August 24, 2000
THE UNIFIED FUNDS
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 1, 2000
Asset Allocation Fund
The Board of Trustees has determined to redeem all outstanding shares
of The Asset Allocation Fund. Since the Fund's inception, Unified Investment
Advisers, Inc., the Fund's Adviser, has been subsidizing the Fund by reimbursing
a significant portion of its expenses. Because the Fund has lagged far behind
the Adviser's asset projections, the Adviser is no longer willing to subsidize
the Fund.
The Fund is no longer pursuing its investment objective. All holdings
in the Fund's portfolio have been sold, and the proceeds have been invested in
money market instruments of the types described under "Investment Objective --
The Taxable Money Market Fund" in the Prospectus. Any capital gains will be
distributed as soon as practicable to shareholders and reinvested in additional
shares, unless you have requested payment in cash. Prior to September 25, 2000
you may redeem your account, including reinvested distributions, in accordance
with "How to Redeem Shares" in the Prospectus; or, if you desire to ensure that
the proceeds from your shares are reinvested without interruption, you may
request an exchange for any other Unified Fund (see "How to Exchange Shares" in
the Prospectus). Please call the Transfer Agent at 1-800-408-4682 for more
information.
Management of the Funds - Select Funds
Effective August 24, 2000, the following information replaces that
which is currently provided in the prospectus on pages 26 and 27 (see
"Management of the Funds") regarding the day-to-day management of the following
Funds' portfolios:
Timothy L. Ashburn is responsible for the day-to-day management of the
Select Internet Fund, the Select 30 Index Fund, the Select 500 Index Fund, the
Select 2000 Index Fund, the Select International Equity Index Fund, the Select
REIT Index Fund, and the Select Bond Index Fund. Mr. Ashburn has been a Trustee
and President of The Unified Funds since the Trust's inception. He has served as
Chairman of the Board of Unified Financial Services, Inc., Unified Management
Corporation, and Unified Fund Services, Inc. since 1989. Mr. Ashburn has also
served of Chairman of the Board and President of Unified Investment Advisers,
Inc. since 1994. He was previously responsible for the management of one of the
portfolios of The Vintage Funds, the predecessor to The Unified Funds.
The portfolio managers for the remaining funds are unchanged.
Select Internet Fund
Effective August 24, 2000, the following information supplements that
which is currently provided in the prospectus on page 10 (see "Principal
Strategies -- The Select Internet Fund") regarding investment concentration of
the Fund:
The Fund will invest at least 65% of its assets in the equity
securities of Internet companies. It is anticipated that the remaining 35% may
be invested in other technology companies.
The risks that apply to the Fund's investments in Internet companies
(see "Principal Risks of Investing in the Fund -- The Select Internet Fund") may
also apply to these technology companies.
