separately managed accounts pro-life pro-family

We take a pro-life and pro-family approach to investng, with a proprietary screen- ing process examining corporate compliance with Catholic teachings. Specifically, companies engaged in the following are eliminated:

abortion

pornography

embryonic stem cell research

policies undermining the sacrament of marriage

Investments are made only in companies that do not violate core teachings of the as set by our Catholic Advisory Board. Catholic Advisory Board

dr. robert george dr. scott hahn lou holtz larry kudlow Professor, Professor, Franciscan University Emeritus; Former Coach, Emeritus; Natonal Princeton University of Steubenville University of Notre Dame Economic Council Director

tom monaghan dr. melissa moschella gloria purvis fr. john riccardo Chairman, Professor, Morning Glory Host, Emeritus; Executve Director Ave Maria Foundaton Columbia University EWTN ACTS XXIX

paul roney – chairman Lila Rose cardinal President, President, Domino’s Farms Corporaton Live Acton Episcopal Advisor Episcopal Advisor

Former Board Members Who Contnue To Lead and Inspire In Spirit bowie k. kuhn michael novak phyllis schlafly moral portfolio screens decisions

CATHOLIC SCHWARTZ ADVISORY BOARD INVESTMENT COUNSEL, INC. Responsible for setng moral criteria for Experienced investment professionals screening out companies that violate core select securites for each portolio to meet values of the Roman Catholic Church investment objectves

ave maria separately managed accounts

Strategy/inception goal investment focus managers

World Long-term capital Companies of all capitalizatons Joseph W. Skornicka, CFA Equity appreciaton from around the world Robert C. Schwartz, CFP® 4/30/2010

Mid-cap and larger companies Growth Long-term capital offering above-average potental Adam P. Gaglio, CFA appreciaton for growth in revenues, profits Chadd M. Garcia, CFA 5/1/2003 and cash flow

Companies of all capitalizatons Long-term capital Timothy S. Schwartz, CFA Value believed to be undervalued relatve to appreciaton Joseph W. Skornicka, CFA

REWARD 5/1/2001 their intrinsic worth /

Long-term capital Rising appreciaton and a Joseph W. Skornicka, CFA Dividend-paying common stocks Dividend rising stream of George P. Schwartz, CFA 5/2/2005 dividend payments RISK

Preservaton of Primarily domestc investment-grade Fixed principal with a debt of government and corporate Brandon S. Scheitler Income reasonable level of issuers and may invest up to 20% of its George P. Schwartz, CFA 5/1/2003 current income assets in equity securites senior leadership

GEORGE P. TIMOTHY S. JOSEPH W. MICHAEL J. SCHWARTZ, CFA SCHWARTZ, CFA SKORNICKA, CFA SCHWARTZ Chairman & President Senior Vice President & Senior Vice President Chief Executve Officer Chief Investment Officer Insttutonal Sales

ROBERT C. ADAM P. CHADD M. BRANDON S. SCHWARTZ, CFP® GAGLIO, CFA GARCIA, CFA SCHEITLER Senior Vice President Vice President & Vice President & Vice President & Senior Research Analyst Senior Research Analyst Senior Research Analyst

CATHY M. ANTHONY W. RYAN M. TODD C. STONER, CPA, IACCpsm GENNARO, CFA, CPA KUYAWA, CFA GIESSLER Vice President & Senior Equity Analyst Senior Research Analyst & Director Of Advisory Services Chief Compliance Officer Head Trader

SCHWARTZ INVESTMENT COUNSEL, INC. separately managed accounts

Ave Maria Value Strategy Ave Maria Growth Strategy Ave Maria Rising Dividend Strategy Ave Maria World Equity Strategy Ave Maria Fixed Income Strategy

For additonal informaton, contact your financial professional, or call 1-800-449-9240

Schwartz Investment Counsel, Inc., a registered investment adviser established in 1980, serves as investment adviser for Ave Maria Mutual Funds and invests only in securites that meet the Funds’ investment and religious requirements. The returns may be lower or higher than if decisions were based solely on investment consideratons. The method of security selecton 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 capitalizaton companies could experience greater volatlity than investments in large capitalizaton companies. AVEWX invests in foreign securites and securites issued by U.S. enttes with substantal foreign operatons. Investments in these securites can involve additonal risks relatng to politcal, economic or regulatory conditons in foreign countries. These risks include less stringent investor protecton and disclosure standards of some foreign markets; fluctuatons in foreign currencies; and withholding or other taxes. AVEFX invests primarily in fixed income securites and as a result the Fund is also subject to the followings risks: interest rate risk, credit risk, credit ratng risk, prepayment and extension risk and liquidity risk.

Mutual fund investng involves risk. Principal loss is possible. Request a prospectus, which includes investment objectves, risks, fees, expenses and other informaton that you should read and consider carefully before investng. The prospectus can be obtained by calling 1-866-283-6274 or it can be viewed and downloaded from www.avemariafunds.com. Distributed by Ultmus Fund Distributors, LLC. 300-05-011521