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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number       811-07148                                       
 
Schwartz Investment Trust
 (Exact name of registrant as specified in charter)
 
3707 West Maple Road            Bloomfield Hills, Michigan
48301
(Address of principal executive offices)
(Zip code)
 
George P. Schwartz
 
  Schwartz Investment Counsel, Inc.    3707 W. Maple Road    Bloomfield Hills, MI 48301
(Name and address of agent for service)
 
Registrant's telephone number, including area code:   (248) 644-8500                              
 
Date of fiscal year end:          December 31, 2013                          
 
Date of reporting period:        September 30, 2013                          
 
Form N-Q is to be used by management investment companies other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 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.
 
 
 
 
 
Item 1.  Schedule of Investments.
 
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.
 
 
 
 
 
AVE MARIA MUTUAL FUNDS
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
 
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.
 
 
 
 
 
Item 2. Controls and Procedures.
 
(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 such information 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 3. Exhibits.
 
File as exhibits as part of this Form 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
 
 
 
 
 
 
SIGNATURES

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.
 
(Registrant)   Schwartz Investment Trust                                                                 
 
By (Signature and Title)*
/s/ George P. Schwartz   
   
George P. Schwartz, President
 
       
Date
November 7, 2013
   
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)*
/s/ George P. Schwartz   
   
George P. Schwartz, President
 
       
Date
November 7, 2013
   
       
By (Signature and Title)*
/s/ Timothy S. Schwartz   
   
Timothy S. Schwartz, Treasurer
 
       
Date
November 7, 2013
   
 
*
Print the name and title of each signing officer under his or her signature.
 
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