Auer
Growth
Fund
Schedule
of
Investments
February
28,
2023
-
(Unaudited)
COMMON
STOCKS
—
96.33%
Shares
Fair
Value
Communication
Services
—
2.49%
Perion
Network
Ltd.
(a)
37,400
$
1,261,876
Consumer
Discretionary
—
4.76%
Dream
Finders
Homes,
Inc.
(a)
18,500
222,555
Forestar
Group,
Inc.
(a)
4,700
67,069
General
Motors
Co.
25,000
968,500
KB
Home
8,300
292,741
Landesa
Home
Corp.
(a)
32,000
209,120
Marine
Products
Corp.
18,000
230,400
Toll
Brothers,
Inc.
4,000
239,760
Virco
Manufacturing
Corp.
(a)
40,000
180,800
2,410,945
Consumer
Staples
—
3.64%
Cal-Maine
Foods,
Inc.
17,500
994,000
Darling
Ingredients,
Inc.
(a)
6,000
379,620
Thorne
HealthTech,
Inc.
(a)
95,000
470,250
1,843,870
Energy
—
36.69%
Comstock
Resources,
Inc.
35,000
424,900
CONSOL
Energy,
Inc.
18,000
985,140
Coterra
Energy,
Inc.
23,000
574,310
DHT
Holdings,
Inc.
23,000
266,110
Dorian
LPG
Ltd.
24,000
526,800
Earthstone
Energy,
Inc.,
Class
A
(a)
50,000
697,500
Epsilon
Energy
Ltd.
80,000
460,000
Evolution
Petroleum
Corp.
40,000
260,400
Halliburton
Co.
30,000
1,086,900
Helmerich
&
Payne,
Inc.
25,000
1,052,000
Imperial
Petroleum,
Inc.
(a)
1,700,000
338,470
Liberty
Oilfield
Services,
Inc.,
Class
A
33,000
503,250
Mammoth
Energy
Services,
Inc.
(a)
33,000
185,130
Matador
Resources
Co.
10,500
564,795
Mexco
Energy
Corp.
(a)
9,400
117,688
Murphy
Oil
Corp.
24,500
955,990
NexTier
Oilfield
Solutions,
Inc.
(a)
22,500
205,425
North
American
Construction
Group
Ltd.
(a)
31,000
521,110
Occidental
Petroleum
Corp.
5,600
327,936
Patterson-UTI
Energy,
Inc.
30,000
411,000
PBF
Energy,
Inc.,
Class
A
26,000
1,136,460
PDC
Energy,
Inc.
3,800
255,018
Peabody
Energy
Corp.
(a)
17,000
464,100
Phillips
66
9,500
974,320
Precision
Drilling
Corp.
(a)
17,000
968,830
ProPetro
Holding
Corp.
(a)
60,000
528,600
Range
Resources
Corp.
33,000
889,020
Ranger
Oil
Corp.
10,000
415,000
Auer
Growth
Fund
Schedule
of
Investments
(continued)
February
28,
2023
-
(Unaudited)
COMMON
STOCKS
—
96.33%
-
(continued)
Shares
Fair
Value
Energy
—
36.69%
-
(continued)
Ring
Energy,
Inc.
(a)
250,000
$
525,000
Teekay
Tankers
Ltd.,
Class
A
(a)
30,000
1,354,500
U.S.
Silica
Holdings,
Inc.
(a)
15,000
182,100
World
Fuel
Services
Corp.
15,000
411,750
18,569,552
Financials
—
14.88%
Banco
Latinoamericano
de
Comercio
Exterior,
S.A.,
E
12,000
219,600
BankFinancial
Corp.
40,000
411,600
BankUnited,
Inc.
12,500
442,750
Bayfirst
Financial
Corp.
12,500
239,500
BCB
Bancorp,
Inc.
12,500
216,875
Carter
Bankshares,
Inc.
(a)
8,500
147,645
Consumer
Portfolio
Services,
Inc.
(a)
40,000
442,400
EZCORP,
Inc.,
Class
A
(a)
26,000
229,320
First
National
Corp.
14,000
252,140
First
US
Bancshares,
Inc.
11,500
113,850
HomeTrust
Bancshares,
Inc.
9,000
263,430
Investar
Holding
Corp.
11,500
226,550
Magyar
Bancorp,
Inc.
19,000
238,830
MainStreet
Bancshares,
Inc.
14,000
413,980
Metropolitan
Bank
Holding
Corp.
(a)
11,500
641,815
Northeast
Community
Bancorp,
Inc.
13,500
211,410
OceanFirst
Financial
Corp.
8,000
189,760
Ohio
Valley
Banc
Corp.
10,000
260,100
Princeton
Bancorp,
Inc.
7,300
254,040
Third
Coast
Bancshares,
Inc.
(a)
13,000
239,850
Washington
Federal,
Inc.
6,500
227,955
Wells
Fargo
&
Co.
20,000
935,400
Western
New
England
Bancorp,
Inc.
26,000
262,080
Zions
Bancorp.,
N.A.
9,000
455,580
7,536,460
Health
Care
—
1.74%
OraSure
Technologies,
Inc.
(a)
95,000
599,450
SIGA
Technologies,
Inc.
41,000
280,850
880,300
Industrials
—
16.89%
Alaska
Air
Group,
Inc.
(a)
10,500
502,215
Controladora
Vuela
Compania
de
Aviacion,
S.A.B.
de
C.V.
-
ADR
(a)
22,000
257,840
Copa
Holdings
SA,
Class
A
(a)
5,500
507,925
Costamare,
Inc.
32,000
336,000
Euroseas
Ltd.
37,500
722,250
Globus
Maritime
Ltd.
(a)
88,000
105,600
Herc
Holdings,
Inc.
6,500
933,335
Heritage-Crystal
Clean,
Inc.
(a)
13,500
485,730
JetBlue
Airways
Corp.
(a)
60,000
498,000
Auer
Growth
Fund
Schedule
of
Investments
(continued)
February
28,
2023
-
(Unaudited)
COMMON
STOCKS
—
96.33%
-
(continued)
Shares
Fair
Value
Industrials
—
16.89%
-
(continued)
Kimball
Electronics,
Inc.
(a)
19,000
$
475,190
Mayville
Engineering
Co.,
Inc.
(a)
20,000
324,400
Northwest
Pipe
Co.
(a)
5,700
219,450
PACCAR,
Inc.
6,000
433,200
Park-Ohio
Holdings
Corp.
15,000
199,650
RCM
Technologies,
Inc.
(a)
21,000
302,820
Sun
Country
Airlines
Holdings
Inc.
(a)
25,000
501,250
Sypris
Solutions,
Inc.
(a)
72,000
150,480
Taylor
Devices,
Inc.
(a)
15,700
258,108
Terex
Corp.
5,000
296,050
Thermon
Group
Holdings,
Inc.
(a)
20,000
529,000
Titan
Machinery,
Inc.
(a)
11,200
512,848
8,551,341
Materials
—
7.20%
Ascent
Industries
Co.
(a)
12,000
110,880
Commercial
Metals
Co.
7,200
372,600
Friedman
Industries,
Inc.
23,000
273,355
FutureFuel
Corp.
50,000
437,500
Intrepid
Potash,
Inc.
(a)
18,000
570,060
LSB
Industries,
Inc.
(a)
22,500
305,775
Mosaic
Co.
(The)
9,000
478,710
Ramaco
Resources,
Inc.
64,000
636,800
Rayonier
Advanced
Materials,
Inc.
(a)
27,000
221,400
TRX
Gold
Corp.
(a)
600,000
239,940
3,647,020
Real
Estate
—
1.27%
KKR
Real
Estate
Finance
Trust,
Inc.
17,000
246,500
Ladder
Capital
Corp.
35,000
395,500
642,000
Technology
—
6.77%
Addvantage
Tech
Group,
Inc.
(a)
90,000
127,800
AmpliTech
Group,
Inc.
(a)
50,000
132,000
ePlus,
Inc.
(a)
9,000
487,530
Richardson
Electronics,
Ltd.
9,700
203,506
Sanmina
Corp.
(a)
15,500
937,130
Silicom
Ltd.
(a)
11,000
419,210
Super
Micro
Computer,
Inc.
(a)
8,500
832,745
Valero
Energy
Corp.
2,200
289,806
3,429,727
Total
Common
Stocks
(Cost $47,673,444)
48,773,091
MONEY
MARKET
FUNDS
—
3.62%
Fidelity
Investments
Money
Market
Government
Portfolio,
Class
I,
4.46%
(b)
1,830,764
1,830,764
Total
Money
Market
Funds
(Cost
$1,830,764)
1,830,764
Auer
Growth
Fund
Schedule
of
Investments
(continued)
February
28,
2023
-
(Unaudited)
MONEY
MARKET
FUNDS3.62%
Total
Investments
—
99.95%
(Cost
$49,504,208)
$
50,603,855
Other
Assets
in
Excess
of
Liabilities — 0.05%
27,567
NET
ASSETS
—
100.00%
$
50,631,422
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2023.
ADR
-
American
Depositary
Receipt