Institutional Investors

Class NClass I
Inception Date12/08/0601/28/11
Sales LoadNoneNone
Redemption Fee*2.00%2.00%
 Annual Fund Operating Expenses
Management Fee0.85%0.85%
Distribution (12b-1) FeeNoneNone
Other Expenses***0.48%0.29%
Acquired Fund Fees0.08%0.08%
Gross Expenses1.41%1.22%
Less: Fee Waivers****0.17%0.17%
Net Expenses1.24%1.05%
Expense Cap*****1.14%0.95%
Expense Cap Expiration Date01/31/1801/31/18

*as a percentage of the amount redeemed within 90 calendar days of purchase.

**An individual investor may purchase Class I shares of Appleseed Fund by purchasing at least a $100,000 position. In addition, an advisor may purchase Class I shares for clients with a $100,000 purchase across all clients, even if individual clients have positions worth less than $100,000.

***Restated to reflect the Fund Advisor’s contractual agreement 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, 2018. This expense cap may not be terminated prior to this date except by the Board of Trustees.

**** The Fund’s Advisor contractually has agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding brokerage fees and commissions; fees paid pursuant to the Administrative Services Plan (Investor Class only); borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; any 12b-1 fees; taxes; extraordinary expenses; and any indirect expenses, such as acquired fund fees and expenses) do not exceed 0.95% the Fund’s average daily net assets through January 31, 2018. Any waiver or reimbursement by the Advisor is subject to repayment by the Fund within three fiscal years; provided that the Fund is able to make the repayment without exceeding the 0.95% limitation. This expense cap may not be terminated prior to this date except by the Board of Trustees.

***** The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

Through 12/31/2016, the Appleseed Fund (APPLX) generated a one year return of 9.94%, a three year annualized return of -0.60%, a five year annualized return of 5.80% and an annualized return of 5.70% since the Fund’s inception on 12/08/06.

Appleseed Fund has contractually agreed to limit the net expense rate to 1.14% of net assets of Investor shares and 0.95% of net assets of Institutional shares, through January 31, 2018. The gross expense ratio of the Fund’s investor class is 1.48%, and the net expense ratio after contractual fee waivers is 1.25%. The Fund’s ninety day redemption fee is 2.00%.