Ave Maria
Mutual Funds

The Ave Maria Growth Fund’s top ten holdings as of 3–31–19: Copart, Inc. (5.4%), SBA Communications Corp. (4.8%), Mastercard International (4.8%), Visa, Inc. Class A (4.4%), HEICO Corporation - Class A (4.2%), Brookfield Asset Management, Inc. (4.1%), ANSYS, Inc. (4.0%), The Charles Schwab Corp. (3.9%), Ecolab, Inc. (3.8%) and Graco, Inc. (3.7%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. This applies to footnotes 1–5, 7–15.

¹ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard Incorporated (4.8%), Visa, Inc. CL A (4.4%), Moody’s Corporation (2.9%), S&P Global, Inc. (3.5%), Copart, Inc. (5.4%), Broadridge Financial Solutions, Inc. (1.6%) and SBA Communications Corp. (4.8%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of May 13, 2019. 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.

² As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard Incorporated (4.8%), Visa, Inc. CL A (4.4%) and SBA Communications Corp. (4.8%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of May 9, 2019. 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.

³ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard Incorporated (4.8%), Visa, Inc. CL A (4.4%) and Lowe’s Companies, Inc. (2.9%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of March 22, 2019. 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.

⁴ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; O’Reilly Automotive, Inc. (3.5%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of January 17, 2019. 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.

⁵ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Copart, Inc. (5.4%), HEICO Corporation (4.2%), SBA Communications Corporation (4.8%) and Brookfield Asset Management (4.1%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of January 16, 2019. 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.

⁶ The thoughts and opinions expressed in the interview are those of the speakers as of January 10, 2019 (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.

As of 3–31–19, the Morningstar category percentile rankings were as follows; Ave Maria Bond Fund (Allocation 15–30% Equity Category): 1 yr. (16), 3 yr. (78), 5 yr. (48) and 10 yr. (87), Ave Maria Growth Fund (Mid-Cap Growth Category): 1 yr. (16), 3 yr. (29), 5 yr. (17) and 10 yr. (31), Ave Maria Rising Dividend Fund (Large Blend Category): 1 yr. (29), 3 yr. (57), 5 yr. (74) and 10 yr. (53), Ave Maria Value Fund (Mid-Cap Blend Category): 1 yr. (66), 3 yr. (19), 5 yr. (92) and 10 yr. (87) and Ave Maria World Equity Fund (World Large Stock Category): 1 yr. (21), 3 yr. (50) and 5 yr. (69). The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36–59 months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. A 4- or 5-star rating does not necessarily imply that a fund has achieved positive results for the period. 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. © 2019 Morningstar, Inc. All Rights Reserved.

⁷ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard Incorporated (4.8%), Visa, Inc. CL A (4.4%) and FedEx Corporation (2.4%). 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 thoughts and opinions expressed in the interview are those of the speakers as of December 27, 2018. 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.

⁸ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard Incorporated (4.8%), Visa, Inc. CL A (4.4%), Accenture PLC (3.6%), Cognizant Technology Solutions Corp. (2.1%), Copart, Inc. (5.4%), O’Reilly Automotive, Inc. (3.5%), Graco, Inc. (3.7%) and Rockwell Automation, Inc. (3.5%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of November 28, 2018. 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.

⁹ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Brookfield Asset Management, Inc. (4.1%), Mastercard Incorporated (4.8%), O’Reilly Automotive, Inc. (3.5%), Rockwell Automation, Inc. (3.5%), Visa, Inc. CL A (4.4%), The Charles Schwab Corp. (3.9%) and Equinix, 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 thoughts and opinions expressed in the interview are those of the speakers as of November 9, 2018. 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.

¹⁰ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; The Charles Schwab Corp. (3.9%) and Brookfield Asset Management, Inc. (4.1%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of November 5, 2018. 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.

¹¹ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard, Inc. (4.8%), Visa, Inc. – Class A (4.4%), ANSYS, Inc. (4.0%), Texas Instruments, Inc. (3.6%) and SBA Communications Corporation (4.8%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of October 22, 2018. 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.

¹² As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; The Charles Schwab Corp. (3.9%), Mastercard, Inc. (4.8%) and Visa, Inc. – Class A (4.4%). 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 thoughts and opinions expressed in the interview are those of the speakers as of October 12, 2018. 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.

¹³ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard, Inc. (4.8%), Visa, Inc. – Class A (4.4%), O’Reilly Automotive, Inc. (3.5%), TJX Companies, Inc. (no longer held), Ross Stores, Inc. (no longer held) and Accenture PLC (3.6%). 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 thoughts and opinions expressed in the interview are those of the speakers as of October 8, 2018. 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.

¹⁴ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; Mastercard, Inc. (4.8%), Visa, Inc. – Class A (4.4%) and Roper Technologies, Inc. (3.0%). 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.

The thoughts and opinions expressed in the interview are those of the speakers as of August 28, 2018. 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.

¹⁵ As of 3–31–19, the holding percentages in the Ave Maria Growth Fund of the stocks mentioned in this commentary are as follows; O’Reilly Automotive, Inc. (3.5%), Copart, Inc. (5.4%), Rockwell Automation, Inc. (3.5%), Hexcel Corporation (2.5%) and Graco, Inc. (3.7%). 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 thoughts and opinions expressed in the interview are those of the speakers as of July 26, 2018. 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.

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.

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