Summary

• For the three months ended March 31, 2026, the total return on the Ave Maria Growth Focused Fund was 2.62%, compared to the S&P 500® Index at -4.33%.
• At quarter-end, approximately 46% of the portfolio was invested in companies that own such irreplaceable real assets that underpin essential economic activity.
• Working in tandem, WaterBridge and LandBridge have similar attributes to a municipal waste company, including local monopolies, long-term contracts, and inherent scarcity of permitted disposal space.
• US Lime & Mineral, a new holding in the Fund, operates a similar business in several central US markets with strong local monopoly or oligopoly characteristics.
• These real-asset companies benefit from secular tailwinds – including the buildout of AI infrastructure and sustained energy production – that should continue to support their cash flow growth.

For the three months ended March 31, 2026, the total return on the Ave Maria Growth Focused Fund (AVEAX) was 2.62%, compared to the S&P MidCap 400® Growth Index at 3.92% and the S&P 500® Index at -4.33%. The

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