Appleseed Fund

We launched the Appleseed Fund (APPLX) in December 2006 with the goal of generating market-beating returns by making prudent, disciplined, and sustainable investments. Since the Fund's inception, we have worked tirelessly to generate strong returns by investing in well-managed, highly competitive businesses whose shares are selling at significant discounts to our estimates of intrinsic value. Based on requests from investors, we launched an Institutional Share Class (APPIX) in 2011 which has a lower expense ratio than the Fund's Investor Share Class (APPLX). Our goal is to generate market-beating returns that exceed the returns of the MSCI World index over the long-term. We believe the best way to generate strong returns is to make prudent, disciplined, and sustainable investments. We look to invest in high quality companies at prices which are steeply discounted relative to our own estimate of intrinsic value. With this strategy, we believe we can generate attractive returns while minimizing the risk of capital losses.