* Wall Street Journal, 1/9/23, p. R5.

Disclosures:
AUERX (12/31/2022) — 1 Year: 9.97%, 3 Year: 16.13%, 5 Year: 8.31%, 10 Year: 8.65%, Inception (12/28/2007): 2.05%. Total Gross Expense Ratio: 2.37% as of March 31, 2022.

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/performance or call us at 888-711-2837. The Fund imposes 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 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 of a company’s growth potential are wrong, the securities purchased may not perform as expected, causing losses that will reduce the Fund’s return.

The Auer Growth Fund (AUERX) was listed as Category Kings in 9 Realms for the Small-Cap Core category. The Wall Street Journal’s Category Kings recognizes top-performing funds in each category based on one-year total returns (changes in net asset values with reinvested distributions) as of December 30, 2022, assets are as of November 30, 2022. All data are final. 3-year, 5-year and 10-year performance are also shown in the listing. The Auer Growth Fund is listed as number one out of 909 funds for the 1-year period.

The thoughts and opinions expressed in the article are solely those of the author. The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser. The discussion is designed to provide a reader with an understanding of how the Fund’s investment adviser manages the Fund’s portfolio.

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)