Denver Catholic

9 DENVER CATHOLIC | OCTOBER-NOVEMBER 2026 Morningstar: Fund Category – Mid-Cap Blend. Morningstar Rating TM 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 f rom 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 f rom any use of this information. ©2026 Morningstar, Inc. All Rights Reserved. Morningstar Percentile Rankings is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of 1 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 f rom any use of this information. ©2026 Morningstar, Inc. All Rights Reserved. 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. Call 1-866-AVE-MARIA for the most current month-end performance. Schwartz Investment Counsel, Inc., a registered investment adviser established in 1980, serves as investment adviser for Ave Maria Mutual Funds and invests only in securities that meet the Funds' investment and religious requirements. The returns may be lower or higher than if decisions were 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. This fund 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 funds that are diversified. At times, the Funds may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries or sectors, which may cause their share prices to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than funds that are more widely diversified. The issuers that the Funds 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 1Š866Š283Š6274 or it can be viewed at www.avemariafunds.com. Distributed by Ultimus Fund Distributors, LLC. Schwartz Investment Counsel, Inc. is not affiliated with Ultimus Fund Distributors, LLC. 200-203-041526 | 20260206-5194152 1-866-AVE-MARIA (1-866-283-6274) avemariafunds.com Smart Investing & Catholic Values Compromise Elsewhere MORNINGSTAR RATING (as of 3/31/26) Overall Rating out of 365 funds 3 Year Rating out of 365 funds 5 Year Rating out of 341 funds 10 Year Rating out of 263 funds MORNINGSTAR PEER COMPARISON RANKING (as of 3/31/26) 1 Year: 35th percentile out of 415 funds 3 Years: 2nd percentile out of 365 funds 5 Years: 1st percentile out of 341 funds 10 years: 2nd percentile out of 263 funds AVE MARIA VALUE FOCUSED FUND ( AVERX )

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