| Share

Performance and Disclosure Information

Top Ten Equity Holdings

July 31, 2018

Company Name Industry Percent Invested
UnitedHealth Group Inc. Health Care Plans 4.3
Mastercard Inc. Credit Services 3.8
Bank of New York Mellon Asset Management 3.8
Microsoft Corp. Business Software & Services 3.7
Medtronic PLC Medical Appliances & Equipment 3.4
PepsiCo Inc. Beverages – Soft Drinks 3.3
Johnson & Johnson Drug Manufacturers – Major 3.0
Philip Morris International Cigarettes 2.9
BP p.l.c. Major Integrated Oil & Gas 2.7
Merck & Co. Inc. New Drug Manufacturers – Major 2.6
Performance By Calendar Year

December 31, 2017

Auxier Focus Fund –
Investor Class Shares
S&P 500 Index Difference*
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 7/9/99 284.09% 171.58% 112.51

* in percentage points

Cumulative Total Returns

July 31, 2018

Auxier Focus Fund –
Investor Class Shares
S&P 500 Index
YTD 4.48% 6.47%
1 Month 4.81% 3.72%
3 Month 6.29% 6.87%
6 Month -0.98% 0.70%
1 Year 10.70% 16.24%
3 Year 28.15% 42.46%
5 Year 48.50% 85.26%
10 Year 124.47% 175.51%
Life of Fund (7/9/1999) 301.30% 189.15%
Average Annual Total Returns

July 31, 2018

Auxier Focus Fund –
Investor Class Shares
S&P 500 Index
1 Year 10.70% 16.24%
3 Year 8.62% 12.52%
5 Year 8.23% 13.12%
10 Year 8.42% 10.67%
Life of Fund (7/9/1999) 7.56% 5.73%
Quarter End Average Annual Total Returns

June 30, 2018

Auxier Focus Fund –
Investor Class Shares
1 Year 5 Year 10 Year Since Inception
(July 9, 1999)
Return Before Taxes 6.97% 8.09% 8.13% 7.33%
Return After Taxes on Distributions 5.63% 7.03% 7.39% 6.67%
Return After Taxes on Distributions
and Sale of Fund Shares
5.09% 6.25% 6.54% 6.05%
S&P 500 Index 14.37% 13.42% 10.17% 5.55%

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 0.98% through October 31, 2018.  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.

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. One cannot invest directly in an index.

Auxier Focus Fund performance discussed in Fortune: Bet On The Brands (July 2, 2012) is as of April 30, 2012.

Stock dividend yields discussed in articles do not represent the Fund’s yield.

Price to earnings ratio (P/E) is the value of a company’s stock price relative to company earnings.

Basis point: 0.01% = 1 basis point.

Morningstar Large Value Category funds’ 1-, 3-, 5- and 10-year average annual return, for the period ended 7/31/2018, was 11.50%, 9.47%, 9.69% and 8.75%, respectively. Performance during these time frames included a total of 1269, 1105, 948 and 687 funds, respectively.

The Auxier Focus Fund was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods (ending 7/31/2018): 1105 funds in the last three years, 948 funds in the last five years and 687 funds in the last ten years. With respect to these Large Value funds, the Auxier Focus Fund received a Morningstar Rating of 3 star, 2 stars and 4 stars for the 3-, 5- and 10-year periods, respectively. For the period ended 7/31/2018, the fund ranked 694 out of 1269, 819 out of 948 and 382 out of 687 Large Value funds for the 1-, 5- and 10-year periods, respectively. Morningstar ranks funds in various categories by making comparative calculations using total returns. Past performance is no guarantee of future results.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year Morningstar Rating metrics.

Copyright © 2018 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.

Intermediary Account Access

This Internet site is not an offer to sell or a solicitation of an offer to buy shares of the Fund to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Foreside Fund Services, LLC. Distributor (www.foreside.com) | Hosted by clnw.com