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schwartz:BLOOMBERGINTERMEDIATEUSGOVERNMENTCREDITBONDINDEXMember 2016-01-01 2025-12-31 iso4217:USD pure false 485BPOS 2026-04-30 0000891160 N-1A SCHWARTZ INVESTMENT TRUST 2026-04-30 Ave Maria Growth Fund what is the fund’s investment objective? The investment objective of the Ave Maria Growth Fund is to seek long-term capital appreciation. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zJ12CugXyH2a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zGz84MXMtLdc" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: bottom; width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_903_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001550Member__oef--ClassAxis__custom--C000004204Member_zaJW3OKeS4tl" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="vertical-align: top; width: 3%; text-align: center"> </td></tr> </table> 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zZZVgBpcFVql"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zSR63BH1WYvj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_49A_20260430__20260430__dei--LegalEntityAxis__custom--S000001550Member__oef--ClassAxis__custom--C000004204Member_zrzKyNwKa2Kk" style="vertical-align: bottom; text-align: right; width: 10%"> </td> <td style="vertical-align: top; text-align: center; width: 3%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zK8CmPVZcYs2" style="vertical-align: top"> <td style="text-align: left"> Management Fees </td> <td style="text-align: right">0.75%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zA5KFx1JtpH6" style="vertical-align: top"> <td style="text-align: left"> Other Expenses </td> <td style="text-align: right">0.15%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zElf9POQN7C" style="vertical-align: top"> <td style="text-align: left"> Total Annual Fund Operating Expenses </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right">0.90%</td> <td style="text-align: left"> </td></tr> </table> 0.0075 0.0015 0.0090 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5hYyU8PXRR1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zpekOzxvc1ic" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_480_eoef--ExpenseExampleYear01_zzLGREktp7Og" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_z4d2PLjozQVe" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zjwJOyQKi7cd" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zbvUdOi9Yonf" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_416_20260430__20260430__dei--LegalEntityAxis__custom--S000001550Member__oef--ClassAxis__custom--C000004204Member_zcchOOsE0Rl5" style="vertical-align: top"> <td style="text-align: center">$ 92</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 287</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 498</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 1,108</td></tr> </table> 92 287 498 1108 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio. 0.17 what are the fund’s principal investment strategies? The Ave Maria Growth Fund invests primarily in common stocks of companies believed by the Adviser to offer above-average potential for growth in revenues, profits, or cash flow. Dividend and interest income are secondary considerations in investment selection. Under normal circumstances, all of the Fund’s equity investments (which include common stocks, preferred stocks, and securities convertible into common stock) and at least 80% of the Fund’s net assets will be invested in companies meeting the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. The Fund may invest in companies of all sizes, including small and mid-capitalization companies. The Fund may invest in the securities of foreign issuers directly, or indirectly in the form of depositary receipts. Depositary receipts are stocks issued by a U.S. bank or broker that trade in the U.S. but represent ownership of securities issued by foreign companies. At times, the Fund may emphasize investments in a particular issuer or issuers or hold a smaller number of portfolio securities than other diversified mutual funds. The portion of the Fund’s net assets invested at any given time in securities of issuers engaged in industries within a particular sector is affected by valuation considerations and other investment characteristics of that sector. As a result, the Fund’s investment in various sectors generally will change over time, and a significant allocation to any particular sector does not necessarily represent a continuing investment policy or investment strategy to invest in that sector. In selecting investments, the Adviser relies primarily on fundamental analysis by reviewing the issuing company’s financial statements, the fundamentals of other companies in the same industry, market trends, and economic conditions. The Adviser evaluates a company’s earnings growth and prospects, price to cash flow and other variables to determine whether the company meets its growth criteria. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening providers, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each stock held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The Fund’s investments are monitored in relation to the Adviser’s criteria for a growth company. Generally, stocks are purchased with the intent to hold them for three years or more. However, when a company no longer meets the Adviser’s investment standards, it is sold regardless of the time it is held by the Fund. Additionally, a stock will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the CAB. A stock will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund. As of December 31, 2025, the Fund had 54.6% of its net assets invested in stocks within the technology sector, including 26.4% in the semiconductor industry. The values of securities of companies in the technology sector may be adversely affected by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies, as well as the risks associated with artificial intelligence, such as high capital expenditures, rapid innovation cycles, heightened regulatory scrutiny, operational risks and vulnerabilities from reliance on complex automated systems. Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other diversified mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks. Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole. Growth securities typically trade at higher multiples of current earnings than other securities. Therefore, growth securities may be more sensitive to changes in current or expected earnings than other securities. Growth securities may also be more volatile because growth companies usually invest a high portion of earnings in their business and may lack the dividend income of value companies that can offset losses in a falling market. A company may never achieve the earnings growth the Adviser anticipates and the Fund’s growth style may go out of favor with investors. Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Growth Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with the S&P 500® Index. The S&P 500 Equal Weight® Index (consisting of the stocks in the S&P 500® Index with a fixed weight allocation) is included as a secondary index because it is more representative of the Fund’s asset allocations than the S&P 500® Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Growth Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with the S&P 500® Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_002.jpg" style="width: 336px; height: 214px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z1cxUyjQoRL5" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004204Member_zyo9rDlBScqe" style="display: none; text-align: center; width: 50%">12.07%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004204Member_z5TPGY2oeAr1" style="display: none; text-align: center">27.36%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004204Member_zBJoCr4H3rGk" style="display: none; text-align: center">-1.80%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004204Member_zfgIkFrW3Gdk" style="display: none; text-align: center">37.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004204Member_zgKQaQu8bX3i" style="display: none; text-align: center">18.37%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004204Member_ztZdmAB8MQr7" style="display: none; text-align: center">17.55%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004204Member_z8LT5AT0ywe7" style="display: none; text-align: center">-21.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004204Member_zYhqqawTbpv3" style="display: none; text-align: center">30.29%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004204Member_zITCH8qL1DQk" style="display: none; text-align: center">14.91%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004204Member_z29w09lSCOx6" style="display: none; text-align: center">8.26%</td></tr> </table> 0.1207 0.2736 -0.0180 0.3709 0.1837 0.1755 -0.2123 0.3029 0.1491 0.0826 During the periods shown in the bar chart, the highest return for a quarter was 24.35% during the quarter ended June 30, 2020, and the lowest return for a quarter was -20.45% during the quarter ended March 31, 2020. the highest return for a quarter 0.2435 2020-06-30 the lowest return for a quarter -0.2045 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zfaNTnzjS86c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zlaiHBRXswI6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: small-caps 10.5pt Arial Bold; width: 66%; text-align: justify">ave maria growth fund</td> <td id="xdx_499_20250101__20251231_zB53NtzdnRBi" style="border-bottom: black 1pt solid; width: 10%; text-align: center">One Year</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_497_20210101__20251231_zxuweezQwL19" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Five Years</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_496_20160101__20251231_zYuy31dJwtXk" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Ten Years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004204Member_zmjvKtpaTj8b" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">8.26%</td> <td style="text-align: right"> </td> <td style="text-align: center">8.46%</td> <td style="text-align: right"> </td> <td style="text-align: center">13.06%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004204Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjFMT9PWOnFe" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">6.88%</td> <td style="text-align: right"> </td> <td style="text-align: center">7.01%</td> <td style="text-align: right"> </td> <td style="text-align: center">11.56%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004204Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zcQ1vnMEBIej" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">5.89%</td> <td style="text-align: right"> </td> <td style="text-align: center">6.47%</td> <td style="text-align: right"> </td> <td style="text-align: center">10.51%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004204Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_ziTIKAUDUuF6" style="vertical-align: bottom"> <td style="text-align: left">S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">17.88%</td> <td style="text-align: right"> </td> <td style="text-align: center">14.42%</td> <td style="text-align: right"> </td> <td style="text-align: center">14.82%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004204Member__oef--PerformanceMeasureAxis__custom--SAndPEQUALWEIGHTINDEXMember_zmMX0lHnWpn6" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt">S&P 500 EQUAL WEIGHT® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">11.43%</td> <td style="text-align: right"> </td> <td style="text-align: center">10.48%</td> <td style="text-align: right"> </td> <td style="text-align: center">11.71%</td></tr> </table> Return Before Taxes 0.0826 0.0846 0.1306 0.0688 0.0701 0.1156 0.0589 0.0647 0.1051 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 0.1143 0.1048 0.1171 Ave Maria Rising Dividend Fund what are the fund’s investment objectives? The investment objectives of the Ave Maria Rising Dividend Fund are to seek to provide increasing dividend income over time, long-term growth of capital, and a reasonable level of current income. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zuNMWn4Nxmui"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zjGtzEMnrKp8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: bottom; width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_90B_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001551Member__oef--ClassAxis__custom--C000004205Member_z5hm27HyGUXi" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="vertical-align: top; width: 3%; text-align: center"> </td></tr> </table> 0 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zW74tApIxJyi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z9k9BTqhV7I1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_49F_20260430__20260430__dei--LegalEntityAxis__custom--S000001551Member__oef--ClassAxis__custom--C000004205Member_zTlWPJDRdwCl" style="vertical-align: bottom; text-align: right; width: 10%"> </td> <td style="vertical-align: top; text-align: center; width: 3%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zaWSEoUWVs89" style="vertical-align: top"> <td style="text-align: left"> Management Fees </td> <td style="text-align: right">0.75%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zFm0hzMprFah" style="vertical-align: top"> <td style="text-align: left"> Other Expenses </td> <td style="text-align: right">0.15%</td> <td style="text-align: center"> </td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zmFFFOzttJOh" style="vertical-align: top"> <td style="text-align: left"> Total Annual Fund Operating Expenses </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right">0.90%</td> <td style="text-align: left"> </td></tr> </table> 0.0075 0.0015 0.0090 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zo4fVT6a6988"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zavrZ652bw45" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zwsFGMchFPM4" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zmNvdkSXJ2Ob" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zKLUis2mbA0g" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleYear10_zb6ecTE6Rq3d" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_417_20260430__20260430__dei--LegalEntityAxis__custom--S000001551Member__oef--ClassAxis__custom--C000004205Member_zaWQyBEzNWgd" style="vertical-align: top"> <td style="text-align: center">$ 92</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 287</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 498</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 1,108</td></tr> </table> 92 287 498 1108 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. 0.13 what are the fund’s principal investment strategies? Under normal circumstances, the Ave Maria Rising Dividend Fund will invest at least 80% of its net assets, including the amount of any borrowings for investment purposes, in the common stocks of dividend-paying companies that are expected to increase their dividends over time and to provide long-term growth of capital. Under normal circumstances, all of the Fund’s equity investments (which include common stocks, preferred stocks, and securities convertible into common stock) and at least 80% of the Fund’s net assets will be invested in companies meeting the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. The Fund may invest in companies of all sizes. The Fund may invest in the securities of foreign issuers directly, or indirectly in the form of depositary receipts. Depositary receipts are stocks issued by a U.S. bank or broker that trade in the U.S. but represent ownership of securities issued by foreign companies. At times, the Fund may emphasize investments in a particular issuer or issuers or hold a smaller number of portfolio securities than other diversified mutual funds. The portion of the Fund’s net assets invested at any given time in securities of issuers engaged in industries within a particular sector is affected by valuation considerations and other investment characteristics of that sector. As a result, the Fund’s investment in various sectors generally will change over time, and a significant allocation to any particular sector does not necessarily represent a continuing investment policy or investment strategy to invest in that sector. The Adviser believes that a track record of dividend increases is an excellent indicator of a company’s financial health and growth prospects, and that over the long term, income can contribute significantly to total return. Dividends can also help reduce the Fund’s volatility during periods of market turbulence and help offset losses when stock prices are falling. The Adviser looks for stocks with sustainable, above-average growth in earnings and dividends, and attempts to buy them when they are temporarily out-of-favor or undervalued by the market. Using fundamental security analysis, the Adviser extensively analyzes stocks to identify those that meet the Fund’s investment objectives and standards. In selecting investments for the Fund, the Adviser favors companies with one or more of the following attributes: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">either a track record of, or the potential for, above-average earnings and dividend growth;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">a competitive dividend yield;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">a sound balance sheet and solid cash flow to support future dividend increases; </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 4pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">a sustainable competitive advantage and leading market position; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 4pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">reasonable valuations, such as low price/earnings, price/cash flow, or price/sales ratios.</td></tr></table> In pursuing the Fund’s investment objectives, the Adviser has the discretion to purchase securities in special situations when it perceives an unusual opportunity for gain. These special situations might arise when the Adviser believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening services, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each stock held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. Stocks are sold when a company fails to achieve its expected results, or economic factors or competitive developments adversely impair the company’s value. Additionally, a stock will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the Catholic Advisory Board. A stock will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity or other adverse effects, while natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments, may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund and its share price volatility. As of December 31, 2025, the Fund had 25.9% of its net assets invested in stocks within the technology sector. The values of securities of companies in the technology sector may be adversely affected by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies, as well as the risks associated with artificial intelligence, such as high capital expenditures, rapid innovation cycles, heightened regulatory scrutiny, operational risks and vulnerabilities from reliance on complex automated systems. Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other diversified mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritySelectionAndInvestmentStyleRisksMember_z01DZo8AzGmc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 8pt; text-align: justify">Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole. There is no guarantee that the securities selected for the Fund will provide increasing dividend income or earnings growth. Changes in the dividend policies or capital resources of companies in which the Fund invests may affect the Fund’s ability to generate income. The investment style utilized for the Fund could fall out of favor with investors, which may cause the Fund to underperform relative to other mutual funds that do not emphasize dividend paying stocks. Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees. Special Situation Company Risks. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results. The availability of special situation companies that present attractive investment opportunities may be sporadic, or rare in certain instances, which may detract from the Fund’s ability to pursue its investment objectives. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Rising Dividend Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with the S&P 500® Index and the S&P 500® Dividend Aristocrats® Index. The S&P 500® Index is used as a primary index in order to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The S&P 500® Dividend Aristocrats® Index is included as an additional comparative index because it is representative of the market sectors in which the Fund may invest. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Rising Dividend Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with the S&P 500® Index and the S&P 500® Dividend Aristocrats® Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_003.jpg" style="width: 335px; height: 214px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zEE4sunpr5zj" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004205Member_zzWAxzeej7s9" style="display: none; text-align: center; width: 50%">15.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004205Member_ztHLSrEU7dB9" style="display: none; text-align: center">16.82%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004205Member_z5l7NmgMSoce" style="display: none; text-align: center">-4.80%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004205Member_zBOQpEMaOlJa" style="display: none; text-align: center">27.58%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004205Member_zAEkRS2njQT8" style="display: none; text-align: center">6.45%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004205Member_zmJNwqdrvDjd" style="display: none; text-align: center">25.35%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004205Member_zheBawP3tyf1" style="display: none; text-align: center">-5.27%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004205Member_zYBy7DxPWiab" style="display: none; text-align: center">13.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004205Member_ziumPCQvR9l2" style="display: none; text-align: center">14.42%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004205Member_zZJwvIo55KDb" style="display: none; text-align: center">-0.39%</td></tr> </table> 0.1533 0.1682 -0.0480 0.2758 0.0645 0.2535 -0.0527 0.1319 0.1442 -0.0039 During the periods shown in the bar chart, the highest return for a quarter was 21.75% during the quarter ended June 30, 2020, and the lowest return for a quarter was -26.87% during the quarter ended March 31, 2020. the highest return for a quarter 0.2175 2020-06-30 the lowest return for a quarter -0.2687 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A85_eoef--PerformanceTableTextBlock_zyi5sGyggaj2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zAmyGvnZ6g3g" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: small-caps 10.5pt Arial Bold; width: 66%; text-align: justify">ave maria rising dividend fund</td> <td id="xdx_499_20250101__20251231_zemyDDMICmSk" style="border-bottom: black 1pt solid; width: 10%; text-align: center">One Year</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_497_20210101__20251231_zDGGw9dMgCSc" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Five Years</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_496_20160101__20251231_zccOetNscBld" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Ten Years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004205Member_zY4Lf4mZ1eh6" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">-0.39%</td> <td style="text-align: right"> </td> <td style="text-align: center">8.90%</td> <td style="text-align: right"> </td> <td style="text-align: center">10.31%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004205Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zq7Anl826Gsf" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">-1.62%</td> <td style="text-align: right"> </td> <td style="text-align: center">7.28%</td> <td style="text-align: right"> </td> <td style="text-align: center">8.62%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004205Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIDhonRtoUtl" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">0.67%</td> <td style="text-align: right"> </td> <td style="text-align: center">6.88%</td> <td style="text-align: right"> </td> <td style="text-align: center">8.09%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004205Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z93E0kghr4Ki" style="vertical-align: bottom"> <td style="text-align: left">S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">17.88%</td> <td style="text-align: right"> </td> <td style="text-align: center">14.42%</td> <td style="text-align: right"> </td> <td style="text-align: center">14.82%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004205Member__oef--PerformanceMeasureAxis__custom--SAndP500DividendAristocratsIndexMember_zls2VihWmSq3"> <td style="vertical-align: bottom">S&P 500® Dividend Aristocrats® INDEX (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: top; text-align: center">7.28%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: center">8.04%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: top; text-align: center">10.49%</td></tr> </table> Return Before Taxes -0.0039 0.0890 0.1031 -0.0162 0.0728 0.0862 0.0067 0.0688 0.0809 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 0.0728 0.0804 0.1049 Ave Maria UNDISCOVERED Fund what is the fund’s investment objective? The investment objective of the Ave Maria Undiscovered Fund is to seek long-term capital appreciation. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zplrv36enM2i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zETTzioxwDG8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: bottom; width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_903_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_z6ImlxptycW7" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="vertical-align: top; width: 3%; text-align: center"> </td></tr> </table> 0 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zb7FDbRBwBpc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zU9L9u2PxACe" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 87%"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%"> </td> <td style="vertical-align: top; text-align: center; width: 3%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Management Fees </td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_zmzoortQp7Cf" style="text-align: right" title="Management Fees">0.75%</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Other Expenses </td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_fKDEp_zgGjnBKTRpPc" style="text-align: right" title="Other Expenses">1.19%</td> <td style="text-align: justify">(1)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -1.8pt; text-align: left"> Acquired Fund Fees and Expenses………………………………</td> <td id="xdx_980_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_fKDEp_zvmKL1h9cgQ7" style="border-bottom: Black 1pt solid; text-align: right" title="Acquired Fund Fees and Expenses">0.00%</td> <td style="text-align: justify">(1)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; text-indent: -1.8pt; text-align: left"> Total Annual Fund Operating Expenses………………………….</td> <td id="xdx_982_eoef--ExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_zEd3WDZx48tj" style="text-align: right" title="Total Annual Fund Operating Expenses">1.94%</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Fee Waiver and/or Expense Reimbursement</td> <td id="xdx_988_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_fKDIp_zcP6u8GoEeih" style="border-bottom: Black 1pt solid; text-align: right" title="Fee Waiver and/or Expense Reimbursement">0.69%</td> <td style="text-align: justify">(2)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement………………………………</td> <td id="xdx_981_eoef--NetExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_z8mzAIL6c2Rk" style="border-bottom: Black 1pt solid; text-align: right" title="Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement">1.25%</td> <td style="text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">Schwartz Investment Counsel, Inc. (the “Adviser”) has contractually agreed to reduce Management Fees and reimburse Other Expenses so that “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) do not exceed 1.25%. Any management fee waivers and/or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years from the date such fees and expenses were waived or reimbursed, provided the repayment to the Adviser does not cause “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) of the Fund to exceed the contractual expense limitation at the time such amount was waived or repaid. This expense limitation is in effect until May 1, 2029 and may be terminated by the Fund or the Adviser upon not less than 60 days’ prior written notice, provided, however, that (i) the Adviser may not terminate the agreement without the approval of the Board of Trustees, and (ii) the agreement terminates automatically in the event of an assignment. </td></tr></table> 0.0075 0.0119 0.0000 0.0194 0.0069 0.0125 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example also takes into account the Adviser’s contractual arrangement to maintain the Fund’s expenses at the agreed upon level for a period of three years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example also takes into account the Adviser’s contractual arrangement to maintain the Fund’s expenses at the agreed upon level for a period of three years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdYGZx6i6Lik"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zGI8TacmnhOk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zV5KsWruBBEk" style="border-bottom: black 1pt solid; width: 40%; text-align: center">1 Year</td> <td style="width: 11%; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zRuLSJ9Zh5L1" style="border-bottom: black 1pt solid; width: 38%; text-align: center">3 Years</td> <td style="width: 11%; text-align: center"> </td></tr> <tr id="xdx_41E_20260430__20260430__dei--LegalEntityAxis__custom--S000103113Member__oef--ClassAxis__custom--C000273645Member_zNg0ibOKnKgc"> <td style="text-align: center">$127</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$397</td> <td style="vertical-align: top; text-align: center"> </td></tr> </table> 127 397 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, there is no portfolio turnover rate to report. what are the fund’s principal investment strategies? Under normal market conditions, the Ave Maria Undiscovered Fund invests primarily in equity securities (which include common stocks, preferred stocks and securities convertible into common stocks) that are believed to offer undiscovered value and the potential for long-term capital appreciation. The Fund may invest in the securities of companies of any market capitalization, but will emphasize companies with a market capitalization of less than $10 billion. Under normal circumstances, all of the Fund’s equity investments and at least 80% of the Fund’s net assets will be invested in companies meeting the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. In seeking investments that offer undiscovered value, the Adviser looks for stocks that, in the Adviser’s view, trade at a discount to their intrinsic (true) value and stocks of companies that (i) are temporarily out of favor with the markets but remain fundamentally sound; (ii) are misunderstood by investors; (iii) have a durable competitive advantage; or (iv) are undergoing a positive transformation. The Adviser uses fundamental security analyses to identify and purchase equity securities of companies that typically exhibit one or more of the following characteristics: <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Under Appreciated Revenue and Earnings Growth – The company has the potential to exceed consensus expectations for revenue and/or earnings growth.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Timely Catalyst – The company has experienced a recent positive earnings report or earnings surprise that provides quantitative evidence that there is a significant gap between the Adviser’s forecasts and consensus analyst expectations. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Inflection Point of Change – The company is undergoing meaningful transformation such as the introduction of a new product, a change in leadership, or a regulatory shift that may drive unexpected or underestimated growth. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Limited Analyst Coverage – The company is not widely followed by analysts, increasing the likelihood of being overlooked or misunderstood by the investment community. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Sustainability – The company may have a durable competitive advantage, such as niche market leadership, proprietary intellectual capital, or a unique manufacturing process. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Operating Leverage – The company may have a scalable business model that tends to generate expanding net profit margins as revenue grows.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Valuation – The company is considered to be undervalued based on the Adviser’s growth forecasts and historical valuation metrics.</td></tr></table> The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening providers, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each stock held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The Adviser intends to hold securities for an average of 3 to 5 years under normal market conditions. When a stock appreciates substantially and is no longer undervalued, according to the Adviser’s criteria, it is sold. Stocks are also sold when a company fails to achieve its expected results, or when economic factors or competitive developments adversely impair the company’s intrinsic value. Additionally, a stock will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the CAB. A stock will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. At times, depending on market and other conditions, the Fund may invest a substantial portion of its assets in a small number of issuers, industries, or business sectors. The Fund’s investments will generally change over time, and a significant allocation to any particular issuer or sector does not necessarily represent a continuing investment policy or investment strategy to invest in that issuer or sector. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss and volatility in the Fund. Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful, and the Fund may underperform the stock market as a whole. If the Adviser’s opinion about the intrinsic value of a company is incorrect or if the intrinsic value of a company is not recognized by the market, a stock may not achieve the price appreciation anticipated by the Adviser. The Fund’s style of investing in stocks with undiscovered value may cause it to underperform relative to funds that use a pure growth approach to investing or funds that have a broader investment style. Small and Mid-Cap Capitalization Risks. The Fund will emphasize investments in small and mid-cap stocks, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within those market capitalizations. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification and other competitive strengths usually present in larger companies. In many instances, the securities of small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies, making them subject to greater price fluctuations than the stocks of larger cap companies. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. what has been the fund’s performance history? The Fund is newly organized and therefore does not have a performance history for a full calendar year to report. When the Fund has returns for a full calendar year, this Prospectus will include performance information, which will give some indication of the risks and variability of investing in the Fund by showing the Fund’s performance from year to year, and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information, current through the most recent month-end is available on the Fund’s website at www.avemariafunds.com or by calling 1-888-726-9331. The Fund is newly organized and therefore does not have a performance history for a full calendar year to report. When the Fund has returns for a full calendar year, this Prospectus will include performance information, which will give some indication of the risks and variability of investing in the Fund by showing the Fund’s performance from year to year, and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. www.avemariafunds.com 1-888-726-9331 Ave Maria Value Fund what is the fund’s investment objective? The investment objective of the Ave Maria Value Fund is to seek long-term capital appreciation. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_z8CsJuDdJVs7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z46WQJ94Xey7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: bottom; width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 10%; text-align: right">None</td> <td style="vertical-align: top; width: 3%; text-align: center"> </td></tr> </table> 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z2sjNngmbx9a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zIAqiOAUjF7k" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_490_20260430__20260430__dei--LegalEntityAxis__custom--S000001549Member__oef--ClassAxis__custom--C000004203Member_z1z6GrvGFCmg" style="vertical-align: bottom; text-align: right; width: 10%"> </td> <td style="vertical-align: top; text-align: center; width: 3%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Management Fees </td> <td id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001549Member__oef--ClassAxis__custom--C000004203Member_zKBoPBoup8Ui" style="text-align: right" title="Management Fees"> 0.75%</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Other Expenses </td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001549Member__oef--ClassAxis__custom--C000004203Member_zPyFsL5HMm81" style="text-align: right" title="Other Expenses"> 0.16%</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> Acquired Fund Fees and Expenses </td> <td id="xdx_98D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001549Member__oef--ClassAxis__custom--C000004203Member_zPJPeCjGbCMl" style="border-bottom: Black 1pt solid; text-align: right" title="Acquired Fund Fees and Expenses">0.01%</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Total Annual Fund Operating Expenses </td> <td id="xdx_98D_eoef--ExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001549Member__oef--ClassAxis__custom--C000004203Member_fKDEp_zHQayNnWSmmb" style="border-bottom: Black 1.5pt double; text-align: right" title="Total Annual Fund Operating Expenses"> 0.92%</td> <td style="text-align: left">(1)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 13.7pt">(1)</td><td style="text-align: justify">Total Annual Fund Operating Expenses will not correlate to the ratio of net expenses to average net assets in the Fund’s Financial Highlights, which does not reflect “Acquired Fund Fees and Expenses.”</td></tr></table> 0.0075 0.0016 0.0001 0.0092 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzBsQuT4dPT6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z3BkYzWx6Ae8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zJRYpXr9zqM9" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_z0vJkCsWP5dd" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_zXS1ogQ6xdL3" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_481_eoef--ExpenseExampleYear10_zcB2DZB4QdEa" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_412_20260430__20260430__dei--LegalEntityAxis__custom--S000001549Member__oef--ClassAxis__custom--C000004203Member_zZXaBR4FOwb2" style="vertical-align: top"> <td style="text-align: center">$ 94</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 293</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 509</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 1,131</td></tr> </table> 94 293 509 1131 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio. 0.24 what are the fund’s principal investment strategies? Under normal market conditions, the Ave Maria Value Fund invests primarily in common stocks believed by the Adviser to be priced at a discount to their true value according to the Adviser’s criteria for value. Under normal circumstances, all of the Fund’s equity investments (which include common stocks, preferred stocks, and securities convertible into common stock) and at least 80% of the Fund’s net assets will be invested in companies meeting the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. The Fund invests in securities of established companies of various market capitalizations. The Fund may invest in the securities of foreign issuers directly, or indirectly, in the form of depositary receipts. Depositary receipts are stocks issued by a U.S. bank or broker that trade in the U.S. but represent ownership of securities issued by foreign companies. At times, the Fund may emphasize investments in a particular issuer or issuers or hold a smaller number of portfolio securities than other diversified mutual funds. The portion of the Fund’s net assets invested at any given time in securities of issuers engaged in industries within a particular sector is affected by valuation considerations and other investment characteristics of that sector. As a result, the Fund’s investment in various sectors generally will change over time, and a significant allocation to any particular sector does not necessarily represent a continuing investment policy or investment strategy to invest in that sector. The Adviser utilizes a comprehensive financial database and other sources with a universe of over 10,000 primarily domestic corporations to identify companies as candidates for the Fund. Using fundamental security analysis, the Adviser extensively analyzes stocks to identify those that meet the Fund’s investment objective and standards. The price of stocks in relation to cash flow, earnings, dividends, book value, and asset value, both historical and prospective, are key determinants in the security selection process. Emphasis is also placed on identifying companies undergoing changes that the Adviser believes will significantly enhance shareholder value in the future, including changes in operations, management, capital allocation, strategies, and product offerings. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening providers, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each stock held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The prices of securities held by the Fund are monitored in relation to the Adviser’s criteria for value. Generally, stocks are purchased with the intent to hold them for three years or more. When a stock appreciates substantially and is no longer undervalued according to the Adviser’s valuation criteria, it is sold. Stocks are also sold when a company fails to achieve its expected results, or economic factors or competitive developments adversely impair the company’s intrinsic value. Additionally, a stock will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the CAB. A stock will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund. Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other diversified mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks. Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole. If the Adviser’s opinion about the intrinsic value of a company is incorrect or if the intrinsic value of a company is not recognized by the market, a stock may not achieve the price appreciation anticipated by the Adviser. The Fund’s value style could cause it to underperform relative to funds that use a growth or non-value approach to investing or funds that have a broader investment style. Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Value Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with the S&P 500® Index. The S&P 500® Index is used as a primary index in order to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The S&P MidCap 400® Index is included as an additional comparative index because it is representative of the market sectors in which the Fund may invest. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Value Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with the S&P 500® Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_004.jpg" style="width: 337px; height: 171px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPINnQzcnft4" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004203Member_zsDPLDZSXJf3" style="display: none; text-align: center; width: 50%">16.44%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004203Member_zM8ZWqQqhjr3" style="display: none; text-align: center">17.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004203Member_z3YAYqgVFpn8" style="display: none; text-align: center">-8.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004203Member_zDh9YOnrxqZ9" style="display: none; text-align: center">20.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004203Member_zVPc7fFFxpg8" style="display: none; text-align: center">6.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004203Member_zyJbDcIlpJo9" style="display: none; text-align: center">25.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004203Member_zVjHB642tNAe" style="display: none; text-align: center">4.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004203Member_zmlCfBVZDYbe" style="display: none; text-align: center">3.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004203Member_zyppUkdLGCDd" style="display: none; text-align: center">21.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004203Member_zIPYM7Y6Lk7k" style="display: none; text-align: center">2.82%</td></tr> </table> 0.1644 0.1773 -0.0875 0.2052 0.0616 0.2515 0.0418 0.0352 0.2152 0.0282 During the periods shown in the bar chart, the highest return for a quarter was 20.00% during the quarter ended December 31, 2020, and the lowest return for a quarter was -28.51% during the quarter ended March 31, 2020. the highest return for a quarter 0.2000 2020-12-31 the lowest return for a quarter -0.2851 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A80_eoef--PerformanceTableTextBlock_z10QNcrNXBDk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zLVH2yeV6sZ1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: small-caps 10.5pt Arial Bold; width: 66%; text-align: justify">ave maria value fund</td> <td id="xdx_499_20250101__20251231_zSp3cWDM7TZg" style="border-bottom: black 1pt solid; width: 10%; text-align: center">One Year</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_497_20210101__20251231_z35a6bF3qzNk" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Five Years</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_496_20160101__20251231_z8YXWBqia3Ra" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Ten Years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004203Member_zMbg3mSOCbyf" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">2.82%</td> <td style="text-align: center"> </td> <td style="text-align: center">11.02%</td> <td style="text-align: center"> </td> <td style="text-align: center">10.44%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004203Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zPAYUsxkM3w4" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">2.74%</td> <td style="text-align: center"> </td> <td style="text-align: center">9.89%</td> <td style="text-align: center"> </td> <td style="text-align: center">9.21%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004203Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z8zPRmckTDA3" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">1.73%</td> <td style="text-align: center"> </td> <td style="text-align: center">8.64%</td> <td style="text-align: center"> </td> <td style="text-align: center">8.30%</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004203Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zwk30vTBKC08" style="vertical-align: bottom"> <td style="text-align: left">S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">17.88%</td> <td style="text-align: center"> </td> <td style="text-align: center">14.42%</td> <td style="text-align: center"> </td> <td style="text-align: center">14.82%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004203Member__oef--PerformanceMeasureAxis__custom--SAndPMIDCAP400INDEXMember_z5tHD7R1kr8d" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt">S&P MIDCAP 400® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">7.50%</td> <td style="text-align: center"> </td> <td style="text-align: center">9.12%</td> <td style="text-align: center"> </td> <td style="text-align: center">10.72%</td></tr> </table> Return Before Taxes 0.0282 0.1102 0.1044 0.0274 0.0989 0.0921 0.0173 0.0864 0.0830 0.1788 0.1442 0.1482 0.0750 0.0912 0.1072 Ave Maria World Equity Fund what is the fund’s investment objective? The investment objective of the Ave Maria World Equity Fund is to seek long-term capital appreciation. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_z9BCEaft2sLl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zQuvF8gxJvr5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="width: 10%; text-align: right"><span id="xdx_90D_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000028831Member__oef--ClassAxis__custom--C000088418Member_zdbO5RYk0hc2" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="width: 3%; padding-left: 9pt; text-align: left; text-indent: -9pt"> </td></tr> </table> 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zaMJsqwHWEUj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zPQsniQ1G92" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_49C_20260430__20260430__dei--LegalEntityAxis__custom--S000028831Member__oef--ClassAxis__custom--C000088418Member_zV5nkLKeA5p6" style="text-align: right; width: 10%"> </td> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt; width: 3%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="text-align: right"> </td> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z4jNZCilTPxi"> <td style="vertical-align: top; text-align: left"> Management Fees </td> <td style="vertical-align: bottom; text-align: right">0.75%</td> <td style="vertical-align: bottom; text-align: left"> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zZOcoC3dOxn6" style="vertical-align: bottom"> <td style="text-align: left"> Other Expenses </td> <td style="text-align: right">0.26%</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zGkHM0xzymX7" style="vertical-align: bottom"> <td style="text-align: left"> Total Annual Fund Operating Expenses </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right">1.01%</td> <td style="text-align: left"> </td></tr> </table> 0.0075 0.0026 0.0101 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoiNbf2VeNyj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z3sRv0K2Dck6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_z0LUAyAL4Jw5" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zcOIJ2RxmyUi" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zDmwmfU1NzE8" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zut0viYd0eXc" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_411_20260430__20260430__dei--LegalEntityAxis__custom--S000028831Member__oef--ClassAxis__custom--C000088418Member_zQPJ5ac4epei" style="vertical-align: top"> <td style="text-align: center">$ 103</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 322</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 558</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 1,236</td></tr> </table> 103 322 558 1236 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio. 0.19 what are the fund’s principal investment strategies? Under normal market conditions, the Ave Maria World Equity Fund will invest at least 80% of its net assets, including the amount of any borrowings for investment purposes, in common stocks of U.S. and non-U.S. companies. The Fund will invest at least 60% of its net assets in common stocks issued by non-U.S. companies. For purposes of this requirement, a company is deemed to be a “non-U.S. company” if the company is headquartered outside the United States or has at least 50% of its revenues or operations outside of the United States during its most recent fiscal year, at the time of purchase. The Fund will limit its investments in securities of issuers located in any one country (other than the United States) to less than 25% of the Fund’s total assets. Under normal circumstances, all of the Fund’s equity investments (which include common stocks, preferred stocks, and securities convertible into common stock) and at least 80% of the Fund’s net assets will be invested in companies meeting the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. The Fund invests in securities of established companies of various market capitalizations. At times, the Fund may emphasize investments in a particular issuer or issuers or hold a smaller number of portfolio securities than other diversified mutual funds. The Fund’s investments in foreign securities may be made directly, or indirectly through depositary receipts. Depositary receipts are stocks issued by a U.S. bank or broker that trade in the U.S. but represent ownership of securities issued by foreign companies. The Fund invests primarily in common stocks believed to be priced at a discount to their true value according to the Adviser’s criteria for value. The price of stocks in relation to cash flow, earnings, dividends, book value, and asset value, both historical and prospective, are key determinants in the security selection process. Emphasis is also placed on identifying companies undergoing changes that the Adviser believes will significantly enhance shareholder value in the future, including changes in operations, management, capital allocation, strategies, and product offerings. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening services, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each stock held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The prices of securities held by the Fund are monitored in relation to the Adviser’s criteria for value. Generally, stocks are purchased with the intent to hold them for three years or more. When a stock appreciates substantially and is no longer undervalued according to the Adviser’s valuation criteria, it is sold. Stocks are also sold when a company fails to achieve its expected results, or economic factors or competitive developments adversely impair the company’s intrinsic value. Additionally, a stock will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the Catholic Advisory Board. A stock will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Depositary receipts are subject to some of the same risks as direct investment in foreign companies and certain additional risks. In a sponsored depositary arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored depositary arrangement, the foreign issuer assumes no obligation and the depositary’s transaction fees are paid directly by the depositary holders. Because unsponsored depositary arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored depositaries and voting rights for the deposited securities are not passed through to the holders. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritySelectionAndInvestmentStyleRisksMember_z4etJQMAzyd4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 8pt; text-align: justify">Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund may underperform the stock market as a whole. If the Adviser’s opinion about the intrinsic value of a company is incorrect or if the intrinsic value of a company is not recognized by the market, a stock may not achieve the price appreciation anticipated by the Adviser. The Fund’s value style could cause it to underperform relative to funds that use a growth or non-value approach to investing or funds that have a broader investment style. The Fund’s emphasis on common stocks issued by non-U.S. companies may cause it to underperform relative to funds that invest primarily in domestic securities. Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other diversified mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund and its share price volatility. As of December 31, 2025, the Fund had 28.1% of its net assets invested in stocks within the technology sector. The values of securities of companies in the technology sector may be adversely affected by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing products and technologies, as well as the risks associated with artificial intelligence, such as high capital expenditures, rapid innovation cycles, heightened regulatory scrutiny, operational risks and vulnerabilities from reliance on complex automated systems. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria World Equity Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ending December 31, 2025 compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Certain performance information reflects fee reductions and/or expense reimbursements by the Adviser; without such fee reductions and/or expense reimbursements, returns would be less than those shown. Updated performance information, current through the most recent month end, is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria World Equity Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ending December 31, 2025 compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_005.jpg" style="width: 337px; height: 225px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z1Rn2ZUJN9Se" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000088418Member_zIPt5NJUpwkf" style="display: none; text-align: center; width: 50%">8.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000088418Member_zs6vNRt34Dki" style="display: none; text-align: center">17.88%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000088418Member_zCCMfYJuLm71" style="display: none; text-align: center">-8.87%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000088418Member_zc4zfVIWiQEf" style="display: none; text-align: center">27.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000088418Member_zjaShE7kpbi8" style="display: none; text-align: center">-0.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000088418Member_zpPVGjBCeon2" style="display: none; text-align: center">21.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000088418Member_z14LZvkn9rn5" style="display: none; text-align: center">-15.50%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000088418Member_zbSAnAwusaMd" style="display: none; text-align: center">24.96%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000088418Member_zNsaZikSqXHa" style="display: none; text-align: center">4.64%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000088418Member_zcS9Myu8Mcxb" style="display: none; text-align: center">10.58%</td></tr> </table> 0.0871 0.1788 -0.0887 0.2766 -0.0015 0.2106 -0.1550 0.2496 0.0464 0.1058 During the periods shown in the bar chart, the highest return for a quarter was 17.06% during the quarter ended June 30, 2020, and the lowest return for a quarter was -28.14% during the quarter ended March 31, 2020. the highest return for a quarter 0.1706 2020-06-30 the lowest return for a quarter -0.2814 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zw6GD9vrioPa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z84fyeh8Wylk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: small-caps 10.5pt Arial Bold; width: 64%; text-align: justify">ave maria world equity fund</td> <td id="xdx_499_20250101__20251231_zAx2SkOMwlhl" style="border-bottom: black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_497_20210101__20251231_zhGNi4R1DiHd" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Five Years</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_496_20160101__20251231_z1Bdagzng7oh" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Ten Years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000088418Member_z6vR2dUyhTb7" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">10.58%</td> <td style="text-align: right"> </td> <td style="text-align: center">8.14%</td> <td style="text-align: right"> </td> <td style="text-align: center">8.21%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000088418Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zK6MOtbOIAn6" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">10.01%</td> <td style="text-align: right"> </td> <td style="text-align: center">7.76%</td> <td style="text-align: right"> </td> <td style="text-align: center">7.69%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000088418Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zMkWKTV9rf2b" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">6.79%</td> <td style="text-align: right"> </td> <td style="text-align: center">6.44%</td> <td style="text-align: right"> </td> <td style="text-align: center">6.63%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000088418Member__oef--PerformanceMeasureAxis__custom--MSCIACWIIndexMember_zaTz6ICQAHee" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt">MSCI ACWI INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">22.34%</td> <td style="text-align: right"> </td> <td style="text-align: center">11.19%</td> <td style="text-align: right"> </td> <td style="text-align: center">11.72%</td></tr> </table> Return Before Taxes 0.1058 0.0814 0.0821 0.1001 0.0776 0.0769 0.0679 0.0644 0.0663 reflects no deduction for fees, expenses, or taxes 0.2234 0.1119 0.1172 Ave Maria Growth Focused Fund what is the fund’s investment objective? The investment objective of the Ave Maria Growth Focused Fund is to seek long-term capital appreciation. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zaH7zqdRdhs4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zlWymXd5lBj5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="width: 10%; text-align: right"><span id="xdx_90A_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000068495Member__oef--ClassAxis__custom--C000219050Member_zKtr97CFtHx2" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="width: 3%; padding-left: 9pt; text-align: left; text-indent: -9pt"> </td></tr> </table> 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zJbJH4edQ6Uc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zlqkMOWzjZib" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_495_20260430__20260430__dei--LegalEntityAxis__custom--S000068495Member__oef--ClassAxis__custom--C000219050Member_zkzoQoKR5Eob" style="text-align: right; width: 10%"> </td> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt; width: 3%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="text-align: right"> </td> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zilo25nmd1zl" style="vertical-align: bottom"> <td style="text-align: left"> Management Fees </td> <td style="text-align: right">0.75%</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_ziGJfXePclg8" style="vertical-align: bottom"> <td style="text-align: left"> Other Expenses </td> <td style="text-align: right">0.32%</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_z2tIVeISYlY8" style="vertical-align: bottom"> <td style="text-align: left"> Total Annual Fund Operating Expenses </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right">1.07%</td> <td style="text-align: left"> </td></tr> </table> 0.0075 0.0032 0.0107 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zt3anpBpbWu7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zvNOmFzilwx1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zH1T5unkCtS5" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zJibL2nFnwak" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zOHDFidsGWsa" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zjN4ratg7soj" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_410_20260430__20260430__dei--LegalEntityAxis__custom--S000068495Member__oef--ClassAxis__custom--C000219050Member_z3ndUaoadtej" style="vertical-align: top"> <td style="text-align: center">$ 109</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 340</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 590</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 1,306</td></tr> </table> 109 340 590 1306 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio. 0.47 what are the fund’s principal investment strategies? Under normal market conditions, the Ave Maria Growth Focused Fund will invest primarily in equity securities that the Adviser believes have high earnings growth potential. Equity securities include, but are not limited to, common stocks, preferred stocks, convertible stocks, special situation companies, and foreign stocks. Under normal circumstances, all of the Fund’s equity investments and at least 80% of the Fund’s net assets (plus the amount of borrowings for investment purposes) will be invested in companies believed to offer products or services or engage in practices that are not contrary to the core values and teachings of the Roman Catholic Church. The Fund may invest in the securities of companies of any size, regardless of market capitalization. The Fund may invest in the securities of foreign issuers directly, or indirectly in the form of depositary receipts. Depositary receipts are stocks issued by a U.S. bank or broker that trade in the U.S. but represent ownership of securities issued by foreign companies. At times, depending on market and other conditions, the Fund may invest a substantial portion of its assets in a small number of issuers, industries, or business sectors. The Fund is classified as non-diversified. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening services, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each stock held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The Fund may invest in special situation companies that have fallen out of favor with the market but are expected to appreciate over time due to company-specific developments, rather than general business conditions or movements in the markets as a whole. Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds or spin-offs) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new product introductions, changes in senior management or significant changes in a company’s cost structure. In selecting investments, the Adviser uses fundamental security analyses to identify and purchase shares of companies that the Adviser believes are selling below their intrinsic value. The Adviser looks for companies whose market prices are below what a corporate or entrepreneurial buyer would be willing to pay for the entire business. The price of stocks in relation to their free cash flow and earnings, both historical and prospective, are key determinants in the security selection process. Emphasis is also placed on identifying companies that are believed to redeploy excess capital at high rates of return. Generally, stocks are purchased with the intent to hold them for an average of five years. However, when a company no longer meets the Adviser’s investment standards or a more attractive opportunity becomes available, it is sold regardless of the time it is held by the Fund. A stock may also be sold when there is an adverse change in a company’s economic outlook or competitive advantage, a fundamental change in a company’s management, the company fails to redeploy its capital at the return threshold anticipated by the Adviser, or the anticipated return threshold is no longer probable. Additionally, a stock will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the Catholic Advisory Board. A stock will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Non-Diversification Risks. The 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 a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries, or sectors, which may cause its share price to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The issuers that the Fund may emphasize will vary from time to time. The 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 a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries, or sectors, which may cause its share price to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The issuers that the Fund may emphasize will vary from time to time. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss in the Fund and its share price volatility. As of December 31, 2025, the Fund had 28.2% and 27.0% of its net assets invested in stocks within the financials sector and the industrials sector, respectively. The values of securities of companies in the financials sector may be adversely affected by economic conditions, regulatory and interest rate changes, and credit and liquidity exposures. The values of securities of companies in the industrials sector may be adversely affected by changes in supply and demand, labor agreements, government regulation and economic conditions. Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful, and the Fund may underperform the stock market as a whole. There is no guarantee that the securities selected by the Fund will redeploy excess capital at high rates of return or achieve the price appreciation anticipated by the Adviser. The Fund’s investments may be more volatile than other types of investments because their market prices may reflect future expectations. If the Adviser’s opinion about the value of a company is not recognized by the market, a stock might not achieve the price appreciation anticipated by the Adviser. The Fund’s style of investing may go out of favor with investors. Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small, and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. Special Situation Company Risks. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results. The availability of special situation companies that present attractive investment opportunities may be sporadic, or rare in certain instances, which may detract from the Fund’s ability to pursue its investment objectives. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Growth Focused Fund by showing the Fund’s performance for each full calendar year over the lifetime of the Fund, and by showing how the Fund’s average annual total returns for the 1- and 5-year periods ended December 31, 2025, and the period since its inception compare with the S&P 500® Index. The S&P 500® Index is used as a primary index in order to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The S&P MidCap 400 Growth® Index is included as an additional comparative index because it is representative of the market sectors in which the Fund may invest. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Certain performance information reflects fee reductions and/or expense reimbursements by the Adviser; without such fee reductions and/or expense reimbursements, returns would be less than those shown. Updated performance information, current through the most recent month end is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Growth Focused Fund by showing the Fund’s performance for each full calendar year over the lifetime of the Fund, and by showing how the Fund’s average annual total returns for the 1- and 5-year periods ended December 31, 2025, and the period since its inception compare with the S&P 500® Index How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_006.jpg" style="width: 336px; height: 221px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zhRKOoeUKCAb" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000219050Member_zEaIm1H3D1Mk" style="display: none; text-align: center; width: 50%">27.96%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000219050Member_z4umFEqppDVk" style="display: none; text-align: center">-34.98%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000219050Member_zTIyEjSYnVSb" style="display: none; text-align: center">38.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000219050Member_zXxF2Ypubyze" style="display: none; text-align: center">11.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000219050Member_zEAUYRtdQIt" style="display: none; text-align: center">4.71%</td></tr> </table> 0.2796 -0.3498 0.3873 0.1152 0.0471 During the periods shown in the bar chart, the highest return for a quarter was 15.31% during the quarter ended June 30, 2025, and the lowest return for a quarter was -22.43% during the quarter ended June 30, 2022. the highest return for a quarter 0.1531 2025-06-30 lowest return for a quarter -0.2243 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A86_eoef--PerformanceTableTextBlock_zcGFYSiNvHeb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ze0pAAnaoGf1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: small-caps 10.5pt Arial Bold; width: 61%; text-align: justify">ave maria growth focused fund</td> <td id="xdx_499_20250101__20251231_zvX1YQQMU7S3" style="border-bottom: Black 1pt solid; width: 13%; text-align: center">One Year</td> <td id="xdx_497_20210101__20251231_zUG0d2rw2bP7" style="border-bottom: Black 1pt solid; width: 13%; text-align: center">Five Years</td> <td id="xdx_49F_20200501__20251231_zxQJl8GAqHSi" style="border-bottom: Black 1pt solid; width: 13%; text-align: center">Since Inception (May 1, 2020)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000219050Member_zQPY2rj74wJi" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">4.71%</td> <td style="text-align: center">6.15%</td> <td style="text-align: center">9.59%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000219050Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgNkIGXHXDbb" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">4.71%</td> <td style="text-align: center">5.92%</td> <td style="text-align: center">9.37%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000219050Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIdbygx0AOd6" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">2.79%</td> <td style="text-align: center">4.80%</td> <td style="text-align: center"> 7.63%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000219050Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zvmtg7FicFkh" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt">S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">18.63%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000219050Member__oef--PerformanceMeasureAxis__custom--SAndPMIDCAP400GROWTHIndexMember_zIC6oKI5jnWk" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt">S&P MIDCAP 400 GROWTH® INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">7.46%</td> <td style="text-align: center">7.12%</td> <td style="text-align: center">13.80%</td></tr> </table> 2020-05-01 Return Before Taxes 0.0471 0.0615 0.0959 0.0471 0.0592 0.0937 0.0279 0.0480 0.0763 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1863 0.0746 0.0712 0.1380 Ave Maria Value Focused Fund what is the fund’s investment objective? The investment objective of the Ave Maria Value Focused Fund is to seek long-term capital appreciation. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zkcWl9fLwRC6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zUqyIeCnetBg" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: bottom; width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_90E_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_zg2krtjPKwre" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="vertical-align: top; width: 3%; text-align: center"> </td></tr> </table> 0 <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zvBtXTwYXS5b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z4QOeYOXR2Xf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_499_20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_zv1MF6WGJpzl" style="vertical-align: bottom; text-align: right; width: 10%"> </td> <td style="vertical-align: top; text-align: center; width: 3%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Management Fees </td> <td id="xdx_986_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_zTLrwidQbyod" style="text-align: right" title="Management Fees">0.75%</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Other Expenses </td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_ziGGjoVJnu7l" style="text-align: right" title="Other Expenses">0.28%</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Fee Reimbursement </td> <td id="xdx_984_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_fKDEp_zNEPGVfHCrN9" style="text-align: right" title="Fee Reimbursement">0.08%</td> <td style="text-align: justify">(1)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Acquired Fund Fees and Expenses </td> <td id="xdx_987_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_zLtA5a8lhhK6" style="border-bottom: black 1pt solid; text-align: right" title="Acquired Fund Fees and Expenses">0.02%</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 20.9pt; text-indent: -13.7pt; text-align: left"> Total Annual Fund Operating Expenses </td> <td id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_fKDIp_zvpCxBtJj9hc" style="border-bottom: black 1.5pt double; text-align: right" title="Total Annual Fund Operating Expenses">1.13%</td> <td style="text-align: justify">(2) </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 13.7pt">(1)</td><td style="text-align: justify">Schwartz Investment Counsel, Inc. (the “Adviser”) has contractually agreed to reduce Management Fees and reimburse Other Expenses so that “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) do not exceed 1.25%. Any management fee waivers and/or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years from the date such fees and expenses were waived or reimbursed, provided the repayment to the Adviser does not cause “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) of the Fund to exceed the contractual expense limitation at the time such amount was waived or repaid. This expense limitation is in effect until May 1, 2027 and may be terminated by the Fund or the Adviser upon not less than 60 days’ prior written notice, provided, however, that (i) the Adviser may not terminate the agreement without the approval of the Board of Trustees, and (ii) the agreement terminates automatically in the event of an assignment.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 13.7pt">(2)</td><td style="text-align: justify">Total Annual Fund Operating Expenses will not correlate to the ratio of net expenses to average net assets in the Fund’s Financial Highlights, which does not reflect “Acquired Fund Fees and Expenses.”</td></tr></table> 0.0075 0.0028 0.0008 0.0002 0.0113 May 1, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example also takes into account the Fund’s contractual arrangement to repay the Adviser for previous management fee waivers or expense reimbursements. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example also takes into account the Fund’s contractual arrangement to repay the Adviser for previous management fee waivers or expense reimbursements. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztN851TlpQXb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zC2FgToqNcwc" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_480_eoef--ExpenseExampleYear01_z6iq4dhqTBt3" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zrd5YO36POA4" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zXQLtF4MsFK8" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_481_eoef--ExpenseExampleYear10_zpgXpC1PfULd" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_410_20260430__20260430__dei--LegalEntityAxis__custom--S000001548Member__oef--ClassAxis__custom--C000004202Member_zUfdhGvjyQ9e"> <td style="text-align: center">$115</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$342</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$587</td> <td style="vertical-align: top; text-align: center"> </td> <td style="text-align: center">$1,290</td></tr> </table> 115 342 587 1290 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio. 0.57 what are the fund’s principal investment strategies? Under normal market conditions, the Ave Maria Value Focused Fund invests at least 80% of its net assets, including the amount of any borrowings for investment purposes, in equity securities (which include common stocks, preferred stocks and securities convertible into common stocks). Under normal circumstances, all of the Fund’s equity investments and at least 80% of the Fund’s net assets will be invested in companies meeting the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. The Fund is classified as non-diversified. The Fund may invest in securities of companies of any size, regardless of market capitalization. The Fund may invest in equity securities of foreign issuers, either directly, or indirectly in the form of depositary receipts. Depositary receipts are stocks issued by a U.S. bank or broker that trade in the U.S. but represent ownership of securities issued by foreign companies. At times, depending on market and other conditions, the Fund may invest a substantial portion of its assets in a small number of issuers, industries, or business sectors. The Fund’s investments will generally change over time, and a significant allocation to any particular issuer or sector does not necessarily represent a continuing investment policy or investment strategy to invest in that issuer or sector. The Fund may invest in special situation companies that have fallen out of favor with the market but are expected to appreciate over time due to company-specific developments, rather than general business conditions or movements in the markets as a whole. Special situations may include significant changes in a company’s allocation of its existing capital (companies undergoing turnarounds or spin-offs) or a restructuring of assets. Special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new product introductions, changes in senior management or significant changes in a company’s cost structure. The Fund may also invest in exchange-traded funds (“ETFs”) if the Adviser believes it is advisable to expose the Fund to the broad market or to broad market sectors or to protect against market risk without purchasing a large number of individual securities. ETFs differ from traditional mutual funds because their shares are listed on a securities exchange and can be traded intraday. When the Fund invests in an ETF, the Fund’s shareholders will indirectly pay a proportionate share of the management fee and operating expenses of the ETF. The Fund may invest in debt securities, which include U.S. Treasury notes and bonds, investment grade corporate debt securities, convertible debt securities, and debt securities rated below investment grade (high yield or junk bonds). A debt security is considered to be below investment grade if it is rated below BBB- by S&P Global Ratings (“S&P”) or Fitch Ratings, or below Baa3 by Moody’s Ratings (“Moody’s”). The Fund’s investments in debt securities are not limited to any specific duration, maturity, or geographic concentration. The Fund may also invest in cash or cash equivalents. The Fund’s cash level is a result of the Adviser’s individual security selection process, and therefore may vary, depending on the Adviser’s desired security weightings. Under normal market conditions, the Fund will limit its investment in ETFs, debt securities (including junk bonds), and cash or cash equivalents to no more than 20% of its net assets. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening services, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each security held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The Adviser uses fundamental security analyses to identify and purchase shares of companies that the Adviser believes are selling below their intrinsic (true) value. The Adviser looks for companies whose market prices are below what a corporate or entrepreneurial buyer would be willing to pay for the entire business. The price of stocks in relation to cash flow, earnings, dividends, book value, and asset value, both historical and prospective, are key determinants in the security selection process. Emphasis is also placed on identifying companies undergoing changes that may significantly enhance shareholder value in the future, including changes in operations, management, capital allocation, strategies, or product offerings. The Adviser intends to hold securities for an average of 3 to 5 years under normal market conditions. The price of the securities held by the Fund are monitored in relation to the Adviser’s criteria for value. When a security appreciates substantially and is no longer undervalued, according to the Adviser’s valuation criteria, it is sold. Securities are also sold when a company fails to achieve its expected results, or when economic factors or competitive developments adversely impair the company’s intrinsic value. Additionally, a security will be sold in a manner that is not disruptive to the Fund if the Adviser determines that the company operates in a way that is inconsistent with the core values and teachings of the Roman Catholic Church, based on the criteria established by the CAB. A security will automatically be sold, if necessary, to ensure that the Fund meets its policy of investing at least 80% of its net assets in morally responsible investments. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. General Market Risks. The return on and value of an investment in the Fund will fluctuate in response to stock market movements. Stocks and other equity securities are subject to a variety of market risks, including rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, economic and political conditions, investor perceptions, interest rate changes, and other factors beyond the control of the Adviser. Stocks tend to move in cycles which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Wars or conflicts, political events, or industry developments may cause periods of volatility, reduced liquidity, or other adverse effects in the financial markets. Natural or environmental disasters, including earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, such as pandemics or epidemics, can be highly disruptive to economies and the markets. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Moral Investing Risks. The Adviser invests in equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees. Non-Diversification Risks. The 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 a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries, or sectors, which may cause its share price to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The issuers that the Fund may emphasize will vary from time to time. The 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 a fund that is diversified. At times, the Fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries, or sectors, which may cause its share price to be more susceptible to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The issuers that the Fund may emphasize will vary from time to time. Sector Risks. If the Fund holds significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the Fund’s net assets than would be the case if the Fund did not have significant investments in that sector. For instance, economic or market factors, regulation or deregulation, or technological or other developments may negatively impact all companies in a particular sector. This may increase the risk of loss and volatility in the Fund. As of December 31, 2025, the Fund had 27.2% of the value of its net assets invested in stocks within the real estate sector, including companies involved in residential and commercial real estate leasing and development, and companies that operate as property leasing companies for the natural gas and crude oil industry. The price of stocks of companies that operate as property leasing companies for the gas and oil industry may be more dependent on the strength of their underlying industry than the strength of the real estate market generally. The oil and natural gas market has experienced periods of volatility and fluctuation that is often based on factors that may be out of the control of the issuers of such securities, including changes in supply and demand, international political and economic developments, and the success of exploration projects. Real estate stocks in general could be affected by overbuilding, increases in property taxes and operating expenses, lack of available financing, shifts in supply and demand, changes in zoning laws and interest rates, casualty or condemnation losses, and property damage. Holdings Risks. If the Fund emphasizes investments in a particular issuer or issuers or holds a smaller number of portfolio securities than other mutual funds, the Fund’s portfolio will be more susceptible to the depreciation of any one security than a fund that invests in a larger number of stocks. Security Selection and Investment Style Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful, and the Fund may underperform the stock market as a whole. If the Adviser’s opinion about the intrinsic value of a company is incorrect or if the intrinsic value of a company is not recognized by the market, a stock may not achieve the price appreciation anticipated by the Adviser. The Fund’s value style may cause it to underperform relative to funds that use a growth or non-value approach to investing or funds that have a broader investment style. Market Capitalization Risks. The Fund may emphasize investment in a particular market capitalization, which may cause its share price to be more susceptible to the financial, market or economic events affecting issuers within that market capitalization. Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. Small and mid-capitalization companies may lack the management experience, financial resources, product diversification, and other competitive strengths usually present in larger companies. Micro-cap companies may have limited product lines, markets, and access to financing, and may lack the management depth of larger companies. In many instances, the securities of micro, small and mid-capitalization companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. Debt Security Risks. Any debt securities held by the Fund are subject to certain risks, such as credit risk, interest rate risk, and liquidity risk. At times there may be an imbalance of supply and demand in the markets which could result in greater price volatility, less liquidity, wider trading spreads, and a lack of price transparency. Credit risk is the risk that the issuer of the security cannot meet its financial obligations. Issuers of junk bonds may not be as financially strong and may have a weakened capacity to pay interest or principal, when due, especially during periods of economic downturn or uncertainty. Interest rate risk is the risk that the Fund’s share price will be affected by changes in interest rates. When interest rates rise, the value of the Fund’s debt securities and share price generally will decline. Securities with longer maturities generally are more sensitive to interest rate changes than securities with shorter maturities. Potential changes in government policy affecting interest rates may cause debt securities to experience a heightened level of interest rate risk. It is difficult to accurately predict the direction of interest rates or the timing of an interest rate increase or decrease. Liquidity risk is the risk that a security cannot be sold at an advantageous time or price. Liquidity risk may be magnified in a rising interest rate environment, if there is a reduction in the inventories of traditional dealers, or in other circumstances. Lower rated securities may be subject to greater levels of liquidity risk. ETF Risks. The Adviser may invest in certain types of ETFs in an effort to protect against market risk. Investments in ETFs generally present the same primary risks as investments in conventional investment companies, including the risk that the general level of security prices owned by the ETF may decline, thereby affecting the value of the shares of the ETF. In addition, ETFs are subject to certain risks that do not apply to mutual funds, including the risk that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), or that an active trading market for an ETF’s shares may not be developed or maintained. ETFs are also subject to the risks of the underlying securities or sectors that the ETF is designed to track. Preferred Stock Risks. Preferred stock is subject to the risks of equity securities as well as risks associated with fixed income securities, such as interest rate risk. Because a company will generally pay dividends on preferred stock only after it has made its required payments to creditors, the value of a company’s preferred stock may react strongly to actual or perceived changes in the company’s financial condition or outlook. Preferred stock may be less liquid than common stock and generally has limited or no voting rights. In addition, preferred stock is subject to the risk that a company may defer or not pay dividends, may call or redeem its preferred stock, or convert it to common stock. Convertible Security Risks. A convertible security is a bond or preferred stock that can be exchanged or converted into a specific number of shares of the issuer’s common stock. When the price of the underlying stock falls, the price of a convertible security tends to decline. Because a company must generally pay interest on its nonconvertible secured debt before it can pay interest on its convertible securities, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities. A convertible security may be “callable,” which means the issuer can redeem the security prior to its maturity. Special Situation Company Risks. Investing in special situation companies carries an additional risk of loss if the expected development does not occur or produce the intended results. The availability of special situation companies that present attractive investment opportunities may be sporadic, or rare in certain instances, which may detract from the Fund’s ability to pursue its investment objective. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Value Focused Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with those of a broad measure of market performance. The Fund’s performance results prior to April 28, 2025 were achieved without the use of the morally responsible investment process that is designed to avoid investments in companies that are contrary to the core values and teachings of the Roman Catholic Church. The Fund’s performance results during portions of 2016 were achieved using an investment strategy that differs from its current more focused strategy. The S&P 500® Index is used as a primary index in order to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The S&P Composite 1500® Index is used as a secondary index because it is representative of the securities that may be purchased by the Fund. Certain performance information reflects fee reductions and/or expense reimbursements by the Adviser; without such fee reductions and/or expense reimbursements, returns would be less than those shown. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month-end, is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Value Focused Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1-, 5- and 10-year periods ended December 31, 2025 compare with those of a broad measure of market performance. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_007.jpg" style="width: 336px; height: 201px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zFyOQBbwFpX8" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004202Member_zNPG6T1qabdg" style="display: none; text-align: center; width: 50%">18.13%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004202Member_zgO8vJk86Vea" style="display: none; text-align: center">13.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004202Member_zM8tm2Ot0dTb" style="display: none; text-align: center">-8.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004202Member_z0PlOXHZ62Ph" style="display: none; text-align: center">18.67%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004202Member_zgIuYCjfAgM8" style="display: none; text-align: center">11.62%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004202Member_zZB0jIO5hVN1" style="display: none; text-align: center">31.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004202Member_z8g9FQTAzpB9" style="display: none; text-align: center">21.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004202Member_ziKiNrV6vIV" style="display: none; text-align: center">1.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004202Member_zd0KycbLqAa6" style="display: none; text-align: center">38.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004202Member_ziYPItJORFa4" style="display: none; text-align: center">6.29%</td></tr> </table> 0.1813 0.1371 -0.0814 0.1867 0.1162 0.3114 0.2115 0.0118 0.3871 0.0629 During the periods shown in the bar chart, the highest return for a quarter was 32.32% during the quarter ended March 31, 2021, and the lowest return for a quarter was -27.83% during the quarter ended March 31, 2020. the highest return for a quarter 0.3232 2021-03-31 the lowest return for a quarter -0.2783 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zVJarOvmudMb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zTIblJjPXOZf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="font: small-caps 10.5pt Arial Bold; vertical-align: bottom; width: 66%; text-align: justify">ave maria value focused fund</td> <td id="xdx_499_20250101__20251231_zxsPvhQzRDW1" style="border-bottom: black 1pt solid; vertical-align: top; width: 10%; text-align: center">One Year</td> <td style="vertical-align: top; width: 2%; text-align: center"> </td> <td id="xdx_497_20210101__20251231_z8uCzfAjVzQh" style="border-bottom: black 1pt solid; vertical-align: top; width: 10%; text-align: center">Five Years</td> <td style="vertical-align: top; width: 2%; text-align: center"> </td> <td id="xdx_496_20160101__20251231_zscYHzjlOSAc" style="border-bottom: black 1pt solid; vertical-align: top; width: 10%; text-align: center">Ten Years</td></tr> <tr> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004202Member_zdeNL1AzovCi" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">6.29%</td> <td style="text-align: right"> </td> <td style="text-align: center">18.84%</td> <td style="text-align: right"> </td> <td style="text-align: center">14.50%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zViy711w58Md" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">6.19%</td> <td style="text-align: right"> </td> <td style="text-align: center">17.43%</td> <td style="text-align: right"> </td> <td style="text-align: center">13.48%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zemU7K4vFRGc" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">3.80%</td> <td style="text-align: right"> </td> <td style="text-align: center">15.12%</td> <td style="text-align: right"> </td> <td style="text-align: center">11.97%</td></tr> <tr> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004202Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z2o3b5o70UK3"> <td style="vertical-align: bottom; text-align: left">S&P 500® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center">17.88%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: center">14.42%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: center">14.82%</td></tr> <tr> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: top; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004202Member__oef--PerformanceMeasureAxis__custom--SAndPComposite1500IndexMember_z3rwgydDoIIh"> <td style="vertical-align: bottom; padding-left: 9pt; text-align: left; text-indent: -9pt">S&P Composite 1500® Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="vertical-align: bottom; text-align: center">17.02%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: center">13.96%</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: center">14.46%</td></tr> </table> Return Before Taxes 0.0629 0.1884 0.1450 0.0619 0.1743 0.1348 0.0380 0.1512 0.1197 0.1788 0.1442 0.1482 0.1702 0.1396 0.1446 Ave Maria Bond Fund what is the fund’s investment objective? The investment objective of the Ave Maria Bond Fund is to seek preservation of principal with a reasonable level of current income. what are the fund’s fees and expenses? This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and fees to intermediaries, which are not reflected in the table and example below. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zRsowusGbuB7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zzKvUIXUnR0i" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: bottom; width: 87%; text-align: left; font-weight: bold">Shareholder Fees (fees paid directly from your investment) </td> <td style="vertical-align: bottom; width: 10%; text-align: right"><span id="xdx_900_eoef--ShareholderFeeOther_dn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_zwFN5wMC1XNf" title="Shareholder Fees (fees paid directly from your investment)">None</td> <td style="vertical-align: top; width: 3%; text-align: center"> </td></tr> </table> 0 <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zgc3QnSeXJKb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zojH0imiaPb8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; text-align: left; font-weight: bold; width: 87%"> </td> <td id="xdx_49B_20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_zmSktqWMh7Oc" style="vertical-align: bottom; text-align: right; width: 10%"> </td> <td style="vertical-align: top; text-align: center; width: 3%"> </td></tr> <tr> <td style="vertical-align: top; text-align: left; font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Management Fees </td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_zRRkuWTbN7Z4" style="text-align: right" title="Management Fees">0.25%</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Other Expenses </td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_zkBWMIN4i6d5" style="text-align: right" title="Other Expenses">0.14%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Acquired Fund Fees and Expenses </td> <td id="xdx_981_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_zRexh3h6ROa5" style="border-bottom: Black 1pt solid; text-align: right" title="Acquired Fund Fees and Expenses">0.01%</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left"> Total Annual Fund Operating Expenses </td> <td id="xdx_98C_eoef--ExpensesOverAssets_dpn_c20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_fKDEp_zByGNK78WBC1" style="border-bottom: Black 1.5pt double; text-align: right" title="Total Annual Fund Operating Expenses">0.40%</td> <td style="text-align: left">(1)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 13.7pt">(1)</td><td style="text-align: justify">Total Annual Fund Operating Expenses will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which do not reflect “Acquired Fund Fees and Expenses.”</td></tr></table> 0.0025 0.0014 0.0001 0.0040 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDK30CxTndug"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zknreIYO6rR4" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zyY2spdotcVe" style="border-bottom: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_484_eoef--ExpenseExampleYear03_zfe4XjUi9qs5" style="border-bottom: black 1pt solid; width: 20%; text-align: center">3 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_z6M020lMaBd7" style="border-bottom: black 1pt solid; width: 20%; text-align: center">5 Years</td> <td style="width: 5%; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear10_z1axuv3fFdMj" style="border-bottom: black 1pt solid; width: 20%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__dei--LegalEntityAxis__custom--S000001552Member__oef--ClassAxis__custom--C000004207Member_zLKNzwVwmc06" style="vertical-align: top"> <td style="text-align: center">$ 41</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 128</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 224</td> <td style="text-align: center"> </td> <td style="text-align: center">$ 505</td></tr> </table> 41 128 224 505 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. 0.13 what are the fund’s principal investment strategies? The Ave Maria Bond Fund invests primarily (80% or more of its net assets, including the amount of any borrowings for investment purposes) in investment-grade debt securities of domestic issuers, including the U.S. government and its agencies and instrumentalities, corporations and municipalities, and money market instruments. The Fund may invest up to 20% of its net assets in equity securities (which includes, but is not limited to, preferred stocks, common stocks paying dividends, and securities convertible into common stock) of domestic or foreign issuers of any market capitalization. Under normal circumstances, all of the Fund’s investments in corporate debt and equity securities will satisfy the Fund’s religious criteria. This process is designed to avoid investments in companies believed to offer products or services or engage in practices that are contrary to the core values and teachings of the Roman Catholic Church. The Fund seeks to invest in securities that appear comparatively undervalued. For example, the Fund would consider a security having a yield that is higher than another security of similar credit quality and duration to be comparatively undervalued. Unlike funds investing solely for income, the Fund also seeks modest capital appreciation and growth of investment income. The Fund may purchase securities that are convertible into common stock or carry warrants or common stock purchase rights when the Adviser believes they offer higher return potential than nonconvertible securities. Convertible securities generally are debt obligations that pay income but may convert into common or preferred stock under certain circumstances. The Fund may also seek capital appreciation by investing in fixed income securities when the Adviser believes interest rates on such investments may decline, thereby increasing the market value of the Fund’s fixed income securities. The Adviser may also purchase securities it believes have a high potential for credit upgrade. The Catholic Advisory Board (the “Catholic Advisory Board” or the “CAB”) sets the criteria for screening out companies based on religious principles. In making this determination, the CAB members are guided by the magisterium of the Roman Catholic Church. The magisterium of the Roman Catholic Church is the authority or office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. This process will, in general, avoid three major categories of companies: (i) those involved in the practice of abortion, including those that contribute corporate funds to Planned Parenthood; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; and (iii) those that support embryonic stem cell research. A company is deemed to be involved in the practice of abortion if it (i) conducts abortions or provides abortion-related products or services; or (ii) supports or contributes corporate funds to companies that engage in abortion, such as Planned Parenthood. A company is deemed to support embryonic stem cell research if it (i) conducts research on embryonic stem cells; (ii) provides embryonic stem cell research services; (iii) provides embryonic stem cell therapies for various diseases; or (iv) develops products to improve embryonic stem cell therapeutic potential or regenerative treatments. The Fund is not authorized or sponsored by the Roman Catholic Church and the CAB is not affiliated with the Roman Catholic Church. For more information about the CAB, please turn to the “Catholic Advisory Board” section of this Prospectus. The Adviser applies a proprietary screening process to monitor adherence with the Fund’s moral screening criteria using information from commercially available third-party screening services, shareholders, and other sources. The Adviser also conducts internal research using databases that enable it to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each security held in the Fund to determine if the issuer remains in compliance with the Fund’s moral screening criteria. The Fund will invest at least 80% of its net assets in “investment-grade” debt securities and securities issued by the U.S. government, its agencies, or instrumentalities. Investment-grade debt securities are corporate bonds, debentures, notes, or money market instruments rated in the top four categories at the time of purchase by a nationally recognized rating agency, or unrated securities the Adviser considers to be of comparable quality. Securities issued by the U.S. government, its agencies or its instrumentalities include direct obligations of the U.S. Treasury (including Treasury Inflation-Protected Securities (“TIPS”)) and securities issued or guaranteed as to payment of interest and principal by agencies or instrumentalities of the U.S. government. The Fund may invest in debt securities of any maturity, duration, or geographic concentration. In selecting debt securities, the Adviser will focus on the issuer’s credit strength as well as the security’s effective duration and yield. Effective duration is a measure of a debt security’s price sensitivity to interest rate changes. Effective duration takes into account a debt security’s cash flows over time including the possibility that a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date. In contrast, maturity measures only the time until the final payment is due. When the Adviser expects interest rates to rise, it may purchase debt securities with shorter maturities or invest in money market instruments. When the Adviser expects interest rates to fall, it may invest in longer-term debt securities. The Adviser may sell a security when it no longer meets its criteria for investment or when there are more attractive investment opportunities available. A security will automatically be sold, if necessary, to ensure that the Fund’s investments are in accordance with its morally responsible investment policy. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program and there is no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Debt Security Risks. Debt securities held by the Fund may be subject to certain risks, such as interest rate risks, credit risks, and liquidity risks. Periods of supply and demand imbalances in the markets could result in greater price volatility, less liquidity, wider trading spreads, and a lack of price transparency. Changes in monetary policy by central banks or governments will affect the level of interest rates. The ultimate effects of these and other efforts that may be taken may not be known for some time. Convertible securities may be subject to both debt and equity security risks described herein. Interest Rate Risks. The value of the Fund’s debt securities is affected by changes in interest rates. When interest rates rise, the value of the Fund’s debt securities and its share price will decline. A change in interest rates will also change the amount of income the Fund generates. Securities with longer maturities generally are more sensitive to interest rate changes than securities with shorter maturities. It is difficult to accurately predict the direction of interest rates or the timing of interest rate changes. Credit Risks. The value of the Fund’s debt securities is affected by the issuers’ continued ability to make interest and principal payments, when due. The Fund could lose money if an issuer cannot meet its financial obligations or if its credit rating is downgraded. Securities rated in the lowest of the investment-grade categories (BBB or an equivalent rating) are considered more speculative than higher-rated securities. Their issuers may not be as financially strong and they may have a weakened capacity to pay interest or principal, especially during periods of economic downturn or uncertainty. An investment grade determination is made at the time of purchase and the Fund is not required to liquidate a security whose rating is reduced below investment grade. When a security’s rating is reduced below investment grade, it may be more difficult for the Fund to receive income and achieve capital appreciation from its investment. Government securities held by the Fund may or may not be backed by the “full faith and credit” of the U.S. government. Securities backed by the full faith and credit of the U.S. government include Treasury securities and Overseas Private Investment Corporation securities. Securities that are not backed by the “full faith and credit” of the U.S. government include securities issued by various other government agencies. A rating by a nationally recognized statistical rating organization represents the organization’s opinion on the credit quality of a security but is not an absolute standard of quality or guarantee of the creditworthiness of an issuer. Ratings of nationally recognized statistical rating organizations present an inherent conflict of interest because these organizations are paid by the entities whose securities they rate. The credit rating of a security does not necessarily address its market risk (that is, the risk that the value of a security will be adversely affected due to movements in the overall financial markets or changes in the level of interest rates). In addition, ratings may not be revised promptly to reflect developments in the issuer’s financial condition. Liquidity Risks. Debt securities may also be subject to liquidity risk, which is the risk that a security cannot be sold at an advantageous time or price. If a debt security is downgraded or drops in price, the market demand may be limited, making that security difficult to sell. Additionally, the market for certain debt securities may become illiquid under adverse market or economic conditions, independent of any specific adverse changes in the condition of a particular issuer. Liquidity risk may be magnified in a rising interest rate environment or in other circumstances where investor redemptions from fixed income mutual funds may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the growth of the fixed income market, causing dealer inventories to be at or near historical lows relative to market size. Lower rated securities may be subject to greater levels of liquidity risk. Monetary Policy Risks. Monetary policy actions by the U.S. Federal Reserve and foreign central banks continue to influence market liquidity, interest rates, and overall economic conditions. While prior periods of extraordinary monetary accommodation—such as during the 2008 global financial crisis and the COVID-19 pandemic—supported financial markets, subsequent tightening cycles, including the rapid rate increases initiated in 2022, contributed to heightened volatility. Central banks remain prepared to adjust policy in response to evolving economic risks, including inflation, employment conditions, and financial system stress. Future shifts in monetary policy—whether tightening or easing—may result in market volatility, reduced liquidity, and fluctuations in the value of debt securities. These risks may be elevated during periods of uncertainty in the interest-rate outlook. Equity Market Risks. The Fund is subject to the risk that the securities markets may decrease in value due to factors such as economic decline, interest rate changes, and political events. Stock prices tend to move in cycles, which may cause the Fund’s share price to decline in tandem with a drop in the overall markets. Any equity securities held by the Fund may be subject to rapid fluctuations in price or liquidity driven by company or industry-specific developments, broad market trends, investor perceptions, wars or conflicts, natural or environmental disasters (including earthquakes, fires, floods, hurricanes and tsunamis), widespread disease (pandemics or epidemics), and other factors beyond the control of the Adviser. Investments in micro-, small- and mid-sized companies often have higher risks since they may lack the management experience, financial resources, product diversification, and competitive strengths usually present with larger companies. Global economies and financial markets have become interconnected, which increases the risk that economic, financial, or political events in one country may have a profound and unexpected impact on other economies or markets, including the U.S. financial markets. Recent Market Events. The financial markets continue to experience periods of volatility driven by evolving economic conditions, shifting monetary and fiscal policies, and ongoing geopolitical tensions. The continued effects of high inflation have resulted in lower purchasing power and slower global growth, contributing to uncertainty about the pace and timing of the Federal Reserve’s monetary actions. The U.S. government’s newly implemented and expanded tariff regimes have contributed to higher input costs, supply chain disruptions, and pressure for companies that are in export-driven industries or dependent on cross border inputs. The strategic competitive relationship between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, including military conflicts, political instability in key economies, and renewed concerns about government funding standoffs, present ongoing risks to economic stability. In addition, evolving technological and structural changes, including rapid investments in artificial intelligence and automation, have contributed to short-term market swings and increased uncertainty about corporate earnings, labor market trends, and sector-specific performance. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. Foreign Exposure Risks. Investments in foreign securities involve risks that may differ from those associated with U.S. securities, including the risk that foreign economies may be less stable or more susceptible to adverse conditions than the U.S. economy. Foreign securities may not be subject to the same audit, financial reporting, or disclosure standards and practices that apply in the U.S., which can limit the availability or reliability of information used to evaluate these investments. Foreign securities may also be adversely affected by unfavorable changes in investment or exchange control regulations, tariffs, expropriation or confiscatory taxation, delays in settlement transactions, limitations on the removal of money or other assets, political or social instability, war or armed conflicts, and the nationalization of companies or industries. Additional risks may arise from the imposition of capital or currency controls, changes to international trade agreements, or political or economic dysfunction within some nations that are global economic powers or major energy producers. Unsponsored depositary receipts carry additional risks beyond direct foreign investments since they may provide less timely issuer information, may not pass through voting rights and may require investors to bear certain transaction fees. Security Selection Risks. Like any mutual fund, the Adviser’s method of security selection may not be successful and the Fund might underperform the markets as a whole. The Adviser’s opinion about the creditworthiness of a company, the intrinsic value of a security or the direction of interest rates may be incorrect, which may cause the Fund to underperform relative to other mutual funds that have similar investment strategies. Changes in the dividend policies or capital resources of companies may affect a stock’s ability to produce income, which may cause the Fund’s equity securities to decline in value. Moral Investing Risks. The Adviser invests in corporate debt and equity securities only if they meet both the Fund’s investment and religious criteria; therefore, the Fund’s return may be lower than it would if the Adviser made decisions based solely on investment considerations. If the Fund holds a security of a company that has violated the teachings and core values of the Roman Catholic Church, it could result in the Fund selling the security at an inopportune time from a purely financial point of view. The process of screening out companies based on religious principles relies in part upon information or data from third parties that may be inaccurate or unavailable, which could cause the Fund to inadvertently hold securities that do not meet its religious criteria. what has been the fund’s performance history? The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Bond Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1, 5- and 10-year periods ended December 31, 2025 compare with those of the Bloomberg U.S. Aggregate Bond Index and the Bloomberg Intermediate U.S. Government/Credit Bond Index. The Bloomberg U.S. Aggregate Bond Index is used as a primary index in order to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The Bloomberg Intermediate U.S. Government/Credit Bond Index is included as an additional comparative index because it is representative of the market sectors in which the Fund may invest. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website (www.avemariafunds.com) or by calling 1-888-726-9331. The bar chart and performance table shown below provide some indication of the risks and variability of investing in the Ave Maria Bond Fund by showing the Fund’s performance from year to year for each of the last ten calendar years, and by showing how the Fund’s average annual total returns for the 1, 5- and 10-year periods ended December 31, 2025 compare with those of the Bloomberg U.S. Aggregate Bond Index and the Bloomberg Intermediate U.S. Government/Credit Bond Index. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.avemariafunds.com 1-888-726-9331 <img alt="" src="image_024.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zA8nWnJAwWtb" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004207Member_z9weAXY0NnNb" style="display: none; text-align: center; width: 50%">4.54%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004207Member_zmEGfdKRGF36" style="display: none; text-align: center">4.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004207Member_zXmBLgD7TLFj" style="display: none; text-align: center">0.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004207Member_zJU5vqgNbXN6" style="display: none; text-align: center">8.30%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004207Member_zHNqikg3EO62" style="display: none; text-align: center">5.60%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004207Member_zLf76bXkj5rl" style="display: none; text-align: center">4.38%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004207Member_zYVy6F9A1Hg9" style="display: none; text-align: center">-2.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004207Member_zySKMV4N2wl1" style="display: none; text-align: center">5.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004207Member_zkVFjxy9rMci" style="display: none; text-align: center">5.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004207Member_z5gwxEEgGAjl" style="display: none; text-align: center">5.55%</td></tr> </table> 0.0454 0.0416 0.0041 0.0830 0.0560 0.0438 -0.0295 0.0516 0.0571 0.0555 During the periods shown in the bar chart, the highest return for a quarter was 6.35% during the quarter ended June 30, 2020, and the lowest return for a quarter was -5.70% during the quarter ended March 31, 2020. the highest return for a quarter 0.0635 2020-06-30 the lowest return for a quarter -0.0570 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div id="xdx_A87_eoef--PerformanceTableTextBlock_z370NmyiQwY3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zBvVaa1JNXw6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: small-caps 10.5pt Arial Bold; width: 66%; text-align: justify">ave maria bond fund</td> <td id="xdx_499_20250101__20251231_zFdTCbN0Zbs9" style="border-bottom: black 1pt solid; width: 10%; text-align: center">One Year</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_497_20210101__20251231_z4tao2Nil5Wd" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Five Years</td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_496_20160101__20251231_zj6dAbrfnhOc" style="border-bottom: black 1pt solid; width: 10%; text-align: center">Ten Years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004207Member_zs6s2Red1Ydd" style="vertical-align: bottom"> <td style="text-align: left">Return Before Taxes</td> <td style="text-align: center">5.55%</td> <td style="text-align: right"> </td> <td style="text-align: center">3.54%</td> <td style="text-align: right"> </td> <td style="text-align: center">4.05%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004207Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJQ2eoAjOZy" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions</td> <td style="text-align: center">4.19%</td> <td style="text-align: right"> </td> <td style="text-align: center">2.46%</td> <td style="text-align: right"> </td> <td style="text-align: center">3.06%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004207Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zy1kEg8qSuY" style="vertical-align: bottom"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="text-align: center">3.37%</td> <td style="text-align: right"> </td> <td style="text-align: center">2.33%</td> <td style="text-align: right"> </td> <td style="text-align: center">2.82%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004207Member__oef--PerformanceMeasureAxis__custom--BLOOMBERGUSAGGREGATEBONDINDEXMember_znazpegAz0K9" style="vertical-align: bottom"> <td style="text-align: left">BLOOMBERG U.S. AGGREGATE BOND INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">7.30%</td> <td style="text-align: right"> </td> <td style="text-align: center">-0.36%</td> <td style="text-align: right"> </td> <td style="text-align: center">2.01%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004207Member__oef--PerformanceMeasureAxis__custom--BLOOMBERGINTERMEDIATEUSGOVERNMENTCREDITBONDINDEXMember_z0MQnlP5xpD9" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: left; text-indent: -9pt">BLOOMBERG INTERMEDIATE U.S. GOVERNMENT/CREDIT BOND INDEX (reflects no deduction for fees, expenses, or taxes)</td> <td style="text-align: center">6.97%</td> <td style="text-align: right"> </td> <td style="text-align: center">0.96%</td> <td style="text-align: right"> </td> <td style="text-align: center">2.29%</td></tr> </table> Return Before Taxes 0.0555 0.0354 0.0405 0.0419 0.0246 0.0306 0.0337 0.0233 0.0282 0.0730 -0.0036 0.0201 0.0697 0.0096 0.0229 Based on estimated amounts for the current fiscal year. Schwartz Investment Counsel, Inc. (the “Adviser”) has contractually agreed to reduce Management Fees and reimburse Other Expenses so that “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) do not exceed 1.25%. Any management fee waivers and/or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years from the date such fees and expenses were waived or reimbursed, provided the repayment to the Adviser does not cause “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) of the Fund to exceed the contractual expense limitation at the time such amount was waived or repaid. This expense limitation is in effect until May 1, 2029 and may be terminated by the Fund or the Adviser upon not less than 60 days’ prior written notice, provided, however, that (i) the Adviser may not terminate the agreement without the approval of the Board of Trustees, and (ii) the agreement terminates automatically in the event of an assignment. Total Annual Fund Operating Expenses will not correlate to the ratio of net expenses to average net assets in the Fund’s Financial Highlights, which does not reflect “Acquired Fund Fees and Expenses.” Schwartz Investment Counsel, Inc. (the “Adviser”) has contractually agreed to reduce Management Fees and reimburse Other Expenses so that “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) do not exceed 1.25%. Any management fee waivers and/or expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years from the date such fees and expenses were waived or reimbursed, provided the repayment to the Adviser does not cause “Total Annual Fund Operating Expenses” (excluding Acquired Fund Fees and Expenses, interest, taxes, brokerage costs and extraordinary expenses) of the Fund to exceed the contractual expense limitation at the time such amount was waived or repaid. This expense limitation is in effect until May 1, 2027 and may be terminated by the Fund or the Adviser upon not less than 60 days’ prior written notice, provided, however, that (i) the Adviser may not terminate the agreement without the approval of the Board of Trustees, and (ii) the agreement terminates automatically in the event of an assignment. Total Annual Fund Operating Expenses will not correlate to the ratio of net expenses to average net assets in the Fund’s Financial Highlights, which does not reflect “Acquired Fund Fees and Expenses.” Total Annual Fund Operating Expenses will not correlate to the Fund’s ratio of total expenses to average net assets in the Fund’s Financial Highlights, which do not reflect “Acquired Fund Fees and Expenses.”