Dean
Mid Cap Value Fund
Summary Prospectus July 29, 2025
Before
You Invest
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 https://deanmutualfunds.com or at https://funddocs.filepoint.com/deanmutual.
You can also get this information at no cost by calling 888-899-8343 or by sending an e-mail request to fulfillment@ultimusfundsolutions.com.
This Summary Prospectus incorporates by reference the Fund’s entire prospectus and SAI, each dated July 29, 2025.
Investment
Objective
The
investment objective of the Dean Mid Cap Value Fund (the “Mid Cap Fund” or the “Fund”) is long-term capital appreciation
and, secondarily, dividend income.
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 Mid Cap Fund. You may pay other fees,
such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| Management
Fee |
|
0.75% |
| Other
Expenses |
|
0.23% |
| Total
Annual Fund Operating Expenses |
|
0.98% |
| Fee
Waiver/Expense Reimbursement1 |
|
(0.13)% |
Total
Annual Fund Operating Expenses
(After Fee Waiver/Expense Reimbursement) |
|
0.85% |
| |
|
|
| 1 | The
Fund’s adviser, Dean Investment Associates, LLC (the “Adviser”), has contractually agreed to waive its management fee
and/or reimburse the Fund’s other expenses in order to limit total annual Fund operating expenses to 0.85% of the Fund’s
average daily net assets through July 31, 2026 (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, as amended; 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). 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 recoupment. This expense limitation agreement may not be terminated prior
to July 31, 2026 except by the Board of Trustees upon sixty days’ written notice to the Adviser.
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.
The Example reflects the Adviser’s agreement to waive fees and/or reimburse expenses for one year only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:
| 1
year |
3
years |
5
years |
10
years |
| $87 |
$299 |
$529 |
$1,190 |
| |
|
|
|
Portfolio
Turnover
The
Mid Cap 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 Mid Cap Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Principal
Investment Strategies
The
Fund primarily invests in equity securities of mid cap companies. The Fund considers “mid cap” companies to be those with
market capitalizations similar to companies listed on the Russell Midcap® Value Index at the time of investment. As of
March 31, 2025, the market capitalization of companies listed on the Russell Midcap® Value Index ranged from $476.0 million
to $85.8 billion and the median was $10.6 billion.
Using
fundamental, bottom-up research, the Fund’s portfolio manager utilizes a multi-factored valuation method to identify stocks of
mid cap companies that he believes are undervalued at the time of purchase. To identify these companies, the Fund’s portfolio manager
looks for companies with earnings, cash flows and/or assets that he believes are not accurately reflected in the companies’ market
values. The portfolio manager also considers various ratios, including the price-to-earnings or price-to-book value ratios and whether
the companies’ securities have a favorable
| DEAN MID CAP VALUE FUND |
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| Summary Prospectus July 29, 2025 |
|
dividend
and/or interest-paying history and whether such payments are expected to continue. The portfolio manager attempts to purchase the stocks
of these undervalued companies and hold each stock until it has returned to favor in the market and the price has increased to, or is
higher than, a level the portfolio manager believes more accurately reflects the fair value of the company.
The
Fund seeks to preserve capital in down markets and to diversify its portfolio in traditional, as well as relative, value-oriented investments.
The
Fund may from time to time overweight its investments in certain market sectors.
Under
normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. mid cap companies. This policy may
be changed only upon at least 60 days’ advance notice to shareholders. Equity securities in which the Fund may invest include common
stocks, securities convertible into common stocks (such as convertible bonds, convertible preferred stocks and warrants), equity real
estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund may also invest in high
grade government bonds. The Fund may from time to time overweight its investments in certain market sectors.
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.
| ● | 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 change and climate related events, pandemics, epidemics, terrorism,
international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to
those in recent years 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. |
| ● | Small
and Mid Cap Risks. Securities of companies with small or medium market capitalizations are often more volatile and less liquid than
investments in larger companies. Medium and small capitalization companies may face a greater risk of business failure, which could increase
the volatility of the Fund’s portfolio. |
| ● | Active
Management Risk. The portfolio manager’s judgments about the attractiveness, growth prospects and value of a particular asset
class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual companies
will perform as anticipated. |
| ● | Sector
Concentration Risk. The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory
developments may occur that significantly affect the sector. This may cause the Fund’s net asset value to fluctuate more than that
of a fund that does not focus in a particular sector. |
| ● | REIT
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. |
| ● | Publicly
Traded Master Limited Partnership Risk. Investments in publicly traded MLPs are subject to various risks related to the underlying
operating companies controlled by the MLPs, including dependence upon specialized management skills and the risk that the underlying
companies may lack or have limited operating histories. The success of the Fund’s investments also will vary depending on the underlying
industry represented by the MLP’s portfolio. For example, when the Fund invests in MLPs that invest in oil and gas companies, its
return on the investment will be highly dependent on oil and gas prices, which can be highly volatile. Similarly, MLPs that invest in
real estate typically are subject to risks similar to those of a REIT. Unlike ownership of common stock of a corporation, the Fund would
have limited voting rights and have no ability annually to elect directors in connection with its investment in an MLP. |
| ● | MLP
Tax Risk. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share
of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business
mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in
the MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal
income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs
owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your
investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation. |
| ● | Fixed
Income Securities Risk. If interest rates increase, the value of any fixed income securities held by the Fund may decline. Fixed
income securities are also subject to credit risk, which is the risk that the issuer of the security may default on payment of principal
or interest. |
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| Summary Prospectus July 29, 2025 |
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| ● | U.S.
Government Securities Risk. It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities
if it is not required to do so by law. 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 certain U.S. Government
sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government. |
| ● | Issuer
Cybersecurity Risk. Issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions,
exchange and other financial market participants, such as 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. The table below shows how the Fund’s
average annual total returns compare over time to those of a broad-based securities market index and two supplemental performance indices.
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.
During
the period shown in the bar chart, the highest return for a quarter was 18.25% for the quarter ended December 31, 2020, and the lowest
return for a quarter was (30.84)% for the quarter ended March 31, 2020.
The
Fund’s year to date return as of June 30, 2025 was 4.80%.
| Average
Annual Total Returns for periods ended December 31, 2024 |
|
|
|
| Dean
Mid Cap Value Fund |
1
Year |
5
Years |
10
Years |
| Return
Before Taxes |
16.53% |
9.50% |
9.07% |
| Return
After Taxes on Distributions |
14.73% |
8.30% |
8.10% |
| Return
After Taxes on Distributions and Sale of Fund Shares |
11.17% |
7.39% |
7.26% |
| Russell
3000® Index1 |
23.81% |
13.86% |
12.55% |
| Russell
Midcap® Value Index2 |
13.07% |
8.59% |
8.10% |
| Russell
Midcap® Index2 |
15.34% |
9.92% |
9.63% |
| |
|
|
|
| 1 | The
Fund’s primary index, the Russell 3000® Index, is included due to regulatory
requirements for broad-based index comparison. The Russell 3000® Index measures
the performance of the largest 3,000 US companies representing approximately 96% of the investable
US equity market, as of the most recent reconstitution. The Russell 3000®
Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad
market and is completely reconstituted annually to ensure new and growing equities are included.
The Russell 3000® Index is representative of a broader market and range of
securities than are found in the Fund’s portfolio. Individuals cannot invest directly
in an index. |
| 2 | The
Russell Midcap® Index is a market capitalization weighted index representing
the smallest 800 companies in the Russell 1000® Index. The Russell Midcap®
Value Index is an unmanaged index of common stock prices that measures the performance
of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth
values. The indices are representative of a broader market and range of securities than are
found in the Fund’s portfolio. An
individual cannot invest directly in an index. However, an individual may be able to invest in exchange traded funds or other investment
vehicles that attempt to track the performance of an index. |
After-tax
returns are calculated using the historical highest individual federal income tax rates in effect 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 IRAs.
Current
performance of the Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by
calling (888) 899-8343 or accessed on the Fund’s website at https://deanmutualfunds.com.
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| Summary Prospectus July 29, 2025 |
|
Portfolio
Management
Investment
Adviser
Dean
Investment Associates, LLC (the “Adviser”)
Sub-Adviser
Dean
Capital Management, LLC (the “Sub-Adviser”)
Portfolio
Manager
The
investment decisions for the Fund are made by Douglas A. Leach, CFA, Member and Portfolio Manager of the Sub-Adviser; Portfolio Manager
of the Fund since June 2008.
Purchase
and Sale of Fund Shares
Minimum
Initial Investment
$1,000
for regular accounts
$250 for retirement accounts
Minimum
Additional Investment
None
To
Place Buy or Sell Orders
| By Mail: |
Dean Funds |
| |
c/o:
Ultimus Fund Solutions, LLC |
| |
P.O.
Box 46707 |
| |
Cincinnati,
Ohio 45246-0707 |
| |
|
| |
By
Phone: (888) 899-8343 |
| |
|
You
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
Each
Fund’s distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred
account, such as a 401(k) plan, individual retirement account (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 a Fund’s 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 a Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more information.
| DEAN MID CAP VALUE FUND |
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