Ave Maria
Mutual Funds

¹ 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 9–30–21: eDreams ODIGEO ADR (14.2%), GFL Environmental, Inc. (8.9%), APi Group Corporation (8.8%), Microsoft Corporation (7.1%), NEXTDC Ltd. (5.5%), Green Plains, Inc. (4.8%), Frontdoor, Inc. (4.5%), Adobe, Inc. (4.2%), Equinix, Inc. (4.0%) and Valvoline, Inc. (3.6%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnote 2.

The Ave Maria Growth Fund’s top ten holdings as of 9–30–21: Copart, Inc. (6.1%), Texas Instruments, Inc. (5.6%), Visa, Inc. Class A (4.9%), Microsoft Corporation (4.9%), Mastercard Incorporated (4.8%), S&P Global, Inc. (4.8%), Equinix, Inc. (4.4%), HEICO Corporation - Class A (4.3%), Broadridge Financial Solutions, Inc. (3.9%) and Roper Technologies, Inc. (3.9%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnotes 2 and 3.

² The thoughts and opinions expressed in the interview are those of the speakers as of August 12, 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 9–30–21, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO ADR (14.2%) and APi Group Corporation (8.8%). 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.

³ 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 9–30–21, 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 (3.3%). As of 9–30–21, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; HEICO Corporation (4.3%) and Chemed Corporation (0.9%). 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.

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 Funds’ 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, prepayment and extension risk and liquidity risk.

Request a prospectus, which includes investment objectives, risks, fees, 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)