As of 3-31-17, the holding percentages of the stocks mentioned in this commentary are as follows; 3M Company (3.2% of Ave Maria Rising Dividend Fund) and Copart, Inc. (3.6% of Ave Maria Growth Fund). 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 Ave Maria Rising Dividend Fund’s top ten holdings as of 3-31-17: Zimmer Biomet Holdings, Inc. (3.3%), VF Corporation (3.2%), Lowe’s Companies, Inc. (3.2%), Cisco Systems, Inc. (3.2%), 3M Company (3.2%), Medtronic PLC (3.1%), Moody’s Corporation (3.1%), United Parcel Service, Inc. (3.1%), Amgen, Inc. (3.1%) and Diageo PLC ADR (3.0%). The Ave Maria Growth Fund’s top ten holdings as of 3-31-17: Moody’s Corporation (3.8%), Copart, Inc. (3.6%), Graco, Inc. (3.5%), Lowe’s Companies, Inc. (3.5%), MSC Industrial Direct Co., Inc. (3.5%), AMETEK, Inc. (3.4%), Cognizant Tech. Solutions Corp. (3.4%), Mastercard, Inc. (3.4%), Laboratory Corp. of America Holdings (3.3%) and Amgen, Inc. (3.2%). The most current available data regarding portfolio holdings can be found on our website, www.avemariafunds.com.

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.

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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. AVEDX invests primarily in dividend paying companies and it is possible these companies may eliminate or reduce their dividend payments.

The Morningstar Rating (TM) for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

With respect to other time periods the Funds received the following Morningstar Ratings; (AVEDX) Overall 4 stars among 1,248 funds, 3 yr. 2 stars among 1,248 funds, 5 yr. 3 stars among 1,113 funds and 10 yr. 5 stars among 822 funds, (AVEGX) Overall 4 stars among 580 funds, 3yr. 4 stars among 580 funds, 5 yr. 4 stars among 500 funds and 10 yr. 4 stars among 368 funds, (AVEFX) Overall 4 stars among 851 funds, 3 yr. 4 stars among 851 funds, 5 yr. 4 stars among 750 funds and 10 yr. 3 stars among 538 funds.

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 going online at www.avemariafunds.com. Distributed by Ultimus Fund Distributors, LLC.