> Financials: 1.78%> Consumer Staples: 9.84% > Utilities: 3.51%> Consumer Discretionary: 7.88%

> Health Care: 18.97%

> Materials: 9.26%

> Industrials: 15.40%> Communication Services: 7.69%

FUND DETAILS (as of 9/30/2020)

Net Assets: $34.1M# of Equity Securities/ % of Assets: 47 / 99.20%Median Market Cap: $29.90B Weighted Avg. Market Cap: $213.40B

MANAGEMENT TEAM

CHAT REYNDERSCHAIRMAN & CHIEF EXECUTIVE OFFICER

PATRICK McVEIGHPRESIDENT & CHIEF INVESTMENT OFFICER

ERIC SHRAYER, MBA, CFA, CFP® SENIOR VICE PRESIDENT & RESEARCH DIRECTOR

INVESTMENT ADVISER

Reynders, McVeigh Capital Management, LLCis a leader in performance-oriented SociallyResponsible Investing (SRI). The firm has more than $2.4 billion in assets under management and advises on an addition $5.6 billion in assets.

Reynders, McVeigh Capital Management, LLC121 High Street, Floor 4

SHAREHOLDER SERVICES

Reynders, McVeigh FundsP.O. Box 46707Cincinnati, OH 452461(800) 950-6868

ESGEXREYNDERS, McVEIGH CORE EQUITY FUND 2020 Quarter 3

Investment ObjectiveThe Reynders, McVeigh Core Equity Fund (the “Fund”) seeks capital preservation and long-term capital growth.

Investment ApproachWe employ a positive screening approach that “screens in” companies that demonstrate strength of balance sheet, integrity of management, and a commitment to act as part of a global community focused on positive change. As part of our research process, we combine financial analysis with an analysis of each company’s environmental, social and governance (“ESG”) performance. We believe that understanding a company’s ESG profile complements traditional financial analysis. In order to incorporate ESG factors into the investment discipline, we analyze a wide range of sources and incorporate that information into the overall research process. These sources include a company’s own ESG reports, comparative studies done by specialists in ESG research, and the use of an outside research service that aggregates ESG data into quantifiable measures.

Sector Breakdown* (as of 9/30/2020)

> Information Technology: 23.34%

DIRECTING CAPITAL TO PRODUCTIVE AND POSITIVE USERS • Improved efficiency through medical discovery• New technologies and efficiency in industry• Mobility of information and access

• Health and well-being• Fossil-fuel free

Investment StrategyThe actively-managed, global fund seeks to achieve its objective by investing in at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. As part of its principal investment strategy, and under normal market conditions, the Fund expects to invest at least 60% of its net assets in domestic equity securities with market capitalizations of $15 billion or more, and expects to invest at least 15% of its net assets in equity securities of companies located in developed foreign markets across any market capitalization and American Depository Receipts.

*% of total assets

Holdings*1 (as of 9/30/2020)

1. Tesla, Inc. 3.86%

2. Nvidia Corp. 3.82%

3. Koninklijke DSM NV 3.35%

4. Abbott Laboratories 3.15%

5. Mastercard, Inc. - A 3.12%

6. Carrier Global Corp. 3.08%

7. Canadian Natl Railway Co. 2.95%

8. Apple Inc. 2.90%

9. Danaher Corp. 2.83%

10. Rockwell Automation Inc. 2.74%

11. Teladoc Health, Inc. 2.72%

12. Kerry Group PLC-A 2.61%

13. Microsoft Corp. 2.57%

14. Analog Devices, Inc. 2.39%

15. Vestas Wind Systems A/S 2.35%

16. Nike Inc. - CL B 2.35%

17. CVS Health Corp. 2.33%

18. Orsted A/S 2.30%

19. Becton Dickinson and Co. 2.28%

20. BillerudKorsnäs AB 2.28%

21. Sysco Corp. 2.18%

22. Paypal Holdings, Inc. 2.17%

23. Alphabet Inc. - CL C 2.17%

24. Unilever PLC - Spon. ADR 2.15%

25. The Walt Disney Co. 2.10%

26. Aptargroup, Inc. 2.01%

27. Tomra Systems ASA 1.96%

28. T-Mobile US, Inc. 1.91%

29. Capgemini SE 1.83%

30. MarketAxess Holdings, Inc. 1.77%

31. Xilinx, Inc. 1.75%

32. Panasonic Corp. - Spon. ADR 1.68%

33. Halma PLC 1.67%

34. Novozymes A/S - B Shares 1.62%

35. Xylem, Inc. 1.61%

36. Illumina, Inc. 1.54%

37. Boston Properties, Inc. 1.53%

38. L’Oreal 1.52%

39. New York Times Co. - A 1.51%

40. Novo Nordisk A/S - Spon. ADR 1.50%

41. Beyond Meat, Inc. 1.37%

42. Ormat Technologies, Inc. 1.37%

43. Enphase Energy, Inc. 1.37%

44. Frequency Therapeutics, Inc. 1.09%

45. Beam Therapeutics, Inc. 0.87%

46. The Exone Co. 0.71%

47. CRISPR Therapeutics AG 0.66%

48. Cash and Cash Equivalents 0.65%

49. SelfHelp Credit Union 1.9 0.15%

*Note: Subject to change

> Real Estate: 1.53%

> Cash & Cash Equivalents: 0.80%

12/20/21

121 High St., 4th Fl., Boston, MA 02110 617.226.9999 fax: 617.226.9998 @ReyndersMcVeigh reyndersmcveigh.com

Reynders, McVeighCore Equity

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 1-800-950-6868.

MSCI World Index 7.93 19.36 -21.05 8.56 1.7 10.41 N/A N/A N/A 10.00 15.44

ESGEX 13.45 24.82 -13.61 10.22 22.33 34.84 N/A N/A N/A 23.63 37.67

3rd Q2020 2nd Q2020 1st Q2020 4th Q2019 YTD 1 Year 3 Years 5 Years 10 Years (3/29/2019) (3/29/2019)

Performance (as of 9/30/2020)

Share Class: Institutional Initial Investment: $1,000

Inception Date: 03/29/2019 Subsequent Investment: $100

Nasdaq Symbol: ESGEX Gross Expense Ratio*: 2.16%

CUSIP Number: 14064D 733 Net Expense Ratio*: 0.96%

*contractual through 5/31/21

Total Return (%) Annualized Returns (%) Cumulative Returns (%)

News Items: The following are news highlights regarding some companies in the Fund and how they uphold ESG values.

Teladoc Health is a leading provider of telehealth, where healthcare profession-als diagnose ailments via video-chats rather than in person visits. Telehealth is gaining popularity due to increased convenience for the patient, along with cost savings for the healthcare system. Teladoc’s stock has increased this year as telehealth adoption soars due to the coronavirus pandemic. Telehealth allows people to consult with healthcare professionals without going into a healthcare facility, and reduced personal contact reduces transmission of the virus.

Beyond Meat continues to expand the availability of its plant-based meat products. The company started selling its Beyond Burgers in fifty Alibaba-owned grocery stores in Shanghai, China earlier this year. In September, Beyond Meat announced that Walmart plans to triple the availability of the Beyond Burger from approximately 800 stores to more than 2,400 stores nationwide. Our firm believes people are likely to try plant-based meat in an effort to improve health (the Beyond Burger has no cholesterol, although it does have similar fat levels to a traditional hamburger). The research firm Piper Jaffray recently released a survey of teenagers that seems to confirm this belief – the survey indicated that 18% of teenagers eat plant-based meat.

Abbott Labs continues to be a leader in developing tests that rapidly detect the presence of coronavirus. The company released its ID NOW test to detect the presence of active coronavirus infection within five to fifteen minutes in March. Abbott Labs started shipping a blood test that detects the presence of antibodies in April. In September, Abbott started shipping its BinaxNOW rapid test for detec-tion of coronavirus infection. The BinaxNOW test also delivers results in fifteen minutes, but it is smaller than the ID NOW test (about the size of a credit card), and BinaxNOW costs only $5 per test. Abbott can produce 50 million of these tests per month. The ability to rapidly and cost-effectively identify people suffering from an active infection is important in helping to control the spread of the virus.

Disclosure: Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 1-800-950-6868 or by visiting www.reyndersmcveighfunds.com.

Investing involves risk, including loss of principal. There is a risk that because the fund’s environmental, social, and governance (ESG) criteria may exclude securities of certain issuers for nonfinancial reasons, the fund may forgo some market opportunities available to funds that do not use these criteria. Foreign investments, including ADRs, present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets.

The Fund may not achieve its objectives. Portfolio holdings may change over time. Current and future portfolio holdings are subject to risk.

This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any jurisdiction where it would be unlawful under the laws of that jurisdiction to make such an offer or solicitation. This information is only for the intended recipient and may not be distributed to any third party.1 All holdings information is provided for informational purposes only and should not be interpreted as a recommendation to purchase any of the securities/sectors listed. The holdings listed represent the complete list of holdings within the Reynders, McVeigh Core Equity Fund as of 9/30/2020.

Industry “Sector Breakdown” is provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services, LLC (“S&P”). All GICS data is provided “as is” with no warranties. The Adviser may have reclassified/classified certain securities in or out of a sub-industry. Such reclassifications are not supported by MSCI or S&P.

Reynders, McVeigh Capital Management, LLC is an inve stment adviser registered with the U.S. Securities Exchange and Commission (“SEC”).Distributed by Ultimus Fund Distributors, LLC #11792680-UFD-01/07/2021.

Reynders, McVeigh Capital Management, LLC.

Since Inception Since Inception

Joe Biden’s infrastructure plan calls for America’s electricity generation to be fossil fuel free by 2035. Biden’s plan calls for “tens of thousands of wind turbines – including thousands of turbines off our coasts.” If Biden wins the election, this plan should benefit Orsted and Vestas. Orsted is one of the world’s largest operators of offshore wind farms. Vestas is the world’s largest manufacturer of wind turbines. The plan calls for the “installation of millions of solar panels.” Increased adoption of solar panels should benefit Enphase, which makes microinverters that convert direct current produced by solar panels to alternating current for the grid. Biden’s plan also calls for “America to be the global leader in the manufacture of electric vehicles.” Increased adoption of electric vehicles should benefit Tesla.