Ave Maria
Mutual Funds

¹ 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, 2023: 1 year (6th out of 412 funds), 3 years (10th out of 375 funds), 5 years (43rd out of 351 funds) and 10 years (93rd out of 224 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. ©2023 Morningstar, Inc. All Rights Reserved.

² 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, 2023, the rankings were as of follows: Ave Maria Bond Fund (Allocation – 15% to 30% Equity category) 1 year 3rd percentile (2 out of 138 funds), 3 years 14th percentile (12 out of 127 funds), 5 years 7th percentile (6 out of 125 funds) and 10 years 22nd percentile (18 out of 85 funds). Ave Maria Focused Fund (Large Growth category) 1 year 71st percentile (872 out of 1,246 funds). Ave Maria Growth Fund (Large Growth category) 1 year 3rd percentile (21 out of 1,246 funds), 3 years 58th percentile (594 out of 1,138 funds), 5 years 63rd percentile (644 out of 1,052 funds) and 10 years 73rd percentile (592 out of 809 funds). Ave Maria Rising Dividend Fund (Large Blend category) 1 year 12th percentile (120 out of 1,360 funds), 3 years 12th percentile (130 out of 1,229 funds), 5 years 66th percentile (721 out of 1,121 funds) and 10 years 82nd percentile (675 out of 829 funds). Ave Maria Value Fund (Mid-Cap Blend category) 1 year 6th percentile (19 out of 412 funds), 3 years 10th percentile (25 out of 375 funds), 5 years 43rd percentile (136 out of 351 funds) and 10 years 93rd percentile (207 out of 224 funds). Ave Maria World Equity Fund (Global Large-Stock Blend category) 1 year 21st percentile (91 out of 365 funds), 3 years 52nd percentile (159 out of 334 funds), 5 years 73rd percentile (209 out of 288 funds) and 10 years 90th percentile (159 out of 182 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. ©2023 Morningstar, Inc. All Rights Reserved.

As of 3–31–23, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (14.0%) 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.

³ 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 3–31–23, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; Texas Pacific Land Corporation (0.6%), 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.

⁴ 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 3–31–23, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (14.0%). 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 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 3–31–23, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; Valvoline, Inc. (4.2%), eDreams ODIGEO SA (14.0%), GFL Environmental, Inc. (11.8%) and APi Group Corporation (11.3%). 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.

⁶ 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 3–31–23, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; Valvoline, Inc. (4.2%), eDreams ODIGEO SA (14.0%) and GFL Environmental, Inc. (11.8%). 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 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 3-31-23: eDreams ODIGEO SA (14.0%), GFL Environmental, Inc. (11.8%), APi Group Corporation (11.3%), Brookfield Corporation* (9.9%), DigitalBridge Group, Inc. (9.2%), Orion Engineered Carbons SA (6.1%), Brookfield Asset Management (4.8%), Green Plains, Inc. (4.7%), Tyler Technologies, Inc. (4.6%) and Valvoline, Inc. (4.2%). 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 2,3, 4, 5, 7 and 8.

The Ave Maria Growth Fund’s top ten holdings as of 3-31-23: Copart, Inc. (7.7%), Mastercard Incorporated (6.2%), Texas Instruments, Inc. (6.1%), O'Reilly Automotive, Inc. (5.2%), HEICO Corporation - Class A (4.9%), APi Group Corporation (4.8%), AptarGroup, Inc. (4.6%), Advanced Micro Devices, Inc. (4.5%), S&P Global, Inc. (4.0%) 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 7 and 8.

⁸ 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 3–31–23, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (14.0%) and APi Group Corporation (11.3%). 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.

⁹ 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 3–31–23, 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 (3.6%). As of 3–31–23, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; HEICO Corporation (4.9%) 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)