Ave Maria
Mutual Funds

¹ The thoughts and opinions expressed in the interview are those of the speakers as of September 13, 2023 (Yet Another Value Podcast). The companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussion is designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio. There can be no assurance with regard to future market movements. Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling 1–866–283–6274. Read it carefully before investing. Distributed by Ultimus Fund Distributors, LLC.

As of 3–31–24, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (16.1%). Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased.

² The thoughts and opinions expressed in the interview are those of the speakers as of March 9, 2023 (EWTN). The companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussion is designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio. There can be no assurance with regard to future market movements. Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling 1–866–283–6274. Read it carefully before investing. Distributed by Ultimus Fund Distributors, LLC.

Morningstar Percentile Rankings is the fund’s total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. In the Morningstar Mid-Cap Blend Fund Category, the Ave Maria Value Fund had the following percentile rankings as of March 31, 2024: 1 year (399th out of 423 funds), 3 years (171st out of 392 funds), 5 years (259th out of 360 funds) and 10 years (238th out of 252 funds). The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2024 Morningstar, Inc. All Rights Reserved.

³ The thoughts and opinions expressed in the interview are those of the speakers as of February 16, 2023 (Catholic Finance Association). The companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussion is designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio. There can be no assurance with regard to future market movements. Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling 1–866–283–6274. Read it carefully before investing. Distributed by Ultimus Fund Distributors, LLC.

Morningstar Percentile Rankings is the fund’s total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. As of March 31, 2024, the rankings were as follows: Ave Maria Bond Fund (Conservative Allocation category) 1 year 85th percentile (138 out of 155 funds), 3 years 21st percentile (22 out of 140 funds), 5 years 17th percentile (19 out of 135 funds) and 10 years 37th percentile (35 out of 104 funds). Ave Maria Focused Fund (Mid-Cap Growth category) 1 year 42nd percentile (219 out of 549 funds) and 3 years 34th (132 out of 520 funds). Ave Maria Growth Fund (Large Growth category) 1 year 79th percentile (986 out of 1,191 funds), 3 years 61st percentile (646 out of 1,111 funds), 5 years 81st percentile (849 out of 1,037 funds) and 10 years 73rd percentile (608 out of 807 funds). Ave Maria Rising Dividend Fund (Large Blend category) 1 year 84th percentile (1,224 out of 1,422 funds), 3 years 66th percentile (876 out of 1,293 funds), 5 years 86th percentile (1,028 out of 1,179 funds) and 10 years 88th percentile (784 out of 888 funds). Ave Maria Value Fund (Mid-Cap Blend category) 1 year 93rd percentile (399 out of 423 funds), 3 years 51st percentile (171 out of 392 funds), 5 years 73rd percentile (259 out of 360 funds) and 10 years 94th percentile (238 out of 252 funds). Ave Maria World Equity Fund (Global Large-Stock Blend category) 1 year 22nd percentile (79 out of 354 funds), 3 years 18th percentile (51 out of 338 funds), 5 years 69th percentile (205 out of 3006 funds) and 10 years 82nd percentile (155 out of 202 funds).

The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2024 Morningstar, Inc. All Rights Reserved.

As of 3–31–24, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (16.1%) and Autodesk, Inc. (no longer held). Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased.

The Ave Maria Focused Fund’s top ten holdings as of 3-31-24: APi Group Corporation (19.0%), eDreams ODIGEO SA (16.1%), DigitalBridge Group, Inc. (14.3%), Brookfield Corporation* (12.2%), Apollo Global Management (6.2%), GFL Environmental, Inc. (6.0%), SigmaRoc PLC (4.7%), Ferroglobe PLC (3.7%), First Watch Restaurant Group (3.3%) and Green Plains, Inc. (3.3%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. Current and future portfolio holdings are subject to risk. *Combination of Brookfield Asset Mgt Reinsurance Partners and Brookfield Corporation. The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnotes 1 and 3.

The Ave Maria Growth Fund’s top ten holdings as of 3-31-24: Copart, Inc. (8.3%), APi Group Corporation (6.6%), Mastercard Incorporated (6.4%), O'Reilly Automotive, Inc. (5.4%), Nvidia Corporation (5.2%), AptarGroup, Inc. (4.4%), HEICO Corporation - Class A (4.3%), Iqvia Holdings, Inc. (4.1%), Texas Instruments, Inc. (3.9%) and S&P Global, Inc. (3.8%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnote 3.

Schwartz Investment Counsel, Inc., a registered investment adviser established in 1980, serves as investment adviser for Ave Maria Mutual Funds. The Adviser invests in securities only if they meet the Funds’ investment and religious requirements, and as such, the returns may be lower or higher than if the Adviser made decisions based solely on investment considerations. The method of security selection may or may not be successful and the Funds may underperform or outperform the stock market as a whole. All mutual funds are subject to market risk, including possible loss of principal. The Funds’ investments in small and mid-capitalization companies could experience greater volatility than investments in large capitalization companies. AVEWX invests in foreign securities and securities issued by U.S. entities with substantial foreign operations. Investments in these securities can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include less stringent investor protection and disclosure standards of some foreign markets; fluctuations in foreign currencies; and withholding or other taxes. AVEFX invests primarily in fixed income securities and as a result the Fund is also subject to the followings risks: interest rate risk, credit risk, credit rating risk and liquidity risk. AVEDX invests primarily in dividend paying companies and it is possible these companies may eliminate or reduce their dividend payments. AVEAX is classified as non-diversified and may therefore invest a greater percentage of its assets in the securities of a limited number of issuers than a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries or sectors, which may cause its share price to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The issuers that the Fund may emphasize will vary from time to time.

Request a prospectus, which includes investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing. The prospectus can be obtained by calling 1–866–283–6274 or it can be viewed and downloaded here. Distributed by Ultimus Fund Distributors, LLC.

For more information on investing in Ave Maria Mutual Funds, please click INVEST below or call toll-free:

1-866-AVE-MARIA
(1-866-283-6274)