc
|
|
|
15,000
|
|
|
|
914,100
|
|
Stryker Corporation
|
|
|
5,000
|
|
|
|
337,950
|
|
|
|
|
|
|
|
|
1,252,050
|
|
Industrials - 3.5%
|
|
Aerospace & Defense - 1.5%
|
|
Alliant Techsystems, Inc.
|
|
|
5,000
|
|
|
|
487,800
|
|
|
|
|
|
|
|
|
|
|
Road & Rail - 2.0%
|
|
CSX Corporation
|
|
|
25,000
|
|
|
|
643,500
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 21.8%
|
|
Communications Equipment - 2.6%
|
|
Cisco Systems, Inc.
|
|
|
35,000
|
|
|
|
819,700
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals - 7.5%
|
|
Apple, Inc.
|
|
|
3,200
|
|
|
|
1,525,600
|
|
Hewlett-Packard Company
|
|
|
6,000
|
|
|
|
125,880
|
|
QLogic Corporation *
|
|
|
70,000
|
|
|
|
765,800
|
|
|
|
|
|
|
|
|
2,417,280
|
|
Electronic Equipment, Instruments & Components - 3.9%
|
|
Avnet, Inc.
|
|
|
30,000
|
|
|
|
1,251,300
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.4%
|
|
Ultratech, Inc. *
|
|
|
15,000
|
|
|
|
454,500
|
|
|
|
|
|
|
|
|
|
|
Software - 6.4%
|
|
Microsoft Corporation
|
|
|
35,000
|
|
|
|
1,165,850
|
|
Oracle Corporation
|
|
|
27,000
|
|
|
|
895,590
|
|
|
|
|
|
|
|
|
2,061,440
|
|
SCHWARTZ VALUE FUND
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
COMMON STOCKS - 90.8% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Materials - 8.6%
|
|
Metals & Mining - 8.6%
|
|
Barrick Gold Corporation
|
|
|
60,000
|
|
|
$
|
1,117,200
|
|
Kinross Gold Corporation
|
|
|
100,000
|
|
|
|
505,000
|
|
Newmont Mining Corporation
|
|
|
40,000
|
|
|
|
1,124,000
|
|
|
|
|
|
|
|
|
2,746,200
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $23,817,278)
|
|
|
$
|
29,137,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 2.0%
|
|
Shares
|
|
|
Market Value
|
|
iShares Gold Trust *
|
|
|
10,000
|
|
|
$
|
128,900
|
|
SPDR Gold Trust *
|
|
|
4,000
|
|
|
|
512,680
|
|
Total Exchange-Traded Funds
(Cost $544,204)
|
|
|
$
|
641,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPEN-END FUNDS - 0.0%
(a)
|
|
Shares
|
|
|
Market Value
|
|
Sequoia Fund * (Cost $8,078)
|
|
|
62
|
|
|
$
|
12,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS - 1.2%
|
|
Shares
|
|
|
Market Value
|
|
PNC Financial Services Group, Inc. (The) * (Cost $437,198)
|
|
|
25,000
|
|
|
$
|
385,000
|
|
SCHWARTZ VALUE FUND
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 6.2%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(b)
|
|
|
1,448,351
|
|
|
$
|
1,448,351
|
|
|
|
|
|
|
|
|
|
|
Federated Treasury Obligations Fund - Institutional Shares, 0.01%
(b)
|
|
|
534,852
|
|
|
|
534,852
|
|
Total Money Market Funds
(Cost $1,983,203)
|
|
|
|
|
|
$
|
1,983,203
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 100.2%
(Cost $26,789,961)
|
|
|
|
|
|
$
|
32,159,906
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.2%)
|
|
|
|
|
|
|
(74,578
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
32,085,328
|
|
*
|
Non-income producing security.
|
(a)
|
Percentage rounds to less than 0.1%.
|
(b)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedule of Investments.
|
SCHWARTZ VALUE FUND
NOTES TO SCHEDULE OF INVESTMENTS
September 30, 2013 (Unaudited)
1. Securities valuation
The securities of Schwartz Value Fund (the “Fund”) 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 close price is not available, at the most recently quoted bid price. Securities traded in the over-the-counter market are valued at the last reported sales price or, if there is no reported sale on the valuation date, at the most recently quoted bid price. Securities which are traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market. Investments representing shares of other open-end investment companies are valued at their net asset value as reported by such companies. Securities (and other assets) for which market quotations are not readily available are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees
,
and will be classified as Level 2 or 3 within the fair value hierarchy (see below), 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 net asset value 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. Short-term instruments (those with remaining maturities of 60 days or less) are valued at amortized cost, which approximates market value.
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
·
|
Level 1 – quoted prices in active markets for identical securities
|
|
·
|
Level 2 – other significant observable inputs
|
|
·
|
Level 3 – significant unobservable inputs
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the inputs used to value the Fund’s investments by security type, as of September 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
29,137,277
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
29,137,277
|
|
Exchange-Traded Funds
|
|
|
641,580
|
|
|
|
-
|
|
|
|
-
|
|
|
|
641,580
|
|
Open-End Funds
|
|
|
12,846
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,846
|
|
Warrants
|
|
|
385,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
385,000
|
|
Money Market Funds
|
|
|
1,983,203
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,983,203
|
|
Total
|
|
$
|
32,159,906
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
32,159,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHWARTZ VALUE FUND
NOTES TO SCHEDULE OF INVESTMENTS (Continued)
Refer to the Fund’s Schedule of Investments for a listing of the securities by industry type. As of September 30, 2013, the Fund did not have any transfers in and out of any Level. There were no Level 2 or 3 securities or derivative instruments held by the Fund as of September 30, 2013. It is the Fund’s policy to recognize transfers into and out of any Level at the end of the reporting period.
2. Security transactions
Security transactions are accounted for on the trade date. Realized gains and losses on security transactions are determined on the identified cost basis.
3. Federal income tax
The following information is computed on a tax basis for each item as of September 30, 2013:
Cost of portfolio investments
|
|
$
|
26,789,961
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
5,945,516
|
|
Gross unrealized depreciation
|
|
|
(575,571
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
5,369,945
|
|
AVE MARIA CATHOLIC VALUES FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
September 30, 2013
(Unaudited)
|
|
|
|
COMMON STOCKS - 93.2%
|
|
Shares
|
|
|
Market Value
|
|
Consumer Discretionary - 23.9%
|
|
Auto Components - 0.8%
|
|
Gentex Corporation
|
|
|
75,000
|
|
|
$
|
1,919,250
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services - 2.5%
|
|
Apollo Group, Inc. - Class A *
|
|
|
200,000
|
|
|
|
4,162,000
|
|
DeVry, Inc.
|
|
|
50,000
|
|
|
|
1,528,000
|
|
|
|
|
|
|
|
|
5,690,000
|
|
Household Durables - 2.3%
|
|
PulteGroup, Inc.
|
|
|
225,000
|
|
|
|
3,712,500
|
|
Ryland Group, Inc. (The)
|
|
|
40,000
|
|
|
|
1,621,600
|
|
|
|
|
|
|
|
|
5,334,100
|
|
Specialty Retail - 13.3%
|
|
Advance Auto Parts, Inc.
|
|
|
70,000
|
|
|
|
5,787,600
|
|
Chico's FAS, Inc.
|
|
|
425,000
|
|
|
|
7,080,500
|
|
GNC Holdings, Inc. - Class A
|
|
|
175,000
|
|
|
|
9,560,250
|
|
Lowe's Companies, Inc.
|
|
|
175,000
|
|
|
|
8,331,750
|
|
|
|
|
|
|
|
|
30,760,100
|
|
Textiles, Apparel & Luxury Goods - 5.0%
|
|
Coach, Inc.
|
|
|
85,000
|
|
|
|
4,635,050
|
|
Crocs, Inc. *
|
|
|
300,000
|
|
|
|
4,083,000
|
|
VF Corporation
|
|
|
15,000
|
|
|
|
2,985,750
|
|
|
|
|
|
|
|
|
11,703,800
|
|
Energy - 13.2%
|
|
Energy Equipment & Services - 3.1%
|
|
Halliburton Company
|
|
|
150,000
|
|
|
|
7,222,500
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels - 10.1%
|
|
Devon Energy Corporation
|
|
|
100,000
|
|
|
|
5,776,000
|
|
Exxon Mobil Corporation
|
|
|
40,000
|
|
|
|
3,441,600
|
|
Peabody Energy Corporation
|
|
|
150,000
|
|
|
|
2,587,500
|
|
Phillips 66
|
|
|
100,000
|
|
|
|
5,782,000
|
|
Range Resources Corporation
|
|
|
75,000
|
|
|
|
5,691,750
|
|
|
|
|
|
|
|
|
23,278,850
|
|
Financials - 17.9%
|
|
Capital Markets - 3.0%
|
|
Bank of New York Mellon Corporation (The)
|
|
|
100,000
|
|
|
|
3,019,000
|
|
Federated Investors, Inc. - Class B
|
|
|
150,000
|
|
|
|
4,074,000
|
|
|
|
|
|
|
|
|
7,093,000
|
|
Commercial Banks - 4.0%
|
|
PNC Financial Services Group, Inc. (The)
|
|
|
65,000
|
|
|
|
4,709,250
|
|
U.S. Bancorp
|
|
|
125,000
|
|
|
|
4,572,500
|
|
|
|
|
|
|
|
|
9,281,750
|
|
Diversified Financial Services - 4.7%
|
|
MasterCard, Inc. - Class A
|
|
|
5,000
|
|
|
|
3,363,900
|
|
Western Union Company (The)
|
|
|
400,000
|
|
|
|
7,464,000
|
|
|
|
|
|
|
|
|
10,827,900
|
|
Insurance - 5.2%
|
|
Alleghany Corporation *
|
|
|
10,000
|
|
|
|
4,096,500
|
|
AVE MARIA CATHOLIC VALUES FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 93.2% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Financials - 17.9% (Continued)
|
|
Insurance - 5.2%
(Continued)
|
|
Reinsurance Group of America, Inc.
|
|
|
65,000
|
|
|
$
|
4,354,350
|
|
Unico American Corporation
#
|
|
|
282,945
|
|
|
|
3,533,983
|
|
|
|
|
|
|
|
|
11,984,833
|
|
Real Estate Management & Development - 1.0%
|
|
Kennedy-Wilson Holdings, Inc.
|
|
|
125,000
|
|
|
|
2,320,000
|
|
|
|
|
|
|
|
|
|
|
Health Care - 14.3%
|
|
Health Care Equipment & Supplies - 10.2%
|
|
Covidien plc
|
|
|
100,000
|
|
|
|
6,094,000
|
|
St. Jude Medical, Inc.
|
|
|
100,000
|
|
|
|
5,364,000
|
|
Stryker Corporation
|
|
|
120,000
|
|
|
|
8,110,800
|
|
Varian Medical Systems, Inc. *
|
|
|
55,000
|
|
|
|
4,110,150
|
|
|
|
|
|
|
|
|
23,678,950
|
|
Health Care Providers & Services - 1.7%
|
|
Patterson Companies, Inc.
|
|
|
100,000
|
|
|
|
4,020,000
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services - 1.2%
|
|
Waters Corporation *
|
|
|
25,000
|
|
|
|
2,655,250
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 1.2%
|
|
AbbVie, Inc.
|
|
|
60,000
|
|
|
|
2,683,800
|
|
|
|
|
|
|
|
|
|
|
Industrials - 10.5%
|
|
Aerospace & Defense - 3.2%
|
|
United Technologies Corporation
|
|
|
70,000
|
|
|
|
7,547,400
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies - 0.7%
|
|
Genuine Parts Company
|
|
|
20,000
|
|
|
|
1,617,800
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering - 3.1%
|
|
Fluor Corporation
|
|
|
100,000
|
|
|
|
7,096,000
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 1.4%
|
|
General Cable Corporation
|
|
|
100,000
|
|
|
|
3,175,000
|
|
|
|
|
|
|
|
|
|
|
Machinery - 2.1%
|
|
Caterpillar, Inc.
|
|
|
35,000
|
|
|
|
2,917,950
|
|
Joy Global, Inc.
|
|
|
40,000
|
|
|
|
2,041,600
|
|
|
|
|
|
|
|
|
4,959,550
|
|
Information Technology - 11.5%
|
|
Computers & Peripherals - 4.7%
|
|
EMC Corporation
|
|
|
300,000
|
|
|
|
7,668,000
|
|
Hewlett-Packard Company
|
|
|
150,000
|
|
|
|
3,147,000
|
|
|
|
|
|
|
|
|
10,815,000
|
|
IT Services - 6.8%
|
|
Accenture plc - Class A
|
|
|
90,000
|
|
|
|
6,627,600
|
|
International Business Machines Corporation
|
|
|
10,000
|
|
|
|
1,851,800
|
|
AVE MARIA CATHOLIC VALUES FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 93.2% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Information Technology - 11.5% (Continued)
|
|
IT Services - 6.8%
(Continued)
|
|
Teradata Corporation *
|
|
|
130,000
|
|
|
$
|
7,207,200
|
|
|
|
|
|
|
|
|
15,686,600
|
|
Materials - 1.9%
|
|
Chemicals - 1.9%
|
|
FMC Corporation
|
|
|
60,000
|
|
|
|
4,303,200
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $154,152,839)
|
|
|
$
|
215,654,633
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 1.5%
|
|
Shares
|
|
|
Market Value
|
|
iShares Gold Trust * (Cost $4,769,043)
|
|
|
275,000
|
|
|
$
|
3,544,750
|
|
|
|
|
|
|
|
|
|
|
WARRANTS - 0.7%
|
|
Shares
|
|
|
Market Value
|
|
PNC Financial Services Group, Inc. (The) * (Cost $1,699,852)
|
|
|
100,000
|
|
|
$
|
1,540,000
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 4.8%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(a)
|
|
|
11,008,925
|
|
|
$
|
11,008,925
|
|
Federated Treasury Obligations Fund - Institutional Shares, 0.01%
(a)
|
|
|
157,070
|
|
|
|
157,070
|
|
Total Money Market Funds
(Cost $11,165,995)
|
|
|
$
|
11,165,995
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 100.2%
(Cost $171,787,729)
|
|
|
$
|
231,905,378
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.2%)
|
|
|
|
(424,941
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
231,480,437
|
|
*
|
Non-income producing security.
|
#
|
The Fund owned 5% or more of the company's outstanding voting shares thereby making the company an affiliated company as that term is defined in the Investment Company Act of 1940 (Note 4).
|
(a)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedules of Investments.
|
AVE MARIA GROWTH FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
September 30, 2013
(Unaudited)
|
|
|
|
COMMON STOCKS - 98.5%
|
|
Shares
|
|
|
Market Value
|
|
Consumer Discretionary - 19.4%
|
|
Hotels, Restaurants & Leisure - 3.3%
|
|
Cracker Barrel Old Country Store, Inc.
|
|
|
82,200
|
|
|
$
|
8,486,328
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products - 5.1%
|
|
Polaris Industries, Inc.
|
|
|
100,000
|
|
|
|
12,918,000
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail - 8.0%
|
|
Buckle, Inc. (The)
|
|
|
151,400
|
|
|
|
8,183,170
|
|
O'Reilly Automotive, Inc. *
|
|
|
15,000
|
|
|
|
1,913,850
|
|
Ross Stores, Inc.
|
|
|
138,000
|
|
|
|
10,046,400
|
|
|
|
|
|
|
|
|
20,143,420
|
|
Textiles, Apparel & Luxury Goods - 3.0%
|
|
Coach, Inc.
|
|
|
139,400
|
|
|
|
7,601,482
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 4.6%
|
|
Food Products - 4.6%
|
|
Kellogg Company
|
|
|
64,500
|
|
|
|
3,788,085
|
|
McCormick & Company, Inc.
|
|
|
122,200
|
|
|
|
7,906,340
|
|
|
|
|
|
|
|
|
11,694,425
|
|
Energy - 2.6%
|
|
Oil, Gas & Consumable Fuels - 2.6%
|
|
Exxon Mobil Corporation
|
|
|
22,400
|
|
|
|
1,927,296
|
|
Occidental Petroleum Corporation
|
|
|
50,300
|
|
|
|
4,705,062
|
|
|
|
|
|
|
|
|
6,632,358
|
|
Financials - 4.7%
|
|
Capital Markets - 0.9%
|
|
SEI Investments Company
|
|
|
74,800
|
|
|
|
2,312,068
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services - 3.8%
|
|
MasterCard, Inc. - Class A
|
|
|
14,200
|
|
|
|
9,553,476
|
|
|
|
|
|
|
|
|
|
|
Health Care - 24.1%
|
|
Biotechnology - 7.7%
|
|
Amgen, Inc.
|
|
|
73,000
|
|
|
|
8,171,620
|
|
Gilead Sciences, Inc. *
|
|
|
180,000
|
|
|
|
11,311,200
|
|
|
|
|
|
|
|
|
19,482,820
|
|
Health Care Equipment & Supplies - 12.6%
|
|
C.R. Bard, Inc.
|
|
|
73,600
|
|
|
|
8,478,720
|
|
Medtronic, Inc.
|
|
|
148,400
|
|
|
|
7,902,300
|
|
Stryker Corporation
|
|
|
106,500
|
|
|
|
7,198,335
|
|
Varian Medical Systems, Inc. *
|
|
|
112,000
|
|
|
|
8,369,760
|
|
|
|
|
|
|
|
|
31,949,115
|
|
Health Care Providers & Services - 2.3%
|
|
Laboratory Corporation of America Holdings *
|
|
|
57,500
|
|
|
|
5,700,550
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services - 1.5%
|
|
Mettler-Toledo International, Inc. *
|
|
|
16,000
|
|
|
|
3,841,440
|
|
AVE MARIA GROWTH FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 98.5% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Industrials - 26.3%
|
|
Aerospace & Defense - 1.4%
|
|
Precision Castparts Corporation
|
|
|
15,500
|
|
|
$
|
3,522,220
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics - 0.4%
|
|
Expeditors International of Washington, Inc.
|
|
|
24,200
|
|
|
|
1,066,252
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies - 6.4%
|
|
Copart, Inc. *
|
|
|
233,200
|
|
|
|
7,413,428
|
|
Rollins, Inc.
|
|
|
336,250
|
|
|
|
8,913,988
|
|
|
|
|
|
|
|
|
16,327,416
|
|
Electrical Equipment - 3.5%
|
|
AMETEK, Inc.
|
|
|
192,600
|
|
|
|
8,863,452
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates - 2.8%
|
|
Danaher Corporation
|
|
|
101,500
|
|
|
|
7,035,980
|
|
|
|
|
|
|
|
|
|
|
Machinery - 11.8%
|
|
Donaldson Company, Inc.
|
|
|
122,800
|
|
|
|
4,682,364
|
|
Flowserve Corporation
|
|
|
78,000
|
|
|
|
4,866,420
|
|
Graco, Inc.
|
|
|
130,800
|
|
|
|
9,687,048
|
|
Toro Company (The)
|
|
|
194,000
|
|
|
|
10,543,900
|
|
|
|
|
|
|
|
|
29,779,732
|
|
Information Technology - 13.4%
|
|
Electronic Equipment, Instruments & Components - 3.4%
|
|
Amphenol Corporation - Class A
|
|
|
111,700
|
|
|
|
8,643,346
|
|
|
|
|
|
|
|
|
|
|
IT Services - 8.1%
|
|
Accenture plc - Class A
|
|
|
109,400
|
|
|
|
8,056,216
|
|
Cognizant Technology Solutions Corporation - Class A *
|
|
|
120,700
|
|
|
|
9,911,884
|
|
International Business Machines Corporation
|
|
|
13,200
|
|
|
|
2,444,376
|
|
|
|
|
|
|
|
|
20,412,476
|
|
Semiconductors & Semiconductor Equipment - 1.9%
|
|
Altera Corporation
|
|
|
130,900
|
|
|
|
4,864,244
|
|
|
|
|
|
|
|
|
|
|
Materials - 3.4%
|
|
Chemicals - 3.4%
|
|
NewMarket Corporation
|
|
|
29,500
|
|
|
|
8,493,345
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $149,036,169)
|
|
|
$
|
249,323,945
|
|
AVE MARIA GROWTH FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
MONEY MARKET FUNDS - 0.5%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(a)
(Cost $1,322,680)
|
|
|
1,322,680
|
|
|
$
|
1,322,680
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 99.0%
(Cost $150,358,849)
|
|
|
$
|
250,646,625
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 1.0%
|
|
|
|
2,643,017
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
253,289,642
|
|
*
|
Non-income producing security.
|
(a)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedules of Investments.
|
AVE MARIA RISING DIVIDEND FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
September 30, 2013
(Unaudited)
|
|
|
|
COMMON STOCKS - 92.9%
|
|
Shares
|
|
|
Market Value
|
|
Consumer Discretionary - 18.3%
|
|
Auto Components - 5.4%
|
|
Gentex Corporation
|
|
|
640,000
|
|
|
$
|
16,377,600
|
|
Johnson Controls, Inc.
|
|
|
360,000
|
|
|
|
14,940,000
|
|
|
|
|
|
|
|
|
31,317,600
|
|
Diversified Consumer Services - 3.2%
|
|
DeVry, Inc.
|
|
|
320,000
|
|
|
|
9,779,200
|
|
Weight Watchers International, Inc.
|
|
|
235,000
|
|
|
|
8,781,950
|
|
|
|
|
|
|
|
|
18,561,150
|
|
Leisure Equipment & Products - 2.3%
|
|
Hasbro, Inc.
|
|
|
280,000
|
|
|
|
13,199,200
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail - 4.5%
|
|
Lowe's Companies, Inc.
|
|
|
275,000
|
|
|
|
13,092,750
|
|
Ross Stores, Inc.
|
|
|
180,000
|
|
|
|
13,104,000
|
|
|
|
|
|
|
|
|
26,196,750
|
|
Textiles, Apparel & Luxury Goods - 2.9%
|
|
Coach, Inc.
|
|
|
315,000
|
|
|
|
17,176,950
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 7.3%
|
|
Beverages - 1.0%
|
|
Coca-Cola Company (The)
|
|
|
150,000
|
|
|
|
5,682,000
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing - 2.8%
|
|
Sysco Corporation
|
|
|
500,000
|
|
|
|
15,915,000
|
|
|
|
|
|
|
|
|
|
|
Food Products - 1.6%
|
|
Kellogg Company
|
|
|
160,000
|
|
|
|
9,396,800
|
|
|
|
|
|
|
|
|
|
|
Household Products - 1.9%
|
|
Clorox Company (The)
|
|
|
65,000
|
|
|
|
5,311,800
|
|
Colgate-Palmolive Company
|
|
|
100,000
|
|
|
|
5,930,000
|
|
|
|
|
|
|
|
|
11,241,800
|
|
Energy - 9.1%
|
|
Energy Equipment & Services - 5.2%
|
|
Halliburton Company
|
|
|
250,000
|
|
|
|
12,037,500
|
|
Schlumberger Limited
|
|
|
210,000
|
|
|
|
18,555,600
|
|
|
|
|
|
|
|
|
30,593,100
|
|
Oil, Gas & Consumable Fuels - 3.9%
|
|
ConocoPhillips
|
|
|
90,000
|
|
|
|
6,255,900
|
|
Exxon Mobil Corporation
|
|
|
175,000
|
|
|
|
15,057,000
|
|
Phillips 66
|
|
|
20,000
|
|
|
|
1,156,400
|
|
|
|
|
|
|
|
|
22,469,300
|
|
Financials - 13.0%
|
|
Capital Markets - 5.6%
|
|
Bank of New York Mellon Corporation (The)
|
|
|
550,000
|
|
|
|
16,604,500
|
|
Franklin Resources, Inc.
|
|
|
320,000
|
|
|
|
16,176,000
|
|
|
|
|
|
|
|
|
32,780,500
|
|
AVE MARIA RISING DIVIDEND FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 92.9% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Financials - 13.0% (Continued)
|
|
Commercial Banks - 6.3%
|
|
BB&T Corporation
|
|
|
375,000
|
|
|
$
|
12,656,250
|
|
PNC Financial Services Group, Inc. (The)
|
|
|
144,100
|
|
|
|
10,440,045
|
|
U.S. Bancorp
|
|
|
380,000
|
|
|
|
13,900,400
|
|
|
|
|
|
|
|
|
36,996,695
|
|
Insurance - 1.1%
|
|
HCC Insurance Holdings, Inc.
|
|
|
140,000
|
|
|
|
6,134,800
|
|
|
|
|
|
|
|
|
|
|
Health Care - 8.7%
|
|
Health Care Equipment & Supplies - 8.7%
|
|
Covidien plc
|
|
|
275,000
|
|
|
|
16,758,500
|
|
Medtronic, Inc.
|
|
|
185,000
|
|
|
|
9,851,250
|
|
St. Jude Medical, Inc.
|
|
|
265,000
|
|
|
|
14,214,600
|
|
Stryker Corporation
|
|
|
150,000
|
|
|
|
10,138,500
|
|
|
|
|
|
|
|
|
50,962,850
|
|
Industrials - 24.0%
|
|
Aerospace & Defense - 3.4%
|
|
General Dynamics Corporation
|
|
|
125,000
|
|
|
|
10,940,000
|
|
United Technologies Corporation
|
|
|
82,500
|
|
|
|
8,895,150
|
|
|
|
|
|
|
|
|
19,835,150
|
|
Air Freight & Logistics - 3.0%
|
|
United Parcel Service, Inc. - Class B
|
|
|
190,000
|
|
|
|
17,360,300
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies - 1.1%
|
|
Republic Services, Inc.
|
|
|
190,000
|
|
|
|
6,338,400
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 2.7%
|
|
Emerson Electric Company
|
|
|
240,000
|
|
|
|
15,528,000
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates - 1.9%
|
|
3M Company
|
|
|
95,000
|
|
|
|
11,343,950
|
|
|
|
|
|
|
|
|
|
|
Machinery - 9.0%
|
|
Caterpillar, Inc.
|
|
|
200,000
|
|
|
|
16,674,000
|
|
Dover Corporation
|
|
|
165,000
|
|
|
|
14,821,950
|
|
Illinois Tool Works, Inc.
|
|
|
150,000
|
|
|
|
11,440,500
|
|
PACCAR, Inc.
|
|
|
165,000
|
|
|
|
9,183,900
|
|
|
|
|
|
|
|
|
52,120,350
|
|
Road & Rail - 2.9%
|
|
Norfolk Southern Corporation
|
|
|
220,000
|
|
|
|
17,017,000
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 10.5%
|
|
Communications Equipment - 2.7%
|
|
QUALCOMM, Incorporated
|
|
|
230,000
|
|
|
|
15,492,800
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals - 1.5%
|
|
Diebold, Incorporated
|
|
|
300,000
|
|
|
|
8,808,000
|
|
AVE MARIA RISING DIVIDEND FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 92.9% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Information Technology - 10.5% (Continued)
|
|
IT Services - 1.7%
|
|
Paychex, Inc.
|
|
|
250,000
|
|
|
$
|
10,160,000
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 4.6%
|
|
Intel Corporation
|
|
|
730,000
|
|
|
|
16,731,600
|
|
Microchip Technology, Inc.
|
|
|
250,000
|
|
|
|
10,072,500
|
|
|
|
|
|
|
|
|
26,804,100
|
|
Materials - 2.0%
|
|
Chemicals - 2.0%
|
|
RPM International, Inc.
|
|
|
190,000
|
|
|
|
6,878,000
|
|
Stepan Company
|
|
|
80,000
|
|
|
|
4,618,400
|
|
|
|
|
|
|
|
|
11,496,400
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $445,684,644)
|
|
|
$
|
540,928,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 1.0%
|
|
Shares
|
|
|
Market Value
|
|
iShares Gold Trust * (Cost $7,979,700)
|
|
|
465,000
|
|
|
$
|
5,993,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS - 0.5%
|
|
Shares
|
|
|
Market Value
|
|
PNC Financial Services Group, Inc. (The) * (Cost $3,196,575)
|
|
|
189,892
|
|
|
$
|
2,924,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 7.0%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(a)
|
|
|
27,807,232
|
|
|
$
|
27,807,232
|
|
Federated Treasury Obligations Fund - Institutional Shares, 0.01%
(a)
|
|
|
13,011,960
|
|
|
|
13,011,960
|
|
Total Money Market Funds
(Cost $40,819,192)
|
|
|
$
|
40,819,192
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 101.4%
(Cost $497,680,111)
|
|
|
$
|
590,666,324
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (1.4%)
|
|
|
|
(8,356,107
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
582,310,217
|
|
*
|
Non-income producing security.
|
(a)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedules of Investments.
|
AVE MARIA OPPORTUNITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
September 30, 2013
(Unaudited)
|
|
|
|
COMMON STOCKS - 89.6%
|
|
Shares
|
|
|
Market Value
|
|
Consumer Discretionary - 20.4%
|
|
Diversified Consumer Services - 10.4%
|
|
Apollo Group, Inc. - Class A *
|
|
|
55,000
|
|
|
$
|
1,144,550
|
|
DeVry, Inc.
|
|
|
15,000
|
|
|
|
458,400
|
|
Matthews International Corporation - Class A
|
|
|
12,500
|
|
|
|
476,000
|
|
Outerwall, Inc. *
|
|
|
40,000
|
|
|
|
1,999,600
|
|
Weight Watchers International, Inc.
|
|
|
20,000
|
|
|
|
747,400
|
|
|
|
|
|
|
|
|
4,825,950
|
|
Hotels, Restaurants & Leisure - 4.3%
|
|
Biglari Holdings, Inc. *
|
|
|
4,896
|
|
|
|
2,020,432
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail - 4.1%
|
|
Jos. A. Bank Clothiers, Inc. *
|
|
|
8,000
|
|
|
|
351,680
|
|
Rent-A-Center, Inc.
|
|
|
25,000
|
|
|
|
952,500
|
|
Signet Jewelers Ltd.
|
|
|
3,000
|
|
|
|
214,950
|
|
Systemax, Inc.
|
|
|
42,878
|
|
|
|
397,479
|
|
|
|
|
|
|
|
|
1,916,609
|
|
Textiles, Apparel & Luxury Goods - 1.6%
|
|
Crocs, Inc. *
|
|
|
35,000
|
|
|
|
476,350
|
|
Iconix Brand Group, Inc. *
|
|
|
8,000
|
|
|
|
265,760
|
|
|
|
|
|
|
|
|
742,110
|
|
Energy - 15.9%
|
|
Energy Equipment & Services - 5.7%
|
|
Atwood Oceanics, Inc. *
|
|
|
6,000
|
|
|
|
330,240
|
|
CARBO Ceramics, Inc.
|
|
|
5,000
|
|
|
|
495,550
|
|
Ensco plc - Class A
|
|
|
10,000
|
|
|
|
537,500
|
|
Helmerich & Payne, Inc.
|
|
|
4,000
|
|
|
|
275,800
|
|
Patterson-UTI Energy, Inc.
|
|
|
22,000
|
|
|
|
470,360
|
|
Rowan Companies plc - Class A *
|
|
|
15,000
|
|
|
|
550,800
|
|
|
|
|
|
|
|
|
2,660,250
|
|
Oil, Gas & Consumable Fuels - 10.2%
|
|
Cimarex Energy Company
|
|
|
9,000
|
|
|
|
867,600
|
|
Cloud Peak Energy, Inc. *
|
|
|
50,000
|
|
|
|
733,500
|
|
EXCO Resources, Inc.
|
|
|
75,000
|
|
|
|
505,500
|
|
Newfield Exploration Company *
|
|
|
15,000
|
|
|
|
410,550
|
|
Rosetta Resources, Inc. *
|
|
|
20,000
|
|
|
|
1,089,200
|
|
SM Energy Company
|
|
|
5,000
|
|
|
|
385,950
|
|
World Fuel Services Corporation
|
|
|
20,000
|
|
|
|
746,200
|
|
|
|
|
|
|
|
|
4,738,500
|
|
Financials - 14.4%
|
|
Capital Markets - 1.5%
|
|
Federated Investors, Inc. - Class B
|
|
|
25,000
|
|
|
|
679,000
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services - 5.2%
|
|
Leucadia National Corporation
|
|
|
33,000
|
|
|
|
898,920
|
|
PICO Holdings, Inc. *
|
|
|
35,000
|
|
|
|
758,100
|
|
Western Union Company (The)
|
|
|
40,000
|
|
|
|
746,400
|
|
|
|
|
|
|
|
|
2,403,420
|
|
AVE MARIA OPPORTUNITY FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 89.6% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Financials - 14.4% (Continued)
|
|
Insurance - 5.1%
|
|
Alleghany Corporation *
|
|
|
3,036
|
|
|
$
|
1,243,698
|
|
Markel Corporation *
|
|
|
500
|
|
|
|
258,885
|
|
White Mountains Insurance Group Ltd.
|
|
|
1,500
|
|
|
|
851,430
|
|
|
|
|
|
|
|
|
2,354,013
|
|
Thrifts & Mortgage Finance - 2.6%
|
|
FedFirst Financial Corporation
|
|
|
17,020
|
|
|
|
332,571
|
|
Oritani Financial Corporation
|
|
|
30,000
|
|
|
|
493,800
|
|
Standard Financial Corporation
|
|
|
10,000
|
|
|
|
182,500
|
|
ViewPoint Financial Group, Inc.
|
|
|
10,981
|
|
|
|
226,977
|
|
|
|
|
|
|
|
|
1,235,848
|
|
Health Care - 1.1%
|
|
Health Care Equipment & Supplies - 1.1%
|
|
Atrion Corporation
|
|
|
2,000
|
|
|
|
517,560
|
|
|
|
|
|
|
|
|
|
|
Industrials - 7.3%
|
|
Aerospace & Defense - 1.7%
|
|
Alliant Techsystems, Inc.
|
|
|
5,000
|
|
|
|
487,800
|
|
Cubic Corporation
|
|
|
6,000
|
|
|
|
322,080
|
|
|
|
|
|
|
|
|
809,880
|
|
Commercial Services & Supplies - 1.3%
|
|
Hudson Technologies, Inc. *
|
|
|
300,000
|
|
|
|
609,000
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering - 1.3%
|
|
EMCOR Group, Inc.
|
|
|
15,000
|
|
|
|
586,950
|
|
|
|
|
|
|
|
|
|
|
Machinery - 2.7%
|
|
Conrad Industries, Inc.
|
|
|
40,543
|
|
|
|
1,236,156
|
|
|
|
|
|
|
|
|
|
|
Professional Services - 0.3%
|
|
Volt Information Sciences, Inc. *
|
|
|
20,000
|
|
|
|
150,000
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 22.2%
|
|
Communications Equipment - 1.4%
|
|
ADTRAN, Inc.
|
|
|
25,000
|
|
|
|
666,000
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals - 6.6%
|
|
Diebold, Incorporated
|
|
|
30,000
|
|
|
|
880,800
|
|
Lexmark International, Inc. - Class A
|
|
|
10,000
|
|
|
|
330,000
|
|
QLogic Corporation *
|
|
|
110,000
|
|
|
|
1,203,400
|
|
Qumu Corporation *
|
|
|
53,200
|
|
|
|
660,212
|
|
|
|
|
|
|
|
|
3,074,412
|
|
Electronic Equipment, Instruments & Components - 9.8%
|
|
Arrow Electronics, Inc. *
|
|
|
20,000
|
|
|
|
970,600
|
|
Avnet, Inc.
|
|
|
50,000
|
|
|
|
2,085,500
|
|
Dolby Laboratories, Inc. - Class A
|
|
|
2,000
|
|
|
|
69,020
|
|
FLIR Systems, Inc.
|
|
|
30,000
|
|
|
|
942,000
|
|
Ingram Micro, Inc. - Class A *
|
|
|
20,000
|
|
|
|
461,000
|
|
|
|
|
|
|
|
|
4,528,120
|
|
AVE MARIA OPPORTUNITY FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 89.6% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Information Technology - 22.2% (Continued)
|
|
IT Services - 2.8%
|
|
Broadridge Financial Solutions, Inc.
|
|
|
10,000
|
|
|
$
|
317,500
|
|
Computer Services, Inc.
|
|
|
15,500
|
|
|
|
477,400
|
|
ManTech International Corporation - Class A
|
|
|
17,500
|
|
|
|
503,300
|
|
|
|
|
|
|
|
|
1,298,200
|
|
Semiconductors & Semiconductor Equipment - 1.6%
|
|
Ultratech, Inc. *
|
|
|
25,000
|
|
|
|
757,500
|
|
|
|
|
|
|
|
|
|
|
Materials - 8.3%
|
|
Chemicals - 1.5%
|
|
H.B. Fuller Company
|
|
|
15,000
|
|
|
|
677,850
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining - 6.8%
|
|
Horsehead Holding Corporation *
|
|
|
45,000
|
|
|
|
560,700
|
|
Kinross Gold Corporation
|
|
|
150,000
|
|
|
|
757,500
|
|
Pan American Silver Corporation
|
|
|
175,000
|
|
|
|
1,846,250
|
|
|
|
|
|
|
|
|
3,164,450
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $33,587,281)
|
|
|
$
|
41,652,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 1.1%
|
|
Shares
|
|
|
Market Value
|
|
iShares Gold Trust *
|
|
|
15,000
|
|
|
$
|
193,350
|
|
SPDR Gold Trust *
|
|
|
2,700
|
|
|
|
346,059
|
|
Total Exchange-Traded Funds
(Cost $482,195)
|
|
|
$
|
539,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 9.5%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(a)
|
|
|
2,222,904
|
|
|
$
|
2,222,904
|
|
Federated Treasury Obligations Fund - Institutional Shares, 0.01%
(a)
|
|
|
2,191,781
|
|
|
|
2,191,781
|
|
Total Money Market Funds
(Cost $4,414,685)
|
|
|
$
|
4,414,685
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 100.2%
(Cost $38,484,161)
|
|
|
$
|
46,606,304
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.2%)
|
|
|
|
(114,089
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
46,492,215
|
|
*
|
Non-income producing security.
|
(a)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedules of Investments.
|
AVE MARIA WORLD EQUITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
September 30, 2013
(Unaudited)
|
|
|
|
COMMON STOCKS - 92.0%
|
|
Shares
|
|
|
Market Value
|
|
Consumer Discretionary - 7.5%
|
|
Automobiles - 4.5%
|
|
Toyota Motor Corporation - ADR
|
|
|
7,000
|
|
|
$
|
896,210
|
|
Volkswagen AG - ADR
|
|
|
15,000
|
|
|
|
680,250
|
|
|
|
|
|
|
|
|
1,576,460
|
|
Hotels, Restaurants & Leisure - 1.2%
|
|
McDonald's Corporation
|
|
|
4,500
|
|
|
|
432,945
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods - 1.8%
|
|
Swatch Group AG (The) - ADR
|
|
|
19,000
|
|
|
|
610,090
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 8.3%
|
|
Beverages - 2.7%
|
|
Diageo plc - ADR
|
|
|
7,500
|
|
|
|
953,100
|
|
|
|
|
|
|
|
|
|
|
Food Products - 4.3%
|
|
Mondel
ē
z International, Inc. - Class A
|
|
|
25,000
|
|
|
|
785,500
|
|
Nestlé S.A. - ADR
|
|
|
10,000
|
|
|
|
696,000
|
|
|
|
|
|
|
|
|
1,481,500
|
|
Household Products - 1.3%
|
|
Energizer Holdings, Inc.
|
|
|
5,000
|
|
|
|
455,750
|
|
|
|
|
|
|
|
|
|
|
Energy - 9.4%
|
|
Energy Equipment & Services - 4.6%
|
|
Schlumberger Limited
|
|
|
11,700
|
|
|
|
1,033,812
|
|
Tidewater, Inc.
|
|
|
10,000
|
|
|
|
592,900
|
|
|
|
|
|
|
|
|
1,626,712
|
|
Oil, Gas & Consumable Fuels - 4.8%
|
|
BP plc - ADR
|
|
|
13,000
|
|
|
|
546,390
|
|
Canadian Natural Resources Ltd.
|
|
|
22,000
|
|
|
|
691,680
|
|
Exxon Mobil Corporation
|
|
|
5,000
|
|
|
|
430,200
|
|
|
|
|
|
|
|
|
1,668,270
|
|
Financials - 19.2%
|
|
Capital Markets - 3.5%
|
|
Credit Suisse Group AG *
|
|
|
21,500
|
|
|
|
656,825
|
|
Franklin Resources, Inc.
|
|
|
11,000
|
|
|
|
556,050
|
|
|
|
|
|
|
|
|
1,212,875
|
|
Diversified Financial Services - 5.3%
|
|
Citigroup, Inc.
|
|
|
17,500
|
|
|
|
848,925
|
|
MasterCard, Inc. - Class A
|
|
|
500
|
|
|
|
336,390
|
|
Western Union Company (The)
|
|
|
35,000
|
|
|
|
653,100
|
|
|
|
|
|
|
|
|
1,838,415
|
|
Insurance - 10.4%
|
|
ACE Limited
|
|
|
7,500
|
|
|
|
701,700
|
|
AXA S.A. - ADR
|
|
|
39,000
|
|
|
|
901,290
|
|
Reinsurance Group of America, Inc.
|
|
|
13,000
|
|
|
|
870,870
|
|
Validus Holdings Ltd.
|
|
|
31,500
|
|
|
|
1,164,870
|
|
|
|
|
|
|
|
|
3,638,730
|
|
AVE MARIA WORLD EQUITY FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 92.0% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Health Care - 11.0%
|
|
Health Care Equipment & Supplies - 8.6%
|
|
Covidien plc
|
|
|
15,700
|
|
|
$
|
956,758
|
|
Mindray Medical International Ltd. - ADR
|
|
|
8,000
|
|
|
|
311,120
|
|
St. Jude Medical, Inc.
|
|
|
16,800
|
|
|
|
901,152
|
|
Varian Medical Systems, Inc. *
|
|
|
10,900
|
|
|
|
814,557
|
|
|
|
|
|
|
|
|
2,983,587
|
|
Pharmaceuticals - 2.4%
|
|
Shire plc - ADR
|
|
|
7,000
|
|
|
|
839,230
|
|
|
|
|
|
|
|
|
|
|
Industrials - 17.0%
|
|
Aerospace & Defense - 1.7%
|
|
United Technologies Corporation
|
|
|
5,500
|
|
|
|
593,010
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering - 2.4%
|
|
Fluor Corporation
|
|
|
12,000
|
|
|
|
851,520
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 3.7%
|
|
ABB Limited - ADR *
|
|
|
28,000
|
|
|
|
660,520
|
|
Emerson Electric Company
|
|
|
10,000
|
|
|
|
647,000
|
|
|
|
|
|
|
|
|
1,307,520
|
|
Industrial Conglomerates - 6.0%
|
|
3M Company
|
|
|
5,500
|
|
|
|
656,755
|
|
Koninklijke Philips Electronics N.V. - ADR
|
|
|
18,023
|
|
|
|
581,242
|
|
Siemens AG - ADR
|
|
|
7,000
|
|
|
|
843,570
|
|
|
|
|
|
|
|
|
2,081,567
|
|
Machinery - 1.7%
|
|
Deere & Company
|
|
|
7,500
|
|
|
|
610,425
|
|
|
|
|
|
|
|
|
|
|
Road & Rail - 1.5%
|
|
Canadian National Railway Company
|
|
|
5,000
|
|
|
|
506,850
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 13.3%
|
|
Communications Equipment - 1.9%
|
|
QUALCOMM, Incorporated
|
|
|
9,800
|
|
|
|
660,128
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals - 3.3%
|
|
EMC Corporation
|
|
|
33,000
|
|
|
|
843,480
|
|
Hewlett-Packard Company
|
|
|
15,000
|
|
|
|
314,700
|
|
|
|
|
|
|
|
|
1,158,180
|
|
Electronic Equipment, Instruments & Components - 1.1%
|
|
LG Display Company Ltd. - ADR *
|
|
|
33,000
|
|
|
|
393,690
|
|
|
|
|
|
|
|
|
|
|
IT Services - 4.1%
|
|
Accenture plc - Class A
|
|
|
7,000
|
|
|
|
515,480
|
|
International Business Machines Corporation
|
|
|
1,100
|
|
|
|
203,698
|
|
Teradata Corporation *
|
|
|
13,000
|
|
|
|
720,720
|
|
|
|
|
|
|
|
|
1,439,898
|
|
Semiconductors & Semiconductor Equipment - 2.9%
|
|
Intel Corporation
|
|
|
29,000
|
|
|
|
664,680
|
|
AVE MARIA WORLD EQUITY FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 92.0% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Information Technology - 13.3% (Continued)
|
|
Semiconductors & Semiconductor Equipment - 2.9%
(Continued)
|
|
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
|
|
|
20,000
|
|
|
$
|
339,200
|
|
|
|
|
|
|
|
|
1,003,880
|
|
Materials - 6.3%
|
|
Chemicals - 4.9%
|
|
FMC Corporation
|
|
|
8,000
|
|
|
|
573,760
|
|
International Flavors & Fragrances, Inc.
|
|
|
9,000
|
|
|
|
740,700
|
|
Syngenta AG - ADR
|
|
|
5,000
|
|
|
|
406,500
|
|
|
|
|
|
|
|
|
1,720,960
|
|
Metals & Mining - 1.4%
|
|
BHP Billiton Ltd. - ADR
|
|
|
7,000
|
|
|
|
465,500
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $27,164,626)
|
|
|
$
|
32,110,792
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 1.1%
|
|
Shares
|
|
|
Market Value
|
|
iShares Gold Trust * (Cost $520,564)
|
|
|
30,000
|
|
|
$
|
386,700
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 7.4%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(a)
|
|
|
1,582,813
|
|
|
$
|
1,582,813
|
|
Federated Treasury Obligations Fund - Institutional Shares, 0.01%
(a)
|
|
|
1,015,996
|
|
|
|
1,015,996
|
|
Total Money Market Funds
(Cost $2,598,809)
|
|
|
$
|
2,598,809
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 100.5%
(Cost $30,283,999)
|
|
|
$
|
35,096,301
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.5%)
|
|
|
|
(174,044
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
34,922,257
|
|
ADR
|
- American Depositary Receipt.
|
*
|
Non-income producing security.
|
(a)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedules of Investments.
|
AVE MARIA WORLD EQUITY FUND
|
|
SUMMARY OF COMMON STOCKS BY COUNTRY
|
|
September 30, 2013
(Unaudited)
|
|
|
|
Country
|
|
Value
|
|
|
% of Net Assets
|
|
United States
|
|
$
|
18,473,077
|
|
|
|
52.9
|
%
|
Switzerland
|
|
|
3,731,635
|
|
|
|
10.7
|
%
|
United Kingdom
|
|
|
2,338,720
|
|
|
|
6.7
|
%
|
Germany
|
|
|
1,523,820
|
|
|
|
4.3
|
%
|
Canada
|
|
|
1,198,530
|
|
|
|
3.4
|
%
|
Ireland
|
|
|
956,758
|
|
|
|
2.7
|
%
|
France
|
|
|
901,290
|
|
|
|
2.6
|
%
|
Japan
|
|
|
896,210
|
|
|
|
2.6
|
%
|
Netherlands
|
|
|
581,242
|
|
|
|
1.7
|
%
|
Australia
|
|
|
465,500
|
|
|
|
1.4
|
%
|
South Korea
|
|
|
393,690
|
|
|
|
1.1
|
%
|
Taiwan
|
|
|
339,200
|
|
|
|
1.0
|
%
|
China
|
|
|
311,120
|
|
|
|
0.9
|
%
|
|
|
$
|
32,110,792
|
|
|
|
92.0
|
%
|
See notes to Schedules of Investments.
|
AVE MARIA BOND FUND
|
SCHEDULE OF INVESTMENTS
|
September 30, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 30.4%
|
|
|
Par Value
|
|
|
|
Market Value
|
|
U.S. Treasury Inflation-Protected Notes - 4.2%
|
|
|
|
|
|
|
|
|
2.500%, due 07/15/16
|
|
$
|
2,313,360
|
|
|
$
|
2,552,649
|
|
2.625%, due 07/15/17
|
|
|
1,127,070
|
|
|
|
1,278,873
|
|
0.125%, due 04/15/18
|
|
|
2,021,040
|
|
|
|
2,081,986
|
|
|
|
|
|
|
|
|
5,913,508
|
|
U.S. Treasury Notes - 26.2%
|
|
|
|
|
1.250%, due 02/15/14
|
|
|
7,000,000
|
|
|
|
7,031,171
|
|
4.000%, due 02/15/14
|
|
|
5,000,000
|
|
|
|
5,073,440
|
|
1.750%, due 03/31/14
|
|
|
5,000,000
|
|
|
|
5,041,990
|
|
1.875%, due 04/30/14
|
|
|
2,000,000
|
|
|
|
2,020,860
|
|
2.375%, due 08/31/14
|
|
|
1,500,000
|
|
|
|
1,530,879
|
|
2.500%, due 04/30/15
|
|
|
3,000,000
|
|
|
|
3,106,758
|
|
1.375%, due 11/30/15
|
|
|
3,000,000
|
|
|
|
3,064,218
|
|
2.625%, due 02/29/16
|
|
|
3,000,000
|
|
|
|
3,157,500
|
|
0.875%, due 04/30/17
|
|
|
2,500,000
|
|
|
|
2,497,853
|
|
0.625%, due 09/30/17
|
|
|
2,500,000
|
|
|
|
2,457,228
|
|
0.750%, due 12/31/17
|
|
|
2,000,000
|
|
|
|
1,966,094
|
|
|
|
|
|
|
|
|
36,947,991
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
(Cost $42,423,326)
|
|
$
|
42,861,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8%
|
|
|
Par Value
|
|
|
|
Market Value
|
|
Federal Farm Credit Bank - 0.8%
|
|
|
|
|
|
|
|
|
4.500%, due 01/22/15 (Cost $1,008,242)
|
|
$
|
1,000,000
|
|
|
$
|
1,055,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS - 38.9%
|
|
|
Par Value
|
|
|
|
Market Value
|
|
Consumer Discretionary - 4.9%
|
|
|
|
|
|
|
|
|
Johnson Controls, Inc., 5.500%, due 01/15/16
|
|
$
|
1,000,000
|
|
|
$
|
1,093,602
|
|
Lowe's Companies, Inc., 5.000%, due 10/15/15
|
|
|
500,000
|
|
|
|
542,538
|
|
Lowe's Companies, Inc., 2.125%, due 04/15/16
|
|
|
1,000,000
|
|
|
|
1,030,006
|
|
McDonald's Corporation, 5.350%, due 03/01/18
|
|
|
2,000,000
|
|
|
|
2,297,952
|
|
TJX Companies, Inc. (The), 4.200%, due 08/15/15
|
|
|
1,250,000
|
|
|
|
1,332,080
|
|
TJX Companies, Inc. (The), 6.950%, due 04/15/19
|
|
|
555,000
|
|
|
|
672,628
|
|
|
|
|
|
|
|
|
6,968,806
|
|
Consumer Staples - 3.6%
|
|
|
|
|
|
|
|
|
Clorox Company (The), 5.000%, due 01/15/15
|
|
|
1,000,000
|
|
|
|
1,053,180
|
|
Kellogg Company, 4.150%, due 11/15/19
|
|
|
2,042,000
|
|
|
|
2,230,797
|
|
Kimberly Clark Corporation, 6.125%, due 08/01/17
|
|
|
1,475,000
|
|
|
|
1,727,236
|
|
|
|
|
|
|
|
|
5,011,213
|
|
Energy - 1.1%
|
|
|
|
|
|
|
|
|
Apache Corporation, 5.625%, due 01/15/17
|
|
|
1,000,000
|
|
|
|
1,129,602
|
|
ConocoPhillips, 4.750%, due 02/01/14
|
|
|
360,000
|
|
|
|
365,107
|
|
|
|
|
|
|
|
|
1,494,709
|
|
AVE MARIA BOND FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
CORPORATE BONDS - 38.9% (Continued)
|
|
Par Value
|
|
|
Market Value
|
|
Financials - 6.5%
|
|
|
|
|
|
|
Bank of New York Mellon Corporation (The), 2.300%, due 07/28/16
|
|
$
|
1,500,000
|
|
|
$
|
1,552,206
|
|
Bank of New York Mellon Corporation (The), 2.100%, due 08/01/18
|
|
|
1,000,000
|
|
|
|
1,004,972
|
|
Caterpillar Financial Services Corporation, 4.750%, due 02/17/15
|
|
|
1,000,000
|
|
|
|
1,058,336
|
|
Caterpillar Financial Services Corporation, 2.650%, due 04/01/16
|
|
|
1,000,000
|
|
|
|
1,041,208
|
|
National Rural Utilities Cooperative Finance Corporation, 4.750%, due 03/01/14
|
|
|
1,000,000
|
|
|
|
1,017,965
|
|
PACCAR Financial Corporation, 1.600%, due 03/15/17
|
|
|
2,000,000
|
|
|
|
1,993,354
|
|
U.S. Bancorp, 2.450%, due 07/27/15
|
|
|
1,500,000
|
|
|
|
1,547,997
|
|
|
|
|
|
|
|
|
9,216,038
|
|
Health Care - 3.9%
|
|
|
|
|
|
|
|
|
Medtronic, Inc., 4.750%, due 09/15/15
|
|
|
1,000,000
|
|
|
|
1,076,988
|
|
Medtronic, Inc., 2.625%, due 03/15/16
|
|
|
500,000
|
|
|
|
520,061
|
|
Stryker Corporation, 3.000%, due 01/15/15
|
|
|
1,000,000
|
|
|
|
1,030,962
|
|
Stryker Corporation, 2.000%, due 09/30/16
|
|
|
1,150,000
|
|
|
|
1,181,961
|
|
Zimmer Holdings, Inc., 4.625%, due 11/30/19
|
|
|
1,560,000
|
|
|
|
1,702,472
|
|
|
|
|
|
|
|
|
5,512,444
|
|
Industrials - 9.0%
|
|
|
|
|
|
|
|
|
3M Company, 1.375%, due 09/29/16
|
|
|
1,150,000
|
|
|
|
1,170,387
|
|
Emerson Electric Company, 5.250%, due 10/15/18
|
|
|
1,600,000
|
|
|
|
1,823,963
|
|
General Dynamics Corporation, 2.250%, due 07/15/16
|
|
|
1,650,000
|
|
|
|
1,707,671
|
|
John Deere Capital Corporation, 1.700%, due 01/15/20
|
|
|
2,000,000
|
|
|
|
1,887,630
|
|
Norfolk Southern Corporation, 5.750%, due 04/01/18
|
|
|
885,000
|
|
|
|
1,021,633
|
|
Ryder System, Inc., 3.150%, due 03/02/15
|
|
|
1,000,000
|
|
|
|
1,029,896
|
|
Union Pacific Corporation, 5.125%, due 02/15/14
|
|
|
500,000
|
|
|
|
508,468
|
|
Union Pacific Corporation, 4.875%, due 01/15/15
|
|
|
750,000
|
|
|
|
789,980
|
|
United Parcel Service, Inc., 5.500%, due 01/15/18
|
|
|
1,500,000
|
|
|
|
1,721,777
|
|
United Technologies Corporation, 5.375%, due 12/15/17
|
|
|
839,000
|
|
|
|
963,834
|
|
|
|
|
|
|
|
|
12,625,239
|
|
Information Technology - 5.3%
|
|
|
|
|
|
|
|
|
Dell, Inc., 2.300%, due 09/10/15
|
|
|
1,000,000
|
|
|
|
1,000,094
|
|
Hewlett-Packard Company, 6.125%, due 03/01/14
|
|
|
1,000,000
|
|
|
|
1,021,698
|
|
Hewlett-Packard Company, 2.125%, due 09/13/15
|
|
|
500,000
|
|
|
|
507,172
|
|
Hewlett-Packard Company, 2.650%, due 06/01/16
|
|
|
500,000
|
|
|
|
512,646
|
|
International Business Machines Corporation, 6.500%, due 10/15/13
|
|
|
500,000
|
|
|
|
501,158
|
|
International Business Machines Corporation, 2.000%, due 01/05/16
|
|
|
1,410,000
|
|
|
|
1,448,576
|
|
National Semiconductor Corporation, 6.600%, due 06/15/17
|
|
|
500,000
|
|
|
|
584,742
|
|
Texas Instruments, Inc., 1.650%, due 08/03/19
|
|
|
2,000,000
|
|
|
|
1,931,564
|
|
|
|
|
|
|
|
|
7,507,650
|
|
Materials - 1.7%
|
|
|
|
|
|
|
|
|
PPG Industries, Inc., 6.650%, due 03/15/18
|
|
|
1,191,000
|
|
|
|
1,401,229
|
|
Sherwin-Williams Company (The), 3.125%, due 12/15/14
|
|
|
1,000,000
|
|
|
|
1,029,230
|
|
|
|
|
|
|
|
|
2,430,459
|
|
AVE MARIA BOND FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
CORPORATE BONDS - 38.9% (Continued)
|
|
Par Value
|
|
|
Market Value
|
|
Utilities - 2.9%
|
|
|
|
|
|
|
Consolidated Edison Company of New York, Inc., 5.300%, due 12/01/16
|
|
$
|
2,000,000
|
|
|
$
|
2,268,670
|
|
Duke Energy Corporation, 3.950%, due 09/15/14
|
|
|
800,000
|
|
|
|
825,239
|
|
NextEra Energy Capital Holdings, Inc., 2.600%, due 09/01/15
|
|
|
1,000,000
|
|
|
|
1,029,734
|
|
|
|
|
|
|
|
|
4,123,643
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
(Cost $54,419,247)
|
|
|
$
|
54,890,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 18.6%
|
|
Shares
|
|
|
Market Value
|
|
Consumer Discretionary - 2.8%
|
|
Auto Components - 1.1%
|
|
Gentex Corporation
|
|
|
60,000
|
|
|
$
|
1,535,400
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products - 0.8%
|
|
Hasbro, Inc.
|
|
|
25,000
|
|
|
|
1,178,500
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.9%
|
|
Coach, Inc.
|
|
|
23,000
|
|
|
|
1,254,190
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 1.3%
|
|
Food & Staples Retailing - 0.8%
|
|
Sysco Corporation
|
|
|
36,000
|
|
|
|
1,145,880
|
|
|
|
|
|
|
|
|
|
|
Food Products - 0.5%
|
|
Kellogg Company
|
|
|
12,000
|
|
|
|
704,760
|
|
|
|
|
|
|
|
|
|
|
Energy - 1.3%
|
|
Oil, Gas & Consumable Fuels - 1.3%
|
|
ConocoPhillips
|
|
|
15,000
|
|
|
|
1,042,650
|
|
Exxon Mobil Corporation
|
|
|
10,000
|
|
|
|
860,400
|
|
|
|
|
|
|
|
|
1,903,050
|
|
Financials - 2.2%
|
|
Capital Markets - 1.0%
|
|
Bank of New York Mellon Corporation (The)
|
|
|
45,000
|
|
|
|
1,358,550
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks - 1.2%
|
|
BB&T Corporation
|
|
|
25,000
|
|
|
|
843,750
|
|
PNC Financial Services Group, Inc. (The)
|
|
|
12,000
|
|
|
|
869,400
|
|
|
|
|
|
|
|
|
1,713,150
|
|
Health Care - 0.5%
|
|
Health Care Equipment & Supplies - 0.5%
|
|
Medtronic, Inc.
|
|
|
12,000
|
|
|
|
639,000
|
|
|
|
|
|
|
|
|
|
|
Industrials - 6.3%
|
|
Aerospace & Defense - 0.7%
|
|
General Dynamics Corporation
|
|
|
12,000
|
|
|
|
1,050,240
|
|
AVE MARIA BOND FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
COMMON STOCKS - 18.6% (Continued)
|
|
Shares
|
|
|
Market Value
|
|
Industrials - 6.3% (Continued)
|
|
Air Freight & Logistics - 1.1%
|
|
United Parcel Service, Inc. - Class B
|
|
|
17,000
|
|
|
$
|
1,553,290
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 1.0%
|
|
Emerson Electric Company
|
|
|
22,000
|
|
|
|
1,423,400
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates - 1.0%
|
|
3M Company
|
|
|
12,000
|
|
|
|
1,432,920
|
|
|
|
|
|
|
|
|
|
|
Machinery - 1.8%
|
|
Dover Corporation
|
|
|
15,000
|
|
|
|
1,347,450
|
|
Illinois Tool Works, Inc.
|
|
|
15,000
|
|
|
|
1,144,050
|
|
|
|
|
|
|
|
|
2,491,500
|
|
Road & Rail - 0.7%
|
|
Norfolk Southern Corporation
|
|
|
12,000
|
|
|
|
928,200
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 3.4%
|
|
Computers & Peripherals - 0.6%
|
|
Diebold, Incorporated
|
|
|
30,000
|
|
|
|
880,800
|
|
|
|
|
|
|
|
|
|
|
IT Services - 1.0%
|
|
Paychex, Inc.
|
|
|
34,000
|
|
|
|
1,381,760
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.8%
|
|
Intel Corporation
|
|
|
50,000
|
|
|
|
1,146,000
|
|
Microchip Technology, Inc.
|
|
|
35,000
|
|
|
|
1,410,150
|
|
|
|
|
|
|
|
|
2,556,150
|
|
Materials - 0.8%
|
|
Chemicals - 0.8%
|
|
RPM International, Inc.
|
|
|
30,000
|
|
|
|
1,086,000
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $19,964,927)
|
|
|
$
|
26,216,740
|
|
AVE MARIA BOND FUND
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
MONEY MARKET FUNDS - 10.9%
|
|
Shares
|
|
|
Market Value
|
|
Federated Government Obligations Tax-Managed Fund - Institutional Shares, 0.01%
(a)
|
|
|
6,721,582
|
|
|
$
|
6,721,582
|
|
Federated Treasury Obligations Fund - Institutional Shares, 0.01%
(a)
|
|
|
6,698,180
|
|
|
|
6,698,180
|
|
Federated U.S. Treasury Cash Reserves Fund - Institutional Shares, 0.00%
(a)
|
|
|
1,984,321
|
|
|
|
1,984,321
|
|
Total Money Market Funds
(Cost $15,404,083)
|
|
|
$
|
15,404,083
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Market Value - 99.6%
(Cost $133,219,825)
|
|
|
$
|
140,428,154
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 0.4%
|
|
|
|
505,568
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
140,933,722
|
|
(a)
|
The rate shown is the 7-day effective yield as of September 30, 2013.
|
See notes to Schedules of Investments.
|
NOTES TO SCHEDULES OF INVESTMENTS
September 30, 2013 (Unaudited)
1. Securities valuation
The portfolio securities of the Ave Maria Catholic Values Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund, the Ave Maria Opportunity Fund, the Ave Maria World Equity Fund and the Ave Maria Bond Fund (the “Funds”) 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 close price is not available, at the most recently quoted bid price. Securities traded in the over-the-counter market are valued at the last reported sales price or, if there is no reported sale on the valuation date, at the most recently quoted bid price. Securities which are traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market. Investments in shares of other open-end investment companies are valued at their net asset value as reported by such companies. Securities (and other assets) for which market quotations are not readily available are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees
,
and will be classified as Level 2 or 3 within the fair value hierarchy (see below), 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 a Fund’s net asset value calculation. A portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Funds’ normal pricing procedures. Short-term instruments (those with remaining maturities of 60 days or less) are valued at amortized cost, which approximates market value.
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of each of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
·
|
Level 1 – quoted prices in active markets for identical securities
|
·
|
Level 2 – other significant observable inputs
|
·
|
Level 3 – significant unobservable inputs
|
For example, U.S. Treasury Obligations, U.S. Government Agency Obligations and Corporate Bonds held by the Ave Maria Bond Fund 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.
AVE MARIA MUTUAL FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2013 by security
type:
Ave Maria Catholic Values Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
215,654,633
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
215,654,633
|
|
Exchange-Traded Funds
|
|
|
3,544,750
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,544,750
|
|
Warrants
|
|
|
1,540,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,540,000
|
|
Money Market Funds
|
|
|
11,165,995
|
|
|
|
-
|
|
|
|
-
|
|
|
|
11,165,995
|
|
Total
|
|
$
|
231,905,378
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
231,905,378
|
|
Ave Maria Growth Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
249,323,945
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
249,323,945
|
|
Money Market Funds
|
|
|
1,322,680
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,322,680
|
|
Total
|
|
$
|
250,646,625
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
250,646,625
|
|
Ave Maria Rising Dividend Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
540,928,945
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
540,928,945
|
|
Exchange-Traded Funds
|
|
|
5,993,850
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,993,850
|
|
Warrants
|
|
|
2,924,337
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,924,337
|
|
Money Market Funds
|
|
|
40,819,192
|
|
|
|
-
|
|
|
|
-
|
|
|
|
40,819,192
|
|
Total
|
|
$
|
590,666,324
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
590,666,324
|
|
Ave Maria Opportunity Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
41,652,210
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
41,652,210
|
|
Exchange-Traded Funds
|
|
|
539,409
|
|
|
|
-
|
|
|
|
-
|
|
|
|
539,409
|
|
Money Market Funds
|
|
|
4,414,685
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,414,685
|
|
Total
|
|
$
|
46,606,304
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
46,606,304
|
|
Ave Maria World Equity Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
32,110,792
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
32,110,792
|
|
Exchange-Traded Funds
|
|
|
386,700
|
|
|
|
-
|
|
|
|
-
|
|
|
|
386,700
|
|
Money Market Funds
|
|
|
2,598,809
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,598,809
|
|
Total
|
|
$
|
35,096,301
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
35,096,301
|
|
AVE MARIA MUTUAL FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
Ave Maria Bond Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations
|
|
$
|
-
|
|
|
$
|
42,861,499
|
|
|
$
|
-
|
|
|
$
|
42,861,499
|
|
U.S. Government Agency Obligations
|
|
|
-
|
|
|
|
1,055,631
|
|
|
|
-
|
|
|
|
1,055,631
|
|
Corporate Bonds
|
|
|
-
|
|
|
|
54,890,201
|
|
|
|
-
|
|
|
|
54,890,201
|
|
Common Stocks
|
|
|
26,216,740
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,216,740
|
|
Money Market Funds
|
|
|
15,404,083
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,404,083
|
|
Total
|
|
$
|
41,620,823
|
|
|
$
|
98,807,331
|
|
|
$
|
-
|
|
|
$
|
140,428,154
|
|
Refer to each Fund’s Schedule of Investments for a listing of the securities by security type and sector or industry type. As of September 30, 2013, the Funds did not have any transfers in and out of any Level.
There were no Level 3 securities or derivative instruments held by the Funds as of September 30, 2013. It is the Funds’ policy to recognize transfers into and out of all Levels at the end of the reporting period.
2. Security transactions
Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on a specific identification basis.
3. Federal income tax
The following information is computed on a tax basis for each item as of September 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
Ave Maria
|
|
|
Ave Maria
|
|
|
Ave Maria
|
|
|
|
Catholic
|
|
|
Growth
|
|
|
Rising
|
|
|
|
Values Fund
|
|
|
Fund
|
|
|
Dividend Fund
|
|
|
|
|
|
|
|
|
|
|
|
Cost of portfolio investments
|
|
$
|
172,017,895
|
|
|
$
|
150,611,149
|
|
|
$
|
497,954,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
64,406,503
|
|
|
$
|
100,412,578
|
|
|
$
|
99,610,196
|
|
Gross unrealized depreciation
|
|
|
(4,519,020
|
)
|
|
|
(377,102
|
)
|
|
|
(6,897,891
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
59,887,483
|
|
|
$
|
100,035,476
|
|
|
$
|
92,712,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ave Maria
|
|
|
Ave Maria
|
|
|
Ave Maria
|
|
|
|
Opportunity
|
|
|
World
|
|
|
Bond
|
|
|
|
Fund
|
|
|
Equity Fund
|
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
Cost of portfolio investments
|
|
$
|
38,514,314
|
|
|
$
|
30,283,999
|
|
|
$
|
133,219,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
8,998,134
|
|
|
$
|
5,451,057
|
|
|
$
|
7,864,247
|
|
Gross unrealized depreciation
|
|
|
(906,144
|
)
|
|
|
(638,755
|
)
|
|
|
(655,918
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
8,091,990
|
|
|
$
|
4,812,302
|
|
|
$
|
7,208,329
|
|
The difference between the federal income tax cost of portfolio investments and the Schedules of Investments cost for the
Ave Maria Catholic Values Fund, the Ave Maria Growth Fund, the Ave Maria Rising Dividend Fund and the Ave Maria Opportunity Fund
is due to certain timing differences in the recognition of capital gains
AVE MARIA MUTUAL FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
and losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and due to the tax deferral of losses on wash sales.
4. Affiliated Investment
A company is considered an affiliate of a Fund under the Investment Company Act of 1940 if the Fund’s holdings in that company represent 5% or more of the outstanding voting shares of that company. The Ave Maria Catholic Values Fund owns 5.30% of the outstanding voting shares of Unico American Corporation and is therefore considered an affiliate of the Fund. Further detail on this holding during the period ended September 30, 2013 appears below:
AVE MARIA CATHOLIC VALUES FUND
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|
Affiliated Issuer Report
|
|
|
|
|
|
UNICO AMERICAN CORPORATION
|
|
From December 31, 2012 to September 30, 2013
|
|
|
|
|
|
Shares at beginning of period
|
|
|
282,945
|
|
|
|
|
|
|
Shares at end of period
|
|
|
282,945
|
|
|
|
|
|
|
Market value at beginning of period
|
|
$
|
3,454,759
|
|
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
79,224
|
|
|
|
|
|
|
Market value at end of period
|
|
$
|
3,533,983
|
|
|
|
|
|
|
Net realized gains (losses) during the period
|
|
$
|
-
|
|
|
|
|
|
|
Dividend income earned during the period
|
|
$
|
-
|
|
5. Sector Risk
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 net asset value 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 September 30, 2013, the Ave Maria Growth Fund had 26.3% of the value of its net assets invested in stocks within the industrials sector.