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Additional disclosure: As of 6-30-22, the holding percentages of the stocks mentioned in this commentary are as follows: First Horizon National Corporation (0.4%), Lockheed Martin Corporation (2.2%), Chevron Corporation (1.7%), VF Corporation (0.6%), Watsco, Inc. (1.2%) and Fastenal Co. (1.1%). Fund holdings are subject to change and should not be considered purchase recommendations. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased. Fund holdings are subject to change and should not be considered purchase recommendations. The Fund’s top ten holdings as of 6-3022: U.S. Treasury Inflation Protected Sec. 0.50% due 04/15/24 (2.3%), Lockheed Martin Corporation (2.2%), Illinois Tool Works, Inc. 2.65% due 11/15/26 (2.0%), U.S. Treasury Note 1.625% due 08/31/22 (2.0%), U.S. Treasury Note 2.875% due 11/30/23 (2.0%), U.S. Treasury Note 2.125% due 11/30/24 (2.0%), U.S. Treasury Note 0.375% due 04/15/24 (1.9%), U.S. Treasury Note 0.50% due 03/31/25 (1.9%), Exxon Mobil Corporation (1.7%) and Chevron Corporation (1.7%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. Current and future portfolio holdings are subject to risk.
The Adviser invests only in securities that meet the Fund’s investment and religious requirements. The returns may be lower or higher than if decisions were based solely on investment considerations. The method of security selection may or may not be successful and the Fund may underperform or outperform the stock market as a whole. All mutual funds are subject to market risk, including possible loss of principal. The Fund’s investments in small‐ and mid‐capitalization companies could experience greater volatility than investments in large-capitalization companies. The Fund invests primarily in fixed income securities and as a result the Fund is also subject to the following risks: interest rate risk, credit risk, credit rating risk and liquidity risk. The investment performance assumes reinvestment of dividends and capital gains distributions. Performance data reflects certain fee waivers and reimbursements. Without such waivers, performance would have been lower. The Bloomberg Intermediate U.S. Govt./Credit Index is the benchmark index used for comparative purposes for this fund. Indexes do not incur fees and it is not possible to invest directly in an index. The 10-Year U.S. Treasury note is a debt obligation issued by the United States government that matures in 10 years. A 10-year Treasury note pays interest at a fixed rate once every six months and pays the face value to the holder at maturity.
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