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Performance and Disclosure Information

Top Ten Equity Holdings

December 31, 2020

Company Name Industry Percent Invested
MasterCard Inc. Credit Services 6.7
UnitedHealth Group Inc. Health Care Plans 5.9
Microsoft Corp. Business Software & Services 5.2
Medtronic PLC Medical Appliances & Equipment 4.1
PepsiCo Inc. Beverages – Soft Drinks 3.8
Johnson & Johnson Drug Manufacturers – Major 3.3
Philip Morris International Cigarettes 3.0
Visa, Inc. Credit Services 2.8
Bank of New York Mellon Corp Asset Management 2.7
The Kroger Co. Grocery Stores 2.6
Performance By Calendar Year

December 31, 2020

Auxier Focus Fund –
Investor Class Shares
S&P 500 Index Difference*
12/31/19-12/31/20 6.03% 18.40% -12.37
12/31/18-12/31/19 20.20% 31.49% -11.29
12/31/17-12/31/18 -4.06% -4.38% 0.32
12/31/16-12/31/17 17.71% 21.83% -4.12
12/31/15-12/31/16 7.09% 11.96% -4.87
12/31/14-12/31/15 -1.23% 1.38% -2.61
12/31/13-12/31/14 7.34% 13.69% -6.35
12/31/12-12/31/13 23.81% 32.39% -8.58
12/31/11-12/31/12 8.73% 16.00% -7.27
12/31/10-12/31/11 5.57% 2.11% 3.46
12/31/09-12/31/10 10.10% 15.06% -4.96
12/31/08-12/31/09 24.76% 26.46% -1.70
12/31/07-12/31/08 -24.52% -37.00% 12.48
12/31/06-12/31/07 5.71% 5.49% 0.22
12/31/05-12/31/06 11.75% 15.79% -4.04
12/31/04-12/31/05 4.58% 4.91% -0.33
12/31/03-12/31/04 10.73% 10.87% -0.14
12/31/02-12/31/03 26.75% 28.69% -1.94
12/31/01-12/31/02 -6.76% -22.10% 15.31
12/31/00-12/31/01 12.67% -11.88% 24.55
12/31/99-12/31/00 4.05% -9.10% 13.15
since inception 7/9/99 369.66% 304.26% 65.40

* in percentage points

Cumulative Total Returns

December 31, 2020

Auxier Focus Fund –
Investor Class Shares
S&P 500 Index
YTD 6.03% 18.40%
1 Month 3.75% 3.84%
3 Month 11.99% 12.15%
6 Month 18.31% 22.16%
1 Year 6.03% 18.40%
3 Year 22.28% 48.85%
5 Year 54.14% 103.04%
10 Year 132.25% 267.00%
Life of Fund (7/9/1999) 369.66% 304.26%
Average Annual Total Returns

December 31, 2020

Auxier Focus Fund –
Investor Class Shares
S&P 500 Index
1 Year 6.03% 18.40%
3 Year 6.93% 14.18%
5 Year 9.04% 15.22%
10 Year 8.79% 13.88%
Life of Fund (7/9/1999) 7.47% 6.72%
Quarter End Average Annual Total Returns

December 31, 2020

Auxier Focus Fund –
Investor Class Shares
1 Year 5 Year 10 Year Since Inception
(July 9, 1999)
Return Before Taxes 6.03% 9.04% 8.79% 7.47%
Return After Taxes on Distributions 5.22% 7.83% 7.79% 6.70%
Return After Taxes on Distributions
and Sale of Fund Shares
3.76% 6.96% 7.01% 6.17%
S&P 500 Index 18.40% 15.22% 13.88% 6.72%

Important Disclosure Information

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund returns assume the reinvestment of all dividends and capital gain distributions.  Performance for Investor Class shares for periods prior to December 10, 2004 reflects performance of the applicable share class of Auxier Focus Fund, a series of Unified Series Trust (the “Predecessor Fund”). Prior to January 3, 2003, the Predecessor Fund was a series of Ameriprime Funds. The performance of the Fund’s Investor Class shares for the period prior to December 10, 2004 reflects the expenses of the Predecessor Fund.  As stated in the current prospectus, the Investor Class Share’s annual operating expense ratio (gross) is 1.10%.  The Adviser has contractually agreed to waive a portion of its fee/or and reimburse Fund expenses to limit Total Annual Fund Operating Expenses to 0.92% through October 31, 2021.  Other share classes may vary. The Fund charges a 2.0% redemption fee on shares redeemed within six months of purchase. Returns shown for less than six months do not reflect the 2.0% redemption fee.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from this website or by calling (877) 328-9437. Please read the prospectus carefully before you invest.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. The Fund may invest in value stocks, which are subject to risk that their intrinsic value may never be realized, and growth stocks, which may be susceptible to rapid price swings. Investments in mid-sized companies generally carry greater risk than is customarily associated with larger companies. Moreover, if the Fund’s portfolio is overweighed in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not overweighed in that sector. An increase in interest rates typically causes a fall in the value of a debt security (Fixed-Income Securities Risk) with corresponding changes to the Fund’s value. Foreign securities are subject to additional risks including international trade, currency, political, regulatory and diplomatic risks.

Returns shown are for Investor shares only; other share class returns may vary. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’’ tax situation and may differ from those shown. Actual after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on 500 widely held common stocks. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The Wilshire 5000 Total Market Index is a broad-based market capitalization-weighted index composed of 3,451 publicly traded companies that meet the following criteria:1 The companies are headquartered in the United States. The stocks are listed and actively traded on a U.S. stock exchange. The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. One cannot invest directly in an index.

The Morningstar Rating™ 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.

The Auxier Focus Fund (Investor Class) was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods (ending 12/31/2020): 1128 funds in the last three years, 998 funds in the last five years and 716 funds in the last ten years. With respect to these Large Value funds, the Auxier Focus Fund received a Morningstar Rating of 4 star, 3 stars and 3 stars for the 3-, 5- and 10-year periods, respectively. For the period ended 12/31/2020, the fund ranked 259 out of 1200, 552 out of 998 and 536 out of 716 Large Value funds for the 1-, 5- and 10-year periods, respectively. Past performance is no guarantee of future results.

Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The companies identified and discussed in materials on this website do not represent all of the investments made or recommended by AAM.  It should not be assumed that recommendations made in the future will be profitable or will equal the performance of securities discussed on this website. A list of all recommendations made within the immediately preceding 12 months is available on request.

Mr. Auxier was named one of the top-10 brokers in the country (1997 and 1998) by Money magazine. Money’s All Star Brokers were selected based on the following:  Survey was created and conducted by Junius Ellis, writer for Money.   He asked industry professionals to nominate brokers at firms other than their own.  Candidates had to be willing to take new accounts of $150,000 or less, to have records clear of disciplinary or other disclosure events (FINRA), to display attributes (subjective and determined by the writer for the publication) such as accountability and independent thinking.    Additionally, those listed as All Stars customarily base their recommendations on their own independent research, personally own the stocks on their buy lists, avoid selling most brokerage products (“whose gold-plated fees can weigh down client’s returns”) and give commission discounts to regular customers.   From there, Mr. Ellis made his final selection of Money’s All Star Brokers based solely on the returns of the stock selections submitted by the brokers.  Stocks of all categories were considered.  Brokers participating did not pay a fee to participate.  The All Star Broker rating is not indicative of future performance

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business.

The price-to-book ratio (P/B ratio) is used to compare a firm’s market capitalization to its book value. It’s calculated by dividing the company’s stock price per share by its book value per share (BVPS).

Free cash flow (FCF) represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

Intermediary Account Access

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