Strategy. 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). The Fund may invest in the securities of companies of any size, regardless of market capitalization. Under normal circumstances, all of the Funds equity investments and at least 80% of the Funds net assets will be invested in companies meeting the Funds 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 … Show more… 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). The Fund may invest in the securities of companies of any size, regardless of market capitalization. Under normal circumstances, all of the Funds equity investments and at least 80% of the Funds net assets will be invested in companies meeting the Funds 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. 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 Funds 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 companys 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 companys cost structure. The Fund may invest in equity securities of foreign issuers. The Fund will invest in 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. 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 Funds 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 Moodys Ratings (Moodys). The Funds 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 Funds cash level is a result of the Advisers individual security selection process, and therefore may vary, depending on the Advisers 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 Funds moral screening process uses information from third-party screening providers, shareholders, and other sources. The Adviser utilizes a proprietary screening process to monitor the Funds moral screening criteria. The Adviser conducts internal research and also utilizes commercially available screening services and databases that enable the Adviser to monitor all publicly available company information. On an ongoing basis, the Adviser monitors each portfolio company held in the Fund to determine if that company remains in compliance with the Funds 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 Advisers criteria for value. When a stock appreciates substantially and is no longer undervalued, according to the Advisers valuation 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 companys 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. Show less