Auer
Growth
Fund
Schedule
of
Investments
August
31,
2021
-
(Unaudited)
COMMON
STOCKS
—
97.81%
Shares
Fair
Value
Consumer
Discretionary
—
21.77%
American
Outdoor
Brands
Inc.
(a)
8,200
$
228,206
America's
Car-Mart,
Inc.
(a)
1,700
219,861
AMREP
Corp.
(a)
11,000
165,550
Bassett
Furniture
Industries,
Inc.
9,300
199,857
BorgWarner,
Inc.
2,400
102,432
Brunswick
Corp.
2,500
242,175
Builders
FirstSource
,
Inc.
(a)
5,000
266,450
D.R.
Horton,
Inc.
5,200
497,224
Forestar
Group,
Inc.
(a)
4,700
97,713
KB
Home
5,600
240,968
M.D.C.
Holdings,
Inc.
8,424
440,154
M/I
Homes,
Inc.
(a)
4,000
257,560
MarineMax
,
Inc.
(a)
2,000
97,240
Meritage
Homes
Corp.
(a)
4,600
513,084
PulteGroup,
Inc.
2,200
118,492
Signet
Jewelers
Ltd.
1,700
134,640
Sturm
Ruger
&
Co.,
Inc.
2,600
203,294
Tilly's,
Inc.,
Class
A
(a)
7,900
123,003
Toll
Brothers,
Inc.
4,000
256,240
TRI
Pointe
Group,
Inc.
(a)
19,500
463,515
Winnebago
Industries,
Inc.
3,700
257,594
5,125,252
Consumer
Staples
—
0.60%
Natural
Alternatives
International,
Inc.
(a)
9,000
141,660
Energy
—
5.97%
Canadian
Natural
Resources
Ltd.
3,700
122,359
Diamondback
Energy,
Inc.
6,000
462,840
Magnolia
Oil
&
Gas
Corp.
8,000
125,440
REX
American
Resources
Corp.
(a)
2,700
228,852
VAALCO
Energy,
Inc.
(a)
190,000
465,500
1,404,991
Financials
—
16.73%
AmeriServ
Financial,
Inc.
28,500
111,150
Bank
of
the
James
Financial
Group
8,800
124,520
Citigroup,
Inc.
6,500
467,415
First
Foundation,
Inc.
5,500
132,165
First
Internet
Bancorp
14,000
416,080
FNCB
Bancorp,
Inc.
15,000
117,450
HarborOne
Bancorp,
Inc.
10,000
141,300
HMN
Financial,
Inc.
(a)
6,000
139,920
Homestreet
Inc.
5,800
236,930
Investors
Title
Co.
1,300
249,418
MainStreet
Bancshares,
Inc.
(a)
5,700
133,095
Meridian
Bank
9,500
278,255
OFG
Bancorp
12,000
285,720
Auer
Growth
Fund
Schedule
of
Investments
(continued)
August
31,
2021
-
(Unaudited)
COMMON
STOCKS
—
97.81%
-
(continued)
Shares
Fair
Value
Financials
—
16.73%
-
(continued)
Oppenheimer
Holdings,
Inc.,
Class
A
10,500
$
489,195
Orrstown
Financial
Services,
Inc.
5,500
131,230
SiriusPoint
Ltd.
(a)
10,300
101,043
Stewart
Information
Services
Corp.
2,000
125,900
Voya
Financial,
Inc.
2,000
129,960
Western
New
England
Bancorp,
Inc.
15,000
128,700
3,939,446
Health
Care
—
1.96%
Enzo
Biochem
,
Inc.
(a)
32,000
117,120
Quipt
Home
Medical
Corp.
(a)
35,000
228,550
Retractable
Technologies,
Inc.
(a)
9,000
115,920
461,590
Industrials
—
14.47%
Atlas
Air
Worldwide
Holdings,
Inc.
(a)
7,300
534,141
Covenant
Transportation
Group,
Inc.
(a)
11,000
267,960
Cross
Country
Healthcare,
Inc.
(a)
7,700
167,475
Flex
LNG
Ltd.
8,700
134,415
Matson,
Inc.
3,100
245,427
Mueller
Industries,
Inc.
2,600
115,986
PACCAR,
Inc.
2,900
237,423
Pangaea
Logistics
Solutions
Ltd.
47,000
230,300
Schnitzer
Steel
Industries,
Inc.,
Class
A
12,000
567,720
Strattec
Security
Corp.
(a)
3,700
138,010
Sypris
Solutions,
Inc.
(a)
72,000
274,320
USA
Truck,
Inc.
(a)
34,000
493,000
3,406,177
Materials
—
27.74%
AdvanSix
,
Inc.
(a)
16,000
584,000
Alcoa
Corp.
(a)
6,500
288,405
A-Mark
Precious
Metals,
Inc.
6,500
315,315
Arch
Resources,
Inc.
(a)
3,500
264,915
Boise
Cascade
Co.
2,000
115,700
Cleveland-Cliffs,
Inc.
(a)
10,300
241,741
Commercial
Metals
Co.
7,200
234,864
Companhia
Siderurgica
Nacional
SA
-
ADR
26,000
175,240
Dow,
Inc.
1,900
119,510
Encore
Wire
Corp.
6,000
510,060
Fortuna
Silver
Mines,
Inc.
(a)
78,000
342,420
Freeport-McMoRan,
Inc.
6,200
225,618
Friedman
Industries,
Inc.
9,000
110,250
Gerdau
SA
-
ADR
35,000
189,700
Harmony
Gold
Mining
Co.
Ltd.
-
ADR
28,000
105,840
Huntsman
Corp.
4,500
118,935
Louisiana-Pacific
Corp.
3,300
209,352
LyondellBasell
Industries
NV,
Class
A
4,500
451,575
Auer
Growth
Fund
Schedule
of
Investments
(continued)
August
31,
2021
-
(Unaudited)
COMMON
STOCKS
—
97.81%
-
(continued)
Shares
Fair
Value
Materials
—
27.74%
-
(continued)
Methanex
Corp.
6,100
$
223,931
Mosaic
Co.
(The)
7,000
225,260
SSR
Mining,
Inc.
28,500
475,665
Steel
Dynamics,
Inc.
4,300
290,207
UFP
Industries,
Inc.
3,300
247,764
Vale
SA
-
ADR
13,000
247,910
Worthington
Industries,
Inc.
3,700
214,415
6,528,592
Real
Estate
—
0.46%
PotlatchDeltic
Corp.
2,100
109,095
Technology
—
8.11%
Alpha
&
Omega
SemiConductor
Ltd.
(a)
8,000
232,400
Amkor
Technology,
Inc.
8,600
236,242
Arrow
Electronics,
Inc.
(a)
1,000
121,220
CLPS,
Inc.
(a)
57,000
188,670
Cohu
,
Inc.
3,300
117,744
Himax
Technologies,
Inc.
-
ADR
43,000
506,110
Micron
Technology,
Inc.
(a)
5,000
368,500
Sify
Technologies
Ltd.
-
ADR
(a)
38,000
138,700
1,909,586
Total
Common
Stocks
(Cost $21,471,108)
23,026,389
MONEY
MARKET
FUNDS
—
2.33%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Class
I,
0.01%
(b)
547,753
547,753
Total
Money
Market
Funds
(Cost
$547,753)
547,753
Total
Investments
—
100.14%
(Cost
$22,018,861)
23,574,142
Liabilities
in
Excess
of
Other
Assets — (0.14)%
(33,015)
NET
ASSETS
—
100.00%
$
23,541,127
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
August
31,
2021.
ADR
-
American
Depositary
Receipt.