Auer
Growth
Fund
Schedule
of
Investments
February
28,
2026
(Unaudited)
COMMON
STOCKS
—
86.27%
Shares
Fair
Value
Communications
—
4.39%
EverQuote
,
Inc.
(a)
70,000
$
1,106,000
Intelligent
Protection
Management
Corp.
(a)
125,000
211,250
MNTN,
Inc.
(a)
67,000
653,920
Motorsport
Games,
Inc.
(a)
175,000
682,500
Opera
Ltd.
-
ADR
(a)
34,000
545,360
3,199,030
Consumer
Staples
—
2.58%
Coffee
Holding
Company,
Inc.
(a)
130,000
403,000
Vital
Farms,
Inc.
(a)
70,000
1,476,300
1,879,300
Energy
—
20.02%
Antero
Resources
Corp.
(a)
40,000
1,472,400
BKV
Corp.
(a)
49,000
1,535,170
Dorian
LPT
Ltd.
(a)
10,000
369,900
Epsilon
Energy
Ltd.
100,000
512,000
EQT
Corp.
12,000
737,040
Expand
Energy
Corp.
5,000
539,600
Gulfport
Energy
Corp.
(a)
7,500
1,564,950
North
American
Construction
Group
Ltd.
77,000
1,284,360
ONEOK,
Inc.
8,500
703,545
Prairie
Operating
Co.
(a)
710,000
1,256,700
Range
Resources
Corp.
20,000
825,600
Ring
Energy,
Inc.
(a)
550,000
775,500
SandRidge
Energy,
Inc.
90,000
1,577,700
Scorpio
Tankers,
Inc.
10,000
790,800
Vista
Energy
SAB
de
CV
-
ADR
(a)
11,500
664,010
14,609,275
Financials
—
22.79%
AmeriServ
Financial,
Inc.
(a)
50,000
190,000
Ames
National
Corp.
13,000
351,130
Ategrity
Specialty
Holdings,
LLC
(a)
37,000
818,440
Banc
of
California,
Inc.
37,000
683,390
Bankwell
Financial
Group,
Inc.
6,500
303,550
Capitol
Federal
Financial,
Inc.
51,000
366,180
CF
Bankshares
,
Inc.
10,000
302,200
Citigroup,
Inc.
7,700
848,463
Dime
Community
Bancshares,
Inc.
22,000
711,700
Dynex
Capital,
Inc.
41,000
575,230
Eagle
Bancorp
Montana,
Inc.
20,000
434,000
First
American
Financial
Corp.
11,000
771,210
First
Internet
Bancorp
44,000
892,320
First
Western
Financial,
Inc.
(a)
10,000
252,900
Flushing
Financial
Corp.
21,000
324,030
Hamilton
Insurance
Group
Ltd.
(a)
22,000
694,980
Hope
Bancorp,
Inc.
32,000
360,320
Auer
Growth
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
COMMON
STOCKS
—
86.27%
-
(continued)
Shares
Fair
Value
Financials
—
22.79%
-
(continued)
Investar
Holding
Corp.
15,000
$
423,450
Kearney
Financial
Corp.
42,000
321,300
Lincoln
National
Corp.
35,000
1,200,500
MainStreet
Bancshares,
Inc.
(a)
16,000
355,200
Meridian
Bank
(a)
15,000
291,600
NB
Bancorp,
Inc.
(a)
16,000
341,440
Northfield
Bancorp,
Inc.
24,000
320,160
Orchid
Island
Capital,
Inc.
40,000
297,600
Parke
Bancorp,
Inc.
(a)
11,000
306,460
PCB
Bancorp
16,000
357,760
Peapack-Gladstone
Financial
Corp.
21,000
703,290
Redwood
Trust,
Inc.
47,000
284,350
SiriusPoint
Ltd.
(a)
15,000
317,100
Sunrise
Realty
Trust,
Inc.
22,000
206,140
Texas
Capital
Bancshares,
Inc.
(a)
6,000
571,800
Third
Coast
Bancshares,
Inc.
(a)
9,000
356,490
VersaBank
47,000
775,500
Waterstone
Financial,
Inc.
18,000
320,580
16,630,763
Health
Care
—
7.24%
CorMedix,
Inc.
(a)
180,000
1,283,400
Harmony
Biosciences
Holdings,
Inc.
(a)
40,000
1,141,600
Incyte
Corp.
(a)
7,000
708,890
Innoviva
,
Inc.
(a)
32,000
734,720
Kewaunee
Scientific
Corp.
10,500
435,645
MiMedx
Group,
Inc.
(a)
100,000
489,000
Rigel
Pharmaceuticals,
Inc.
(a)
8,000
277,920
SIGA
Technologies,
Inc.
(a)
32,000
207,040
5,278,215
Industrials
—
4.26%
Euroseas
Ltd.
(a)
6,000
412,440
Himalaya
Shipping
Ltd.
30,000
441,300
Perma-Pipe
International
Holdings,
Inc.
(a)
12,000
388,440
Seanergy
Maritime
Holdings
Corp.
(a)
130,000
1,865,500
3,107,680
Materials
—
18.51%
B2Gold
Corp.
375,000
2,310,000
Barrick
Mining
Corp.
15,000
761,100
Caledonia
Mining
Corp.
PLC
10,000
317,400
Centerra
Gold,
Inc.
47,000
988,410
ERO
Copper
Corp.
(a)
67,000
2,290,060
Friedman
Industries,
Inc.
(a)
17,000
316,370
Galiano
Gold,
Inc.
(a)
450,000
1,584,000
Harmony
Gold
Mining
Co.
Ltd.
-
ADR
(a)
20,000
455,000
IAMGOLD
Corp.
(a)
45,000
1,105,650
Auer
Growth
Fund
Schedule
of
Investments
(continued)
February
28,
2026
(Unaudited)
COMMON
STOCKS
—
86.27%
-
(continued)
Shares
Fair
Value
Materials
—
18.51%
-
(continued)
Kinross
Gold
Corp.
12,000
$
443,880
Newmont
Goldcorp
Corp.
6,000
780,000
Smith-Midland
Corp.
(a)
7,000
268,870
SSR
Mining,
Inc.
28,000
901,320
Tredegar
Corp.
(a)
35,000
321,300
Warrior
Met
Coal,
Inc.
8,000
665,920
13,509,280
Real
Estate
—
0.39%
Millrose
Properties,
Inc.
9,000
282,240
Technology
—
5.15%
BOS
Better
Online
Solutions
Ltd.
(a)
50,000
229,000
Micron
Technology,
Inc.
3,500
1,443,295
Pagaya
Technologies
Ltd.
(a)
65,000
727,350
Super
Micro
Computer,
Inc.
(a)
42,000
1,360,380
3,760,025
Utilities
—
0.94%
National
Fuel
Gas
Co.
7,500
682,725
Total
Common
Stocks
(Cost $55,063,059)
62,938,533
MONEY
MARKET
FUNDS
—
15.03%
Fidelity
Investments
Money
Market
Government
Portfolio,
Class
I,
3.55%
(b)
10,961,549
10,961,549
Total
Money
Market
Funds
(Cost
$10,961,549)
10,961,549
Total
Investments
—
101.30%
(Cost
$66,024,608)
73,900,082
Liabilities
in
Excess
of
Other
Assets — (1.30)%
(950,219)
NET
ASSETS
—
100.00%
$
72,949,863
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
February
28,
2026.
ADR
-
American
Depositary
Receipt