FUND DETAILS (as of 3/31/2020)

Net Assets: $20.8M# of Equity Securities/ % of Assets: 41/ 97.41%Median Market Cap: $37.34B Weighted Avg. Market Cap: $151.58B

MANAGEMENT TEAM

CHAT REYNDERSCHAIRMAN & CHIEF EXECUTIVE OFFICER

PATRICK McVEIGHPRESIDENT & CHIEF INVESTMENT OFFICER

ERIC SHRAYER, 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 1

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 3/31/2020)

> Cash & Cash Equivalents: 2.59%> Communication Services: 7.06%> Consumer Discretionary: 5.62%> Consumer Staples: 6.66%> Financials: 3.84%> Health Care: 22.58%

> Industrials: 10.00%> Information Technology: 27.27%> Materials: 10.23%> Real Estate: 0.00%> Utilities: 4.14%

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 3/31/2020)

1. Mastercard, Inc. - A 3.79%

2. Teladoc Health, Inc. 3.71%

3. Becton, Dickinson and Co. 3.71%

4. Abbott Laboratories 3.57%

5. Koninklijke DSM NV. 3.49%

6. CVS Health Corp. 3.23%

7. Rockwell Automation, Inc. 3.14%

8. Analog Devices, Inc. 3.01%

9. Nvidia Corp. 2.94%

10. Danaher Corp. 2.91%

11. Canadian Natl Railway Co. 2.90%

12. Microsoft Corp. 2.81%

13. Kerry Group plc - A 2.80%

14. Alphabet, Inc. -CL C 2.76%

15. AptarGroup, Inc. 2.64%

16. The Walt Disney Co. 2.58%

17. Apple, Inc. 2.56%

18. Fiserv, Inc. 2.53%

19. BillerudKorsnäs AB 2.31%

20. Panasonic Corp. -Spon ADR 2.25%

Total

21. Unilever plc - Spon ADR 2.23%

22. MarketAxess Holdings, Inc. 2.22%

23. Orsted A/S 2.20%

24. Xilinx, Inc. 2.18%

25. Nike, Inc. -CL B 2.17%

26. Tomra Systems ASA 2.10%

27. PayPal Holdings, Inc. 2.07%

28. Novo Nordisk A/S - Spon ADR 2.01%

29. Halma plc 2.00%

30. Illumina, Inc. 1.97%

31. Ormat Technologies, Inc. 1.94%

32. Xylem, Inc. 1.86%

33. Amphenol Corp. -CL A 1.84%

34. Novozymes A/S - B Shares 1.79%

35. New York Times Co. 1.73%

36. L’ Oréal 1.62%

37. First Republic Bank/CA 1.62%

38. Capgemini SE 1.55%

39. Tesla, Inc. 1.20%

40. Frequency Therapeutics, Inc. 1.03%

41. CRISPR Therapeutics AG 0.43%

*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 -21.05 8.56 0.53 4.00 -21.05 -10.39 N/A N/A N/A -10.34 -10.39

ESGEX -13.61 10.22 -2.11 4.30 -13.61 -2.78 N/A N/A N/A -2.77 -2.78

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

Performance (as of 3/31/2020)

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*: 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 professionals 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.

Abbott Labs is shipping its ID NOW test that can detect the presence of active coronavirus infection within five minutes. At the end of April, Abbott said, “We have shipped more than 1 million of our rapid ID NOW tests to all 50 states... The majority of these tests have been sent to outbreak hotspots and we’ve asked that customers prioritize frontline health care workers and first responders.” Abbott Labs also started shipping a corona-virus antibody blood test in the middle of April.

Becton Dickinson partnered with privately-held BioMedomics to deliver tests that detect the presence of antibodies to the coronavirus in fifteen minutes. The test was launched at the end of March. The presence of antibodies in a person’s blood indicates that the person has been exposed to the coronavirus, and has likely developed immunity against further infection. Widespread testing to indicate who has developed immunity is an important step in allowing life to return to normal.

CVS Health has been operating drive-through coronavirus testing in Connecticut, Georgia, Massachusetts, Michigan, and Rhode Island. While there are only five sites with operations, CVS Health says “Since March through mid-April, the company has conducted approximately 35,000 (coronavirus) tests.” CVS Health adds that more sites could be added in April and May. CVS Health has also taken steps to encourage the use of telehealth by its Aetna members, such as waiving co-ppays for Teladoc visits by its Medical Advantage members.

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 3/31/2020.

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 investment adviser registered with the U.S. Securities Exchange and Commission (“SEC”).Distributed by Ultimus Fund Distributors, LLC 10125194-UFD-4/28/2020

Since Inception Since Inception