Lipper Fund Awards from Refinitiv, ©2020 Refinitiv. All rights reserved. Used under license. The Auer Growth Fund [AUERX] received a Refinitiv Lipper Award for the best fund among 820 funds in the Small-Cap Core category based on a risk-adjusted performance for the 5-year period ending 11/30/2025. Lipper Small-Cap Core Category % Rank (11/30/25): 3-Year: 6 out of 846 funds, 5-Year: 1 out of 820 funds, 10-Year: 4 out of 655 funds. The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60, and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award.
Lipper Ratings for Total Return reflect fund historic total return performance relative to peers. Lipper Ratings for Consistent Return reflect fund historical risk-adjusted returns relative to peers. Lipper Ratings for Preservation are relative, rather than absolute. Choosing a Lipper Leader for Preservation may help to minimize downside risk relative to other fund choices in the same asset class. Investors are cautioned that equity funds have historically been more volatile than mixed equity or fixed-income funds, and that even Lipper Leaders for Preservation in more volatile asset classes may not be well suited to shorter-term goals or less risk-tolerant investors. Lipper Ratings for Expense reflect fund expense minimization relative to peers. Lipper Ratings for Tax Efficiency (U.S. Only) reflect fund historical ability to postpone taxable distributions. The Lipper Ratings are subject to change every month. Lipper Ratings DO NOT take into account the effects of sales charges. Overall Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable). The highest 20% of funds in each classification are named Lipper Leaders or a score of 5, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1. Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain from Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. For additional information about Lipper, please visit www.lipperweb.com.
LSEG Lipper Fund Awards, ©2026 LSEG. All rights reserved. Used under license.
Performance quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than what is stated. Investment return and principal value will vary with market conditions so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For current to most recent month-end performance, please visit sbauerfunds.com/auerx-performance or call us at 888-711-2837. The Fund imposts a 1% redemption fee on proceeds redeemed or exchanged within 7 days of purchase. The performance illustrated does not include the effect of the redemption charge. If it did, performance would have been lower.
You should carefully consider the investment objectives, potential risks, management fees, and charges and the expenses of the Fund before investing. The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling 888-711-2837.
Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. There can be no assurance that the Fund’s investment objectives will be achieved. Small-cap and mid-cap investing involves greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity, and increased competitive threat. Stocks of micro-capitalization companies are more volatile, less liquid, involve substantial risks, and are subject to more abrupt or erratic movements than small, mid, or large capitalization companies. The Fund invests in companies that appear to be growth-oriented companies. If the Adviser’s perceptions or a company’s growth potential are wrong, the securities purchased may not perform as expected, causing losses that will reduce the Fund’s return.
For Shareholder Services, please call 888-711-AUER (2837).
Distributed by Ultimus Fund Distributors, LLC, 225 Pictoria Dr., Suite 450, Cincinnati, OH 45246 United States. (Member FINRA.) SBAuer Funds, LLC and Ultimus Fund distributors, LLC are not affiliated.
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