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 2025 LSEG Lipper Awards for Consistent Return among 10 Corporate Debt A-Rated Funds for the three-year and five-year periods ended 11-30-24. The Fund was also 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. LSEG Lipper Fund Awards, ©2025 LSEG. All rights reserved. Used under license.

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 3–31–25, the holding percentages in the Ave Maria Focused Fund of the stocks mentioned in this commentary are as follows; eDreams ODIGEO SA (18.2%). 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. The Fund’s top ten holdings as of 3-31-25: APi Group Corporation (18.3%), eDreams ODIGEO SA (18.2%), GFL Environmental, Inc. (8.9%), Brookfield Corporation (7.9%), Brookfield Wealth Solutions Ltd. (7.9%), LandBridge Company LLC (6.9%), DigitalBridge Group, Inc. (6.9%), SigmaRoc PLC (6.3%), SECURE Waste Infrastructure Corp. (6.1%) and Apollo Global Management (5.4%). 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.