Ave Maria
Mutual Funds

¹ The thoughts and opinions expressed in the interview are those of the speakers as of August 8, 2024 (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 Bond Fund was awarded 2024 LSEG Lipper Fund Awards for the best A-rated corporate bond funds.  The award is for the 3-year (among 12 funds), 5-year (among 12 funds) and 10-year periods (among 11 funds) ended November 30, 2023. The awards acknowledge the mutual fund’s consistently strong risk-adjusted returns relative to its peers.  The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest

Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed.

² 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 6–30–24, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (17.0%). 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.

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)