# EDGAR Filing Document

**Accession Number:** 0001199046
**File Stem:** 0001821268-23-000024
**Filing Date:** 2023-1
**Character Count:** 29217
**Document Hash:** 267fbd8efee32f097ba0e580c36d7b32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-23-000024.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001821268-23-000024

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIFIED SERIES TRUST
- **CENTRAL INDEX KEY:** 0001199046
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-100654
- **FILM NUMBER:** 23561779

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-346-3324

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Appleseed Fund (Series ID: S000014625)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000040026 | Appleseed Fund Investor Class      | APPLX           |
| C000093602 | Appleseed Fund Institutional Class | APPIX           |

---

| | | | |
|:---|:---|:---|:---|
| **Share Class & Ticker:** | **Investor** | **Institutional** | **Summary Prospectus January 28, 2023** |
|  | **APPLX** | **APPIX** |  |

---

![](appleseedsummaryprox1x1.gif)

**Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund, including its statement of additional information (SAI) and most recent reports to shareholders, online at www.appleseedfund.com or funddocs.filepoint.com/appleseed. You can also get this information at no cost by calling (800) 470-1029 or by sending an email request to fulfillment@ultimusfundsolutions.com. This Summary Prospectus incorporates by reference the Fund's entire prospectus and SAI, each dated January 28, 2023.**

**Investment Objective**

The investment objective of the Appleseed Fund (the "Fund") is long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

<u>Shareholder Fees (fees paid directly from your investment)</u>

---

| | | |
|:---|:---|:---|
|  | **Investor** | **Institutional** |
|  | **Class** | **Class** |
| Redemption Fee (as a percentage of the amount redeemed |  |  |
| within 90 calendar days of purchase) | 2.00% | 2.00% |

---

<u>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</u>

---

| | | |
|:---|:---|:---|
|  | **Investor** | **Institutional** |
|  | **Class** | **Class** |
| Management Fee | 0.85% | 0.85% |
| Distribution (12b-1) Fees |  |  |
| Other Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Administrative Services Fees<sup>1</sup> | 0.25% |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.38% | 0.38% |
| Acquired Fund Fees and Expenses | 0.09% | 0.09% |
| Total Annual Fund Operating Expenses | 1.57% | 1.32% |
| Fee Waiver/Expense Reimbursement<sup>1,2</sup> | (0.34)% | (0.28)% |
| Total Annual Fund Operating Expenses<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;After Fee Waiver/Expense Reimbursement | 1.23% | 1.04% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund's Adviser has contractually agreed to limit its receipt of payments under the
 Fund's Administrative Services Plan to 0.19% of the average daily net assets of Investor Class shares through January 31,
 2024. This expense cap may not be terminated prior to this date except by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund's Adviser has contractually agreed to waive its management fee and/or reimburse
expenses so that total annual operating expenses (excluding portfolio transaction and other investment-related costs (including brokerage
fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); acquired fund fees and
expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including
for example option and swap fees and expenses); any amounts payable pursuant to a distribution or service plan adopted in accordance
with Rule 12b-1 under the Investment Company Act of 1940; any administrative and/or shareholder servicing fees payable pursuant to a
plan adopted by the Board of Trustees; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such
as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and
other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business) do not exceed 0.95%
of the Fund's average daily net assets through January 31, 2024. Each waiver/expense payment by the Adviser is subject to recoupment
by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment
can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation
in effect at the time of the recoupment. This expense cap may not be terminated prior to this date except by the Board of Trustees upon
sixty (60) days' written notice to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets
 before waiver and reimbursement, and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not correlate to
 the ratio of net expenses to average net assets, found in the "Financial Highlights" section of this prospectus. The
 Fund's financial highlights reflect the operating expenses of the Fund and do not include the effect of Acquired Fund Fees and
 Expenses. Without the Acquired Fund Fees and Expenses, the Total Annual Fund Operating Expenses would be 1.48% for the Investor
 Class and 1.23% for the Institutional Class, and the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement
 would be 1.14% for the Investor Class and 0.95% for the Institutional Class.

**Not A Deposit • May Lose Value • No Bank Guarantee • Not Insured By Any Government Agency**

------

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Only the 1-year number shown below reflects the Adviser's agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be different, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Investor Class | $125 | $462 | $823 | $1839 |
| Institutional Class | $106 | $391 | $697 | $1566 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Example, above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 110% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a portfolio of equity securities of companies that are undervalued in the opinion of the Fund's adviser, Pekin Hardy Strauss, Inc. (the "Adviser"). When selecting common stocks for investment by the Fund, the Adviser focuses on company valuation, looking for significant discrepancies between its own appraisal of the intrinsic value of a prospective investment and the market price of the investment. When determining a company's intrinsic value, the Adviser looks closely at the fundamentals of the underlying business. In an effort to limit downside risk and maximize upside potential, the Adviser typically seeks companies that it believes have sustainable competitive positions, solid financials, and capable, shareholder-friendly management teams. The Fund expects to make significant investments in the Adviser's best ideas, which means that the Fund may invest in a limited number of portfolio companies. The Adviser also considers a company's sustainability performance with respect to environmental, social, and governance ("ESG") factors when making investment decisions. The Fund seeks to avoid companies that are deemed inconsistent with these factors.

Equity securities in which the Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), other investment companies that invest primarily in equity securities, commodities, and commodity-related investments, including open and closed-end funds, exchange-traded funds ("ETFs"), business trusts (including equity real estate investment trusts ("REITs"), and income trusts) and publicly traded partnerships that invest in real estate or underlying real estate related businesses.

The Fund may invest without limit in securities of both U.S. and foreign issuers. The Fund may purchase foreign stocks directly or through American Depositary Receipts ("ADRs") or Global Depositary Receipts ("GDRs"). The Fund may invest in common stocks of any market capitalization, including small- and mid-cap stocks.

The Fund may also invest a portion of its assets in preferred stocks, and investment grade fixed income securities of any duration and maturity, such as U.S. Government and agency securities, domestic and foreign corporate bonds, foreign government bonds, money market mutual funds, certificates of deposit, and cash equivalents.

The Fund may use derivatives, such as options and futures, for both hedging and non-hedging purposes. For example, the Fund may use currency futures to increase or decrease the Fund's exposure to a particular currency. The Fund may also invest in commodities- related investments, including in ETFs and trusts that invest in or track the price of gold or other precious metals.

The Fund is non-diversified, which means that it may invest a greater percentage of its assets in fewer issuers than a diversified fund.

**Principal Risks**

All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Fund's returns and share price will fluctuate, and you may lose money by investing in the Fund. Below are some of the specific risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market and Geopolitical Risk.** The increasing interconnectivity between global economies and
 financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
 in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or
 expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate and
 climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The
 occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social
 and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on
 both the U.S. and global financial markets. There is a risk that you may lose money by investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **COVID-19 Risk.** The novel coronavirus (COVID-19) global pandemic and the responses
taken by many governments resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays
in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews
and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and negative
impacts, in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of
other significant events described above, will or would last, but there could be a prolonged period of global economic shutdown, which
may impact your Fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Company Risk.** Investing in foreign issuers may involve risks not associated
with U.S. investments, including currency fluctuation, local withholding and other taxes, different financial reporting practices and
regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions,
and settlement and custody risks. These risks are typically greater for investments in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Currency Risk.*** Foreign investments also may be riskier than U.S. investments
because of fluctuations in currency exchange rates. Exchange rate fluctuations may reduce or eliminate gains or create losses. While
the Adviser may attempt to hedge against currency exchange rate movements, there is no assurance that any hedging will be successful.
In addition, if the Adviser attempts to profit on anticipated currency movements, there is a risk of losses to the extent the Adviser
does not correctly anticipate such movements.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Depositary Receipt Risk.*** ADRs and GDRs are receipts, issued by depository banks in the
 United States or elsewhere, for shares of a foreign-based corporation that entitle the holder to dividends and capital gains on the
 underlying security. ADRs and GDRs may be sponsored or unsponsored. In addition to the risks of investing in foreign securities,
 there is no guarantee that an ADR or GDR issuer will continue to

------

offer a particular ADR or GDR. As a result, the Fund may have difficulty selling the ADRs or GDRs, or selling them quickly and efficiently at the prices at which they have been valued. The issuers of unsponsored ADRs or GDRs are not obligated to disclose information that is considered material in the U.S. and voting rights with respect to the deposited securities are not passed through. ADRs or GDRs may not track the prices of the underlying foreign securities on which they are based, and their values may change materially at times when U.S. markets are not open for trading. Certain ADRs or GDRs are not listed on an exchange and therefore may be less liquid than exchange traded securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Value Risk.** Undervalued stocks tend to be inexpensive relative to their earnings or
assets compared to other types of stocks. However, these stocks can continue to be inexpensive for long periods of time and may never
realize their full economic value, and the Adviser's value-oriented approach may fail to produce the intended results.

&nbsp;&nbsp;&nbsp;&nbsp;• **Excluded Securities Risk.** The universe of acceptable investments for the Fund may be limited as
 compared to other funds due to the Fund's ESG investment screening. Because the Fund does not invest in companies that do not
 meet its ESG criteria, and the Fund may sell portfolio companies that subsequently violate its screens, the Fund may be riskier than
 other mutual funds that invest in a broader array of securities. Although the Adviser believes that the Fund can achieve its
 investment objective within the parameters of ESG investing, eliminating certain securities as investments may have an adverse
 effect on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Diversification Risk.** As a non-diversified fund, the Fund's portfolio may
focus on a limited number of companies. Because the Fund may hold the securities of fewer issuers than a diversified fund, the poor performance
of an individual security in the Fund's portfolio may have a greater negative impact on the Fund's performance than if the
Fund's assets were diversified among a larger number of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small- and Mid-Cap Risk.** Securities of companies with small and medium market capitalizations
are often more volatile and less liquid than investments in larger companies. Small and medium cap companies may face a greater risk
of business failure, which could increase the volatility of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk.** When the Fund invests in commodities-related securities, including ETFs and
 trusts that invest in commodities, it will be subject to additional risks. The value of funds and trusts that invest in commodities
 such as gold is highly dependent on the prices of the related commodity. The demand and supply of these commodities may fluctuate
 widely based on many factors. ETFs that invest in commodities may make extensive use of derivatives, such as futures, options and
 swaps, which exposes them to further risks, including counterparty risk.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Precious Metals Risk.*** Prices of precious metals and of precious metal-related securities
 historically have been very volatile. The production and sale of precious metals by governments or central banks or other larger
 holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a
 significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities
 related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious
 metals.

&nbsp;&nbsp;&nbsp;&nbsp;• **Real Estate Risk.** The value of REITs can be negatively impacted by declines in the
value of real estate, adverse general and local economic conditions and environmental problems. REITs are also subject to certain other
risks related specifically to their structure and focus, such as: (a) dependency upon management's skills; (b) limited diversification;
(c) heavy cash flow dependency; (d) possible default by borrowers; and (e) in many cases, less liquidity and greater price volatility.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Company Securities Risks.** When the Fund invests in other investment companies,
including open- and closed- end funds and ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly
by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund
may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds
(such as the use of leverage by the underlying funds). ETFs are subject to additional risks such as the fact that the ETF's shares
may trade at a market price that is above or below its net asset value or an active market may not develop. Inverse and leveraged ETFs
use investment techniques and financial instruments that may be considered speculative, including the use of derivative transactions
and short selling techniques.

&nbsp;&nbsp;&nbsp;&nbsp;• **Closed-End Fund Risk.** Because shares of closed-end funds trade on an exchange at market prices,
 their shares may trade at a price that is above or below their net asset value. This means that a closed-end fund's shares may
 trade at a discount to its net asset value. The amount of public information available about closed-end funds generally is less than
 for open-end mutual funds. Consequently, the Adviser may make investment decisions based on information that is incomplete or
 inaccurate. Factors such as domestic economic growth and market conditions, interest rate levels and political events may affect the
 securities markets and from time to time can cause markets to fall substantially.

&nbsp;&nbsp;&nbsp;&nbsp;• **Business Trust Risks.** Investments in REITS and other business trusts are subject to
various risks related to the underlying operating companies controlled by such partnerships or trusts, including dependence upon specialized
management skills and the risk that such management may lack, or have limited, operating histories.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Risk.** The use of options and futures, including currency futures, involves
 substantial higher risks and may subject the Fund to higher price volatility. There is no guarantee that derivatives activities will
 be employed or that they will work, and their use could cause lower returns or even losses to the Fund. Derivatives may have
 economic leverage inherent in their terms. As a result, a small investment in derivatives could have a potentially large impact on
 the Fund's performance; and certain gains or losses may be amplified, increasing the volatility of the share price of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Currency Futures Trading Risks.*** Currency futures trading involves additional risks. To
 the extent the Adviser's view as to certain market movements or currency fluctuations is incorrect, the use of currency
 futures could result in losses greater than if they had not been used. In addition, currency futures trading has market risk,
 interest rate risk and country risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed Income Risk.** The issuer of a fixed income security may be unable or unwilling to make
 interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer
 will default on its obligations. If this occurs, or is perceived as likely to occur, the value of the security will likely fall. The
 market values of fixed income securities tend to fall when interest rates increase. Interest rate risk is generally greater for
 securities with longer durations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Government Securities Risk.** If a U.S. Government agency or instrumentality in which the Fund
 invests defaults and the U.S. Government does not stand behind the obligation, the Fund's share price or yield could fall.
 Securities of U.S. Government sponsored entities are neither issued nor guaranteed by the U.S. Government. The U.S.
 Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned
 by the Fund does not imply that the Fund's shares are guaranteed by the Federal Deposit Insurance Corporation or any other
 government agency, or that the price of the Fund's shares will not fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer Cybersecurity Risk.** Issuers of securities in which the Fund invests, counterparties with
 which the Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial
 institutions may experience cybersecurity breaches. These breaches may result in harmful disruptions to operations and may
 negatively impact the financial condition of an issuer or market participant. The Fund and its shareholders could be negatively
 impacted as a result.

------

**Performance**

The bar chart below shows how the Fund's investment results have varied from year to year as represented by the performance of Investor Class shares. The table below shows how the Fund's average annual total returns compare over time to those of a broad- based securities market index. This information provides some indication of the risks of investing in the Fund. Past performance of the Fund is not necessarily an indication of how it will perform in the future.

**Investor Class Annual Total Return** (years ended December 31st)

![](appleseed_bar2021mod-40.jpg)

Highest/Lowest quarterly results during this time period were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Quarter: | 4th Quarter 2020 27.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter: | 1st Quarter 2020 (33.48)% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** (for periods ended 12/31/22) | | | |
|  | <br>**One Year** | <br>**Five Years** | <br>**Ten Years** |
| **Investor Class** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | (19.53)% | 3.14% | 4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | (19.65)% | 2.12% | 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | (11.47)% | 2.36% | 3.65% |
| **Institutional Class** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | (19.38)% | 3.33% | 5.04% |
| **Morningstar Global Markets Small-Mid Cap Index<sup>1</sup>** | (17.65)% | 3.66% | 7.62% |

---

---

| | |
|:---|:---|
| 1 | The Morningstar Global Markets Small-Mid Cap Index ("Morningstar Index") measures the performance of global equity markets targeting the top 71% to 97% of stocks by market capitalization in both developed and emerging markets. The Morningstar Index does not incorporate ESG criteria. See further disclaimers on page 36 of this prospectus. Index returns do not reflect the deduction of expenses, which have been deducted from the Fund's returns. Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in an index. However, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for the Investor Class only and after-tax returns for the Institutional Class will vary. The returns of the index presented above assume reinvestment of all distributions and exclude the effect of taxes and fees (if expenses and taxes were deducted, the actual returns of the index would be lower).

*Current performance of the Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (800) 470-1029 or data current to the most recent quarter end may be accessed on the Fund's website at www.appleseedfund.com.*

------

---

| |
|:---|
| **Portfolio Management** |
| Pekin Hardy Strauss, Inc. is the Fund's investment adviser. |

---

---

| | |
|:---|:---|
| **Portfolio Managers** | **<u>Primary Title with Adviser</u>** |
| Adam Strauss | Co-Chief Executive Officer |
| Bill Pekin | Chairman and Senior Vice President |
| Joshua Strauss | Co-Chief Executive Officer |
| Shaun Roach | Assistant Portfolio Manager |

---

**Purchase and Sale of Fund Shares**

---

| | |
|:---|:---|
| ***Minimum Initial Investment*** | ***To Place Orders*** |
| $2,500 for Investor Class shares | By Mail: Appleseed Fund |
| $100,000 for Institutional Class shares | c/o: Ultimus Fund Solutions, LLC |
|  | P.O. Box 46707 |

---

---

| | |
|:---|:---|
| ***Minimum Additional Investment*** | Cincinnati, Ohio 45246-0707 |
|  | By Phone: (800) 470-1029 |

---

You also may sell or redeem shares through your dealer or financial adviser. Please contact your financial intermediary directly to find out if additional requirements apply.

**Tax Information**

The Fund's distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax- deferred arrangement, such as a 401(k) plan, IRA or 529 college savings plan. Tax-deferred arrangements may be taxed later upon withdrawal of monies from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.