DISCLOSURES:

The LSEG 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 LSEG 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 LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed by LSEG Lipper. LSEG Lipper Fund Awards, ©2024 LSEG. All rights reserved. Used under license.

AUERX (03/31/2024) - 1 Year: 26.69%, 3 Year: 18.79%, 5 Year: 17.85%, 10 Year: 7.17%, Total Gross Expense Ratio: 2.07% as of March 29, 2024.

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 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.

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.