Ave Maria Rising Dividend Fund (AVEDX)

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc. (the Firm), the investment adviser for the Ave Maria Mutual Funds and the Schwartz Value Focused Fund, has announced a reduction in the management fee of three funds effective May 1, 2022. The management fee of the Ave Maria Focused Fund (AVEAX) will be lowered from 0.85% to 0.75% per year, bringing the total expense ratio down to 1.12%. The Ave Maria World Equity Fund (AVEWX), will lower its management fee from 0.95% to 0.75% per year, reducing the total expense ratio to 1.02%. Also, the Schwartz Value Focused Fund (RCMFX) will reduce its management fee from 0.95% to 0.75% per year, resulting in a 1.26% total expense ratio. George P. Schwartz, CFA, Chairman and Chief Executive Officer, stated, “As fund assets have appreciated, cost savings have been realized and our Board of Trustees has decided to pass those savings along in the form of reduced expenses for our shareholders.” Over the past five years, the Ave Maria Mutual Funds have reduced expenses for several of its funds to the benefit of shareholders. The Firm also announced the promotion of Sean C. Gaffney, CFA, to co-Portfolio Manager of the Ave Maria World Equity Fund (AVEWX), joining Lead Portfolio Manager, Anthony W. Gennaro, CFA, CPA. Before joining Schwartz Investment Counsel, Inc., Sean worked as an investment analyst at Plante Moran Financial Advisors. Sean holds a Bachelor of Science degree in Finance from the University of Connecticut and a Master of Arts degree in Theology from the Augustine Institute, and has earned the Chartered Financial Analyst designation. About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with $2.8 billion in assets under management. The six no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $924 million Ave Maria Rising Dividend Fund (Ticker: AVEDX) and $882 million Ave Maria Growth Fund (Ticker: AVEGX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. Ave Maria Mutual Funds Prospectus 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 at www.avemariafunds.com. Schwartz Value Focused Fund Prospectus Prospective investors should read the prospectus carefully and consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which can be obtained by calling 1-800-449-9240 or online at www.schwartzvaluefocusedfund.com, contains this and other important information. Distributed by Ultimus Fund Distributors LLC. 14774355-UFD-04042022 Schwartz Investment Counsel, Inc. is not affiliated with Ultimus Fund Distributors, LLC.

PLYMOUTH, Mich.--(BUSINESS WIRE)--The Texas Pacific Land Corporation (TPL) Board of Directors has refused to act on an advisory ballot proposal approved by 55.9% of shareholders. Despite the majority vote held on December 29, 2021, to declassify the Board of Directors, the Board has not taken action to do so. Schwartz Investment Counsel, Inc., on behalf of clients, owns over 74,000 shares of TPL (approximately 1% of the shares outstanding) with a market value more than $96,000,000. Having invested in TPL since 2015, Schwartz Investment Counsel, Inc. is one of TPL’s largest shareholders and believes TPL’s board has a fiduciary obligation to implement the owners’ wishes. Schwartz Investment Counsel, Inc. believes doing so would clearly be in the best interest of the company and all its shareholders. TPL currently has three classes of board members. If declassified, all directors would be required to stand for re-election yearly. Currently, only one-third of the board members stand for re-election each year. Schwartz Investment Counsel, Inc. is against staggered boards and believes they only serve to entrench board members, which is not in the best interest of all shareholders. On December 29, 2021, Schwartz Investment Counsel, Inc., along with the majority of shareholders, voted to declassify, which the TPL Board has refused to do. We recommend that other TPL shareholders also encourage the Board to implement the declassification for which we owners have voted. George P. Schwartz, Chairman & CEO Schwartz Investment Counsel, Inc. About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with nearly $2.9 billion in assets under management. The six no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $937 million Ave Maria Rising Dividend Fund (Ticker: AVEDX) and $912 million Ave Maria Growth Fund (Ticker: AVEGX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. As of 12–31–21, the holding percentages of Texas Pacific Land Corporation in the Ave Maria Mutual Funds were as follows: Ave Maria Bond Fund (1.3%), Ave Maria Focused Fund (1.8%), Ave Maria Growth Fund (0.6%), Ave Maria Rising Dividend Fund (3.9%) and Ave Maria Value Fund (9.7%). As of 12-31-21, the Schwartz Value Focused Fund had a 29.1% holding percentage in Texas Pacific Land Corporation. 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. Ave Maria Mutual Funds Prospectus 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 at www.avemariafunds.com. Schwartz Value Focused Fund Prospectus Prospective investors should read the prospectus carefully and consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus, which can be obtained by calling 1-800-449-9240 or online at www.schwartzvaluefocusedfund.com, contains this and other important information. Distributed by Ultimus Fund Distributors LLC. 14588187-UFD-03042022 Schwartz Investment Counsel, Inc. is not affiliated with Ultimus Fund Distributors, LLC.

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc. (the Firm), investment adviser for the Ave Maria Mutual Funds, has seen an incredible growth of interest in the morally responsible investment (MRI) strategies presented in the Ave Maria Mutual Funds. In order to satisfy the demand among advisors and their clients, the Firm has hired an industry professional with a deep understanding of the needs of advisors who also aligns with the principles and culture of the organization. Robert M. Geppner has joined Schwartz Investment Counsel, Inc. as Director of Strategic Planning, having recently retired from Franklin Templeton Investments where he crafted an illustrious 34-year career. Bob has worked in all facets of intermediary distribution, beginning his career as a wholesaler in 1987 and advancing to Executive Vice President - Head of National Sales. In his new role with the Firm, Bob will further cultivate relationships with financial advisors across the full spectrum of distributors. George P. Schwartz, CFA, Chairman and Chief Executive Officer, remarked, “Bob is a tremendous addition to our Firm. We are confident that with his industry expertise and his reputation for integrity, he will expand the presence of the Ave Maria Mutual Funds within the broker dealer community.” Geppner will report to Michael J. Schwartz, Executive Vice President – Institutional Sales, who added, “I am excited to work with a such an accomplished professional as Bob and I’m sure he’ll contribute significantly to the expansion of our family of Catholic mutual funds.” Bob Geppner commented, “The interest in 'Impact Investing' has focused a spotlight on MRI and I hope to leverage my experience to significantly expand the placement of our family of Catholic mutual funds.” About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S. with nearly $3.0 billion in assets under management. The six no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $1 billion Ave Maria Growth Fund (Ticker: AVEGX) and $950 million Ave Maria Rising Dividend Fund (Ticker: AVEDX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC. 12966406-UFD-6/9/2021

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc. (the Firm), the investment adviser for the Ave Maria Mutual Funds, has announced portfolio manager promotions effective January 1, 2021. For the Ave Maria Value Fund (Ticker: AVEMX), Ryan M. Kuyawa, CFA was named co- Portfolio Manager, joining Lead Portfolio Manager Timothy S. Schwartz, CFA. For the Ave Maria World Equity Fund (Ticker: AVEWX), Anthony W. Gennaro, CFA, CPA was named co-Portfolio Manager, joining Lead Portfolio Manager Joseph W. Skornicka, CFA. George P. Schwartz, Chairman and Chief Executive Officer, commented, “Ryan and Anthony both joined the Firm in 2019 and have significant investment experience. In their tenures with Schwartz Investment Counsel, Inc. they have proven themselves as outstanding research analysts and we are confident in their abilities in their new roles as portfolio managers.” About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with over $2.6 billion in assets under management. The six no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $949 million Ave Maria Growth Fund (Ticker: AVEGX) and $858 million Ave Maria Rising Dividend Fund (Ticker: AVEDX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC. 11706403-UFD-12/23/2020

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc., a registered investment adviser established in 1980 and manager of the Ave Maria Mutual Funds, has announced the promotion of Michael J. Schwartz from Senior Vice President to Executive Vice President effective March 1, 2020. George P. Schwartz, CFA, Chairman and CEO of Schwartz Investment Counsel, Inc., said, “"With more than 18 years of service at the Firm, Mike has proven to be an effective and strategic leader. He has spearheaded the very successful nationwide development of the Ave Maria Mutual Funds through investment intermediaries and institutional investors. Assets of these pro-life and pro-family mutual funds now exceed $2.7 billion. Supported by a talented and dedicated team of professionals, Mike will no doubt continue to play a key role in the success of Schwartz Investment Counsel, Inc.” About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with $2.7 billion in assets under management. The five no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $962 million Ave Maria Rising Dividend Fund (Ticker: AVEDX) and $857 million Ave Maria Growth Fund (Ticker: AVEGX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC. 9672504-UFD-3/6/2020

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc. (the Firm), the investment adviser for the Ave Maria Mutual Funds, has announced portfolio manager changes and promotions effective January 1, 2020. For the Ave Maria Rising Dividend Fund (Ticker: AVEDX), Joseph W. Skornicka, CFA was named Lead Portfolio Manager, joining co-Portfolio Manager, George P. Schwartz, CFA. For the Ave Maria Growth Fund (Ticker: AVEGX), Adam P. Gaglio, CFA was named Lead Portfolio Manager and is joined by Chadd M. Garcia, CFA as co-Portfolio Manager. For the Ave Maria Bond Fund (Ticker: AVEFX), George P. Schwartz, CFA was named co-Portfolio Manager, joining Lead Portfolio Manager Brandon S. Scheitler. Additionally, Timothy S. Schwartz, CFA was named the Firm’s President and Joseph W. Skornicka, CFA was named Chief Investment Officer. Cathy M. Stoner, CPA, IACCP was named Chief Financial Officer and both Adam P. Gaglio, CFA and Chadd M. Garcia, CFA were promoted to Vice Presidents. George P. Schwartz, Chairman and Chief Executive Officer, remarked, “The long-planned retirement of our esteemed colleague, Richard L. Platte, Jr., CFA created the opportunity for these promotions. The Firm’s investment professionals have proven themselves as outstanding portfolio managers and research analysts and are enthusiastically pursuing their new assignments.” About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with $2.6 billion in assets under management. The five no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $962 million Ave Maria Rising Dividend Fund (Ticker: AVEDX) and $857 million Ave Maria Growth Fund (Ticker: AVEGX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC. 9328572-UFD-12/30/2019

PLYMOUTH, Mich.--(BUSINESS WIRE)--Ave Maria Mutual Funds announced today that Lila Rose has joined its Catholic Advisory Board. Lila is a human rights activist, speaker, writer, and podcast host. She founded and serves as president of Live Action, a media and news nonprofit dedicated to ending abortion and inspiring a culture that respects all human life. Live Action’s groundbreaking news coverage and compelling videos reach several million people every week. The Catholic Advisory Board of Ave Maria Mutual Funds is composed of prominent Catholics who provide religious guidance in accordance with teachings of the Roman Catholic Church. “We are blessed to have such a powerful voice in the pro-life movement join the Catholic Advisory Board,” said Paul Roney, Chairman of the Catholic Advisory Board. “The Board meets regularly with the investment adviser, Schwartz Investment Counsel, Inc., to review the Funds’ religious standards and criteria, and Lila Rose’s energy and passion make her a great addition.” George P. Schwartz, CFA, Chairman and CEO of the investment adviser added, “Lila Rose is a rising superstar among pro-life advocates and has dedicated her life to ending abortion. She provides a fresh perspective and her willingness to serve will greatly benefit our 100,000+ investors in the Ave Maria Mutual Funds.” Lila is the host of the “The Lila Rose Show,” a podcast that tackles faith, relationships, culture and politics. Her media appearances are numerous and include Fox News’ Hannity, Tucker Carlson Tonight, and The Story with Martha MacCallum; CNN, BBC, and many other national television and radio programs. Lila’s investigative reporting on the abortion industry has been featured in many major news outlets, including the Atlantic, the Washington Post, Los Angeles Times, CBS and ABC Nightline. Lila has written for the Hill, Politico, USA Today, and First Things, among others. Lila also speaks internationally on faith, family and cultural issues, and has addressed members of the European Parliament and the United Nation’s Commission on the Status of Women. She has been named among National Journal’s “25 Most Influential Washington Women Under 35,” and Christianity Today’s “33 under Thirty-Three.” REQUIRED DISCLOSURES About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with $2.4 billion in assets. The five no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The two largest funds are the $915 million Ave Maria Rising Dividend Fund (Ticker: AVEDX) and $784 million Ave Maria Growth Fund (Ticker: AVEGX). For more information about Ave Maria Mutual Funds, call 1-866-AVE-MARIA (866-283-6274) or visit www.avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC. 9082231-UFD-10/21/2019

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc., the investment adviser for the Ave Maria Mutual Funds, has announced a reduction in the management fee of the Ave Maria Growth Fund (AVEGX) effective January 1, 2018. The management fee has been reduced from 0.85% to 0.75% per year, lowering the total expense ratio to 0.97%. George P. Schwartz, CFA, Chairman and Chief Executive Officer, stated, “As the Ave Maria Growth Fund has grown, we have continued to lower the expense ratio for existing shareholders and also to make the Fund more attractive to prospective shareholders.” The $495 million Fund posted impressive results in 2017, up 27.36% vs. the S&P 500 Index up 21.83%. It has also outperformed the S&P 500 for the past 3- and 10-year periods, as well as since the Fund’s inception in May 2003. As of December 31, 2017, the Ave Maria Growth Fund compared favorably against its peers in the Morningstar Mid-Cap Growth Category, ranking in the 24th, 17th, 35th and 18th percentiles for the 1-, 3-, 5- and 10-year time periods. The Fund is rated 5-stars overall by Morningstar among 562 funds in the Mid-Cap Growth category. Lead Portfolio Manager Brian D. Milligan, CFA, remarked, “Our goal is to provide strong absolute returns over the long-term while adhering to the pro-family and pro-life mandate. We are very pleased that we have been able to do this without compromising the moral values of our shareholders.” Returns as of 12/31/17 Ave Maria Growth Fund (AVEGX) 1 year (27.36%), 3 years (11.57%), 5 years (14.44%), 10 years (9.41%) and Since Inception (11.25%). Inception date for the Fund is 5/1/03. S&P 500® Index 1 year (21.83%), 3 years (11.41%), 5 years (15.79%), 10 years (8.50%) and Since Inception (9.81%). Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value are historical and may fluctuate so that redemption value may be worth more or less than the original cost. Current performance may be lower or higher than what is quoted. Visit www.avemariafunds.com or call toll-free 1-866-AVE-MARIA for the most current month-end performance. About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S with over $2 billion in assets. The five no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The largest of the funds is the $1 billion Ave Maria Rising Dividend Fund (Ticker: AVEDX). For more information about Ave Maria Mutual Funds, please call 1-866-AVE-MARIA (866-283-6274) or visit http://avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., please visit www.schwartzinvest.com. The Morningstar RatingTM 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. For the period ended 12-31-17, the Fund received the following Morningstar Ratings; Overall 5 stars among 562 funds, 3 yr. 4 stars among 562 funds, 5 yr. 4 stars among 490 funds and 10 yr. 5 stars among 362 funds. Mutual fund investing involves risk, including loss of principal. The Adviser invests only in securities that meet the Fund's investment and religious requirements. The returns may be lower or higher than if decisions were based solely on investment considerations. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC.

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc., the investment adviser for the Ave Maria Mutual Funds, has announced two portfolio manager promotions effective January 1, 2018. For the Ave Maria Value Fund (Ticker: AVEMX), Chadd M. Garcia was named co-Portfolio Manager, joining Lead Portfolio Manager, Timothy S. Schwartz, CFA, and co-Portfolio Manager Joseph W. Skornicka, CFA. For the Ave Maria Bond Fund (Ticker: AVEFX), Adam P. Gaglio, CFA, was named co-Portfolio Manager, joining Lead Portfolio Manager Brandon S. Scheitler and co-Portfolio Manager Richard L. Platte, Jr., CFA. George P. Schwartz, Chairman and Chief Executive Officer, remarked, “Chadd and Adam have proven themselves as outstanding research analysts and we think they are well prepared for the challenge of being portfolio managers. They will add depth to the management of these two mutual funds.” About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S. with over $2 billion in assets. The five no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The largest of the funds is the $975 million Ave Maria Rising Dividend Fund (Ticker: AVEDX). For more information about Ave Maria Mutual Funds, please call 1-866-AVE-MARIA (866-283-6274) or visit http://avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., please visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC.

PLYMOUTH, Mich.--(BUSINESS WIRE)--Schwartz Investment Counsel, Inc. (the investment adviser to the Ave Maria Mutual Funds) has announced the promotion of four employees. Robert C. Schwartz, CFP, was promoted to Senior Vice President. Brian D. Milligan, CFA, and Brandon S. Scheitler were both named Vice President and Annie M. Malcolm was promoted to Operations Manager. Brian Milligan is the Lead Portfolio Manager of the Ave Maria Growth Fund (Ticker: AVEGX), Brandon Scheitler is the Lead Portfolio Manager of the Ave Maria Bond Fund (Ticker: AVEFX) and Robert Schwartz is Co-Portfolio Manager of the Ave Maria World Equity Fund (Ticker: AVEWX). George P. Schwartz, CFA, Chairman and CEO of Schwartz Investment Counsel, Inc., said, “These four individuals are key contributors to the success of Schwartz Investment Counsel, Inc., and their promotions reflect their importance to the continued growth of our firm.” Richard L. Platte, Jr., CFA, President and Chief Investment Officer added, “Bob, Brian, Brandon, and Annie are valued colleagues and their promotions help position us to better serve our clients.” Headquartered in Plymouth, Michigan, Schwartz Investment Counsel, Inc. manages more than $2 billion of investor assets and also has a branch office in Ave Maria, Florida. About Ave Maria Mutual Funds Ave Maria Mutual Funds is the largest family of Catholic mutual funds in the U.S. with over $2 billion in assets. The five no-load funds invest in companies that do not violate core values and teachings of the Catholic Church. The largest of the funds is the $975 million Ave Maria Rising Dividend Fund (Ticker: AVEDX). For more information about Ave Maria Mutual Funds, please call 1-866-AVE-MARIA (866-283-6274) or visit http://avemariafunds.com. About Schwartz Investment Counsel, Inc. Schwartz Investment Counsel, Inc. is a Registered Investment Adviser. Founded in 1980, the Firm is headquartered in Plymouth, Michigan with a branch office in Ave Maria, Florida. In managing the Ave Maria Mutual Funds, investments are made only if companies meet the Funds’ financial and moral criteria. As such, returns may be lower or higher than if decisions were 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. For more information about Schwartz Investment Counsel, Inc., please visit www.schwartzinvest.com. 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 at www.avemariafunds.com. Distributed by Ultimus Fund Distributors LLC.