Ave Maria Catholic Values Fund Q1 2015 Investment Commentary The Ave Maria Catholic Values Fund (AVEMX) had a total return of 0.35% for the three months ended March 31, 2015, compared to 0.95% for the S&P 500® Index. The returns for the Fund compared to its benchmark as of March 31, 2015: Current Prospectus Year to Since Expense Expense Date Ratio 1 Yr. 3 Yrs.^ 5 Yrs.^ 10 Yrs.^ Inception^* Ratio Ave Maria Catholic Values Fund 0.35% 1.22% 9.39% 10.98% 5.88% 7.50% 1.18% 1.43% 0.95% 12.73% 16.11% 14.47% S&P 500® Index 8.01% 5.66% ^ Annualized * Since Inception date is 5-1-2001 Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value are historical and may fluctuate so that redemption value may be worth more or less than the original cost. Current performance may be lower or higher than what is quoted. Performance data reflects certain fee waivers and reimbursements. Without such waivers, performance would have been lower. Call 1-866-AVE-MARIA or visit www.avemariafunds.com for the most current month-end performance. The adviser has contractually agreed to limit the Fund’s ordinary operating expenses to an amount not exceeding 1.50% of the Fund’s average daily net assets until at least May 1, 2015. The U.S. stock market took a bit of a breather in the first quarter after outperforming many of the world’s markets last year. The economy hit a soft patch due in part to weather disruptions on the east coast and port labor disputes on the west coast. Corporate profits also faced headwinds from the strong U.S. dollar and sharply lower energy and commodity prices. Some investors are understandably worried about the potential market impact of the Federal Reserve policy transition from quantitative easing, which ended last fall, toward tightening which will likely begin later this year. We share those concerns, yet see reasons for optimism. There are signs that the European Central Bank’s stimulation program is having a positive impact. The resulting lower interest rates and weaker Euro seem to be bearing fruit in early indications of better economic growth. In the U.S., employment and real wages are slowly improving, as retail sales and housing are emerging from their winter slowdowns. Major contributors to Fund performance in the quarter included Valeant Pharmaceuticals Int’l. (healthcare), Western Union Co. (international money transfers), Chico’s FAS, Inc. (women’s apparel retail), Lowe’s Companies, Inc. (home improvement retail) and The Halliburton Company (energy services). The Fund’s overall stock selection in the financial and healthcare sectors also aided performance. Stocks that hurt performance were: Apollo Group, Inc. (for-profit education), Knowles Corporation (electronic components), EMC Corp. (data storage systems), Hewlett-Packard Company (technology), and Peabody Energy Corporation (coal). Stock selection in the technology and industrial sectors generally penalized performance. During the first quarter, the Fund initiated four new positions: Schlumberger Limited (oil service), InterXion Holding NV , Telecity Group PLC (internet interchange operators) and Medtronic PLC (medical devices). Five stocks were eliminated: Covidien PLC, which was acquired by Medtronic, PetSmart, Inc. and Meadowbrook Insurance Group, Inc., which were takeover targets whose shares appreciated substantially, Barnes & Noble, Inc. and Peabody Energy Corporation. Thank you for being a shareholder. www.avemariafunds.com 1-866-AVE-MARIA Ave Maria Catholic Values Fund Q1 2015 Investment Commentary IMPORTANT INFORMATION FOR INVESTORS As of 3-31-15, the holding percentages of the stocks mentioned in this commentary are as follows; Valeant Pharmaceuticals International, Inc. (2.0%), Western Union Co. (3.4%), Chico’s FAS, Inc. (3.6%), Lowe’s Companies, Inc. (4.1%), Halliburton Company (2.6%), Apollo Group, Inc. Class A (1.2%), Knowles Corporation (2.4%), EMC Corp. (3.2%), Hewlett-Packard Company (1.8%), Peabody Energy Corp. (not held), Schlumberger Limited (0.7%), InterXion Holding NV (0.5%), Telecity Group PLC (0.7%) and Medtronic PLC (2.5%). 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. The Fund’s top ten holdings as of 3-31-15: GNC Holdings, Inc. (5.0%), Lowe’s Companies, Inc. (4.1%), Chico’s FAS, Inc. (3.6%), The Western Union Company (3.4%), United Technologies Corporation (3.4%), EMC Corporation (3.2%), Teradata Corporation (3.1%), Advance Auto Parts, Inc. (3.1%), Abbott Laboratories (2.9%) and PulteGroup, Inc. (2.8%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com. 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 S&P 500® Index is a capitalization weighted unmanaged index of 500 widely traded stocks, created by Standard & Poor’s. The index is considered to represent the performance of the stock market in general. The S&P 400® Midcap Index is an unmanaged index created by Standard & Poor’s made up of 400 mid-cap companies. The index is the most widely used index for mid-sized companies. Indexes do not incur fees and it is not possible to invest directly in an index. Request a prospectus, which includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing. The prospectus can be obtained by calling 1-866-283-6274 or online at www.avemariafunds.com. Distributed by Ultimus Fund Distributors, LLC. www.avemariafunds.com 01-02-071515 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. 1-866-AVE-MARIA