FUND DETAILS (as of 12/31/2019)

Net Assets: $23.1M# of Securities/ % of Assets: 45/ 98.61%Median Market Cap: $23.64B Weighted Avg. Market Cap: $130.68B

MANAGEMENT TEAM

CHAT REYNDERSCHAIRMAN & CHIEF EXECUTIVE OFFICER

PATRICK McVEIGHPRESIDENT & CHIEF INVESTMENT OFFICER

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

INVESTMENT ADVISOR

Reynders, McVeigh Capital Management, LLCis a leader in performance-oriented SociallyResponsible Investing (SRI). The firm has more than $1.9 billion in assets under management and advises on an addition $4.7 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 2019 Quarter 4

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 12/31/2019)

> Cash & Cash Equivalents: 1.39%> Communication Services: 8.22%> Consumer Discretionary: 6.18%> Consumer Staples: 6.40%> Financials: 5.56%> Health Care: 22.34%

> Industrials: 10.40%> Information Technology: 23.86%> Materials: 9.53%> Real Estate: 1.90%> Utilities: 4.20%

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 12/31/2019)

1. Mastercard, Inc. - A 4.03%

2. The Walt Disney Co. 3.58%

3. Koninklijke DSM NV. 3.52%

4. Rockwell Automation, Inc. 3.25%

5. Analog Devices, Inc. 3.22%

6. Becton, Dickinson and Co. 3.16%

7. Abbott Laboratories 3.13%

8. Alphabet, Inc. CL-C 3.04%

9. Nvidia Corp. 2.98%

10. Kerry Group plc-A 2.94%

11. Danaher Corp. 2.93%

12. CVS Health Corp. 2.85%

13. Canadian Natl Railway Co . 2.77%

14. Panasonic Corp. Spon AD R 2.65%

15. AptarGroup, Inc. 2.54%

16. Apple, Inc. 2.50%

17. PayPal Holdings, Inc. 2.42%

18. Teladoc Health, Inc. 2.30%

19. Fiserv, Inc. 2.30%

20. Xilinx, Inc. 2.24%

21. Orsted A/S 2.12%

22. Nike, Inc. -CL B 2.12%

Total

23. Ormat Technologies, Inc. 2.07%

24. MarketAxess Holdings, Inc. 2.02%

25. Amalgamated BK of NY -A 1.91%

26. Redfin Corp. 1.90%

27. Novo Nordisk A/S Spons ADR 1.85%

28. Novozymes A/S -B Shares 1.85%

29. Automatic Data Processing 1.81%

30. Halma plc 1.76%

31. Unilever plc-Spons ADR 1.75%

32. Illumina, Inc. 1.75%

33. L’ Oréal 1.74%

34. Xylem, Inc. 1.74%

35. First Republic Bank/CA 1.63%

36. BillerudKorsnäs AB 1.62%

37. Tomra System ASA 1.62%

38. New York Times Co. -A 1.61%

39. Envista Holdings Corp. 1.61%

40. American Eagle Outfitters 1.41%

41. Stryker Corp. 1.30%

42. Frequency Therapeutics, Inc. 1.14%

43. Vestas Wind Systems A/S 1.02%

44. ShotSpotter, Inc. 0.60%

45. CRISPR Therapeutics AG 0.44%*Note: Subject to change

Reynders, McVeigh Capital Management, LLC.121 High St., 4th Fl., Boston, MA 02110 617.226.9999 fax: 617.226.9998 @ReyndersMcVeigh reyndersmcveigh.com

Reynders, McVeighCore EquityFund Facts

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 8.56 0.53 4.00 N/A N/A N/A N/A N/A 13.50 13.50

ESGEX 10.22 -2.11 4.30 N/A N/A N/A N/A N/A 12.54 12.54

4th Q2019 3rd Q2019 2nd Q2019 YTD 1 Year 3 Years 5 Years 10 Years Since Inception Since Inception

Performance (as of 12/31/2019)

Share Class: Institutional Initial Investment: $1,000

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

Nasdaq Symbol: ESGEX Gross Expense Ratio*: 1.44%

CUSIP Number: 14064D 733 Net Expense Ratio*: 1.01%

*contractual through 1/31/20

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.

BillerudKorsnas, a European manufacturer of paper products, introduced its joint venture to manufacture a paper bottle that is strong enough to hold carbonated beverages. BillerudKorsnas writes it is working for “a bottle solution for the future circular society, a 100% bio-based and recyclable paper bottle that can harmlessly degrade if accidentally put in nature.”2

CVS Health opened three pilot HealthHUB stores in Houston earlier this year. HealthHUB stores offer “a broader range of health care services, new product categories… trusted advice and personalized care” compared to traditional CVS stores. CVS Health quotes one customer who visited the pilot stores as saying, “I was quite surprised with all of the health and wellness products, support services and community events inside the store. HealthHUB makes you want to be healthy and stay healthy.” CVS Health plans to transition 1,500 locations to the HealthHub format by the end of 2021.3

Orsted is the world’s leading developer of offshore wind farms. In June, New Jersey selected Orsted to negotiate for construction of an offshore wind farm.4 In July, New York State selected Sunrise Wind, a partnership between Orsted and Eversource, to negotiate for construction of an offshore wind farm. Orsted expects both wind farms to be operational by 2024.5 The two wind farms should provide enough electricity to power approximately one million homes.

The U.S. Environmental Protection Agency (EPA) issued a final rule in May that allows for the year-round sale of gasoline containing up to 15% etha-nol, or E15. Enzymes that are supplied by companies such as Novozymes, are used to convert corn into ethanol. A 2012 study by Argonne National Laboratory found that using corn-based ethanol in place of gasoline reduces greenhouse gas emissions by an average of 34% over the entire lifecycle of production to combustion.6

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.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 12/31/19.

Industry “Sector Breakdown” is provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) ad 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 investment adviser registered with the U.S. Securities Exchange and Commission (“SEC”).Distributed by Ultimus Fund Distributors, LLC 9443627-UFD-1/28/20202. https://www.billerudkorsnas.com/media/press-releases/2019/billerudkorsnas-joint-venture-paboco-introduce-the-paper-bottle-community-to-advance-packaging-innovation3. https://cvshealth.com/thought-leadership/cvs-health-announces-significant-expansion-of-healthhub-to-deliver-a-differentiated-consumer-health-experience4. https://www.globenewswire.com/news-release/2019/06/21/1872525/0/en/%C3%98rsted-selected-as-preferred-bidder-for-New-Jersey-s-first-offshore-wind-farm.html5. https://irei.com/news/orsted-selected-preferred-bidder-new-york-offshore-wind-farm/#targetText=%C3%98rsted%20selected%20as%20preferred%20bidder%20for%20New%20York%20offshore%20wind%20farm,-by%20Released&targetText=The%20New%20York%20State%20Energy,a%20capacity%20of%20880%20megawatts 6. https://growthenergy.org/2019/08/05/eia-new-epa-ruling-expands-sale-of-15-ethanol-blended-motor-gasoline/#targetText=This%20story%20was%20originally%20published,%25%20fuel%20ethanol%2C%20or%20E15