Ave Maria
Mutual Funds

¹ The thoughts and opinions expressed in the interview are those of the speakers as of March 21, 2022 (Fox Business). 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 12–31–22, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; Texas Pacific Land Corporation (1.0%), Green Plains, Inc. (4.7%) and Archaea Energy, 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.

² The thoughts and opinions expressed in the interview are those of the speakers as of November 16, 2021 (TDA Network). 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 12–31–22, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (11.5%). 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.

³ The thoughts and opinions expressed in the interview are those of the speakers as of October 18, 2021 (Fox Business). 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 12–31–22, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; Valvoline, Inc. (4.6%), eDreams ODIGEO SA (11.5%), GFL Environmental, Inc. (11.9%) and APi Group Corporation (11.2%). 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.

⁴ The thoughts and opinions expressed in the interview are those of the speakers as of October 15, 2021 (TDA Network). 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 12–31–22, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; Valvoline, Inc. (4.6%), eDreams ODIGEO SA (11.5%) and GFL Environmental, Inc. (11.9%). 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.

⁵ The thoughts and opinions expressed in the interview are those of the speakers as of August 13, 2021 (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.

The Ave Maria Focused Fund’s top ten holdings as of 12-31-22: 12-31-22: GFL Environmental, Inc. (11.9%), eDreams ODIGEO SA (11.5%), APi Group Corporation (11.2%), DigitalBridge Group, Inc. (10.0%), Brookfield Asset Management* (8.7%), Permian Basin Royalty Trust (4.8%), Green Plains, Inc. (4.7%), Orion Engineered Carbons SA (4.7%), Valvoline, Inc. (4.6%) and Radius Global Infrastructure, Inc. (4.6%). *Combination of Brookfield Asset Mgt Reinsurance Partners and Brookfield Asset Management, Inc. The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnotes 1, 2, 3, 5 and 6.

The Ave Maria Growth Fund’s top ten holdings as of 12-31-22: Copart, Inc. (6.8%), Mastercard Incorporated (6.4%), Texas Instruments, Inc. (5.9%), Microsoft Corporation (5.6%), O’Reilly Automotive, Inc. (5.6%), HEICO Corporation - Class A (4.7%), AptarGroup, Inc. (4.7%), APi Group Corporation (4.4%), S&P Global, Inc. (4.2%) and Iqvia Holdings, Inc. (3.9%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnotes 5 and 6.

⁶ The thoughts and opinions expressed in the interview are those of the speakers as of August 12, 2021 (Cheddar TV). 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 12–31–22, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (11.5%) and APi Group Corporation (11.2%). 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.

⁷ The thoughts and opinions expressed in the interview are those of the speakers as of July 22, 2021. 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 12–31–22, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; HEICO Corporation (not held) and Chemed Corporation (4.1%). As of 12–31–22, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; HEICO Corporation (4.7%) and Chemed Corporation (1.3%). 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.

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)